Transamerica Bond NCSR/A Certified annual shareholder report (management investment company) (amended)

Transamerica Bond (IDITX) N-CSR/ACertified annual shareholder report (management investment company) (amended)

As filed with the SEC on January 5, 2011. Originally filed with the SEC on January 8, 2009.

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, 2007 — October 31, 2008

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

Explanatory Note

This filing is an amendment to the registrant’s original Certified Shareholder Report on Form N-CSR filed by the registrant on January 8, 2009, relating to its fiscal year ended October 31, 2008. This Form N-CSR/A makes changes relating to the performance of Transamerica BNY Mellon Market Neutral Strategy and Transamerica Federated Market Opportunity’s benchmark indices in the Transamerica Funds — Class I Funds — Annual Report.

Fund of Funds

Annual Report
October 31, 2008

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, I 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 advisor in the future. We value the trust you have placed in us.

This 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. Both equity and fixed-income markets have experienced extreme volatility and accelerating downward pricing pressure over the past twelve months as a credit crisis has had profound effects on the financial markets and has spilled over into the global economy. Oil prices rose dramatically throughout the first seven months of 2008 and have fallen precipitously since then as the global economy has struggled and demand has declined. The Federal Reserve has lowered the federal funds rate during the past twelve months from 4.25% in November 2007 to 1.00% at the end of October 2008 as it has sought to provide liquidity in a difficult market environment. The Treasury department has also been taking an active role in an effort to stabilize the markets, including the initiation of the Temporary Guarantee Program for Money Market Funds and the Troubled Assets Relief Program (TARP). The job market continues to struggle, as non-farm payrolls have weakened and the unemployment rate has risen to over 6%. In this environment, investors have flocked to money market instruments and Treasuries in a flight to quality. Many funds have struggled to produce positive returns. For the twelve months ending October 31, 2008, the Dow Jones Industrial Average returned -31.24%, the Standard & Poor’s 500 Index returned -36.10%, and the Barclays Capital US Aggregate Bond Index returned 0.30%. 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 advisor is a key resource to help you build a complete picture of your current and future financial needs. Financial advisors are familiar with the market’s history, including long-term returns and volatility of various asset classes. With your financial advisor, you can develop an investment program that incorporates factors such as your goals, your investment timeline, and your risk tolerance.

Please contact your financial advisor 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, CFA
President & Chief Executive Officer		Vice President & Chief Investment Officer
Transamerica Funds		Transamerica Funds

The views expressed in this report reflect those of the portfolio managers only and may not necessarily represent the views of Transamerica Funds. These views are subject to change based upon market conditions. These views should not be relied upon as investment advice and are not indicative of trading intent on behalf of Transamerica Funds.

Transamerica Asset Allocation — Conservative Portfolio

(unaudited)

MARKET ENVIRONMENT

The twelve-month period through October 31, 2008 was one of the most difficult periods in history for the financial markets. The housing-market decline and collapse in sub-prime mortgage bonds were already underway entering the period, and became worse as the year progressed. Investment banks, commercial banks, insurers, and other financial institutions recorded massive writedowns on the values of mortgage-related securities on their books. This required them to raise replacement capital to meet capital-reserve requirements, yet the usual sources of capital—other financial institutions—were dealing with shortfalls of their own. As a result of these developments, lending institutions were unable to provide the everyday lending and liquidity that keep the economy working. Banks even balked at lending to one another in the overnight markets, which they normally do as a matter of routine.

Even as global recession fears grew, prices for oil and other key commodities rose stubbornly through most of the year on expectations of insatiable demand from China, India, and other developing countries. Thus, inflation threatened to combine with slowing growth to produce the dreaded “stagflation” that characterized the 1970s. But commodity prices retreated in 2008’s third quarter as it became clear that the frozen credit markets, rising home foreclosures, and shrinking consumer demand signaled worldwide economic contraction—not an overheating world economy.

Sensing a financial system in jeopardy, the U.S. government took a number of steps intended to rescue the system. In March, the Treasury Department persuaded the collapsing Bear Stearns Companies Inc. to sell itself to JPMorgan Chase & Co., and the Federal Reserve Board opened up its short-term lending facilities to investment banks in an effort to alleviate the capital shortage. In July, the Federal Deposit Insurance Corporation took over failing mortgage-lender IndyMac Bancorp, Inc. But the activity did not hit fever pitch until September. In that month, federal regulators seized control of the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation and took a controlling stake in insurance giant American International Group, Inc. Along with other market-greasing initiatives, the Treasury announced a $700 billion plan to buy troubled mortgage securities from financial institutions, removing the plummeting securities from the companies’ books. Also in September, Lehman Brothers Holdings Inc. (“Lehman Brothers”) filed for bankruptcy, Washington Mutual, Inc. was acquired by JPMorgan Chase, and Merrill Lynch & Co., Inc. sold itself to Bank of America Corporation. The Goldman Sachs Group, Inc. and Morgan Stanley by then the only remaining major stand-alone investment banks petitioned the government to convert to chartered banks. The government also brokered Wachovia Corporation’s sale to Wells Fargo & Company. On top of these activities, the Fed lowered its federal-funds rate seven times during the last twelve months, ultimately to 1.00%. By October, other governments around the world were taking a number of similar measures.

As the crisis unfolded, U.S. stocks plunged. From November 1, 2007 to October 31, 2008, the Standard and Poor’s 500 Composite Stock Index fell 36.10%. That was its largest twelvemonth decline since the period from October 1973 to September 1974. The broader Dow Jones Wilshire 5000 Total Market Index (“DJ Wilshire 5000”) dropped 36.43%.

International equity markets fared worse than the U.S., in part due to a rise in the U.S. dollar relative to other currencies (which lowers foreign returns for U.S. investors). The broad Morgan Stanley Capital International Index fell 46.34% in dollar terms, and the Morgan Stanley Capital International Emerging Markets Index lost more than half its value, tumbling 56.22%.

In the fixed-income markets, only the highest-quality bonds—Treasuries and other government issues—managed to post gains. Because the primary bond-market benchmark, the Barclays Capital (formerly Lehman Brothers) Aggregate Bond Index (“BCAB”), is predominantly made up of government-backed bonds, it stayed slightly in the black for the period with a 0.30% return. But with credit fears rampant, bonds with even a little credit exposure lost value. Even investment-grade corporate bonds were down 13.82% as measured by the Barclays Capital U.S. Corporate Aggregate Credit Investment Grade Index. High-yield bonds lost almost twice as much, and convertible bonds and emerging-markets debt notched big losses. The only safe asset classes truly were government bonds and cash. Yet not even all government bonds were safe: Treasury Inflation Protected Securities lost 4.11% for the period.

PERFORMANCE

For the year ended October 31, 2008, Transamerica Asset Allocation-Conservative Portfolio Class A returned (23.86)%. By comparison, its primary and secondary benchmarks, the BCAB and the DJ Wilshire 5000, returned 0.30% and (36.43)%, respectively.

STRATEGY REVIEW

This fund-of-funds’ portfolio is structured to provide a mix of approximately 35% equity and 65% fixed-income securities (including cash). Its equity exposure is intended to provide broadly diversified coverage of domestic and international equity markets, across a range of market capitalizations and investment styles. The fixed-income portion covers investment-grade and credit-sensitive holdings, as well as international bonds. The portfolio also includes emerging markets, global real estate, and alternative strategies. The goal is to provide investors one-stop coverage of the financial markets, and the portfolio is more broadly diversified than most market indices or traditional conservative asset-allocation funds. Diversifying is a prudent way to invest for the long term because it’s not possible to predict which asset classes and investment styles will outperform in any given quarter or year. But diversification does not prevent losses in unusual short-term periods when virtually all asset classes and styles drop simultaneously.

We consider the managers of our underlying funds to be top-notch within their specialties, but against the backdrop of largely indiscriminant market losses, most of our portfolio holdings ended in the red. Throughout the period, the relative performance of the underlying funds sometimes changed significantly from one week to the next as the markets swung widely. It is thus not very illuminating to highlight, for example, which of our underlying U.S. stock funds were ahead of or



Transamerica Funds		Annual Report 2008

Page 1

Transamerica Asset Allocation — Conservative Portfolio

behind the other funds as of an arbitrary October 31 ending date. All of the domestic equity funds fell by more than 30%. Still, we can point to some of the higher-beta asset classes as being the most negative contributors. Naturally, the equity funds were the biggest decliners, and the international funds as a group were the worst among them. Several of the smaller-cap funds and the technology and real-estate sector funds were also hit hard.

The larger bond portfolio, meanwhile, posted losses of its own. The root cause of this past year’s market decline has been the credit crisis, and as noted, in that environment bonds with any credit sensitivity at all have suffered losses. Normally a predominantly investment-grade bond portfolio (such as ours) would tend to rise in value in times of stock-market volatility, but in this period only government bonds managed to avoid losses. Our portfolio owns government bonds, but also investment-grade corporate bonds, international bonds, high-yield bonds, convertibles, and emerging-markets debt. All of those asset classes fell in the period. Transamerica Convertible Securities and Transamerica High Yield Bond were the worst-hit bond holdings owing to their inherent equity sensitivity. Transamerica Loomis Sayles Bond simply had one of its rare bad years. On the opposite end, Transamerica PIMCO Total Return, our largest holding, softened its losses by emphasizing government-backed securities. The portfolio’s best-performing bond fund was Transamerica JPMorgan International Bond, but even it was slightly in the red. The only fund in the entire portfolio to post a positive return (other than Transamerica Money Market) was one of the four alternative-strategies funds: Transamerica BNY Mellon Market Neutral Strategy.

During the period, we made investments in three new underlying funds. Transamerica Schroders International Small Cap and Transamerica WMC Emerging Markets complement the existing international small-cap and emerging-markets holdings and add capacity in those asset classes. We also added a small position in Transamerica Science & Technology to help address a significant technology underweight.

The financial markets have endured historic volatility over the past twelve months, and as of this writing are still driven mostly by fear as investors struggle to digest the impact of a recessionary economy.

Michael Stout, CFA
Jon Hale, Ph.D., CFA
Jeff McConnell, CFA
Maciej Kowara, Ph.D., CFA

Co-Portfolio Managers
Morningstar Associates, LLC



Transamerica Funds		Annual Report 2008

Page 2

Transamerica Asset Allocation — Conservative Portfolio

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2008


							From			Inception
	1 Year			5 Years			Inception			Date

Class A (NAV)		(23.86	)%		1.67	%		2.56	%		3/1/02
Class A (POP)		(28.04	)%		0.52	%		1.69	%		3/1/02
Barclays Capital Aggregate U.S. Bond Index¹		0.30	%		3.48	%		4.27	%		3/1/02
DJ Wilshire 5000¹		(36.43	)%		0.81	%		0.86	%		3/1/02


Class B (NAV)		(24.36	)%		1.01	%		1.89	%		3/1/02
Class B (POP)		(27.98	)%		0.84	%		1.89	%		3/1/02


Class C (NAV)		(24.30	)%		1.03	%		3.59	%		11/11/02
Class C (POP)		(25.02	)%		1.03	%		3.59	%		11/11/02


Class R (NAV)		(23.98	)%		N/A			(4.50	)%		6/15/06

NOTES


¹		The Barclays Capital Aggregate U.S. Bond Index and the Dow Jones Wilshire 5000 Total Market (DJ Wilshire 5000) Index are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The from inception calculation is based on the life of Class A shares. You cannot invest directly in an index.

Current performance may be lower or higher than performance quoted. Please see www.transamericafunds.com for performance data current to the most recent month-end.

Public Offering Price (POP) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for A shares or the maximum applicable contingent deferred sales charge (5% in the 1st year, decreasing to 0% after 6 years) for Class B shares and 1% (during the first 12 months) for Class C shares. Shares purchased prior to March 1, 2004 are subject to a maximum applicable contingent deferred sales charge (5% in the 1st year, decreasing to 0% after 7 years) for Class B shares and (2% in the 1st year, decreasing to 0% after 2 years) for Class C shares. Net Asset Value (NAV) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges.

This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives and policies of this Fund.



Transamerica Funds		Annual Report 2008

Page 3

Transamerica Asset Allocation — Conservative Portfolio

UNDERSTANDING YOUR FUND’S 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, 12b-1 distribution and service fees, and other fund expenses.

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

The Example is based on an investment of $1,000 invested at May 1, 2008 and held for the entire period until October 31, 2008.

ACTUAL EXPENSES

The first line in the table provides information about actual account values and actual expenses. You may use the information in this line, 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 first line of your Fund under the heading entitled “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 EXAMPLE FOR COMPARISON PURPOSES

The second line in the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund 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, such as sales charges, redemption fees, brokerage commissions paid on purchases and sales of fund shares. Therefore, the second line under the Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries or other financial institutions.

The expenses shown in the table do not reflect any expenses from the Fund’s investment in other affiliated investment companies.


	Beginning		Ending		Annualized			Expenses
	Account		Account		Expense			Paid During
	Value		Value		Ratio			Period (a)

Class A
Actual	$	1,000.00	$	781.02		0.63	%	$	2.82
Hypothetical (b)		1,000.00		1,021.97		0.63			3.20

Class B
Actual		1,000.00		778.76		1.24			5.54
Hypothetical (b)		1,000.00		1,018.90		1.24			6.29

Class C
Actual		1,000.00		778.56		1.22			5.45
Hypothetical (b)		1,000.00		1,019.00		1.22			6.19

Class R
Actual		1,000.00		779.87		0.85			3.80
Hypothetical (b)		1,000.00		1,020.86		0.85			4.32


(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 (184 days), and divided by the number of days in the year (366 days).

(b)		5% return per year before expenses.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS

By Investment Type

At October 31, 2008

(unaudited)

This chart shows the percentage breakdown by investment type of the aggregate portfolio holdings of the underlying affiliated investment companies in which the Fund invests.



Transamerica Funds		Annual Report 2008

Page 4

Transamerica Asset Allocation — Conservative Portfolio

SCHEDULE OF INVESTMENTS

At October 31, 2008

(all amounts except share amounts in thousands)


	Shares		Value

INVESTMENT COMPANIES (100.0%) €
Bonds (47.5%)
Transamerica Convertible Securities		2,441,298	$	17,553
Transamerica Flexible Income		1,399,946		10,150
Transamerica High Yield Bond		8,548,137		54,281
Transamerica JPMorgan International Bond		5,701,094		60,204
Transamerica PIMCO Total Return		13,040,139		124,924
Transamerica Short-Term Bond		5,357,290		49,716
Transamerica Van Kampen Emerging Markets Debt		3,571,490		28,500
Capital Preservation (1.2%)
Transamerica Money Market		9,000,939		9,001
Global/International Stocks (5.1%)
Transamerica AllianceBernstein International Value		760,984		5,030
Transamerica Evergreen International Small Cap		834,234		6,891
Transamerica Marsico International Growth		845,023		5,695
Transamerica Neuberger Berman International		872,228		5,190
Transamerica Oppenheimer Developing Markets		1,011,874		8,297
Transamerica Schroders International Small Cap ‡		597,509		3,477
Transamerica WMC Emerging Markets ‡		300,000		2,298
Inflation-Protected Securities (7.5%)
Transamerica PIMCO Real Return TIPS		5,904,454		54,380
Tactical and Specialty (16.0%)
Transamerica BlackRock Global Allocation		1,515,620		14,126
Transamerica BlackRock Natural Resources		837,723		6,794
Transamerica BNY Mellon Market Neutral Strategy		748,858		7,122
Transamerica Clarion Global Real Estate Securities		1,184,857		11,280
Transamerica Evergreen Health Care		856,015		7,636
Transamerica Federated Market Opportunity		894,835		7,660
Transamerica Loomis Sayles Bond		7,043,391		51,698
Transamerica Science & Technology		901,980		2,607
Transamerica UBS Dynamic Alpha		870,936		7,490
U.S. Stocks (22.7%)
Transamerica American Century Large Company Value		3,180,593		24,554
Transamerica Bjurman, Barry Micro Emerging Growth ‡		354,645		2,270
Transamerica BlackRock Large Cap Value		3,436,013		26,148
Transamerica Equity ‡		5,570,050		38,935
Transamerica Growth Opportunities ‡		507,040		3,417
Transamerica Jennison Growth		2,252,014		18,849
Transamerica JPMorgan Mid Cap Value		942,451		7,106
Transamerica Marsico Growth		347,321		3,223
Transamerica Oppenheimer Small- & Mid-Cap Value		652,291		4,109
Transamerica Small/Mid Cap Value		653,969		8,377
Transamerica Third Avenue Value		498,334		8,437
Transamerica UBS Large Cap Value		1,806,845		14,545
Transamerica Van Kampen Mid-Cap Growth		483,719		3,589
Transamerica Van Kampen Small Company Growth		236,206		1,746


Total Investment Securities (cost $885,006) #			$	727,305

NOTES TO SCHEDULE OF INVESTMENTS:


€		The Fund invests its assets in Class I shares of the other series of the Transamerica Funds.

‡		Non-income producing security.

#		Aggregate cost for federal income tax purposes is $887,418. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $1,409 and $161,522, respectively. Net unrealized depreciation for tax purposes is $160,113.

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



Transamerica Funds		Annual Report 2008

Page 5

Transamerica Asset Allocation — Growth Portfolio

(unaudited)

MARKET ENVIRONMENT

Sensing a financial system in jeopardy, the U.S. government took a number of steps intended to rescue the system. In March, the Treasury Department persuaded the collapsing The Bear Stearns Companies Inc. to sell itself to JPMorgan Chase & Co., and the Federal Reserve Board opened up its short-term lending facilities to investment banks in an effort to alleviate the capital shortage. In July the Federal Deposit Insurance Corporation took over failing mortgage-lender IndyMac Bancorp, Inc. But the activity did not hit fever pitch until September. In that month, federal regulators seized control of the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation and took a controlling stake in insurance giant American International Group, Inc. Along with other market-greasing initiatives, the Treasury announced a $700 billion plan to buy troubled mortgage securities from financial institutions, removing the plummeting securities from the companies’ books. Also in September, Lehman Brothers Holding Inc. (“Lehman Brothers”) filed for bankruptcy, Washington Mutual, Inc. was acquired by JPMorgan Chase, and Merrill Lynch & Co., Inc. sold itself to Bank of America Corporation. The Goldman Sachs Group, Inc. and Morgan Stanley, by then the only remaining major stand alone investment banks, petitioned the government to convert to chartered banks. The government also brokered Wachovia Corporation’s sale to Wells Fargo & Company. On top of these activities, the Fed lowered its federal-funds rate seven times during the last twelve months, ultimately to 1.00%. By October, other governments around the world were taking a number of similar measures.

In the fixed-income markets, only the highest-quality bonds, Treasuries and other government issues, managed to post gains. Because the primary bond-market benchmark, the Barclays Capital (formerly Lehman Brothers) Aggregate Bond Index (“BCAB”), is predominantly made up of government-backed bonds, it stayed slightly in the black for the period with a 0.30% return. But with credit fears rampant, bonds with even a little credit exposure lost value. Even investment-grade corporate bonds were down 13.82% as measured by the Barclays Capital U.S. Corporate Aggregate Credit Investment Grade Index. High-yield bonds lost almost twice as much, and convertible bonds and emerging-markets debt notched big losses. The only safe asset classes truly were government bonds and cash. Yet not even all government bonds were safe: Treasury Inflation Protected Securities lost 4.11% for the period.

PERFORMANCE

For the year ended October 31, 2008 Transamerica Asset Allocation-Growth Portfolio Class A returned (40.75)%. By comparison its benchmark, the DJ Wilshire 5000, returned (36.43)%.

STRATEGY REVIEW

This fund-of-funds’ portfolio is structured to provide broadly diversified coverage of domestic and international equity markets, across a range of market capitalizations and investment styles. The portfolio also includes emerging markets, global real estate, and alternative strategies. The goal is to provide investors one-stop coverage of the equity markets, and the portfolio is more broadly diversified than most market indices. Diversifying is a prudent way to invest for the long term because it is not possible to predict which investment styles will outperform in any given quarter or year. But diversification does not prevent losses in short-term periods when virtually all types of stocks drop simultaneously.

We consider the managers of our underlying funds to be top-notch within their specialties, but against the backdrop of largely indiscriminant market losses, most of our fund holdings ended deeply in the red. Throughout the period, the relative performance of the underlying funds sometimes changed significantly from one week to the next as the stock market swung widely (especially in October, when on a couple of occasions the S&P 500 moved more than 10% in a single day). It is thus not very illuminating to highlight, for example, which of our underlying U.S. stock funds were ahead of or behind the other funds as of an arbitrary October 31 ending date. Still, we can point to some of the higher-beta asset classes and styles as being the most negative contributors. For example, the international funds were among the biggest decliners; of the ten holdings with the steepest losses, six were international funds. Transamerica Marsico International Growth delivered the portfolio’s worst loss, while Transamerica AllianceBernstein International Value and Transamerica Neuberger Berman International were not far behind. Several of the smaller-cap funds were also hit hard, particularly Transamerica Bjurman, Barry Micro Emerging Growth and Transamerica Oppenheimer Small- & Mid-Cap Value. Two of the sector funds—Transamerica Clarion Global Real Estate Securities and Transamerica



Transamerica Funds		Annual Report 2008

Page 6

Transamerica Asset Allocation — Growth Portfolio

Science & Technology—notched similar losses. Because all of these asset classes can be considered higher-risk areas, one could have expected them to fall more than the overall market. But even the more-defensive Transamerica Evergreen Health Care lost. Indeed, all of the domestic equity funds in the portfolio fell by more than 30%.

The four alternative-strategies funds all held up better than the broad market, but three of the four still posted declines. The only fund in the entire portfolio to record a positive return (other than Transamerica Money Market) was Transamerica BNY Mellon Market Neutral Strategy.

During the period we made investments in three new underlying funds, all in the international sleeve: Transamerica Thornburg International Value (“Thornburg”), Transamerica Schroders International Small Cap (“Schroders”) and Transamerica WMC Emerging Markets (“WMC”). Thornburg has an outstanding record in the large-cap core style. We added the fund primarily on the basis of the management skill, but the fund also fleshes out our large-cap style coverage. The Schroders and WMC funds add capacity within the international small-cap and emerging-markets areas, and at the same time stylistically complement the funds we already own in those asset classes.

Michael Stout, CFA
Jon Hale, Ph.D., CFA
Jeff McConnell, CFA
Maciej Kowara, Ph.D., CFA

Co-Portfolio Managers
Morningstar Associates, LLC



Transamerica Funds		Annual Report 2008

Page 7

Transamerica Asset Allocation — Growth Portfolio

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2008


							From			Inception
	1 Year			5 Years			Inception			Date

Class A (NAV)		(40.75	)%		0.77	%		0.30	%		3/1/02
Class A (POP)		(44.01	)%		(0.36	)%		(0.54	)%		3/1/02
DJ Wilshire 5000¹		(36.43	)%		0.81	%		0.86	%		3/1/02


Class B (NAV)		(41.15	)%		0.11	%		(0.36	)%		3/1/02
Class B (POP)		(44.00	)%		(0.07	)%		(0.36	)%		3/1/02


Class C (NAV)		(41.08	)%		0.18	%		3.76	%		11/11/02
Class C (POP)		(41.65	)%		0.18	%		3.76	%		11/11/02


Class R (NAV)		(40.81	)%		N/A			(9.93	)%		6/15/06

NOTES


¹		The Dow Jones Wilshire 5000 Total Market (DJ Wilshire 5000) Index is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The from inception calculation is based on the life of Class A shares. You cannot invest directly in an index.

Current performance may be lower or higher than performance quoted. Please see www.transamericafunds.com for performance data current to the most recent month-end.

Net Asset Value (NAV) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges.

This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives and policies of this Fund.



Transamerica Funds		Annual Report 2008

Page 8

Transamerica Asset Allocation — Growth Portfolio

UNDERSTANDING YOUR FUND’S EXPENSES

(unaudited)

SHAREHOLDER EXPENSES

The Example is based on an investment of $1,000 invested at May 1, 2008 and held for the entire period until October 31, 2008.

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The expenses shown in the table do not reflect any expenses from the Fund’s investment in other affiliated investment companies.


	Beginning		Ending		Annualized			Expenses
	Account		Account		Expense			Paid During
	Value		Value		Ratio			Period (a)

Class A
Actual	$	1,000.00	$	663.42		0.67	%	$	2.80
Hypothetical (b)		1,000.00		1,021.77		0.67			3.40

Class B
Actual		1,000.00		660.80		1.32			5.51
Hypothetical (b)		1,000.00		1,018.50		1.32			6.70

Class C
Actual		1,000.00		661.56		1.27			5.30
Hypothetical (b)		1,000.00		1,018.75		1.27			6.44

Class R
Actual		1,000.00		662.67		0.85			3.55
Hypothetical (b)		1,000.00		1,020.86		0.85			4.32


(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 (184 days), and divided by the number of days in the year (366 days).

(b)		5% return per year before expenses.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS

By Investment Type

At October 31, 2008

(unaudited)

This chart shows the percentage breakdown by investment type of the aggregate portfolio holdings of the underlying affiliated investment companies in which the Fund invests.



Transamerica Funds		Annual Report 2008

Page 9

Transamerica Asset Allocation — Growth Portfolio

SCHEDULE OF INVESTMENTS

At October 31, 2008

(all amounts except share amounts in thousands)


	Shares		Value

INVESTMENT COMPANIES (100.1%) €
Capital Preservation (0.2%)
Transamerica Money Market		2,867,962	$	2,868
Global/International Stocks (16.5%)
Transamerica AllianceBernstein International Value		5,279,381		34,897
Transamerica Evergreen International Small Cap		4,278,022		35,336
Transamerica Marsico International Growth		7,805,215		52,607
Transamerica Neuberger Berman International		5,660,634		33,681
Transamerica Oppenheimer Developing Markets		8,980,208		73,638
Transamerica Schroders International Small Cap ‡		947,241		5,513
Transamerica Thornburg International Value ‡		157,000		1,253
Transamerica WMC Emerging Markets ‡		200,000		1,532
Tactical and Specialty (15.1%)
Transamerica BlackRock Global Allocation		5,070,496		47,257
Transamerica BlackRock Natural Resources		2,031,827		16,478
Transamerica BNY Mellon Market Neutral Strategy		2,127,236		20,230
Transamerica Clarion Global Real Estate Securities		6,885,871		65,553
Transamerica Evergreen Health Care		3,291,466		29,360
Transamerica Federated Market Opportunity		1,247,805		10,681
Transamerica Science & Technology		4,276,855		12,360
Transamerica UBS Dynamic Alpha		1,899,802		16,338
U.S. Stocks (68.3%)
Transamerica American Century Large Company Value		14,801,813		114,270
Transamerica Bjurman, Barry Micro Emerging Growth ‡		2,067,498		13,232
Transamerica BlackRock Large Cap Value		23,168,168		176,310
Transamerica Equity ‡		22,395,745		156,546
Transamerica Growth Opportunities ‡		4,182,937		28,193
Transamerica Jennison Growth		5,598,311		46,858
Transamerica JPMorgan Mid Cap Value		5,724,072		43,159
Transamerica Marsico Growth		11,335,113		105,190
Transamerica Oppenheimer Small- & Mid-Cap Value		2,561,846		16,140
Transamerica Small/Mid Cap Value		5,245,490		67,195
Transamerica Third Avenue Value		1,512,576		25,608
Transamerica UBS Large Cap Value		18,613,242		149,837
Transamerica Van Kampen Mid-Cap Growth		3,734,274		27,708
Transamerica Van Kampen Small Company Growth		2,221,898		16,420


Total Investment Securities (cost $1,937,705) #			$	1,446,248

NOTES TO SCHEDULE OF INVESTMENTS:


€		The Fund invests its assets in Class I shares of the other series of the Transamerica Funds.

‡		Non-income producing security.

#		Aggregate cost for federal income tax purposes is $1,946,325. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $6,097 and $506,174, respectively. Net unrealized depreciation for tax purposes is $500,077.

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



Transamerica Funds		Annual Report 2008

Page 10

Transamerica Asset Allocation — Moderate Growth Portfolio

(unaudited)

MARKET ENVIRONMENT

Sensing a financial system in jeopardy, the U.S. government took a number of steps intended to rescue the system. In March, the Treasury Department persuaded the collapsing The Bear Stearns Companies Inc. to sell itself to JPMorgan Chase & Co., and the Federal Reserve Board opened up its short-term lending facilities to investment banks in an effort to alleviate the capital shortage. In July the Federal Deposit Insurance Corporation took over failing mortgage-lender IndyMac Bancorp, Inc. But the activity did not hit fever pitch until September. In that month, federal regulators seized control of the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation and took a controlling stake in insurance giant American International Group, Inc. Along with other market-greasing initiatives, the Treasury announced a $700 billion plan to buy troubled mortgage securities from financial institutions, removing the plummeting securities from the companies’ books. Also in September, Lehman Brothers Holdings Inc. (“Lehman Brothers”) filed for bankruptcy, Washington Mutual, Inc. was acquired by JPMorgan Chase, and Merrill Lynch & Co., Inc. sold itself to Bank of America Corporation. The Goldman Sachs Group, Inc. and Morgan Stanley by then the only remaining major stand-alone investment banks, petitioned the government to convert to chartered banks. The government also brokered Wachovia Corporation’s sale to Wells Fargo & Company. On top of these activities, the Fed lowered its federal-funds rate seven times during the last twelve months, ultimately to 1.00%. By October, other governments around the world were taking a number of similar measures.

As the crisis unfolded, U.S. stocks plunged. From November 1, 2007 to October 31, 2008, the Standard and Poor’s 500 Composite Stock Index (“S&P 500”) fell 36.10%. That was its largest twelve-month decline since the period from October 1973 to September 1974. The broader Dow Jones Wilshire 5000 Total Market Index (“DJ Wilshire 5000”) dropped 36.43%. International equity markets fared worse than the U.S., in part due to a rise in the U.S. dollar relative to other currencies (which lowers foreign returns for U.S. investors). The broad Morgan Stanley Capital International-EAFE Index fell 46.34% in dollar terms, and the Morgan Stanley Capital International Emerging Markets Index lost more than half its value, tumbling 56.22%.

In the fixed-income markets, only the highest-quality bonds, Treasuries and other government issues, managed to post gains. Because the primary bond-market benchmark, the Barclays Capital (formerly Lehman Brothers) Aggregate Bond Index (“BCAB”), is predominantly made up of government-backed bonds, it stayed slightly in the black for the period with a 0.30% return. But with credit fears rampant, bonds with even a little credit exposure lost value. Even investment-grade corporate bonds were down 13.82% as measured by the Barclays Capital U.S. Aggregate Credit Corporate Investment Grade Index. High-yield bonds lost almost twice as much, and convertible bonds and emerging-markets debt notched big losses. The only safe asset classes truly were government bonds and cash. Yet not even all government bonds were safe: Treasury Inflation Protected Securities lost 4.11% for the period.

PERFORMANCE

For the year ended October 31, 2008, Transamerica Asset Allocation-Moderate Growth Portfolio Class A returned (34.01)%. By comparison, its primary and secondary benchmarks, the DJ Wilshire 5000 and the BCAB, returned (36.43)% and 0.30%, respectively.

STRATEGY REVIEW

This fund-of-funds’ portfolio is structured to provide a mix of approximately 70% equity and 30% fixed-income securities (including cash). Its equity exposure is intended to provide broadly diversified coverage of domestic and international equity markets, across a range of market capitalizations and investment styles. The fixed-income portion covers investment-grade and credit-sensitive holdings, as well as international bonds. The portfolio also includes emerging markets, global real estate, and alternative strategies. The goal is to provide investors one-stop coverage of the financial markets, and the portfolio is more broadly diversified than most market indices or traditional balanced funds. Diversifying is a prudent way to invest for the long term because it is not possible to predict which asset classes and investment styles will outperform in any given quarter or year. But diversification does not prevent losses in unusual short-term periods when virtually all asset classes and styles drop simultaneously.

We consider the managers of our underlying funds to be top-notch within their specialties, but against the backdrop of largely indiscriminant market losses, most of our fund holdings ended deeply in the red. Throughout the period, the relative performance of the underlying funds sometimes changed significantly from one week to the next as the stock market swung widely (especially in October, when on a couple of occasions the S&P 500 moved more than 10% in a single day). It is thus not very illuminating to highlight, for example, which of our underlying U.S. stock funds were ahead of or behind the other funds as of an arbitrary October 31 ending date. Still, we can point to some of the higher-beta asset classes as being the most negative contributors. For example, the international funds were among the biggest decliners; of the ten holdings with the steepest losses, six were international funds. Several of the smaller-cap funds and the technology and real-estate sector



Transamerica Funds		Annual Report 2008

Page 11

Transamerica Asset Allocation — Moderate Growth Portfolio

funds were also hit hard. But all of the domestic equity funds fell by more than 30%.

The bond portfolio, meanwhile, was hindered in its normal role of offsetting equity portfolio losses. The root cause of this past year’s market decline has been the credit crisis, and as noted, in that environment bonds with any credit sensitivity at all have suffered losses. Normally a predominantly investment-grade bond portfolio (such as ours) would tend to rise in value in times of stock-market volatility, but in this period only government bonds managed to avoid losses. Our portfolio owns government bonds, but also investment-grade corporate bonds, international bonds, high-yield bonds, convertibles, and emerging-markets debt. All of those asset classes fell in the period. In addition, Transamerica Loomis Sayles Bond, which is one of our larger bond holdings, had one of its rare bad years.

The four alternative-strategies funds, however, held up decently relative to the stock market. Indeed, Transamerica BNY Mellon Market Neutral Strategy was the only fund in the portfolio to post a positive return (other than Transamerica Money Market).

Michael Stout, CFA
Jon Hale, Ph.D., CFA
Jeff McConnell, CFA
Maciej Kowara, Ph.D., CFA

Co-Portfolio Managers
Morningstar Associates, LLC



Transamerica Funds		Annual Report 2008

Page 12

Transamerica Asset Allocation — Moderate Growth Portfolio

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2008


							From			Inception
	1 Year			5 Years			Inception			Date

Class A (NAV)		(34.01	)%		1.41	%		1.35	%		3/1/02
Class A (POP)		(37.65	)%		0.27	%		0.50	%		3/1/02
DJ Wilshire 5000¹		(36.43	)%		0.81	%		0.86	%		3/1/02
Barclays Capital Aggregate U.S. Bond Index¹		0.30	%		3.48	%		4.27	%		3/1/02


Class B (NAV)		(34.44	)%		0.72	%		0.68	%		3/1/02
Class B (POP)		(37.60	)%		0.54	%		0.68	%		3/1/02


Class C (NAV)		(34.44	)%		0.77	%		3.97	%		11/11/02
Class C (POP)		(35.07	)%		0.77	%		3.97	%		11/11/02


Class R (NAV)		(34.08	)%		N/A			(7.44	)%		6/15/06

NOTES


¹		The Dow Jones Wilshire 5000 Total Market (DJ Wilshire 5000) Index and the Barclays Capital Aggregate U.S. Bond Index are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The from inception calculation is based on the life of Class A shares. You cannot invest directly in an index.

Current performance may be lower or higher than performance quoted. Please see www.transamericafunds.com for performance data current to the most recent month-end.

This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives and policies of this Fund.



Transamerica Funds		Annual Report 2008

Page 13

Transamerica Asset Allocation — Moderate Growth Portfolio

UNDERSTANDING YOUR FUND’S EXPENSES

(unaudited)

SHAREHOLDER EXPENSES

The Example is based on an investment of $1,000 invested at May 1, 2008 and held for the entire period until October 31, 2008.

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The expenses shown in the table do not reflect any expenses from the Fund’s investment in other affiliated investment companies.


	Beginning		Ending		Annualized			Expenses
	Account		Account		Expense			Paid During
	Value		Value		Ratio			Period (a)

Class A
Actual	$	1,000.00	$	712.07		0.62	%	$	2.67
Hypothetical (b)		1,000.00		1,022.02		0.62			3.15

Class B
Actual		1,000.00		709.73		1.29			5.54
Hypothetical (b)		1,000.00		1,018.65		1.29			6.55

Class C
Actual		1,000.00		710.05		1.25			5.37
Hypothetical (b)		1,000.00		1,018.85		1.25			6.34

Class R
Actual		1,000.00		712.18		0.77			3.31
Hypothetical (b)		1,000.00		1,021.27		0.77			3.91


(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 (184 days), and divided by the number of days in the year (366 days).

(b)		5% return per year before expenses.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS

By Investment Type

At October 31, 2008

(unaudited)

This chart shows the percentage breakdown by investment type of the aggregate portfolio holdings of the underlying affiliated investment companies in which the Fund invests.



Transamerica Funds		Annual Report 2008

Page 14

Transamerica Asset Allocation — Moderate Growth Portfolio

SCHEDULE OF INVESTMENTS

At October 31, 2008

(all amounts except share amounts in thousands)


	Shares		Value

INVESTMENT COMPANIES (100.0%) €
Bonds (23.2%)
Transamerica Convertible Securities		5,172,467	$	37,190
Transamerica Flexible Income		5,010,350		36,325
Transamerica High Yield Bond		15,666,694		99,484
Transamerica JPMorgan International Bond		10,566,918		111,587
Transamerica PIMCO Total Return		22,558,761		216,113
Transamerica Short-Term Bond		9,228,222		85,638
Transamerica Van Kampen Emerging Markets Debt		6,577,125		52,485
Capital Preservation (0.1%)
Transamerica Money Market		2,613,893		2,614
Global/International Stocks (10.6%)
Transamerica AllianceBernstein International Value		6,240,993		41,253
Transamerica Evergreen International Small Cap		9,703,288		80,149
Transamerica Marsico International Growth		6,853,649		46,194
Transamerica Neuberger Berman International		11,634,061		69,223
Transamerica Oppenheimer Developing Markets		4,243,465		34,796
Transamerica Schroders International Small Cap ‡		1,201,207		6,991
Transamerica Thornburg International Value ‡		628,000		5,011
Transamerica WMC Emerging Markets ‡		1,200,000		9,192
Inflation-Protected Securities (3.7%)
Transamerica PIMCO Real Return TIPS		10,934,866		100,710
Tactical and Specialty (14.6%)
Transamerica BlackRock Global Allocation		7,462,464		69,550
Transamerica BlackRock Natural Resources		3,538,794		28,700
Transamerica BNY Mellon Market Neutral Strategy		3,535,152		33,619
Transamerica Clarion Global Real Estate Securities		9,466,661		90,123
Transamerica Evergreen Health Care		2,149,204		19,171
Transamerica Federated Market Opportunity		2,255,220		19,305
Transamerica Loomis Sayles Bond		7,013,758		51,481
Transamerica Science & Technology		7,721,758		22,316
Transamerica UBS Dynamic Alpha		7,706,353		66,275
U.S. Stocks (47.8%)
Transamerica American Century Large Company Value		27,397,594		211,509
Transamerica Bjurman, Barry Micro Emerging Growth ‡		2,091,636		13,386
Transamerica BlackRock Large Cap Value		21,385,944		162,747
Transamerica Equity ‡		28,558,068		199,621
Transamerica Growth Opportunities ‡		6,152,367		41,467
Transamerica Jennison Growth		9,741,704		81,538
Transamerica JPMorgan Mid Cap Value		10,937,930		82,472
Transamerica Legg Mason Partners Investors Value		4,458,655		28,357
Transamerica Marsico Growth		19,060,815		176,884
Transamerica Oppenheimer Small- & Mid-Cap Value		4,891,019		30,813
Transamerica Small/Mid Cap Value		4,899,919		62,768
Transamerica Third Avenue Value		2,924,789		49,517
Transamerica UBS Large Cap Value		16,582,627		133,490
Transamerica Van Kampen Mid-Cap Growth		4,177,924		31,000
Transamerica Van Kampen Small Company Growth		1,098,913		8,121


Total Investment Securities (cost $3,496,348) #			$	2,749,185

NOTES TO SCHEDULE OF INVESTMENTS:


€		The Fund invests its assets in Class I shares of the other series of the Transamerica Funds.

‡		Non-income producing security.

#		Aggregate cost for federal income tax purposes is $3,511,007. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $3,323 and $765,145, respectively. Net unrealized depreciation for tax purposes is $761,822.

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



Transamerica Funds		Annual Report 2008

Page 15

Transamerica Asset Allocation — Moderate Portfolio

(unaudited)

MARKET ENVIRONMENT

The twelve-month period through October 31, 2008, was one of the most difficult periods in history for the financial markets. The housing-market decline and collapse in sub-prime mortgage bonds were already underway entering the period, and became worse as the year progressed. Investment banks, commercial banks, insurers, and other financial institutions recorded massive writedowns on the values of mortgage-related securities on their books. This required them to raise replacement capital to meet capital-reserve requirements, yet the usual sources of capital—other financial institutions—were dealing with shortfalls of their own. As a result of these developments, lending institutions were unable to provide the everyday lending and liquidity that keep the economy working. Banks even balked at lending to one another in the overnight markets, which they normally do as a matter of routine.

Sensing a financial system in jeopardy, the U.S. government took a number of steps intended to rescue the system. In March, the Treasury Department persuaded the collapsing The Bear Stearns Companies Inc. to sell itself to JPMorgan Chase & Co., and the Federal Reserve Board opened up its short-term lending facilities to investment banks in an effort to alleviate the capital shortage. In July the Federal Deposit Insurance Corporation took over failing mortgage-lender IndyMac Bancorp, Inc. But the activity did not hit fever pitch until September. In that month, federal regulators seized control of the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation and took a controlling stake in insurance giant American International Group, Inc. Along with other market-greasing initiatives, the Treasury announced a $700 billion plan to buy troubled mortgage securities from financial institutions, removing the plummeting securities from the companies’ books. Also in September, Lehman Brothers Holdings Inc. (“Lehman Brothers”) filed for bankruptcy, Washington Mutual, Inc. was acquired by JPMorgan Chase, and Merrill Lynch & Co., Inc. sold itself to Bank of America Corporation. The Goldman Sachs Group, Inc. and Morgan Stanley, by then the only remaining major stand-alone investment banks, petitioned the government to convert to chartered banks. The government also brokered Wachovia Corporation’s sale to Wells Fargo & Company. On top of these activities, the Fed lowered its federal-funds rate seven times during the last twelve months, ultimately to 1.00%. By October, other governments around the world were taking a number of similar measures.

International equity markets fared worse than the U.S., in part due to a rise in the U.S. dollar relative to other currencies (which lowers foreign returns for U.S. investors). The broad Morgan Stanley Capital International-EAFE Index fell 46.34% in dollar terms, and the Morgan Stanley Capital International Emerging Markets Index lost more than half its value, tumbling 56.22%.

In the fixed-income markets, only the highest-quality bonds—Treasuries and other government issues, managed to post gains. Because the primary bond-market benchmark, the Barclays Capital (formerly Lehman Brothers) Aggregate Bond Index (“BCAB”), is predominantly made up of government-backed bonds, it stayed slightly in the black for the period with a 0.30% return. But with credit fears rampant, bonds with even a little credit exposure lost value. Even investment-grade corporate bonds were down 13.82% as measured by the Barclays Capital U.S. Corporate Aggregate Credit Investment Grade Index. High-yield bonds lost almost twice as much, and convertible bonds and emerging-markets debt notched big losses. The only safe asset classes truly were government bonds and cash. Yet not even all government bonds were safe: Treasury Inflation Protected Securities lost 4.11% for the period.

PERFORMANCE

For the year ended October 31, 2008 Transamerica Asset Allocation-Moderate Portfolio Class A returned (28.41)%. By comparison, its primary and secondary benchmarks, the DJ Wilshire 5000 and the BCAB, returned (36.43)% and 0.30%, respectively.

STRATEGY REVIEW

This fund-of-funds’ portfolio is structured to provide a mix of approximately 50% equity and 50% fixed-income securities (including cash). Its equity exposure is intended to provide broadly diversified coverage of domestic and international equity markets, across a range of market capitalizations and investment styles. The fixed-income portion covers investment-grade and credit-sensitive holdings, as well as international bonds. The portfolio also includes emerging markets, global real estate, and alternative strategies. The goal is to provide investors one-stop coverage of the financial markets, and the portfolio is more broadly diversified than most market indices or traditional balanced funds. Diversifying is a prudent way to invest for the long term because it is not possible to predict which asset classes and investment styles will outperform in any given quarter or year. But diversification does not prevent losses in unusual short-term periods when virtually all asset classes and styles drop simultaneously.



Transamerica Funds		Annual Report 2008

Page 16

Transamerica Asset Allocation — Moderate Portfolio

International Growth’s loss being the steepest in the portfolio. Several of the smaller-cap funds and the technology and real-estate sector funds were also hit hard. But all of the domestic equity funds fell by more than 30%.

During the period we made investments in two new underlying funds, Transamerica Schroders International Small Cap and Transamerica WMC Emerging Markets. These complement the existing Transamerica Evergreen International Small Cap and Transamerica Oppenheimer Developing Markets funds. Both of the new funds were added to provide more capacity in their asset classes and to improve overall diversification in the international sleeve.

Michael Stout, CFA
Jon Hale, Ph.D., CFA
Jeff McConnell, CFA
Maciej Kowara, Ph.D., CFA

Co-Portfolio Managers
Morningstar Associates, LLC



Transamerica Funds		Annual Report 2008

Page 17

Transamerica Asset Allocation — Moderate Portfolio

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2008


							From			Inception
	1 Year			5 Years			Inception			Date

Class A (NAV)		(28.41	)%		1.77	%		2.08	%		3/1/02
Class A (POP)		(32.36	)%		0.61	%		1.22	%		3/1/02
DJ Wilshire 5000¹		(36.43	)%		0.81	%		0.86	%		3/1/02
Barclays Capital Aggregate U.S. Bond Index¹		0.30	%		3.48	%		4.27	%		3/1/02


Class B (NAV)		(28.87	)%		1.10	%		1.42	%		3/1/02
Class B (POP)		(32.26	)%		0.93	%		1.42	%		3/1/02


Class C (NAV)		(28.87	)%		1.14	%		3.99	%		11/11/02
Class C (POP)		(29.55	)%		1.14	%		3.99	%		11/11/02


Class R (NAV)		(28.57	)%		N/A			(5.67	)%		6/15/06

NOTES


¹		The Dow Jones Wilshire 5000 Total Market (DJ Wilshire 5000) Index and the Barclays Capital Aggregate U.S. Bond Index are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The from inception calculation is based on the life of Class A shares. You cannot invest directly in an index.

Current performance may be lower or higher than performance quoted. Please see www.transamericafunds.com for performance data current to the most recent month-end.

This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives and policies of this Fund.



Transamerica Funds		Annual Report 2008

Page 18

Transamerica Asset Allocation — Moderate Portfolio

UNDERSTANDING YOUR FUND’S EXPENSES

(unaudited)

SHAREHOLDER EXPENSES

The Example is based on an investment of $1,000 invested at May 1, 2008 and held for the entire period until October 31, 2008.

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The expenses shown in the table do not reflect any expenses from the Fund’s investment in other affiliated investment companies.


	Beginning		Ending		Annualized			Expenses
	Account		Account		Expense			Paid During
	Value		Value		Ratio			Period (a)

Class A
Actual	$	1,000.00	$	752.83		0.61	%	$	2.69
Hypothetical (b)		1,000.00		1,022.07		0.61			3.10

Class B
Actual		1,000.00		750.41		1.26			5.54
Hypothetical (b)		1,000.00		1,018.80		1.26			6.39

Class C
Actual		1,000.00		750.62		1.22			5.37
Hypothetical (b)		1,000.00		1,019.00		1.22			6.19

Class R
Actual		1,000.00		751.42		0.91			4.01
Hypothetical (b)		1,000.00		1,020.56		0.91			4.62


(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 (184 days), and divided by the number of days in the year (366 days).

(b)		5% return per year before expenses.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS

By Investment Type

At October 31, 2008

(unaudited)

This chart shows the percentage breakdown by investment type of the aggregate portfolio holdings of the underlying affiliated investment companies in which the Fund invests.



Transamerica Funds		Annual Report 2008

Page 19

Transamerica Asset Allocation — Moderate Portfolio

SCHEDULE OF INVESTMENTS

At October 31, 2008

(all amounts except share amounts in thousands)


	Shares		Value

INVESTMENT COMPANIES (100.0%) €
Bonds (36.4%)
Transamerica Convertible Securities		5,013,646	$	36,047
Transamerica Flexible Income		2,397,514		17,382
Transamerica High Yield Bond		13,052,378		82,883
Transamerica JPMorgan International Bond		12,285,351		129,733
Transamerica PIMCO Total Return		21,692,634		207,815
Transamerica Short-Term Bond		8,819,597		81,846
Transamerica Van Kampen Emerging Markets Debt		5,388,220		42,998
Capital Preservation (0.1%)
Transamerica Money Market		2,425,196		2,425
Global/International Stocks (6.8%)
Transamerica AllianceBernstein International Value		2,586,329		17,096
Transamerica Evergreen International Small Cap		2,230,796		18,426
Transamerica Marsico International Growth		1,495,465		10,079
Transamerica Neuberger Berman International		3,871,335		23,035
Transamerica Oppenheimer Developing Markets		1,803,530		14,789
Transamerica Schroders International Small Cap ‡		2,342,662		13,634
Transamerica WMC Emerging Markets ‡		2,000,000		15,320
Inflation-Protected Securities (6.3%)
Transamerica PIMCO Real Return TIPS		11,337,376		104,417
Tactical and Specialty (17.0%)
Transamerica BlackRock Global Allocation		3,528,709		32,888
Transamerica BlackRock Natural Resources		1,356,200		10,999
Transamerica BNY Mellon Market Neutral Strategy		2,577,181		24,509
Transamerica Clarion Global Real Estate Securities		3,833,411		36,494
Transamerica Evergreen Health Care		1,710,055		15,254
Transamerica Federated Market Opportunity		1,824,775		15,620
Transamerica Loomis Sayles Bond		13,749,800		100,924
Transamerica Science & Technology		2,971,765		8,588
Transamerica UBS Dynamic Alpha		3,941,584		33,898
U.S. Stocks (33.4%)
Transamerica American Century Large Company Value		9,080,262		70,100
Transamerica Bjurman, Barry Micro Emerging Growth ‡		153,189		980
Transamerica BlackRock Large Cap Value		12,261,005		93,306
Transamerica Equity ‡		14,701,176		102,761
Transamerica Growth Opportunities ‡		1,893,112		12,760
Transamerica Jennison Growth		4,315,795		36,123
Transamerica JPMorgan Mid Cap Value		1,995,298		15,045
Transamerica Legg Mason Partners Investors Value		14,658		93
Transamerica Marsico Growth		6,135,109		56,934
Transamerica Oppenheimer Small- & Mid-Cap Value		1,350,083		8,506
Transamerica Small/Mid Cap Value		5,104,380		65,387
Transamerica Third Avenue Value		522,496		8,846
Transamerica UBS Large Cap Value		8,293,817		66,765
Transamerica Van Kampen Mid-Cap Growth		1,131,563		8,396
Transamerica Van Kampen Small Company Growth		558,896		4,130


Total Investment Securities (cost $2,003,532) #			$	1,647,231

NOTES TO SCHEDULE OF INVESTMENTS:


€		The Fund invests its assets in Class I shares of the other series of the Transamerica Funds.

‡		Non-income producing security.

#		Aggregate cost for federal income tax purposes is $2,012,432. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $4,564 and $369,765, respectively. Net unrealized depreciation for tax purposes is $365,201.

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



Transamerica Funds		Annual Report 2008

Page 20

Transamerica Multi-Manager Alternative Strategies Portfolio

(unaudited)

MARKET ENVIRONMENT

Sensing a financial system in jeopardy, the U.S. government took a number of steps intended to rescue the system. In March, the Treasury Department persuaded the collapsing The Bear Stearns Companies Inc. to sell itself to JPMorgan Chase & Co., and the Federal Reserve Board opened up its short-term lending facilities to investment banks in an effort to alleviate the capital shortage. In July the Federal Deposit Insurance Corporation took over failing mortgage-lender IndyMac Bancorp, Inc. But the activity did not hit fever pitch until September. In that month, federal regulators seized control of the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation and took a controlling stake in insurance giant American International Group, Inc. Along with other market-greasing initiatives, the Treasury announced a $700 billion plan to buy troubled mortgage securities from financial institutions, removing the plummeting securities from the companies’ books. Also in September, Lehman Brothers Holdings Inc. (“Lehman Brothers”) filed for bankruptcy, Washington Mutual, Inc. was acquired by JPMorgan Chase, and Merrill Lynch & Co., Inc. sold itself to Bank of America Corporation. The Goldman Sachs Group, Inc. and Morgan Stanley, by then the only remaining major stand-alone investment banks, petitioned the government to convert to chartered banks. The government also brokered Wachovia Corporation’s sale to Wells Fargo & Company. On top of these activities, the Fed lowered its federal-funds rate seven times during the last twelve months, ultimately to 1.00%. By October, other governments around the world were taking a number of similar measures.

In the fixed-income markets, only the highest-quality bonds, Treasuries and other government issues, managed to post gains. Because the primary bond-market benchmark, the Barclays Capital (formerly Lehman Brothers) Aggregate Bond Index (“BCAB”), is predominantly made up of government-backed bonds, it stayed slightly in the black for the period with a 0.30% return. But with credit fears rampant, bonds with even a little credit exposure lost value. Even investment-grade corporate bonds were down 13.82% as measured by the Barclays Capital U.S. Aggregate Credit Corporate Investment Grade Index. High-yield bonds lost almost twice as much, and convertible bonds and emerging-markets debt notched big losses. The only safe asset classes truly were government bonds and cash. Yet not even all government bonds were safe: Treasury Inflation Protected Securities lost 4.11% for the period.

PERFORMANCE

For the year ended October 31, 2008, Transamerica Multi-Manager Alternative Strategies Portfolio Class A returned (21.08)%. By comparison, its benchmark, the Merrill Lynch 3-Month Treasury Bill + 3% Wrap, returned 5.84%.

STRATEGY REVIEW

There is no denying that performance, in absolute terms, was disappointing. A loss of more than 20% hurts no matter what the extenuating circumstances might be. We considered it extremely unlikely that a portfolio constructed as this one is would suffer losses of that magnitude, yet suffer it did.

That said, given the epic proportions of the crisis in which we find ourselves, we think we are not offering cheap consolation when we say that losing 20 cents on the dollar really is not catastrophic. Our losses were actually a little below those of an average hedge fund — the Morningstar 1000 Hedge Fund Index lost 22.45% in the past 12 months — and the portfolio behaved pretty much as expected: volatility stayed much closer to bonds than to stocks, and returns were about halfway between the two.

Last time we wrote this letter, we commented that the absolute-return segment of the portfolio was the weakest performer relative to the rest of the portfolio. The reverse was the case in the past twelve months. The 40% weight we target for these strategies performed, relatively speaking, the best. Transamerica BNY Mellon Market Neutral Strategy posted a gain, proving itself to be a true market-neutral offering. Transamerica UBS Dynamic Alpha and Transamerica Federated Market Opportunity posted losses, but nowhere nearly as deep and dramatic as those of the stock and the riskier parts of the credit markets. Fixed income exposure was half good, half bad. Transamerica JPMorgan International Bond was basically flat. The portfolio concentrates its holdings among the most highly-rated sovereigns and did not yield to the temptation to seek yield among corporate and emerging-markets debt, so it did not get hurt much by the credit debacle. The recent strength of the dollar ate away its gains, but overall, the portfolio did well compared to both the foreign bond markets and its Morningstar category peers. Things were dramatically



Transamerica Funds		Annual Report 2008

Page 21

Transamerica Multi-Manager Alternative Strategies Portfolio

different with Transamerica Loomis Sayles Bond (“Loomis”). Loomis has always embraced yield and risk, relying on their expertise in analyzing credit. This time, however, they grievously underestimated the severity of the crisis. The portfolio had exposure to credit risk, including companies which were conventionally deemed “too big to fail”. Instead, many of these firms faced existential threats that some of them did not survive. The Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, Lehman Brothers Brothers were among the Loomis holdings that did not make it, and the fund’s unprecedented 23.56% loss was the grim consequence. Then there was the equity exposure, whose traditionally less-correlated nature failed to assert itself. In a crisis of this magnitude all correlations move towards one, and this is exactly what happened. Natural resources and real estate got crushed, and so did emerging markets and international small caps. All of the funds in the equity share of the portfolio lost in excess of 40%. Since we are not tactical managers, we typically do not adjust our long-term target exposures in reaction to market developments. We did, however, decide not to fight the markets and let the equity sleeve of the portfolio contract to just over 20%, down from its target of 28%. We will be looking to reverse that whenever we see signs of stabilization in the world’s capital markets.

Jon Hale, Ph.D., CFA
Michael Stout, CFA
Jeff McConnell, CFA
Maciej Kowara, Ph.D., CFA

Co-Portfolio Managers
Morningstar Associates, LLC



Transamerica Funds		Annual Report 2008

Page 22

Transamerica Multi-Manager Alternative Strategies Portfolio

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2008


				From			Inception
	1 Year			Inception			Date

Class A (NAV)		(21.08	)%		(8.39	)%		12/28/06
Class A (POP)		(25.44	)%		(11.15	)%		12/28/06
Merrill Lynch 3 Month Treasury Bill ¹		5.84	%		6.95	%		12/28/06


Class C (NAV)		(21.52	)%		(8.95	)%		12/28/06
Class C (POP)		(22.29	)%		(8.95	)%		12/28/06

NOTES


¹		The Merrill Lynch 3 Month Treasury Bill +3% Wrap (Merrill Lynch 3 Month Treasury Bill) Index is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The from inception calculation is based on the life of Class A shares. You cannot invest directly in an index.

Net Asset Value (NAV) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. Public Offering Price (POP) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for A shares and 1% (during the first 12 months) for Class C shares. Shares purchased prior to March 1, 2004 are subject to a maximum applicable contingent deferred sales charge (2% in the 1st year, decreasing to 0% after 2 years) for Class C shares.

This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives and policies of this Fund.



Transamerica Funds		Annual Report 2008

Page 23

Transamerica Multi-Manager Alternative Strategies Portfolio

UNDERSTANDING YOUR FUND’S EXPENSES

(unaudited)

SHAREHOLDER EXPENSES

The Example is based on an investment of $1,000 invested at May 1, 2008 and held for the entire period until October 31, 2008.

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The expenses shown in the table do not reflect any expenses from the Fund’s investment in other affiliated investment companies.


	Beginning		Ending		Annualized			Expenses
	Account		Account		Expense			Paid During
	Value		Value		Ratio			Period (a)

Class A
Actual	$	1,000.00	$	793.50		0.80	%	$	3.61
Hypothetical (b)		1,000.00		1,021.11		0.80			4.06

Class C
Actual		1,000.00		791.35		1.50			6.75
Hypothetical (b)		1,000.00		1,017.60		1.50			7.61


(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 (184 days), and divided by the number of days in the year (366 days).

(b)		5% return per year before expenses.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS

By Investment Type

At October 31, 2008

(unaudited)

This chart shows the percentage breakdown by investment type of the aggregate portfolio holdings of the underlying affiliated investment companies in which the Fund invests.



Transamerica Funds		Annual Report 2008

Page 24

Transamerica Multi-Manager Alternative Strategies Portfolio

SCHEDULE OF INVESTMENTS

At October 31, 2008

(all amounts except share amounts in thousands)


	Shares		Value

INVESTMENT COMPANIES (99.9%) €
Bonds (14.0%)
Transamerica JPMorgan International Bond		2,488,004	$	26,273
Capital Preservation (6.5%)
Transamerica Money Market		12,159,418		12,159
Global/International Stocks (5.3%)
Transamerica Evergreen International Small Cap		184,490		1,524
Transamerica Oppenheimer Developing Markets		477,696		3,917
Transamerica Schroders International Small Cap ‡		777,559		4,525
Tactical and Specialty (71.4%)
Transamerica BlackRock Global Allocation		1,103,900		10,288
Transamerica BlackRock Natural Resources		1,620,168		13,140
Transamerica BNY Mellon Market Neutral Strategy		2,326,884		22,129
Transamerica Clarion Global Real Estate Securities		1,383,478		13,171
Transamerica Federated Market Opportunity		2,410,169		20,631
Transamerica Loomis Sayles Bond		4,302,830		31,583
Transamerica UBS Dynamic Alpha		2,625,000		22,575
U.S. Stocks (2.7%)
Transamerica Bjurman, Barry Micro Emerging Growth ‡		799,603		5,118


Total Investment Securities (cost $233,543) #			$	187,033

NOTES TO SCHEDULE OF INVESTMENTS:


€		The Fund invests its assets in Class I shares of the other series of the Transamerica Funds.

‡		Non-income producing security.

#		Aggregate cost for federal income tax purposes is $233,841. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $0 and $46,808, respectively. Net unrealized depreciation for tax purposes is $46,808.

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



Transamerica Funds		Annual Report 2008

Page 25

Transamerica Multi-Manager International Portfolio

(unaudited)

MARKET ENVIRONMENT

Over the twelve-month period ending October 31, 2008 international markets suffered through one of the most difficult periods in their history. The decline of the U.S. housing market and collapse of sub-prime mortgage bonds, already underway entering the period, worsened during 2008, prompting a series of spectacular failures in the U.S. financial system that hit fever pitch in September. International markets faced mounting concerns over a global economic slowdown even as prices for oil and other key commodities rose stubbornly through most of the period on expectations of continued demand growth in China, India, and other developing countries. Fears over the reappearance of the “stagflation” that characterized the 1970s, however, abated by late summer as it became clear that frozen credit markets, continued home foreclosures, rising unemployment, and shrinking consumer demand signaled not only reduced inflation, but also the onset of a significant global recession.

International equities fared even worse than U.S. stocks during the period. The Morgan Stanley Capital International World ex-U.S. Index (“MSCIW ex USA”) fell 40.49% in local-currency terms, with the weakness spread more or less evenly around the globe. The U.S. dollar strengthened against foreign currencies, which were hurt by inflation fears during the summer, and this only worsened international equity returns for U.S.-based investors. In dollar terms, the MSCIW ex USA fell 46.26% during the period. Small caps and emerging-markets stocks fared worse than large caps. The Morgan Stanley Capital International Small Cap Index lost 53.51% and the Morgan Stanley Capital International Emerging Markets Index lost 56.35%.

PERFORMANCE

For the year ended October 31, 2008, Transamerica Multi-Manager International Portfolio Class A returned (48.61)%. By comparison its benchmark, the MSCIW ex USA, returned (46.26)%.

STRATEGY REVIEW

Transamerica Multi-Manager International Portfolio is a fund-of-funds structured to provide broad coverage of international equity markets. Its eleven underlying portfolio holdings cover a range of international investing styles, including large value, large growth, mid cap, small cap, emerging markets, global real estate, and global tactical asset allocation. The portfolio typically has approximately 80% of assets in developed-markets stocks and 20% in emerging-markets stocks. Large-cap stocks take up 65% to 70% of the portfolio, with mid- and small-cap stocks comprising 30% to 35%. The portfolio contains smaller positions of about 5% of assets each in the underlying global real estate and global tactical asset-allocation funds.

Our objective for the portfolio is to provide investors with comprehensive coverage of international markets in a single investment vehicle. As such, the portfolio is more broadly diversified than most international portfolios or indices. This is a prudent way to invest for the long term because it is impossible to predict which asset classes and investment styles will outperform during any particular shorter-term period. In an unusual year like the one we have just experienced, however, broad diversification could not prevent significant losses as virtually all parts of international markets fell simultaneously.

The portfolio lagged the predominantly large-cap MSCIW ex USA. It was held back to some extent by its exposure to mid- and small-cap stocks and emerging-markets stocks, which trailed large caps by significant margins and are not represented in the index. Transamerica Evergreen International Small Cap and Transamerica Marsico International Growth lost significantly partly because of the substantial number of emerging-markets stocks in their portfolios. A lack of smaller-cap or emerging-markets exposure, however, did not immunize funds against major losses. Transamerica AllianceBernstein International Value, for example, a straightforward large-cap value fund was hurt badly by its financials holdings.

On the plus side, relatively speaking, Transamerica BlackRock Global Allocation managed to sidestep much of the calamity by seeking solace in bonds and cash. Transamerica Oppenheimer Developing Markets, our principal source of emerging-markets exposure, performed better than the overall fund and more than eight percentage points better than the MSCI Emerging Markets Index.

During the period, we made investments in four new underlying funds to improve the overall diversification and quality of our fund-of-funds. Transamerica Schroders International Small Cap and Transamerica WMC Emerging Markets were added to complement the existing Transamerica Evergreen International Small Cap and Transamerica Oppenheimer Developing Markets funds. The new funds were added to provide more capacity in smaller cap and emerging markets, respectively, and to broaden our coverage in those areas. Transamerica Schroders International Small Cap, for example, employs a smaller-cap value-oriented style that complements Transamerica Evergreen International Small Cap growth-oriented approach. We also added two large-cap funds to further diversify our offerings in the area where the largest amount of the portfolio’s assets are allocated. Transamerica MFS International Equity is a core-growth offering with lower volatility than our existing large-core and large-growth funds. Transamerica Thornburg International Value is a more eclectic, non-benchmark-driven large-cap strategy that has met with almost unparalleled success over the past decade.

The financial markets have endured historic volatility over the past twelve months and, as of this writing, are still in the throes of it as investors struggle to digest the impact of the global recession. International markets will recover, however, and over the long haul should remain an important part of most investor’s portfolios. We believe this fund-of-funds, with its broad-based diversification, remains one of the most prudent ways to access international markets.

Jon Hale, Ph.D., CFA
Michael Stout, CFA
Jeff McConnell, CFA
Maciej Kowara, Ph.D., CFA

Co-Portfolio Managers
Morningstar Associates, LLC



Transamerica Funds		Annual Report 2008

Page 26

Transamerica Multi-Manager International Portfolio

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2008


				From			Inception
	1 Year			Inception			Date

Class A (NAV)		(48.61	)%		(11.70	)%		3/1/06
Class A (POP)		(51.44	)%		(13.54	)%		3/1/06
MSCI WORLD ex USA Gross (USD)¹		(46.26	)%		(9.49	%)		3/1/06


Class B (NAV)		(49.04	)%		(12.35	)%		3/1/06
Class B (POP)		(51.52	)%		(13.27	)%		3/1/06


Class C (NAV)		(48.98	)%		(12.30	)%		3/1/06
Class C (POP)		(49.47	)%		(12.30	)%		3/1/06

NOTES


¹		The Morgan Stanley Capital International World ex USA (MSCI World ex USA Gross (USD)) Index is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The from inception calculation is based on the life of Class A shares. You cannot invest directly in an index.

Current performance may be lower or higher than performance quoted. Please see www.transamericafunds.com for performance data current to the most recent month-end.

Net Asset Value (NAV) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges.

This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives and policies of this Fund.



Transamerica Funds		Annual Report 2008

Page 27

Transamerica Multi-Manager International Portfolio

UNDERSTANDING YOUR FUND’S EXPENSES

(unaudited)

SHAREHOLDER EXPENSES

The Example is based on an investment of $1,000 invested at May 1, 2008 and held for the entire period until October 31, 2008.

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The expenses shown in the table do not reflect any expenses from the Fund’s investment in other affiliated investment companies.


	Beginning		Ending		Annualized			Expenses
	Account		Account		Expense			Paid During
	Value		Value		Ratio			Period (a)

Class A
Actual	$	1,000.00	$	573.80		0.68	%	$	2.69
Hypothetical (b)		1,000.00		1,021.72		0.68			3.46

Class B
Actual		1,000.00		570.67		1.45			5.72
Hypothetical (b)		1,000.00		1,017.85		1.45			7.35

Class C
Actual		1,000.00		571.17		1.35			5.33
Hypothetical (b)		1,000.00		1,018.35		1.35			6.85


(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 (184 days), and divided by the number of days in the year (366 days).

(b)		5% return per year before expenses.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS

By Investment Type

At October 31, 2008

(unaudited)

This chart shows the percentage breakdown by investment type of the aggregate portfolio holdings of the underlying affiliated investment companies in which the Fund invests.



Transamerica Funds		Annual Report 2008

Page 28

Transamerica Multi-Manager International Portfolio

SCHEDULE OF INVESTMENTS

At October 31, 2008

(all amounts except share amounts in thousands)


	Shares		Value

INVESTMENT COMPANIES (100.0%) €
Global/International Stocks (88.0%)
Transamerica AllianceBernstein International Value		4,971,871	$	32,864
Transamerica Evergreen International Small Cap		2,269,782		18,748
Transamerica Marsico International Growth		3,493,754		23,548
Transamerica MFS International Equity		1,469,381		9,669
Transamerica Neuberger Berman International		4,094,693		24,363
Transamerica Oppenheimer Developing Markets		2,896,927		23,755
Transamerica Schroders International Small Cap ‡		3,785,682		22,033
Transamerica Thornburg International Value ‡		5,664,924		45,206
Transamerica WMC Emerging Markets ‡		2,286,746		17,516
Tactical and Specialty (12.0%)
Transamerica BlackRock Global Allocation		1,729,980		16,123
Transamerica Clarion Global Real Estate Securities		1,441,449		13,723


Total Investment Securities (cost $393,405) #			$	247,548

NOTES TO SCHEDULE OF INVESTMENTS:


€		The Fund invests its assets in Class I shares of the other series of the Transamerica Funds.

‡		Non-income producing security.

#		Aggregate cost for federal income tax purposes is $394,962. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $0 and $147,414, respectively. Net unrealized depreciation for tax purposes is $147,414.

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



Transamerica Funds		Annual Report 2008

Page 29

STATEMENTS OF ASSETS AND LIABILITIES

At October 31, 2008

(all amounts except per share amounts in thousands)


							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:
Investment in affiliated investment companies, at cost	$	885,006		$	1,937,705		$	3,496,348		$	2,003,532		$	233,543		$	393,405

Investment in affiliated investment companies, at value		727,305			1,446,248			2,749,185			1,647,231			187,033			247,548
Cash		74			—			31			—			1			—
Receivables:
Investment securities sold		—			—			—			492			—			173
Shares of beneficial interest sold		2,471			3,394			6,271			3,798			1,295			1,212
Dividends		6			2			2			2			13			—
Other		13			23			46			34			—			—

		729,869			1,449,667			2,755,535			1,651,557			188,342			248,933

Liabilities:

Investment securities purchased		197			97			142			—			148			—
Accounts payable and accrued liabilities:
Shares of beneficial interest redeemed		1,928			2,533			4,445			3,054			674			1,012
Management and advisory fees		63			125			239			144			161			22
Distribution and service fees		481			971			1,882			1,130			107			164
Trustees fees		15			28			56			39			—	^(b)		—	^(b)
Transfer agent fees		64			231			323			155			23			52
Administration fees		8			16			30			18			2			3
Due to custodian		—			1			—			70			—			32
Other		87			140			242			156			44			48

		2,843			4,142			7,359			4,766			1,159			1,333

Net Assets	$	727,026		$	1,445,525		$	2,748,176		$	1,646,791		$	187,183		$	247,600


Net Assets Consist of:
Shares of beneficial interest, unlimited shares authorized, no par value		882,954			1,929,547			3,484,228			1,985,288			233,645			431,293
Undistributed (accumulated) net investment income (loss)		4,191			16,066			25,792			26,720			504			—
Undistributed (accumulated) net realized gain (loss) from investment in affiliated investment companies		(2,412	)		(8,620	)		(14,660	)		(8,901	)		(457	)		(37,836	)
Net unrealized depreciation on investment in affiliated investment companies		(157,707	)		(491,468	)		(747,184	)		(356,316	)		(46,509	)		(145,857	)

Net Assets	$	727,026		$	1,445,525		$	2,748,176		$	1,646,791		$	187,183		$	247,600

Net Assets by Class:
Class A	$	268,516		$	495,257		$	901,766		$	545,646		$	97,482		$	103,077
Class B		93,268			196,817			389,429			223,209						15,781
Class C		364,153			751,881			1,455,012			876,977			89,701			128,742
Class R		1,089			1,570			1,969			959
Shares Outstanding:
Class A		29,871			55,827			98,056			58,712			11,744			15,691
Class B		10,401			22,799			42,705			24,189						2,426
Class C		40,654			87,043			159,738			95,213			10,903			19,797
Class R		120			178			214			103
Net Asset Value Per Share:
Class A	$	8.99		$	8.87		$	9.20		$	9.29		$	8.30		$	6.57
Class B		8.97			8.63			9.12			9.23						6.50
Class C		8.96			8.64			9.11			9.21			8.23			6.50
Class R		9.05			8.84			9.18			9.28

Maximum Offering Price Per Share: ^(a)
Class A	$	9.51		$	9.39		$	9.74		$	9.83		$	8.78		$	6.95


^(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, 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.

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

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



Transamerica Funds		Annual Report 2008

Page 30

STATEMENTS OF OPERATIONS

For the year ended October 31, 2008

(all amounts in thousands)


													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:
Dividends from affiliated investment companies	$	30,121		$	39,426		$	101,362		$	71,463		$	4,827		$	14,036
Interest		4			10			10			6			—	^(a)		1

		30,125			39,436			101,372			71,469			4,827			14,037


Expenses:
Management and advisory fees		781			2,097			3,704			2,090			329			426
Distribution and service fees:
Class A		980			2,434			4,191			2,328			284			596
Class B		1,132			3,008			5,581			3,122						266
Class C		3,874			11,001			19,466			11,115			834			2,291
Class R		4			5			11			4
Transfer agent fees:
Class A		342			1,057			1,358			688			99			223
Class B		115			486			744			353						66
Class C		248			1,263			1,789			786			105			328
Class R		1			2			3			2
Printing and shareholder reports		97			311			517			269			34			91
Custody fees		34			66			103			61			17			21
Administration fees		98			262			463			261			20			53
Legal fees		21			57			100			56			5			11
Audit fees		20			21			23			21			20			20
Trustees fees		13			39			66			37			3			8
Registration fees		103			130			172			125			63			90
Other		4			16			22			9			3			7

Total expenses		7,867			22,255			38,313			21,327			1,816			4,497

Net of recapture of class expenses
Class A		—			—			—			—			54			—
Class C		—			—			—			—			75			—

Total recaptured expenses		—			—			—			—			129			—

Net expenses		7,867			22,255			38,313			21,327			1,945			4,497


Net Investment Income		22,258			17,181			63,059			50,142			2,882			9,540


Net Realized and Unrealized Gain (Loss) on Investment in Affiliated Investment Companies:
Realized loss from investment in affiliated investment companies		(15,022	)		(94,055	)		(120,400	)		(57,851	)		(1,988	)		(68,479	)
Realized gain distributions from investment in affiliated investment companies		15,149			92,084			126,769			54,048			1,533			30,929

		127			(1,971	)		6,369			(3,803	)		(455	)		(37,550	)

Change in unrealized appreciation (depreciation) on investment in affiliated investment companies		(241,499	)		(1,035,052	)		(1,522,341	)		(715,860	)		(50,142	)		(221,869	)


Net Realized and Unrealized Loss on Investment in Affiliated Investment Companies		(241,372	)		(1,037,023	)		(1,515,972	)		(719,663	)		(50,597	)		(259,419	)


Net Decrease In Net Assets Resulting from Operations	$	(219,114	)	$	(1,019,842	)	$	(1,452,913	)	$	(669,521	)	$	(47,715	)	$	(249,879	)


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

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



Transamerica Funds		Annual Report 2008

Page 31

STATEMENTS OF CHANGES IN NET ASSETS

For the years ended

(all amounts in thousands)


	Transamerica Asset Allocation -						Transamerica Asset Allocation -						Transamerica Asset Allocation -
	Conservative Portfolio						Growth Portfolio						Moderate Growth Portfolio
	October 31,			October 31,			October 31,			October 31,			October 31,			October 31,
	2008			2007			2008			2007			2008			2007

*Increase (Decrease) in Net Assets From:*
Operations:
Net investment income	$	22,258		$	16,787		$	17,181		$	24,549		$	63,059		$	69,380
Net realized gain (loss) on investment in affiliated investment companies		127			13,663			(1,971	)		68,099			6,369			113,354
Change in unrealized appreciation (depreciation) on investment in affiliated investment companies		(241,499	)		37,555			(1,035,052	)		295,990			(1,522,341	)		370,393

Net increase (decrease) in net assets resulting from operations		(219,114	)		68,005			(1,019,842	)		388,638			(1,452,913	)		553,127


Distributions to Shareholders:
From net investment income:
Class A		(7,660	)		(6,469	)		(1,116	)		(11,060	)		(17,275	)		(24,869	)
Class B		(2,383	)		(3,116	)		—			(4,453	)		(4,380	)		(10,915	)
Class C		(8,298	)		(7,803	)		—			(14,821	)		(16,655	)		(32,530	)
Class R		(19	)		(4	)		—			(2	)		(25	)		(1	)

		(18,360	)		(17,392	)		(1,116	)		(30,336	)		(38,335	)		(68,315	)

From net realized gains:
Class A		(4,897	)		(4,600	)		(22,064	)		(17,257	)		(36,711	)		(23,406	)
Class B		(2,233	)		(3,022	)		(10,387	)		(9,884	)		(18,289	)		(13,762	)
Class C		(6,652	)		(7,045	)		(36,318	)		(30,473	)		(60,086	)		(38,769	)
Class R		(13	)		(1	)		(26	)		(3	)		(58	)		(1	)

		(13,795	)		(14,668	)		(68,795	)		(57,617	)		(115,144	)		(75,938	)

Capital Share Transactions:
Proceeds from shares sold:
Class A		191,670			110,335			212,070			287,509			358,051			425,757
Class B		44,384			20,738			40,565			65,898			74,823			101,261
Class C		274,416			121,288			263,723			364,585			556,048			590,661
Class R		1,070			1,052			1,918			5,073			1,706			4,964

		511,540			253,413			518,276			723,065			990,628			1,122,643

Dividends and distributions reinvested:
Class A		9,506			9,577			20,861			25,197			49,557			43,963
Class B		3,420			5,017			9,005			12,443			20,024			21,734
Class C		8,944			10,160			27,196			33,562			55,992			51,610
Class R		21			6			18			5			37			3

		21,891			24,760			57,080			71,207			125,610			117,310

Cost of shares redeemed:
Class A		(88,378	)		(56,463	)		(168,000	)		(132,044	)		(294,086	)		(224,493	)
Class B		(32,684	)		(24,793	)		(56,102	)		(43,321	)		(105,134	)		(84,631	)
Class C		(130,261	)		(69,341	)		(236,973	)		(161,336	)		(408,704	)		(273,735	)
Class R		(377	)		(493	)		(593	)		(4,750	)		(759	)		(3,399	)

		(251,700	)		(151,090	)		(461,668	)		(341,451	)		(808,683	)		(586,258	)

Redemption fees:
Class A		6			5			4			6			4			6
Class B		3			1			2			1			3			1
Class C		18			3			7			4			9			3


		27			9			13			11			16			10

Automatic conversions:
Class A		4,081			1,159			9,315			2,818			13,458			4,277
Class B		(4,081	)		(1,159	)		(9,315	)		(2,818	)		(13,458	)		(4,277	)

		—			—			—			—			—			—

Net increase in net assets resulting from capital shares transactions		281,758			127,092			113,701			452,832			307,571			653,705

Net Increase (Decrease) in Net Assets		30,489			163,037			(976,052	)		753,517			(1,298,821	)		1,062,579


Net Assets:
Beginning of year	$	696,537		$	533,500		$	2,421,577		$	1,668,060		$	4,046,997		$	2,984,418

End of year	$	727,026		$	696,537		$	1,445,525		$	2,421,577		$	2,748,176		$	4,046,997

Undistributed Net Investment Income (Loss)	$	4,191		$	293		$	16,066		$	1		$	25,792		$	1,068

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



Transamerica Funds		Annual Report 2008

Page 32

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended

(all amounts in thousands)


	Transamerica Asset Allocation -						Transamerica Asset Allocation -						Transamerica Asset Allocation -
	Conservative Portfolio						Growth Portfolio						Moderate Growth Portfolio
	October 31,			October 31,			October 31,			October 31,			October 31,			October 31,
	2008			2007			2008			2007			2008			2007

Share Activity:
Shares issued:
Class A		17,099			9,383			16,662			20,485			28,856			31,722
Class B		3,992			1,766			3,216			4,805			6,036			7,610
Class C		24,710			10,331			21,061			26,582			44,820			44,282
Class R		101			89			166			380			139			381

		45,902			21,569			41,105			52,252			79,851			83,995

Shares issued-reinvested from distributions:
Class A		977			827			1,519			1,890			3,790			3,411
Class B		333			435			670			948			1,536			1,691
Class C		903			881			2,022			2,558			4,300			4,019
Class R		2			—			1			—			3			—

		2,215			2,143			4,212			5,396			9,629			9,121

Shares redeemed:
Class A		(8,115	)		(4,789	)		(13,653	)		(9,390	)		(24,553	)		(16,663	)
Class B		(2,996	)		(2,110	)		(4,682	)		(3,143	)		(8,856	)		(6,326	)
Class C		(12,235	)		(5,909	)		(20,022	)		(11,695	)		(34,617	)		(20,484	)
Class R		(35	)		(41	)		(46	)		(329	)		(64	)		(249	)

		(23,381	)		(12,849	)		(38,403	)		(24,557	)		(68,090	)		(43,722	)

Automatic conversions:
Class A		358			98			720			198			1,079			315
Class B		(359	)		(98	)		(737	)		(202	)		(1,085	)		(317	)

		(1	)		—			(17	)		(4	)		(6	)		(2	)

Net increase (decrease) in shares outstanding:

Class A		10,319			5,519			5,248			13,183			9,172			18,785
Class B		970			(7	)		(1,533	)		2,408			(2,369	)		2,658
Class C		13,378			5,303			3,061			17,445			14,503			27,817
Class R		68			48			121			51			78			132

		24,735			10,863			6,897			33,087			21,384			49,392

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



Transamerica Funds		Annual Report 2008

Page 33

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended

(all amounts in thousands)


	Transamerica Asset Allocation -						Transamerica Multi-Manager						Transamerica Multi-Manager
	Moderate Portfolio						Alternative Strategies Portfolio^(a)						International Portfolio
	October 31,			October 31,			October 31,			October 31,			October 31,			October 31,
	2008			2007			2008			2007			2008			2007

*Increase (Decrease) in Net Assets From:*
Operations:
Net investment income	$	50,142		$	46,195		$	2,882		$	67		$	9,540		$	6,677
Net realized gain (loss) on investment in affiliated investment companies		(3,803	)		64,451			(455	)		(2	)		(37,550	)		3,184
Change in unrealized appreciation (depreciation) on investment in affiliated investment companies		(715,860	)		144,762			(50,142	)		3,633			(221,869	)		69,364

Net increase (decrease) in net assets resulting from operations		(669,521	)		255,408			(47,715	)		3,698			(249,879	)		79,225


Distributions to Shareholders:
From net investment income:
Class A		(13,866	)		(14,293	)		(1,164	)		—			(4,695	)		(3,679	)
Class B		(4,791	)		(7,540	)								(595	)		(592	)
Class C		(17,309	)		(21,651	)		(1,288	)		—			(5,384	)		(4,542	)
Class R		(11	)		(2	)

		(35,977	)		(43,486	)		(2,452	)		—			(10,674	)		(8,813	)

From net realized gains:
Class A		(20,000	)		(12,968	)		—			—			(1,300	)		—
Class B		(10,456	)		(8,962	)								(213	)		—
Class C		(34,616	)		(24,569	)		—			—			(1,818	)		—
Class R		(19	)		(1	)

		(65,091	)		(46,500	)		—			—			(3,331	)		—

Capital Share Transactions:
Proceeds from shares sold:
Class A		257,189			237,736			116,850			40,667			93,298			112,597
Class B		46,815			47,072									8,076			17,724
Class C		356,768			310,667			79,747			49,499			74,383			150,866
Class R		904			1,971

		661,676			597,446			196,597			90,166			175,757			281,187

Dividends and distributions reinvested:
Class A		30,571			24,128			893			—			4,441			2,473
Class B		12,884			13,765									648			488
Class C		36,220			32,295			1,003			—			4,866			2,851
Class R		15			3

		79,690			70,191			1,896			—			9,955			5,812

Cost of shares redeemed:
Class A		(169,998	)		(122,784	)		(33,651	)		(3,466	)		(67,324	)		(22,998	)
Class B		(71,809	)		(64,262	)								(5,230	)		(2,241	)
Class C		(263,959	)		(175,916	)		(15,669	)		(2,222	)		(60,577	)		(17,915	)
Class R		(253	)		(1,488	)											—

		(506,019	)		(364,450	)		(49,320	)		(5,688	)		(133,131	)		(43,154	)

Redemption fees:
Class A		7			4			—			—			—			1
Class B		1			1									—			—
Class C		7			3			1			—			2			2

		15			8			1			—			2			3

Automatic conversions:
Class A		9,884			3,866			—			—			1,195			364
Class B		(9,884	)		(3,866	)								(1,195	)		(364	)

		—			—			—			—			—			—

Net increase in net assets resulting from capital shares transactions		235,362			303,195			149,174			84,478			52,583			243,848


Net Increase (Decrease) in net assets		(535,227	)		468,617			99,007			88,176			(211,301	)		314,260


Net Assets:
Beginning of year	$	2,182,018		$	1,713,401		$	88,176		$	—		$	458,901		$	144,641

End of year	$	1,646,791		$	2,182,018		$	187,183		$	88,176		$	247,600		$	458,901

Undistributed Net Investment Income (Loss)	$	26,720		$	12,555		$	504		$	74		$	—		$	—



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

Transamerica Funds		Annual Report 2008

Page 34

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended

(all amounts in thousands)


	Transamerica Asset Allocation -						Transamerica Multi-Manager						Transamerica Multi-Manager
	Moderate Portfolio						Alternative Strategies Portfolio^(a)						International Portfolio
	October 31,			October 31,			October 31,			October 31,			October 31,			October 31,
	2008			2007			2008			2007			2008			2007

Share Activity:
Shares issued:
Class A		21,575			18,578			11,512			3,939			8,606			9,713
Class B		3,930			3,704									726			1,538
Class C		30,129			24,461			7,837			4,814			6,632			13,097
Class R		78			157

		55,712			46,900			19,349			8,753			15,964			24,348

Shares issued-reinvested from distributions:
Class A		2,475			1,955			88			—			387			231
Class B		1,043			1,117									56			46
Class C		2,940			2,623			99			—			425			267
Class R		1			—

		6,459			5,695			187			—			868			544

Shares redeemed:
Class A		(14,728	)		(9,589	)		(3,463	)		(332	)		(6,889	)		(1,970	)
Class B		(6,249	)		(5,043	)								(534	)		(194	)
Class C		(23,247	)		(13,843	)		(1,632	)		(215	)		(6,328	)		(1,540	)
Class R		(21	)		(116	)

		(44,245	)		(28,591	)		(5,095	)		(547	)		(13,751	)		(3,704	)

Automatic conversions:
Class A		819			301			—			—			110			31
Class B		(822	)		(302	)								(111	)		(31	)

		(3	)		(1	)		—			—			(1	)		—

Net increase (decrease) in shares outstanding:
Class A		10,141			11,245			8,137			3,607			2,214			8,005
Class B		(2,098	)		(524	)								137			1,359
Class C		9,822			13,241			6,304			4,599			729			11,824
Class R		58			41

		17,923			24,003			14,441			8,206			3,080			21,188


^(a)		Commenced operations on December 28, 2006.



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

Transamerica Funds		Annual Report 2008

Page 35

FINANCIAL HIGHLIGHTS

For the years ended


	Transamerica Asset Allocation - Conservative Portfolio
	Class A
	October 31,			October 31,			October 31,			October 31,			October 31,
	2008			2007			2006			2005			2004

Net Asset Value
Beginning of period	$	12.40		$	11.76		$	11.35		$	11.07		$	10.67


Investment Operations
From net investment income^(a),(b)		0.36			0.38			0.28			0.32			0.17
From net realized and unrealized gain (loss) on investments		(3.21	)		0.82			0.80			0.37			0.77

Total from investment operations		(2.85	)		1.20			1.08			0.69			0.94


Distributions
Net investment income		(0.32	)		(0.24	)		(0.35	)		(0.22	)		(0.51	)
Net realized gains on investments		(0.24	)		(0.32	)		(0.32	)		(0.19	)		(0.03	)

Total distributions		(0.56	)		(0.56	)		(0.67	)		(0.41	)		(0.54	)


Net Asset Value
End of year	$	8.99		$	12.40		$	11.76		$	11.35		$	11.07


Total Return^(c)		(23.86	%)		12.06	%		9.90	%		6.30	%		8.97	%


Net Assets End of Year	$	268,516		$	242,342		$	165,071		$	129,724		$	99,811


Ratio and Supplemental Data

Expenses to average net assets:^(b),(d)
After reimbursement/fee waiver		0.62	%		0.62	%		0.60	%		0.28	%		0.29	% ^(m)
Before reimbursement/fee waiver		0.62	%		0.62	%		0.60	%		0.28	%		0.29	% ^(m)
Net investment income, to average net assets^(b),(e),(f)		3.22	%		3.18	%		2.44	%		2.85	%		1.55	%
Portfolio turnover rate		10	%		32	%		29	%		32	%		11	%


	Transamerica Asset Allocation - Conservative Portfolio
	Class B
	October 31,			October 31,			October 31,			October 31,			October 31,
	2008			2007			2006			2005			2004

Net Asset Value
Beginning of period	$	12.36		$	11.73		$	11.32		$	11.05		$	10.66


Investment Operations
From net investment income^(a),(b)		0.31			0.30			0.20			0.24			0.10
From net realized and unrealized gain (loss) on investments		(3.22	)		0.86			0.81			0.38			0.76

Total from investment operations		(2.91	)		1.16			1.01			0.62			0.86


Distributions
Net investment income		(0.24	)		(0.21	)		(0.28	)		(0.16	)		(0.44	)
Net realized gains on investments		(0.24	)		(0.32	)		(0.32	)		(0.19	)		(0.03	)

Total distributions		(0.48	)		(0.53	)		(0.60	)		(0.35	)		(0.47	)


Net Asset Value
End of year	$	8.97		$	12.36		$	11.73		$	11.32		$	11.05


Total Return^(c)		(24.36	%)		11.34	%		9.19	%		5.65	%		8.21	%


Net Assets End of Year	$	93,268		$	116,569		$	110,701		$	106,449		$	106,601


Ratio and Supplemental Data

Expenses to average net assets:^(b),(d)
After reimbursement/fee waiver		1.24	%		1.25	%		1.26	%		0.93	%		0.92	% ^(m)
Before reimbursement/fee waiver		1.24	%		1.25	%		1.26	%		0.93	%		0.92	% ^(m)
Net investment income, to average net assets^(b),(e),(f)		2.72	%		2.59	%		1.78	%		2.15	%		0.93	%
Portfolio turnover rate		10	%		32	%		29	%		32	%		11	%



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

Transamerica Funds		Annual Report 2008

Page 36

FINANCIAL HIGHLIGHTS (continued)

For the years ended


	Transamerica Asset Allocation - Conservative Portfolio
	Class C
	October 31,			October 31,			October 31,			October 31,			October 31,
	2008			2007			2006			2005			2004

Net Asset Value
Beginning of period	$	12.35		$	11.73		$	11.32		$	11.05		$	10.66


Investment Operations
From net investment income^(a),(b)		0.29			0.30			0.21			0.25			0.10
From net realized and unrealized gain (loss) on investments		(3.19	)		0.86			0.80			0.37			0.76

Total from investment operations		(2.90	)		1.16			1.01			0.62			0.86


Distributions
Net investment income		(0.25	)		(0.22	)		(0.28	)		(0.16	)		(0.44	)
Net realized gains on investments		(0.24	)		(0.32	)		(0.32	)		(0.19	)		(0.03	)

Total distributions		(0.49	)		(0.54	)		(0.60	)		(0.35	)		(0.47	)


Net Asset Value
End of year	$	8.96		$	12.35		$	11.73		$	11.32		$	11.05


Total Return^(c)		(24.30	%)		11.31	%		9.25	%		5.61	%		8.26	%


Net Assets End of Year	$	364,153		$	336,981		$	257,675		$	208,959		$	182,112


Ratio and Supplemental Data
Expenses to average net assets:^(b),(d)
After reimbursement/fee waiver		1.22	%		1.22	%		1.23	%		0.90	%		0.93	% ^(m)
Before reimbursement/fee waiver		1.22	%		1.22	%		1.23	%		0.90	%		0.93	% ^(m)
Net investment income, to average net assets^(b),(e),(f)		2.61	%		2.60	%		1.82	%		2.21	%		0.89	%
Portfolio turnover rate		10	%		32	%		29	%		32	%		11	%


	Transamerica Asset Allocation - Conservative
	Portfolio
	Class R
	October 31,			October 31,			October 31,
	2008			2007			2006^(g)

Net Asset Value
Beginning of period	$	12.47		$	11.84		$	11.30


Investment Operations
From net investment income^(a),(b)		0.35			0.33			0.13
From net realized and unrealized gain (loss) on investments		(3.23	)		0.85			0.47

Total from investment operations		(2.88	)		1.18			0.60


Distributions
Net investment income		(0.30	)		(0.23	)		(0.06	)
Net realized gains on investments		(0.24	)		(0.32	)		—

Total distributions		(0.54	)		(0.55	)		(0.06	)


Net Asset Value
End of year	$	9.05		$	12.47		$	11.84


Total Return^(c)		(23.98	%)		11.89	%		5.35	% ^(h)


Net Assets End of Year	$	1,089		$	645		$	53


Ratio and Supplemental Data
Expenses to average net assets:^(b),(d)
After reimbursement/fee waiver		0.82	%		0.86	%		0.66	% ⁽ⁱ⁾
Before reimbursement/fee waiver		0.82	%		0.86	%		0.66	% ⁽ⁱ⁾
Net investment income, to average net assets^(b),(e),(f)		3.14	%		2.71	%		3.03	% ⁽ⁱ⁾
Portfolio turnover rate		10	%		32	%		29	% ^(h)



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

Transamerica Funds		Annual Report 2008

Page 37

FINANCIAL HIGHLIGHTS (continued)

For the years ended


	Transamerica Asset Allocation - Growth Portfolio
	Class A
	October 31,			October 31,			October 31,			October 31,			October 31,
	2008			2007			2006			2005			2004

Net Asset Value
Beginning of period	$	15.46		$	13.44		$	11.99		$	10.75		$	9.82


Investment Operations
From net investment income (loss)^(a),(b)		0.15			0.23			0.03			0.05			(0.02	)
From net realized and unrealized gain (loss) on investments		(6.29	)		2.53			1.89			1.38			0.95

Total from investment operations		(6.14	)		2.76			1.92			1.43			0.93


Distributions
Net investment income		(0.02	)		(0.29	)		(0.11	)		(0.12	)		—
Net realized gains on investments		(0.43	)		(0.45	)		(0.36	)		(0.07	)		—

Total distributions		(0.45	)		(0.74	)		(0.47	)		(0.19	)		—


Net Asset Value
End of year	$	8.87		$	15.46		$	13.44		$	11.99		$	10.75


Total Return^(c)		(40.75	%)		21.35	%		16.38	%		13.42	%		9.47	%


Net Assets End of Year	$	495,257		$	781,872		$	502,488		$	286,412		$	171,708


Ratio and Supplemental Data

Expenses to average net assets:^(b),(d)
After reimbursement/fee waiver		0.65	%		0.64	%		0.65	%		0.34	%		0.43	% ⁽ⁿ⁾
Before reimbursement/fee waiver		0.65	%		0.64	%		0.65	%		0.34	%		0.43	% ⁽ⁿ⁾
Net investment income (loss), to average net assets^(b),(e),(f)		1.20	%		1.62	%		0.22	%		0.42	%		(0.22	%)
Portfolio turnover rate		12	%		18	%		22	%		35	%		5	%


	Transamerica Asset Allocation - Growth Portfolio
	Class B
	October 31,			October 31,			October 31,			October 31,			October 31,
	2008			2007			2006			2005			2004

Net Asset Value
Beginning of period	$	15.13		$	13.17		$	11.77		$	10.57		$	9.71


Investment Operations
From net investment income (loss)^(a),(b)		0.08			0.14			(0.05	)		(0.03	)		(0.09	)
From net realized and unrealized gain (loss) on investments		(6.15	)		2.47			1.85			1.36			0.95

Total from investment operations		(6.07	)		2.61			1.80			1.33			0.86


Distributions
Net investment income		—			(0.20	)		(0.04	)		(0.06	)		—
Net realized gains on investments		(0.43	)		(0.45	)		(0.36	)		(0.07	)		—

Total distributions		(0.43	)		(0.65	)		(0.40	)		(0.13	)		—


Net Asset Value
End of year	$	8.63		$	15.13		$	13.17		$	11.77		$	10.57


Total Return^(c)		(41.15	%)		20.54	%		15.57	%		12.55	%		8.96	%


Net Assets End of Year	$	196,817		$	368,186		$	288,719		$	211,904		$	160,959


Ratio and Supplemental Data

Expenses to average net assets:^(b),(d)
After reimbursement/fee waiver		1.30	%		1.29	%		1.31	%		0.99	%		1.05	% ⁽ⁿ⁾
Before reimbursement/fee waiver		1.30	%		1.29	%		1.31	%		0.99	%		1.05	% ⁽ⁿ⁾
Net investment income (loss), to average net assets^(b),(e),(f)		0.67	%		1.02	%		(0.42	%)		(0.24	%)		(0.82	%)
Portfolio turnover rate		12	%		18	%		22	%		35	%		5	%



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

Transamerica Funds		Annual Report 2008

Page 38

FINANCIAL HIGHLIGHTS (continued)

For the years ended


	Transamerica Asset Allocation - Growth Portfolio
	Class C
	October 31,			October 31,			October 31,			October 31,			October 31,
	2008			2007			2006			2005			2004

Net Asset Value
Beginning of period	$	15.13		$	13.18		$	11.78		$	10.57		$	9.71


Investment Operations
From net investment income (loss)^(a),(b)		0.08			0.14			(0.05	)		(0.02	)		(0.08	)
From net realized and unrealized gain (loss) on investments		(6.14	)		2.48			1.85			1.37			0.94

Total from investment operations		(6.06	)		2.62			1.80			1.35			0.86


Distributions
Net investment income		—			(0.22	)		(0.04	)		(0.07	)		—
Net realized gains on investments		(0.43	)		(0.45	)		(0.36	)		(0.07	)		—

Total distributions		(0.43	)		(0.67	)		(0.40	)		(0.14	)		—


Net Asset Value
End of year	$	8.64		$	15.13		$	13.18		$	11.78		$	10.57


Total Return^(c)		(41.08	%)		20.60	%		15.61	%		12.82	%		8.86	%


Net Assets End of Year	$	751,881		$	1,270,635		$	876,768		$	528,211		$	356,543


Ratio and Supplemental Data

Expenses to average net assets:^(b),(d)
After reimbursement/fee waiver		1.26	%		1.25	%		1.26	%		0.93	%		0.99	% ⁽ⁿ⁾
Before reimbursement/fee waiver		1.26	%		1.25	%		1.26	%		0.93	%		0.99	% ⁽ⁿ⁾
Net investment income (loss), to average net assets^(b),(e),(f)		0.62	%		1.03	%		(0.38	%)		(0.17	%)		(0.78	%)
Portfolio turnover rate		12	%		18	%		22	%		35	%		5	%


	Transamerica Asset Allocation - Growth
	Portfolio
	Class R
	October 31,			October 31,			October 31,
	2008			2007			2006^(g)

Net Asset Value
Beginning of period	$	15.40		$	13.43		$	12.36


Investment Operations
From net investment income^(a),(b)		0.07			0.13			0.05
From net realized and unrealized gain (loss) on investments		(6.20	)		2.60			1.02

Total from investment operations		(6.13	)		2.73			1.07


Distributions
Net investment income		—			(0.31	)		—
Net realized gains on investments		(0.43	)		(0.45	)		—

Total distributions		(0.43	)		(0.76	)		—


Net Asset Value
End of year	$	8.84		$	15.40		$	13.43


Total Return^(c)		(40.81	%)		21.20	%		8.66	% ^(h)


Net Assets End of Year	$	1,570		$	884		$	85


Ratio and Supplemental Data

Expenses to average net assets:^(b),(d)
After reimbursement/fee waiver		0.83	%		0.68	%		0.67	% ⁽ⁱ⁾
Before reimbursement/fee waiver		0.83	%		0.68	%		0.67	% ⁽ⁱ⁾
Net investment income, to average net assets^(b),(e),(f)		0.57	%		0.94	%		1.08	% ⁽ⁱ⁾
Portfolio turnover rate		12	%		18	%		22	% ^(h)



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

Transamerica Funds		Annual Report 2008

Page 39

FINANCIAL HIGHLIGHTS (continued)

For the years ended


	Transamerica Asset Allocation - Moderate Growth Portfolio
	Class A
	October 31,			October 31,			October 31,			October 31,			October 31,
	2008			2007			2006			2005			2004

Net Asset Value
Beginning of period	$	14.58		$	13.05		$	11.88		$	10.97		$	10.13


Investment Operations
From net investment income^(a),(b)		0.26			0.33			0.15			0.16			0.05
From net realized and unrealized gain (loss) on investments		(5.04	)		1.86			1.53			1.00			0.87

Total from investment operations		(4.78	)		2.19			1.68			1.16			0.92


Distributions
Net investment income		(0.19	)		(0.34	)		(0.20	)		(0.20	)		(0.08	)
Net realized gains on investments		(0.41	)		(0.32	)		(0.31	)		(0.05	)		—

Total distributions		(0.60	)		(0.66	)		(0.51	)		(0.25	)		(0.08	)


Net Asset Value
End of year	$	9.20		$	14.58		$	13.05		$	11.88		$	10.97


Total Return^(c)		(34.01	%)		17.48	%		14.59	%		10.69	%		9.09	%


Net Assets End of Year	$	901,766		$	1,295,568		$	914,835		$	560,231		$	352,852


Ratio and Supplemental Data

Expenses to average net assets:^(b),(d)
After reimbursement/fee waiver		0.60	%		0.60	%		0.61	%		0.28	%		0.32	% ^(m)
Before reimbursement/fee waiver		0.60	%		0.60	%		0.61	%		0.28	%		0.32	% ^(m)
Net investment income, to average net assets^(b),(e),(f)		2.12	%		2.42	%		1.17	%		1.37	%		0.45	%
Portfolio turnover rate		13	%		19	%		21	%		26	%		3	%


	Transamerica Asset Allocation - Moderate Growth Portfolio
	Class B
	October 31,			October 31,			October 31,			October 31,			October 31,
	2008			2007			2006			2005			2004

Net Asset Value
Beginning of period	$	14.45		$	12.94		$	11.80		$	10.90		$	10.09


Investment Operations
From net investment income (loss)^(a),(b)		0.19			0.24			0.06			0.08			(0.02	)
From net realized and unrealized gain (loss) on investments		(5.01	)		1.85			1.52			1.01	��		0.85

Total from investment operations		(4.82	)		2.09			1.58			1.09			0.83


Distributions
Net investment income		(0.10	)		(0.26	)		(0.13	)		(0.14	)		(0.02	)
Net realized gains on investments		(0.41	)		(0.32	)		(0.31	)		(0.05	)		—

Total distributions		(0.51	)		(0.58	)		(0.44	)		(0.19	)		(0.02	)


Net Asset Value
End of year	$	9.12		$	14.45		$	12.94		$	11.80		$	10.90


Total Return^(c)		(34.44	%)		16.69	%		13.74	%		10.05	%		8.25	%


Net Assets End of Year	$	389,429		$	651,359		$	549,040		$	428,677		$	333,533


Ratio and Supplemental Data

Expenses to average net assets:^(b),(d)
After reimbursement/fee waiver		1.27	%		1.27	%		1.28	%		0.95	%		0.97	% ^(m)
Before reimbursement/fee waiver		1.27	%		1.27	%		1.28	%		0.95	%		0.97	% ^(m)
Net investment income (loss), to average net assets^(b),(e),(f)		1.54	%		1.78	%		0.51	%		0.68	%		(0.19	%)
Portfolio turnover rate		13	%		19	%		21	%		26	%		3	%



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

Transamerica Funds		Annual Report 2008

Page 40

FINANCIAL HIGHLIGHTS (continued)

For the years ended


	Transamerica Asset Allocation - Moderate Growth Portfolio
	Class C
	October 31,			October 31,			October 31,			October 31,			October 31,
	2008			2007			2006			2005			2004

Net Asset Value
Beginning of period	$	14.45		$	12.95		$	11.80		$	10.91		$	10.09


Investment Operations
From net investment income (loss)^(a),(b)		0.18			0.24			0.07			0.08			(0.02	)
From net realized and unrealized gain (loss) on investments		(5.00	)		1.85			1.52			1.01			0.86

Total from investment operations		(4.82	)		2.09			1.59			1.09			0.84


Distributions
Net investment income		(0.11	)		(0.27	)		(0.13	)		(0.15	)		(0.02	)
Net realized gains on investments		(0.41	)		(0.32	)		(0.31	)		(0.05	)		—

Total distributions		(0.52	)		(0.59	)		(0.44	)		(0.20	)		(0.02	)


Net Asset Value
End of year	$	9.11		$	14.45		$	12.95		$	11.80		$	10.91


Total Return^(c)		(34.44	%)		16.74	%		13.87	%		10.02	%		8.35	%


Net Assets End of Year	$	1,455,012		$	2,098,087		$	1,520,489		$	981,156		$	675,562


Ratio and Supplemental Data

Expenses to average net assets:^(b),(d)
After reimbursement/fee waiver		1.23	%		1.23	%		1.24	%		0.90	%		0.92	% ^(m)
Before reimbursement/fee waiver		1.23	%		1.23	%		1.24	%		0.90	%		0.92	% ^(m)
Net investment income (loss), to average net assets^(b),(e),(f)		1.49	%		1.79	%		0.55	%		0.74	%		(0.15	%)
Portfolio turnover rate		13	%		19	%		21	%		26	%		3	%


	Transamerica Asset Allocation - Moderate
	Growth Portfolio
	Class R
	October 31,			October 31,			October 31,
	2008			2007			2006^(g)

Net Asset Value
Beginning of period	$	14.54		$	13.05		$	12.13


Investment Operations
From net investment income^(a),(b)		0.22			0.24			0.10
From net realized and unrealized gain (loss) on investments		(5.00	)		1.93			0.82

Total from investment operations		(4.78	)		2.17			0.92


Distributions
Net investment income		(0.17	)		(0.36	)		—
Net realized gains on investments		(0.41	)		(0.32	)		—

Total distributions		(0.58	)		(0.68	)		—


Net Asset Value
End of year	$	9.18		$	14.54		$	13.05


Total Return^(c)		(34.08	%)		17.31	%		7.58	% ^(h)


Net Assets End of Year	$	1,969		$	1,983		$	54


Ratio and Supplemental Data

Expenses to average net assets:^(b),(d)
After reimbursement/fee waiver		0.76	%		0.67	%		0.66	% ⁽ⁱ⁾
Before reimbursement/fee waiver		0.76	%		0.67	%		0.66	% ⁽ⁱ⁾
Net investment income, to average net assets^(b),(e),(f)		1.74	%		1.80	%		2.08	% ⁽ⁱ⁾
Portfolio turnover rate		13	%		19	%		21	% ^(h)



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

Transamerica Funds		Annual Report 2008

Page 41

FINANCIAL HIGHLIGHTS (continued)

For the years ended


	Transamerica Asset Allocation - Moderate Portfolio
	Class A
	October 31,			October 31,			October 31,			October 31,			October 31,
	2008			2007			2006			2005			2004

Net Asset Value
Beginning of period	$	13.69		$	12.64		$	11.78		$	11.23		$	10.42


Investment Operations
From net investment income^(a),(b)		0.33			0.36			0.24			0.27			0.12
From net realized and unrealized gain (loss) on investments		(4.05	)		1.40			1.15			0.67			0.84

Total from investment operations		(3.72	)		1.76			1.39			0.94			0.96


Distributions
Net investment income		(0.28	)		(0.37	)		(0.28	)		(0.33	)		(0.15	)
Net realized gains on investments		(0.40	)		(0.34	)		(0.25	)		(0.06	)		—

Total distributions		(0.68	)		(0.71	)		(0.53	)		(0.39	)		(0.15	)


Net Asset Value
End of year	$	9.29		$	13.69		$	12.64		$	11.78		$	11.23


Total Return^(c)		(28.41	%)		14.51	%		12.22	%		8.54	%		9.32	%


Net Assets End of Year	$	545,646		$	665,013		$	471,902		$	329,797		$	232,748


Ratio and Supplemental Data

Expenses to average net assets:^(b),(d)
After reimbursement/fee waiver		0.59	%		0.59	%		0.58	%		0.26	%		0.28	%
Before reimbursement/fee waiver		0.59	%		0.59	%		0.58	%		0.26	%		0.28	%
Net investment income, to average net assets^(b),(e),(f)		2.79	%		2.83	%		1.98	%		2.31	%		1.13	%
Portfolio turnover rate		12	%		23	%		22	%		19	%		1	%


	Transamerica Asset Allocation - Moderate Portfolio
	Class B
	October 31,			October 31,			October 31,			October 31,			October 31,
	2008			2007			2006			2005			2004

Net Asset Value
Beginning of period	$	13.59		$	12.55		$	11.70		$	11.16		$	10.37


Investment Operations
From net investment income^(a),(b)		0.27			0.28			0.16			0.18			0.05
From net realized and unrealized gain (loss) on investments		(4.05	)		1.39			1.15			0.68			0.83

Total from investment operations		(3.78	)		1.67			1.31			0.86			0.88


Distributions
Net investment income		(0.18	)		(0.28	)		(0.21	)		(0.26	)		(0.09	)
Net realized gains on investments		(0.40	)		(0.34	)		(0.25	)		(0.06	)		—

Total distributions		(0.58	)		(0.62	)		(0.46	)		(0.32	)		(0.09	)


Net Asset Value
End of year	$	9.23		$	13.59		$	12.55		$	11.70		$	11.16


Total Return^(c)		(28.87	%)		13.73	%		11.50	%		7.81	%		8.62	%


Net Assets End of Year	$	223,209		$	357,175		$	336,385		$	295,649		$	261,772


Ratio and Supplemental Data

Expenses to average net assets:^(b),(d)
After reimbursement/fee waiver		1.25	%		1.25	%		1.25	%		0.92	%		0.93	%
Before reimbursement/fee waiver		1.25	%		1.25	%		1.25	%		0.92	%		0.93	%
Net investment income, to average net assets^(b),(e),(f)		2.26	%		2.21	%		1.31	%		1.61	%		0.48	%
Portfolio turnover rate		12	%		23	%		22	%		19	%		1	%



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

Transamerica Funds		Annual Report 2008

Page 42

FINANCIAL HIGHLIGHTS (continued)

For the years ended


	Transamerica Asset Allocation - Moderate Portfolio
	Class C
	October 31,			October 31,			October 31,			October 31,			October 31,
	2008			2007			2006			2005			2004

Net Asset Value
Beginning of period	$	13.58		$	12.55		$	11.70		$	11.17		$	10.37


Investment Operations
From net investment income^(a),(b)		0.26			0.28			0.16			0.19			0.05
From net realized and unrealized gain (loss) on investments		(4.03	)		1.39			1.14			0.67			0.84

Total from investment operations		(3.77	)		1.67			1.30			0.86			0.89


Distributions
Net investment income		(0.20	)		(0.30	)		(0.21	)		(0.27	)		(0.09	)
Net realized gains on investments		(0.40	)		(0.34	)		(0.25	)		(0.06	)		—

Total distributions		(0.60	)		(0.64	)		(0.46	)		(0.33	)		(0.09	)


Net Asset Value
End of year	$	9.21		$	13.58		$	12.55		$	11.70		$	11.17


Total Return^(c)		(28.87	%)		13.86	%		11.46	%		7.85	%		8.67	%


Net Assets End of Year	$	876,977		$	1,159,220		$	905,061		$	678,783		$	518,527


Ratio and Supplemental Data

Expenses to average net assets:^(d)
After reimbursement/fee waiver		1.21	%		1.21	%		1.22	%		0.89	%		0.89	%
Before reimbursement/fee waiver		1.21	%		1.21	%		1.22	%		0.89	%		0.89	%
Net investment income, to average net assets^(b),(e),(f)		2.21	%		2.22	%		1.35	%		1.67	%		0.50	%
Portfolio turnover rate		12	%		23	%		22	%		19	%		1	%


	Transamerica Asset Allocation - Moderate
	Portfolio
	Class R
	October 31,			October 31,			October 31,
	2008			2007			2006^(g)

Net Asset Value
Beginning of period	$	13.65		$	12.64		$	11.86


Investment Operations
From net investment income^(a),(b)		0.28			0.31			0.13
From net realized and unrealized gain (loss) on investments		(4.02	)		1.42			0.65

Total from investment operations		(3.74	)		1.73			0.78


Distributions
Net investment income		(0.23	)		(0.38	)		—
Net realized gains on investments		(0.40	)		(0.34	)		—

Total distributions		(0.63	)		(0.72	)		—


Net Asset Value
End of year	$	9.28		$	13.65		$	12.64


Total Return^(c)		(28.57	%)		14.31	%		6.58	% ^(h)


Net Assets End of Year	$	959		$	610		$	53


Ratio and Supplemental Data

Expenses to average net assets:^(d)
After reimbursement/fee waiver		0.87	%		0.72	%		0.66	% ⁽ⁱ⁾
Before reimbursement/fee waiver		0.87	%		0.72	%		0.66	% ⁽ⁱ⁾
Net investment income, to average net assets^(b),(e),(f)		2.37	%		2.44	%		2.73	% ⁽ⁱ⁾
Portfolio turnover rate		12	%		23	%		22	% ^(h)



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

Transamerica Funds		Annual Report 2008

Page 43

FINANCIAL HIGHLIGHTS (continued)

For the years ended


	Transamerica Multi-Manager
	Alternative Strategies Portfolio
	Class A
	October 31,			October 31,
	2008			2007^(j)

Net Asset Value
Beginning of period	$	10.78		$	10.00


Investment Operations
From net investment income^(a)		0.20			0.05
From net realized and unrealized gain (loss) on investments		(2.43	)		0.73

Total from investment operations		(2.23	)		0.78


Distributions
Net investment income		(0.25	)		—
Net realized gains on investments		—			—

Total distributions		(0.25	)		—


Net Asset Value
End of year	$	8.30		$	10.78


Total Return^(c)		(21.08	%)		7.80	% ^(h)


Net Assets End of Year	$	97,482		$	38,870


Ratio and Supplemental Data

Expenses to average net assets:^(d)
After reimbursement/fee waiver		0.84	% ^(o)		0.90	% ⁽ⁱ⁾
Before reimbursement/fee waiver		0.84	% ^(o)		1.29	% ⁽ⁱ⁾
Net investment income, to average net assets^(e),(f)		1.98	%		0.58	% ⁽ⁱ⁾
Portfolio turnover rate		5	%		—	% ^(h),(k)


	Transamerica Multi-Manager
	Alternative Strategies Portfolio
	Class C
	October 31,			October 31,
	2008			2007^(j)

Net Asset Value
Beginning of period	$	10.72		$	10.00


Investment Operations
From net investment income (loss)^(a)		0.15			(0.01	)
From net realized and unrealized gain (loss) on investments		(2.42	)		0.73

Total from investment operations		(2.27	)		0.72


Distributions
Net investment income		(0.22	)		—
Net realized gains on investments		—			—

Total distributions		(0.22	)		—


Net Asset Value
End of year	$	8.23		$	10.72


Total Return^(c)		(21.52	%)		7.20	% ^(h)


Net Assets End of Year	$	89,701		$	49,306


Ratio and Supplemental Data

Expenses to average net assets:^(d)
After reimbursement/fee waiver		1.52	% ^(o)		1.55	% ⁽ⁱ⁾
Before reimbursement/fee waiver		1.52	% ^(o)		1.99	% ⁽ⁱ⁾
Net investment income (loss), to average net assets^(e),(f)		1.53	%		(0.07	%) ⁽ⁱ⁾
Portfolio turnover rate		5	%		—	% ^(h),(k)



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

Transamerica Funds		Annual Report 2008

Page 44

FINANCIAL HIGHLIGHTS (continued)

For the years ended


	Transamerica Multi-Manager International
	Portfolio
	Class A
	October 31,			October 31,			October 31,
	2008			2007			2006^(l)

Net Asset Value
Beginning of period	$	13.24		$	10.63		$	10.00


Investment Operations
From net investment income (loss)^(a)		0.27			0.32			(0.04	)
From net realized and unrealized gain (loss) on investments		(6.53	)		2.87			0.67

Total from investment operations		(6.26	)		3.19			0.63


Distributions
Net investment income		(0.32	)		(0.58	)		—
Net realized gains on investments		(0.09	)		—			—

Total distributions		(0.41	)		(0.58	)		—


Net Asset Value
End of year	$	6.57		$	13.24		$	10.63


Total Return^(c)		(48.61	%)		31.30	%		6.30	% ^(h)


Net Assets End of Year	$	103,077		$	178,422		$	58,142


Ratio and Supplemental Data

Expenses to average net assets:^(d)
After reimbursement/fee waiver		0.65	%		0.65	%		0.80	% ⁽ⁱ⁾
Before reimbursement/fee waiver		0.65	%		0.65	%		0.88	% ⁽ⁱ⁾
Net investment income (loss), to average net assets^(e),(f)		2.59	%		2.78	%		(0.67	%) ⁽ⁱ⁾
Portfolio turnover rate		38	%		1	%		1	% ^(h)


	Transamerica Multi-Manager International
	Portfolio
	Class B
	October 31,			October 31,			October 31,
	2008			2007			2006^(l)

Net Asset Value
Beginning of period	$	13.13		$	10.59		$	10.00


Investment Operations
From net investment income (loss)^(a)		0.21			0.23			(0.09	)
From net realized and unrealized gain (loss) on investments		(6.50	)		2.86			0.68

Total from investment operations		(6.29	)		3.09			0.59


Distributions
Net investment income		(0.25	)		(0.55	)		—
Net realized gains on investments		(0.09	)		—			—

Total distributions		(0.34	)		(0.55	)		—


Net Asset Value
End of year	$	6.50		$	13.13		$	10.59


Total Return^(c)		(49.04	%)		30.32	%		5.90	% ^(h)


Net Assets End of Year	$	15,781		$	30,060		$	9,849


Ratio and Supplemental Data

Expenses to average net assets:^(d)
After reimbursement/fee waiver		1.42	%		1.43	%		1.45	% ⁽ⁱ⁾
Before reimbursement/fee waiver		1.42	%		1.43	%		1.69	% ⁽ⁱ⁾
Net investment income (loss), to average net assets^(e),(f)		1.95	%		1.98	%		(1.32	%) ⁽ⁱ⁾
Portfolio turnover rate		38	%		1	%		1	% ^(h)



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

Transamerica Funds		Annual Report 2008

Page 45

FINANCIAL HIGHLIGHTS (continued)

For the years ended


	Transamerica Multi-Manager International
	Portfolio
	Class C
	October 31,			October 31,			October 31,
	2008			2007			2006^(l)

Net Asset Value
Beginning of period	$	13.13		$	10.58		$	10.00


Investment Operations
From net investment income (loss)^(a)		0.21			0.24			(0.09	)
From net realized and unrealized gain (loss) on investments		(6.49	)		2.86			0.67

Total from investment operations		(6.28	)		3.10			0.58


Distributions
Net investment income		(0.26	)		(0.55	)		—
Net realized gains on investments		(0.09	)		—			—

Total distributions		(0.35	)		(0.55	)		—


Net Asset Value
End of year	$	6.50		$	13.13		$	10.58


Total Return^(c)		(48.98	%)		30.45	%		5.80	% ^(h)


Net Assets End of Year	$	128,742		$	250,419		$	76,650


Ratio and Supplemental Data

Expenses to average net assets:^(d)
After reimbursement/fee waiver		1.31	%		1.31	%		1.45	% ⁽ⁱ⁾
Before reimbursement/fee waiver		1.31	%		1.31	%		1.53	% ⁽ⁱ⁾
Net investment income (loss), to average net assets^(e),(f)		2.01	%		2.08	%		(1.32	%) ⁽ⁱ⁾
Portfolio turnover rate		38	%		1	%		1	% ^(h)


^(a)		Calculated based on average number of shares outstanding.

^(b)		On November 15, 2005, the Fund 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)		Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase.

^(d)		Does not include expenses of the investment companies in which the Fund invests.

^(e)		Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.

^(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 R, respectively.

^(g)		Commenced operations on June 15, 2006.

^(h)		Not annualized.

⁽ⁱ⁾		Annualized.

^(j)		Commenced operations on December 28, 2006.

^(k)		Amount rounds to less than 1%.

^(l)		Commenced operations on March 1, 2006.

^(m)		Includes recaptured expenses by the investment adviser. The impact of recaptured expenses was 0.01%, 0.01% and 0.01% for Class A, Class B, and Class C, respectively (See note 2).

⁽ⁿ⁾		Includes recaptured expenses by the investment adviser. The impact of recaptured expenses was 0.05%, 0.05% and 0.05% for Class A, Class B, and Class C, respectively (See note 2).

^(o)		Includes recaptured expenses by the investment adviser. The impact of recaptured expenses was 0.07% and 0.09% for Class A and Class C, respectively (See note 2).



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

Transamerica Funds		Annual Report 2008

Page 46

NOTES TO FINANCIAL STATEMENTS

At October 31, 2008

(all amounts in thousands)

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 “Fund”, and collectively, the “Funds”) are part of Transamerica Funds.

Effective March 1, 2008, Transamerica IDEX Mutual Funds changed its name to Transamerica Funds. Also effective on March 1, 2008, “TA IDEX” was removed from the beginning of each Fund name and replaced with “Transamerica”.

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.

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

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.

Multiple class operations, income, and expenses: The Funds, with the exception of Transamerica Multi—Manager International Portfolio and Transamerica Multi-Manager Alternative Strategies Portfolio, currently offer four classes of shares, Class A, Class B, Class C, and Class R. Transamerica Multi—Manager International Portfolio currently offers three classes of shares, Class A, Class B, and Class C.

Transamerica Multi—Manager Alternative Strategies Portfolio currently offers two classes of shares, Class A and Class C. 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.

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 as permitted under Rule 18f-3 of the 1940 Act. Each class bears its own specific expenses as well as a portion of general, common expenses.

Security valuations: Investment company securities are valued at the net asset value of the underlying portfolio.

In September 2006, the Financial Accounting Standards Board (the “FASB”) issued its new Standard No. 157, “Fair Value Measurements” (“FAS 157”). FAS 157 is designed to unify guidance for the measurement of fair value of all types of assets, including financial instruments, and certain liabilities, throughout a number of accounting standards. FAS 157 also establishes a hierarchy for measuring fair value in generally accepted accounting principles and expands financial statement disclosures about fair value measurements that are relevant to mutual funds. FAS 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007, and earlier application is permitted.

As of October 31, 2008, Management does not expect the adoption of FAS 157 to impact the amounts reported in the financial statements, however, additional disclosures will be required about the inputs used to develop the measurements of fair value and the effect of certain of the measurements reported in the statement of operations for a fiscal period.

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, if any, is recorded on the ex-dividend date. Dividends and net realized gain (loss) from investment securities for the Funds are from investments in shares of affiliated investment companies.

Redemption fees: A short-term trading redemption fee may be assessed on any Fund shares in a fund account that are sold during the first five (5) New York Stock Exchange (“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. For the year ended October 31, 2008, the Funds received redemption fees, which are disclosed in the Funds’ Statements of Changes in Net Assets.

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

NOTE 2. RELATED PARTY TRANSACTIONS

Transamerica Asset Management, Inc (“TAM”) is the Funds’ investment adviser. Prior to January 1, 2008, TAM was known as Transamerica Fund Advisors, Inc. 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, a Netherlands corporation.

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

Transamerica Investment Management, LLC (“TIM”) is an affiliate of the Funds and a sub-adviser to other funds within Transamerica Funds.

Because the underlying funds have varied expense and fee levels and the Funds may own different proportions of



Transamerica Funds		Annual Report 2008

Page 47

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2008

(all amounts in thousands)

NOTE 2. (continued)

underlying funds at different times, the amount of fees and expenses incurred indirectly by the Funds will vary. The Funds have material ownership interests in the underlying funds.

Investment advisory fees: The Funds 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 Funds to the extent that operating expenses, excluding 12b-1 fees, exceed the following stated annual limit:


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

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. Amounts recaptured by the adviser during the year ended October 31, 2008 were as follows:


	Recaptured
Fund	Amount

Transamerica Multi-Manager Alternative Strategies Portfolio
Class A	$	54
Class C		75

There are no additional amounts available for recapture at October 31, 2008.

Distribution and service fees: The Funds have 12b-1 distribution plans under the 1940 Act pursuant to which an annual fee, based on average daily net assets, 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 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.

If the Funds or a class of shares of the Funds are closed to new investors or investments, the Funds are authorized to pay 12b-1 fees for past sales and distribution efforts and present and past investor services.

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 year ended October 31, 2008, the underwriter commissions were as follows:


Transamerica Asset Allocation — Conservative Portfolio

Received by Underwriter	$	2,847
Retained by Underwriter		481
Contingent Deferred Sales Charge		484

Transamerica Asset Allocation — Growth Portfolio

Received by Underwriter	$	4,951
Retained by Underwriter		773
Contingent Deferred Sales Charge		890

Transamerica Asset Allocation — Moderate Growth Portfolio

Received by Underwriter	$	9,619
Retained by Underwriter		1,555
Contingent Deferred Sales Charge		1,734

Transamerica Asset Allocation — Moderate Portfolio

Received by Underwriter	$	5,193
Retained by Underwriter		856
Contingent Deferred Sales Charge		879

Transamerica Multi-Manager Alternative Strategies Portfolio

Received by Underwriter	$	1,157
Retained by Underwriter		182
Contingent Deferred Sales Charge		73

Transamerica Multi-Manager International Portfolio

Received by Underwriter	$	838
Retained by Underwriter		132
Contingent Deferred Sales Charge		205

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 0.0125% 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. The Funds paid TFS the following for the year ended October 31, 2008:


Fund	Fees

Transamerica Asset Allocation — Conservative Portfolio	$	673
Transamerica Asset Allocation — Growth Portfolio		2,706
Transamerica Asset Allocation — Moderate Growth Portfolio		3,755
Transamerica Asset Allocation — Moderate Portfolio		1,765
Transamerica Multi-Manager Alternative Strategies Portfolio		184
Transamerica Multi-Manager International Portfolio		597

Deferred compensation plan: Each eligible Independent Fund Trustee may elect to participate in a non-qualified deferred compensation plan (the “Plan”) maintained by Transamerica Funds. Under the Plan, such Trustees may defer payment of all or a portion of their total fees earned as a Fund Trustee. Each Trustee who is a participant in the Plan may elect that the earnings, losses or gains credited to his or her deferred fee amounts be determined based on a deemed investment in Class A shares of any series of Transamerica Funds, including the Funds, or investment options under Transamerica Partners Institutional Fund Group, Transamerica Institutional Asset Allocation Funds, or funds of Transamerica Investors, Inc. The right of a participant to receive a distribution from the Plan of the deferred fees is an unfunded and unsecured claim against the general assets of all series of Transamerica Funds.



Transamerica Funds		Annual Report 2008

Page 48

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2008

(all amounts in thousands)

NOTE 2. (continued)

The pro rata liability to the Funds of all deferred fees in the Plan amounted, as of October 31, 2008, to the following:


Fund	Deferred Fees

Transamerica Asset Allocation — Conservative Portfolio	$	26
Transamerica Asset Allocation — Growth Portfolio		70
Transamerica Asset Allocation — Moderate Growth Portfolio		123
Transamerica Asset Allocation — Moderate Portfolio		69
Transamerica Multi-Manager Alternative Strategies Portfolio		5
Transamerica Multi-Manager International Portfolio		14

Retirement plan: Under a prior retirement plan (the “Emeritus Plan”) available to the Independent Trustees, each Independent Trustee is deemed to have 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 shall 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 increase in the future, past accruals (and credits) will be adjusted upward so that 50% of the Trustee’s current retainer is accrued and credited at all times. Upon death, disability or termination of service, other than removal for cause, amounts deferred become payable to an Emeritus Trustee (or his/her beneficiary). Upon the commencement of service as Trustee Emeritus, compensation will be paid on a quarterly basis during the time period that the Trustee Emeritus is allowed to serve as such.

At October 31, 2008, the Funds’ liabilities related to the Emeritus Plan were as follows:


	Emeritus
Fund	Fees

Transamerica Asset Allocation — Conservative Portfolio	$	6
Transamerica Asset Allocation — Growth Portfolio		17
Transamerica Asset Allocation — Moderate Growth Portfolio		32
Transamerica Asset Allocation — Moderate Portfolio		20
Transamerica Multi-Manager Alternative Strategies Portfolio		—
Transamerica Multi-Manager International Portfolio		1

Amounts deferred and accrued under the Deferred Compensation and Emeritus Plans are unfunded and unsecured claims against the general assets of Transamerica Funds.

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

Brokerage commissions: There were no brokerage commissions incurred by the Funds on security transactions placed with affiliates of the advisers for the year ended October 31, 2008.

NOTE 3. INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the year ended October 31, 2008 were as follows:


					Proceeds from
	Purchases of				maturities and sales of
	securities:				securities:
			U.S.		Long-		U.S.
Fund	Long-term		Government		term		Government

Transamerica Asset Allocation — Conservative Portfolio	$	366,179	$	—	$	77,611	$	—

Transamerica Asset Allocation — Growth Portfolio		414,409		—		257,674		—

Transamerica Asset Allocation — Moderate Growth Portfolio		829,433		—		480,256		—

Transamerica Asset Allocation — Moderate Portfolio		495,225		—		254,662		—

Transamerica Multi-Manager Alternative Strategies Portfolio		161,760		—		8,878		—

Transamerica Multi-Manager International Portfolio		245,681		—		163,319		—

NOTE 4. 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. Management has evaluated the Funds tax provisions taken for all open tax years and has concluded that no provision for income tax is required in the Funds financial statements. 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 and distribution reclasses.

Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. Financial records are not adjusted for temporary differences. These reclassifications are as follows:

Undistributed

Shares of

(accumulated)

beneficial

net realized

interest,

Undistributed

gain (loss)

unlimited

(accumulated) net

from

shares

investment

Fund

authorized

income (loss)

securities

Transamerica Asset Allocation — Conservative Portfolio

2,353

—

(2,353

)

Transamerica Asset Allocation — Growth Portfolio

4,931

—

(4,931

)



Transamerica Funds		Annual Report 2008

Page 49

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2008

(all amounts in thousands)

NOTE 4. (continued)


						Undistributed
	Shares of					(accumulated)
	beneficial					net realized
	interest,			Undistributed		gain (loss)
	unlimited			(accumulated) net		from
	shares			investment		investment
Fund	authorized			income (loss)		securities

Transamerica Asset Allocation — Moderate Growth Portfolio		16,427			—		(16,427	)

Transamerica Asset Allocation — Moderate Portfolio		4,007			—		(4,007	)

Transamerica Multi-Manager Alternative Strategies Portfolio		—			—		—

Transamerica Multi-Manager International Portfolio		(1,134	)		1,134		—

The capital loss carryforwards are available to offset future realized capital gains through the periods listed:


	Capital Loss
Fund	Carryforwards		Available Through

Transamerica Multi-Manager Alternative Strategies Portfolio	$	159	October 31, 2016

Transamerica Multi-Manager International Portfolio		36,280	October 31, 2016

Funds not listed in the above table did not have any capital loss carryforwards.

There were no capital loss carryforwards utilized during the year ended October 31, 2008.

The tax character of distributions paid may differ from the character of distributions shown in the Statements of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes.

The tax character of distributions paid during 2007 and 2008 was as follows:


	Distributions Paid				Distributions Paid
	From: 2007				From: 2008
							Long-
			Long-term				term
	Ordinary		Capital		Ordinary		Capital
	income		Gain		income		Gain

Transamerica Asset Allocation — Conservative Portfolio	$	19,157	$	12,903	$	18,360	$	13,795

Transamerica Asset Allocation — Growth Portfolio		34,305		53,648		1,116		68,795
Transamerica Asset Allocation — Moderate Growth Portfolio		73,568		70,685		38,335		115,144

Transamerica Asset Allocation — Moderate Portfolio		44,697		45,290		35,977		65,091

Transamerica Multi-Manager Alternative Strategies Portfolio		—		—		2,452		—

Transamerica Multi-Manager International Portfolio		8,813		—		10,674		3,331

The tax basis components of distributable earnings as of October 31, 2008 are as follows:


	Undistributed		Undistributed					Other			Net Unrealized
	Ordinary		Long-term		Capital Loss			Temporary			Appreciation
Fund	income		Capital Gain		Carryforward			Differences			(Depreciation)

Transamerica Asset Allocation — Conservative Portfolio	$	4,192	$	—	$	—		$	(1	)	$	(160,119	)

Transamerica Asset Allocation — Growth Portfolio		16,065		—		—			—			(500,087	)

Transamerica Asset Allocation — Moderate Growth Portfolio		25,790		—		—			2			(761,844	)

Transamerica Asset Allocation — Moderate Portfolio		26,719		—		—			1			(365,217	)

Transamerica Multi-Manager Alternative Strategies Portfolio		504		—		(159	)		—			(46,807	)

Transamerica Multi-Manager International Portfolio		—		—		(36,280	)		—			(147,413	)

NOTE 5. ACCOUNTING PRONOUNCEMENT

In March 2008, the FASB issued its new Standard No. 161, “Disclosure About Derivative Instruments and Hedging Activities” (“FAS 161”). FAS 161 is effective for fiscal years and interim periods beginning after November 15, 2008. FAS 161 requires enhanced disclosures about a Fund’s derivative and hedging activities. Management is currently evaluating the impact the adoption of FAS 161 will have on the Funds’ financial statement disclosures.



Transamerica Funds		Annual Report 2008

Page 50

Report of Independent Registered Certified Public Accounting Firm

To the Board of Trustees and Shareholders of 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:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of 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 (individually a “Fund”, collectively the “Funds”) at October 31, 2008, and the results of each of their operations, the changes in each of their net assets and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2008 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

Tampa, Florida
December 29, 2008



Transamerica Funds		Annual Report 2008

Page 51

SUPPLEMENTAL INFORMATION (unaudited)

TAX INFORMATION

For dividends paid during the year ended October 31, 2008, the Funds designated the following as qualified dividend income:


	Qualified Dividend
Fund	Income

Transamerica Asset Allocation — Conservative Portfolio	$	3,250
Transamerica Asset Allocation — Growth Portfolio		10,897
Transamerica Asset Allocation — Moderate Growth Portfolio		15,418
Transamerica Asset Allocation — Moderate Portfolio		11,107
Transamerica Multi-Manager Alternative Strategies Portfolio		255
Transamerica Multi-Manager International Portfolio		4,150

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


	Dividend Received
Fund	Deduction Percentage

Transamerica Asset Allocation — Conservative Portfolio		8.41	%
Transamerica Asset Allocation — Growth Portfolio		46.61	%
Transamerica Asset Allocation — Moderate Growth Portfolio		19.74	%
Transamerica Asset Allocation — Moderate Portfolio		12.14	%
Transamerica Multi-Manager Alternative Strategies Portfolio		4.01	%
Transamerica Multi-Manager International Portfolio		1.61	%

For tax purposes, the Long-Term Capital Gain Designations for the year ended October 31, 2008 were as follows:


	Long-Term Capital
Fund	Designation

Transamerica Asset Allocation — Conservative Portfolio	$	16,148
Transamerica Asset Allocation — Growth Portfolio		73,726
Transamerica Asset Allocation — Moderate Growth Portfolio		131,571
Transamerica Asset Allocation — Moderate Portfolio		69,098
Transamerica Multi-Manager Alternative Strategies Portfolio		—
Transamerica Multi-Manager International Portfolio		3,331

The information and distributions reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2008. Complete information will be computed and reported in conjunction with your 2008 Form 1099-DIV.



Transamerica Funds		Annual Report 2008

Page 52

TRANSAMERICA FUNDS

Management of the Funds

The Board Members and executive officers of the Trust are listed below. The Board governs each Fund and is responsible for protecting the interests of the shareholders. The Board Members are experienced executives who meet periodically throughout the year to oversee the business affairs of each Fund and the operation of the Trust by its officers. The Board also reviews the management of each Fund’s assets by the investment adviser and its respective sub-adviser. The Funds are among the funds advised and sponsored by TAM (collectively, the “Transamerica Asset Management Group”). The Transamerica Asset Management Group (“TAMG”) consists of Transamerica Funds, Transamerica Series Trust (“TST”), Transamerica Investors, Inc. (“TII”), Transamerica Income Shares, Inc. (“TIS”), Transamerica Partners Funds Group (“TPFG”), Transamerica Partners Funds Group II (“TPFG II”), Transamerica Partners Portfolios (“TPP”), and Transamerica Asset Allocation Variable Funds (“TAAVF”).

The mailing address of each Board Member is c/o Secretary of the Funds, 570 Carillon Parkway, St. Petersburg, Florida 33716. The Board Members, their ages and their principal occupations for the past five years (their titles may have varied during that period), the number of funds in TAMG the Board oversees, and other board memberships they hold are set forth in the table below.

Term of

Office

and

Number of

Length

Funds in

of Time

Principal Occupation(s) During

Complex

Other

Name and Age

Position

Served*

Past 5 Years

Overseen

Directorships

INTERESTED BOARD MEMBER**

John K. Carter
(DOB: 4/24/61)

Chairman, Board Member, President, and Chief Executive Officer

2006 — present

Chairman and Board Member (2008 — present), President (2007 — present), Chief Executive Officer (2006 — present), Vice President, Secretary and Chief Compliance Officer (2003 — 2006), TII; Chairman, Board Member, President and Chief Executive Officer, TPP, TPFG, TPFG II and TAAVF (2007 — present); Chairman (2007 — present), Board Member (2006 — present), President and Chief Executive Officer (2006 — present), Senior Vice President (1999 — 2006), Chief Compliance Officer, General Counsel and Secretary (1999 — 2006), Transamerica Funds and TST; Chairman (2007 — present), Board Member (2006 — present), President and Chief Executive Officer (2006 — present), Senior Vice President (2002 — 2006), General Counsel, Secretary and Chief Compliance Officer (2002 — 2006), TIS; President and Chief Executive Officer (2006 — present), Senior Vice President (1999 — 2006), Director (2000 — present), General Counsel and Secretary (2000 — 2006), Chief Compliance Officer (2004 — 2006), TAM; President and Chief Executive Officer (2006 — present), Senior Vice President (1999 — 2006), Director (2001 — present), General Counsel and Secretary (2001 — 2006), Transamerica Fund Services, Inc. (“TFS”); Vice President, AFSG Securities Corporation (2001 —present); Senior Vice President, General Counsel and Secretary, Transamerica Index Funds, Inc. (“TIF”) (2002 — 2004); and Vice President, Transamerica Investment Services, Inc. (“TISI”) (2003 — 2005) and TIM (2001 — 2005).

176

N/A



Transamerica Funds		Annual Report 2008

Page 53

Term of

Office

and

Number of

Length

Funds in

of Time

Principal Occupation(s) During

Complex

Other

Name and Age

Position

Served*

Past 5 Years

Overseen

Directorships

INDEPENDENT BOARD MEMBERS***

Sandra N. Bane
(DOB: 6/13/52)

Board Member

2008 — present

Retired, KPMG (1999 — present); and Board Member, TII (2003 — present), Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (March 2008 — present).

176

Big 5 Sporting Goods (2002 — present); AGL Resources, Inc. (energy services holding company) (2008 — present)

Leo J. Hill
(DOB: 3/27/56)

Board Member

2002 — present

Principal, Advisor Network Solutions, LLC (business consulting) (2006 — present); Board Member, TST (2001 — present); Board Member, Transamerica Funds and TIS (2002 — present); Board Member, TPP, TPFG, TPFG II and TAAVF (2007 — present); TII (February 2008 — present); Owner and President, Prestige Automotive Group (2001 — 2005); President, L. J. Hill & Company (1999 — present); Market President, Nations Bank of Sun Coast Florida (1998 — 1999); President and Chief Executive Officer, Barnett Banks of Treasure Coast Florida (1994 — 1998); Executive Vice President and Senior Credit Officer, Barnett Banks of Jacksonville, Florida (1991 — 1994); and Senior Vice President and Senior Loan Administration Officer, Wachovia Bank of Georgia (1976 — 1991).

176

N/A

Neal M. Jewell
(DOB: 2/12/35)

Lead Independent
Board Member

2007 — present

Retired (2004 — present); Lead Independent Board Member, TPP, TPFG, TPFG II and TAAVF (1993 — present); Lead Independent Board Member, Transamerica Funds, TST and TIS (2007 — present); Lead Independent Board Member, TII (February 2008 — present); and Independent Trustee, EAI Select Managers Equity Fund (a mutual fund) (1996 — 2004).

176

N/A

Russell A. Kimball, Jr.
(DOB: 8/17/44)

Board Member

2002 — present

General Manager, Sheraton Sand Key Resort (1975 — present); Board Member, TST (1986 — present); Board Member, Transamerica Funds and TIS (2002 — present); TPP, TPFG, TPFG II and TAAVF (2007 — present); and Board Member, TII (February 2008 — present).

176

N/A



Transamerica Funds		Annual Report 2008

Page 54

Term of

Office

and

Number of

Length

Funds in

of Time

Principal Occupation(s) During

Complex

Other

Name and Age

Position

Served*

Past 5 Years

Overseen

Directorships

Eugene M. Mannella
(DOB: 2/1/54)

Board Member

2007 — present

Chief Executive Officer, Hedge Fund Services, LLC (hedge fund administration) (January 2008 — present); Self-employed consultant (2006 — present); President, ARAPAHO Partners LLC (limited purpose broker-dealer) (1998 — present); Board Member, TPP, TPFG, TPFG II and TAAVF (1994 — present); Board Member, Transamerica Funds, TIS and TST (2007 — present); Board Member, TII (February 2008 — present); and President, International Fund Services (alternative asset administration) (1993 — 2005).

176

N/A

Norm R. Nielsen
(DOB: 5/11/39)

Board Member

2006 — present

Retired (2005 — present); Board Member, Transamerica Funds, TST and TIS (2006 — present); Board Member, TPP, TPFG, TPFG II and TAAVF (2007 — present); Board Member, TII (February 2008 — present); Director, Iowa City Area Development (1996 — 2004); Director, Iowa Health Systems (1994 — 2003); Director, U.S. Bank (1987 — 1988); and President, Kirkwood Community College (1979 — 2005).

176

Buena Vista University Board of Trustees (2004 - present)

Joyce Galpern Norden
(DOB: 6/1/39)

Board Member

2007 — present

Retired (2004 — present); Board Member, TPFG, TPFG II and TAAVF (1993 — present); Board Member, TPP (2002 — present); Board Member, Transamerica Funds, TST and TIS (2007 — present); Board Member, TII (February 2008 — present); and Vice President, Institutional Advancement, Reconstructionist Rabbinical College (1996 — 2004).

176

Board of Governors, Reconstructionist Rabbinical College (2007 — present)

Patricia L. Sawyer
(DOB: 7/1/50)

Board Member

2007 — present

President and Executive Search Consultant, Smith & Sawyer LLC (consulting) (1989 — present); Board Member, Transamerica Funds and TST (2007 — present); Board Member, TIS (2007 — present); Board Member, TII (2008 — present); and Board Member, TPP, TPFG, TPFG II and TAAVF (1993 — present).

176

N/A

John W. Waechter
(DOB: 2/25/52)

Board Member

2005 — present

Attorney, Englander & Fischer, P.A. (March 2008 — present); Retired (2004 — March 2008); Board Member, TST and TIS (2004 — present); Board Member, Transamerica Funds (2005 — present); Board Member, TPP, TPFG, TPFG II and TAAVF (2007 — present); Board Member, TII (February 2008 — present); Executive Vice President, Chief Financial Officer and Chief Compliance Officer, William R. Hough & Co. (securities dealer) (1979 — 2004); and Treasurer, The Hough Group of Funds (1993 — 2004).

176

N/A


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

**		May be deemed an “interested person” (as that term is defined in the 1940 Act) of the Trust because of his employment with TAM or an affiliate of TAM.

***		Independent Board Member means a Board Member who is not an “interested person” (as defined under the 1940 Act) of the Trust.



Transamerica Funds		Annual Report 2008

Page 55

OFFICERS

The mailing address of each officer is c/o Secretary of the Funds, 570 Carillon Parkway, St. Petersburg, Florida 33716. The following table shows information about the officers, including their ages, their positions held with the Trust and their principal occupations during the past five years (their titles may have varied during that period). Each officer will hold office until his or her successor has been duly elected or appointed or until his or her earlier death, resignation or removal.


		Term of Office and
		Length of Time	Principal Occupation(s) or
Name and Age	Position	Served*	Employment During Past 5 Years
John K. Carter (DOB: 4/24/61)	Chairman, Board Member, President, and Chief Executive Officer	2006 — present	See the table above.

Dennis P. Gallagher (DOB: 12/19/70)	Vice President, General Counsel and Secretary	2006 — present	Vice President, General Counsel and Secretary, TII, Transamerica Funds, TST and TIS (2006 — present); Vice President, General Counsel and Secretary, TPP, TPFG, TPFG II and TAAVF (2007 — present); Director, Senior Vice President, General Counsel and Secretary, TAM and TFS (2006 — present); Assistant Vice President, TCI (2007 — present); and Director, Deutsche Asset Management (1998 — 2006).

Joseph P. Carusone (DOB: 9/8/65)	Vice President, Treasurer and Principal Financial Officer	2007 — present	Vice President, Treasurer and Principal Financial Officer, Transamerica Funds, TST, TIS and TII (2007 — present); Vice President (2007 — present), Treasurer and Principal Financial Officer (2001 — present), TPP, TPFG, TPFG II and TAAVF; Senior Vice President, TAM and TFS (2007 — present); Senior Vice President (January 2008 — present), Vice President (2001 — January 2008); Diversified Investment Advisors, Inc. (“DIA”); Director and President, Diversified Investors Securities Corp. (“DISC”) (2007 — present); Director, Transamerica Financial Life Insurance Company (“TFLIC”) (2004 — present); and Treasurer, Diversified Actuarial Services, Inc. (December 2002 — present).

Christopher A. Staples (DOB: 8/14/70)	Vice President and Chief Investment Officer	2005 — present	Vice President and Chief Investment Officer (2007 — present); Vice President - Investment Administration (2005 — 2007), TII; Vice President and Chief Investment Officer (2007 — present), Senior Vice President — Investment Management (2006 — 2007), Vice President — Investment Management (2005 — 2006), Transamerica Funds, TST and TIS; Vice President and Chief Investment Officer, TPP, TPFG, TPFG II and TAAVF (2007 — present); Director (2005 — present), Senior Vice President — Investment Management (2006 — present) and Chief Investment Officer (2007 — present), TAM; Director, TFS (2005 — present); and Assistant Vice President, Raymond James & Associates (1999 — 2004).



Transamerica Funds		Annual Report 2008

Page 56


		Term of Office and
		Length of Time	Principal Occupation(s) or
Name and Age	Position	Served*	Employment During Past 5 Years
Rick B. Resnik (DOB: 1/24/67)	Vice President, Chief Compliance Officer and Conflicts of Interest Officer	2008 — present	Chief Compliance Officer, TPP, TPFG, TPFG II and TAAVF (1998 — present); Chief Compliance Officer, Transamerica Funds, TST, TIS and TII (January 2008 — present); Vice President and Conflicts of Interest Officer, TPP, TPFG, TPFG II, TAAVF, Transamerica Funds, TST, TIS and TII (June 2008 — present); Senior Vice President and Chief Compliance Officer, TAM (January 2008 — present); Senior Vice President, TFS (January 2008 — present); Director (2000 — present), Vice President and Chief Compliance Officer (1997 — present), DISC; and Assistant Vice President, TFLIC (1999 — present).

Michael A. Masson (DOB: 1/21/71)	Assistant Treasurer	2005 — present	Assistant Treasurer (2007 — present), Assistant Vice President (2005 — 2007), Transamerica Funds, TST, TIS and TII; Assistant Treasurer, TPP, TPFG, TPFG II and TAAVF (2007 — present); Director of Financial Reporting (2007 — present); Assistant Vice President (2005 — 2007), TAM and TFS; and Assistant Vice President, JPMorgan Chase & Co. (1999 — 2005).

Suzanne Valerio-Montemurro (DOB: 8/13/64)	Assistant Treasurer	2007 — present	Assistant Treasurer, Transamerica Funds, TST, TIS, TII, TPP, TPFG, TPFG II and TAAVF (2007 — present); and Vice President, DIA (1998 — present).

Richard E. Shield, Jr. (DOB: 1/3/74)	Tax Officer	2008 — present	Tax Officer, Transamerica Funds, TST, TIS, TII, TPP, TPFG, TPFG II and TAAVF (June 2008 — present); Tax Manager, Jeffrey P. McClanathan, CPA (2006 — 2007) and Gregory, Sharer & Stuart (2005 — 2006); Tax Senior, Kirkland, Russ, Murphy & Tapp, P.A. (2003 — 2005); and Certified Public Accountant, Schultz, Chaipel & Co., LLP (1998 — 2003).


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

If an officer has held offices for different Funds for different periods of time, the earliest applicable date is shown. No officer of the Trust, except for the Chief Compliance Officer, receives any compensation from the Trust.

Additional information about the Funds’ Board Members can be found in the Statement of Additional Information, available, without charge, upon request, by calling toll free 1-888-233-4339 or on the Funds’ website at www.transamericafunds.com.



Transamerica Funds		Annual Report 2008

Page 57

PROXY VOTING POLICIES AND PROCEDURES AND QUARTERLY PORTFOLIO HOLDINGS

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

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

The Funds file their complete schedule of portfolios holdings with the SEC for the first and third quarter of each fiscal year on Form N-Q, which is available on the Commission’s website at http://www.sec.gov. The Funds’ Form N-Q may be reviewed and copied at the Commission’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 Funds and the Trust.

Important Notice Regarding Delivery of Shareholder Documents

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



Transamerica Funds		Annual Report 2008

Page 58

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

Annual Report
October 31, 2008

www.transamericafunds.com

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

Dear Fellow Shareholder,

Please contact your financial advisor 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, CFA
President & Chief Executive Officer		Vice President & Chief Investment Officer
Transamerica Funds		Transamerica Funds

Transamerica Balanced

(unaudited)

MARKET ENVIRONMENT

Faced with many challenges in the twelve months ended October 31, 2008, US equity indices delivered double-digit negative returns across the board. Stocks underperformed bonds, as the Standard and Poor’s 500 Composite Stock Index (“S&P 500”) declined 36.10% and the Barclays Capital (formerly Lehman Brothers) US Government/Credit Bond Index (“BCGC”) fell 1.06%.

Throughout the period, problems plaguing the housing market continued, while commodity prices first soared then plummeted. Meanwhile, what began as concerns about securities related to defaulting sub-prime mortgages escalated into a variety of increasingly severe crises in the markets where banks lend to each other and to businesses, causing extreme disruption in both US and foreign financial markets. As the problems multiplied, financial institutions tightened their lending standards. The higher borrowing costs made it more difficult for companies to fund payroll, inventory and other near-term expenses. Consumers, who already were feeling the effects of higher energy and food prices and rising unemployment, also found it more difficult to borrow. Although the Federal Reserve Board (“Fed”) and the US government intervened to restore confidence in the financial systems, the US headed toward recession and expectations of a global economic slowdown increased.

A 60% equity/40% bond blend of the above mentioned indices declined 23.39% during the period.

PERFORMANCE

For the year ended October 31, 2008, Transamerica Balanced Class A returned (33.55)%. By comparison, its primary and secondary benchmarks, the S&P 500 and the BCGC, returned (36.10)% and (1.06)%, respectively.

STRATEGY REVIEW

Transamerica Balanced’s twelve-month return reflects an overweighting in equities, which underperformed bonds, and underperformance of the equity and bond portfolios as compared to their respective benchmarks.

On the equity side, the key factors in the lagging returns were our underweighting in the top-performing consumer staples sector and poor results for some of our automotive/transportation holdings (e.g., Daimler AG (“Daimler”)). Daimler suffered during the year due primarily to the downward trend in automotive sales worldwide and the lack of financing available to consumers. Partially offsetting these declines were our selections in the healthcare (e.g., Gilead Sciences, Inc. (“Gilead”)) and producer durables (e.g., W.W. Grainger, Inc. (“Grainger”)) sectors. Gilead, a biopharmaceutical company working on treatments for cures to life-threatening diseases, has benefited from competitors being merged, which reduced its competition. Grainger, a building maintenance supply company, has implemented improvement projects within its businesses. This company-specific catalyst enabled Grainger to take market share from competitors, partially offsetting the effects of a weaker economy. The portfolio also benefited from our underweighting the financials sector.

In the bond portfolio, an overweighting of non-government sectors (i.e., investment-grade corporate securities and agency mortgage securities), which lagged the Treasury sector, was the primary source of underperformance. The negative effect of these overweightings was partially mitigated by our individual security selection. Among investment-grade corporate bonds, we had no exposure to the most distressed companies in the troubled financial services sector. On the mortgage side, our emphasis was on short-duration agency collateralized mortgage obligations, which were less volatile than other mortgage securities.

We believe a consumer-driven recession has already arrived. We believe the federal government’s $700-billion rescue of the financial services sector, the biggest government intervention in the financial system since the 1930s, should provide some much-needed rationality in the markets. We believe it should help to rebuild trust among financial institutions and reduce the severity of the recession. The equity portfolio is populated with securities of companies that, in our opinion, have capable management teams, strong balance sheets and highly competitive positions, and that stand to benefit from long-term secular trends. We believe these traits will allow the companies to weather a recession better than most and emerge as stronger competitors on the other side. On the bond side, we are maintaining a relatively cautious stance, with a shorter-than-index duration and a focus on quality.

Gary U. Rollé, CFA
Greg D. Haendel, CFA
Derek S. Brown, CFA
Geoffrey I. Edelstein, CFA, CIC
Edward S. Han
John J. Huber, CFA
Peter O. Lopez
Erik U. Rollé
Brian W. Westhoff, CFA

Co-Portfolio Managers
Transamerica Investment Management, LLC

Prior to October 1, 2008, Heidi Y. Hu, CFA was also a co-portfolio manager.



Transamerica Funds		Annual Report 2008

Transamerica Balanced

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2008


										From			Inception
	1 Year			5 Years			10 Years			Inception			Date

Class A (NAV)		(33.55	)%		0.12	%		2.83	%		7.24	%		12/2/94
Class A (POP)		(37.22	)%		(1.00	)%		2.24	%		6.81	%		12/2/94
S&P 500¹		(36.10	)%		0.26	%		0.40	%		7.56	%		12/2/94
Barclays Capital Government/Credit Bond Index¹		(1.06	)%		3.08	%		4.81	%		6.36	%		12/2/94


Class B (NAV)		(33.95	)%		(0.45	)%		2.32	%		6.13	%		10/1/95
Class B (POP)		(37.15	)%		(0.64	)%		2.32	%		6.13	%		10/1/95


Class C (NAV)		(33.92	)%		(0.45	)%		N/A			0.89	%		11/11/02
Class C (POP)		(34.56	)%		(0.45	)%		N/A			0.89	%		11/11/02

NOTES


¹		The Standard and Poor’s 500 Composite Stock Index (S&P 500) and the Barclays Capital Government/Credit Bond Index are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. You cannot invest directly in an index.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on fund distributions or the redemption of fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamericafunds.com for performance data current to the most recent month-end. Public Offering Price (POP) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for A shares or the maximum applicable contingent deferred sales charge (5% in the 1st year, decreasing to 0% after 6 years) for Class B shares and 1% (during the first 12 months) for Class C shares. Shares purchased prior to March 1, 2004 are subject to a maximum applicable contingent deferred sales charge (5% in the 1st year, decreasing to 0% after 7 years) for Class B shares and (2% in the 1st year, decreasing to 0% after 2 years) for Class C shares. Net Asset Value (NAV) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges.

This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives and policies of this fund.



Transamerica Funds		Annual Report 2008

Transamerica Balanced

UNDERSTANDING YOUR FUND’S EXPENSES
(unaudited)

SHAREHOLDER EXPENSES

The Example is based on an investment of $1,000 invested at May 1, 2008 and held for the entire period until October 31, 2008.

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES


	Beginning		Ending		Annualized			Expenses
	Account		Account		Expense			Paid During
	Value		Value		Ratio			Period (a)
Class A
Actual	$	1,000.00	$	728.23		1.52	%	$	6.60
Hypothetical (b)		1,000.00		1,017.50		1.52			7.71

Class B
Actual		1,000.00		726.50		2.13			9.24
Hypothetical (b)		1,000.00		1,014.43		2.13			10.79

Class C
Actual		1,000.00		726.46		2.06			8.94
Hypothetical (b)		1,000.00		1,014.78		2.06			10.43


(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 (184 days), and divided by the number of days in the year (366 days).

(b)		5% return per year before expenses.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS

By Asset Type

At October 31, 2008

(unaudited)

This chart shows the percentage breakdown by Asset Type of the Fund’s total investment securities. Percentage breakdown of the Short-term category includes Securities Lending Collateral.



Transamerica Funds		Annual Report 2008

Transamerica Balanced

SCHEDULE OF INVESTMENTS
At October 31, 2008
(all amounts except share amounts in thousands)


	Principal		Value

U.S. GOVERNMENT OBLIGATIONS (5.1%)
U.S. Treasury Bond
4.38%, due 02/15/2038 ^	$	1,202	$	1,205
5.00%, due 05/15/2037 ^		1,774		1,954
U.S. Treasury Inflation Indexed Note
1.38%, due 07/15/2018 ^		452		387
U.S. Treasury Note
2.00%, due 09/30/2010		250		252
3.88%, due 05/15/2018 ^		714		713
4.00%, due 08/15/2018 ^		627		628

Total U.S. Government Obligations (cost $5,157)				5,139


U.S. GOVERNMENT AGENCY OBLIGATIONS (7.5%)
Fannie Mae
5.00%, due 04/25/2034		700		665
5.50%, due 10/01/2036 — 04/01/2038		2,506		2,450
Freddie Mac
4.25%, due 10/15/2026		826		824
5.00%, due 05/15/2028 — 10/15/2030		2,500		2,471
5.35%, due 11/14/2011		1,070		1,071

Total U.S. Government Agency Obligations (cost $7,537)				7,481


MORTGAGE-BACKED SECURITIES (3.1%)
Bear Stearns Commercial Mortgage Securities
Series 2006-PW14, Class A4
5.20%, due 12/11/2038		750		563
Crown Castle Towers LLC
Series 2006-1A, Class AFX
5.24%, due 11/15/2036 -144A		739		710
Morgan Stanley Capital I
Series 2006-HQ10, Class A4
5.33%, due 11/12/2041		750		568
SBA CMBS Trust
Series 2006-1A, Class A
5.31%, due 11/15/2036 -144A		680		637
Wachovia Bank Commercial Mortgage Trust
Series 2006-C28, Class A4
5.57%, due 10/15/2048		734		559
Series 2007-C32, Class H
5.74%, due 06/15/2049 -144A		245		65

Total Mortgage-Backed Securities (cost $3,880)				3,102


ASSET-BACKED SECURITY (0.6%)
USAA Auto Owner Trust
Series 2007-2, Class A3
4.90%, due 02/15/2012		605		596

Total Asset-Backed Security (cost $605)				596


CORPORATE DEBT SECURITIES (22.9%)
Aerospace & Defense (0.9%)
Embraer Overseas, Ltd.
6.38%, due 01/24/2017		250		162
Honeywell International, Inc.
6.13%, due 11/01/2011		660		662
Airlines (0.2%)
Delta Air Lines, Inc.
7.57%, due 11/18/2010		270		224
Automobiles (0.8%)
Daimler Finance North America LLC
3.25%, due 03/13/2009 *		405		385
7.20%, due 09/01/2009		460		427
Beverages (1.9%)
Coca-Cola Enterprises, Inc.
3.31%, due 05/06/2011 *		480		463
Diageo Capital PLC
5.75%, due 10/23/2017		458		394
Molson Coors Capital Finance
4.85%, due 09/22/2010		485		486
Sabmiller PLC
6.20%, due 07/01/2011 -144A		460		467
Capital Markets (0.7%)
Lazard Group
7.13%, due 05/15/2015		385		303
Merrill Lynch & Co., Inc.
5.45%, due 02/05/2013		475		428
Chemicals (2.4%)
ICI Wilmington, Inc.
4.38%, due 12/01/2008		791		791
Lubrizol Corp.
4.63%, due 10/01/2009		1,350		1,301
PPG Industries, Inc.
5.75%, due 03/15/2013		280		261
Commercial Banks (1.0%)
Barclays Bank PLC
7.70%, due 04/25/2018 -144A ■ Ž		395		274
PNC Bank NA
6.00%, due 12/07/2017		250		217
6.88%, due 04/01/2018		270		249
Wells Fargo Bank NA
5.75%, due 05/16/2016 ^		300		269
Construction Materials (0.2%)
Lafarge SA
7.13%, due 07/15/2036		255		183
Consumer Finance (0.7%)
American Honda Finance Corp.
5.13%, due 12/15/2010 -144A		450		440
Discover Financial Services
3.35%, due 06/11/2010 *		432		307
Containers & Packaging (0.3%)
Rexam PLC
6.75%, due 06/01/2013 -144A		315		309
Diversified Financial Services (0.7%)
Glencore Funding LLC
6.00%, due 04/15/2014 -144A		292		276
Pemex Finance, Ltd.
9.03%, due 02/15/2011		425		428
Diversified Telecommunication Services (1.1%)
AT&T, Inc.
4.13%, due 09/15/2009		304		301
Telefonica Europe BV
7.75%, due 09/15/2010		415		402
Verizon Communications, Inc.
8.75%, due 11/01/2018		435		444
Food & Staples Retailing (0.2%)
Stater Brothers Holdings, Inc.
8.13%, due 06/15/2012		225		200
Food Products (1.0%)
Bunge, Ltd. Finance Corp.
4.38%, due 12/15/2008		500		498
Cargill, Inc.
5.60%, due 09/15/2012 -144A		225		209

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



Transamerica Funds		Annual Report 2008

Transamerica Balanced

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)


	Principal		Value

Food Products (continued)
Michael Foods, Inc.
8.00%, due 11/15/2013	$	320	$	277
Hotels, Restaurants & Leisure (0.2%)
Royal Caribbean Cruises, Ltd.
8.75%, due 02/02/2011		252		217
Household Products (0.2%)
Kimberly-Clark Corp.
6.63%, due 08/01/2037		250		220
Industrial Conglomerates (0.4%)
Hutchison Whampoa International, Ltd.
5.45%, due 11/24/2010 -144A		450		425
Insurance (0.6%)
Hartford Financial Services Group, Inc.
7.90%, due 06/15/2010		525		513
Oil Insurance, Ltd.
7.56%, due 06/30/2011 -144A ■ Ž		270		137
IT Services (0.4%)
Western Union Co.
5.40%, due 11/17/2011		450		438
Machinery (0.3%)
Tyco Electronics Group SA
6.55%, due 10/01/2017		392		326
Media (1.0%)
Comcast Corp.
7.05%, due 03/15/2033		325		269
Historic TW, Inc.
9.13%, due 01/15/2013		485		466
News America Holdings, Inc.
7.75%, due 12/01/2045		262		219
Metals & Mining (0.4%)
Arcelormittal
5.38%, due 06/01/2013 -144A		440		358
Multiline Retail (0.3%)
Neiman-Marcus Group, Inc.
9.00%, due 10/15/2015 ^		200		137
Target Corp.
7.00%, due 01/15/2038		242		185
Multi-Utilities (0.5%)
Sempra Energy
4.75%, due 05/15/2009		480		473
Oil, Gas & Consumable Fuels (2.6%)
Burlington Resources Finance Co.
6.50%, due 12/01/2011		450		450
Enterprise Products Operating, LP
4.63%, due 10/15/2009		320		306
Kinder Morgan Energy Partners, LP
7.50%, due 11/01/2010		455		435
Petrobras International Finance Co.
5.88%, due 03/01/2018		280		220
PetroHawk Energy Corp.
9.13%, due 07/15/2013		360		277
Teppco Partners, LP
7.00%, due 06/01/2067 ■		300		207
Valero Logistics Operations, LP
6.88%, due 07/15/2012		710		725
Pharmaceuticals (0.4%)
Allergan, Inc.
5.75%, due 04/01/2016		445		397
Real Estate Investment Trusts (2.3%)
BRE Properties, Inc.
5.75%, due 09/01/2009		1,115		1,088
PPF Funding, Inc.
5.35%, due 04/15/2012 -144A		781		737
Wea Finance LLC / WCI Finance LLC
5.40%, due 10/01/2012 -144A		520		453
Real Estate Management & Development (0.6%)
Post Apartment Homes, LP
6.30%, due 06/01/2013		569		559
Road & Rail (0.6%)
Erac USA Finance Co.
6.38%, due 10/15/2017 -144A		335		205
Hertz Corp.
8.88%, due 01/01/2014		200		146
Union Pacific Corp.
5.70%, due 08/15/2018		350		294

Total Corporate Debt Securities (cost $25,560)				22,919


	Shares		Value

COMMON STOCKS (58.2%)
Aerospace & Defense (1.0%)
Boeing Co. ^		20,000		1,045
Air Freight & Logistics (1.6%)
Expeditors International of Washington, Inc. ^		50,000		1,632
Auto Components (2.4%)
BorgWarner, Inc. ^		50,000		1,124
Johnson Controls, Inc.		72,000		1,277
Biotechnology (2.1%)
Gilead Sciences, Inc. ‡ ^		46,000		2,109
Capital Markets (7.0%)
BlackRock, Inc. ^		12,000		1,576
Charles Schwab Corp. ^		130,000		2,486
Merrill Lynch & Co., Inc. ^		70,000		1,301
T. Rowe Price Group, Inc. ^		39,843		1,575
Chemicals (1.7%)
Sigma-Aldrich Corp. ^		40,000		1,754
Communications Equipment (2.5%)
Qualcomm, Inc.		65,000		2,487
Computers & Peripherals (2.7%)
Apple, Inc. ‡ ^		25,000		2,690
Construction & Engineering (1.2%)
Jacobs Engineering Group, Inc. ‡ ^		32,000		1,166
Consumer Finance (1.0%)
American Express Co.		35,000		963
Diversified Financial Services (0.8%)
CME Group, Inc. ^		2,800		790
Diversified Telecommunication Services (2.5%)
Verizon Communications, Inc. ^		85,000		2,522
Electronic Equipment & Instruments (1.6%)
Tyco Electronics, Ltd.		85,000		1,652
Energy Equipment & Services (0.9%)
Schlumberger, Ltd. ^		18,000		930
Food & Staples Retailing (2.0%)
Costco Wholesale Corp. ^		35,000		1,995
Health Care Equipment & Supplies (3.3%)
Becton Dickinson & Co.		21,555		1,496
Varian Medical Systems, Inc. ‡ ^		40,000		1,820
Industrial Conglomerates (1.6%)
General Electric Co.		80,000		1,561
Internet & Catalog Retail (2.0%)
Amazon.com, Inc. ‡ ^		35,000		2,003

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



Transamerica Funds		Annual Report 2008

Transamerica Balanced

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)


	Shares		Value

Internet Software & Services (2.2%)
Google, Inc. -Class A ‡		6,000	$	2,156
Machinery (4.5%)
Caterpillar, Inc. ^		30,000		1,145
Kennametal, Inc.		80,000		1,698
PACCAR, Inc. ^		60,000		1,754
Oil, Gas & Consumable Fuels (1.1%)
Anadarko Petroleum Corp.		30,000		1,059
Pharmaceuticals (1.0%)
Allergan, Inc.		25,000		992
Road & Rail (2.3%)
Burlington Northern Santa Fe Corp.		26,000		2,316
Semiconductors & Semiconductor Equipment (1.8%)
Intel Corp.		111,000		1,776
Software (4.4%)
Adobe Systems, Inc. ‡		90,000		2,398
Oracle Corp. ‡		60,000		1,097
Salesforce.com, Inc. ‡ ^		30,000		929
Trading Companies & Distributors (3.0%)
WW Grainger, Inc. ^		38,500		3,025

Total Common Stocks (cost $72,778)			$	58,299


	Principal		Value

REPURCHASE AGREEMENT (7.0%)
State Street Repurchase Agreement 0.15%, dated 10/31/2008, to be repurchased at $6,973 on 11/03/2008 ◊ •	$	6,973	$	6,973

Total Repurchase Agreement (cost $6,973)				6,973


	Shares		Value

SECURITIES LENDING COLLATERAL (25.8%)
State Street Navigator Securities Lending Trust — Prime Portfolio, 2.71% ◊ ▲		25,791,082		25,791


Total Securities Lending Collateral (cost $25,791)				25,791


Total Investment Securities (cost $148,281) #			$	130,300


NOTES TO SCHEDULE OF INVESTMENTS:

^		All or a portion of this security is on loan. The value of all securities on loan is $25,194.

*		Floating or variable rate note. Rate is listed as of 10/31/2008.

Ž		The security has a perpetual maturity. The date shown is the next call date.

■		Coupon rate is fixed for a predetermined period of time and then converts to a floating rate until maturity/call date. Rate is listed as of 10/31/2008.

‡		Non-income producing security.

•		Repurchase agreement is collateralized by U.S. Government Agency Obligations with interest rates ranging from 3.56% to 3.94%, maturity dates ranging between 10/25/2036 — 08/01/2037, and with market values plus accrued interests of $7,115.

◊		State Street Bank & Trust Company serves as the accounting, custody, and lending agent for the Fund and provides various services on behalf of the Fund.

▲		Interest rate shown reflects the yield at 10/31/2008.

#		Aggregate cost for federal income tax purposes is $148,381. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $3,474 and $21,555, respectively. Net unrealized depreciation for tax purposes is $18,081.

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 10/31/2008, these securities aggregated $5,702, or 5.70% of the Fund’s net assets.

LLC		Limited Liability Company

LP		Limited Partnership

PLC		Public Limited Company

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



Transamerica Funds		Annual Report 2008

Transamerica Convertible Securities

(unaudited)

MARKET ENVIRONMENT

Faced with many challenges in the twelve months ended October 31, 2008, US stocks lost ground, and the Standard and Poor’s 500 Composite Stock Index (“S&P 500”) declined 36.10%. Convertibles, which are highly sensitive to equity-market trends, followed stocks lower; the Merrill Lynch All US Convertible Securities Index (“MLCI”) declined 38.49%.

What began as concerns about securities related to defaulting sub-prime mortgages escalated into a variety of increasingly severe credit crises. Overnight lending between banks, a vital part of maintaining the flow of capital in the financial system, was disrupted as banks increasingly worried about undisclosed risks from exotic securities. As credit problems multiplied, financial institutions focused on protecting their financial positions and demanded higher yields on corporate debt to compensate for the greater risk associated with the uncertain environment. This made it more difficult and expensive for businesses to issue debt, causing Wall Street’s problems to spill over to Main Street, where businesses were already dealing with the signs of a slowing economy, including falling home prices, rising costs for food and energy, higher unemployment, lack of wage growth and tighter credit conditions. Although the Federal Reserve Board (“Fed”) and the US government intervened on several occasions, taking somewhat unprecedented measures, the credit crisis persisted and the economic outlook continued to dim.

Convertibles generally fare better than stocks during equity bear markets. That was not the case toward the end of the period. To raise cash, large institutional holders of convertibles (e.g., hedge funds) sold convertibles in volume. Additionally, corporate debt yields climbed, reducing the value of convertibles’ debt component.

PERFORMANCE

For the year ended October 31, 2008, Transamerica Convertible Securities Class A returned (38.92)%. By comparison, its benchmark, the MLCI returned (38.49)%.

STRATEGY REVIEW

We seek the convertibles of well-run companies that generate free cash flow and stand to benefit from positive changes in the companies, their industries, or the external forces driving their businesses. These parameters led us to trim back the portfolio’s investments in securities from consumer discretionary companies, many of which were very susceptible to the worsening economy. This benefited the portfolio late in the period, as the poor economic situation became increasingly apparent. Also working to the portfolio’s advantage was an increased focus on securities from companies whose business models allowed them to weather the economic downturn relatively well. Among the portfolio’s large contributors to results was Gilead Sciences, Inc. (“Gilead”), a biopharmaceutical company. Gilead, which develops and markets treatments for diseases such as hepatitis C and HIV, saw steady product demand. Another top-performer was Informatica Corporation, a software company providing enterprise data integration. The company receives recurring cash flows from licensing and maintaining its software programs.

A key detractor was the portfolio’s overweighting in the energy sector. Early in the period, as commodity prices soared, our selections in natural gas producer Chesapeake Energy Corporation and oil services provider Schlumberger Limited (“Schlumberger”) garnered positive returns. When commodity prices later declined, performance in this sector followed suit.

We believe a consumer-driven recession has already arrived. We believe the federal government’s $700-billion rescue of the financial services sector should provide some much-needed rationality in the markets. We believe it should help to rebuild trust among financial institutions and serve to shorten or at least reduce the severity of the recession. In the interim, market conditions likely will not be favorable. With that in mind, we are seeking securities of non-cyclical businesses that we believe benefit from long-term secular trends and thus can hold their own amidst the turbulence.

Kirk J. Kim
Peter O. Lopez

Co- Portfolio Managers
Transamerica Investment Management, LLC



Transamerica Funds		Annual Report 2008

Transamerica Convertible Securities

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2008


							From			Inception
	1 Year			5 Years			Inception			Date

Class A (NAV)		(38.92	)%		0.41	%		2.67	%		3/1/02
Class A (POP)		(41.81	)%		(0.55	)%		1.92	%		3/1/02
Merrill Lynch All U.S. Convertible Securities Index¹		(38.49	)%		(2.39	)%		0.42	%		3/1/02


Class B (NAV)		(39.32	)%		(0.29	)%		1.98	%		3/1/02
Class B (POP)		(41.66	)%		(0.42	)%		1.98	%		3/1/02


Class C (NAV)		(39.24	)%		(0.29	)%		3.25	%		11/11/02
Class C (POP)		(39.71	)%		(0.29	)%		3.25	%		11/11/02


Class I (NAV)		(38.58	)%		N/A			(4.39	)%		11/15/05

NOTES


¹		The Merrill Lynch All U.S. Convertibles Index is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. You cannot directly invest in an index.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on fund distributions or the redemption of fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamericafunds.com for performance data current to the most recent month-end. Public Offering Price (POP) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 4.75% for A shares or the maximum applicable contingent deferred sales charge (5% in the 1st year, decreasing to 0% after 6 years) for Class B shares and 1% (during the first 12 months) for Class C shares. Shares purchased prior to March 1, 2004 are subject to a maximum applicable contingent deferred sales charge (5% in the 1st year, decreasing to 0% after 7 years) for Class B shares and (2% in the 1st year, decreasing to 0% after 2 years) for Class C shares. Net Asset Value (NAV) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges.

This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives and policies of this Fund.



Transamerica Funds		Annual Report 2008

Transamerica Convertible Securities

UNDERSTANDING YOUR FUND’S EXPENSES
(unaudited)

SHAREHOLDER EXPENSES

The Example is based on an investment of $1,000 invested at May 1, 2008 and held for the entire period until October 31, 2008.

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line in the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypotetical 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.


	Beginning		Ending		Annualized			Expenses
	Account		Account		Expense			Paid During
	Value		Value		Ratio			Period (a)

Class A
Actual	$	1,000.00	$	675.14		1.35	%	$	5.68
Hypothetical (b)		1,000.00		1,018.35		1.35			6.85

Class B
Actual		1,000.00		672.93		2.04			8.58
Hypothetical (b)		1,000.00		1,014.88		2.04			10.33

Class C
Actual		1,000.00		673.77		1.95			8.20
Hypothetical (b)		1,000.00		1,015.33		1.95			9.88

Class I
Actual		1,000.00		677.22		0.84			3.54
Hypothetical (b)		1,000.00		1,020.91		0.84			4.27


(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 (184 days), and divided by the number of days in the year (366 days).

(b)		5% return per year before expenses.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS

By Investment Type

At October 31, 2008

(unaudited)

This chart shows the percentage breakdown by Investment Type of the Fund’s total investment securities. Percentage breakdown of the Short-term category includes Securities Lending Collateral.



Transamerica Funds		Annual Report 2008

Transamerica Convertible Securities

SCHEDULE OF INVESTMENTS
At October 31, 2008
(all amounts except share amounts in thousands)


	Principal		Value

CORPORATE DEBT SECURITIES (3.1%)
Automobiles (1.6%)			��
Daimler Finance North America LLC
3.17%, due 03/13/2009 *	$	1,955	$	1,839
Hotels, Restaurants & Leisure (1.5%)
MGM Mirage, Inc.
6.00%, due 10/01/2009		1,950		1,735

Total Corporate Debt Securities (cost $3,533)				3,574


	Shares		Value

CONVERTIBLE PREFERRED STOCKS (11.8%)
Capital Markets (1.7%)
Credit Suisse, Inc. 5.50% Ө ▲		36,010		1,888
Chemicals (1.6%)
Celanese Corp. 4.25% ▲		97,000		1,828
Diversified Financial Services (2.6%)
Bank of America Corp. 7.25% ▲		4,236		2,965
Insurance (3.0%)
MetLife, Inc. 6.38% ▲		390,000		3,382
Oil, Gas & Consumable Fuels (0.6%)
Dune Energy, Inc. 12.00% -144A ▲		1,648		618
Road & Rail (2.3%)
Kansas City Southern Railway 5.13% ▲		2,450		2,606

Total Convertible Preferred Stocks (cost $16,015)				13,287


	Principal		Value

CONVERTIBLE BONDS (68.1%)
Aerospace & Defense (3.8%)
Alliant Techsystems, Inc.
2.75%, due 02/15/2024	$	3,910		4,237
Airlines (0.8%)
AMR Corp.
4.50%, due 02/15/2024		945		891
Beverages (3.4%)
Molson Coors Brewing Co.
2.50%, due 07/30/2013 ^		4,150		3,787
Biotechnology (4.3%)
Gilead Sciences, Inc.
0.63%, due 05/01/2013 ^		3,855		4,785
Capital Markets (6.2%)
BlackRock, Inc.
2.63%, due 02/15/2035		2,225		2,940
Merrill Lynch & Co., Inc.
Zero Coupon, due 03/13/2032		3,950		4,034
Commercial Services & Supplies (3.1%)
Covanta Holding Corp.
1.00%, due 02/01/2027		4,225		3,491
Electronic Equipment & Instruments (1.8%)
Itron, Inc.
2.50%, due 08/01/2026 ^		2,452		2,023
Energy Equipment & Services (6.8%)
Core Laboratories, LP
0.25%, due 10/31/2011		2,830		2,480
Schlumberger, Ltd.
2.13%, due 06/01/2023		1,452		1,913
Transocean, Inc.
1.63%, due 12/15/2037		3,750		3,300
Food & Staples Retailing (3.0%)
Costco Wholesale Corp.
Zero Coupon, due 08/19/2017		2,587		3,350
Health Care Equipment & Supplies (2.6%)
NuVasive, Inc.
2.25%, due 03/15/2013 -144A		2,493		2,932
IT Services (2.2%)
Alliance Data Systems Corp.
1.75%, due 08/01/2013 -144A		3,320		2,465
Leisure Equipment & Products (3.0%)
Hasbro, Inc.
2.75%, due 12/01/2021		2,450		3,369
Life Sciences Tools & Services (1.5%)
Fisher Scientific International, Inc.
3.25%, due 03/01/2024 ^		1,529		1,745
Media (2.3%)
Macrovision Corp.
2.63%, due 08/15/2011		3,875		2,596
Oil, Gas & Consumable Fuels (1.8%)
Chesapeake Energy Corp.
2.50%, due 05/15/2037 ^		3,330		2,085
Pharmaceuticals (5.5%)
Allergan, Inc.
1.50%, due 04/01/2026 ^		3,250		2,929
Sepracor, Inc.
Zero Coupon, due 10/15/2024 ^		3,700		3,293
Road & Rail (2.9%)
CSX Corp.
Zero Coupon, due 10/30/2021		2,000		3,243
Software (5.4%)
Informatica Corp.
3.00%, due 03/15/2026		4,105		3,556
Nuance Communications, Inc.
2.75%, due 08/15/2027		3,100		2,484
Specialty Retail (3.5%)
Penske Auto Group, Inc.
3.50%, due 04/01/2026		3,830		2,571
TJX Companies, Inc.
Zero Coupon, due 02/13/2021		1,500		1,318
Wireless Telecommunication Services (4.2%)
NII Holdings, Inc.
2.75%, due 08/15/2025		823		665
3.13%, due 06/15/2012 -144A		2,304		1,267
SBA Communications Corp.
1.88%, due 05/01/2013 -144A		4,270		2,786

Total Convertible Bonds (cost $93,383)				76,535

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



Transamerica Funds		Annual Report 2008

Transamerica Convertible Securities

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)


	Principal		Value

REVERSE CONVERTIBLE BONDS¥ (7.9%)
Capital Markets (7.9%)
Deutsche Bank AG
27.01%, due 01/02/2009 -144A §	$	88	$	5,222
Goldman Sachs Group, Inc.
17.65%, due 12/05/2008 -144A §		34		3,592

Total Reverse Convertible Bonds (cost $12,494)				8,814


REPURCHASE AGREEMENT (6.2%)
State Street Repurchase Agreement 0.15%, dated 10/31/2008, to be repurchased at $6,992 on 11/03/2008 ◊ •		6,992		6,992

Total Repurchase Agreement (cost $6,992)				6,992


	Shares		Value

SECURITIES LENDING COLLATERAL (13.8%)
State Street Navigator Securities Lending Trust — Prime Portfolio, 2.71% ◊ ▲		15,504,358		15,504


Total Securities Lending Collateral (cost $15,504)				15,504


Total Investment Securities (cost $147,921) #			$	124,706


NOTES TO SCHEDULE OF INVESTMENTS:

*		Floating or variable rate note. Rate is listed as of 10/31/2008.

^		All or a portion of this security is on loan. The value of all securities on loan is $15,182.

•		Repurchase agreement is collateralized by a U.S. Government Agency Obligation with an interest rate of 4.00%, and a maturity date of 06/01/2014, and with a market value plus accrued interest of $7,133.

§		Illiquid. At 10/31/2008, these securities aggregated $8,814, or 7.84% of the Fund’s net assets.

◊		State Street Bank & Trust Company serves as the accounting, custody, and lending agent for the Fund and provides various services on behalf of the Fund.

▲		Interest rate shown reflects the yield at 10/31/2008.

Ө		Synthetic convertibles are a debt and warrant package structured to resemble a traditional convertible debt issue. The components of the package may be separable, unlike traditional convertibles, or they may be in the form of an equity-linked note.

#		Aggregate cost for federal income tax purposes is $147,956. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $753 and $24,003, respectively. Net unrealized depreciation for tax purposes is $23,250.

¥		A bond that can be converted to cash, debt, or equity at the discretion of the issuer at a set date. The bond contains an embedded derivative that allows the issuer to put the bond to bondholders at a set date prior to the bond’s maturity for existing debt or shares of an underlying company. The underlying company need not be related in any way to the issuer’s business.

DEFINTIONS:


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 10/31/2008, these securities aggregated $18,882, or 16.80% of the Fund’s net assets.

LLC		Limited Liability Company

LP		Limited Partnership

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



Transamerica Funds		Annual Report 2008

Transamerica Equity

(unaudited)

MARKET ENVIRONMENT

Faced with many challenges in the twelve months ended October 31, 2008, US equity indices delivered double-digit negative returns across the board. The Russell 1000^® Growth Index (“Russell 1000 Growth”) declined 36.95%.

Throughout the period, problems plaguing the housing market continued, while commodity prices first soared then plummeted. Meanwhile, what began as concerns about securities related to defaulting sub-prime mortgages escalated into a variety of increasingly severe crises in the markets where banks lend to each other and to businesses, causing extreme disruption in both US and foreign financial markets. As the problems multiplied, financial institutions tightened their lending standards. This made it more difficult for companies to fund payroll, inventory and other near-term expenses in the face of high borrowing costs. Consumers, who already were feeling the effects of high energy prices, increasing food costs, rising unemployment and lack of wage growth, also found it more difficult to borrow. Although the Federal Reserve Board (“Fed”) and the US government intervened to restore confidence in the financial systems, the US headed toward recession and expectations of a global economic slowdown rose.

PERFORMANCE

For the year ended October 31, 2008, Transamerica Equity Class A returned (43.25)%. By comparison, its benchmark, the Russell 1000 Growth, returned (36.95)%.

STRATEGY REVIEW

The Fund lagged the index due primarily to poor results from our holdings within the automotive/transportation (e.g., Daimler AG (“Daimler”)), technology (e.g., Research in Motion Limited (“RIMM”)), and consumer discretionary (e.g., MGM Mirage (“MGM”)) sectors. Daimler suffered during the year as a result of the downward trend in automotive sales worldwide, a trend that was heightened by consumers’ difficulty in obtaining automotive loans. We believe RIMM’s performance can be attributed to the concerns of slowing consumer spending rather than to any deterioration in company fundamentals. We sold our position in MGM in early 2008, based on our belief that discretionary spending on travel and entertainment would slow.

Partially offsetting these declines were our selections in materials/processing (e.g., Praxair, Inc. (“Praxair”)) and healthcare (e.g., Gilead Sciences, Inc. (“Gilead”)) and our cash position. Praxair, a producer and distributor of industrial gases, held up relatively well because its stable business model emphasizes long-term contracts. We believe this will help the company maintain its already strong market share. Gilead, a biopharmaceutical company working on treatments for cures to life-threatening diseases, has benefited from competitors’ mergers, which reduced its competition. Our goal is to be fully invested at all times, and cash has historically averaged less than 5% of portfolio assets. However, as market conditions worsened, we let our cash position build slightly so that we could redeploy the assets in attractive new opportunities as they arose.

We believe a consumer-driven recession has already arrived. We believe the federal government’s $700-billion rescue of the financial services sector, the biggest government intervention in the financial system since the 1930s, should provide some much-needed rationality in the markets. We believe it should help to rebuild trust among financial institutions and serve to shorten or at least reduce the severity of the recession. In the interim, high levels of market volatility likely will persist. The portfolio is populated with stocks of companies that, in our opinion, have capable management teams, strong balance sheets and highly competitive positions, and we believe stand to benefit from long-term secular trends.

Gary U. Rollé, CFA
Geoffrey I. Edelstein, CFA, CIC
Edward S. Han
John J. Huber, CFA
Peter O. Lopez
Eric U. Rollé

Co-Portfolio Managers
Transamerica Investment Management, LLC



Transamerica Funds		Annual Report 2008

Transamerica Equity

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2008


							From
	1 Year			5 Years			Inception			Inception Date

Class A (NAV)		(43.25	)%		0.46	%		(4.00	)%		3/1/00
Class A (POP)		(46.36	)%		(0.68	)%		(4.62	)%		3/1/00
Russell 1000 Growth ¹		(36.95	)%		(1.29	)%		(7.31	)%		3/1/00


Class B (NAV)		(43.63	)%		(0.29	)%		(4.66	)%		3/1/00
Class B (POP)		(46.45	)%		(0.49	)%		(4.66	)%		3/1/00


Class C (NAV)		(43.61	)%		(0.23	)%		3.75	%		11/11/02
Class C (POP)		(44.17	)%		(0.23	)%		3.75	%		11/11/02


Class I (NAV)		(42.85	)%		N/A			(8.51	)%		11/15/05


Class T (NAV)		(42.92	)%		N/A			(15.86	)%		10/27/06
Class T (POP)		(47.76	)%		N/A			(19.49	)%		10/27/06

NOTES


¹		The Russell 1000 Growth Index is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. You cannot invest directly in an index.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on fund distributions or the redemption of fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamericafunds.com for performance data current to the most recent month-end. Public Offering Price (POP) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for A shares (8.5% for Class T) or the maximum applicable contingent deferred sales charge (5% in the 1st year, decreasing to 0% after 6 years) for Class B shares and 1% (during the first 12 months) for Class C shares. Shares purchased prior to March 1, 2004 are subject to a maximum applicable contingent deferred sales charge (5% in the 1st year, decreasing to 0% after 7 years) for Class B shares and (2% in the 1st year, decreasing to 0% after 2 years) for Class C shares. Net Asset Value (NAV) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges.

This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives and policies of this Fund. Class T is closed to new investments.



Transamerica Funds		Annual Report 2008

Transamerica Equity

UNDERSTANDING YOUR FUND’S EXPENSES
(unaudited)
SHAREHOLDER EXPENSES

The Example is based on an investment of $1,000 invested at May 1, 2008 and held for the entire period until October 31, 2008.

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES


	Beginning		Ending		Annualized			Expenses
	Account		Account		Expense			Paid During
	Value		Value		Ratio			Period (a)

Class A
Actual	$	1,000.00	$	643.19		1.40	%	$	5.78
Hypothetical (b)		1,000.00		1,018.10		1.40			7.10

Class B
Actual		1,000.00		641.36		2.17			8.95
Hypothetical (b)		1,000.00		1,014.23		2.17			10.99

Class C
Actual		1,000.00		641.44		2.03			8.38
Hypothetical (b)		1,000.00		1,014.93		2.03			10.28

Class I
Actual		1,000.00		646.02		0.74			3.06
Hypothetical (b)		1,000.00		1,021.42		0.74			3.76

Class T
Actual		1,000.00		645.31		0.88			3.64
Hypothetical (b)		1,000.00		1,020.71		0.88			4.47


(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 (184 days), and divided by the number of days in the year (366 days).

(b)		5% return per year before expenses.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS

By Sector

At October 31, 2008

(unaudited)

This chart shows the percentage breakdown by Sector of the Fund’s total investment securities. Percentage breakdown of the Short-term category includes Securities Lending Collateral.



Transamerica Funds		Annual Report 2008

Transamerica Equity

SCHEDULE OF INVESTMENTS
At October 31, 2008
(all amounts except share amounts in thousands)


	Shares		Value

COMMON STOCKS (92.7%)
Aerospace & Defense (6.2%)
Boeing Co.		327,000	$	17,092
Raytheon Co.		875,000		44,721
Air Freight & Logistics (2.9%)
Expeditors International of Washington, Inc.		875,000		28,569
Auto Components (4.5%)
BorgWarner, Inc.		793,400		17,828
Johnson Controls, Inc. ^		1,515,200		26,865
Automobiles (1.9%)
Daimler AG ^		550,000		18,975
Biotechnology (5.1%)
Gilead Sciences, Inc. ‡ ^		1,100,000		50,435
Capital Markets (3.0%)
T. Rowe Price Group, Inc. ^		765,832		30,281
Chemicals (12.0%)
Ecolab, Inc.		670,000		24,964
Praxair, Inc.		940,000		61,241
Sigma-Aldrich Corp. ^		770,000		33,772
Commercial Banks (3.2%)
Wells Fargo & Co. ^		925,000		31,496
Communications Equipment (5.1%)
Qualcomm, Inc.		1,100,000		42,086
Research In Motion, Ltd. ‡		185,000		9,330
Computers & Peripherals (4.5%)
Apple, Inc. ‡		422,000		45,403
Construction & Engineering (3.3%)
Jacobs Engineering Group, Inc. ‡		900,000		32,787
Consumer Finance (1.5%)
American Express Co. ^		560,000		15,400
Diversified Financial Services (2.3%)
CME Group, Inc. -Class A ^		81,000		22,854
Diversified Telecommunication Services (2.6%)
AT&T, Inc.		980,000		26,235
Electronic Equipment & Instruments (3.5%)
Tyco Electronics, Ltd.		1,780,000		34,603
Energy Equipment & Services (1.8%)
Schlumberger, Ltd.		343,000		17,716
Health Care Equipment & Supplies (6.0%)
Becton Dickinson & Co.		372,750		25,869
Varian Medical Systems, Inc. ‡		745,000		33,905
Industrial Conglomerates (3.3%)
General Electric Co.		1,700,000		33,167
Internet & Catalog Retail (4.2%)
Amazon.com, Inc. ‡ ^		725,000		41,499
Internet Software & Services (3.8%)
Google, Inc. -Class A ‡		105,000		37,733
Machinery (4.6%)
Caterpillar, Inc.		457,000		17,444
PACCAR, Inc. ^		980,000		28,655
Oil, Gas & Consumable Fuels (1.0%)
Petroleo Brasileiro SA ADR		360,000		9,680
Pharmaceuticals (2.2%)
Allergan, Inc.		560,000		22,215
Road & Rail (4.2%)
Union Pacific Corp.		635,000		42,399

Total Common Stocks (cost $1,141,131)				925,219


	Principal		Value

REPURCHASE AGREEMENT (13.3%)
State Street Repurchase Agreement 0.15%, dated 10/31/2008, to be repurchased at $132,589 on 11/03/2008 ◊ •	$	132,587		132,587

Total Repurchase Agreement (cost $132,587)				132,587


	Shares		Value

SECURITIES LENDING COLLATERAL (20.9%)
State Street Navigator Securities Lending Trust — Prime Portfolio, 2.71% ◊ ▲		208,081,714		208,082


Total Securities Lending Collateral (cost $208,082)				208,082


Total Investment Securities (cost $1,481,800) #			$	1,265,888


NOTES TO SCHEDULE OF INVESTMENTS:

^		All or a portion of this security is on loan. The value of all securities on loan is $203,507.

‡		Non-income producing security.

•		Repurchase agreement is collateralized by a U.S. Government Agency Obligation with an interest rate of 5.00%, and a maturity date of 12/01/2019, and with a market value plus accrued interest of $135,241.

◊		State Street Bank & Trust Company serves as the accounting, custody, and lending agent for the Fund and provides various services on behalf of the Fund.

▲		Interest rate shown reflects the yield at 10/31/2008.

#		Aggregate cost for federal income tax purposes is $1,489,991. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $55,657 and $279,760, respectively. Net unrealized depreciation for tax purposes is $224,103.

DEFINITION:

ADR American Depositary Receipt

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



Transamerica Funds		Annual Report 2008

Transamerica Flexible Income

(unaudited)

MARKET ENVIRONMENT

In the twelve months ended October 31, 2008, conditions in the economy and credit markets deteriorated, creating a very unstable environment for bond investors. The Barclays Capital (formerly Lehman Brothers) US Government/Credit Bond Index (“BCGC”) declined 1.06%.

What began as concerns about securities related to defaulting sub-prime mortgages escalated into a variety of increasingly severe crises. Overnight lending between banks, a vital part of maintaining the flow of capital in the financial system, was disrupted as banks increasingly worried about undisclosed risks from exotic securities and the financial strength and stability of other banks. As credit problems multiplied, financial institutions focused on preserving capital and were more selective about lending, making it more difficult for businesses to fund payroll, inventory and other near-term expenses.

The risk aversion eventually spread from Wall Street to Main Street, where it added to growing problems on the economic front. Throughout the period, the housing market continued to deteriorate, while commodity prices were volatile. Rising unemployment, coupled with lack of wage growth and tighter credit conditions, caused consumers to rein in their spending. The reduction in consumer spending, which is the backbone of the US economy, exacerbated problems further.

The Federal Reserve Board (“Fed”) and the US government intervened on several occasions, taking unprecedented measures to curb the crises, improve liquidity, and stimulate the economy. Among the many initiatives were new government-guaranteed loans, larger and more varied lending facilities for banks, and the federal bailout or takeover of major financial institutions. Even with the government’s intervention, the expectations of a global economic slowdown and US recession rose. Nearing the end of the period, investors flocked to the relative safety of US government debt, and Treasury yields declined rapidly. Finally, as concerns about how a slowing economy would affect mortgages and corporate profits, yields on other securities rose, and prices for most non-government securities fell.

PERFORMANCE

For the year ended October 31, 2008, Transamerica Flexible Income Class A returned (16.57)%. By comparison, its benchmark, the BCGC, returned (1.06)%.

STRATEGY REVIEW

Throughout the period, the portfolio generated competitive yields, aided by an overweighting in corporate bonds, an area where yields generally rose. However, as the market tumult came to a head and yield spreads between government and corporate bonds grew, this overweighting hindered performance. Although the overweighting in corporate bonds had a negative impact to performance, our selections within the group helped mitigate losses. We stayed away from the most distressed companies (i.e., Lehman Brothers Holdings Inc. (“Lehman Brothers”), American International Group, Inc. (“AIG”) and Washington Mutual, Inc.) and had no exposure to sub-prime mortgage securities.

Portfolio management responsibilities were transferred to a new team at Transamerica Investment Management, LLC as of October 1, 2008. The new team began repositioning the portfolio while maintaining the portfolio’s mandate of income generation. Our focus became less on corporate issues and more on a diversified pool of fixed-income generating assets, including agency mortgage backed securities (“MBS”). Agency MBS were less volatile than other fixed-income securities because the government, in bailing out the securities’ issuers, had strengthened its guarantee of these securities.

Derek S. Brown, CFA
Kirk J. Kim
Greg D. Haendel, CFA
Peter O. Lopez
Brian W. Westhoff, CFA

Co-Portfolio Managers
Transamerica Investment Management, LLC

Prior to October 1, 2008, Heidi Y. Hu, CFA was also a co-portfolio manager.



Transamerica Funds		Annual Report 2008

Transamerica Flexible Income

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2008


										From			Inception
	1 Year			5 Years			10 Years			Inception			Date

Class A (NAV)		(16.57	)%		(0.90	)%		2.44	%		5.59	%		6/29/87
Class A (POP)		(20.57	)%		(1.86	)%		1.94	%		5.35	%		6/29/87
Barclays Capital Government/Credit Bond Index¹		(1.06	)%		3.08	%		4.81	%		7.05	%		6/29/87


Class B (NAV)		(17.03	)%		(1.52	)%		1.90	%		3.53	%		10/1/95
Class B (POP)		(20.98	)%		(1.67	)%		1.90	%		3.53	%		10/1/95


Class C (NAV)		(16.98	)%		(1.52	)%		N/A			(0.44	)%		11/11/02
Class C (POP)		(17.77	)%		(1.52	)%		N/A			(0.44	)%		11/11/02


Class I (NAV)		(16.02	)%		N/A			N/A			(1.95	)%		11/8/04

NOTES


¹		The Barclays Capital Government/Credit Bond Index is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. You cannot invest directly in an index.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on fund distributions or the redemption of fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamericafunds.com for performance data current to the most recent month-end. Public Offering Price (POP) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 4.75% for A shares or the maximum applicable contingent deferred sales charge (5% in the 1st year, decreasing to 0% after 6 years) for Class B shares and 1% (during the first 12 months) for Class C shares. Shares purchased prior to March 1, 2004 are subject to a maximum applicable contingent deferred sales charge (5% in the 1st year, decreasing to 0% after 7 years) for Class B shares and (2% in the 1st year, decreasing to 0% after 2 years) for Class C shares. Net Asset Value (NAV) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges.

This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives and policies of this Fund.



Transamerica Funds		Annual Report 2008

Transamerica Flexible Income

UNDERSTANDING YOUR FUND’S EXPENSES
(unaudited)
SHAREHOLDER EXPENSES

The Example is based on an investment of $1,000 invested at May 1, 2008 and held for the entire period until October 31, 2008.

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES


	Beginning		Ending		Annualized			Expenses
	Account		Account		Expense			Paid During
	Value		Value		Ratio			Period (a)

Class A
Actual	$	1,000.00	$	851.44		1.40	%	$	6.52
Hypothetical (b)		1,000.00		1,018.10		1.40			7.10

Class B
Actual		1,000.00		848.53		2.04			9.48
Hypothetical (b)		1,000.00		1,014.88		2.04			10.33

Class C
Actual		1,000.00		849.61		1.97			9.16
Hypothetical (b)		1,000.00		1,015.23		1.97			9.98

Class I
Actual		1,000.00		853.58		0.78			3.63
Hypothetical (b)		1,000.00		1,021.22		0.78			3.96


(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 (184 days), and divided by the number of days in the year (366 days).

(b)		5% return per year before expenses.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS

By Asset Type

At October 31, 2008

(unaudited)

This chart shows the percentage breakdown by Asset Type of the Fund’s total investment securities. Percentage breakdown of the Short-term category includes Securities Lending Collateral.



Transamerica Funds		Annual Report 2008

Transamerica Flexible Income

SCHEDULE OF INVESTMENTS
At October 31, 2008
(all amounts except share amounts in thousands)


	Principal		Value

U.S. GOVERNMENT OBLIGATIONS (8.0%)
U.S. Treasury Bond
4.38%, due 02/15/2038 ^	$	2,517	$	2,525
U.S. Treasury Note
3.13%, due 09/30/2013		5,995		6,092
4.00%, due 08/15/2018 ^		3,800		3,805

Total U.S. Government Obligations (cost $12,492)				12,422


U.S. GOVERNMENT AGENCY OBLIGATIONS (7.6%)
Fannie Mae
5.00%, due 06/25/2019		4,231		4,234
5.50%, due 07/01/2038		5,169		5,052
Freddie Mac
6.16%, due 12/01/2036 *		2,575		2,612

Total U.S. Government Agency Obligations (cost $12,034)				11,898


FOREIGN GOVERNMENT OBLIGATION (2.6%)
U.K. Gilt
4.50%, due 03/07/2013 GBP		2,500		4,113

Total Foreign Government Obligation (cost $4,490)				4,113


MORTGAGE-BACKED SECURITIES (5.9%)
American Tower Trust
Series 2007-1A, Class C
5.62%, due 04/15/2037-144A	$	2,090		1,726
Citigroup/Deutsche Bank Commercial
Mortgage Trust
Series 2007-CD4, Class J
5.69%, due 12/11/2049-144A		4,750		1,253
Crown Castle Towers LLC
Series 2006-1A, Class C
5.47%, due 11/15/2036-144A		2,000		1,815
SBA CMBS Trust
Series 2006-1A, Class D
5.85%, due 11/15/2036-144A		2,054		1,778
Series 2006-1A, Class E
6.17%, due 11/15/2036-144A		1,460		1,227
Wachovia Bank Commercial Mortgage Trust
Series 2006-C28, Class H
5.97%, due 10/15/2048-144A		3,760		1,427

Total Mortgage-Backed Securities (cost $15,328)				9,226


CORPORATE DEBT SECURITIES (70.6%)
Aerospace & Defense (1.6%)
Embraer Overseas, Ltd.
6.38%, due 01/24/2017		1,487		967
Honeywell International, Inc.
2.88%, due 03/13/2009 *		1,520		1,477
Air Freight & Logistics (1.1%)
Federal Express Corp.
9.65%, due 06/15/2012		1,600		1,671
Airlines (1.2%)
Delta Air Lines, Inc.
6.82%, due 08/10/2022		2,805		1,823
Automobiles (2.0%)
Daimler Finance North America LLC
3.17%, due 03/13/2009 *		500		470
8.00%, due 06/15/2010 ^		3,000		2,651
Beverages (4.2%)
Brown-Forman Corp.
5.20%, due 04/01/2012		3,600		3,462
Sabmiller PLC
6.20%, due 07/01/2011 -144A		3,065		3,112
Building Products (1.6%)
CRH America, Inc.
5.30%, due 10/15/2013		3,140		2,525
Capital Markets (1.9%)
Lazard Group
7.13%, due 05/15/2015		3,750		2,950
Chemicals (1.8%)
Lubrizol Corp.
4.63%, due 10/01/2009 ^		2,000		1,927
Nalco Co.
7.75%, due 11/15/2011		1,000		910
Commercial Banks (2.4%)
Barclays Bank PLC
7.70%, due 04/25/2018 -144A ■ ^ Ž		2,850		1,978
M&I Marshall & Ilsley Bank
3.08%, due 12/04/2012*		2,000		1,561
Shinsei Finance Cayman, Ltd.
6.42%, due 07/20/2016 -144A ■ Ž		950		214
Construction Materials (1.2%)
Lafarge SA
7.13%, due 07/15/2036		2,600		1,864
Consumer Finance (1.2%)
Cardtronics, Inc.
9.25%, due 08/15/2013 *		835		655
HSBC Finance Capital Trust IX
5.91%, due 11/30/2035		2,250		1,229
Containers & Packaging (2.2%)
Rexam PLC
6.75%, due 06/01/2013 -144A		3,565		3,494
Diversified Financial Services (5.3%)
Galaxy Entertainment Finance Co., Ltd.
9.88%, due 12/15/2012 -144A		1,400		532
Glencore Funding LLC
6.00%, due 04/15/2014 -144A		3,950		3,734
Pemex Finance, Ltd.
9.03%, due 02/15/2011		3,175		3,199
Sensus Metering Systems, Inc.
8.63%, due 12/15/2013		1,000		820
Diversified Telecommunication Services (1.0%)
Verizon Communications, Inc.
8.75%, due 11/01/2018		1,500		1,532
Electric Utilities (5.9%)
DPL, Inc.
8.00%, due 03/31/2009		5,000		5,024
Sempra Energy
7.95%, due 03/01/2010		4,260		4,283
Food & Staples Retailing (3.0%)
Safeway, Inc.
4.95%, due 08/16/2010 ^		3,055		3,014
Stater Brothers Holdings, Inc.
8.13%, due 06/15/2012 ^		2,000		1,780
Food Products (1.6%)
ConAgra Foods, Inc.
9.75%, due 03/01/2021		325		335
Michael Foods, Inc.
8.00%, due 11/15/2013		2,575		2,227


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

Transamerica Funds		Annual Report 2008

Transamerica Flexible Income

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)


	Principal		Value

Gas Utilities (0.2%)
Intergas Finance BV
6.38%, due 05/14/2017 -144A	$	740	$	348
Hotels, Restaurants & Leisure (3.5%)
Carrols Corp.
9.00%, due 01/15/2013 ^		500		322
MGM Mirage, Inc.
8.50%, due 09/15/2010		2,000		1,385
Station Casinos, Inc.
6.88%, due 03/01/2016 ^		700		63
Yum! Brands, Inc.
8.88%, due 04/15/2011		3,575		3,665
Independent Power Producers & Energy Traders (3.5%)
AES Gener SA
7.50%, due 03/25/2014 ^		2,000		1,842
Empresa Nacional de Electricidad SA -Class B
8.50%, due 04/01/2009		3,600		3,632
Industrial Conglomerates (1.9%)
Hutchison Whampoa International, Ltd.
5.45%, due 11/24/2010 -144A		1,800		1,698
Susser Holdings LLC
10.63%, due 12/15/2013		1,412		1,200
Insurance (1.7%)
Oil Insurance, Ltd.
7.56%, due 06/30/2011 -144A ■ Ž		2,245		1,136
Reinsurance Group of America, Inc.
6.75%, due 12/15/2065 ■		2,730		1,573
IT Services (0.7%)
ACE Cash Express, Inc.
10.25%, due 10/01/2014 -144A		345		162
Aramark Corp.
8.50%, due 02/01/2015 ^		1,000		855
Machinery (2.0%)
Cummins, Inc.
5.65%, due 03/01/2098		1,000		697
Polypore, Inc.
8.75%, due 05/15/2012		1,550		1,240
Titan International, Inc.
8.00%, due 01/15/2012		1,200		1,068
Media (2.2%)
Comcast Cable Holdings LLC
9.80%, due 02/01/2012		2,000		2,023
Grupo Televisa SA
6.63%, due 03/18/2025		2,000		1,370
Multiline Retail (0.4%)
Neiman-Marcus Group, Inc.
9.00%, due 10/15/2015 ^		1,000		685
Oil, Gas & Consumable Fuels (7.6%)
Burlington Resources, Inc.
9.88%, due 06/15/2010		1,435		1,522
Enterprise Products Operating, LP
8.38%, due 08/01/2066 ■		2,150		1,596
Gazprom International SA
7.20%, due 02/01/2020 -144A		2,496		1,747
Markwest Energy Finance Corp.
8.50%, due 07/15/2016 ^		700		515
Opti Canada, Inc.
8.25%, due 12/15/2014 ^		1,800		1,071
PetroHawk Energy Corp.
9.13%, due 07/15/2013		1,255		966
Petroleum Development Corp.
12.00%, due 02/15/2018 ^		1,000		770
6.88%, due 07/15/2012		3,690		3,770
Paper & Forest Products (1.0%)
Exopack Holding, Inc.
11.25%, due 02/01/2014 ^		2,000		1,540
Professional Services (0.6%)
FTI Consulting, Inc.
7.75%, due 10/01/2016		1,000		928
Real Estate Investment Trusts (2.2%)
Healthcare Realty Trust, Inc.
8.13%, due 05/01/2011		1,480		1,521
Wea Finance LLC / WCI Finance LLC
5.40%, due 10/01/2012 -144A		2,100		1,831
Road & Rail (3.5%)
CSX Corp.
6.75%, due 03/15/2011 ^		3,875		3,740
Kansas City Southern Railway
7.63%, due 12/01/2013		2,110		1,651
Specialty Retail (0.2%)
Penske Auto Group, Inc.
7.75%, due 12/15/2016 ^		750		358
Tobacco (0.2%)
Alliance One International, Inc.
11.00%, due 05/15/2012		425		359

Total Corporate Debt Securities (cost $132,365)				110,269


	Shares		Value

PREFERRED STOCKS (1.4%)
Diversified Telecommunication Services (0.9%)
Centaur Funding Corp. 9.08%-144A ▲		1,661		1,399
Insurance (0.5%)
XL Capital, Ltd. 6.10% * ▲		113,800		712

Total Preferred Stocks (cost $4,941)				2,111


	Principal		Value

CONVERTIBLE BOND (1.3%)
Capital Markets (1.3%)
Merrill Lynch & Co., Inc.
Zero Coupon, due 03/13/2032	$	2,000		2,043

Total Convertible Bond (cost $2,010)				2,043


REPURCHASE AGREEMENT (0.7%)
State Street Repurchase Agreement
0.15%, dated 10/31/2008, to be repurchased
at $1,065 on 11/03/2008 ◊ •		1,065		1,065

Total Repurchase Agreement (cost $1,065)				1,065


	Shares		Value

SECURITIES LENDING COLLATERAL (10.5%)
State Street Navigator Securities Lending
Trust — Prime Portfolio, 2.71% ◊ ▲		16,417,280		16,417

Total Securities Lending Collateral (cost $16,417)				16,417


Total Investment Securities (cost $201,142) #			$	169,564


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

Transamerica Funds		Annual Report 2008

Transamerica Flexible Income

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)

FORWARD FOREIGN CURRENCY CONTRACTS: ■

Settlement

Amount in U.S.

Net Unrealized

Currency

(Sold)

Date

Dollars (Sold)

Appreciation

United Kingdom Pound

(2,587

)

01/30/2009

(4,192

)

NOTES TO SCHEDULE OF INVESTMENTS:


^		All or a portion of this security is on loan. The value of all securities on loan is $16,077.

*		Floating or variable rate note. Rate is listed as of 10/31/2008.

Ž		The security has a perpetual maturity. The date shown is the next call date.

■		Coupon rate is fixed for a predetermined period of time and then converts to a floating rate until maturity/call date. Rate is listed as of 10/31/2008.

•		Repurchase agreement is collateralized by a U.S. Government Agency Obligation with an interest rate of 5.89%, and a maturity date of 01/01/2037, and with a market value plus accrued interest of $1,088.

◊		State Street Bank & Trust Company serves as the accounting, custody, and lending agent for the Fund and provides various services on behalf of the Fund.

▲		Interest rate shown reflects the yield at 10/31/2008.

#		Aggregate cost for federal income tax purposes is $201,192. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $21 and $31,649, respectively. Net unrealized depreciation for tax purposes is $31,628.

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 10/31/2008, these securities aggregated $30,611, or 19.61% of the Fund’s net assets.

LLC		Limited Liability Company

LP		Limited Partnership

PLC		Public Limited Company

GBP		British Pound Sterling


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

Transamerica Funds		Annual Report 2008

Transamerica Growth Opportunities

(unaudited)

MARKET ENVIRONMENT

Faced with many challenges in the twelve months ended October 31, 2008, US equity indices delivered double-digit negative returns across the board. The Russell Midcap^® Growth Index (“Russell Midcap Growth”) declined 42.65%.

Throughout the period, problems plaguing the housing market continued, while commodity prices first soared then plummeted. Meanwhile, what began as concerns about securities related to defaulting sub-prime mortgages escalated into a variety of increasingly severe crises in the markets where banks lend to each other and to businesses, causing extreme disruption in both US and foreign financial markets. As the problems multiplied, financial institutions tightened their lending standards. This made it more difficult for companies to fund payroll, inventory and other near-term expenses in the face of high borrowing costs. Consumers, already feeling the effects of higher energy and food prices, rising unemployment and lack of wage growth, also found it more difficult to borrow. Although the Federal Reserve Board (“Fed”) and the U.S. government intervened to restore confidence in the financial systems, the US headed toward recession and expectations of a global economic slowdown rose.

PERFORMANCE

For the year ended October 31, 2008, Transamerica Growth Opportunities Class A returned (42.37)%. By comparison, its benchmark, the Russell Midcap Growth, returned (42.65)%.

STRATEGY REVIEW

We attribute the outperformance primarily to stock selections in the producer durables (e.g., W.W. Grainger, Inc. (“Grainger”)), automotive/transportation (e.g., C.H. Robinson Worldwide, Inc. (“C.H. Robinson”)) and consumer discretionary (e.g., Strayer Education, Inc. (“Strayer”)) sectors. Grainger, a building maintenance supply company, has implemented improvement projects within its businesses. This company-specific catalyst enabled Grainger to take market share from smaller competitors that lacked financing opportunities. C.H. Robinson, a freight-logistics company, has been investing in the latest shipping technologies and is taking market share from under-financed competitors. Strayer, a leader in undergraduate and graduate degree programs for working adults, continued to achieve consistent growth, aided in part by the fact that, during periods of economic weakness and when jobs are scarcer, people tend to focus on improving their skills.

Because cash outperformed stocks, a modest cash position at certain times also was a net contributor to performance. Our goal is to be fully invested at all times. However, as certain of our long-term investment themes matured amidst the market volatility, we sold holdings and allowed cash to build modestly, biding our time briefly before buying into new opportunities that became available at more attractive prices as the market fell.

The largest detractors from relative performance were holdings in the healthcare (e.g., ArthroCare Corporation (“ArthroCare”)), technology (e.g., SiRF Technology Holdings, Inc. (“SiRF”)) and consumer staples (e.g., Whole Foods Market, Inc. (“Whole Foods”)) sectors. ArthroCare, which develops medical devices for use in soft-tissue surgery, restated company financials. SiRF, a maker of global positioning systems (“GPS”) semiconductor chips, lost ground as it became apparent that the commoditization of GPS chips was occurring more rapidly than we anticipated. Results for Whole Foods, the organic food grocer, weakened as a slowdown in consumer spending spread to luxury items. We sold all three stocks.

Edward S. Han
John J. Huber, CFA

Co-Portfolio Managers
Transamerica Investment Management, LLC



Transamerica Funds		Annual Report 2008

Transamerica Growth Opportunities

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2008


							From			Inception
	1 Year			5 Years			Inception			Date

Class A (NAV)		(42.37	)%		2.00	%		(4.73	)%		3/1/00
Class A (POP)		(45.52	)%		0.84	%		(5.35	)%		3/1/00
Russell Midcap Growth ¹		(42.65	)%		(0.18	)%		(6.16	)%		3/1/00


Class B (NAV)		(42.82	)%		1.15	%		(5.42	)%		3/1/00
Class B (POP)		(45.68	)%		0.96	%		5.42	)%		3/1/00


Class C (NAV)		(42.64	)%		1.25	%		4.93	%		11/11/02
Class C (POP)		(43.22	)%		1.25	%		4.93	%		11/11/02


Class I (NAV)		(41.85	)%		N/A			(5.58	)%		11/15/05

NOTES


¹		The Russell Midcap Growth Index is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. You cannot invest directly in an index.

This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives and policies of this Fund.



Transamerica Funds		Annual Report 2008

Transamerica Growth Opportunities

UNDERSTANDING YOUR FUND’S EXPENSES
(unaudited)
SHAREHOLDER EXPENSES

The Example is based on an investment of $1,000 invested at May 1, 2008 and held for the entire period until October 31, 2008.

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES


	Beginning		Ending		Annualized			Expenses
	Account		Account		Expense			Paid During
	Value		Value		Ratio			Period (a)

Class A
Actual	$	1,000.00	$	697.45		1.75	%	$	7.47
Hypothetical (b)		1,000.00		1,016.34		1.75			8.87

Class B
Actual		1,000.00		694.22		2.40			10.22
Hypothetical (b)		1,000.00		1,013.07		2.40			12.14

Class C
Actual		1,000.00		696.04		2.33			9.93
Hypothetical (b)		1,000.00		1,013.42		2.33			11.79

Class I
Actual		1,000.00		700.62		0.84			3.59
Hypothetical (b)		1,000.00		1,020.91		0.84			4.27


(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 (184 days), and divided by the number of days in the year (366 days).

(b)		5% return per year before expenses.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS

By Sector

At October 31, 2008

(unaudited)

This chart shows the percentage breakdown by Sector of the Fund’s total investment securities. Percentage breakdown of the Short-term category includes Securities Lending Collateral.



Transamerica Funds		Annual Report 2008

Transamerica Growth Opportunities

SCHEDULE OF INVESTMENTS
At October 31, 2008
(all amounts except share amounts in thousands)


	Shares		Value

COMMON STOCKS (96.8%)
Aerospace & Defense (3.7%)
Precision Castparts Corp.		63,800	$	4,135
Rockwell Collins, Inc.		45,300		1,687
Air Freight & Logistics (7.5%)
CH Robinson Worldwide, Inc. ^		150,400		7,788
Expeditors International of Washington, Inc. ^		124,900		4,078
Auto Components (2.7%)
BorgWarner, Inc.		192,300		4,321
Capital Markets (5.4%)
Greenhill & Co., Inc. ^		62,930		4,151
T. Rowe Price Group, Inc. ^		112,930		4,465
Commercial Banks (3.6%)
Cullen/Frost Bankers, Inc. ^		50,700		2,838
Signature Bank ‡ ^		86,000		2,802
Commercial Services & Supplies (0.8%)
Ritchie Bros. Auctioneers, Inc. ^		67,500		1,253
Communications Equipment (2.8%)
Polycom, Inc. ‡ ^		211,000		4,433
Construction & Engineering (2.4%)
Jacobs Engineering Group, Inc. ‡		103,400		3,767
Diversified Consumer Services (6.9%)
Strayer Education, Inc. ^		48,100		10,884
Diversified Financial Services (2.1%)
CME Group, Inc. -Class A ^		12,000		3,386
Electronic Equipment & Instruments (3.4%)
FLIR Systems, Inc. ‡ ^		41,700		1,339
Trimble Navigation, Ltd. ‡ ^		201,000		4,135
Energy Equipment & Services (2.3%)
Cameron International Corp. ‡ ^		148,000		3,590
Health Care Equipment & Supplies (5.8%)
Idexx Laboratories, Inc. ‡		54,800		1,928
Intuitive Surgical, Inc. ‡ ^		27,700		4,786
Varian Medical Systems, Inc. ‡ ^		56,300		2,562
Health Care Technology (0.9%)
Cerner Corp. ‡ ^		38,000		1,415
Hotels, Restaurants & Leisure (1.1%)
Burger King Holdings, Inc. ^		85,700		1,704
Internet Software & Services (0.4%)
Valueclick, Inc. ‡ ^		96,000		710
IT Services (3.6%)
Alliance Data Systems Corp. ‡ ^		37,200		1,866
NeuStar, Inc. -Class A ‡		197,000		3,881
Leisure Equipment & Products (1.0%)
Hasbro, Inc. ^		55,100		1,602
Life Sciences Tools & Services (6.2%)
Covance, Inc. ‡ ^		81,400		4,070
Techne Corp.		83,755		5,781
Machinery (6.3%)
Donaldson Co., Inc. ^		134,000		4,710
Kennametal, Inc.		213,000		4,520
PACCAR, Inc.		28,000		819
Oil, Gas & Consumable Fuels (0.8%)
Range Resources Corp.		31,300		1,321
Pharmaceuticals (1.4%)
Allergan, Inc.		56,900		2,257
Professional Services (1.2%)
FTI Consulting, Inc. ‡		31,700		1,847
Real Estate Investment Trusts (1.1%)
Plum Creek Timber Co., Inc. ^		48,600		1,812
Software (12.8%)
Activision Blizzard, Inc. ‡ ^		484,000		6,031
Adobe Systems, Inc. ‡		70,700		1,883
Informatica Corp. ‡ ^		132,000		1,855
Intuit, Inc. ‡ ^		238,000		5,964
Macrovision Solutions Corp. ‡ ^		104,000		1,152
Salesforce.com, Inc. ‡ ^		107,400		3,325
Specialty Retail (3.5%)
Guess, Inc. ^		257,900		5,614
Textiles, Apparel & Luxury Goods (1.8%)
Carter’s, Inc. ‡ ^		136,500		2,899
Trading Companies & Distributors (5.3%)
WW Grainger, Inc. ^		106,200		8,345

Total Common Stocks (cost $185,349)				153,711


	Principal		Value

REPURCHASE AGREEMENT (3.8%)
State Street Repurchase Agreement 0.15%, dated 10/31/2008, to be repurchased at $6,116 on 11/03/2008 ◊ •	$	6,116		6,116

Total Repurchase Agreement (cost $6,116)				6,116


	Shares		Value

SECURITIES LENDING COLLATERAL (25.2%)
State Street Navigator Securities Lending Trust — Prime Portfolio, 2.71% ◊ ▲		40,055,670		40,056

Total Securities Lending Collateral (cost $40,056)				40,056


Total Investment Securities (cost $231,521) #			$	199,883

NOTES TO SCHEDULE OF INVESTMENTS:


^		All or a portion of this security is on loan. The value of all securities on loan is $39,145.

‡		Non-income producing security.

•		Repurchase agreement is collateralized by a U.S. Government Agency Obligation with an interest rate of 5.00%, and a maturity date of 12/01/2019, and with a market value plus accrued interest of $6,239.

◊		State Street Bank & Trust Company serves as the accounting, custody, and lending agent for the Fund and provides various services on behalf of the Fund.

▲		Interest rate shown reflects the yield at 10/31/2008.

#		Aggregate cost for federal income tax purposes is $231,906. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $8,112 and $40,135, respectively. Net unrealized depreciation for tax purposes is $32,023.


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

Transamerica Funds		Annual Report 2008

Transamerica High Yield Bond

(unaudited)

MARKET ENVIRONMENT

The turmoil on Wall Street has now infected Main Street. What began as a sell-off in the small sub-prime mortgage market has snowballed into a global de-leveraging within the financial community. As underlying collateral erodes in price, asset write-downs have called many financial institutions’ capital adequacy into question. As these institutions struggle to maintain their balance sheet, the lifeline of credit to individuals and businesses alike has been all but terminated. The result has been a rapidly deteriorating real economy over the past few months with almost every economic indicator registering clear signs of impending recession.

The authorities have not been oblivious to the seizing-up of financial markets. All stops have been pulled out as the Federal Reserve Board (“Fed”) and US Treasury have introduced numerous and massive liquidity measures into the system to revive the ailing credit markets. The risk of a significant recession and an increasing number of defaults pose the most challenging risk to the portfolio over the next fiscal year.

PERFORMANCE

For the year ended October 31, 2008, Transamerica High Yield Bond Class A returned (25.46)%. By comparison, its benchmark, the Merrill Lynch High Yield Cash Pay Index (“Merrill Lynch High Yield”), returned (26.43)%.

STRATEGY REVIEW

The portfolio’s out-performance for the fiscal year versus Merrill Lynch High Yield was partially attributable to the portfolio’s underweight in CCC securities. For the year, we maintained the allocation to CCC securities in the range of 6-8% of portfolio assets, versus an 18-20% range of CCC securities for the benchmark. The Merrill Lynch CCC index under-performed BB’s by 15.5% and Single B’s by 12.0% during the one year period ended October 31, 2008.

The benefit from our over-weighting in higher rated securities was partially offset by underperformance of several sectors and securities. Negative sector contributors for the previous fiscal year include our over-weight in the gaming sector and underweight in wireless telecommunications. On an individual name basis, over-weight allocations to VeraSun Energy Corporation, R.H. Donnelley Corporation, Nuveen Investments, Inc., Idearc Inc., Smurfit-Stone Container Corporation, and The Bon-Ton Stores, Inc. hurt performance. Positive sector contributors include our underweight in automotive and banking, as well as an overweight in aerospace / defense.

We believe fundamentals will remain challenging over the next twelve months. Unemployment rates are increasing, consumers are retrenching, and profits are declining. The tight credit markets are forcing companies to re-evaluate all non-essential capital spending as access to capital is expensive for high quality companies and inaccessible for many lower quality high yield issuers. In addition, technicals in the high yield market remain very weak as aggressive selling by hedge funds and other levered investors force prices lower.

These weak fundamentals and technicals present a challenging backdrop for the high yield investing. However, the relentless selling has pushed valuations to levels never seen before in the high yield market. As of October 31, 2008, the high yield market is trading approximately 350bps wider than any previous time period.

Currently the portfolio is positioned relatively conservatively, with a low (6.2%) allocation to CCC securities. We believe this defensive positioning is prudent given the weak backdrop and forecast for defaults to increase dramatically from a low 3.1% trailing twelve month rate as of October 31, 2008. In addition, the BB and Single B sub-sectors appear to be the cheapest on a historical basis.

We believe our current strategy has the portfolio set to outperform in the current environment. However, we also believe the recent forced selling is creating opportunities and will look to capitalize on those opportunities as prices dramatically overshoot fair value.

David R. Halfpap, CFA
Bradley J. Beman, CFA, CPA
Benjamin D. Miller, CFA

Co-Portfolio Managers
AEGON USA Investment Management, LLC



Transamerica Funds		Annual Report 2008

Transamerica High Yield Bond

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2008


										From			Inception
	1 Year			5 Years			10 Years			Inception			Date

Class A (NAV)		(25.46	)%		(0.78	)%		2.01	%		6.61	%		6/14/85
Class A (POP)		(28.96	)%		(1.74	)%		1.51	%		6.39	%		6/14/85
Merrill Lynch U.S. High Yield, Cash Pay¹		(26.43	)%		0.18	%		2.88	%		7.58	%		6/14/85


Class B (NAV)		(26.04	)%		(1.50	)%		1.47	%		3.05	%		10/1/95
Class B (POP)		(29.50	)%		(1.65	)%		1.47	%		3.05	%		10/1/95


Class C (NAV)		(25.89	)%		(1.47	)%		N/A			1.76	%		11/11/02
Class C (POP)		(26.59	)%		(1.47	)%		N/A			1.76	%		11/11/02


Class I (NAV)		(25.05	)%		N/A			N/A			(2.72	)%		11/8/04

NOTES


¹		The Merrill Lynch U.S. High Yield, Cash Pay Index is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. You cannot invest directly in an index.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on fund distributions or the redemption of fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamericafunds.com for performance data current to the most recent month-end. Public Offering Price (POP) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 4.75% for A shares or the maximum applicable contingent deferred sales charge (5% in the 1st year, decreasing to 0% after 6 years) for Class B shares and 1% (during the first 12 months) for Class C shares. Shares purchased prior to March 1, 2004 are subject to a maximum applicable contingent deferred sales charge (5% in the 1st year, decreasing to 0% after 7 years) for Class B shares and (2% in the 1st year, decreasing to 0% after 2 years) for Class C shares. Net Asset Value (NAV) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges.

Investments in high-yield bonds (“junk bonds”) may be subject to greater volatility and risks as the income derived from these securities is not guaranteed and may be unpredictable. This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives and policies of this Fund.



Transamerica Funds		Annual Report 2008

Transamerica High Yield Bond

UNDERSTANDING YOUR FUND’S EXPENSES
(unaudited)
SHAREHOLDER EXPENSES

The Example is based on an investment of $1,000 invested at May 1, 2008 and held for the entire period until October 31, 2008.

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES


	Beginning		Ending		Annualized			Expenses
	Account		Account		Expense			Paid During
	Value		Value		Ratio			Period (a)

Class A
Actual	$	1,000.00	$	752.37		1.16	%	$	5.11
Hypothetical (b)		1,000.00		1,019.30		1.16			5.89

Class B
Actual		1,000.00		748.40		1.84			8.09
Hypothetical (b)		1,000.00		1,015.89		1.84			9.32

Class C
Actual		1,000.00		750.43		1.79			7.88
Hypothetical (b)		1,000.00		1,016.14		1.79			9.07

Class I
Actual		1,000.00		753.75		0.65			2.87
Hypothetical (b)		1,000.00		1,021.87		0.65			3.30


(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 (184 days), and divided by the number of days in the year (366 days).

(b)		5% return per year before expenses.



Transamerica Funds		Annual Report 2008

Transamerica High Yield Bond

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS

By Bond Credit Quality (Moody’s Ratings)

At October 31, 2008

(unaudited)

Credit Rating Definitions:


Aaa		Obligations rated Aaa are judged to be of the highest quality, with minimal credit risk.

Aa		Obligations rated Aa are judged to be of high quality, and are subject to very low credit risk, but their susceptibility to long-term risks appears somewhat greater.

A		Obligations rated A are considered upper-medium grade and are subject to low credit risk, but have elements present that suggest a susceptibility to impairment over the long term.

Baa		Obligations rated Baa are subject to moderate credit risk. They are considered medium-grade and as such may possess certain speculative characteristics.

Ba		Obligations rated Ba are judged to have speculative elements and are subject to substantial credit risk.

B		Obligations rated B are considered speculative, are subject to high credit risk, and have generally poor credit risk.

Caa		Obligations rated Caa are judged to be of poor standing, are subject to very high credit risk, and have extremely poor credit quality.

Ca		Obligations rated Ca are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest.

C		Obligations rated C are the lowest rated class of bonds and are typically in default, with little prospect for recovery of principal or interest.

NR		Not rated.

WR		Withdrawn rating.

Note: Moody’s appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category. Percentage breakdown of the NR category includes Securities Lending Collateral.



Transamerica Funds		Annual Report 2008

Transamerica High Yield Bond

SCHEDULE OF INVESTMENTS
At October 31, 2008
(all amounts except share amounts in thousands)


	Principal		Value

CORPORATE DEBT SECURITIES (92.8%)
Aerospace & Defense (2.6%)
Alliant Techsystems, Inc.
6.75%, due 04/01/2016	$	5,110	$	4,216
BE Aerospace, Inc.
8.50%, due 07/01/2018 ^		1,800		1,548
DRS Technologies, Inc.
6.88%, due 11/01/2013		2,725		2,698
L-3 Communications Corp.
6.13%, due 07/15/2013 ^		3,260		2,810
7.63%, due 06/15/2012		1,000		927
Auto Components (0.6%)
Lear Corp.
5.75%, due 08/01/2014 ^		3,955		1,582
TRW Automotive, Inc.
7.00%, due 03/15/2014 -144A ^ §		2,000		1,180
Automobiles (0.8%)
General Motors Corp.
7.13%, due 07/15/2013 ^		1,500		510
7.20%, due 01/15/2011 ^		5,265		2,132
8.25%, due 07/15/2023 ^		2,710		867
Beverages (1.8%)
Constellation Brands, Inc.
7.25%, due 09/01/2016		6,900		5,727
Cott Beverages USA, Inc.
8.00%, due 12/15/2011 ^		3,350		2,177
Building Products (1.3%)
Owens Corning, Inc.
7.00%, due 12/01/2036 *		3,690		2,337
Ply Gem Industries, Inc.
11.75%, due 06/15/2013		5,770		3,808
Capital Markets (0.3%)
Nuveen Investments, Inc.
10.50%, due 11/15/2015 -144A		4,310		1,164
Chemicals (2.4%)
Huntsman International LLC
7.38%, due 01/01/2015 ^ *		3,075		2,675
Huntsman LLC
11.63%, due 10/15/2010		965		955
Ineos Group Holdings PLC
8.50%, due 02/15/2016 -144A		2,570		951
Lyondellbasell Industries AF SCA
8.38%, due 08/15/2015 -144A		5,230		1,830
Noranda Aluminium Acquisition Corp.
6.83%, due 05/15/2015 *		1,800		810
Nova Chemicals Corp.
5.95%, due 11/15/2013 *		5,400		3,618
Commercial Banks (0.4%)
Wells Fargo Capital XV
9.75%, due 12/29/2049 Ž		2,000		1,940
Commercial Services & Supplies (1.0%)
Allied Waste North America, Inc.
7.88%, due 04/15/2013		4,905		4,562
Communications Equipment (0.3%)
Nortel Networks, Ltd.
9.00%, due 07/15/2011 *		1,230		667
10.75%, due 07/15/2016 -144A		1,820		960
Computers & Peripherals (1.0%)
Seagate Technology, Inc.
6.38%, due 10/01/2011		4,730		4,210
6.80%, due 10/01/2016		950		665
Consumer Finance (3.2%)
Ford Motor Credit Co. LLC
7.88%, due 06/15/2010		1,400		941
9.88%, due 08/10/2011 ^		8,575		5,404
GMAC LLC
6.75%, due 12/01/2014		10,164		5,133
7.25%, due 03/02/2011 ^		4,975		3,062
Containers & Packaging (3.4%)
Graphic Packaging International, Inc.
8.50%, due 08/15/2011 ^		5,885		4,914
Jefferson Smurfit Corp. US
8.25%, due 10/01/2012		7,745		3,950
Owens Brockway Glass Container, Inc.
6.75%, due 12/01/2014		5,535		4,788
8.25%, due 05/15/2013		2,000		1,870
Diversified Consumer Services (0.8%)
Service Corp. International
6.75%, due 04/01/2016		4,950		3,787
7.00%, due 06/15/2017		175		133
Diversified Financial Services (3.5%)
AES Red Oak LLC
9.20%, due 11/30/2029		2,125		1,817
CDX North America High Yield
8.88%, due 06/29/2013 -144A ^		10,000		8,300
Firekeepers Development Authority
13.88%, due 05/01/2015 -144A ^		2,800		1,988
Hawker Beechcraft Acquisition Company LLC
8.50%, due 04/01/2015		3,740		2,244
JPMorgan Chase & Co.
7.90%, due 04/30/2018 Ž		2,000		1,621
Diversified Telecommunication Services (5.9%)
Cincinnati Bell, Inc.
7.00%, due 02/15/2015		1,300		884
7.25%, due 07/15/2013		1,625		1,235
Fairpoint Communications, Inc.
13.13%, due 04/01/2018 -144A		5,020		3,539
Frontier Communications Corp.
6.63%, due 03/15/2015		1,360		972
9.00%, due 08/15/2031		5,415		2,924
Level 3 Financing, Inc.
9.25%, due 11/01/2014		2,500		1,425
Qwest Communications International, Inc.
7.50%, due 02/15/2014		7,515		5,130
Sprint Capital Corp.
6.90%, due 05/01/2019 ^		5,570		3,927
Telcordia Technologies, Inc.
8.50%, due 07/15/2012 -144A *		4,535		2,948
Windstream Corp.
8.63%, due 08/01/2016		5,250		3,964
Electric Utilities (2.5%)
Intergen NV
9.00%, due 06/30/2017 -144A		5,100		4,080
Ipalco Enterprises, Inc.
7.25%, due 04/01/2016 -144A		1,365		1,140
Texas Competitive Electric Holdings Co. LLC
10.25%, due 11/01/2015 -144A		8,545		6,516


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

Transamerica Funds		Annual Report 2008

Transamerica High Yield Bond

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)


	Principal		Value

Electronic Equipment & Instruments (0.5%)
NXP BV / NXP Funding LLC
7.50%, due 10/15/2013 ^ *	$	5,440	$	2,394
Food & Staples Retailing (1.1%)
Supervalu, Inc.
7.50%, due 11/15/2014		6,000		4,920
Food Products (3.3%)
Dean Foods Co.
7.00%, due 06/01/2016 ^		4,550		3,458
Del Monte Corp.
6.75%, due 02/15/2015		1,075		887
8.63%, due 12/15/2012 *		3,190		2,887
Dole Food Co., Inc.
7.25%, due 06/15/2010		2,300		1,679
Smithfield Foods, Inc.
7.75%, due 07/01/2017 ^		6,775		4,308
Tyson Foods, Inc.
7.00%, due 05/01/2018		2,400		1,628
Health Care Equipment & Supplies (1.9%)
Boston Scientific Corp.
6.25%, due 11/15/2015 *		4,100		3,300
Cooper Cos., Inc.
7.13%, due 02/15/2015		3,145		2,516
Universal Hospital Services, Inc.
6.30%, due 06/01/2015 *		1,500		1,020
8.50%, due 06/01/2015		2,300		1,840
Health Care Providers & Services (5.6%)
Community Health Systems, Inc.
8.88%, due 07/15/2015 ^		8,250		6,909
HCA, Inc.
9.25%, due 11/15/2016 ^		8,875		7,544
Omnicare, Inc.
6.13%, due 06/01/2013		3,900		3,198
6.88%, due 12/15/2015		600		462
US Oncology, Inc.
9.00%, due 08/15/2012		8,975		7,449
Hotels, Restaurants & Leisure (5.6%)
Harrah’s Operating Co., Inc.
10.75%, due 02/01/2016 -144A §		9,750		3,169
Mashantucket Western Pequot Tribe
8.50%, due 11/15/2015 -144A		6,000		3,300
MGM Mirage, Inc.
5.88%, due 02/27/2014 ^		2,500		1,481
6.75%, due 04/01/2013 ^		3,000		1,875
7.50%, due 06/01/2016 ^		3,125		1,844
Mohegan Tribal Gaming Authority
7.13%, due 08/15/2014 ^		3,275		1,965
Royal Caribbean Cruises, Ltd.
7.00%, due 06/15/2013		4,850		3,371
Seminole Hard Rock Entertainment, Inc.
5.32%, due 03/15/2014 -144A *		5,955		3,930
Station Casinos, Inc.
6.00%, due 04/01/2012 ^		5,485		2,016
6.50%, due 02/01/2014 ^		2,620		285
Vail Resorts, Inc.
6.75%, due 02/15/2014 ^		1,325		1,014
Wynn Las Vegas Capital Corp.
6.63%, due 12/01/2014		2,200		1,623
Household Durables (3.4%)
Centex Corp.
4.55%, due 11/01/2010		1,400		1,092
5.25%, due 06/15/2015		925		546
5.70%, due 05/15/2014		2,000		1,340
DR Horton, Inc.
4.88%, due 01/15/2010		4,000		3,430
5.25%, due 02/15/2015		2,008		1,135
Jarden Corp.
7.50%, due 05/01/2017 ^		3,390		2,526
Meritage Homes Corp.
6.25%, due 03/15/2015		3,795		1,945
Pulte Homes, Inc.
5.20%, due 02/15/2015		2,000		1,240
7.88%, due 08/01/2011		2,500		2,119
Independent Power Producers & Energy Traders (3.3%)
Edison Mission Energy
7.50%, due 06/15/2013		3,725		3,138
7.75%, due 06/15/2016		2,000		1,605
LSP Energy, LP/LSP Batesville Funding Corp.
7.16%, due 01/15/2014		3,657		3,456
NRG Energy, Inc.
7.25%, due 02/01/2014		4,020		3,517
7.38%, due 01/15/2017		3,000		2,592
Insurance (0.2%)
American International Group, Inc.
8.25%, due 08/15/2018 -144A		2,000		824
IT Services (4.9%)
Aramark Corp.
8.50%, due 02/01/2015 ^		7,800		6,669
Broadridge Financial Solutions, Inc.
6.13%, due 06/01/2017		775		553
Ceridian Corp.
11.25%, due 11/15/2015 -144A		2,930		1,824
12.25%, due 11/15/2015 -144A Ώ ^		325		202
DI Finance/Dyncorp International
9.50%, due 02/15/2013 -144A		1,700		1,458
9.50%, due 02/15/2013		3,305		2,826
SunGard Data Systems, Inc.
9.13%, due 08/15/2013		5,360		4,449
10.25%, due 08/15/2015		450		315
Unisys Corp.
8.00%, due 10/15/2012 ^		2,750		1,736
12.50%, due 01/15/2016		3,200		2,232
Machinery (0.7%)
Case New Holland, Inc.
7.13%, due 03/01/2014		4,225		3,148
Media (8.2%)
Cablevision Systems Corp.
8.00%, due 04/15/2012 ^ *		1,729		1,455
CCH I LLC / CCH I Capital Corp.
11.00%, due 10/01/2015 ^		4,075		1,834
Charter Communications Operating LLC
8.38%, due 04/30/2014 -144A		3,500		2,537
CSC Holdings, Inc.
7.63%, due 07/15/2018		4,850		3,520
8.50%, due 06/15/2015 -144A		2,925		2,472
DEX Media, Inc.
8.00%, due 11/15/2013		2,500		550


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

Transamerica Funds		Annual Report 2008

Transamerica High Yield Bond

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)


	Principal		Value

Media (continued)
DIRECTV Financing Co.
7.63%, due 05/15/2016 -144A	$	2,035	$	1,709
8.38%, due 03/15/2013		3,850		3,609
Echostar DBS Corp.
6.63%, due 10/01/2014		3,740		3,001
7.00%, due 10/01/2013		1,045		867
7.75%, due 05/31/2015		3,080		2,502
Idearc, Inc.
8.00%, due 11/15/2016 ^		7,855		1,090
Intelsat Corp.
9.25%, due 06/15/2016 -144A		2,715		2,253
Intelsat Subsidiary Holding Co., Ltd.
8.50%, due 01/15/2013 -144A		1,420		1,235
Knight-Ridder, Inc.
5.75%, due 09/01/2017		1,675		486
Lamar Media Corp.
6.63%, due 08/15/2015		1,525		1,121
Liberty Media LLC
5.70%, due 05/15/2013 ^		2,500		1,739
Medianews Group, Inc.
6.88%, due 10/01/2013		1,500		142
Quebecor Media, Inc.
7.75%, due 03/15/2016		1,250		866
RH Donnelley Corp.
8.88%, due 10/15/2017 ^		90		19
11.75%, due 05/15/2015 -144A ^		8,507		3,318
Univision Communications, Inc.
9.75%, due 03/15/2015 -144A §		2,325		477
Videotron Ltee
6.88%, due 01/15/2014		1,825		1,515
Metals & Mining (0.6%)
Steel Dynamics, Inc.
7.38%, due 11/01/2012		3,950		2,938
Multiline Retail (0.2%)
Bon-Ton Department Stores, Inc.
10.25%, due 03/15/2014 ^		5,125		820
Multi-Utilities (0.3%)
CMS Energy Corp.
6.55%, due 07/17/2017		840		644
6.88%, due 12/15/2015		1,340		1,096
Oil, Gas & Consumable Fuels (10.7%)
Chesapeake Energy Corp.
6.88%, due 01/15/2016		2,000		1,605
7.00%, due 08/15/2014 ^		3,400		2,728
7.25%, due 12/15/2018		830		627
7.63%, due 07/15/2013		100		85
Cimarex Energy Co.
7.13%, due 05/01/2017		1,295		1,036
Connacher Oil And Gas, Ltd.
10.25%, due 12/15/2015 -144A		2,480		1,736
Dynegy Holdings, Inc.
7.50%, due 06/01/2015		2,975		2,172
7.75%, due 06/01/2019		4,440		2,975
El Paso Corp.
6.88%, due 06/15/2014		1,060		844
7.25%, due 06/01/2018 ^		3,100		2,325
Forest Oil Corp.
7.25%, due 06/15/2019 -144A		2,000		1,360
7.75%, due 05/01/2014		275		220
Kinder Morgan Finance Co.
5.70%, due 01/05/2016 ^		5,810		4,503
Mariner Energy, Inc.
8.00%, due 05/15/2017		1,555		917
Newfield Exploration Co.
6.63%, due 09/01/2014		2,175		1,680
7.13%, due 05/15/2018 ^		295		208
Opti Canada, Inc.
7.88%, due 12/15/2014		2,500		1,500
8.25%, due 12/15/2014		800		476
Peabody Energy Corp.
6.88%, due 03/15/2013		1,350		1,185
7.38%, due 11/01/2016		5,220		4,411
Pioneer Natural Resources Co.
6.65%, due 03/15/2017		3,225		2,429
Plains Exploration & Production Co.
7.00%, due 03/15/2017		1,700		1,113
7.75%, due 06/15/2015		3,450		2,518
Roseton/Danskammer
7.67%, due 11/08/2016		800		601
Sandridge Energy, Inc.
8.00%, due 06/01/2018 -144A		1,530		1,017
Tesoro Corp.
6.25%, due 11/01/2012		4,775		3,653
6.63%, due 11/01/2015 ^		675		459
Verasun Energy Corp.
9.38%, due 06/01/2017 ^ Џ		4,325		368
9.88%, due 12/15/2012 ^ Џ		3,140		1,287
Whiting Petroleum Corp.
7.00%, due 02/01/2014		3,830		2,719
Paper & Forest Products (4.2%)
Abitibi-Consolidated, Inc.
8.55%, due 08/01/2010 ^		1,460		365
8.85%, due 08/01/2030 ^		5,015		928
13.75%, due 04/01/2011 -144A		3,200		2,528
Boise Cascade LLC
7.13%, due 10/15/2014		896		502
Domtar Corp.
7.88%, due 10/15/2011		5,720		4,919
Georgia-Pacific LLC
7.00%, due 01/15/2015 -144A		7,825		5,751
7.13%, due 01/15/2017 -144A		1,153		801
Newpage Corp.
10.00%, due 05/01/2012		1,500		1,020
Westvaco Corp.
8.20%, due 01/15/2030 ^		2,300		1,837
Real Estate Investment Trusts (0.5%)
Host Hotels & Resorts, Inc.
7.13%, due 11/01/2013 ^		3,155		2,477
Real Estate Management & Development (0.4%)
Realogy Corp.
10.50%, due 04/15/2014 ^		5,305		1,698
Road & Rail (1.8%)
Avis Budget Car Rental
7.75%, due 05/15/2016 ^ *		6,020		2,197
Hertz Corp.
8.88%, due 01/01/2014		4,150		3,029
Kansas City Southern Railway
8.00%, due 06/01/2015		3,235		2,661


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

Transamerica Funds		Annual Report 2008

Transamerica High Yield Bond

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)


	Principal		Value

Semiconductors & Semiconductor Equipment (1.4%)
Freescale Semiconductor, Inc.
8.88%, due 12/15/2014	$	7,345	$	3,269
Spansion, Inc.
5.94%, due 06/01/2013 -144A *		3,960		851
Stats ChipPAC, Ltd.
6.75%, due 11/15/2011		2,750		2,337
Software (0.6%)
First Data Corp.
9.88%, due 09/24/2015		4,136		2,647
Textiles, Apparel & Luxury Goods (1.3%)
Levi Strauss & Co.
8.88%, due 04/01/2016 ^		1,200		786
9.75%, due 01/15/2015 ^		7,480		5,236
Wireless Telecommunication Services (0.3%)
Nextel Communications, Inc.
6.88%, due 10/31/2013		2,225		1,268

Total Corporate Debt Securities (cost $601,570)				424,030


REPURCHASE AGREEMENT (3.9%)
State Street Repurchase Agreement 0.15%, dated 10/31/2008, to be repurchased at $17,823 on 11/03/2008. ◊ •	$	17,823	$	17,823

Total Repurchase Agreement (cost $17,823)				17,823


	Shares		Value

SECURITIES LENDING COLLATERAL (14.6%)
State Street Navigator Securities Lending Trust — Prime Portfolio, 2.71% ◊ ▲		66,811,083		66,811

Total Securities Lending Collateral (cost $66,811)				66,811


Total Investment Securities (cost $686,204)			$	508,664

NOTES TO SCHEDULE OF INVESTMENTS:


^		All or a portion of this security is on loan. The value of all securities on loan is $65,402.

*		Floating or variable rate note. Rate is listed as of 10/31/2008.

Ž		The security has a perpetual maturity. The date shown is the next call date.

Ώ		Payment in-kind.

Џ		In default.

•		Repurchase agreement is collateralized by a U.S. Government Agency Obligation with an interest rate of 4.00%, and a maturity date of 06/01/2014, and with a market value plus accrued interest of $18,179.

§		Illiquid. At 10/31/2008, these securities aggregated $4,826, or 1.06% of the Fund’s net assets.

◊		State Street Bank & Trust Company serves as the accounting, custody, and lending agent for the Fund and provides various services on behalf of the Fund.

▲		Interest rate shown reflects the yield at 10/31/2008.

#		Aggregate cost for federal income tax purposes is $686,319. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $919 and $178,574, respectively. Net unrealized depreciation for tax purposes is $177,655.

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 10/31/2008, these securities aggregated $77,348, or 16.89% of the Fund’s net assets.

LLC		Limited Liability Company

LP		Limited Partnership

PLC		Public Limited Company


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

Transamerica Funds		Annual Report 2008

Transamerica Legg Mason Partners All Cap

(unaudited)

MARKET ENVIRONMENT

The stock market experienced rising volatility during the last fiscal year, with this reaching very high levels toward the end of the year. Concerns over the financial conditions within the banking and financial services sectors led to sharp declines in most stock indices. Exacerbating the decline in equity values were the actions of hedge funds which apparently had to liquidate some of their major holdings in the last quarter of fiscal 2008.

Outside of the financial services sector, many companies are in the strongest cash and financial positions in history. There is a long list of publicly traded corporations whose enterprise values are less than equal to 90% of the total value of their common stocks. In other words, many companies have at least a net cash position of 10% of the value of their shares outstanding. Because of this, the market performance of many companies seemed divorced from reality as the fiscal year wore on. Economic uncertainties accounted for some of this but we believe the action of hedge funds was equally or more important. In recent years, hedge funds have made up an increasing percentage of daily trading and often times their focus is short-term in nature. The use of leverage by many hedge funds accentuated their effect on the stock market, especially during the third quarter in 2008.

Our principal response was to do our best to avoid the “problem companies” in fiscal 2008. In the last market cycle (2001-2002), the poster children for bad corporate behavior were Enron Corporation, WorldCom, and Adelphia Communications Corporation. During 2008, The Bear Stearns Companies Inc., American International Group, Inc., Lehman Brothers Holdings Inc., Federal National Mortgage Association (“Fannie Mae”) and Federal Home Loan Mortgage Corporation (“Freddie Mac”), the latter two Government Sponsored Enterprises all declared bankruptcy or were forced into receivership. We held none of these companies in the portfolio during the periods leading up to their bankruptcies.

With the stock market focusing on the credit and liquidity problems in the banking sector, we focused on those companies whose balance sheets were strong and whose longer term business prospects were sound, in our opinion. Although we are an all-cap manager, analysis suggested that larger companies represented a very attractive segment of the market on both relative and absolute basis. Larger companies seem as cheap as they have been at any time in the last 25 years. They now make up a larger percentage of our portfolios than at any time in the last 5 years.

PERFORMANCE

For the year ended October 31, 2008, Transamerica Legg Mason Partners All Cap Class A returned (35.81)%. By comparison, its benchmark, the Russell 3000 Index, returned (36.60)%.

STRATEGY REVIEW

For the fiscal year, stock selection in the financials and consumer staples sectors contributed to absolute performance while energy and information technology sectors detracted the most from absolute performance.

The top stock contributors to portfolio performance during the fiscal year were Wal-Mart Stores, Inc. (“Wal-Mart”), The Chubb Corporation (“Chubb”), Visa Inc., Verisign Inc., and AirTran Holdings Inc. The largest detractors from performance were Motorola, Inc.,Vodafone Group Plc — ADS, General Electric Company, Merrill Lynch & Co., Inc., and Samsung Electronics Co., Ltd. GDR (“Samsung”).

John J. Goode
Peter J. Hable

Co-Portfolio Managers
ClearBridge Advisors, LLC



Transamerica Funds		Annual Report 2008

Transamerica Legg Mason Partners All Cap

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2008


							From			Inception
	1 Year			5 Years			Inception			Date

Class A (NAV)		(35.81	)%		(1.12	)%		3.47	%		3/1/99
Class A (POP)		(39.33	)%		(2.23	)%		2.87	%		3/1/99
Russell 3000 ¹		(36.60	)%		0.46	%		(0.15	)%		3/1/99


Class B (NAV)		(36.18	)%		(1.78	)%		2.91	%		3/1/99
Class B (POP)		(39.06	)%		(1.93	)%		2.91	%		3/1/99


Class C (NAV)		(36.17	)%		(1.74	)%		3.21	%		11/11/02
Class C (POP)		(36.75	)%		(1.74	)%		3.21	%		11/11/02

NOTES


¹		The Russell 3000 Index is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. You cannot invest directly in an index.

This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives and policies of this Fund.



Transamerica Funds		Annual Report 2008

Transamerica Legg Mason Partners All Cap

UNDERSTANDING YOUR FUND’S EXPENSES
(unaudited)
SHAREHOLDER EXPENSES

The Example is based on an investment of $1,000 invested at May 1, 2008 and held for the entire period until October 31, 2008.

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES


	Beginning		Ending		Annualized			Expenses
	Account		Account		Expense			Paid During
	Value		Value		Ratio			Period (a)

Class A
Actual	$	1,000.00	$	692.91		1.55	%	$	6.60
Hypothetical (b)		1,000.00		1,017.34		1.55			7.86

Class B
Actual		1,000.00		690.95		2.20			9.35
Hypothetical (b)		1,000.00		1,014.08		2.20			11.14

Class C
Actual		1,000.00		691.43		2.11			8.97
Hypothetical (b)		1,000.00		1,014.53		2.11			10.68


(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 (184 days), and divided by the number of days in the year (366 days).

(b)		5% return per year before expenses.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS

By Sector

At October 31, 2008

(unaudited)

This chart shows the percentage breakdown by Sector of the Fund’s total investment securities. Percentage breakdown of the Short-term category includes Securities Lending Collateral.



Transamerica Funds		Annual Report 2008

Transamerica Legg Mason Partners All Cap

SCHEDULE OF INVESTMENTS
At October 31, 2008
(all amounts except share amounts in thousands)


	Shares		Value

COMMON STOCKS (100.0%)
Aerospace & Defense (5.6%)
Boeing Co.		21,270	$	1,112
Honeywell International, Inc.		37,120		1,130
Raytheon Co.		40,360		2,063
Air Freight & Logistics (2.2%)
United Parcel Service, Inc. -Class B ^		31,900		1,684
Building Products (0.4%)
Simpson Manufacturing Co., Inc. ^		13,130		302
Capital Markets (1.3%)
Franklin Resources, Inc. ^		14,380		978
Chemicals (1.6%)
E.I. duPont de Nemours & Co. ^		39,250		1,256
Commercial Banks (4.6%)
Comerica, Inc. ^		35,170		970
East-West Bancorp, Inc. ^		18,105		314
State Street Corp. ◊		41,760		1,810
Synovus Financial Corp.		47,700		493
Communications Equipment (2.2%)
Cisco Systems, Inc. ‡		80,240		1,426
Telefonaktiebolaget LM Ericsson ADR ^		48,900		346
Computers & Peripherals (2.2%)
International Business Machines Corp. ^		17,980		1,672
Construction & Engineering (0.3%)
Perini Corp. ‡ ^		10,900		207
Consumer Finance (1.1%)
American Express Co.		30,750		846
Diversified Financial Services (4.8%)
Bank of America Corp. ^		35,700		863
JPMorgan Chase & Co.		68,860		2,840
Energy Equipment & Services (6.7%)
Baker Hughes, Inc. ^		32,500		1,136
Halliburton Co. ^		55,880		1,106
Schlumberger, Ltd. ^		28,340		1,464
Transocean, Inc. ^		6,936		571
Weatherford International, Ltd. ‡		53,120		897
Food & Staples Retailing (3.7%)
Wal-Mart Stores, Inc. ^		50,760		2,833
Food Products (4.1%)
Kraft Foods, Inc. -Class A ^		44,846		1,307
Unilever PLC ADR ^		41,609		939
Unilever PLC		41,575		934
Industrial Conglomerates (3.5%)
General Electric Co.		72,020		1,405
McDermott International, Inc. ‡		74,590		1,278
Insurance (5.3%)
Allied World Assurance Co. Holdings, Ltd.		15,670		502
Chubb Corp. ^		68,310		3,540
Internet Software & Services (1.4%)
eBay, Inc. ‡ ^		70,860		1,082
Life Sciences Tools & Services (1.0%)
ENZO Biochem, Inc. ‡ ^		136,137		785
Machinery (2.5%)
Caterpillar, Inc. ^		24,070		919
Dover Corp.		25,610		814
PACCAR, Inc. ^		6,000		175
Media (4.6%)
Time Warner, Inc. ^		137,170		1,384
Walt Disney Co. ^		82,840		2,146
Metals & Mining (1.4%)
Barrick Gold Corp.		37,290		847
Nucor Corp.		5,700		231
Oil, Gas & Consumable Fuels (4.4%)
Anadarko Petroleum Corp.		27,740		979
Chevron Corp.		9,960		743
ConocoPhillips		8,320		433
Exxon Mobil Corp. ^		12,760		946
Murphy Oil Corp. ^		3,800		192
Paper & Forest Products (1.1%)
Weyerhaeuser Co. ^		22,820		872
Pharmaceuticals (12.9%)
Abbott Laboratories		43,170		2,381
Johnson & Johnson		35,190		2,159
Merck & Co., Inc. ^		33,558		1,039
Novartis AG ADR		50,270		2,563
Wyeth		58,390		1,879
Professional Services (0.2%)
Robert Half International, Inc. ^		9,900		187
Real Estate Investment Trusts (0.1%)
LaSalle Hotel Properties		4,800		68
Semiconductors & Semiconductor Equipment (11.6%)
Applied Materials, Inc. ^		140,270		1,811
Novellus Systems, Inc. ‡ ^		63,030		996
Samsung Electronics Co., Ltd. -144A GDR		13,300		2,736
Taiwan Semiconductor Manufacturing
Co., Ltd. ADR		159,057		1,314
Texas Instruments, Inc.		102,470		2,004
Verigy, Ltd. ‡ ^		10,941		159
Software (3.1%)
Citrix Systems, Inc. ‡ ^		9,100		234
Lawson Software, Inc. ‡ ^		39,190		208
Microsoft Corp.		87,390		1,951
Specialty Retail (4.0%)
Gap, Inc. ^		56,030		725
Home Depot, Inc. ^		84,970		2,004
Penske Auto Group, Inc. ^		22,600		185
Williams-Sonoma, Inc. ^		26,160		217
Wireless Telecommunication Services (2.1%)
Vodafone Group PLC ADR		85,687		1,651

Total Common Stocks (cost $87,783)				77,243


	Principal		Value

REPURCHASE AGREEMENT (0.2%)
State Street Repurchase Agreement 0.15%, dated 10/31/2008, to be repurchased at $183 on 11/03/2008 ◊ •	$	183		183

Total Repurchase Agreement (cost $183)				183


	Shares		Value

SECURITIES LENDING COLLATERAL (25.9%)
State Street Navigator Securities Lending Trust — Prime Portfolio, 2.71% ◊ ▲		19,953,111		19,953

Total Securities Lending Collateral (cost $19,953)				19,953


Total Investment Securities (cost $107,919) #			$	97,379


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

Transamerica Funds		Annual Report 2008

Transamerica Legg Mason Partners All Cap

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)

NOTES TO SCHEDULE OF INVESTMENTS:


^		All or a portion of this security is on loan. The value of all securities on loan is $19,464.

‡		Non-income producing security.

•		Repurchase agreement is collateralized by a U.S. Government Agency Obligation with an interest rate of 5.00%, and a maturity date of 12/01/2019, and with a market value plus accrued interest of $187.

◊		State Street Bank & Trust Company serves as the accounting, custody, and lending agent for the Fund and provides various services on behalf of the Fund.

▲		Interest rate shown reflects the yield at 10/31/2008.

#		Aggregate cost for federal income tax purposes is $108,125. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $5,738 and $16,484, respectively. Net unrealized depreciation for tax purposes is $10,746.

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 10/31/2008, these securities aggregated $2,736, or 3.54% of the Fund’s net assets.

ADR		American Depositary Receipt

GDR		Global Depositary Receipt

PLC		Public Limited Company


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

Transamerica Funds		Annual Report 2008

Transamerica Money Market

UNDERSTANDING YOUR FUND’S EXPENSES
(unaudited)

SHAREHOLDER EXPENSES

The Example is based on an investment of $1,000 invested at May 1, 2008 and held for the entire period until October 31, 2008.

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES


	Beginning		Ending		Annualized			Expenses
	Account		Account		Expense			Paid During
	Value		Value		Ratio			Period (a)

Class A
Actual	$	1,000.00	$	1,008.96		0.83	%	$	4.19
Hypothetical (b)		1,000.00		1,020.96		0.83			4.22

Class B
Actual		1,000.00		1,005.64		1.48			7.46
Hypothetical (b)		1,000.00		1,017.70		1.48			7.51

Class C
Actual		1,000.00		1,005.81		1.48			7.46
Hypothetical (b)		1,000.00		1,017.70		1.48			7.51

Class I
Actual		1,000.00		1,010.62		0.48			2.43
Hypothetical (b)		1,000.00		1,022.72		0.48			2.44


(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 (184 days), and divided by the number of days in the year (366 days).

(b)		5% return per year before expenses.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS

By Industry

At October 31, 2008

(unaudited)

This chart shows the percentage breakdown by Industry of the Fund’s total investment securities.



Transamerica Funds		Annual Report 2008

Transamerica Money Market

SCHEDULE OF INVESTMENTS
At October 31, 2008
(all amounts except share amounts in thousands)


	Principal		Value

COMMERCIAL PAPER (100.1%)
Beverages (3.5%)
Coca-Cola Co.
1.90%, due 01/08/2009	$	3,550	$	3,537
2.25%, due 01/06/2009		5,900		5,876
Capital Markets (0.6%)
Merrill Lynch & Co., Inc.
2.75%, due 11/25/2008		1,500		1,497
Commercial Banks (22.2%)
Barclays Bank PLC
2.76%, due 11/13/2008		3,400		3,397
3.12%, due 11/24/2008		5,700		5,689
3.25%, due 11/18/2008		2,200		2,197
4.23%, due 11/14/2008		2,100		2,097
Canadian Imperial Holdings, Inc.
2.81%, due 11/05/2008		1,800		1,799
Royal Bank of Scotland PLC
2.63%, due 11/04/2008		3,400		3,399
2.75%, due 11/06/2008		1,900		1,899
2.85%, due 12/05/2008 - 12/10/2008		8,200		8,171
State Street Corp.
2.75%, due 11/26/2008 ◊		1,100		1,098
3.50%, due 11/17/2008 - 11/18/2008 ◊		12,300		12,281
Toronto-Dominion Holdings USA, Inc.
2.68%, due 11/17/2008 - 144A		2,000		1,998
UBS Finance, Inc.
2.80%, due 11/10/2008		1,800		1,799
3.16%, due 11/28/2008		3,900		3,891
3.65%, due 12/04/2008		2,900		2,890
4.05%, due 11/17/2008		4,800		4,791
Wells Fargo & Co.
2.59%, due 11/12/2008		2,500		2,498
Commercial Services & Supplies (1.8%)
Pitney Bowes, Inc.
2.05%, due 01/05/2009 - 144A		4,800		4,782
Computers & Peripherals (4.4%)
Hewlett-Packard Co.
2.20%, due 11/04/2008 - 11/10/2008 -144A		5,400		5,398
2.30%, due 11/03/2008 - 144A		6,600		6,599
Diversified Financial Services (55.5%)
Alpine Securitization
3.00%, due 11/13/2008 - 144A		4,750		4,745
3.25%, due 11/12/2008 - 144A		7,200		7,193
3.75%, due 12/03/2008 - 144A		1,400		1,395
American Honda Finance Corp.
2.25%, due 12/02/2008 - 12/03/2008		13,350		13,323
Bank of America Corp.
2.66%, due 11/03/2008		1,150		1,150
2.67%, due 12/09/2008		1,600		1,595
3.43%, due 12/15/2008		2,700		2,689
Caterpillar Financial Services Corp.
1.75%, due 11/10/2008 - 11/12/2008		3,000		2,998
1.80%, due 11/17/2008 - 11/20/2008		10,300		10,291
Ciesco LLC
2.75%, due 12/01/2008 - 144A		8,800		8,780
2.78%, due 11/04/2008 - 144A		500		500
3.00%, due 11/25/2008 - 144A		4,200		4,192
General Electric Capital Corp.
2.52%, due 11/20/2008		1,950		1,947
2.75%, due 11/24/2008 - 12/05/2008		8,500		8,483
MetLife Funding, Inc.
2.25%, due 12/03/2008		5,000		4,990
2.55%, due 11/21/2008		6,600		6,591
Old Line Funding LLC
2.70%, due 11/06/2008 - 144A		290		290
2.77%, due 11/07/2008 - 11/21/2008 -144A		4,450		4,447
3.50%, due 11/19/2008 - 144A		2,400		2,396
3.70%, due 11/17/2008 - 144A		1,300		1,298
4.10%, due 11/04/2008 - 144A		3,100		3,099
PACCAR Financial Corp.
2.05%, due 11/07/2008		5,800		5,798
2.15%, due 11/05/2008 - 11/10/2008		7,500		7,498
Rabobank USA Financial Corp.
2.20%, due 11/24/2008		1,600		1,598
2.68%, due 11/25/2008		5,500		5,490
3.20%, due 11/20/2008		6,300		6,289
Ranger Funding Co. LLC
2.58%, due 11/06/2008 - 144A		1,700		1,699
2.74%, due 11/19/2008 - 144A		2,200		2,197
2.75%, due 11/18/2008 - 144A		2,550		2,547
Toyota Motor Credit Corp.
2.52%, due 11/21/2008		1,550		1,548
2.85%, due 11/14/2008		5,700		5,694
3.00%, due 11/13/2008		5,700		5,694
Wal-Mart Funding Corp.
2.50%, due 11/18/2008 - 144A		13,350		13,334
Diversified Telecommunication Services (4.8%)
AT&T, Inc.
2.00%, due 12/04/2008 - 144A		8,250		8,235
2.10%, due 01/07/2009 - 144A		5,000		4,980
Food Products (2.9%)
Nestle Capital Corp.
2.17%, due 11/14/2008 - 144A		7,850		7,844
Multiline Retail (4.4%)
Walgreen Co.
1.75%, due 11/03/2008 - 144A		4,000		4,000
1.95%, due 11/06/2008 - 144A		4,100		4,099
2.00%, due 11/05/2008 - 144A		3,750		3,749

Total Commercial Paper (cost $272,268)				272,268


REPURCHASE AGREEMENT (0.7%)
State Street Repurchase Agreement
0.15%, dated 10/31/2008, to be repurchased at $1,865 on 11/03/2008 ◊ •		1,865		1,865

Total Repurchase Agreement (cost$1,865)				1,865


Total Investment Securities (cost $274,133) #			$	274,133

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



Transamerica Funds		Annual Report 2008

Transamerica Money Market

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)

NOTES TO SCHEDULE OF INVESTMENTS:


•		Repurchase agreement is collateralized by a U.S. Government Agency Obligation with an interest rate of 5.89%, and a maturity date of 01/01/2037, and with a market value plus accrued interest of $1,905.

◊		State Street Bank & Trust Company serves as the accounting, custody, and lending agent for the Fund and provides various services on behalf of the Fund.

#		Aggregate cost for federal income tax purposes is $274,133.

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 10/31/2008, these securities aggregated $109,796, or 40.38% of the Fund’s net assets.

LLC		Limited Liability Company

PLC		Public Limited Company

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



Transamerica Funds		Annual Report 2008

Transamerica Science & Technology

(unaudited)

MARKET ENVIRONMENT

Faced with many challenges in the twelve months ended October 31, 2008, US equity indices delivered double-digit negative returns across the board. The Dow Jones US Technology Index (“DJ Technology”) declined 40.90%.

Throughout the period, problems plaguing the housing market continued, while commodity prices first soared then plummeted. Meanwhile, what began as concerns about securities related to defaulting sub-prime mortgages escalated into a variety of increasingly severe crises in the markets where banks lend to each other and to businesses, causing extreme disruption in both US and foreign financial markets. As the problems multiplied, financial institutions tightened their lending standards. This made it more difficult for companies to fund payroll, inventory and other near-term expenses in the face of high borrowing costs. Consumers, who already were feeling the effects of higher energy and food prices and lack of wage growth, also found it more difficult to borrow. Although the Federal Reserve Board (“Fed”) and the US government intervened to restore confidence in the financial systems, the US headed toward recession and expectations of a global economic slowdown rose.

PERFORMANCE

For the year ended October 31, 2008, Transamerica Science & Technology Class A returned (48.18)%. By comparison, its benchmark, the DJ Technology, returned (40.90)%.

STRATEGY REVIEW

We position the portfolio to benefit from at least one of several long-term secular trends that we believe can be the source of strong growth for a company. Among these are the digitization of media for mass consumer adoption, and development and delivery of alternative energy and other environmental sustainability projects. Other trends underlying our stock selections are the unique application of technology to gain a competitive edge and the development of biotechnology products and treatments that improve the quality and efficacy of health care.

Despite our focus on these secular growth trends, the stocks in the portfolio were generally unable to withstand the broad-scale sell-off of technology stocks that occurred during the period. Driving that sell-off were hedge funds and other major holders of technology stocks that were forced to sell securities in order to raise capital.

The largest detractors from performance were technology sector holdings (e.g., SiRF Technology Holdings, Inc. (“SiRF”) and SunPower Corporation (“SunPower”)). We sold SiRF, a maker of global positioning systems (“GPS”) semiconductor chips, when it became apparent that the commoditization of GPS chips was occurring more rapidly than we anticipated. SunPower is a manufacturer and installer of solar power technologies. Its stock price fluctuated widely during the period as sales were affected by customers’ difficulty in obtaining financing and investors worried about the future of government subsidies for alternative energy. We maintained the position, in the belief that there will be aggressive pursuit of alternative energy technologies in the coming years.

These declines were partially offset by our overweighting and stock selection in the health care sector (e.g., NuVasive, Inc. (“NuVasive”) and Gilead Sciences, Inc. (“Gilead”)). NuVasive, a medical device company, is benefiting from advancements in spinal surgery techniques. Further, its business is relatively immune from cyclical economic trends. Gilead, a biopharmaceutical company working on treatments for cures to life-threatening diseases, has benefited from competitors’ mergers, which reduced its competition.

Kirk J. Kim
Joshua D. Shaskan, CFA
Jeffrey J. Hoo, CFA
Erik U. Rollé

Co-Portfolio Managers
Transamerica Investment Management, LLC

Prior to March 1, 2008, Gary V. Rollé, CFA was also a co-portfolio manager.



Transamerica Funds		Annual Report 2008

Transamerica Science & Technology

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2008


							From			Inception
	1 Year			5 Years			Inception			Date

Class A (NAV)		(48.18	)%		(3.63	)%		(13.50	)%		7/14/00
Class A (POP)		(51.03	)%		(4.72	)%		(14.08	)%		7/14/00
Dow Jones U.S. Technology¹		(40.90	)%		(2.59	)%		(12.97	)%		7/14/00


Class B (NAV)		(48.56	)%		(4.30	)%		(14.11	)%		7/14/00
Class B (POP)		(51.04	)%		(4.48	)%		(14.11	)%		7/14/00


Class C (NAV)		(48.46	)%		(4.29	)%		2.37	%		11/11/02
Class C (POP)		(48.96	)%		(4.29	)%		2.37	%		11/11/02


Class I (NAV)		(47.93	)%		N/A			(8.79	)%		11/15/05

NOTES


¹		The Dow Jones U.S. Technology Index is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. You cannot invest directly in an index.

This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives and policies of this Fund.



Transamerica Funds		Annual Report 2008

Transamerica Science & Technology

UNDERSTANDING YOUR FUND’S EXPENSES
(unaudited)

SHAREHOLDER EXPENSES

The Example is based on an investment of $1,000 invested at May 1, 2008 and held for the entire period until October 31, 2008.

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES


	Beginning		Ending		Annualized			Expenses
	Account		Account		Expense			Paid During
	Value		Value		Ratio			Period (a)

Class A
Actual	$	1,000.00	$	646.92		1.53	%	$	6.33
Hypothetical (b)		1,000.00		1,017.44		1.53			7.76

Class B
Actual		1,000.00		644.23		2.18			9.01
Hypothetical (b)		1,000.00		1,014.18		2.18			11.04

Class C
Actual		1,000.00		645.78		2.18			9.02
Hypothetical (b)		1,000.00		1,014.18		2.18			11.04

Class I
Actual		1,000.00		647.98		0.93			3.85
Hypothetical (b)		1,000.00		1,020.46		0.93			4.72


(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 (184 days), and divided by the number of days in the year (366 days).

(b)		5% return per year before expenses.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS

By Sector

At October 31, 2008

(unaudited)

This chart shows the percentage breakdown by Sector of the Fund’s total investment securities. Percentage breakdown of the Short-term category includes Securities Lending Collateral.



Transamerica Funds		Annual Report 2008

Transamerica Science & Technology

SCHEDULE OF INVESTMENTS
At October 31, 2008
(all amounts except share amounts in thousands)


	Shares		Value

COMMON STOCKS (91.9%)
Auto Components (1.3%)
BorgWarner, Inc. ^		29,793	$	669
Biotechnology (4.7%)
Gilead Sciences, Inc. ‡		54,800		2,513
Communications Equipment (11.2%)
F5 Networks, Inc. ‡		55,500		1,378
Polycom, Inc. ‡ ^		120,000		2,521
Qualcomm, Inc.		33,000		1,263
Research In Motion, Ltd. ‡ ^		15,500		782
Computers & Peripherals (10.4%)
Apple, Inc. ‡		21,935		2,360
Data Domain, Inc. ‡ ^		53,000		978
EMC Corp. ‡ ^		124,500		1,467
Hewlett-Packard Co.		21,000		804
Diversified Financial Services (3.3%)
CME Group, Inc. -Class A ^		6,300		1,778
Diversified Telecommunication Services (2.7%)
AT&T, Inc.		54,100		1,448
Electrical Equipment (3.7%)
Fuelcell Energy, Inc. ‡ ^		170,800		816
Sunpower Corp. -Class A ‡ ^		29,500		1,152
Electronic Equipment & Instruments (6.4%)
FLIR Systems, Inc. ‡ ^		70,000		2,247
Itron, Inc. ‡ ^		24,000		1,164
Health Care Equipment & Supplies (6.4%)
Intuitive Surgical, Inc. ‡ ^		9,700		1,676
NuVasive, Inc. ‡ ^		38,000		1,789
Internet & Catalog Retail (4.2%)
Amazon.com, Inc. ‡ ^		39,000		2,232
Internet Software & Services (10.4%)
Equinix, Inc. ‡ ^		17,000		1,061
Google, Inc. -Class A ‡		8,800		3,162
Omniture, Inc. ‡ ^		67,000		770
Vocus, Inc. ‡ ^		34,538		581
Machinery (1.7%)
Tennant Co. ^		35,500		891
Software (20.8%)
Activision Blizzard, Inc. ‡		108,000		1,346
Adobe Systems, Inc. ‡ ^		71,000		1,891
Informatica Corp. ‡ ^		117,000		1,644
Macrovision Solutions Corp. ‡ ^		129,500		1,435
Nintendo Co., Ltd. ADR		30,200		1,178
Nuance Communications, Inc. ‡ ^		140,000		1,281
Salesforce.com, Inc. ‡ ^		52,500		1,625
Ultimate Software Group, Inc. ‡ ^		56,500		753
Wireless Telecommunication Services (4.7%)
Metropcs Communications, Inc. ‡ ^		129,300		1,777
NII Holdings, Inc. ‡ ^		29,600		762

Total Common Stocks (cost$64,224)				49,194


	Principal		Value

REPURCHASE AGREEMENT (8.1%)
State Street Repurchase Agreement 0.15%, dated 10/31/2008, to be repurchased at $4,323 on 11/03/2008 ◊ •	$	4,323		4,323

Total Repurchase Agreement (cost $4,323)				4,323


	Shares		Value

SECURITIES LENDING COLLATERAL (24.7%)
State Street Navigator Securities Lending Trust — Prime Portfolio, 2.71% ◊ ▲		13,233,517		13,234

Total Securities Lending Collateral (cost $13,234)				13,234


Total Investment Securities (cost $81,781) #			$	66,751

NOTES TO SCHEDULE OF INVESTMENTS:


^		All or a portion of this security is on loan. The value of all securities on loan is $12,875.

‡		Non-income producing security.

•		Repurchase agreement is collateralized by a U.S. Government Agency Obligation with an interest rate of 5.00%, and a maturity date of 02/01/2019, and with a market value plus accrued interest of $4,409.

◊		State Street Bank & Trust Company serves as the accounting, custody, and lending agent for the Fund and provides various services on behalf of the Fund.

▲		Interest rate shown reflects the yield at 10/31/2008.

#		Aggregate cost for federal income tax purposes is $81,838. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $3,186 and $18,273, respectively. Net unrealized depreciation for tax purposes is $15,087.

DEFINITION:


ADR		American Depositary Receipt

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



Transamerica Funds		Annual Report 2008

Transamerica Short-Term Bond

(unaudited)

MARKET ENVIRONMENT

In the twelve months ended October 31, 2008, conditions in the economy and credit markets deteriorated, creating a very unstable environment for bond investors. What began as concerns about securities related to defaulting sub-prime mortgages escalated into a credit and economic crises. Overnight lending between banks, a vital part of maintaining the flow of capital in the financial system, was disrupted as banks increasingly worried about undisclosed risks from exotic securities and the financial strength and stability of other banks. As credit problems multiplied, financial institutions focused on preserving capital and were more selective about lending, making it more difficult for business and consumers to attain credit.

The Federal Reserve Board (“Fed”) and the US government intervened on several occasions, taking unprecedented measures to curb the crises, improve liquidity, and stimulate the economy. Among the many initiatives were new government-guaranteed loans, larger and more varied lending facilities for banks, and the takeover of major financial institutions. Even with the government’s intervention, the expectations of a global economic slowdown and US recession rose. Nearing the end of the period, investors flocked to the relative safety of US government debt. While treasury yields declined, concerns over corporate profitability in a slowing economy coupled with reduced liquidity caused the risk premiums to increase for most non-government securities. As this risk premium increased, prices for most non-government securities rose less than Treasuries and in some cases prices fell.

PERFORMANCE

For the year ended October 31, 2008, Transamerica Short-Term Bond Class A returned (1.70)%. By comparison, its benchmark, the Merrill Lynch US Corporate & Government 1-3 Year Index (“MLCG”), returned 3.97%.

STRATEGY REVIEW

Throughout the period, the portfolio generated competitive yields, aided by an overweighting in corporate bonds, an area where yields generally rose. However, as the market tumult came to a head and yield spreads between government and corporate bonds grew, this overweighting hindered performance even though we reduced our exposure to corporates throughout the period. The below-index duration of the portfolio made it less sensitive than the index to changes in interest rates. Therefore, it did not benefit as much as the index when bonds yields fell and bond prices, which move opposite to yields, rose. Helping to mitigate the underperformance were two factors. We were selective in our corporate bond positions, and had no exposure to sub-prime securities. Additionally, as corporate issues matured later in the period, we invested the proceeds into government agency mortgage-backed securities (“MBS”).

Agency MBS were less volatile than other fixed-income securities because the government, in taking over the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”), had strengthened its implied guarantee of these securities.

We believe a consumer-driven recession has already arrived. We believe the federal government’s $700-billion rescue of the financial services sector, combined with several other government actions, should provide some much-needed rationality in the markets. We believe it should help to rebuild trust among financial institutions and reduce the severity of the recession. In the interim, high levels of market volatility likely will persist.

Greg D. Haendel, CFA
Derek S. Brown, CFA

Co-Portfolio Managers
Transamerica Investment Management, LLC

Prior to October 1, 2008, Heidi Y. Hu, CFA was also a co-portfolio manager.



Transamerica Funds		Annual Report 2008

Transamerica Short-Term Bond

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2008


				From			Inception
	1 Year			Inception			Date

Class I (NAV)		(1.22	)%		2.09	%		11/8/04
Merrill Lynch U.S. Corporate & Government, 1-3 Yrs¹		3.97	%		3.97	%		11/1/07


Class A (NAV)		(1.70	)%		(1.70	)%		11/1/07
Class A (POP)		(4.19	)%		(4.19	)%		11/1/07


Class C (NAV)		(2.43	)%		(2.43	)%		11/1/07
Class C (POP)		(3.37	)%		(3.37	)%		11/1/07

NOTES


¹		The Merrill Lynch U.S. Corporate & Government, 1-3 Yrs Index is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. You cannot invest directly in an index.

This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives and policies of this Fund.



Transamerica Funds		Annual Report 2008

Transamerica Short-Term Bond

UNDERSTANDING YOUR FUND’S EXPENSES
(unaudited)

SHAREHOLDER EXPENSES

The Example is based on an investment of $1,000 invested at May 1, 2008 and held for the entire period until October 31, 2008.

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES


	Beginning		Ending		Annualized			Expenses
	Account		Account		Expense			Paid During
	Value		Value		Ratio			Period (a)

Class A
Actual	$	1,000.00	$	972.84		1.13	%	$	5.60
Hypothetical (b)		1,000.00		1,019.46		1.13			5.74

Class C
Actual		1,000.00		968.80		1.78			8.81
Hypothetical (b)		1,000.00		1,016.19		1.78			9.02

Class I
Actual		1,000.00		974.04		0.70			3.47
Hypothetical (b)		1,000.00		1,021.62		0.70			3.56


(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 (184 days), and divided by the number of days in the year (366 days).

(b)		5% return per year before expenses.



Transamerica Funds		Annual Report 2008

Transamerica Short-Term Bond

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS

By Bond Credit Quality (Moody’s ratings)

At October 31, 2008

(unaudited)

Credit Rating Definitions:


Aaa		Obligations rated Aaa are judged to be of the highest quality, with minimal credit risk.

Aa		Obligations rated Aa are judged to be of high quality, and are subject to very low credit risk, but their susceptibility to long-term risks appears somewhat greater.

A		Obligations rated A are considered upper-medium grade and are subject to low credit risk, but have elements present that suggest a susceptibility to impairment over the long term.

Baa		Obligations rated Baa are subject to moderate credit risk. They are considered medium-grade and as such may possess certain speculative characteristics.

Ba		Obligations rated Ba are judged to have speculative elements and are subject to substantial credit risk.

B		Obligations rated B are considered speculative, are subject to high credit risk, and have generally poor credit risk.

Caa		Obligations rated Caa are judged to be of poor standing, are subject to very high credit risk, and have extremely poor credit quality.

Ca		Obligations rated Ca are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest.

C		Obligations rated C are the lowest rated class of bonds and are typically in default, with little prospect for recovery of principal or interest.

NR		Not rated.

WR		Withdrawn rating.



Transamerica Funds		Annual Report 2008

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS
At October 31, 2008
(all amounts except share amounts in thousands)


	Principal		Value

U.S. GOVERNMENT AGENCY OBLIGATIONS (28.7%)
Fannie Mae
4.50%, due 03/25/2017 - 04/25/2030	$	22,933	$	22,760
5.00%, due 10/25/2032 - 06/25/2034		19,556		19,297
5.50%, due 03/25/2026		8,945		8,979
5.92%, due 07/01/2037 *		6,391		6,479
Freddie Mac
3.75%, due 12/15/2011		5,728		5,705
4.00%, due 10/15/2029		5,382		5,262
4.50%, due 02/15/2027		5,825		5,851
4.82%, due 06/01/2035 *		9,427		9,388
5.00%, due 06/15/2027 - 11/15/2032		22,985		22,854
5.50%, due 04/15/2024 - 01/15/2029		13,767		13,948
5.51%, due 08/01/2037 *		4,211		4,253
5.55%, due 02/01/2038 *		6,586		6,628
5.71%, due 03/01/2037 *		7,218		7,314
Ginnie Mae
4.50%, due 01/17/2033		6,343		6,329

Total U.S. Government Agency Obligations (cost $144,640)				145,047


MORTGAGE-BACKED SECURITIES (3.6%)
Crown Castle Towers LLC
Series 2006-1A, Class C
5.47%, due 11/15/2036-144A		5,000		4,538
Global Signal Trust
Series 2004-2A, Class D
5.09%, due 12/15/2014-144A		9,750		9,309
SBA CMBS Trust
Series 2006-1A, Class E
6.17%, due 11/15/2036-144A		5,000		4,201

Total Mortgage-Backed Securities (cost $19,611)				18,048


ASSET-BACKED SECURITIES (1.8%)
USAA Auto Owner Trust
Series 2007-2, Class A3
4.90%, due 02/15/2012		4,000		3,939
Series 2008-2, Class A2
3.91%, due 01/15/2011		5,000		4,962

Total Asset-Backed Securities (cost $8,999)				8,901


CORPORATE DEBT SECURITIES (63.4%)
Aerospace & Defense (1.0%)
BAE Systems PLC
6.40%, due 12/15/2011 -144A		5,000		5,154
Air Freight & Logistics (1.2%)
FedEx Corp.
3.50%, due 04/01/2009 ^		6,000		5,903
Airlines (0.6%)
Continental Airlines, Inc.
7.49%, due 10/02/2010		3,061		2,847
Automobiles (1.0%)
Daimler Finance North America LLC
7.20%, due 09/01/2009		5,200		4,827
Beverages (3.8%)
Coca-Cola Enterprises, Inc.
3.31%, due 05/06/2011 *		6,000		5,793
Diageo Capital PLC
4.38%, due 05/03/2010 ^		4,870		4,820
Molson Coors Capital Finance
4.85%, due 09/22/2010		6,000		6,010
Sabmiller PLC
6.20%, due 07/01/2011 -144A		2,301		2,337
Capital Markets (2.5%)
Merrill Lynch & Co., Inc.
4.61%, due 05/20/2009 *		5,000		4,993
State Street Capital Trust III
8.25%, due 03/15/2011 Ž ◊		3,000		2,584
Xstrata Finance Dubai, Ltd.
3.15%, due 11/13/2009 -144A *		5,000		4,910
Chemicals (2.2%)
ICI Wilmington, Inc.
4.38%, due 12/01/2008		5,002		5,001
Lubrizol Corp.
4.63%, due 10/01/2009		6,566		6,325
Commercial Banks (1.5%)
BNP Paribas
3.26%, due 06/04/2010 *		3,700		3,702
M&I Marshall & Ilsley Bank
3.08%, due 12/04/2012 *		5,390		4,208
Commercial Services & Supplies (0.5%)
Waste Management, Inc.
6.88%, due 05/15/2009 ^		2,355		2,371
Computers & Peripherals (1.0%)
Hewlett-Packard Co.
2.88%, due 06/15/2010 ^ *		5,199		5,062
Consumer Finance (2.3%)
American Express Credit Corp.
3.38%, due 02/24/2012 ^ *		4,300		3,094
Discover Financial Services
3.35%, due 06/11/2010 *		6,920		4,915
John Deere Capital Corp.
3.57%, due 06/10/2011 *		4,000		3,768
Containers & Packaging (0.6%)
Rexam PLC
6.75%, due 06/01/2013 -144A		2,950		2,891
Diversified Financial Services (1.1%)
Caterpillar Financial Services Corp.
5.05%, due 12/01/2010		3,000		2,932
Pemex Finance, Ltd.
9.03%, due 02/15/2011		2,700		2,720
Diversified Telecommunication Services (3.6%)
Telecom Italia Capital SA
4.00%, due 11/15/2008		8,010		8,000
Telefonica Europe BV
7.75%, due 09/15/2010		5,400		5,228
Verizon Global Funding Corp.
7.25%, due 12/01/2010		5,000		4,985
Electric Utilities (2.1%)
PSEG Power LLC
3.75%, due 04/01/2009		4,900		4,818
Sempra Energy
7.95%, due 03/01/2010		5,500		5,530
Food & Staples Retailing (1.5%)
Kroger Co.
8.05%, due 02/01/2010		5,012		5,036
Stater Brothers Holdings, Inc.
8.13%, due 06/15/2012		2,900		2,581
Food Products (3.5%)
Cargill, Inc.
3.63%, due 03/04/2009 -144A		5,000		4,928
ConAgra Foods, Inc.
7.88%, due 09/15/2010		4,880		4,856
General Mills, Inc.
4.19%, due 01/22/2010 *		5,200		5,143

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



Transamerica Funds		Annual Report 2008

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)


	Principal		Value

Food Products (continued)
Michael Foods, Inc.
8.00%, due 11/15/2013	$	3,215	$	2,781
Hotels, Restaurants & Leisure (0.5%)
Royal Caribbean Cruises, Ltd.
8.75%, due 02/02/2011 ^		3,000		2,580
Independent Power Producers & Energy Traders (1.9%)
Empresa Nacional de Electricidad SA
8.50%, due 04/01/2009		9,610		9,694
Industrial Conglomerates (1.2%)
Atmos Energy Corp.
4.00%, due 10/15/2009		1,840		1,735
Hutchison Whampoa International, Ltd.
5.45%, due 11/24/2010 -144A		5,000		4,718
Insurance (0.3%)
Oil Insurance, Ltd.
7.56%, due 06/30/2011 -144A ■ Ž		3,250		1,644
IT Services (1.1%)
Western Union Co.
5.40%, due 11/17/2011 ^		5,500		5,349
Machinery (0.5%)
Case New Holland, Inc.
6.00%, due 06/01/2009 ^		2,500		2,388
Media (3.8%)
British Sky Broadcasting Group PLC
8.20%, due 07/15/2009		6,000		5,947
Comcast Cable Communications LLC
6.88%, due 06/15/2009		5,500		5,455
Time Warner, Inc.
2.52%, due 11/13/2009 *		4,906		4,612
Walt Disney Co.
4.71%, due 07/16/2010 *		3,080		2,980
Metals & Mining (1.8%)
Arcelormittal
5.38%, due 06/01/2013 -144A		3,500		2,844
BHP Billiton Finance, Ltd.
5.00%, due 12/15/2010		6,000		5,959
Multiline Retail (0.3%)
Target Corp.
2.63%, due 08/07/2009 *		1,450		1,449
Office Electronics (0.8%)
Xerox Corp.
9.75%, due 01/15/2009 *		4,000		3,985
Oil, Gas & Consumable Fuels (7.0%)
Anadarko Petroleum Corp.
3.22%, due 09/15/2009 *		5,700		5,384
Burlington Resources Finance Co.
6.50%, due 12/01/2011		6,175		6,177
Enterprise Products Operating, LP
7.50%, due 02/01/2011 ^		6,100		6,030
Kinder Morgan Energy Partners, LP
6.30%, due 02/01/2009		3,200		3,188
Ras Laffan Liquefied Natural Gas Co., Ltd.
3.44%, due 09/15/2009 -144A		4,039		3,988
Transcanada Pipelines, Ltd.
6.49%, due 01/21/2009		5,000		5,016
XTO Energy, Inc.
5.00%, due 08/01/2010 ^		5,770		5,674
Real Estate Investment Trusts (7.6%)
BRE Properties, Inc.
5.75%, due 09/01/2009		10,000		9,762
Developers Divers Realty
4.63%, due 08/01/2010		1,043		918
Federal Realty Investment Trust
8.75%, due 12/01/2009		2,680		2,706
Healthcare Realty Trust, Inc.
8.13%, due 05/01/2011		3,000		3,083
Kimco Realty Corp.
4.62%, due 05/06/2010		5,000		4,789
PPF Funding, Inc.
5.35%, due 04/15/2012 -144A		4,000		3,772
ProLogis
5.25%, due 11/15/2010 ^		7,020		4,579
Simon Property Group, LP
3.75%, due 01/30/2009		5,335		5,270
Wea Finance LLC / WCI Finance LLC
5.40%, due 10/01/2012 -144A		5,000		4,358
Real Estate Management & Development (1.4%)
Colonial Realty, LP
4.75%, due 02/01/2010		2,380		2,242
Post Apartment Homes, LP
7.70%, due 12/20/2010 ^		5,000		5,220
Road & Rail (4.2%)
Burlington Northern Santa Fe Corp.
6.13%, due 03/15/2009		5,000		4,995
Erac USA Finance Co.
7.95%, due 12/15/2009 -144A		5,500		5,221
Norfolk Southern Corp.
6.20%, due 04/15/2009		6,000		5,979
Union Pacific Corp.
3.63%, due 06/01/2010		5,030		4,935
Wireless Telecommunication Services (1.0%)
Vodafone Group PLC
7.75%, due 02/15/2010 ^		5,000		4,861

Total Corporate Debt Securities (cost$339,994)				320,539


	Principal		Value

REPURCHASE AGREEMENT (1.3%)
State Street Repurchase Agreement 0.15%, dated 10/31/2008, to be repurchased at $6,737 on 11/03/2008 ◊ •		6,736		6,736

Total Repurchase Agreement (cost$6,736)				6,736


	Shares		Value

SECURITIES LENDING COLLATERAL (3.4%)
State Street Navigator Securities Lending Trust — Prime Portfolio, 2.71% ◊ ▲		17,209,058		17,209

Total Securities Lending Collateral (cost $17,209)				17,209


Total Investment Securities (cost $537,189) #			$	516,480

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



Transamerica Funds		Annual Report 2008

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)

FUTURES CONTRACTS:


									Net Unrealized
				Expiration					Appreciation
Description	Contracts ┌			Date		Amount			(Depreciation)

5-Year U.S. Note		(120	)		12/31/2008	$	(13,591	)	$	(160	)

						$	(13,591	)	$	(160	)

NOTES TO SCHEDULE OF INVESTMENTS:


*		Floating or variable rate note. Rate is listed as of 10/31/2008.

^		All or a portion of this security is on loan. The value of all securities on loan is $16,847.

Ž		The security has a perpetual maturity. The date shown is the next call date.

┌		Contract amounts are not in thousands.

■		Coupon rate is fixed for a predetermined period of time and then converts to a floating rate until maturity/call date. Rate is listed as of 10/31/2008.

•		Repurchase agreement is collateralized by U.S. Government Agency Obligations with interest rates ranging from 5.00% to 5.89%, maturity dates ranging between 12/01/2019 — 01/01/2037, and with market values plus accrued interests of $6,871.

◊		State Street Bank & Trust Company serves as the accounting, custody, and lending agent for the Fund and provides various services on behalf of the Fund.

▲		Interest rate shown reflects the yield at 10/31/2008.

#		Aggregate cost for federal income tax purposes is $537,272. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $1,089 and $21,881, respectively. Net unrealized depreciation for tax purposes is $20,792.

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 10/31/2008, these securities aggregated $64,813, or 12.83% of the Fund’s net assets.

LLC		Limited Liability Company

LP		Limited Partnership

PLC		Public Limited Company

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



Transamerica Funds		Annual Report 2008

Transamerica Small/Mid Cap Value

(unaudited)

MARKET ENVIRONMENT

Faced with many challenges in the twelve months ended October 31, 2008, US equity indices delivered double-digit negative returns across the board. The Russell 2500^® Value Index (“Russell 2500 Value”) declined 33.64%.

Throughout the period, problems plaguing the housing market continued, while commodity prices first soared then plummeted. Meanwhile, what began as concerns about securities related to defaulting sub-prime mortgages escalated into a variety of increasingly severe crises in the markets where banks lend to each other and to businesses, causing extreme disruption in both US and foreign financial markets. As the problems multiplied, financial institutions tightened their lending standards. This made it more difficult for companies to fund payroll, inventory and other near-term expenses in the face of high borrowing costs. Consumers, already feeling the effects of higher energy and food prices, rising unemployment and lack of wage growth, also found it more difficult to borrow. Although the Federal Reserve Board (“Fed”) and the US government intervened to restore confidence in the financial systems, the US headed toward recession and expectations of a global economic slowdown rose.

PERFORMANCE

For the year ended October 31, 2008, Transamerica Small/Mid Cap Value Class A returned (39.47)%. By comparison, its benchmark, the Russell 2500^® Value, returned (33.64)%.

STRATEGY REVIEW

The results reflect the impact of decisions made by the portfolio’s prior management team (through September 30, 2008) and decisions of a new management team thereafter. The portfolio’s underperformance can be attributed almost exclusively to overweighting energy and shipping-related stocks. As the financial crisis and economic turmoil increasingly spread across the globe, investors shunned the stocks over concerns that the global supply-demand ratios driving their growth will deteriorate temporarily, due to recession. The largest individual detractors from relative performance (versus the benchmark) included Aegean Marine Petroleum Network Inc., DryShips Inc., Genco Shipping & Trading Limited and McDermott International, Inc., an oil services company.

Management of the portfolio was transferred to a new team at Transamerica Investment Management, LLC as of October 1, 2008. The new team began repositioning the portfolio to be more diversified by sector and industry while keeping it relatively concentrated in 35 — 45 names. In selecting stocks to replace the energy, shipping and other stocks vulnerable to the slowing global economy, we focused on companies that derive more of their revenues from US sources. We believe that since the US was first to take action to stave off recession, it also will emerge from the economic downturn before others do.

While the new investment team believes that, in the long run, global economic growth will be strong, it also recognized that, in the near term, the financial crisis will greatly limit economic expansion. With that in mind, we (the new team) began partially and gradually repositioning the portfolio to be more diversified by sector and industry while maintaining a relatively concentrated portfolio.

Partially offsetting these declines were our selections in the producer durables and consumer discretionary (e.g., FTI Consulting, Inc. (“FTI Consulting”)) sectors and our cash position. FTI Consulting, a provider of advice on corporate governance, compliance and other strategic management issues, saw strong worldwide sales and benefited from distressed companies seeking its services in troubled times. Although our goal is to be fully invested at all times as market conditions worsened, we let our cash position build temporarily during October. Because cash outperformed stocks, this added to performance. It also made it possible to invest in new opportunities at very attractive prices as the market fell during that month.

Joshua D. Shaskan, CFA
Scott L. Dinsdale, CFA
Jeffrey J. Hoo, CFA
John D. Lawrence, CFA

Co-Portfolio Managers
Transamerica Investment Management, LLC

Prior to October 1, 2008, Michelle E. Stevens was the portfolio manager of the fund.



Transamerica Funds		Annual Report 2008

Transamerica Small/Mid Cap Value

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2008


							From			Inception
	1 Year			5 Years			Inception			Date

Class A (NAV)		(39.47	)%		6.54	%		7.87	%		4/2/01
Class A (POP)		(42.79	)%		5.34	%		7.07	%		4/2/01
Russell 2500 Value ¹		(33.64	)%		2.55	%		5.80	%		4/2/01


Class B (NAV)		(39.85	)%		5.79	%		7.14	%		4/2/01
Class B (POP)		(42.51	)%		5.64	%		7.14	%		4/2/01


Class C (NAV)		(39.84	)%		5.78	%		11.06	%		11/11/02
Class C (POP)		(40.37	)%		5.78	%		11.06	%		11/11/02


Class I (NAV)		(39.11	)%		N/A			(1.70	)%		11/15/05

NOTES


¹		The Russell 2500 Value Index is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. You cannot directly invest in an index.

Investing in small cap stocks generally involves greater risk and volatility, therefore an investment in the fund may not be appropriate for everyone. This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives and policies of this Fund.



Transamerica Funds		Annual Report 2008

Transamerica Small/Mid Cap Value

UNDERSTANDING YOUR FUND’S EXPENSES
(unaudited)

SHAREHOLDER EXPENSES

The Example is based on an investment of $1,000 invested at May 1, 2008 and held for the entire period until October 31, 2008.

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES


	Beginning		Ending		Annualized			Expenses
	Account		Account		Expense			Paid During
	Value		Value		Ratio			Period (a)

Class A
Actual	$	1,000.00	$	661.11		1.43	%	$	5.97
Hypothetical (b)		1,000.00		1,017.95		1.43			7.25

Class B
Actual		1,000.00		659.27		2.09			8.72
Hypothetical (b)		1,000.00		1,014.63		2.09			10.58

Class C
Actual		1,000.00		659.40		2.06			8.59
Hypothetical (b)		1,000.00		1,014.78		2.06			10.43

Class I
Actual		1,000.00		663.39		0.85			3.55
Hypothetical (b)		1,000.00		1,020.86		0.85			4.32


(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 (184 days), and divided by the number of days in the year (366 days).

(b)		5% return per year before expenses.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS

By Sector

At October 31, 2008

(unaudited)

This chart shows the percentage breakdown by Sector of the Fund’s total investment securities. Percentage breakdown of the Short-term category includes Securities Lending Collateral.



Transamerica Funds		Annual Report 2008

Transamerica Small/Mid Cap Value

SCHEDULE OF INVESTMENTS
At October 31, 2008
(all amounts except share amounts in thousands)


	Shares		Value

COMMON STOCKS (86.1%)
Aerospace & Defense (0.5%)
Alliant Techsystems, Inc. ‡		30,830	$	2,545
Auto Components (1.8%)
Tenneco, Inc. ‡ ^		2,024,220		9,939
Chemicals (3.6%)
Terra Industries, Inc. ^		601,001		13,216
Zep, Inc.		299,805		6,311
Commercial Banks (1.2%)
Wintrust Financial Corp. ^		246,115		6,301
Commercial Services & Supplies (2.7%)
Republic Services, Inc. -Class A ^		624,090		14,791
Communications Equipment (4.4%)
Arris Group, Inc. ‡ ^		1,982,000		13,696
Harmonic Lightwaves, Inc. ‡ ^		1,472,832		10,472
Computers & Peripherals (0.2%)
Hypercom Corp. ‡ ^		434,321		847
Electric Utilities (3.4%)
Uil Holdings Corp. ^		550,000		18,150
Electronic Equipment & Instruments (1.1%)
Cogent, Inc. ‡ ^		655,735		5,993
Energy Equipment & Services (3.7%)
Superior Energy Services, Inc. ‡ ^		935,000		19,934
Food Products (3.9%)
Dean Foods Co. ‡ ^		977,630		21,371
Health Care Technology (1.1%)
Allscripts-Misys Healthcare Solutions, Inc. ^		902,639		5,867
Hotels, Restaurants & Leisure (2.5%)
PF Chang’s China Bistro, Inc. ‡ ^		663,000		13,565
Household Durables (1.9%)
Jarden Corp. ‡ ^		575,100		10,237
Insurance (7.1%)
HCC Insurance Holdings, Inc. ^		872,500		19,247
PartnerRe, Ltd. ^		280,000		18,953
Internet Software & Services (2.4%)
Valueclick, Inc. ‡ ^		1,768,308		13,085
IT Services (1.7%)
NeuStar, Inc. -Class A ‡		44,986		886
Wright Express Corp. ‡ ^		605,000		8,282
Life Sciences Tools & Services (2.5%)
Varian, Inc. ‡ ^		365,000		13,450
Marine (0.2%)
Omega Navigation Enterprises, Inc. -Class A ^		225,342		1,257
Oil, Gas & Consumable Fuels (7.1%)
Comstock Resources, Inc. ‡ ^		301,085		14,880
PetroHawk Energy Corp. ‡ ^		965,700		18,300
StealthGas, Inc. ^		682,685		4,711
Personal Products (1.1%)
Bare Escentuals, Inc. ‡ ^		1,483,185		6,200
Pharmaceuticals (1.6%)
Sepracor, Inc. ‡ ^		646,225		8,608
Professional Services (5.9%)
FTI Consulting, Inc. ‡ ^		550,000		32,037
Real Estate Investment Trusts (18.5%)
Annaly Capital Management, Inc. ^		1,880,000		26,132
Capstead Mortgage Corp. ^		1,098,500		11,040
Host Hotels & Resorts, Inc. ^		1,243,820		12,861
LTC Properties, Inc. ^		800,480		19,348
Omega Healthcare Investors, Inc. ^		1,169,860		17,630
Potlatch Corp. ^		395,335		13,129
Software (3.4%)
Fair Isaac Corp. ^		465,000		7,249
Macrovision Solutions Corp. ‡ ^		1,030,000		11,412
Textiles, Apparel & Luxury Goods (2.6%)
Hanesbrands, Inc. ‡ ^		809,960		14,150

Total Common Stocks (cost $533,709)				466,082


	Principal		Value

REPURCHASE AGREEMENT (11.7%)
State Street Repurchase Agreement 0.15%, dated 10/31/2008, to be repurchased at $63,351 on 11/03/2008 ◊ •	$	63,351		63,351

Total Repurchase Agreement (cost $63,351)				63,351


	Shares		Value

SECURITIES LENDING COLLATERAL (24.4%)
State Street Navigator Securities Lending Trust — Prime Portfolio, 2.71% ◊ ▲		131,869,568		131,870


Total Securities Lending Collateral (cost $131,870)				131,870


Total Investment Securities (cost $728,930) #			$	661,303

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 $127,833.

•		Repurchase agreement is collateralized by a U.S. Government Obligation with an interest rate of 0.00%, and a maturity date of 01/15/2009, and with a market value plus accrued interest of $64,618.

◊		State Street Bank & Trust Company serves as the accounting, custody, and lending agent for the Fund and provides various services on behalf of the Fund.

▲		Interest rate shown reflects the yield at 10/31/2008.

#		Aggregate cost for federal income tax purposes is $728,939. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $37,498 and $105,134, respectively. Net unrealized depreciation for tax purposes is $67,636.

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



Transamerica Funds		Annual Report 2008

Transamerica Templeton Global

(unaudited)

MARKET ENVIRONMENT

Transamerica Investment Management, LLC:

Faced with many challenges in the twelve months ended October 31, 2008, US equity indices delivered double-digit negative returns across the board. The Russell 1000^® Growth Index declined 36.95%.

Throughout the period, problems plaguing the housing market continued, while commodity prices first soared then plummeted. Meanwhile, what began as concerns about securities related to defaulting sub-prime mortgages escalated into a variety of increasingly severe crises in the markets where banks lend to each other and to businesses, causing extreme disruption in both US and foreign financial markets. As the problems multiplied, financial institutions tightened their lending standards. This made it more difficult for companies to fund payroll, inventory and other near-term expenses in the face of high borrowing costs. Consumers, who already were feeling the effects of high energy prices, increasing food costs, rising unemployment and lack of wage growth, also found it more difficult to borrow. Although the Federal Reserve Board (“Fed”) and the US government intervened to restore confidence in the financial systems, the US headed toward recession and expectations of a global economic slowdown rose.

Templeton Investment Counsel, LLC:

During the twelve months ended October 31, 2008, US gross domestic product (“GDP”) growth slowed markedly as housing prices declined, consumer demand softened, and a credit crisis originally related to US sub-prime loan losses intensified and spread globally. Recessionary fears spanned the entire period, and by summer most economists agreed a recession was under way, and a global slowdown surfaced.

Strong global demand triggered a commodity price boom, which added to global inflationary pressures. Seeking to reignite the US economy, the Fed lowered rates to 1.00% from 4.50%. The eurozone focused on controlling inflation and kept rates steady at 4.00% until July when the European Central Bank (“ECB”) joined many of the world’s central banks and raised rates. The potential for global recession, however, exacerbated by the virtual freeze in the global financial system in September and October, trumped inflationary concerns, and the world’s monetary authorities cut interest rates aggressively. The US dollar, which had previously declined versus many of the world’s currencies, regained ground quickly toward period-end, and the dollar posted twelve-month gains relative to most currencies.

Against this challenging economic backdrop, many global equity markets were volatile, and virtually all local indices suffered losses for the twelve-month period. Despite negative economic data and an outlook for decelerating corporate earnings and profit margins globally, many companies’ balance sheets, primarily outside the financial sector, remained relatively strong.

PERFORMANCE

For the year ended October 31, 2008, Transamerica Templeton Global Class A returned (44.68)%. By comparison, its benchmark, the Morgan Stanley Capital International World Index (“MSCIW”), returned (41.51)%.

STRATEGY REVIEW

Transamerica Investment Management LLC:

The portfolio lagged the index due primarily to poor results for our holdings within the automotive/transportation (e.g., Daimler AG (“Daimler”)), technology (e.g., Research In Motion Limited (“RIMM”)), and consumer discretionary (e.g., MGM Mirage (“MGM”)) sectors. Daimler suffered during the year as a result of the downward trend in automotive sales worldwide, a trend that was heightened by consumers’ difficulty in obtaining financing. We believe RIMM’s performance can be attributed to the concerns of slowing consumer spending rather than to any deterioration in company fundamentals. We sold our position in MGM in early 2008, based on our belief that discretionary spending on travel and entertainment would slow.

Templeton Investment Counsel, LLC:

Overall, investments in every country represented in the portfolio, with the exception of Mexico (not an index component), fell in value during the year under review, as did every country represented in the index. Geographically, the portfolio’s Asian and Latin American equities hindered performance in absolute terms and relative to the benchmark for the reporting period. Stock selection in Japan hurt relative performance, as did the portfolio’s holdings in Brazil (not an index component). In Europe, overweightings and stock selection in Norway and the Netherlands, and our underweighting and stock selection in Switzerland, also hindered relative performance.

During this difficult year for equities, every sector experienced declines in value. Utilities were a major detractor from performance relative to the benchmark, due to our underweighting and stock selection. Among utilities, E.ON AG (Germany) and Korea Electric Power Corporation (South Korea) posted steep share price declines.



Transamerica Funds		Annual Report 2008

Transamerica Templeton Global

The financials sector suffered heavy losses and hurt portfolio performance on an absolute basis. Key underperformers included Japanese lender Aiful Corporation, Netherlands-based ING Groep N.V., and French insurer AXA. Underweighting in consumer staples and stock selection in the consumer discretionary sector weighed on absolute and relative performance, particularly, automotive manufacturer Bayerische Motoren Werke AG (“BMW”) (Germany) and food and staples retailer The Jean Coutu Group (PJC) Inc. (Canada).

Geographically, our North American equities benefited the portfolio’s performance in relative terms, largely due to stock selection. Our overweighted allocation to the Middle East and Africa (composed solely of investments in non-index South Africa and Israel) also helped relative results. By country, stock selection in France and the United Kingdom (“UK”) contributed to relative performance, aided by an underweighted position in Australia. Stock selection and an underweighting in Ireland also aided relative results.

In regard to sectors, industries and individual securities, the portfolio showed strength relative to the benchmark in several areas. Although financials stocks hurt the portfolio in absolute terms, our underweighting versus the benchmark was beneficial in relative terms. Based on stock selection, ACE Limited, Munich RE AG, HSBC Holdings plc and Promise Co., Ltd. performed well on a relative basis. The materials sector was another major positive contributor to performance relative to the benchmark, due to our underweighted allocation and stock selection. Our underweighted position in metals and mining companies aided relative results, as most share prices fell precipitously in the latter half of the fiscal year when related commodity prices plummeted. Driven by stock selection, the energy sector also helped relative performance for the period. Top contributors included UK-based oil and gas conglomerate BP plc. and Italy’s Eni SpA.

Our overweighted position in the health care sector also lifted the portfolio’s relative returns, aided by holdings in pharmaceutical manufacturers such as Swiss firm Novartis AG (not an index component), French company Sanofi-Aventis and UK giant GlaxoSmithKline plc, which each declined less than the overall index.

The US dollar appreciated versus most foreign currencies for the period, which negatively affected the portfolio’s performance because investments in securities with non-US currency exposure lost value as the dollar strengthened.

Gary U. Rollé, CFA

Portfolio Manager
Transamerica Investment Management, LLC

Tina Sadler, CFA
Antonio T. Docal, CFA
Gary Motyl, CFA

Co-Portfolio Managers
Templeton Investment Counsel, LLC



Transamerica Funds		Annual Report 2008

Transamerica Templeton Global

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2008


										From			Inception
	1 Year			5 Years			10 Years			Inception			Date

Class A (NAV)		(44.68	)%		(1.12	)%		(0.79	)%		6.84	%		10/1/92
Class A (POP)		(47.73	)%		(2.23	)%		(1.35	)%		6.47	%		10/1/92
MSCI World (USD)¹		(41.51	)%		2.24	%		1.21	%		6.23	%		10/1/92


Class B (NAV)		(44.99	)%		(1.76	)%		(1.32	)%		3.22	%		10/1/95
Class B (POP)		(47.73	)%		(1.95	)%		(1.32	)%		3.22	%		10/1/95


Class C (NAV)		(45.05	)%		(1.80	)%		N/A			0.46	%		11/11/02
Class C (POP)		(45.59	)%		(1.80	)%		N/A			0.46	%		11/11/02

NOTES


¹		The MSCI World (USD) is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. You cannot directly invest in an index.



Transamerica Funds		Annual Report 2008

Transamerica Templeton Global

UNDERSTANDING YOUR FUND’S EXPENSES
(unaudited)

SHAREHOLDER EXPENSES

The Example is based on an investment of $1,000 invested at May 1, 2008 and held for the entire period until October 31, 2008.

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES


	Beginning		Ending		Annualized			Expenses
	Account		Account		Expense			Paid During
	Value		Value		Ratio			Period (a)

Class A
Actual	$	1,000.00	$	618.66		1.55	%	$	6.31
Hypothetical (b)		1,000.00		1,017.34		1.55			7.86

Class B
Actual		1,000.00		617.38		2.20			8.94
Hypothetical (b)		1,000.00		1,014.08		2.20			11.14

Class C
Actual		1,000.00		616.81		2.20			8.94
Hypothetical (b)		1,000.00		1,014.08		2.20			11.14


(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 (184 days), and divided by the number of days in the year (366 days).

(b)		5% return per year before expenses.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS

By Region

At October 31, 2008

(unaudited)

This chart shows the percentage breakdown by Region of the Fund’s total investment securities. Percentage breakdown of the Short-term category includes Securities Lending Collateral.



Transamerica Funds		Annual Report 2008

Transamerica Templeton Global

SCHEDULE OF INVESTMENTS
At October 31, 2008
(all amounts except share amounts in thousands)


	Shares		Value

COMMON STOCKS (94.7%)
Australia (0.7%)
Alumina, Ltd.		96,049	$	137
National Australia Bank, Ltd. ^		34,025		552
Austria (0.5%)
Telekom Austria AG		41,880		515
Brazil (1.2%)
Cia Vale do Rio Doce -Class B ADR ^		15,230		200
Empresa Brasileira de Aeronautica SA ADR ^		25,360		531
Petroleo Brasileiro SA ADR		18,000		484
Canada (0.5%)
Research In Motion, Ltd. ‡		9,000		454
Denmark (0.3%)
Vestas Wind Systems ‡		6,730		276
Finland (0.6%)
Stora Enso OYJ -Class R		35,580		331
UPM-Kymmene OYJ		21,310		301
France (6.9%)
Accor SA ^		7,040		274
AXA SA		36,800		703
France Telecom SA		57,970		1,462
Gdf Suez		14,448		643
Michelin -Class B		10,407		536
Sanofi-Aventis SA		20,199		1,280
Suez SA		14		1
Total SA		21,742		1,196
Vivendi		26,410		690
Germany (6.0%)
Bayerische Motoren Werke AG		21,040		534
Celesio AG		19,660		578
Daimler AG		26,000		897
Deutsche Post AG		42,130		462
E.ON AG ADR		24,540		933
Infineon Technologies AG ‡ ^		115,570		358
Merck KGAA		6,870		607
Muenchener Rueckversicherungs AG		4,810		624
SAP AG		9,550		334
Siemens AG		11,760		692
Hong Kong (0.8%)
Cheung Kong Holdings, Ltd.		47,000		451
Hutchison Whampoa, Ltd.		59,000		319
Ireland (0.3%)
CRH PLC		14,310		315
Israel (0.7%)
Check Point Software Technologies ‡ ^		33,970		687
Italy (1.7%)
Autogrill SpA ^		32,781		262
ENI SpA ADR		19,755		949
UniCredit SpA		173,709		425
Japan (4.6%)
Fujifilm Holdings Corp.		16,700		384
Konica Minolta Holdings, Inc.		54,500		358
Mabuchi Motor Co., Ltd. ^		12,400		490
Mitsubishi UFJ Financial Group, Inc. ADR ^		32,270		202
Nintendo Co., Ltd.		2,200		707
Olympus Corp. ^		17,800		343
Promise Co., Ltd. ^		26,150		469
Sony Corp. ADR		10,560		245
Takeda Pharmaceutical Co., Ltd.		8,300		412
Toyota Motor Corp.		13,100		512
USS Co., Ltd.		8,270		507
Korea, Republic of (1.4%)
KB Financial Group, Inc. ADR ‡ ^		8,150		201
Korea Electric Power Corp. ADR ^		21,480		213
Samsung Electronics Co., Ltd. -144A GDR		4,830		994
Netherlands (1.6%)
ING Groep NV		32,710		307
ING Groep NV ADR ^		9,330		87
Koninklijke Philips Electronics NV ^		33,360		616
Randstad Holding NV ^		12,460		242
Reed Elsevier NV		26,984		361
Netherlands Antilles (0.9%)
Schlumberger, Ltd. ^		16,400		847
Norway (0.6%)
Aker Kvaerner ASA		17,210		94
Telenor ASA		88,850		530
Singapore (1.7%)
DBS Group Holdings, Ltd.		85,600		653
DBS Group Holdings, Ltd. ADR ^		4,010		121
Flextronics International, Ltd. ‡ ^		61,830		258
Singapore Telecommunications, Ltd.		378,000		636
South Africa (0.5%)
Sasol, Ltd. ADR ^		16,850		487
Spain (1.8%)
Banco Santander SA ^		25,719		278
Telefonica SA ^		78,161		1,447
Sweden (0.9%)
Nordea Bank AB		67,010		553
Securitas AB -Class B		25,750		247
Switzerland (5.3%)
ACE, Ltd. ^		18,590		1,066
Adecco SA		12,770		444
Lonza Group AG		7,370		612
Nestle SA ADR		30,275		1,164
Novartis AG ADR		22,670		1,156
Swiss Reinsurance ^		11,470		478
UBS AG		17,015		289
Taiwan (1.3%)
Chunghwa Telecom Co., Ltd. ADR		35,258		580
Lite-On Technology Corp. GDR		30,713		196
Taiwan Semiconductor Manufacturing Co., Ltd. ADR ^		62,781		519
Turkey (0.6%)
Turkcell Iletisim Hizmet AS ADR ^		47,270		580
United Kingdom (11.1%)
Aviva PLC		92,990		555
BAE Systems PLC		112,160		630
BP PLC ADR ^		28,610		1,422
British Sky Broadcasting Group PLC		79,790		486
Cadbury PLC		38,348		352
Compass Group PLC		92,320		429
GlaxoSmithKline PLC		49,349		949
Group 4 Securicor PLC		220,390		668
HSBC Holdings PLC		38,729		459
HSBC Holdings PLC ADR ^		310		18
Kingfisher PLC ADR ^		52,500		190
Kingfisher PLC		123,010		227
Pearson PLC		59,240		590
Rolls-Royce Group PLC -Class C ‡		6,901,809		11
Rolls-Royce Group PLC ‡		120,661		638
Royal Bank of Scotland PLC		153,411		169
Royal Dutch Shell PLC -Class B		36,910		1,001

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



Transamerica Funds		Annual Report 2008

Transamerica Templeton Global

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)


	Shares		Value

United Kingdom (continued)
Unilever PLC		34,487	$	775
Vodafone Group PLC		618,342		1,190
Wolseley PLC		44,260		242
United States (42.2%)
Allergan, Inc. ^		27,000		1,071
Amazon.com, Inc. ‡ ^		34,000		1,946
American Express Co.		26,000		715
Apple, Inc. ‡ ^		20,100		2,163
AT&T, Inc.		47,000		1,257
Becton Dickinson & Co.		13,420		931
Boeing Co. ^		15,500		810
BorgWarner, Inc. ^		37,300		838
Caterpillar, Inc. ^		21,800		832
CME Group, Inc. -Class A ^		4,000		1,129
Ecolab, Inc. ^		31,500		1,174
Expeditors International of Washington, Inc. ^		41,700		1,362
General Electric Co.		92,000		1,795
Gilead Sciences, Inc. ‡		51,500		2,361
Google, Inc. -Class A ‡		5,000		1,797
Jacobs Engineering Group, Inc. ‡		41,000		1,494
Johnson Controls, Inc.		73,000		1,294
PACCAR, Inc. ^		47,000		1,374
Praxair, Inc.		42,000		2,736
Qualcomm, Inc.		51,500		1,970
Raytheon Co. ^		46,000		2,351
Sigma-Aldrich Corp. ^		36,000		1,579
T. Rowe Price Group, Inc. ^		46,500		1,839
Tyco Electronics, Ltd.		84,000		1,633
Union Pacific Corp.		30,000		2,003
Varian Medical Systems, Inc. ‡ ^		38,000		1,729
Wells Fargo & Co. ^		44,000		1,499

Total Common Stocks (cost $128,580)			$	93,561


	Principal		Value

REPURCHASE AGREEMENT (4.9%)
United States (4.9%)
State Street Repurchase Agreement 0.15%, dated 10/31/2008, to be repurchased at $4,806 on 11/03/2008 ◊ •	$	4,806	$	4,806

Total Repurchase Agreement (cost $4,806)				4,806


	Shares		Value

RIGHTS (0.1%)
France (0.1%)
Suez Environnement SA		15,150		69

Total Rights (cost $107)				69


SECURITIES LENDING COLLATERAL (25.7%)
State Street Navigator Securities Lending Trust — Prime Portfolio, 2.71% ◊ ▲		25,399,984		25,400

Total Securities Lending Collateral (cost $25,400)				25,400


Total Investment Securities (cost $158,893) #			$	123,836

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



Transamerica Funds		Annual Report 2008

Transamerica Templeton Global

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)


	Percentage of
	Total Investments			Value

INVESTMENTS BY INDUSTRY:
Diversified Telecommunication Services		5.2	%	$	6,429
Oil, Gas & Consumable Fuels		4.5	%		5,539
Chemicals		4.4	%		5,489
Pharmaceuticals		4.4	%		5,475
Aerospace & Defense		4.0	%		4,972
Commercial Banks		4.0	%		4,930
Insurance		2.8	%		3,427
Industrial Conglomerates		2.8	%		3,422
Health Care Equipment & Supplies		2.4	%		3,004
Electronic Equipment & Instruments		2.2	%		2,766
Auto Components		2.1	%		2,668
Communications Equipment		2.0	%		2,424
Biotechnology		1.9	%		2,361
Computers & Peripherals		1.9	%		2,358
Food Products		1.9	%		2,291
Machinery		1.8	%		2,206
Capital Markets		1.7	%		2,127
Media		1.7	%		2,127
Road & Rail		1.6	%		2,003
Internet & Catalog Retail		1.6	%		1,946
Automobiles		1.6	%		1,942
Semiconductors & Semiconductor Equipment		1.5	%		1,870
Air Freight & Logistics		1.5	%		1,823
Internet Software & Services		1.4	%		1,797
Wireless Telecommunication Services		1.4	%		1,770
Diversified Financial Services		1.4	%		1,723
Software		1.4	%		1,728
Construction & Engineering		1.2	%		1,494
Consumer Finance		1.0	%		1,184
Electric Utilities		0.9	%		1,145
Hotels, Restaurants & Leisure		0.8	%		965
Energy Equipment & Services		0.8	%		941
Specialty Retail		0.7	%		924
Commercial Services & Supplies		0.7	%		915
Multi-Utilities		0.6	%		713
Professional Services		0.6	%		686
Paper & Forest Products		0.5	%		632
Health Care Providers & Services		0.5	%		578
Life Sciences Tools & Services		0.4	%		612
Real Estate Management & Development		0.4	%		451
Office Electronics		0.3	%		358
Metals & Mining		0.3	%		337
Construction Materials		0.2	%		315
Electrical Equipment		0.2	%		276
Household Durables		0.2	%		245
Trading Companies & Distributors		0.2	%		242

Investment Securities, at Value		75.6	%		93,630
Short-Term Investments		24.4	%		30,206

Total Investments		100.0	%	$	123,836

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



Transamerica Funds		Annual Report 2008

Transamerica Templeton Global

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)

NOTES TO SCHEDULE OF INVESTMENTS:


^		All or a portion of this security is on loan. The value of all securities on loan is $24,674.

‡		Non-income producing security.

•		Repurchase agreement is collateralized by U.S. Government Agency Obligations with interest rates ranging from 3.56% to 5.00%, maturity dates ranging between 12/01/2019 — 10/25/2036, and with market values plus accrued interests of $4,907.

◊		State Street Bank & Trust Company serves as the accounting, custody, and lending agent for the Fund and provides various services on behalf of the Fund.

▲		Interest rate shown reflects the yield at 10/31/2008.

#		Aggregate cost for federal income tax purposes is $159,716. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $1,580 and $37,460, respectively. Net unrealized depreciation for tax purposes is $35,880.

Security Valuation — If the market quotations are not readily available, or if the investment advisor determines that the quotation does not represent a fair value, then the security is valued at a fair value as determined in good faith using procedures approved by the Board of Trustees of the Fund. The Fund has retained an independent statistical fair value pricing service to assist in the fair valuation process for securities principally traded in the foreign market in order to adjust for possible changes in the value that may occur between the close of the foreign exchange and the time at which the Fund’s shares are valued. At 10/31/2008, the fair value pricing model was employed. The prices of securities used by the Fund to calculate its net asset value may differ from quoted or published prices for the same securities. In addition, fair values may not reflect the price that the Fund could obtain for a security if it were to dispose of that security at the time of pricing.

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 10/31/2008, these securities aggregated $994, or 1.01% of the Fund’s net assets.

ADR		American Depositary Receipt

GDR		Global Depositary Receipt

PLC		Public Limited Company

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



Transamerica Funds		Annual Report 2008

Transamerica Value Balanced

(unaudited)

MARKET ENVIRONMENT

US securities markets faced many challenges in the twelve months ended October 31, 2008, ultimately delivering strongly negative returns across the board. The Russell 1000^® Value Index (“Russell 1000 Value”) declined 36.80% and the Barclays Capital (formerly Lehman Brothers) US Aggregate Bond Index (“BCAB”) slightly increased 0.30%.

Throughout the period, problems plaguing the housing market continued, while commodity prices first soared then plummeted. Meanwhile, what began as concerns about securities related to defaulting sub-prime mortgages escalated into a variety of increasingly severe crises in the markets where banks lend to each other and to businesses, causing extreme disruption in both US and foreign financial markets. As the problems multiplied, financial institutions tightened their lending standards. The higher borrowing costs made it more difficult for companies to fund payroll, inventory and other near-term expenses. Consumers, already feeling the effects of higher energy and food prices, rising unemployment and lack of wage growth, also found it more difficult to borrow. Although the Federal Reserve Board (“Fed”) and the US government intervened to restore confidence in the financial systems, the US headed toward recession and expectations of a global economic slowdown increased.

PERFORMANCE

For the year ended October 31, 2008, Transamerica Value Balanced Class A returned (32.94)%. By comparison, its primary and secondary benchmarks, the Russell 1000 Value and the BCAB, returned (36.80)% and 0.30%, respectively.

STRATEGY REVIEW

The portfolio underperformed the blended benchmark, reflecting an overweighting in equities, which underperformed bonds, and underperformance of the equity and bond portfolios as compared to their respective benchmarks.

On the equity side, we attribute underperformance to overweighting energy and shipping-related stocks. As the period progressed, investors shunned these stocks over concerns that the global supply-demand ratios driving their growth will deteriorate as economic growth abates worldwide. The largest individual detractors from relative performance included Aegean Marine Petroleum Network Inc. and McDermott International, Inc., an oil services company. The negative impact of these was partially offset by another energy stock, Fording Canadian Coal Trust, and by gains from software giant Microsoft Corporation early in the period. Management of the portfolio was transferred to a new team at Transamerica Investment Management as of October 1, 2008. The new team began repositioning the portfolio to be more diversified by sector and industry while keeping it relatively concentrated in 35 — 45 names. In selecting stocks to replace the energy, shipping and other stocks vulnerable to the slowing global economy, we focused on companies that derive more of their revenues from US sources.

We believe that since the US was first to take action to stave off recession, it also will emerge from the economic downturn before others do.

In the bond portfolio, an overweighting of non-government sectors (i.e., investment-grade corporate securities and agency mortgage securities), which lagged the Treasury sector, was the primary source of underperformance. The negative effect of these overweightings was partially mitigated by our individual security selection. Among investment-grade corporate bonds, we had no exposure to the most distressed companies in the troubled financial services sector. Our mortgage exposure emphasized short-duration agency collateralized mortgage obligations, which were less volatile than other mortgage securities.

Greg D. Haendel, CFA
Geoffrey I. Edelstein, CFA, CIC
Derek S. Brown, CFA
Scott L. Dinsdale, CFA
Kirk R. Feldhus
Brian W. Westhoff, CFA

Co-Portfolio Managers
Transamerica Investment Management, LLC

Prior to October 1, 2008, Heidi Y. Hu and Michelle E. Stevens were co-portfolio managers to this fund.



Transamerica Funds		Annual Report 2008

Transamerica Value Balanced

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2008


										From			Inception
	1 Year			5 Years			10 Years			Inception			Date

Class A (NAV)		(32.94	)%		0.14	%		1.05	%		3.70	%		10/1/95
Class A (POP)		(36.64	)%		(0.99	)%		0.48	%		3.25	%		10/1/95
Russell 1000 Value¹		(36.80	)%		1.90	%		2.79	%		7.14	%		10/1/95
Barclays Capital U.S. Aggregate Bond Index¹		0.30	%		3.48	%		5.00	%		5.75	%		10/1/95


Class B (NAV)		(33.37	)%		(0.53	)%		0.51	%		3.28	%		10/1/95
Class B (POP)		(36.47	)%		(0.69	)%		0.51	%		3.28	%		10/1/95


Class C (NAV)		(33.33	)%		(0.49	)%		N/A			2.64	%		11/11/02
Class C (POP)		(33.94	)%		(0.49	)%		N/A			2.64	%		11/11/02

NOTES


¹		The Russell 1000 Value Index and the Barclays Capital U.S. Aggregate Bond Index (formerly Lehman Brothers Aggregate Bond) are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. You cannot directly invest in an index.

This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives and policies of this Fund.



Transamerica Funds		Annual Report 2008

Transamerica Value Balanced

UNDERSTANDING YOUR FUND’S EXPENSES
(unaudited)

SHAREHOLDER EXPENSES

The Example is based on an investment of $1,000 invested at May 1, 2008 and held for the entire period until October 31, 2008.

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES


	Beginning		Ending		Annualized			Expenses
	Account		Account		Expense			Paid During
	Value		Value		Ratio			Period (a)

Class A
Actual	$	1,000.00	$	738.57		1.55	%	$	6.77
Hypothetical (b)		1,000.00		1,017.34		1.55			7.86

Class B
Actual		1,000.00		736.21		2.20			9.60
Hypothetical (b)		1,000.00		1,014.08		2.20			11.14

Class C
Actual		1,000.00		736.65		2.10			9.17
Hypothetical (b)		1,000.00		1,014.58		2.10			10.63


(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 (184 days), and divided by the number of days in the year (366 days).

(b)		5% return per year before expenses.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS

By Asset Type

At October 31, 2008

(unaudited)

This chart shows the percentage breakdown by Asset Type of the Fund’s total investment securities. Percentage breakdown of Short-term category includes Securities Lending Collateral.



Transamerica Funds		Annual Report 2008

Transamerica Value Balanced

SCHEDULE OF INVESTMENTS
At October 31, 2008
(all amounts except share amounts in thousands)


	Principal		Value

U.S. GOVERNMENT OBLIGATIONS (3.0%)
U.S. Treasury Bond
4.38%, due 02/15/2038 ^	$	265	$	266
5.00%, due 05/15/2037		25		28
U.S. Treasury Inflation Indexed Note
1.38%, due 07/15/2018 ^		51		43
U.S. Treasury Note
3.13%, due 09/30/2013 ^		447		454
4.00%, due 08/15/2018 ^		132		132

Total U.S. Government Obligations (cost $941)				923


U.S. GOVERNMENT AGENCY OBLIGATIONS (18.3%)
Fannie Mae
4.72%, due 10/01/2035 *		338		339
5.00%, due 05/01/2018		89		88
5.50%, due 07/01/2019 - 01/01/2038		1,323		1,304
6.00%, due 04/01/2033 - 12/01/2037		1,267		1,267
6.50%, due 10/01/2037		391		397
Freddie Mac
5.00%, due 04/01/2018 - 11/15/2032		1,189		1,166
5.35%, due 11/14/2011		120		120
5.50%, due 09/01/2018 - 11/01/2018		140		141
5.51%, due 09/01/2037 *		363		365
6.00%, due 12/01/2033		276		276
Ginnie Mae
6.00%, due 06/15/2034		131		131
6.50%, due 10/15/2027		55		56

Total U.S. Government Agency Obligations (cost $5,730)				5,650


MORTGAGE-BACKED SECURITIES (2.6%)
American Tower Trust
Series 2007-1A, Class C
5.62%, due 04/15/2037 -144A		155		128
Bear Stearns Commercial Mortgage Securities
Series 2006-PW14, Class A4
5.20%, due 12/11/2038		238		179
Morgan Stanley Capital I
Series 2006-HQ10, Class A4
5.33%, due 11/12/2041		232		176
SBA CMBS Trust
Series 2006-1A, Class A
5.31%, due 11/15/2036 -144A		150		140
Wachovia Bank Commercial Mortgage Trust
Series 2006-C28, Class A4
5.57%, due 10/15/2048		223		170
Series 2007-C32, Class H
5.74%, due 06/15/2049 -144A		85		22

Total Mortgage-Backed Securities (cost $1,077)				815


ASSET-BACKED SECURITY (0.4%)
USAA Auto Owner Trust
Series 2008-2, Class A3
4.64%, due 10/15/2012		135		131

Total Asset-Backed Security (cost $135)				131


CORPORATE DEBT SECURITIES (12.0%)
Airlines (0.4%)
Continental Airlines, Inc.
7.49%, due 10/02/2010		75		70
Delta Air Lines, Inc.
7.57%, due 11/18/2010		85		71
Automobiles (0.8%)
Daimler Finance North America LLC
3.25%, due 03/13/2009 *		115		109
8.00%, due 06/15/2010		130		115
Beverages (0.8%)
Diageo Capital PLC
5.75%, due 10/23/2017 ^		148		127
PepsiCo, Inc.
7.90%, due 11/01/2018		125		132
Building Products (0.3%)
CRH America, Inc.
5.30%, due 10/15/2013		100		80
Capital Markets (0.4%)
Merrill Lynch & Co., Inc.
5.45%, due 02/05/2013		150		135
Commercial Banks (0.5%)
Barclays Bank PLC
7.70%, due 04/25/2018 -144A ■ Ž		120		83
PNC Bank NA
6.88%, due 04/01/2018		80		74
Diversified Financial Services (1.2%)
General Electric Capital Corp.
4.80%, due 05/01/2013		130		117
Glencore Funding LLC
6.00%, due 04/15/2014 -144A		138		130
Pemex Finance, Ltd.
9.03%, due 02/15/2011		125		126
Diversified Telecommunication Services (0.4%)
Verizon Communications, Inc.
8.75%, due 11/01/2018		123		126
Food & Staples Retailing (0.3%)
Stater Brothers Holdings, Inc.
8.13%, due 06/15/2012		100		89
Food Products (0.5%)
Cargill, Inc.
5.60%, due 09/15/2012 -144A		80		74
Michael Foods, Inc.
8.00%, due 11/15/2013		90		78
Hotels, Restaurants & Leisure (0.2%)
Royal Caribbean Cruises, Ltd.
8.75%, due 02/02/2011		70		60
Household Products (0.2%)
Kimberly-Clark Corp.
6.63%, due 08/01/2037		80		70
Industrial Conglomerates (0.4%)
Hutchison Whampoa International, Ltd.
5.45%, due 11/24/2010 -144A		140		132
Insurance (0.1%)
Oil Insurance, Ltd.
7.56%, due 06/30/2011 -144A ■ Ž		80		41
Machinery (0.3%)
Tyco Electronics Group SA
6.55%, due 10/01/2017		96		80
Media (0.8%)
Comcast Corp.
7.05%, due 03/15/2033		95		79
News America Holdings, Inc.
7.75%, due 12/01/2045		65		54
Time Warner Cable, Inc.
6.75%, due 07/01/2018		125		107
Metals & Mining (0.2%)
Arcelormittal
5.38%, due 06/01/2013 -144A		80		65

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



Transamerica Funds		Annual Report 2008

Transamerica Value Balanced

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)


	Principal		Value

Multiline Retail (0.4%)
Neiman-Marcus Group, Inc.
9.00%, due 10/15/2015	$	100	$	69
Target Corp.
7.00%, due 01/15/2038		79		60
Multi-Utilities (0.5%)
Sempra Energy
4.75%, due 05/15/2009		145		143
Oil, Gas & Consumable Fuels (0.8%)
Enterprise Products Operating, LP
4.63%, due 10/15/2009		120		115
Petrobras International Finance Co.
5.88%, due 03/01/2018		90		71
PetroHawk Energy Corp.
9.13%, due 07/15/2013		100		77
Paper & Forest Products (0.6%)
Celulosa Arauco y Constitucion SA
8.63%, due 08/15/2010		171		178
Real Estate Investment Trusts (0.5%)
Wea Finance LLC / WCI Finance LLC
5.40%, due 10/01/2012 -144A		168		146
Real Estate Management & Development (0.5%)
Post Apartment Homes, LP
6.30%, due 06/01/2013		171		168
Road & Rail (0.9%)
Burlington Northern Santa Fe Corp.
6.13%, due 03/15/2009		80		80
Hertz Corp.
8.88%, due 01/01/2014		75		55
Norfolk Southern Corp.
6.20%, due 04/15/2009		120		120

Total Corporate Debt Securities (cost $4,211)				3,706


	Shares		Value

COMMON STOCKS (57.9%)
Aerospace & Defense (1.4%)
Raytheon Co. ^		8,215		420
Auto Components (0.6%)
BorgWarner, Inc. ^		8,100		182
Capital Markets (2.3%)
AllianceBernstein Holding, LP ^		22,623		530
BlackRock, Inc. ^		1,530		201
Chemicals (1.5%)
Praxair, Inc.		7,200		469
Construction & Engineering (0.3%)
Jacobs Engineering Group, Inc. ‡		2,519		92
Diversified Financial Services (3.8%)
Bank of America Corp. ^		19,021		460
CME Group, Inc. ^		1,095		309
JPMorgan Chase & Co. ^		9,800		404
Diversified Telecommunication Services (0.9%)
AT&T, Inc.		10,868		291
Electric Utilities (0.7%)
Dominion Resources, Inc. ^		6,000		218
Electronic Equipment & Instruments (0.9%)
Tyco Electronics, Ltd. ^		13,700		266
Energy Equipment & Services (1.7%)
Transocean, Inc. ^		6,422		529
Food Products (2.0%)
Kraft Foods, Inc. -Class A ^		21,037		613
Health Care Equipment & Supplies (1.3%)
Becton Dickinson & Co.		5,723		397
Household Products (2.4%)
Colgate-Palmolive Co. ^		7,000		439
Kimberly-Clark Corp. ^		5,000		307
Industrial Conglomerates (1.9%)
General Electric Co.		29,579		577
Insurance (0.7%)
MetLife, Inc. ^		6,700		223
Life Sciences Tools & Services (1.6%)
Thermo Fisher Scientific, Inc. ‡ ^		12,000		487
Media (1.5%)
Walt Disney Co. ^		17,800		461
Metals & Mining (1.4%)
Cia Vale do Rio Doce ADR ^		34,000		446
Oil, Gas & Consumable Fuels (7.1%)
Anadarko Petroleum Corp. ^		11,000		388
BP PLC ADR ^		9,485		471
Exxon Mobil Corp. ^		10,700		793
XTO Energy, Inc. ^		15,000		539
Pharmaceuticals (9.4%)
Bristol-Myers Squibb Co.		57,764		1,187
Merck & Co., Inc. ^		35,000		1,083
Pfizer, Inc. ^		36,935		654
Real Estate Investment Trusts (1.2%)
Plum Creek Timber Co., Inc. ^		10,200		380
Road & Rail (2.5%)
Union Pacific Corp.		11,400		761
Software (3.3%)
Microsoft Corp.		35,870		801
Oracle Corp. ‡		11,004		201
Textiles, Apparel & Luxury Goods (0.9%)
Nike, Inc.		4,576		264
Tobacco (6.6%)
Lorillard, Inc. ^		11,000		725
Philip Morris International, Inc.		30,400		1,322

Total Common Stocks (cost $18,387)			$	17,890


	Principal		Value

REPURCHASE AGREEMENT (6.0%)
State Street Repurchase Agreement 0.15%, dated 10/31/2008, to be repurchased at $1,848 on 11/03/2008 ◊ •	$	1,848		1,848

Total Repurchase Agreement (cost $1,848)				1,848


	Shares		Value

SECURITIES LENDING COLLATERAL (23.0%)
State Street Navigator Securities Lending Trust — Prime Portfolio, 2.71% ◊ ▲		7,120,161		7,120


Total Securities Lending Collateral (cost $7,120)				7,120


Total Investment Securities (cost $39,449) #			$	38,083

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



Transamerica Funds		Annual Report 2008

Transamerica Value Balanced

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)

NOTES TO SCHEDULE OF INVESTMENTS:


^		All or a portion of this security is on loan. The value of all securities on loan is $6,953.

*		Floating or variable rate note. Rate is listed as of 10/31/2008.

Ž		The security has a perpetual maturity. The date shown is the next call date.

■		Coupon rate is fixed for a predetermined period of time and then converts to a floating rate until maturity/call date. Rate is listed as of 10/31/2008.

‡		Non-income producing security.

•		Repurchase agreement is collateralized by a U.S. Government Agency Obligation with an interest rate of 4.00%, and a maturity date of 06/01/2014, and with a market value plus accrued interest of $1,887.

◊		State Street Bank & Trust Company serves as the accounting, custody, and lending agent for the Fund and provides various services on behalf of the Fund.

▲		Interest rate shown reflects the yield at 10/31/2008.

#		Aggregate cost for federal income tax purposes is $39,153. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $2,954 and $4,024, respectively. Net unrealized depreciation for tax purposes is $1,070.

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 10/31/2008, these securities aggregated $961, or 3.11% of the Fund’s net assets.

ADR		American Depositary Receipt

LLC		Limited Liability Company

LP		Limited Partnership

PLC		Public Limited Company

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



Transamerica Funds		Annual Report 2008

STATEMENTS OF ASSETS AND LIABILITIES
At October 31, 2008
(all amounts except share amounts in thousands)


				Transamerica									Transamerica
	Transamerica			Convertible			Transamerica			Transamerica			Growth
	Balanced			Securities			Equity			Flexible Income			Opportunities

Assets:
Investment securities, at cost	$	148,281		$	147,921		$	1,481,800		$	201,142		$	231,521
Securities loaned, at value		25,194			15,182			203,507			16,077			39,145

Investment securities, at value	$	130,300		$	124,706		$	1,265,888		$	169,564		$	199,883
Receivables:
Investment securities sold		255			4,315			—			7,290			2,003
Shares of beneficial interest sold		4			315			280			182			37
Interest		540			401			1			2,548			—
Income from loaned securities		18			12			80			11			55
Dividends		81			124			1,316			—			50
Dividend reclaims		63			—			459			—			—
Unrealized appreciation on forward foreign currency contracts		—			—			—			48			—
Other		41			8			421			16			18

	$	131,302		$	129,881		$	1,268,445		$	179,659		$	202,046

Liabilities:

Investment securities purchased		5,024			1,733			60,479			6,724			2,781
Accounts payable and accrued liabilities:
Shares of beneficial interest redeemed		139			89			377			243			80
Management and advisory fees		70			74			667			105			99
Distribution and service fees		60			12			184			17			39
Trustees fees		41			8			425			17			19
Transfer agent fees		31			4			169			7			52
Administration fees		2			2			17			3			3
Payable for collateral for securities on loan		25,791			15,504			208,082			16,417			40,056
Other		39			38			147			49			45

		31,197			17,464			270,547			23,582			43,174

Net Assets	$	100,105		$	112,417		$	997,898		$	156,077		$	158,872


Net Assets Consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	111,952		$	152,489		$	1,675,207		$	234,496		$	322,557
Undistributed (accumulated) net investment income (loss)		189			520			2,369			805			(17	)
Undistributed (accumulated) net realized gain (loss) from investments		5,958			(17,373	)		(463,601	)		(47,685	)		(132,021	)
Net unrealized appreciation (depreciation) on:
Investment securities		(17,999	)		(23,219	)		(216,106	)		(31,586	)		(31,647	)
Translation of assets and liabilities denominated in foreign currencies		5			—			29			47			—

Net Assets	$	100,105		$	112,417		$	997,898		$	156,077		$	158,872

Net Assets by Class:
Class A	$	49,917		$	10,748		$	300,140		$	13,360		$	41,005
Class B		32,469			2,920			59,479			8,628			20,823
Class C		17,719			7,070			46,676			5,981			10,619
Class I					91,679			500,722			128,108			86,425
Class T								90,881
Shares Outstanding:
Class A		3,035			1,496			43,793			1,849			6,241
Class B		1,984			410			9,272			1,194			3,395
Class C		1,087			996			7,244			830			1,724
Class I					12,756			71,654			17,662			12,829
Class T								4,749
Net Asset Value Per Share:
Class A	$	16.44		$	7.18		$	6.85		$	7.22		$	6.57
Class B		16.37			7.13			6.42			7.23			6.13
Class C		16.30			7.10			6.44			7.21			6.16
Class I					7.19			6.99			7.25			6.74
Class T								19.14
Maximum Offering Price Per Share ^(a)
Class A	$	17.40		$	7.54		$	7.25		$	7.58		$	6.95

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



Transamerica Funds		Annual Report 2008

STATEMENTS OF ASSETS AND LIABILITIES (continued)
At October 31, 2008
(all amounts except share amounts in thousands)


				Transamerica					Transamerica			Transamerica
	Transamerica			Legg Mason			Transamerica		Science &			Short-Term
	High Yield Bond			Partners All Cap			Money Market		Technology			Bond

Assets:
Investment securities, at cost	$	686,204		$	107,919		$	274,133	$	81,781		$	537,189
Securities loaned, at value		65,402			19,464			—		12,875			16,847

Investment securities, at value	$	508,664		$	97,379		$	274,133	$	66,751		$	516,480
Prepaid money market guarantee insurance		—			—			15		—			—
Receivables:
Investment securities sold		1,473			—			—		—			1,900
Shares of beneficial interest sold		1			12			717		34			160
Interest		15,046			—			—		—			5,522
Income from loaned securities		61			12			—		16			13
Dividends		—			71			—		25			—
Dividend reclaims		—			26			—		—			—
Variation margin		—			—			—		—			320
Other		26			29			11		4			—

	$	525,271		$	97,529		$	274,876	$	66,830		$	524,395

Liabilities:

Investment securities purchased		—			27			—		—			1,413
Accounts payable and accrued liabilities:
Shares of beneficial interest redeemed		129			114			2,469		4			143
Management and advisory fees		241			61			91		34			276
Distribution and service fees		21			51			119		4			7
Trustees fees		28			29			14		4			2
Transfer agent fees		7			31			30		4			1
Administration fees		8			1			4		1			9
Dividends to shareholders		—			—			216		—			—
Payable for collateral for securities on loan		66,811			19,953			—		13,234			17,209
Other		77			39			49		34			76

		67,322			20,306			2,992		13,319			19,136

Net Assets	$	457,949		$	77,223		$	271,884	$	53,511		$	505,259


Net Assets Consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	643,275		$	89,739		$	271,801	$	69,107		$	538,833
Undistributed (accumulated) net investment income (loss)		3,067			525			83		(2	)		1,333
Accumulated net realized loss from investments		(10,842	)		(2,488	)		—		(563	)		(14,040	)
Net unrealized depreciation on:
Investment securities		(177,551	)		(10,553	)		—		(15,031	)		(20,707	)
Futures contracts		—			—			—		—			(160	)

Net Assets	$	457,949		$	77,223		$	271,884	$	53,511		$	505,259

Net Assets by Class:
Class A	$	24,506		$	28,237		$	142,456	$	3,778		$	5,663
Class B		9,091			33,670			40,110		2,094
Class C		5,429			15,316			59,991		1,417			7,263
Class I		418,923						29,327		46,222			492,333
Shares Outstanding:
Class A		3,877			2,828			142,456		1,330			600
Class B		1,439			3,646			40,110		781
Class C		860			1,655			59,991		529			771
Class I		65,845						29,327		15,972			53,046
Net Asset Value Per Share:
Class A	$	6.31		$	9.98		$	1.00	$	2.84		$	9.44
Class B		6.30			9.24			1.00		2.68
Class C		6.30			9.26			1.00		2.68			9.42
Class I		6.35						1.00		2.89			9.28
Maximum Offering Price Per Share ^(a)
Class A	$	6.62		$	10.56		$	1.00	$	3.01		$	9.68

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



Transamerica Funds		Annual Report 2008

STATEMENTS OF ASSETS AND LIABILITIES (continued)
At October 31, 2008
(all amounts except share amounts in thousands)


	Transamerica			Transamerica
	Small/Mid Cap			Templeton			Transamerica
	Value			Global			Value Balanced

Assets:
Investment securities, at cost	$	728,930		$	158,893		$	39,449
Foreign currency cost		—			170			—
Securities loaned, at value		127,833			24,674			6,953

Investment securities, at value	$	661,303		$	123,836		$	38,083
Foreign currency		—			157			—
Receivables:
Investment securities sold		15,091			1,366			207
Shares of beneficial interest sold		1,471			9			3
Interest		—			—			102
Income from loaned securities		116			15			5
Dividends		360			264			54
Dividend reclaims		—			169			—
Other		14			119			16

	$	678,355		$	125,935		$	38,470

Liabilities:

Investment securities purchased		2,849			1,341			295
Accounts payable and accrued liabilities:
Shares of beneficial interest redeemed		1,845			58			42
Management and advisory fees		404			89			24
Distribution and service fees		182			45			16
Trustees fees		17			119			16
Transfer agent fees		79			56			11
Administration fees		10			2			1
Due to custodian		—			12			—
Payable for collateral for securities on loan		131,870			25,400			7,120
Other		93			60			32

		137,349			27,182			7,557

Net Assets	$	541,006		$	98,753		$	30,913


Net Assets Consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	699,842		$	431,026		$	35,700
Undistributed net investment income		7,851			421			349
Accumulated net realized loss from investments		(99,054	)		(297,573	)		(3,762	)
Net unrealized depreciation on:
Investment securities		(67,633	)		(35,112	)		(1,374	)
Translation of assets and liabilities denominated in foreign currencies		—			(9	)		—

Net Assets	$	541,006		$	98,753		$	30,913

Net Assets by Class:
Class A	$	199,210		$	73,721		$	18,666
Class B		31,716			10,746			6,414
Class C		95,729			14,286			5,833
Class I		214,351
Shares Outstanding:
Class A		15,685			3,754			2,096
Class B		2,603			584			722
Class C		7,913			782			658
Class I		16,736
Net Asset Value Per Share:
Class A	$	12.70		$	19.63		$	8.91
Class B		12.19			18.41			8.88
Class C		12.10			18.27			8.87
Class I		12.81
Maximum Offering Price Per Share ^(a)
Class A	$	13.44		$	20.77		$	9.43


^(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, and I 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		Annual Report 2008

STATEMENTS OF OPERATIONS
For the year ended October 31, 2008
(all amounts except share amounts in thousands)


				Transamerica									Transamerica
	Transamerica			Convertible			Transamerica			Transamerica			Growth
	Balanced			Securities			Equity			Flexible Income			Opportunities

Investment Income:
Dividends	$	1,411		$	1,117		$	19,353		$	475		$	1,780
Withholding taxes on foreign dividends		—			—			—			(3	)		(1	)
Interest		2,700			2,755			760			22,348			225
Income from loaned securities-net		70			38			351			249			749

		4,181			3,910			20,464			23,069			2,753


Expenses:
Management and advisory fees		1,210			1,172			11,079			2,535			2,135
Distribution and service fees:
Class A		213			48			1,580			54			191
Class B		640			50			1,236			130			418
Class C		264			77			789			81			168
Transfer agent fees:
Class A		178			19			1,297			40			327
Class B		174			9			569			36			254
Class C		55			7			224			16			82
Class T								193
Printing and shareholder reports		8			21			135			41			17
Custody fees		28			19			152			44			31
Administration fees		30			31			310			71			54
Legal fees		4			4			39			9			6
Audit fees		20			20			21			20			20
Trustees fees		3			3			26			6			4
Registration fees		—			2			—			1			—
Other		23			36			88			36			37

Total expenses		2,850			1,518			17,738			3,120			3,744

Net of reimbursement of class expenses:
Class A														(31	)
Class B								(54	)					(27	)

Total reimbursed expenses		—			—			(54	)		—			(58	)

Net expenses		2,850			1,518			17,684			3,120			3,686


Net Investment Income (Loss)		1,331			2,392			2,780			19,949			(933	)


Net Realized Gain (Loss) from:
Investment securities		6,221			(17,308	)		(58,064	)		(34,897	)		(20,795	)
Futures contracts		1			—			—			2			—
Foreign currency transactions		—			—			—			362			—

		6,222			(17,308	)		(58,064	)		(34,533	)		(20,795	)


Net Decrease in Unrealized Depreciation on:
Investment securities		(63,988	)		(55,761	)		(731,315	)		(26,145	)		(114,155	)
Translation of assets and liabilities denominated in foreign currencies		—			—			29			47			—

		(63,988	)		(55,761	)		(731,286	)		(26,098	)		(114,155	)

Net Realized and Unrealized Loss:		(57,766	)		(73,069	)		(789,350	)		(60,631	)		(134,950	)

Net Decrease In Net Assets Resulting from Operations	$	(56,435	)	$	(70,677	)	$	(786,570	)	$	(40,682	)	$	(135,883	)

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



Transamerica Funds		Annual Report 2008

STATEMENTS OF OPERATIONS (continued)
For the year ended October 31, 2008
(all amounts in thousands)


				Transamerica Legg						Transamerica
	Transamerica High			Mason Partners All			Transamerica			Science &			Transamerica
	Yield Bond			Cap			Money Market			Technology			Short-Term Bond

Investment Income:
Dividends	$	—		$	2,990		$	—		$	177		$	—
Withholding taxes on foreign dividends		—			(18	)		—			(2	)		—
Interest		39,989			22			6,660			31			28,606
Income from loaned securities-net		410			72			—			195			194

		40,399			3,066			6,660			401			28,800


Expenses:
Management and advisory fees		2,652			1,022			822			619			3,522
Distribution and service fees:
Class A		118			142			399			22			6
Class B		155			616			270			35			—
Class C		86			256			325			22			22
Transfer agent fees:									��
Class A		54			143			271			27			1
Class B		32			211			69			22
Class C		13			65			61			9			1
Class I		—	^(a)					—	^(a)		—	^(a)		1
Printing and shareholder reports		56			10			23			8			70
Custody fees		56			31			29			12			65
Administration fees		90			26			41			16			114
Legal fees		11			3			—			2			14
Audit fees		20			20			20			20			20
Trustees fees		7			2			—			1			9
Registration fees		8			—			2			—			2
Money Market guarantee insurance fees		—			—			7			—			—
Other		36			28			59			46			74

Total expenses		3,394			2,575			2,398			861			3,921

Net of reimbursement of class expenses:
Class A					(17	)		(276	)		(11	)
Class B					(24	)		(71	)		(12	)
Class C								(62	)		(3	)
Class I								(2	)

Total reimbursed expenses		—			(41	)		(411	)		(26	)		—

Net expenses		3,394			2,534			1,987			835			3,921


Net Investment Income (Loss)		37,005			532			4,673			(434	)		24,879


Net Realized Loss from:
Investment securities		(9,296	)		(1,842	)		—			(562	)		(10,112	)
Futures contracts		—			—			—			—			(29	)
Foreign currency transactions		—			—			—			(1	)		—

		(9,296	)		(1,842	)		—			(563	)		(10,141	)


Net Decrease in Unrealized Depreciation on:
Investment securities		(173,227	)		(48,557	)		—			(48,013	)		(19,666	)
Futures contracts		—			—			—			—			(160	)

		(173,227	)		(48,557	)		—			(48,013	)		(19,826	)

Net Realized and Unrealized Loss:		(182,523	)		(50,399	)		—			(48,576	)		(29,967	)

Net Increase (Decrease) In Net Assets Resulting from Operations	$	(145,518	)	$	(49,867	)	$	4,673		$	(49,010	)	$	(5,088	)

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



Transamerica Funds		Annual Report 2008

STATEMENTS OF OPERATIONS (continued)
For the year ended October 31, 2008
(all amounts in thousands)


	Transamerica
	Small/Mid Cap			Transamerica			Transamerica Value
	Value			Templeton Global			Balanced

Investment Income:
Dividends	$	15,932		$	4,762		$	1,119
Withholding taxes on foreign dividends		(2	)		(339	)		(1	)
Interest		1,029			79			803
Income from loaned securities-net		1,346			76			18

		18,305			4,578			1,939


Expenses:
Management and advisory fees		5,769			1,441			359
Distribution and service fees:
Class A		687			376			95
Class B		444			345			117
Class C		937			243			91
Transfer agent fees:
Class A		410			416			78
Class B		100			189			43
Class C		171			93			19
Printing and shareholder reports		112			1			—	^(a)
Custody fees		69			80			20
Administration fees		147			36			10
Legal fees		21			5			1
Audit fees		21			25			21
Trustees fees		14			4			1
Registration fees		13			—			—
Other		82			—			30

Total expenses		8,997			3,254			885

Net of reimbursement of class expenses:
Class A					(66	)		(3	)
Class B					(82	)		(11	)
Class C					(14	)

Total reimbursed expenses		—			(162	)		(14	)

Net expenses		8,997			3,092			871


Net Investment Income		9,308			1,486			1,068


Net Realized Gain (Loss) from:
Investment securities		(98,519	)		11,709			(3,768	)
Written option & swaption contracts		—			—			38
Foreign currency transactions		—			(486	)		—

		(98,519	)		11,223			(3,730	)


Net Decrease in Unrealized Depreciation on:
Investment securities		(296,332	)		(105,600	)		(14,662	)
Written option and swaption contracts		—			—			(34	)
Translation of assets and liabilities denominated in foreign currencies		—			(19	)		—

		(296,332	)		(105,619	)		(14,696	)

Net Realized and Unrealized Loss:		(394,851	)		(94,396	)		(18,426	)

Net Decrease In Net Assets Resulting from Operations	$	(385,543	)	$	(92,910	)	$	(17,358	)


^(a)		Rounds to less than $1.

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



Transamerica Funds		Annual Report 2008

STATEMENTS OF CHANGES IN NET ASSETS
(all amounts in thousands)


							Transamerica Convertible												Transamerica Flexible
	Transamerica Balanced						Securities						Transamerica Equity						Income
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,			October 31,			October 31,			October 31,			October 31,
	2008			2007			2008			2007			2008			2007			2008			2007

*Increase (Decrease) in Net Assets From:*
Operations:
Net investment income (loss)	$	1,331		$	628		$	2,392		$	2,344		$	2,780		$	(4,855	)	$	19,949		$	20,505
Net realized gain (loss)^(a)		6,222			24,204			(17,308	)		36,172			(58,064	)		189,148			(34,533	)		(6,948	)
Change in unrealized appreciation (depreciation)^(b)		(63,988	)		5,146			(55,761	)		6,185			(731,286	)		179,879			(26,098	)		(5,879	)

Net increase (decrease) in net assets resulting from operations		(56,435	)		29,978			(70,677	)		44,701			(786,570	)		364,172			(40,682	)		7,678


Distributions to Shareholders:
From net investment income:
Class A		(699	)		(334	)		(133	)		(60	)								(849	)		(829	)
Class B		(286	)		(175	)		(15	)		(18	)								(600	)		(899	)
Class C		(161	)		(62	)		(38	)		(10	)								(386	)		(472	)
Class I								(1,811	)		(2,421	)								(18,830	)		(17,840	)

		(1,146	)		(571	)		(1,997	)		(2,509	)		—			—			(20,665	)		(20,040	)

From net realized gains:
Class A		(1,615	)					(2,349	)		(337	)
Class B		(2,368	)					(1,381	)		(351	)
Class C		(828	)					(861	)		(180	)
Class I								(31,579	)		(13,541	)


		(4,811	)		—			(36,170	)		(14,409	)		—			—			—			—

Capital Share Transactions:
Proceeds from shares sold:
Class A		3,878			3,526			13,963			5,352			42,081			44,265			3,320			4,630
Class B		2,063			2,783			1,164			852			4,848			7,379			1,949			1,542
Class C		1,325			1,128			9,648			704			5,391			9,600			2,580			3,467
Class I								6,078			14,218			51,057			92,884			28,018			166,452
Class T														1,798			1,657

		7,266			7,437			30,853			21,126			105,175			155,785			35,867			176,091

Dividends and distributions reinvested:
Class A		2,018			320			1,721			368			—						509			695
Class B		2,440			163			1,103			303									369			720
Class C		879			56			599			122									239			352
Class I								32,781			15,962									15,299			17,840

		5,337			539			36,204			16,755			—			—			16,416			19,607

Cost of shares redeemed:
Class A		(15,261	)		(16,478	)		(7,685	)		(2,550	)		(89,748	)		(136,142	)		(5,383	)		(7,258	)
Class B		(19,396	)		(30,403	)		(1,659	)		(2,301	)		(28,453	)		(55,373	)		(5,085	)		(7,431	)
Class C		(6,156	)		(10,378	)		(2,109	)		(1,357	)		(19,902	)		(24,350	)		(4,119	)		(7,097	)
Class I								(4,311	)		(162,514	)		(56,853	)		(86,650	)		(232,281	)		(23,682	)
Class T														(21,752	)		(51,342	)

		(40,813	)		(57,259	)		(15,764	)		(168,722	)		(216,708	)		(353,857	)		(246,868	)		(45,468	)

Redemption fee:
Class A		—			—			—			—			3			1			—			—


		—			—			—			—			3			1			—			—

Automatic conversions:
Class A		24,175			10,022			645			99			48,320			21,409			3,069			809
Class B		(24,175	)		(10,022	)		(645	)		(99	)		(48,320	)		(21,409	)		(3,069	)		(809	)

		—			—			—			—			—			—			—			—

Net increase (decrease) in net assets resulting from capital shares transactions		(28,210	)		(49,283	)		51,293			(130,841	)		(111,530	)		(198,071	)		(194,585	)		150,230



Net Increase (Decrease) in net assets		(90,602	)		(19,876	)		(57,551	)		(103,058	)		(898,100	)		166,101			(255,932	)		137,868


Net Assets:
Beginning of year	$	190,707		$	210,583		$	169,968		$	273,026		$	1,895,998		$	1,729,897		$	412,009		$	274,141

End of year	$	100,105		$	190,707		$	112,417		$	169,968		$	997,898		$	1,895,998		$	156,077		$	412,009

Undistributed (Accumulated) Net Investment Income (Loss)	$	189		$	4		$	520		$	93		$	2,369		$	(411	)	$	805		$	1,265



*The notes to the financial statements are an integral part of this report.*
Transamerica Funds		Annual Report 2008

STATEMENTS OF CHANGES IN NET ASSETS (continued)
(all amounts in thousands)


							Transamerica Convertible												Transamerica Flexible
	Transamerica Balanced						Securities						Transamerica Equity						Income
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,			October 31,			October 31,			October 31,			October 31,
	2008			2007			2008			2007			2008			2007			2008			2007

Share Activity:
Shares issued:
Class A		168			151			1,322			397			4,098			4,226			359			493
Class B		93			120			111			66			511			747			214			164
Class C		60			49			939			52			552			963			290			372
Class I								509			1,104			6,453			8,822			2,984			17,539
Class T														64			57

		321			320			2,881			1,619			11,678			14,815			3,847			18,568

Shares issued-reinvested from distributions:
Class A		95			14			159			29			6			—			83			75
Class B		104			7			100			24			—			—			56			77
Class C		39			2			55			10			—			—			38			38
Class I		—			—			3,008			1,262			—			—			2,167			1,912

		238			23			3,322			1,325			6			—			2,344			2,102

Shares redeemed:
Class A		(712	)		(710	)		(784	)		(194	)		(9,119	)		(13,041	)		(630	)		(781	)
Class B		(893	)		(1,310	)		(168	)		(176	)		(3,011	)		(5,614	)		(585	)		(797	)
Class C		(289	)		(451	)		(235	)		(105	)		(2,172	)		(2,460	)		(483	)		(762	)
Class I								(465	)		(12,760	)		(7,429	)		(8,395	)		(27,886	)		(2,524	)
Class T														(787	)		(1,774	)

		(1,894	)		(2,471	)		(1,652	)		(13,235	)		(22,518	)		(31,284	)		(29,584	)		(4,864	)

Automatic conversions:
Class A		1,089			421			62			7			4,704			2,009			351			87
Class B		(1,096	)		(423	)		(62	)		(8	)		(5,003	)		(2,121	)		(351	)		(87	)

		(7	)		(2	)		—			(1	)		(299	)		(112	)		—			—

Net increase (decrease) in shares outstanding:
Class A		640			(124	)		759			239			(311	)		(6,806	)		163			(126	)
Class B		(1,792	)		1,606			(19	)		(94	)		(7,503	)		(6,988	)		(666	)		(643	)
Class C		(190	)		(400	)		759			(43	)		(1,620	)		(1,497	)		(155	)		(352	)
Class I								3,052			(10,394	)		(976	)		427			(22,735	)		16,927
Class T														(723	)		(1,717	)

		(1,342	)		(2,130	)		4,551			(10,292	)		(11,133	)		(16,581	)		(23,393	)		15,806



*The notes to the financial statements are an integral part of this report.*
Transamerica Funds		Annual Report 2008

STATEMENTS OF CHANGES IN NET ASSETS (continued)
(all amounts in thousands)


	Transamerica Growth						Transamerica High Yield						Transamerica Legg Mason						Transamerica Money
	Opportunities						Bond						Partners All Cap						Market
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,			October 31,			October 31,			October 31,			October 31,
	2008			2007			2008			2007			2008			2007			2008			2007

*Increase (Decrease) in Net Assets From:*
Operations:
Net investment income (loss)	$	(933	)	$	(2,183	)	$	37,005		$	26,486		$	532		$	(57	)	$	4,673		$	7,680
Net realized gain (loss)^(a)		(20,795	)		91,882			(9,296	)		3,704			(1,842	)		15,452			—			—
Change in unrealized appreciation (depreciation)^(b)		(114,155	)		13,074			(173,227	)		(6,944	)		(48,557	)		1,843			—			—

Net increase (decrease) in net assets resulting from operations		(135,883	)		102,773			(145,518	)		23,246			(49,867	)		17,238			4,673			7,680


Distributions to Shareholders:
From net investment income:
Class A		—			—			(2,500	)		(2,554	)		—			(175	)		(2,745	)		(3,876	)
Class B		—			—			(1,008	)		(1,470	)		—			—			(473	)		(966	)
Class C		—			—			(574	)		(615	)		—			—			(539	)		(700	)
Class I		—			—			(31,427	)		(21,811	)		—			—			(927	)		(2,136	)

		—			—			(35,509	)		(26,450	)		—			(175	)		(4,684	)		(7,678	)

From net realized gains:
Class A		—			—			—			—			(4,246	)		(7,681	)		—			—
Class B		—			—			—			—			(7,861	)		(16,118	)		—			—
Class C		—			—			—			—			(3,130	)		(6,121	)		—			—


		—			—			—			—			(15,237	)		(29,920	)		—			—

Capital Share Transactions:
Proceeds from shares sold:
Class A		3,902			8,951			10,846			10,896			2,542			4,462			156,262			110,732
Class B		2,025			2,481			1,083			1,207			1,618			4,191			36,830			18,357
Class C		1,293			1,087			736			2,753			909			1,569			72,304			17,851
Class I		1,984			7,155			241,102			61,746			—			—			25,560			209,116

		9,204			19,674			253,767			76,602			5,069			10,222			290,956			356,056

Dividends and distributions reinvested:
Class A		—			—			1,345			1,803			4,108			7,515			2,215			3,727
Class B		—			—			502			980			7,238			14,734			376			893
Class C		—			—			267			358			2,816			5,461			404			655
Class I		—			—			20,457			21,811			—			—			811			2,120

		—			—			22,571			24,952			14,162			27,710			3,806			7,395

Cost of shares redeemed:
Class A		(14,166	)		(20,501	)		(14,351	)		(21,615	)		(15,837	)		(17,017	)		(115,331	)		(98,923	)
Class B		(9,511	)		(19,854	)		(6,552	)		(7,614	)		(23,998	)		(30,724	)		(16,870	)		(20,138	)
Class C		(4,474	)		(6,452	)		(3,074	)		(4,201	)		(10,843	)		(10,089	)		(32,353	)		(16,155	)
Class I		(45,766	)		(75,323	)		(11,363	)		(64,779	)		—			—			(31,716	)		(203,029	)

		(73,917	)		(122,130	)		(35,340	)		(98,209	)		(50,678	)		(57,830	)		(196,270	)		(338,245	)

Redemption fee:
Class A		1			1			1			—			—			—			—			—


		1			1			1			—			—			—			—			—

Automatic conversions:
Class A		15,592			2,209			2,666			794			8,181			2,342			3,549			1,515
Class B		(15,592	)		(2,209	)		(2,666	)		(794	)		(8,181	)		(2,342	)		(3,549	)		(1,515	)

		—			—			—			—			—			—			—			—

Net increase (decrease) in net assets resulting from capital shares transactions		(64,712	)		(102,455	)		240,999			3,345			(31,447	)		(19,898	)		98,492			25,206



Net Increase (Decrease) in net assets		(200,595	)		318			59,972			141			(96,551	)		(32,755	)		98,481			25,208


Net Assets:
Beginning of year	$	359,467		$	359,149		$	397,977		$	397,836		$	173,774		$	206,529		$	173,403		$	148,195

End of year	$	158,872		$	359,467		$	457,949		$	397,977		$	77,223		$	173,774		$	271,884		$	173,403

Undistributed (Accumulated) Net Investment Income (Loss)	$	(17	)	$	(17	)	$	3,067		$	1,537		$	525		$	(7	)	$	83		$	94



*The notes to the financial statements are an integral part of this report.*
Transamerica Funds		Annual Report 2008

STATEMENTS OF CHANGES IN NET ASSETS (continued)
(all amounts in thousands)


	Transamerica Growth						Transamerica High Yield						Transamerica Legg Mason						Transamerica Money
	Opportunities						Bond						Partners All Cap						Market
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,			October 31,			October 31,			October 31,			October 31,
	2008			2007			2008			2007			2008			2007			2008			2007

Share Activity:
Shares issued:
Class A		427			939			1,223			1,171			183			263			156,265			110,732
Class B		235			288			112			130			128			260			36,830			18,357
Class C		144			125			82			299			73			99			72,304			17,852
Class I		224			796			27,503			6,700			—			—			25,560			209,116

		1,030			2,148			28,920			8,300			384			622			290,959			356,057

Shares issued-reinvested from distributions:
Class A		—			—			223			196			271			462			2,215			3,727
Class B		—			—			78			106			513			960			376			893
Class C		—			—			41			39			199			355			404			655
Class I		—			—			3,829			2,352			—			—			811			2,120

		—			—			4,171			2,693			983			1,777			3,806			7,395

Shares redeemed:
Class A		(1,569	)		(2,247	)		(1,734	)		(2,333	)		(1,145	)		(997	)		(115,331	)		(98,924	)
Class B		(1,105	)		(2,313	)		(787	)		(826	)		(1,867	)		(1,916	)		(16,870	)		(20,138	)
Class C		(529	)		(749	)		(380	)		(455	)		(835	)		(632	)		(32,353	)		(16,155	)
Class I		(5,248	)		(8,408	)		(1,605	)		(7,039	)		—			—			(31,716	)		(203,029	)

		(8,451	)		(13,717	)		(4,506	)		(10,653	)		(3,847	)		(3,545	)		(196,270	)		(338,246	)

Automatic conversions:
Class A		1,695			231			310			86			595			136			3,549			1,515
Class B		(1,809	)		(245	)		(310	)		(86	)		(641	)		(145	)		(3,549	)		(1,515	)

		(114	)		(14	)		—			—			(46	)		(9	)		—			—

Net increase (decrease) in shares outstanding:
Class A		553			(1,077	)		22			(880	)		(96	)		(136	)		46,698			17,050
Class B		(2,679	)		(2,270	)		(907	)		(676	)		(1,867	)		(841	)		16,787			(2,403	)
Class C		(385	)		(624	)		(257	)		(117	)		(563	)		(178	)		40,355			2,352
Class I		(5,024	)		(7,612	)		29,727			2,013			—			—			(5,345	)		8,207

		(7,535	)		(11,583	)		28,585			340			(2,526	)		(1,155	)		98,495			25,206



*The notes to the financial statements are an integral part of this report.*
Transamerica Funds		Annual Report 2008

STATEMENTS OF CHANGES IN NET ASSETS (continued)
(all amounts in thousands)


	Transamerica Science &						Transamerica Short-Term						Transamerica Small/Mid						Transamerica Templeton
	Technology						Bond						Cap Value						Global
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,			October 31,			October 31,			October 31,			October 31,
	2008			2007			2008			2007			2008			2007			2008			2007

*Increase (Decrease) in Net Assets From:*
Operations:
Net investment income (loss)	$	(434	)	$	(423	)	$	24,879		$	24,122		$	9,308		$	6,180		$	1,486		$	1,081
Net realized gain (loss)^(a)		(563	)		4,033			(10,141	)		(1,455	)		(98,519	)		77,381			11,223			21,798
Change in unrealized appreciation (depreciation)^(b)		(48,013	)		27,561			(19,826	)		(1,233	)		(296,332	)		101,180			(105,619	)		31,307

Net increase (decrease) in net assets resulting from operations		(49,010	)		31,171			(5,088	)		21,434			(385,543	)		184,741			(92,910	)		54,186


Distributions to Shareholders:
From net investment income:
Class A		—			—			(73	)		—			(815	)		(339	)		(1,124	)		(1,297	)
Class B		—			—						—			—			—			(99	)		(375	)
Class C		—			—			(74	)		—			(207	)		(64	)		(199	)		(173	)
Class I		—			—			(24,970	)		(22,977	)		(4,881	)		(6,046	)		(700	)		(688	)

		—			—			(25,117	)		(22,977	)		(5,903	)		(6,449	)		(2,122	)		(2,533	)

From net realized gains:
Class A		(282	)		—			—			—			(12,319	)		(849	)		—			—
Class B		(157	)		—			—			—			(5,719	)		(821	)		—			—
Class C		(96	)		—			—			—			(7,564	)		(535	)		—			—
Class I		(2,576	)		—			—			—			(50,781	)		(8,419	)		—			—


		(3,111	)		—			—			—			(76,383	)		(10,624	)		—			—

Capital Share Transactions:
Proceeds from shares sold:
Class A		2,918			1,923			6,797			—			376,986			50,011			4,616			6,194
Class B		381			488			—			—			18,229			7,596			1,618			3,166
Class C		660			689			8,910			—			111,684			29,511			900			1,684
Class I		4,896			—			34,605			193,918			40,971			23,041			—			—

		8,855			3,100			50,312			193,918			547,870			110,159			7,134			11,044

Dividends and distributions reinvested:
Class A		268			—			27			—			10,992			1,137			1,085			1,262
Class B		149			—			—			—			5,175			750			94			356
Class C		78			—			29			—			6,054			502			189			164
Class I		2,576			—			19,101			22,977			55,662			14,464			700			688

		3,071			—			19,157			22,977			77,883			16,853			2,068			2,470

Cost of shares redeemed:
Class A		(3,212	)		(1,961	)		(923	)		—			(137,493	)		(21,331	)		(21,738	)		(39,581	)
Class B		(821	)		(1,317	)		—			—			(10,337	)		(14,052	)		(8,972	)		(19,012	)
Class C		(625	)		(712	)		(1,386	)		—			(21,818	)		(7,577	)		(5,417	)		(8,953	)
Class I		(1,428	)		—			(95,587	)		(30,905	)		(148,685	)		(152,163	)		(38,070	)		(3,733	)

		(6,086	)		(3,990	)		(97,896	)		(30,905	)		(318,333	)		(195,123	)		(74,197	)		(71,279	)

Redemption fee:
Class A		—			—			2			—			2			—			—			1
Class B		—			—			—			—			—			2			—			—


		—			—			2			—			2			2			—			1

Automatic conversions:
Class A		186			31			—			—			7,300			1,995			30,467			9,939
Class B		(186	)		(31	)		—			—			(7,300	)		(1,995	)		(30,467	)		(9,939	)

		—			—			—			—			—			—			—			—

Net increase (decrease) in net assets resulting from capital shares transactions		5,840			(890	)		(28,425	)		185,990			307,422			(68,109	)		(64,995	)		(57,764	)



Net Increase (Decrease) in net assets		(46,281	)		30,281			(58,630	)		184,447			(160,407	)		99,559			(160,027	)		(6,111	)


Net Assets:
Beginning of year	$	99,792		$	69,511		$	563,889		$	379,442		$	701,413		$	601,854		$	258,780		$	264,891

End of year	$	53,511		$	99,792		$	505,259		$	563,889		$	541,006		$	701,413		$	98,753		$	258,780

Undistributed (Accumulated) Net Investment Income (Loss)	$	(2	)	$	(2	)	$	1,333		$	1,571		$	7,851		$	5,056		$	421		$	337



*The notes to the financial statements are an integral part of this report.*
Transamerica Funds		Annual Report 2008

STATEMENTS OF CHANGES IN NET ASSETS (continued)
(all amounts in thousands)


	Transamerica Science &						Transamerica Short-Term						Transamerica Small/Mid						Transamerica Templeton
	Technology						Bond						Cap Value						Global
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,			October 31,			October 31,			October 31,			October 31,
	2008			2007			2008			2007			2008			2007			2008			2007

Share Activity:
Shares issued:
Class A		616			404			689			—			20,500			2,339			148			197
Class B		92			110			—			—			1,013			385			61			108
Class C		154			149			908			—			6,200			1,464			32			57
Class I		1,201			—			2,942			19,678			3,081			1,173			—			—

		2,063			663			4,539			19,678			30,794			5,361			241			362

Shares issued-reinvested from distributions:
Class A		53			—			6			—			553			62			35			42
Class B		31			—			—			—			270			43			3			12
Class C		16			—			6			—			318			29			6			6
Class I		501			—			2,571			2,340			2,787			797			20			23

		601			—			2,583			2,340			3,928			931			64			83

Shares redeemed:
Class A		(774	)		(461	)		(95	)		—			(9,819	)		(1,076	)		(749	)		(1,245	)
Class B		(202	)		(318	)		—			—			(609	)		(745	)		(315	)		(645	)
Class C		(161	)		(177	)		(143	)		—			(1,406	)		(395	)		(198	)		(303	)
Class I		(394	)		—			(9,914	)		(3,135	)		(9,530	)		(8,356	)		(1,260	)		(124	)

		(1,531	)		(956	)		(10,152	)		(3,135	)		(21,364	)		(10,572	)		(2,522	)		(2,317	)

Automatic conversions:
Class A		47			7			—			—			385			96			1,006			312
Class B		(50	)		(7	)		—			—			(400	)		(100	)		(1,071	)		(332	)

		(3	)		—			—			—			(15	)		(4	)		(65	)		(20	)

Net increase (decrease) in shares outstanding:
Class A		(58	)		(50	)		600			—			11,619			1,421			440			(694	)
Class B		(129	)		(215	)		—			—			274			(417	)		(1,322	)		(857	)
Class C		9			(28	)		771			—			5,112			1,098			(160	)		(240	)
Class I		1,308			—			(4,401	)		18,883			(3,662	)		(6,386	)		(1,240	)		(101	)

		1,130			(293	)		(3,030	)		18,883			13,343			(4,284	)		(2,282	)		(1,892	)



*The notes to the financial statements are an integral part of this report.*
Transamerica Funds		Annual Report 2008

STATEMENTS OF CHANGES IN NET ASSETS (continued)
(all amounts in thousands)


	Transamerica Value
	Balanced
	Year Ended			Year Ended
	October 31,			October 31,
	2008			2007

*Increase (Decrease) in Net Assets From:*
Operations:
Net investment income	$	1,068		$	1,133
Net realized gain (loss)^(a)		(3,730	)		4,199
Change in unrealized appreciation (depreciation)^(b)		(14,696	)		2,184

Net increase (decrease) in net assets resulting from operations		(17,358	)		7,516


Distributions to Shareholders:
From net investment income:
Class A		(692	)		(537	)
Class B		(196	)		(205	)
Class C		(172	)		(131	)

		(1,060	)		(873	)

From net realized gains:
Class A		(1,609	)		(898	)
Class B		(830	)		(564	)
Class C		(566	)		(319	)


		(3,005	)		(1,781	)

Capital Share Transactions:
Proceeds from shares sold:
Class A		1,496			2,339
Class B		511			1,826
Class C		374			1,172

		2,381			5,337

Dividends and distributions reinvested:
Class A		2,069			1,403
Class B		909			725
Class C		669			437

		3,647			2,565

Cost of shares redeemed:
Class A		(8,353	)		(8,665	)
Class B		(4,161	)		(4,679	)
Class C		(2,846	)		(2,140	)

		(15,360	)		(15,484	)

Redemption fee:
Class B		1			—


		1			—

Automatic conversions:
Class A		3,193			2,221
Class B		(3,193	)		(2,221	)

		—			—

Net decrease in net assets resulting from capital shares transactions		(9,331	)		(7,582	)



Net Decrease in net assets		(30,754	)		(2,720	)


Net Assets:
Beginning of year	$	61,667		$	64,387

End of year	$	30,913		$	61,667

Undistributed Net Investment Income	$	349		$	260



*The notes to the financial statements are an integral part of this report.*
Transamerica Funds		Annual Report 2008

STATEMENTS OF CHANGES IN NET ASSETS (continued)
(all amounts in thousands)


	Transamerica Value
	Balanced
	Year Ended			Year Ended
	October 31,			October 31,
	2008			2007

Share Activity:
Shares issued:
Class A		112			171
Class B		39			134
Class C		29			87

		180			392

Shares issued-reinvested from distributions:
Class A		176			106
Class B		74			55
Class C		56			33

		306			194

Shares redeemed:
Class A		(713	)		(636	)
Class B		(351	)		(344	)
Class C		(243	)		(158	)

		(1,307	)		(1,138	)

Automatic conversions:
Class A		261			162
Class B		(262	)		(163	)

		(1	)		(1	)

Net decrease in shares outstanding:
Class A		(164	)		(197	)
Class B		(500	)		(318	)
Class C		(158	)		(38	)

		(822	)		(553	)


(a)		Net realized and unrealized gain (loss) includes Investment Securities, Futures Contracts, Written Options and Swaptions, Swaps and Foreign Currency Transactions.

(b)		Change in unrealized appreciation (depreciation) includes Investment Securities, Futures Contracts, Written Options and Swaptions, Swaps and Foreign Currency Translation.



*The notes to the financial statements are an integral part of this report.*
Transamerica Funds		Annual Report 2008

FINANCIAL HIGHLIGHTS
For the years ended:


	Transamerica Balanced
	Class A
	October 31,			October 31,			October 31,			October 31,			October 31,
	2008			2007			2006			2005			2004

Net Asset Value
Beginning of year	$	25.70		$	22.05		$	19.90		$	18.53		$	17.43


Investment Operations
Net investment income^(a)		0.28			0.17			0.12			0.15			0.14
Net realized and unrealized gain (loss) on investments		(8.64	)		3.62			2.12			1.41			1.08

Total from investment operations		(8.36	)		3.79			2.24			1.56			1.22


Distributions
Net investment income		(0.24	)		(0.14	)		(0.09	)		(0.19	)		(0.12	)
Net realized gains on investments		(0.66	)		—			—			—			—

Total distributions		(0.90	)		(0.14	)		(0.09	)		(0.19	)		(0.12	)


Net Asset Value
End of year	$	16.44		$	25.70		$	22.05		$	19.90		$	18.53


Total Return^(b)		(33.55	%)		17.28	%		11.27	%		8.41	%		7.03	%


Net Assets End of Year	$	49,917		$	61,565		$	55,547		$	62,440		$	72,997


Ratio and Supplemental Data
Expenses to average net assets
After reimbursement/fee waiver		1.52	%		1.56	%		1.58	%		1.59	%		1.70	%
Before reimbursement/fee waiver		1.52	%		1.56	%		1.58	%		1.59	%		1.70	%
Net investment income, to average net assets^(c)		1.27	%		0.73	%		0.57	%		0.75	%		0.76	%
Portfolio turnover rate		52	%		52	%		51	%		27	%		107	%


	Transamerica Balanced
	Class B
	October 31,			October 31,			October 31,			October 31,			October 31,
	2008			2007			2006			2005			2004

Net Asset Value
Beginning of year	$	25.58		$	21.98		$	19.88		$	18.47		$	17.39


Investment Operations
Net investment income^(a)		0.13			0.04			—	^(d)		0.04			0.04
Net realized and unrealized gain (loss) on investments		(8.58	)		3.60			2.12			1.40			1.08

Total from investment operations		(8.45	)		3.64			2.12			1.44			1.12


Distributions
Net investment income		(0.10	)		(0.04	)		(0.02	)		(0.03	)		(0.04	)
Net realized gains on investments		(0.66	)		—			—			—			—

Total distributions		(0.76	)		(0.04	)		(0.02	)		(0.03	)		(0.04	)


Net Asset Value
End of year	$	16.37		$	25.58		$	21.98		$	19.88		$	18.47


Total Return^(b)		(33.95	%)		16.57	%		10.65	%		7.80	%		6.44	%


Net Assets End of Year	$	32,469		$	96,573		$	118,286		$	142,479		$	170,630


Ratio and Supplemental Data
Expenses to average net assets
After reimbursement/fee waiver		2.15	%		2.14	%		2.15	%		2.14	%		2.26	%
Before reimbursement/fee waiver		2.15	%		2.14	%		2.15	%		2.14	%		2.26	%
Net investment income, to average net assets^(c)		0.59	%		0.15	%		0.01	%		0.20	%		0.19	%
Portfolio turnover rate		52	%		52	%		51	%		27	%		107	%



*The notes to the financial statements are an integral part of this report.*
Transamerica Funds		Annual Report 2008

FINANCIAL HIGHLIGHTS (continued)
For the years ended:


	Transamerica Balanced
	Class C
	October 31,			October 31,			October 31,			October 31,			October 31,
	2008			2007			2006			2005			2004

Net Asset Value
Beginning of year	$	25.50		$	21.91		$	19.82		$	18.45		$	17.39


Investment Operations
Net investment income (loss)^(a)		0.15			0.04			0.01			0.04			(0.01	)
Net realized and unrealized gain (loss) on investments		(8.56	)		3.59			2.10			1.41			1.11

Total from investment operations		(8.41	)		3.63			2.11			1.45			1.10


Distributions
Net investment income		(0.13	)		(0.04	)		(0.02	)		(0.08	)		(0.04	)
Net realized gains on investments		(0.66	)		—			—			—			—

Total distributions		(0.79	)		(0.04	)		(0.02	)		(0.08	)		(0.04	)


Net Asset Value
End of year	$	16.30		$	25.50		$	21.91		$	19.82		$	18.45


Total Return^(b)		(33.92	%)		16.61	%		10.64	%		7.85	%		6.33	%


Net Assets End of Year	$	17,719		$	32,569		$	36,750		$	43,276		$	53,990


Ratio and Supplemental Data
Expenses to average net assets
After reimbursement/fee waiver		2.08	%		2.11	%		2.12	%		2.13	%		2.28	%
Before reimbursement/fee waiver		2.08	%		2.11	%		2.12	%		2.13	%		2.28	%
Net investment income (loss), to average net assets^(c)		0.69	%		0.18	%		0.03	%		0.21	%		(0.08	%)
Portfolio turnover rate		52	%		52	%		51	%		27	%		107	%


	Transamerica Convertible Securities
	Class A
	October 31,			October 31,			October 31,			October 31,			October 31,
	2008			2007			2006			2005			2004

Net Asset Value
Beginning of year	$	15.30		$	12.76		$	11.56		$	11.00		$	11.32


Investment Operations
Net investment income^(a)		0.13			0.10			0.07			0.20			0.21
Net realized and unrealized gain (loss) on investments		(4.92	)		3.22			1.33			0.81			0.56

Total from investment operations		(4.79	)		3.32			1.40			1.01			0.77


Distributions
Net investment income		(0.10	)		(0.11	)		(0.07	)		(0.20	)		(0.22	)
Net realized gains on investments		(3.23	)		(0.67	)		(0.13	)		(0.25	)		(0.87	)

Total distributions		(3.33	)		(0.78	)		(0.20	)		(0.45	)		(1.09	)


Net Asset Value
End of year	$	7.18		$	15.30		$	12.76		$	11.56		$	11.00


Total Return^(b)		(38.92	%)		27.41	%		12.15	%		9.24	%		7.06	%


Net Assets End of Year	$	10,748		$	11,276		$	6,350		$	209,374		$	188,049


Ratio and Supplemental Data
Expenses to average net assets
After reimbursement/fee waiver		1.33	%		1.33	%		1.25	%		1.17	%		1.20	%
Before reimbursement/fee waiver		1.33	%		1.33	%		1.25	%		1.17	%		1.20	%
Net investment income, to average net assets^(c)		1.23	%		0.75	%		0.59	%		1.74	%		1.83	%
Portfolio turnover rate		91	%		92	%		69	%		87	%		157	%



*The notes to the financial statements are an integral part of this report.*
Transamerica Funds		Annual Report 2008

FINANCIAL HIGHLIGHTS (continued)
For the years ended:


	Transamerica Convertible Securities
	Class B
	October 31,			October 31,			October 31,			October 31,			October 31,
	2008			2007			2006			2005			2004

Net Asset Value
Beginning of year	$	15.22		$	12.71		$	11.54		$	11.00		$	11.31


Investment Operations
Net investment income^(a)		0.04			0.01			—	^(d)		0.09			0.14
Net realized and unrealized gain (loss) on investments		(4.87	)		3.21			1.32			0.80			0.57

Total from investment operations		(4.83	)		3.22			1.32			0.89			0.71


Distributions
Net investment income		(0.03	)		(0.04	)		(0.02	)		(0.10	)		(0.15	)
Net realized gains on investments		(3.23	)		(0.67	)		(0.13	)		(0.25	)		(0.87	)

Total distributions		(3.26	)		(0.71	)		(0.15	)		(0.35	)		(1.02	)


Net Asset Value
End of year	$	7.13		$	15.22		$	12.71		$	11.54		$	11.00


Total Return^(b)		(39.32	%)		26.54	%		11.47	%		8.09	%		6.52	%


Net Assets End of Year	$	2,920		$	6,533		$	6,651		$	6,656		$	6,379


Ratio and Supplemental Data
Expenses to average net assets
After reimbursement/fee waiver		2.02	%		1.99	%		1.99	%		2.15	%		1.79	%
Before reimbursement/fee waiver		2.02	%		1.99	%		1.99	%		2.15	%		1.79	%
Net investment income, to average net assets^(c)		0.40	%		0.10	%		—	% ^(e)		0.76	%		1.24	%
Portfolio turnover rate		91	%		92	%		69	%		87	%		157	%


	Transamerica Convertible Securities
	Class C
	October 31,			October 31,			October 31,			October 31,			October 31,
	2008			2007			2006			2005			2004

Net Asset Value
Beginning of year	$	15.17		$	12.66		$	11.50		$	10.97		$	11.31


Investment Operations
Net investment income^(a)		0.07			0.02			—	^(d)		0.08			0.11
Net realized and unrealized gain (loss) on investments		(4.87	)		3.20			1.31			0.82			0.57

Total from investment operations		(4.80	)		3.22			1.31			0.90			0.68


Distributions
Net investment income		(0.04	)		(0.04	)		(0.02	)		(0.12	)		(0.15	)
Net realized gains on investments		(3.23	)		(0.67	)		(0.13	)		(0.25	)		(0.87	)

Total distributions		(3.27	)		(0.71	)		(0.15	)		(0.37	)		(1.02	)


Net Asset Value
End of year	$	7.10		$	15.17		$	12.66		$	11.50		$	10.97


Total Return^(b)		(39.24	%)		26.69	%		11.44	%		8.17	%		6.33	%


Net Assets End of Year	$	7,070		$	3,598		$	3,551		$	4,465		$	5,204


Ratio and Supplemental Data
Expenses to average net assets
After reimbursement/fee waiver		1.94	%		1.94	%		1.94	%		2.16	%		2.05	%
Before reimbursement/fee waiver		1.94	%		1.94	%		1.94	%		2.16	%		2.05	%
Net investment income, to average net assets^(c)		0.72	%		0.15	%		0.02	%		0.73	%		0.98	%
Portfolio turnover rate		91	%		92	%		69	%		87	%		157	%



*The notes to the financial statements are an integral part of this report.*
Transamerica Funds		Annual Report 2008

FINANCIAL HIGHLIGHTS (continued)
For the years ended:


	Transamerica Convertible Securities
	Class I
	October 31,			October 31,			October 31,
	2008			2007			2006^(f)

Net Asset Value
Beginning of year	$	15.31		$	12.76		$	11.71


Investment Operations
Net investment income^(a)		0.18			0.16			0.14
Net realized and unrealized gain (loss) on investments		(4.92	)		3.23			1.17

Total from investment operations		(4.74	)		3.39			1.31


Distributions
Net investment income		(0.15	)		(0.17	)		(0.13	)
Net realized gains on investments		(3.23	)		(0.67	)		(0.13	)

Total distributions		(3.38	)		(0.84	)		(0.26	)


Net Asset Value
End of year	$	7.19		$	15.31		$	12.76


Total Return^(b)		(38.58	%)		28.10	%		11.26	% ^(g)


Net Assets End of Year	$	91,679		$	148,562		$	256,474


Ratio and Supplemental Data
Expenses to average net assets
After reimbursement/fee waiver		0.84	%		0.82	%		0.82	% ^(h)
Before reimbursement/fee waiver		0.84	%		0.82	%		0.82	%^(h)
Net investment income, to average net assets^(c)		1.65	%		1.24	%		1.20	%^(h)
Portfolio turnover rate		91	%		92	%		69	%^(g)


	Transamerica Equity
	Class A
	October 31,			October 31,			October 31,			October 31,			October 31,
	2008			2007			2006			2005			2004

Net Asset Value
Beginning of year	$	12.07		$	9.83		$	8.87		$	7.44		$	6.86


Investment Operations
Net investment loss^(a)		(0.01	)		(0.05	)		(0.07	)		(0.02	)		(0.07	)
Net realized and unrealized gain (loss) on investments		(5.21	)		2.29			1.11			1.58			0.65

Total from investment operations		(5.22	)		2.24			1.04			1.56			0.58


Distributions
Net realized gains on investments		—			—			(0.08	)		(0.13	)		—

Total distributions		—			—			(0.08	)		(0.13	)		—


Net Asset Value
End of year	$	6.85		$	12.07		$	9.83		$	8.87		$	7.44


Total Return^(b)		(43.25	%)		22.79	%		11.71	%		21.16	%		8.45	%


Net Assets End of Year	$	300,140		$	532,251		$	500,483		$	301,635		$	176,851


Ratio and Supplemental Data
Expenses to average net assets
After reimbursement/fee waiver		1.39	%		1.40	%		1.51	%		1.36	%		1.50	%
Before reimbursement/fee waiver		1.39	%		1.40	%		1.51	%		1.36	%		1.50	%
Net investment loss, to average net assets^(c)		(0.07	%)		(0.48	%)		(0.70	%)		(0.27	%)		(0.90	%)
Portfolio turnover rate		33	%		62	%		19	%		39	%		97	%



*The notes to the financial statements are an integral part of this report.*
Transamerica Funds		Annual Report 2008

FINANCIAL HIGHLIGHTS (continued)
For the years ended:


	Transamerica Equity
	Class B
	October 31,			October 31,			October 31,			October 31,			October 31,
	2008			2007			2006			2005			2004

Net Asset Value
Beginning of year	$	11.39		$	9.35		$	8.49		$	7.19		$	6.68


Investment Operations
Net investment loss^(a)		(0.08	)		(0.12	)		(0.12	)		(0.08	)		(0.11	)
Net realized and unrealized gain (loss) on investments		(4.89	)		2.16			1.06			1.51			0.62

Total from investment operations		(4.97	)		2.04			0.94			1.43			0.51


Distributions
Net realized gains on investments		—			—			(0.08	)		(0.13	)		—

Total distributions		—			—			(0.08	)		(0.13	)		—


Net Asset Value
End of year	$	6.42		$	11.39		$	9.35		$	8.49		$	7.19


Total Return^(b)		(43.63	%)		21.82	%		11.06	%		20.03	%		7.68	%


Net Assets End of Year	$	59,479		$	191,007		$	222,144		$	49,865		$	47,928


Ratio and Supplemental Data
Expenses to average net assets
After reimbursement/fee waiver		2.17	%		2.17	%		2.17	%		2.18	%		2.20	%
Before reimbursement/fee waiver		2.21	%		2.21	%		2.34	%		2.61	%		2.72	%
Net investment loss, to average net assets^(c)		(0.87	%)		(1.25	%)		(1.34	%)		(0.99	%)		(1.62	%)
Portfolio turnover rate		33	%		62	%		19	%		39	%		97	%


	Transamerica Equity
	Class C
	October 31,			October 31,			October 31,			October 31,			October 31,
	2008			2007			2006			2005			2004

Net Asset Value
Beginning of year	$	11.42		$	9.37		$	8.50		$	7.20		$	6.68


Investment Operations
Net investment loss^(a)		(0.07	)		(0.11	)		(0.12	)		(0.08	)		(0.11	)
Net realized and unrealized gain (loss) on investments		(4.91	)		2.16			1.07			1.51			0.63

Total from investment operations		(4.98	)		2.05			0.95			1.43			0.52


Distributions
Net realized gains on investments		—			—			(0.08	)		(0.13	)		—

Total distributions		—			—			(0.08	)		(0.13	)		—


Net Asset Value
End of year	$	6.44		$	11.42		$	9.37		$	8.50		$	7.20


Total Return^(b)		(43.61	%)		21.88	%		11.16	%		20.05	%		7.78	%


Net Assets End of Year	$	46,676		$	101,226		$	97,047		$	23,656		$	21,808


Ratio and Supplemental Data
Expenses to average net assets
After reimbursement/fee waiver		2.04	%		2.07	%		2.10	%		2.18	%		2.20	%
Before reimbursement/fee waiver		2.04	%		2.07	%		2.10	%		2.31	%		2.55	%
Net investment loss, to average net assets^(c)		(0.72	%)		(1.15	%)		(1.27	%)		(1.00	%)		(1.63	%)
Portfolio turnover rate		33	%		62	%		19	%		39	%		97	%



*The notes to the financial statements are an integral part of this report.*
Transamerica Funds		Annual Report 2008

FINANCIAL HIGHLIGHTS (continued)
For the years ended:


	Transamerica Equity
	Class I
	October 31,			October 31,			October 31,
	2008			2007			2006^(f)

Net Asset Value
Beginning of year	$	12.23		$	9.90		$	9.17


Investment Operations
Net investment income^(a)		0.06			0.01			—	^(d)
Net realized and unrealized gain (loss) on investments		(5.30	)		2.32			0.81

Total from investment operations		(5.24	)		2.33			0.81


Distributions
Net realized gains on investments		—			—			(0.08	)

Total distributions		—			—			(0.08	)


Net Asset Value
End of year	$	6.99		$	12.23		$	9.90


Total Return^(b)		(42.85	%)		23.54	%		8.83	%^(g)


Net Assets End of Year	$	500,722		$	888,019		$	714,803


Ratio and Supplemental Data
Expenses to average net assets
After reimbursement/fee waiver		0.75	%		0.78	%		0.81	%^(h)
Before reimbursement/fee waiver		0.75	%		0.78	%		0.81	%^(h)
Net investment income, to average net assets^(c)		0.55	%		0.13	%		0.02	%^(h)
Portfolio turnover rate		33	%		62	%		19	%^(g)


	Transamerica Equity
	Class T
	October 31,			October 31,			October 31,
	2008			2007			2006⁽ⁱ⁾

Net Asset Value
Beginning of year	$	33.53		$	27.18		$	27.10


Investment Operations
Net investment income^(a)		0.12			—			—	^(d)
Net realized and unrealized gain (loss) on investments		(14.51	)		6.35			0.08

Total from investment operations		(14.39	)		6.35			0.08


Net Asset Value
End of year	$	19.14		$	33.53		$	27.18


Total Return^(b)		(42.92	%)		23.36	%		0.30	%^(g)


Net Assets End of Year	$	90,881		$	183,495		$	195,420


Ratio and Supplemental Data
Expenses to average net assets
After reimbursement/fee waiver		0.89	%		0.91	%		0.84	%^(h)
Before reimbursement/fee waiver		0.89	%		0.91	%		0.84	%^(h)
Net investment income (loss), to average net assets^(c)		0.42	%		0.01	%		(0.21	%)^(h)
Portfolio turnover rate		33	%		62	%		19	%^(g)



*The notes to the financial statements are an integral part of this report.*
Transamerica Funds		Annual Report 2008

FINANCIAL HIGHLIGHTS (continued)
For the years ended:


	Transamerica Flexible Income
	Class A
	October 31,			October 31,			October 31,			October 31,			October 31,
	2008			2007			2006			2005			2004

Net Asset Value
Beginning of year	$	9.14		$	9.38		$	9.31		$	9.68		$	10.21


Investment Operations
Net investment income^(a)		0.44			0.48			0.43			0.37			0.38
Net realized and unrealized gain (loss) on investments		(1.89	)		(0.25	)		0.05			(0.32	)		0.14

Total from investment operations		(1.45	)		0.23			0.48			0.05			0.52


Distributions
Net investment income		(0.47	)		(0.47	)		(0.41	)		(0.38	)		(0.38	)
Net realized gains on investments		—			—			—			—			(0.63	)
Return of capital		—			—			—			(0.04	)		(0.04	)

Total distributions		(0.47	)		(0.47	)		(0.41	)		(0.42	)		(1.05	)


Net Asset Value
End of year	$	7.22		$	9.14		$	9.38		$	9.31		$	9.68


Total Return^(b)		(16.57	%)		2.42	%		5.34	%		0.47	%		5.72	%


Net Assets End of Year	$	13,360		$	15,409		$	17,005		$	140,203		$	80,201


Ratio and Supplemental Data
Expenses to average net assets
After reimbursement/fee waiver		1.39	%		1.40	%		1.47	%		1.25	%		1.43	%
Before reimbursement/fee waiver		1.39	%		1.40	%		1.47	%		1.25	%		1.43	%
Net investment income, to average net assets^(c)		5.12	%		5.12	%		4.64	%		3.85	%		3.89	%
Portfolio turnover rate		98	%		108	%		110	%		58	%		169	%


	Transamerica Flexible Income
	Class B
	October 31,			October 31,			October 31,			October 31,			October 31,
	2008			2007			2006			2005			2004

Net Asset Value
Beginning of year	$	9.14		$	9.39		$	9.32		$	9.68		$	10.20


Investment Operations
Net investment income^(a)		0.38			0.42			0.38			0.29			0.32
Net realized and unrealized gain (loss) on investments		(1.88	)		(0.26	)		0.06			(0.32	)		0.15

Total from investment operations		(1.50	)		0.16			0.44			(0.03	)		0.47


Distributions
Net investment income		(0.41	)		(0.41	)		(0.37	)		(0.29	)		(0.32	)
Net realized gains on investments		—			—			—			—			(0.63	)
Return of capital		—			—			—			(0.04	)		(0.04	)

Total distributions		(0.41	)		(0.41	)		(0.37	)		(0.33	)		(0.99	)


Net Asset Value
End of year	$	7.23		$	9.14		$	9.39		$	9.32		$	9.68


Total Return^(b)		(17.03	%)		1.66	%		4.81	%		(0.36	%)		5.13	%


Net Assets End of Year	$	8,628		$	17,007		$	23,501		$	32,560		$	45,338


Ratio and Supplemental Data
Expenses to average net assets
After reimbursement/fee waiver		2.05	%		2.04	%		2.08	%		2.08	%		2.03	%
Before reimbursement/fee waiver		2.05	%		2.04	%		2.08	%		2.08	%		2.03	%
Net investment income, to average net assets^(c)		4.42	%		4.48	%		4.08	%		3.02	%		3.25	%
Portfolio turnover rate		98	%		108	%		110	%		58	%		169	%



*The notes to the financial statements are an integral part of this report.*
Transamerica Funds		Annual Report 2008

FINANCIAL HIGHLIGHTS (continued)
For the years ended:


	Transamerica Flexible Income
	Class C
	October 31,			October 31,			October 31,			October 31,			October 31,
	2008			2007			2006			2005			2004

Net Asset Value
Beginning of year	$	9.12		$	9.36		$	9.30		$	9.67		$	10.20


Investment Operations
Net investment income^(a)		0.39			0.42			0.39			0.29			0.33
Net realized and unrealized gain (loss) on investments		(1.88	)		(0.25	)		0.04			(0.33	)		0.13

Total from investment operations		(1.49	)		0.17			0.43			(0.04	)		0.46


Distributions
Net investment income		(0.42	)		(0.41	)		(0.37	)		(0.29	)		(0.32	)
Net realized gains on investments		—			—			—			—			(0.63	)
Return of capital		—			—			—			(0.04	)		(0.04	)

Total distributions		(0.42	)		(0.41	)		(0.37	)		(0.33	)		(0.99	)


Net Asset Value
End of year	$	7.21		$	9.12		$	9.36		$	9.30		$	9.67


Total Return^(b)		(16.98	%)		1.81	%		4.74	%		(0.40	%)		5.02	%


Net Assets End of Year	$	5,981		$	8,982		$	12,519		$	13,439		$	19,675


Ratio and Supplemental Data
Expenses to average net assets
After reimbursement/fee waiver		1.97	%		2.00	%		2.07	%		2.11	%		2.10	%
Before reimbursement/fee waiver		1.97	%		2.00	%		2.07	%		2.11	%		2.10	%
Net investment income, to average net assets^(c)		4.52	%		4.51	%		4.15	%		2.99	%		3.37	%
Portfolio turnover rate		98	%		108	%		110	%		58	%		169	%


	Transamerica Flexible Income
	Class I
	October 31,			October 31,			October 31,			October 31,
	2008			2007			2006			2005^(j)

Net Asset Value
Beginning of year	$	9.17		$	9.42		$	9.35		$	9.68


Investment Operations
Net investment income^(a)		0.50			0.53			0.50			0.40
Net realized and unrealized gain (loss) on investments		(1.90	)		(0.26	)		0.05			(0.32	)

Total from investment operations		(1.40	)		0.27			0.55			0.08


Distributions
Net investment income		(0.52	)		(0.52	)		(0.48	)		(0.37	)
Net realized gains on investments		—			—			—			(0.04	)

Total distributions		(0.52	)		(0.52	)		(0.48	)		(0.41	)


Net Asset Value
End of year	$	7.25		$	9.17		$	9.42		$	9.35


Total Return^(b)		(16.02	%)		2.93	%		6.04	%		0.85	%^(g)


Net Assets End of Year	$	128,108		$	370,611		$	221,116		$	110,709


Ratio and Supplemental Data
Expenses to average net assets
After reimbursement/fee waiver		0.77	%		0.80	%		0.86	%		0.85	%^(h)
Before reimbursement/fee waiver		0.77	%		0.80	%		0.86	%		0.85	%^(h)
Net investment income, to average net assets^(c)		5.67	%		5.71	%		5.35	%		4.25	%^(h)
Portfolio turnover rate		98	%		108	%		110	%		58	%^(g)



*The notes to the financial statements are an integral part of this report.*
Transamerica Funds		Annual Report 2008

FINANCIAL HIGHLIGHTS (continued)
For the years ended:


	Transamerica Growth Opportunities
	Class A
	October 31,			October 31,			October 31,			October 31,			October 31,
	2008			2007			2006			2005			2004

Net Asset Value
Beginning of year	$	11.40		$	8.36		$	7.85		$	6.61		$	5.95


Investment Operations
Net investment loss^(a)		(0.06	)		(0.09	)		(0.07	)		(0.02	)		(0.03	)
Net realized and unrealized gain (loss) on investments		(4.77	)		3.13			0.58			1.26			0.69

Total from investment operations		(4.83	)		3.04			0.51			1.24			0.66


Net Asset Value
End of year	$	6.57		$	11.40		$	8.36		$	7.85		$	6.61


Total Return^(b)		(42.37	%)		36.20	%		6.62	%		18.76	%		11.09	%


Net Assets End of Year	$	41,005		$	64,825		$	56,588		$	256,559		$	230,633


Ratio and Supplemental Data
Expenses to average net assets
After reimbursement/fee waiver		1.75	%		1.75	%		1.72	%		1.41	%		1.43	%
Before reimbursement/fee waiver		1.81	%		1.77	%		1.72	%		1.41	%		1.43	%
Net investment loss, to average net assets^(c)		(0.69	%)		(1.00	%)		(0.89	%)		(0.30	%)		(0.47	%)
Portfolio turnover rate		45	%		85	%		59	%		34	%		43	%


	Transamerica Growth Opportunities
	Class B
	October 31,			October 31,			October 31,			October 31,			October 31,
	2008			2007			2006			2005			2004

Net Asset Value
Beginning of year	$	10.72		$	7.92		$	7.48		$	6.37		$	5.79


Investment Operations
Net investment loss^(a)		(0.12	)		(0.14	)		(0.13	)		(0.09	)		(0.09	)
Net realized and unrealized gain (loss) on investments		(4.47	)		2.94			0.57			1.20			0.67

Total from investment operations		(4.59	)		2.80			0.44			1.11			0.58


Net Asset Value
End of year	$	6.13		$	10.72		$	7.92		$	7.48		$	6.37


Total Return^(b)		(42.82	%)		35.35	%		5.88	%		17.43	%		10.02	%


Net Assets End of Year	$	20,823		$	65,123		$	66,098		$	74,589		$	77,869


Ratio and Supplemental Data
Expenses to average net assets
After reimbursement/fee waiver		2.40	%		2.40	%		2.40	%		2.40	%		2.40	%
Before reimbursement/fee waiver		2.46	%		2.45	%		2.46	%		2.61	%		2.64	%
Net investment loss, to average net assets^(c)		(1.39	%)		(1.66	%)		(1.57	%)		(1.29	%)		(1.44	%)
Portfolio turnover rate		45	%		85	%		59	%		34	%		43	%



*The notes to the financial statements are an integral part of this report.*
Transamerica Funds		Annual Report 2008

FINANCIAL HIGHLIGHTS (continued)
For the years ended:


	Transamerica Growth Opportunities
	Class C
	October 31,			October 31,			October 31,			October 31,			October 31,
	2008			2007			2006			2005			2004

Net Asset Value
Beginning of year	$	10.74		$	7.94		$	7.49		$	6.38		$	5.79


Investment Operations
Net investment loss^(a)		(0.11	)		(0.14	)		(0.12	)		(0.09	)		(0.10	)
Net realized and unrealized gain (loss) on investments		(4.47	)		2.94			0.57			1.20			0.69

Total from investment operations		(4.58	)		2.80			0.45			1.11			0.59


Net Asset Value
End of year	$	6.16		$	10.74		$	7.94		$	7.49		$	6.38


Total Return^(b)		(42.64	%)		35.26	%		6.01	%		17.40	%		10.19	%


Net Assets End of Year	$	10,619		$	22,656		$	21,688		$	25,432		$	28,103


Ratio and Supplemental Data
Expenses to average net assets
After reimbursement/fee waiver		2.34	%		2.36	%		2.38	%		2.40	%		2.40	%
Before reimbursement/fee waiver		2.34	%		2.36	%		2.38	%		2.54	%		2.65	%
Net investment loss, to average net assets^(c)		(1.29	%)		(1.61	%)		(1.54	%)		(1.29	%)		(1.58	%)
Portfolio turnover rate		45	%		85	%		59	%		34	%		43	%


	Transamerica Growth Opportunities
	Class I
	October 31,			October 31,			October 31,
	2008			2007			2006^(f)

Net Asset Value
Beginning of year	$	11.59		$	8.43		$	7.99


Investment Operations
Net investment income (loss)^(a)		0.01			(0.01	)		—	^(d)
Net realized and unrealized gain (loss) on investments		(4.86	)		3.17			0.44

Total from investment operations		(4.85	)		3.16			0.44


Net Asset Value
End of year	$	6.74		$	11.59		$	8.43


Total Return^(b)		(41.85	%)		37.49	%		5.51	%^(g)


Net Assets End of Year	$	86,425		$	206,863		$	214,775


Ratio and Supplemental Data
Expenses to average net assets
After reimbursement/fee waiver		0.86	%		0.88	%		0.88	%^(h)
Before reimbursement/fee waiver		0.86	%		0.88	%		0.88	%^(h)
Net investment income (loss), to average net assets^(c)		0.15	%		(0.15	%)		(0.06	%)^(h)
Portfolio turnover rate		45	%		85	%		59	%^(g)



*The notes to the financial statements are an integral part of this report.*
Transamerica Funds		Annual Report 2008

FINANCIAL HIGHLIGHTS (continued)
For the years ended:


	Transamerica High Yield Bond
	Class A
	October 31,			October 31,			October 31,			October 31,			October 31,
	2008			2007			2006			2005			2004

Net Asset Value
Beginning of year	$	9.12		$	9.19		$	8.97		$	9.37		$	9.08


Investment Operations
Net investment income^(a)		0.64			0.60			0.61			0.56			0.52
Net realized and unrealized gain (loss) on investments		(2.83	)		(0.07	)		0.19			(0.37	)		0.29

Total from investment operations		(2.19	)		0.53			0.80			0.19			0.81


Distributions
Net investment income		(0.62	)		(0.60	)		(0.58	)		(0.59	)		(0.52	)

Total distributions		(0.62	)		(0.60	)		(0.58	)		(0.59	)		(0.52	)


Net Asset Value
End of year	$	6.31		$	9.12		$	9.19		$	8.97		$	9.37


Total Return^(b)		(25.46	%)		5.90	%		9.27	%		2.06	%		9.23	%


Net Assets End of Year	$	24,506		$	35,147		$	43,514		$	336,340		$	309,223


Ratio and Supplemental Data
Expenses to average net assets
After reimbursement/fee waiver		1.16	%		1.15	%		1.16	%		1.05	%		1.08	%
Before reimbursement/fee waiver		1.16	%		1.15	%		1.16	%		1.05	%		1.08	%
Net investment income, to average net assets^(c)		7.65	%		6.45	%		6.77	%		6.04	%		5.67	%
Portfolio turnover rate		38	%		80	%		73	%		71	%		49	%


	Transamerica High Yield Bond
	Class B
	October 31,			October 31,			October 31,			October 31,			October 31,
	2008			2007			2006			2005			2004

Net Asset Value
Beginning of year	$	9.11		$	9.18		$	8.97		$	9.37		$	9.08


Investment Operations
Net investment income^(a)		0.58			0.53			0.55			0.48			0.46
Net realized and unrealized gain (loss) on investments		(2.83	)		(0.06	)		0.19			(0.37	)		0.29

Total from investment operations		(2.25	)		0.47			0.74			0.11			0.75


Distributions
Net investment income		(0.56	)		(0.54	)		(0.53	)		(0.51	)		(0.46	)

Total distributions		(0.56	)		(0.54	)		(0.53	)		(0.51	)		(0.46	)


Net Asset Value
End of year	$	6.30		$	9.11		$	9.18		$	8.97		$	9.37


Total Return^(b)		(26.04	%)		5.19	%		8.53	%		1.21	%		8.52	%


Net Assets End of Year	$	9,091		$	21,370		$	27,753		$	37,006		$	49,422


Ratio and Supplemental Data
Expenses to average net assets
After reimbursement/fee waiver		1.85	%		1.83	%		1.83	%		1.85	%		1.72	%
Before reimbursement/fee waiver		1.85	%		1.83	%		1.83	%		1.85	%		1.72	%
Net investment income, to average net assets^(c)		6.83	%		5.77	%		6.12	%		5.18	%		5.05	%
Portfolio turnover rate		38	%		80	%		73	%		71	%		49	%



*The notes to the financial statements are an integral part of this report.*
Transamerica Funds		Annual Report 2008

FINANCIAL HIGHLIGHTS (continued)
For the years ended:


	Transamerica High Yield Bond
	Class C
	October 31,			October 31,			October 31,			October 31,			October 31,
	2008			2007			2006			2005			2004

Net Asset Value
Beginning of year	$	9.10		$	9.17		$	8.96		$	9.36		$	9.08


Investment Operations
Net investment income^(a)		0.58			0.53			0.55			0.47			0.46
Net realized and unrealized gain (loss) on investments		(2.82	)		(0.06	)		0.19			(0.36	)		0.28

Total from investment operations		(2.24	)		0.47			0.74			0.11			0.74


Distributions
Net investment income		(0.56	)		(0.54	)		(0.53	)		(0.51	)		(0.46	)

Total distributions		(0.56	)		(0.54	)		(0.53	)		(0.51	)		(0.46	)


Net Asset Value
End of year	$	6.30		$	9.10		$	9.17		$	8.96		$	9.36


Total Return^(b)		(25.89	%)		5.21	%		8.54	%		1.21	%		8.41	%


Net Assets End of Year	$	5,429		$	10,160		$	11,317		$	15,880		$	25,379


Ratio and Supplemental Data
Expenses to average net assets
After reimbursement/fee waiver		1.80	%		1.83	%		1.83	%		1.88	%		1.78	%
Before reimbursement/fee waiver		1.80	%		1.83	%		1.83	%		1.88	%		1.78	%
Net investment income, to average net assets^(c)		6.93	%		5.77	%		6.12	%		5.11	%		4.95	%
Portfolio turnover rate		38	%		80	%		73	%		71	%		49	%


	Transamerica High Yield Bond
	Class I
	October 31,			October 31,			October 31,			October 31,
	2008			2007			2006			2005^(j)

Net Asset Value
Beginning of year	$	9.17		$	9.24		$	9.02		$	9.39


Investment Operations
Net investment income^(a)		0.69			0.65			0.67			0.59
Net realized and unrealized gain (loss) on investments		(2.85	)		(0.07	)		0.18			(0.37	)

Total from investment operations		(2.16	)		0.58			0.85			0.22


Distributions
Net investment income		(0.66	)		(0.65	)		(0.63	)		(0.59	)

Total distributions		(0.66	)		(0.65	)		(0.63	)		(0.59	)


Net Asset Value
End of year	$	6.35		$	9.17		$	9.24		$	9.02


Total Return^(b)		(25.05	%)		6.39	%		9.81	%		2.33	%^(g)


Net Assets End of Year	$	418,923		$	331,300		$	315,252		$	40,860


Ratio and Supplemental Data
Expenses to average net assets
After reimbursement/fee waiver		0.65	%		0.65	%		0.66	%		0.66	%^(h)
Before reimbursement/fee waiver		0.65	%		0.65	%		0.66	%		0.66	%^(h)
Net investment income, to average net assets^(c)		8.34	%		6.96	%		7.29	%		6.60	%^(h)
Portfolio turnover rate		38	%		80	%		73	%		71	%^(g)



*The notes to the financial statements are an integral part of this report.*
Transamerica Funds		Annual Report 2008

FINANCIAL HIGHLIGHTS (continued)
For the years ended:


	Transamerica Legg Mason Partners All Cap
	Class A
	October 31,			October 31,			October 31,			October 31,			October 31,
	2008			2007			2006			2005			2004

Net Asset Value
Beginning of year	$	17.08		$	18.18		$	16.10		$	14.80		$	13.95


Investment Operations
Net investment income (loss)^(a)		0.12			0.07			0.09			0.06			(0.03	)
Net realized and unrealized gain (loss) on investments		(5.73	)		1.49			2.55			1.24			0.88

Total from investment operations		(5.61	)		1.56			2.64			1.30			0.85


Distributions
Net investment income		—			(0.06	)		(0.01	)		—	^(d)		—
Net realized gains on investments		(1.49	)		(2.60	)		(0.55	)		—			—

Total distributions		(1.49	)		(2.66	)		(0.56	)		—	^(d)		—


Net Asset Value
End of year	$	9.98		$	17.08		$	18.18		$	16.10		$	14.80


Total Return^(b)		(35.81	%)		9.27	%		16.74	%		8.79	%		6.09	%


Net Assets End of Year	$	28,237		$	49,938		$	55,622		$	173,929		$	438,047


Ratio and Supplemental Data
Expenses to average net assets
After reimbursement/fee waiver		1.55	%		1.55	%		1.55	%		1.32	%		1.33	%
Before reimbursement/fee waiver		1.59	%		1.56	%		1.57	%		1.32	%		1.33	%
Net investment income (loss), to average net assets^(c)		0.85	%		0.42	%		0.52	%		0.36	%		(0.17	%)
Portfolio turnover rate		27	%		17	%		25	%		27	%		25	%


	Transamerica Legg Mason Partners All Cap
	Class B
	October 31,			October 31,			October 31,			October 31,			October 31,
	2008			2007			2006			2005			2004

Net Asset Value
Beginning of year	$	16.01		$	17.24		$	15.39		$	14.27		$	13.53


Investment Operations
Net investment income (loss)^(a)		0.02			(0.03	)		(0.03	)		(0.09	)		(0.11	)
Net realized and unrealized gain (loss) on investments		(5.30	)		1.40			2.43			1.21			0.85

Total from investment operations		(5.28	)		1.37			2.40			1.12			0.74


Distributions
Net investment income		—			—			—	^(d)		—			—
Net realized gains on investments		(1.49	)		(2.60	)		(0.55	)		—			—

Total distributions		(1.49	)		(2.60	)		(0.55	)		—			—


Net Asset Value
End of year	$	9.24		$	16.01		$	17.24		$	15.39		$	14.27


Total Return^(b)		(36.18	%)		8.57	%		15.97	%		7.84	%		5.48	%


Net Assets End of Year	$	33,670		$	88,268		$	109,567		$	123,494		$	150,829


Ratio and Supplemental Data
Expenses to average net assets
After reimbursement/fee waiver		2.20	%		2.19	%		2.20	%		2.19	%		1.97	%
Before reimbursement/fee waiver		2.24	%		2.19	%		2.21	%		2.19	%		1.97	%
Net investment income (loss), to average net assets^(c)		0.20	%		(0.22	%)		(0.17	%)		(0.58	%)		(0.80	%)
Portfolio turnover rate		27	%		17	%		25	%		27	%		25	%



*The notes to the financial statements are an integral part of this report.*
Transamerica Funds		Annual Report 2008

FINANCIAL HIGHLIGHTS (continued)
For the years ended:


	Transamerica Legg Mason Partners All Cap
	Class C
	October 31,			October 31,			October 31,			October 31,			October 31,
	2008			2007			2006			2005			2004

Net Asset Value
Beginning of year	$	16.04		$	17.25		$	15.39		$	14.26		$	13.53


Investment Operations
Net investment income (loss)^(a)		0.03			(0.02	)		(0.02	)		(0.08	)		(0.12	)
Net realized and unrealized gain (loss) on investments		(5.32	)		1.41			2.43			1.21			0.85

Total from investment operations		(5.29	)		1.39			2.41			1.13			0.73


Distributions
Net investment income		—			—			—	^(d)		—			—
Net realized gains on investments		(1.49	)		(2.60	)		(0.55	)		—			—

Total distributions		(1.49	)		(2.60	)		(0.55	)		—			—


Net Asset Value
End of year	$	9.26		$	16.04		$	17.25		$	15.39		$	14.26


Total Return^(b)		(36.17	%)		8.70	%		16.04	%		7.89	%		5.43	%


Net Assets End of Year	$	15,316		$	35,568		$	41,340		$	49,909		$	65,391


Ratio and Supplemental Data
Expenses to average net assets
After reimbursement/fee waiver		2.15	%		2.13	%		2.15	%		2.15	%		1.99	%
Before reimbursement/fee waiver		2.15	%		2.13	%		2.15	%		2.15	%		1.99	%
Net investment income (loss), to average net assets^(c)		0.26	%		(0.15	%)		(0.12	%)		(0.53	%)		(0.83	%)
Portfolio turnover rate		27	%		17	%		25	%		27	%		25	%


	Transamerica Money Market
	Class A
	October 31,			October 31,			October 31,			October 31,			October 31,
	2008			2007			2006			2005			2004

Net Asset Value
Beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00


Investment Operations
Net investment income^(a)		0.02			0.05			0.04			0.02			—	^(d)
Net realized and unrealized gain on investments		—	^(d)		—			—			—			—

Total from investment operations		0.02			0.05			0.04			0.02			—	^(d)


Distributions
Net investment income		(0.02	)		(0.05	)		(0.04	)		(0.02	)		—	^(d)
Net realized gains on investments		—			—	^(d)		—			—			—

Total distributions		(0.02	)		(0.05	)		(0.04	)		(0.02	)		—	^(d)


Net Asset Value
End of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00


Total Return^(b)		2.52	%		4.61	%		4.09	%		2.10	%		0.42	%


Net Assets End of Year	$	142,456		$	95,766		$	78,716		$	150,804		$	185,311


Ratio and Supplemental Data
Expenses to average net assets
After reimbursement/fee waiver		0.83	%		0.83	%		0.83	%		0.83	%		0.83	%
Before reimbursement/fee waiver		1.08	%		1.20	%		1.23	%		1.05	%		1.19	%
Net investment income, to average net assets^(c)		2.40	%		4.54	%		3.98	%		2.08	%		0.45	%



*The notes to the financial statements are an integral part of this report.*
Transamerica Funds		Annual Report 2008

FINANCIAL HIGHLIGHTS (continued)
For the years ended:


	Transamerica Money Market
	Class B
	October 31,			October 31,			October 31,			October 31,			October 31,
	2008			2007			2006			2005			2004

Net Asset Value
Beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00


Investment Operations
Net investment income^(a)		0.02			0.04			0.03			0.02			—	^(d)
Net realized and unrealized gain on investments		—	^(d)		—			—			—			—

Total from investment operations		0.02			0.04			0.03			0.02			—	^(d)


Distributions
Net investment income		(0.02	)		(0.04	)		(0.03	)		(0.02	)		—	^(d)
Net realized gains on investments		—			—	^(d)		—			—			—

Total distributions		(0.02	)		(0.04	)		(0.03	)		(0.02	)		—	^(d)


Net Asset Value
End of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00


Total Return^(b)		1.83	%		3.92	%		3.41	%		1.60	%		0.14	%


Net Assets End of Year	$	40,110		$	23,324		$	25,727		$	31,647		$	40,203


Ratio and Supplemental Data
Expenses to average net assets
After reimbursement/fee waiver		1.48	%		1.48	%		1.48	%		1.32	%		1.10	%
Before reimbursement/fee waiver		1.75	%		1.83	%		1.80	%		1.79	%		1.81	%
Net investment income, to average net assets^(c)		1.75	%		3.87	%		3.50	%		1.57	%		0.13	%


	Transamerica Money Market
	Class C
	October 31,			October 31,			October 31,			October 31,			October 31,
	2008			2007			2006			2005			2004

Net Asset Value
Beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00


Investment Operations
Net investment income^(a)		0.02			0.04			0.03			0.02			—	^(d)
Net realized and unrealized gain on investments		—	^(d)		—			—			—			—

Total from investment operations		0.02			0.04			0.03			0.02			—	^(d)


Distributions
Net investment income		(0.02	)		(0.04	)		(0.03	)		(0.02	)		—	^(d)
Net realized gains on investments		—			—	^(d)		—			—			—

Total distributions		(0.02	)		(0.04	)		(0.03	)		(0.02	)		—	^(d)


Net Asset Value
End of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00


Total Return^(b)		1.86	%		3.92	%		3.16	%		1.87	%		0.14	%


Net Assets End of Year	$	59,991		$	19,638		$	17,286		$	15,997		$	22,277


Ratio and Supplemental Data
Expenses to average net assets
After reimbursement/fee waiver		1.48	%		1.48	%		1.48	%		1.26	%		0.98	%
Before reimbursement/fee waiver		1.67	%		1.73	%		1.82	%		1.89	%		1.96	%
Net investment income, to average net assets^(c)		1.65	%		3.88	%		3.40	%		1.61	%		0.43	%



*The notes to the financial statements are an integral part of this report.*
Transamerica Funds		Annual Report 2008

FINANCIAL HIGHLIGHTS (continued)
For the years ended:


	Transamerica Money Market
	Class I
	October 31,			October 31,			October 31,
	2008			2007			2006^(f)

Net Asset Value
Beginning of year	$	1.00		$	1.00		$	1.00


Investment Operations
Net investment income^(a)		0.03			0.05			0.04
Net realized and unrealized gain on investments		—	^(d)		—			—

Total from investment operations		0.03			0.05			0.04


Distributions
Net investment income		(0.03	)		(0.05	)		(0.04	)
Net realized gains on investments		—			—	^(d)		—

Total distributions		(0.03	)		(0.05	)		(0.04	)


Net Asset Value
End of year	$	1.00		$	1.00		$	1.00


Total Return^(b)		2.84	%		4.98	%		4.30	%^(g)


Net Assets End of Year	$	29,327		$	34,673		$	26,466


Ratio and Supplemental Data
Expenses to average net assets
After reimbursement/fee waiver		0.48	%		0.48	%		0.48	%^(h)
Before reimbursement/fee waiver		0.49	%		0.52	%		0.51	%^(h)
Net investment income, to average net assets^(c)		2.89	%		4.88	%		4.39	%^(h)


	Transamerica Science & Technology
	Class A
	October 31,			October 31,			October 31,			October 31,			October 31,
	2008			2007			2006			2005			2004

Net Asset Value
Beginning of year	$	5.67		$	3.91		$	3.82		$	3.80		$	3.61


Investment Operations
Net investment income (loss)^(a)		(0.04	)		(0.05	)		(0.03	)		0.03			(0.04	)
Net realized and unrealized gain (loss) on investments		(2.61	)		1.81			0.18			0.02			0.23

Total from investment operations		(2.65	)		1.76			0.15			0.05			0.19


Distributions
Net investment income		—			—			—			(0.03	)		—
Net realized gains on investments		(0.18	)		—			(0.06	)		—			—

Total distributions		(0.18	)		—			(0.06	)		(0.03	)		—


Net Asset Value
End of year	$	2.84		$	5.67		$	3.91		$	3.82		$	3.80


Total Return^(b)		(48.18	%)		45.01	%		3.78	%		1.23	%		5.26	%


Net Assets End of Year	$	3,778		$	7,874		$	5,616		$	65,423		$	119,985


Ratio and Supplemental Data
Expenses to average net assets
After reimbursement/fee waiver		1.53	%		1.53	%		1.53	%		1.32	%		1.36	%
Before reimbursement/fee waiver		1.70	%		1.77	%		1.67	%		1.32	%		1.36	%
Net investment income (loss), to average net assets^(c)		(1.02	%)		(1.03	%)		(0.72	%)		0.63	%		(1.12	%)
Portfolio turnover rate		47	%		66	%		94	%		73	%		41	%



*The notes to the financial statements are an integral part of this report.*
Transamerica Funds		Annual Report 2008

100

FINANCIAL HIGHLIGHTS (continued)
For the years ended:


	Transamerica Science & Technology
	Class B
	October 31,			October 31,			October 31,			October 31,			October 31,
	2008			2007			2006			2005			2004

Net Asset Value
Beginning of year	$	5.40		$	3.74		$	3.68		$	3.68		$	3.51


Investment Operations
Net investment loss^(a)		(0.07	)		(0.07	)		(0.06	)		(0.02	)		(0.06	)
Net realized and unrealized gain (loss) on investments		(2.47	)		1.73			0.18			0.02			0.23

Total from investment operations		(2.54	)		1.66			0.12			—			0.17


Distributions
Net realized gains on investments		(0.18	)		—			(0.06	)		—			—

Total distributions		(0.18	)		—			(0.06	)		—			—


Net Asset Value
End of year	$	2.68		$	5.40		$	3.74		$	3.68		$	3.68


Total Return^(b)		(48.56	%)		44.39	%		3.10	%		—	% ^(e)		4.84	%


Net Assets End of Year	$	2,094		$	4,913		$	4,208		$	5,316		$	6,874


Ratio and Supplemental Data
Expenses to average net assets
After reimbursement/fee waiver		2.18	%		2.18	%		2.18	%		2.20	%		1.91	%
Before reimbursement/fee waiver		2.53	%		2.53	%		2.57	%		2.68	%		1.91	%
Net investment loss, to average net assets^(c)		(1.67	%)		(1.67	%)		(1.58	%)		(0.58	%)		(1.68	%)
Portfolio turnover rate		47	%		66	%		94	%		73	%		41	%


	Transamerica Science & Technology
	Class C
	October 31,			October 31,			October 31,			October 31,			October 31,
	2008			2007			2006			2005			2004

Net Asset Value
Beginning of year	$	5.39		$	3.73		$	3.67		$	3.67		$	3.51


Investment Operations
Net investment loss^(a)		(0.07	)		(0.07	)		(0.06	)		(0.02	)		(0.07	)
Net realized and unrealized gain (loss) on investments		(2.46	)		1.73			0.18			0.02			0.23

Total from investment operations		(2.53	)		1.66			0.12			—			0.16


Distributions
Net realized gains on investments		(0.18	)		—			(0.06	)		—			—

Total distributions		(0.18	)		—			(0.06	)		—			—


Net Asset Value
End of year	$	2.68		$	5.39		$	3.73		$	3.67		$	3.67


Total Return^(b)		(48.46	%)		44.50	%		3.11	%		—	% ^(e)		4.56	%


Net Assets End of Year	$	1,417		$	2,799		$	2,045		$	2,779		$	4,089


Ratio and Supplemental Data
Expenses to average net assets
After reimbursement/fee waiver		2.18	%		2.18	%		2.18	%		2.20	%		2.20	%
Before reimbursement/fee waiver		2.31	%		2.36	%		2.35	%		2.65	%		2.60	%
Net investment loss, to average net assets^(c)		(1.67	%)		(1.63	%)		(1.57	%)		(0.51	%)		(1.94	%)
Portfolio turnover rate		47	%		66	%		94	%		73	%		41	%



*The notes to the financial statements are an integral part of this report.*
Transamerica Funds		Annual Report 2008

101

FINANCIAL HIGHLIGHTS (continued)
For the years ended:


	Transamerica Science & Technology
	Class I
	October 31,			October 31,			October 31,
	2008			2007			2006^(f)

Net Asset Value
Beginning of year	$	5.74		$	3.93		$	3.98


Investment Operations
Net investment loss^(a)		(0.02	)		(0.02	)		(0.01	)
Net realized and unrealized gain (loss) on investments		(2.65	)		1.83			0.02

Total from investment operations		(2.67	)		1.81			0.01


Distributions
Net realized gains on investments		(0.18	)		—			(0.06	)

Total distributions		(0.18	)		—			(0.06	)


Net Asset Value
End of year	$	2.89		$	5.74		$	3.93


Total Return^(b)		(47.93	%)		46.06	%		0.12	% ^(g)


Net Assets End of Year	$	46,222		$	84,206		$	57,642


Ratio and Supplemental Data
Expenses to average net assets
After reimbursement/fee waiver		0.91	%		0.92	%		0.92	% ^(h)
Before reimbursement/fee waiver		0.91	%		0.92	%		0.92	% ^(h)
Net investment loss, to average net assets^(c)		(0.41	%)		(0.41	%)		(0.35	%) ^(h)
Portfolio turnover rate		47	%		66	%		94	% ^(g)


	Transamerica Short-Term
	Bond
	Class A			Class C
	October 31,			October 31,
	2008^(k)			2008^(k)

Net Asset Value
Beginning of year	$	10.00		$	10.00


Investment Operations
Net investment income^(a)		0.38			0.32
Net realized and unrealized loss on investments		(0.54	)		(0.55	)

Total from investment operations		(0.16	)		(0.23	)


Distributions
Net investment income		(0.40	)		(0.35	)

Total distributions		(0.40	)		(0.35	)


Net Asset Value
End of year	$	9.44		$	9.42


Total Return^(b)		(1.70	%) ^(g)		(2.43	%) ^(g)


Net Assets End of Year	$	5,663		$	7,263


Ratio and Supplemental Data
Expenses to average net assets
After reimbursement/fee waiver		1.11	% ^(h)		1.76	% ^(h)
Before reimbursement/fee waiver		1.11	% ^(h)		1.76	% ^(h)
Net investment income, to average net assets^(c)		3.92	% ^(h)		3.28	% ^(h)
Portfolio turnover rate		67	% ^(g)		67	% ^(g)



*The notes to the financial statements are an integral part of this report.*
Transamerica Funds		Annual Report 2008

102

FINANCIAL HIGHLIGHTS (continued)
For the years ended:


	Transamerica Short-Term Bond
	Class I
	October 31,			October 31,			October 31,			October 31,
	2008			2007			2006			2005^(j)

Net Asset Value
Beginning of year	$	9.82		$	9.84		$	9.79		$	10.00


Investment Operations
Net investment income^(a)		0.43			0.47			0.40			0.28
Net realized and unrealized gain (loss) on investments		(0.54	)		(0.04	)		0.05			(0.22	)

Total from investment operations		(0.11	)		0.43			0.45			0.06


Distributions
Net investment income		(0.43	)		(0.45	)		(0.40	)		(0.27	)

Total distributions		(0.43	)		(0.45	)		(0.40	)		(0.27	)


Net Asset Value
End of year	$	9.28		$	9.82		$	9.84		$	9.79


Total Return^(b)		(1.22	%)		4.45	%		4.72	%		0.49	% ^(g)


Net Assets End of Year	$	492,333		$	563,889		$	379,442		$	174,302


Ratio and Supplemental Data
Expenses to average net assets
After reimbursement/fee waiver		0.68	%		0.67	%		0.70	%		0.71	% ^(h)
Before reimbursement/fee waiver		0.68	%		0.67	%		0.70	%		0.71	% ^(h)
Net investment income, to average net assets^(c)		4.38	%		4.81	%		4.10	%		2.92	% ^(h)
Portfolio turnover rate		67	%		117	%		100	%		153	% ^(g)


	Transamerica Small/Mid Cap Value
	Class A
	October 31,			October 31,			October 31,			October 31,			October 31,
	2008			2007			2006			2005			2004

Net Asset Value
Beginning of year	$	23.78		$	17.78		$	16.69		$	14.32		$	12.94


Investment Operations
Net investment income^(a)		0.21			0.14			0.28			0.03			0.04
Net realized and unrealized gain (loss) on investments		(8.64	)		6.30			1.96			2.85			2.56

Total from investment operations		(8.43	)		6.44			2.24			2.88			2.60


Distributions
Net investment income		(0.16	)		(0.13	)		(0.03	)		(0.09	)		—
Net realized gains on investments		(2.49	)		(0.31	)		(1.12	)		(0.42	)		(1.22	)

Total distributions		(2.65	)		(0.44	)		(1.15	)		(0.51	)		(1.22	)


Net Asset Value
End of year	$	12.70		$	23.78		$	17.78		$	16.69		$	14.32


Total Return^(b)		(39.47	%)		36.99	%		13.97	%		20.41	%		20.61	%


Net Assets End of Year	$	199,210		$	96,667		$	47,014		$	386,346		$	334,763


Ratio and Supplemental Data
Expenses to average net assets
After reimbursement/fee waiver		1.41	%		1.41	%		1.39	%		1.24	%		1.32	%
Before reimbursement/fee waiver		1.41	%		1.41	%		1.39	%		1.24	%		1.32	%
Net investment income, to average net assets^(c)		1.18	%		0.71	%		1.61	%		0.20	%		0.31	%
Portfolio turnover rate		48	%		22	%		21	%		42	%		81	%



*The notes to the financial statements are an integral part of this report.*
Transamerica Funds		Annual Report 2008

103

FINANCIAL HIGHLIGHTS (continued)
For the years ended:


	Transamerica Small/Mid Cap Value
	Class B
	October 31,			October 31,			October 31,			October 31,			October 31,
	2008			2007			2006			2005			2004

Net Asset Value
Beginning of year	$	22.89		$	17.12		$	16.21		$	13.97		$	12.73


Investment Operations
Net investment income (loss)^(a)		0.06			0.02			(0.01	)		(0.11	)		(0.06	)
Net realized and unrealized gain (loss) on investments		(8.27	)		6.06			2.07			2.77			2.52

Total from investment operations		(8.21	)		6.08			2.06			2.66			2.46


Distributions
Net investment income		—			—			(0.03	)		—			—
Net realized gains on investments		(2.49	)		(0.31	)		(1.12	)		(0.42	)		(1.22	)

Total distributions		(2.49	)		(0.31	)		(1.15	)		(0.42	)		(1.22	)


Net Asset Value
End of year	$	12.19		$	22.89		$	17.12		$	16.21		$	13.97


Total Return^(b)		(39.85	%)		36.09	%		13.21	%		19.30	%		19.85	%


Net Assets End of Year	$	31,716		$	53,285		$	47,007		$	46,410		$	40,477


Ratio and Supplemental Data
Expenses to average net assets
After reimbursement/fee waiver		2.07	%		2.07	%		2.10	%		2.14	%		1.97	%
Before reimbursement/fee waiver		2.07	%		2.07	%		2.10	%		2.14	%		1.97	%
Net investment income (loss), to average net assets^(c)		0.34	%		0.12	%		(0.06	%)		(0.70	%)		(0.43	%)
Portfolio turnover rate		48	%		22	%		21	%		42	%		81	%


	Transamerica Small/Mid Cap Value
	Class C
	October 31,			October 31,			October 31,			October 31,			October 31,
	2008			2007			2006			2005			2004

Net Asset Value
Beginning of year	$	22.81		$	17.09		$	16.18		$	13.96		$	12.73


Investment Operations
Net investment income (loss)^(a)		0.09			0.02			—	^(d)		(0.12	)		(0.01	)
Net realized and unrealized gain (loss) on investments		(8.24	)		6.05			2.06			2.77			2.46

Total from investment operations		(8.15	)		6.07			2.06			2.65			2.45


Distributions
Net investment income		(0.07	)		(0.04	)		(0.03	)		(0.01	)		—
Net realized gains on investments		(2.49	)		(0.31	)		(1.12	)		(0.42	)		(1.22	)

Total distributions		(2.56	)		(0.35	)		(1.15	)		(0.43	)		(1.22	)


Net Asset Value
End of year	$	12.10		$	22.81		$	17.09		$	16.18		$	13.96


Total Return^(b)		(39.84	%)		36.16	%		13.23	%		19.22	%		19.78	%


Net Assets End of Year	$	95,729		$	63,856		$	29,105		$	21,532		$	19,678


Ratio and Supplemental Data
Expenses to average net assets
After reimbursement/fee waiver		2.04	%		2.04	%		2.08	%		2.20	%		2.07	%
Before reimbursement/fee waiver		2.04	%		2.04	%		2.08	%		2.20	%		2.07	%
Net investment income (loss), to average net assets^(c)		0.52	%		0.10	%		(0.03	%)		(0.76	%)		(0.02	%)
Portfolio turnover rate		48	%		22	%		21	%		42	%		81	%



*The notes to the financial statements are an integral part of this report.*
Transamerica Funds		Annual Report 2008

104

FINANCIAL HIGHLIGHTS (continued)
For the years ended:


	Transamerica Small/Mid Cap Value
	Class I
	October 31,			October 31,			October 31,
	2008			2007			2006^(f)

Net Asset Value
Beginning of year	$	23.91		$	17.87		$	16.84


Investment Operations
Net investment income^(a)		0.30			0.26			0.18
Net realized and unrealized gain (loss) on investments		(8.67	)		6.32			1.97

Total from investment operations		(8.37	)		6.58			2.15


Distributions
Net investment income		(0.24	)		(0.23	)		—
Net realized gains on investments		(2.49	)		(0.31	)		(1.12	)

Total distributions		(2.73	)		(0.54	)		(1.12	)


Net Asset Value
End of year	$	12.81		$	23.91		$	17.87


Total Return^(b)		(39.11	%)		37.78	%		13.30	% ^(g)


Net Assets End of Year	$	214,351		$	487,605		$	478,728


Ratio and Supplemental Data
Expenses to average net assets
After reimbursement/fee waiver		0.85	%		0.85	%		0.86	% ^(h)
Before reimbursement/fee waiver		0.85	%		0.85	%		0.86	% ^(h)
Net investment income, to average net assets^(c)		1.58	%		1.30	%		1.05	% ^(h)
Portfolio turnover rate		48	%		22	%		21	% ^(g)


	Transamerica Templeton Global
	Class A
	October 31,			October 31,			October 31,			October 31,			October 31,
	2008			2007			2006			2005			2004

Net Asset Value
Beginning of year	$	35.83		$	29.28		$	24.68		$	22.57		$	21.41


Investment Operations
Net investment income (loss)^(a)		0.33			0.19			0.15			0.21			(0.07	)
Net realized and unrealized gain (loss) on investments		(16.19	)		6.70			4.45			2.14			1.23

Total from investment operations		(15.86	)		6.89			4.60			2.35			1.16


Distributions
Net investment income		(0.34	)		(0.34	)		—	^(d)		(0.24	)		—

Total distributions		(0.34	)		(0.34	)		—	^(d)		(0.24	)		—


Net Asset Value
End of year	$	19.63		$	35.83		$	29.28		$	24.68		$	22.57


Total Return^(b)		(44.68	%)		23.74	%		18.65	%		10.41	%		5.41	%


Net Assets End of Year	$	73,721		$	118,738		$	117,367		$	385,504		$	226,517


Ratio and Supplemental Data
Expenses to average net assets
After reimbursement/fee waiver		1.55	%		1.55	%		1.55	%		1.42	%		1.85	%
Before reimbursement/fee waiver		1.61	%		1.63	%		1.62	%		1.42	%		1.85	%
Net investment income (loss), to average net assets^(c)		1.13	%		0.59	%		0.55	%		0.85	%		(0.31	%)
Portfolio turnover rate		28	%		30	%		55	%		79	%		140	%



*The notes to the financial statements are an integral part of this report.*
Transamerica Funds		Annual Report 2008

105

FINANCIAL HIGHLIGHTS (continued)
For the years ended:


	Transamerica Templeton Global
	Class B
	October 31,			October 31,			October 31,			October 31,			October 31,
	2008			2007			2006			2005			2004

Net Asset Value
Beginning of year	$	33.52		$	27.40		$	23.24		$	21.23		$	20.25


Investment Operations
Net investment income (loss)^(a)		0.08			(0.02	)		(0.01	)		0.02			(0.20	)
Net realized and unrealized gain (loss) on investments		(15.14	)		6.28			4.17			1.99			1.18

Total from investment operations		(15.06	)		6.26			4.16			2.01			0.98


Distributions
Net investment income		(0.05	)		(0.14	)		—			—	^(d)		—

Total distributions		(0.05	)		(0.14	)		—			—	^(d)		—


Net Asset Value
End of year	$	18.41		$	33.52		$	27.40		$	23.24		$	21.23


Total Return^(b)		(44.99	%)		22.94	%		17.90	%		9.48	%		4.83	%


Net Assets End of Year	$	10,746		$	63,876		$	75,711		$	90,877		$	117,409


Ratio and Supplemental Data
Expenses to average net assets
After reimbursement/fee waiver		2.20	%		2.20	%		2.20	%		2.20	%		2.49	%
Before reimbursement/fee waiver		2.44	%		2.39	%		2.42	%		2.41	%		2.49	%
Net investment income (loss), to average net assets^(c)		0.29	%		(0.07	%)		(0.05	%)		0.07	%		(0.93	%)
Portfolio turnover rate		28	%		30	%		55	%		79	%		140	%


	Transamerica Templeton Global
	Class C
	October 31,			October 31,			October 31,			October 31,			October 31,
	2008			2007			2006			2005			2004

Net Asset Value
Beginning of year	$	33.47		$	27.37		$	23.21		$	21.21		$	20.25


Investment Operations
Net investment income (loss)^(a)		0.12			(0.02	)		(0.01	)		0.02			(0.15	)
Net realized and unrealized gain (loss) on investments		(15.10	)		6.27			4.17			1.99			1.11

Total from investment operations		(14.98	)		6.25			4.16			2.01			0.96


Distributions
Net investment income		(0.22	)		(0.15	)		—			(0.01	)		—

Total distributions		(0.22	)		(0.15	)		—			(0.01	)		—


Net Asset Value
End of year	$	18.27		$	33.47		$	27.37		$	23.21		$	21.21


Total Return^(b)		(45.05	%)		22.95	%		17.87	%		9.52	%		4.74	%


Net Assets End of Year	$	14,286		$	31,506		$	32,341		$	36,938		$	48,378


Ratio and Supplemental Data
Expenses to average net assets
After reimbursement/fee waiver		2.20	%		2.20	%		2.20	%		2.20	%		2.18	%
Before reimbursement/fee waiver		2.26	%		2.31	%		2.35	%		2.38	%		2.18	%
Net investment income (loss), to average net assets^(c)		0.43	%		(0.07	%)		(0.05	%)		0.07	%		(0.72	%)
Portfolio turnover rate		28	%		30	%		55	%		79	%		140	%



*The notes to the financial statements are an integral part of this report.*
Transamerica Funds		Annual Report 2008

106

FINANCIAL HIGHLIGHTS (continued)
For the years ended:


	Transamerica Value Balanced
	Class A
	October 31,			October 31,			October 31,			October 31,			October 31,
	2008			2007			2006			2005			2004

Net Asset Value
Beginning of year	$	14.38		$	13.30		$	11.95		$	12.11		$	11.49


Investment Operations
Net investment income^(a)		0.30			0.28			0.23			0.24			0.18
Net realized and unrealized gain (loss) on investments		(4.74	)		1.41			1.54			0.69			0.61

Total from investment operations		(4.44	)		1.69			1.77			0.93			0.79


Distributions
Net investment income		(0.31	)		(0.23	)		(0.24	)		(0.25	)		(0.17	)
Net realized gains on investments		(0.72	)		(0.38	)		(0.18	)		(0.84	)		—

Total distributions		(1.03	)		(0.61	)		(0.42	)		(1.09	)		(0.17	)


Net Asset Value
End of year	$	8.91		$	14.38		$	13.30		$	11.95		$	12.11


Total Return^(b)		(32.94	%)		13.11	%		15.09	%		7.79	%		6.99	%


Net Assets End of Year	$	18,666		$	32,485		$	32,666		$	32,934		$	37,393


Ratio and Supplemental Data
Expenses to average net assets
After reimbursement/fee waiver		1.55	%		1.55	%		1.55	%		1.55	%		1.55	%
Before reimbursement/fee waiver		1.56	%		1.58	%		1.63	%		1.59	%		1.63	%
Net investment income, to average net assets^(c)		2.51	%		2.06	%		1.84	%		2.03	%		1.50	%
Portfolio turnover rate		50	%		42	%		42	%		57	%		122	%


	Transamerica Value Balanced
	Class B
	October 31,			October 31,			October 31,			October 31,			October 31,
	2008			2007			2006			2005			2004

Net Asset Value
Beginning of year	$	14.32		$	13.25		$	11.91		$	12.07		$	11.46


Investment Operations
Net investment income^(a)		0.22			0.19			0.15			0.17			0.10
Net realized and unrealized gain (loss) on investments		(4.72	)		1.41			1.53			0.68			0.61

Total from investment operations		(4.50	)		1.60			1.68			0.85			0.71


Distributions
Net investment income		(0.22	)		(0.15	)		(0.16	)		(0.17	)		(0.10	)
Net realized gains on investments		(0.72	)		(0.38	)		(0.18	)		(0.84	)		—

Total distributions		(0.94	)		(0.53	)		(0.34	)		(1.01	)		(0.10	)


Net Asset Value
End of year	$	8.88		$	14.32		$	13.25		$	11.91		$	12.07


Total Return^(b)		(33.37	%)		12.40	%		14.28	%		7.13	%		6.23	%


Net Assets End of Year	$	6,414		$	17,508		$	20,405		$	24,072		$	29,409


Ratio and Supplemental Data
Expenses to average net assets
After reimbursement/fee waiver		2.20	%		2.20	%		2.20	%		2.20	%		2.20	%
Before reimbursement/fee waiver		2.30	%		2.27	%		2.28	%		2.27	%		2.30	%
Net investment income, to average net assets^(c)		1.83	%		1.43	%		1.20	%		1.39	%		0.81	%
Portfolio turnover rate		50	%		42	%		42	%		57	%		122	%



*The notes to the financial statements are an integral part of this report.*
Transamerica Funds		Annual Report 2008

107

FINANCIAL HIGHLIGHTS (continued)
For the years ended:


	Transamerica Value Balanced
	Class C
	October 31,			October 31,			October 31,			October 31,			October 31,
	2008			2007			2006			2005			2004

Net Asset Value
Beginning of year	$	14.31		$	13.25		$	11.91		$	12.07		$	11.46


Investment Operations
Net investment income^(a)		0.22			0.19			0.15			0.17			0.11
Net realized and unrealized gain (loss) on investments		(4.72	)		1.41			1.53			0.69			0.60

Total from investment operations		(4.50	)		1.60			1.68			0.86			0.71


Distributions
Net investment income		(0.22	)		(0.16	)		(0.16	)		(0.18	)		(0.10	)
Net realized gains on investments		(0.72	)		(0.38	)		(0.18	)		(0.84	)		—

Total distributions		(0.94	)		(0.54	)		(0.34	)		(1.02	)		(0.10	)


Net Asset Value
End of year	$	8.87		$	14.31		$	13.25		$	11.91		$	12.07


Total Return^(b)		(33.33	%)		12.40	%		14.33	%		7.18	%		6.31	%


Net Assets End of Year	$	5,833		$	11,674		$	11,316		$	11,926		$	14,285


Ratio and Supplemental Data
Expenses to average net assets
After reimbursement/fee waiver		2.13	%		2.17	%		2.20	%		2.16	%		2.20	%
Before reimbursement/fee waiver		2.13	%		2.17	%		2.20	%		2.16	%		2.39	%
Net investment income, to average net assets^(c)		1.92	%		1.44	%		1.19	%		1.43	%		0.78	%
Portfolio turnover rate		50	%		42	%		42	%		57	%		122	%


^(a)		Calculation is based on average number of shares outstanding.

^(b)		Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase.

^(c)		Includes Redemption Fees, if any. The impact of Redemption Fees is less than 0.01% for Class A, Class B, Class C, and Class T, respectively.

^(d)		Rounds to less than $(0.01) or $0.01.

^(e)		Rounds to less than (0.01%) or 0.01%.

^(f)		Commenced operations November 15, 2005.

^(g)		Not annualized.

^(h)		Annualized.

⁽ⁱ⁾		Commenced operations October 27, 2006.

^(j)		Commenced operations November 8, 2004.

^(k)		Commenced operations November 1, 2007.



*The notes to the financial statements are an integral part of this report.*
Transamerica Funds		Annual Report 2008

108

NOTES TO FINANCIAL STATEMENTS
At October 31, 2008
(all amounts in thousands)

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 Balanced, Transamerica Convertible Securities, Transamerica Equity, Transamerica Flexible Income, Transamerica Growth Opportunities, Transamerica High Yield Bond, Transamerica Legg Mason Partners All Cap, Transamerica Money Market, Transamerica Science & Technology, Transamerica Short-Term Bond, Transamerica Small/Mid Cap Value, Transamerica Templeton Global and Transamerica Value Balanced (each, a “Fund”; collectively, the “Funds”) are part of Transamerica Funds.

Transamerica Legg Mason Partners All Cap and Transamerica Science & Technology are “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.

Multiple class operations, income and expenses: The Funds, except Transamerica Legg Mason Partners All Cap, Transamerica Short-Term Bond, Transamerica Equity and Transamerica Templeton Global, currently have four classes of shares, Class A, Class B, Class C, and Class I. Transamerica Balanced, Transamerica Legg Mason Partners All Cap and Transamerica Templeton Global currently have three classes of shares; Class A, Class B, and Class C. Transamerica Equity currently has five classes of shares, Class A, Class B, Class C, Class I and Class T. Effective November 1, 2007, in addition to Class I, Transamerica Short-Term Bond also offers Class A and Class C shares. Effective March 1, 2008, Class I of Transamerica Templeton Global was liguidated. Class T shares are not available to new investors. Each of the above classes has a public offering price that reflects different sales charges, if any, and expense levels. Class I shares are currently available for investment primarily to certain affiliated asset allocation funds.

Class I shares may also be made available to other investors, including institutional investors such as foreign insurers, domestic insurance companies and their separate accounts, and eligible retirement plans whose record keepers or financial service firm intermediaries have entered into agreements with Transamerica Funds or its agents. Class B shares will convert to Class A shares eight years after purchase. 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 as permitted under Rule 18f-3 of the 1940 Act. Each class bears its own specific expenses as well as a portion of general, common expenses.

Security valuations: 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’ investments are valued at the last sale price or closing price on the day of valuation taken from the primary exchange where the security is principally traded.

Securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the last quoted bid price.

Debt securities are valued based on a price quotation or other equivalent indication of value supplied by an exchange, a pricing service or a major market maker; however, those that mature in sixty days or less are valued at amortized cost, which approximates market.

Foreign securities generally are valued based on quotations from the primary market in which they are traded. 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. If a significant market event impacting the value of a portfolio security (e.g., natural disaster, company announcement, market volatility) occurs subsequent to the close of trading in the security, but prior to the calculation of the Funds’ net asset value per share, market quotations for that security may be determined to be unreliable and, accordingly, not “readily available.” As a result, foreign equity securities held by the Funds may be valued at fair market value as determined in good faith by Transamerica Asset Management, Inc.’s (“TAM”) Valuation Committee under the supervision of the Board of Trustees.

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.



Transamerica Funds		Annual Report 2008

109

NOTES TO FINANCIAL STATEMENTS (continued)
At October 31, 2008
(all amounts in thousands)

NOTE 1. (continued)

In September 2006, the Financial Accounting Standards Board (“FASB”) issued its new Standard No. 157, “Fair Value Measurements” (“FAS 157”). FAS 157 is designed to unify guidance for the measurement of fair value of all types of assets, including financial instruments, and certain liabilities, throughout a number of accounting standards. FAS 157 also establishes a hierarchy for measuring fair value in generally accepted accounting principles and expands financial statement disclosures about fair value measurements that are relevant to mutual funds. FAS 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007, and earlier application is permitted.

Repurchase Agreements: The Funds are authorized to enter into repurchase agreements. The Funds, through their custodian, State Street Bank & Trust Company (“State Street”), receive delivery of the underlying securities, the value of which at the time of purchase is required to be an amount equal to at least 102% of the resale price. The Funds will bear the risk of value fluctuations until the security can be sold and may encounter delays and incur costs in liquidating the security. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

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 during the year ended October 31, 2008 are included in net realized gains on the Statements of Operations and are summarized as follows:


Fund	Commissions

Transamerica Balanced	$	5
Transamerica Equity		61
Transamerica Growth Opportunities		18
Transamerica Legg Mason Partners All Cap		10
Transamerica Science & Technology		4
Transamerica Templeton Global		6

Securities Lending: The Funds may lend securities to qualified borrowers, with State Street acting as the Funds’ lending agent. The Funds earn negotiated lenders’ fees. The Funds receive cash and/or securities as collateral against the loaned securities. Cash collateral received is invested in the State Street Navigator Securities Lending Trust-Prime Portfolio. The Funds monitor the market value of securities loaned on a daily basis and requires collateral in an amount at least equal to the value of the securities loaned. The value of loaned securities and related collateral outstanding at October 31, 2008 is shown in the Schedule of Investments and also in the Statement of Assets and Liabilities.

Income from loaned securities on the Statement of Operations is net of fees earned by State Street.

Real Estate Investment Trusts (“REITs”): There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes and interest rates. Since some of the Funds invest primarily in real estate securities, the net asset value per share may fluctuate more widely than the value of shares of a fund that invests in a broad range of industries.

Dividend income is recorded at managements’ 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.

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.

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 is translated at the exchange rate in effect when the investment was acquired. The Funds combine 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.



Transamerica Funds		Annual Report 2008

110

NOTES TO FINANCIAL STATEMENTS (continued)
At October 31, 2008
(all amounts in thousands)

NOTE 1. (continued)

Foreign currency denominated assets may involve risks not typically associated with domestic transactions. These risks include revaluation of currencies, adverse fluctuations in foreign currency values and possible adverse political, social and economic developments, including those particular to a specific industry, country or region.

Forward foreign currency contracts: The Funds may enter into forward foreign currency contracts to hedge against exchange rate risk arising from investments in securities denominated in foreign currencies. Contracts are valued at the contractual forward rate and 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 currency contracts at October 31, 2008 are listed in the Schedules of Investments.

Futures contracts: The Funds may enter into futures contracts to manage exposure to market, interest rate or currency fluctuations. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. The primary risks associated with futures contracts are imperfect correlation between the change in market value of the securities held and the prices of futures contracts; the possibility of an illiquid market and inability of the counterparty to meet the contract terms.

Option contracts: The Funds may enter into options contracts to manage exposure to 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 imperfect correlation between the change in value of the securities held and the prices of the options contracts; the possibility of an illiquid market; and inability of the counterparty to meet the contracts terms. When the Funds write covered call or put options, an amount equal to the premium received by the Funds are included in the Funds’ Statements of Assets and Liabilities as an asset and as an equivalent liability. Options are marked-to-market daily to reflect the current value of the option written.

Transactions in written options were as follows:


Transamerica Value Balanced	Premium			Contracts

Balance at October 31, 2007	$	418			3,253
Sales		51			533
Closing Buys		(413	)		(3,268	)
Expirations		(51	)		(473	)
Exercised		(5	)		(45	)

Balance at October 31, 2008	$	—			—

Redemption fees: A short-term trading redemption fee may be assessed on any Fund shares in a fund account that are sold 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. For the year ended October 31, 2008, the Funds received redemption fees which are disclosed in the Funds’ Statements of Changes in Net Assets.

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

Temporary Guarantee Program: The Transamerica Money Market has enrolled in the U.S. Treasury Department’s Temporary Guarantee Program for money market funds (the “Program”). Under the Program, the U.S. Treasury guarantees the $1.00 dollar per share value of fund shares outstanding as of September 19, 2008, subject to certain terms and limitations.

Only shareholders who held shares as of September 19, 2008 are eligible to participate in the guarantee. Those shareholders may purchase and redeem shares in their account during the period covered by the Program. However, the number of shares covered by the guarantee cannot exceed the number of shares held by the shareholder at the close of business on September 19, 2008. Thus, to the extent the overall value of a shareholder’s account increases after September 19, 2008, the amount of the increase will not be covered by the guarantee. If a Fund shareholder closes his or her Fund account, any future investment in the Fund will not be guaranteed.

The guarantee will be triggered if the market-based net asset value of the Fund is less than $0.995, unless promptly cured (a “Guarantee Event”). If a Guarantee Event were to occur, the Fund would be required to liquidate. Upon liquidation and subject to the availability of funds under the Program, eligible shareholders would be entitled to receive payments equal to $1.00 per “covered share.” The number of “covered shares” held by a shareholder would be equal to the lesser of (1) the number of shares owned by that shareholder on September 19, 2008 or (2) the number of shares owned by that shareholder on the date upon which the Guarantee Event occurs. The coverage provided for all money market funds participating in the Program (and, in turn, any amount available to the Fund and its eligible shareholders) is subject to an overall limit, currently approximately $50 billion.

The initial period of the Program covered a three month period from September 19, 2008 to December 18, 2008. On November 24, 2008, the Treasury Department announced an extension of the Program from December 19, 2008 through April 30, 2009 (the “Program Extension Period”). On December 5, 2008, the Board of Trustees of the Fund elected to participate in the Program Extension Period. The Program may be later extended by the Treasury Department to terminate no later than September 18, 2009. If the Treasury Department extends the Program, the Board will consider whether to continue to participate. The Fund has paid to the Treasury a fee of 0.01% of its net assets as of September 19, 2008 to participate in the initial three month period of the Program and a fee of 0.015% of its net assets as of September 19, 2008 to participate in the Program Extension Period.



Transamerica Funds		Annual Report 2008

111

NOTES TO FINANCIAL STATEMENTS (continued)
At October 31, 2008
(all amounts in thousands)

NOTE 1. (continued)

These expenses are borne by the Fund without regard to any expense limitation agreement in effect for the Fund.

Participation in any extension of the Program would require payment of an additional fee, although there can be no assurance that the Fund will elect to participate, or be eligible to participate, in any extension of the Program.

NOTE 2. RELATED PARTY TRANSACTIONS

TAM is the Funds’ investment adviser. Prior to January 1, 2008, TAM was known as Transamerica Fund Advisors, Inc.

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, a Netherlands corporation.

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

The following schedule reflects the percentage of the Funds’ assets owned by affiliated investment companies at October 31, 2008:


Transamerica Convertible Securities	Net Assets		% of Net Assets

Transamerica Asset Allocation-Conservative Portfolio	$	17,546		15.61	%
Transamerica Asset Allocation-Moderate Portfolio		36,033		32.05
Transamerica Asset Allocation-Moderate Growth Portfolio		37,175		33.07

Total	$	90,754		80.73	%


Transamerica Equity	Net Assets		% of Net Assets

Transamerica Asset Allocation-Conservative Portfolio	$	38,924		3.90	%
Transamerica Asset Allocation-Growth Portfolio		156,502		15.68
Transamerica Asset Allocation-Moderate Portfolio		102,732		10.30
Transamerica Asset Allocation-Moderate Growth Portfolio		199,564		20.00

Total	$	497,722		49.88	%


Transamerica Flexible Income	Net Assets		% of Net Assets

Transamerica Asset Allocation-Conservative Portfolio	$	10,154		6.51	%
Transamerica Asset Allocation-Moderate Portfolio		17,390		11.14
Transamerica Asset Allocation-Moderate Growth Portfolio		36,341		23.29
Transamerica Asset Allocation-Conservative VP		8,700		5.57
Transamerica Asset Allocation-Moderate Growth VP		28,986		18.57
Transamerica Asset Allocation-Moderate VP		26,051		16.69

Total	$	127,622		81.77	%


Transamerica Growth Opportunities	Net Assets		% of Net Assets

Transamerica Asset Allocation-Conservative Portfolio	$	3,416		2.15	%
Transamerica Asset Allocation-Growth Portfolio		28,177		17.73
Transamerica Asset Allocation-Moderate Portfolio		12,752		8.03
Transamerica Asset Allocation-Moderate Growth Portfolio		41,444		26.09

Total	$	85,789		54.00	%


Transamerica High Yield Bond	Net Assets		% of Net Assets

Transamerica Asset Allocation-Conservative Portfolio	$	54,271		11.85	%
Transamerica Asset Allocation-Moderate Portfolio		82,868		18.09
Transamerica Asset Allocation-Moderate Growth Portfolio		99,466		21.72
Transamerica Asset Allocation-Conservative VP		38,905		8.50
Transamerica Asset Allocation-Moderate Growth VP		66,156		14.45
Transamerica Asset Allocation-Moderate VP		73,511		16.05

Total	$	415,177		90.66	%


Transamerica Money Market	Net Assets		% of Net Assets

Transamerica Asset Allocation-Conservative Portfolio	$	9,000		3.31	%
Transamerica Asset Allocation-Growth Portfolio		2,868		1.06
Transamerica Asset Allocation-Moderate Portfolio		2,425		0.89
Transamerica Asset Allocation-Moderate Growth Portfolio		2,614		0.96
Transamerica Multi-Manager Alternative Strategies Portfolio		12,159		4.47

Total	$	29,066		10.69	%


Transamerica Science & Technology	Net Assets		% of Net Assets

Transamerica Asset Allocation-Conservative Portfolio	$	2,610		4.88	%
Transamerica Asset Allocation-Growth Portfolio		12,377		23.13
Transamerica Asset Allocation-Moderate Portfolio		8,601		16.07
Transamerica Asset Allocation-Moderate Growth Portfolio		22,347		41.76

Total	$	45,935		85.84	%


Transamerica Short-Term Bond	Net Assets		% of Net Assets

Transamerica Asset Allocation-Conservative Portfolio	$	49,722		9.84	%
Transamerica Asset Allocation-Moderate Portfolio		81,857		16.20
Transamerica Asset Allocation-Moderate Growth Portfolio		85,649		16.95
Transamerica Asset Allocation-Conservative VP		56,316		11.15
Transamerica Asset Allocation-Moderate Growth VP		105,209		20.82
Transamerica Asset Allocation-Moderate VP		103,382		20.46
Transamerica International Moderate Growth VP		6,649		1.32

Total	$	488,784		96.74	%


Transamerica Small/Mid Cap Value	Net Assets		% of Net Assets

Transamerica Asset Allocation-Conservative Portfolio	$	8,376		1.55	%
Transamerica Asset Allocation-Growth Portfolio		67,181		12.42
Transamerica Asset Allocation-Moderate Portfolio		65,374		12.08
Transamerica Asset Allocation-Moderate Growth Portfolio		62,756		11.60

Total	$	203,687		37.65	%



Transamerica Funds		Annual Report 2008

112

NOTES TO FINANCIAL STATEMENTS (continued)
At October 31, 2008
(all amounts in thousands)

NOTE 2. (continued)

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


Transamerica Balanced

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 Convertible Securities

First $250 million	0.75	%
Over $250 million	0.70	%

Transamerica Equity

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

Transamerica Flexible Income

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

Transamerica Growth Opportunities

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

Transamerica High Yield Bond

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

Transamerica Legg Mason Partners All Cap

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

Transamerica Money Market

Average daily net assets	0.40	%

Transamerica Science & Technology

First $500 million	0.78	%
Over $500 million	0.70	%

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 Templeton Global

First $500 million	0.80	%
Over $500 million	0.70	%

Transamerica Value Balanced

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

TAM has contractually agreed to waive its advisory fee and will reimburse the Funds to the extent that operating expenses, excluding 12b-1 fees, exceed the following stated annual limit:


	Expense
Fund	Limit

Transamerica Balanced		1.45	%
Transamerica Convertible Securities		1.35
Transamerica Equity*		1.17
Transamerica Flexible Income		1.50
Transamerica Growth Opportunities*		1.40
Transamerica High Yield Bond*		1.24
Transamerica Legg Mason Partners All Cap*		1.20
Transamerica Money Market		0.48
Transamerica Science & Technology		1.18
Transamerica Short-Term Bond		0.85
Transamerica Small/Mid Cap Value		1.40
Transamerica Templeton Global		1.20
Transamerica Value Balanced*		1.20


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

There were no amounts recaptured at October 31, 2008. The following amounts were available for recapture at October 31, 2008:


Transamerica Growth	Reimbursement of		Available for
Opportunities	Class Expenses		Recapture Through

Fiscal Year 2008:			10/31/2011
Class A	$	31
Class B		27


Transamerica Legg	Reimbursement of		Available for
Mason Partners All Cap	Class Expenses		Recapture Through

Fiscal Year 2008:			10/31/2011
Class A	$	17
Class B		24


Transamerica	Reimbursement of		Available for
Money Market	Class Expenses		Recapture Through

Fiscal Year 2008:			10/31/2011
Class A	$	276
Class B		71
Class C		62
Class I		2

Fiscal Year 2007:			10/31/2010
Class A		321
Class B		88
Class C		45
Class I		18

Fiscal Year 2006:			10/31/2009
Class A		290
Class B		81
Class C		47



Transamerica Funds		Annual Report 2008

113

NOTES TO FINANCIAL STATEMENTS (continued)
At October 31, 2008
(all amounts in thousands)

NOTE 2. (continued)


Transamerica	Reimbursement of		Available for
Science & Technology	Class Expenses		Recapture Through

Fiscal Year 2008:			10/31/2011
Class A	$	11
Class B		12
Class C		3

Fiscal Year 2007:			10/31/2010
Class A		13
Class B		14
Class C		4

Fiscal Year 2006:			10/31/2009
Class A		12
Class B		19
Class C		4


Transamerica	Reimbursement of		Available for
Templeton Global	Class Expenses		Recapture Through

Fiscal Year 2008:			10/31/2011
Class A	$	66
Class B		82
Class C		14

Fiscal Year 2007:			10/31/2010
Class A		94
Class B		131
Class C		35

Fiscal Year 2006:			10/31/2009
Class A		97
Class B		184
Class C		53


Transamerica Value	Reimbursement of		Available for
Balanced	Class Expenses		Recapture Through

Fiscal Year 2008:			10/31/2011
Class A	$	3
Class B		11

Distribution and service fees: The Funds have 12b-1 distribution plans under the 1940 Act pursuant to which an annual fee, based on average daily net assets, 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, and 1.00% for Class C. 12b-1 fees are not applicable for Class I and Class T.

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 year ended October 31, 2008, the underwriter commissions were as follows:


Transamerica Balanced

Received by Underwriter	$	65
Retained by Underwriter		10
Contingent Deferred Sales Charge		49

Transamerica Convertible Securities

Received by Underwriter	$	68
Retained by Underwriter		12
Contingent Deferred Sales Charge		14

Transamerica Equity

Received by Underwriter	$	408
Retained by Underwriter		62
Contingent Deferred Sales Charge		105

Transamerica Flexible Income

Received by Underwriter	$	36
Retained by Underwriter		7
Contingent Deferred Sales Charge		24

Transamerica Growth Opportunities

Received by Underwriter	$	76
Retained by Underwriter		12
Contingent Deferred Sales Charge		30

Transamerica High Yield Bond

Received by Underwriter	$	88
Retained by Underwriter		18
Contingent Deferred Sales Charge		31

Transamerica Legg Mason Partners All Cap

Received by Underwriter	$	42
Retained by Underwriter		6
Contingent Deferred Sales Charge		72

Transamerica Money Market

Received by Underwriter*	$	—
Retained by Underwriter*		—
Contingent Deferred Sales Charge		141

Transamerica Science & Technology

Received by Underwriter	$	26
Retained by Underwriter		4
Contingent Deferred Sales Charge		3

Transamerica Short-Term Bond

Received by Underwriter	$	33
Retained by Underwriter		6
Contingent Deferred Sales Charge		1

Transamerica Small/Mid Cap Value

Received by Underwriter	$	1,099
Retained by Underwriter		165
Contingent Deferred Sales Charge		136

Transamerica Templeton Global

Received by Underwriter	$	68
Retained by Underwriter		11
Contingent Deferred Sales Charge		22

Transamerica Value Balanced

Received by Underwriter	$	21
Retained by Underwriter		3
Contingent Deferred Sales Charge		12


*		Rounds to less than $1.

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 for fees paid to external legal counsel.

Transfer agent fees: The Funds pay TFS an annual per-account charge for each open and closed account. The Funds paid TFS the following for the year ended October 31, 2008:


Fund	Fees

Transamerica Balanced	$	403
Transamerica Convertible Securities		34
Transamerica Equity		2,188
Transamerica Flexible Income		92
Transamerica Growth Opportunities		651
Transamerica High Yield Bond		98
Transamerica Legg Mason Partners All Cap		409
Transamerica Money Market		365
Transamerica Science & Technology		57
Transamerica Short-Term Bond		2
Transamerica Small/Mid Cap Value		619
Transamerica Templeton Global		685
Transamerica Value Balanced		140



Transamerica Funds		Annual Report 2008

114

NOTES TO FINANCIAL STATEMENTS (continued)
At October 31, 2008
(all amounts in thousands)

NOTE 2. (continued)

Brokerage commissions: There were no brokerage commissions incurred on security transactions placed with affiliates of the advisers for the year ended October 31, 2008.

Deferred compensation plan: Each eligible Independent Fund Trustee may elect to participate in a non-qualified deferred compensation plan (the “Plan”) maintained by Transamerica Funds. Under the Plan, such Trustees may defer payment of all or a portion of their total fees earned as a Fund Trustee. Each Trustee who is a participant in the Plan may elect that the earnings, losses or gains credited to his or her deferred fee amounts be determined based on a deemed investment in Class A shares of any series of Transamerica Funds, including the Funds, or investment options under Transamerica Partners Institutional Funds Group or Transamerica Institutional Asset Allocation Funds, or funds of Transamerica Investors, Inc. The right of a participant to receive a distribution from the Plan of the deferred fees is an unsecured claim against the general assets of all series of Transamerica Funds. The pro rata liability to the Funds of all deferred fees in the Plan as of October 31, 2008, amounted to the following:


Fund	Deferred Fees

Transamerica Balanced	$	5
Transamerica Convertible Securities		5
Transamerica Equity		51
Transamerica Flexible Income		12
Transamerica Growth Opportunities		9
Transamerica High Yield Bond		15
Transamerica Legg Mason Partners All Cap		4
Transamerica Money Market		7
Transamerica Science & Technology		3
Transamerica Short-Term Bond		19
Transamerica Small/Mid Cap Value		24
Transamerica Templeton Global		6
Transamerica Value Balanced		2

Such amounts shall 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 increase in the future, past accruals (and credits) will be adjusted upward so that 50% of the Trustee’s current retainer is accrued and credited at all times. Upon death, disability or termination of service, other than removal for cause, amounts deferred become payable to a Trustee Emeritus (or his/her beneficiary). Upon the commencement of service as Trustee Emeritus, compensation will be paid on a quarterly basis during the time period that the Trustee Emeritus is allowed to serve as such.

At October 31, 2008, the Funds’ liabilities related to the Emeritus Plan were as follows:


Fund	Emeritus Fees

Transamerica Balanced	$	3
Transamerica Convertible Securities		3
Transamerica Equity		23
Transamerica Flexible Income		4
Transamerica Growth Opportunities		5
Transamerica High Yield Bond		5
Transamerica Legg Mason Partners All Cap		3
Transamerica Money Market		2
Transamerica Science & Technology		1
Transamerica Short-Term Bond		4
Transamerica Small/Mid Cap Value		7
Transamerica Templeton Global		4
Transamerica Value Balanced		1

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

NOTE 3. INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the year ended October 31, 2008 were as follows:


					Proceeds from
	Purchases of				maturities and sales of
	securities:				securities:
	Long-		U.S.				U.S.
Fund	term		Government		Long-term		Government

Transamerica Balanced	$	55,746	$	24,793	$	86,280	$	27,942

Transamerica Convertible Securities		131,498		—		135,746		—

Transamerica Equity		504,933		—		643,721		—

Transamerica Flexible Income		156,463		185,692		327,485		204,119

Transamerica Growth Opportunities		121,337		—		183,044		—

Transamerica High Yield Bond		392,081		—		167,966		—

Transamerica Legg Mason Partners All Cap		36,586		—		82,157		—

Transamerica Science &- Technology		38,728		—		40,590		—

Transamerica Short-Term Bond		265,480		101,901		469,988		4,984

Transamerica Small/Mid Cap Value		563,242		—		337,743		—

Transamerica Templeton Global		51,468		—		119,372		—

Transamerica Value Balanced		18,351		6,576		33,926		6,176



Transamerica Funds		Annual Report 2008

115

NOTES TO FINANCIAL STATEMENTS (continued)
At October 31, 2008
(all amounts in thousands)

NOTE 4. FEDERAL INCOME TAX MATTERS

The Funds have not made any provisions 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. Management has evaluated the Funds’ tax provisions taken for all open tax years and has concluded that no provision for income tax is required in the Funds’ financial statements. 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 and distribution reclasses.


							Undistributed
	Shares of						(accumulated)
	beneficial						net realized
	interest,			Undistributed			gain (loss)
	unlimited			(accumulated) net			from
	shares			investment			investment
Fund	authorized			income (loss)			securities

Transamerica Convertible Securities	$	—		$	32		$	(32	)

Transamerica Equity		(192,099	)		—			192,099

Transamerica Flexible Income		—			256			(256	)

Transamerica Growth Opportunities		(57,454	)		933			56,521

Transamerica High Yield Bond		—			34			(34	)

Transamerica Science & Technology		(435	)		434			1

Transamerica Small/Mid Cap Value		—			(610	)		610

Transamerica Templeton Global		3			714			(717	)

Transamerica Value Balanced		(39	)		81			(42	)

The capital loss carryforwards are available to offset future realized capital gains through the periods listed:


	Capital Loss
Fund	Carryforwards		Available Through

Transamerica Convertible Securities	$	17,338	October 31, 2016
Transamerica Equity		308,384	October 31, 2009
Transamerica Equity		94,612	October 31, 2010
Transamerica Equity		52,413	October 31, 2016
Transamerica Flexible Income		890	October 31, 2013
Transamerica Flexible Income		5,058	October 31, 2014
Transamerica Flexible Income		6,946	October 31, 2015
Transamerica Flexible Income		34,692	October 31, 2016
Transamerica Growth Opportunities		99,199	October 31, 2009
Transamerica Growth Opportunities		4,618	October 31, 2010
Transamerica Growth Opportunities		7,437	October 31, 2011
Transamerica Growth Opportunities		20,381	October 31, 2016
Transamerica High Yield Bond		1,546	October 31, 2011
Transamerica High Yield Bond		9,181	October 31, 2016
Transamerica Legg Mason Partners All Cap		2,284	October 31, 2016
Transamerica Money Market		1	October 31, 2013
Transamerica Money Market		1	October 31, 2014
Transamerica Science & Technology		505	October 31, 2016
Transamerica Short-Term Bond		658	October 31, 2013
Transamerica Short-Term Bond		1,787	October 31, 2014
Transamerica Short-Term Bond		1,304	October 31, 2015
Transamerica Short-Term Bond		10,368	October 31, 2016
Transamerica Small/Mid Cap Value		99,045	October 31, 2016
Transamerica Templeton Global		33,614	October 31, 2009
Transamerica Templeton Global		205,203	October 31, 2010
Transamerica Templeton Global		57,944	October 31, 2011
Transamerica Value Balanced		3,722	October 31, 2016

Funds not listed in the above table did not have any capital loss carryforwards.

The capital loss carryforwards utilized or expired during the year ended October 31, 2008 was as follows:


	Capital Loss Carryforwards
	Utilized/Expired During the
Fund	Year Ended October 31, 2008

Transamerica Equity	$	192,099
Transamerica Growth Opportunities		56,518
Transamerica Templeton Global		11,313



Transamerica Funds		Annual Report 2008

116

NOTES TO FINANCIAL STATEMENTS (continued)
At October 31, 2008
(all amounts in thousands)

NOTE 4. (continued)


	Distributions Paid				Distributions Paid
	From: 2007				From: 2008
			Long-				Long-
			term				term
	Ordinary		Capital		Ordinary		Capital
	income		Gain		income		Gain

Transamerica Balanced	$	571	$	—	$	1,146	$	4,811

Transamerica Convertible Securities		2,509		14,409		10,032		28,135

Transamerica Flexible Income		20,040		—		20,665	$	—

Transamerica High Yield Bond		26,450		—		35,509		—

Transamerica Legg Mason Partners All Cap		390		29,704		440		14,797

Transamerica Money Market		7,678		—		4,684		—

Transamerica Science & Technology		—		—		—		3,111

Transamerica Short-Term Bond		22,977		—		25,117		—

Transamerica Small/Mid Cap Value		8,052		9,021		6,446		75,840

Transamerica Templeton Global		2,533		—		2,122		—

Transamerica Value Balanced		864		1,791		1,133		2,932

The tax basis components of distributable earnings as of October 31, 2008 are as follows:


											Net
	Undistributed		Undistributed					Other			Unrealized
	Ordinary		Long-term		Capital Loss			Temporary			Appreciation
Fund	income		Capital Gain		Carryforward			Differences			(Depreciation)

Transamerica Balanced	$	215	$	6,058	$	—		$	(26	)	$	(18,094	)

Transamerica Convertible Securities		520		—		(17,338	)		—			(23,254	)

Transamerica Equity		2,780		—		(455,409	)		(411	)		(224,269	)

Transamerica Flexible Income		811		—		(47,586	)		(6	)		(31,638	)

Transamerica Growth Opportunities		—		—		(131,635	)		(17	)		(32,033	)

Transamerica High Yield Bond		3,083		—		(10,727	)		(15	)		(177,667	)

Transamerica Legg Mason Partners All Cap		533		—		(2,284	)		(7	)		(10,758	)

Transamerica Money Market		305		—		(2	)		(220	)		—

Transamerica Science & Technology		—		—		(505	)		(1	)		(15,090	)

Transamerica Short-Term Bond		1,333		—		(14,117	)		—			(20,790	)

Transamerica Small/Mid Cap Value		7,852		—		(99,045	)		(1	)		(67,642	)

Transamerica Templeton Global		545		—		(296,761	)		(115	)		(35,942	)

Transamerica Value Balanced	$	24	$	—	$	(3,722	)	$	(12	)	$	(1,077	)

NOTE 5. ACCOUNTING PRONOUNCEMENT

NOTE 6. SUBSEQUENT EVENT

On November 24, 2008, the Treasury announced an extension of Treasury’s Temporary Guarantee Program for Money Market Funds until April 30, 2009 to support ongoing stability in the market. The Transamerica Money Market Fund elected to re-enroll in this Program.



Transamerica Funds		Annual Report 2008

117

Report of Independent Registered Certified Public Accounting Firm

To the Board of Trustees and Shareholders of Transamerica Balanced, Transamerica Convertible Securities, Transamerica Equity, Transamerica Flexible Income, Transamerica Growth Opportunities, Transamerica High Yield Bond, Transamerica Legg Mason Partners All Cap, Transamerica Money Market, Transamerica Science & Technology, Transamerica Short-Term Bond, Transamerica Small/Mid Cap Value, Transamerica Templeton Global, and Transamerica Value Balanced:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Transamerica Balanced, Transamerica Convertible Securities, Transamerica Equity, Transamerica Flexible Income, Transamerica Growth Opportunities, Transamerica High Yield Bond, Transamerica Legg Mason Partners All Cap, Transamerica Money Market, Transamerica Science & Technology, Transamerica Short-Term Bond, Transamerica Small/Mid Cap Value, Transamerica Templeton Global, and Transamerica Value Balanced (individually a “Fund”, collectively the “Funds”) at October 31, 2008, and the results of each of their operations, the changes in each of their net assets and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2008 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

Tampa, Florida
December 29, 2008



Transamerica Funds		Annual Report 2008

118

SUPPLEMENTAL INFORMATION (unaudited)
TAX INFORMATION

For dividends paid during the year ended October 31, 2008, the Funds designated the following as qualified dividend income:


	Qualified Dividend
Fund	Income

Transamerica Balanced	$	1,146
Transamerica Convertible Securities		1,004
Transamerica Flexible Income		402
Transamerica Legg Mason Partners All Cap		440
Transamerica Small/Mid Cap Value		6,446
Transamerica Templeton Global		2,122
Transamerica Value Balanced		930

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


	Dividend Received
Fund	Deduction Percentage

Transamerica Balanced		100.00	%
Transamerica Convertible Securities		10.14	%
Transamerica Flexible Income		1.56	%
Transamerica Legg Mason Partners All Cap		100.00	%
Transamerica Small/Mid Cap Value		100.00	%
Transamerica Templeton Global		18.95	%
Transamerica Value Balanced		85.38	%

For tax purposes, the Long-Term Capital Gain Designations for the year ended October 31, 2008 were as follows:


	Long-Term Capital
Fund	Designation

Transamerica Balanced	$	4,811
Transamerica Convertible Securities		28,135
Transamerica Legg Mason Partners All Cap		14,798
Transamerica Science & Technology		3,111
Transamerica Small/Mid Cap Value		75,840
Transamerica Value Balanced		2,932



Transamerica Funds		Annual Report 2008

119

TRANSAMERICA FUNDS

Management of the Funds

The Board Members and executive officers of the Trust are listed below. The Board governs each Fund and is responsible for protecting the interests of the shareholders. The Board Members are experienced executives who meet periodically throughout the year to oversee the business affairs of each Fund and the operation of the Trust by its officers. The Board also reviews the management of each Fund’s assets by the investment adviser and its respective sub-adviser. The Funds are among the funds advised and sponsored by TAM (collectively, the “Transamerica Asset Management Group, Inc.”). The Transamerica Asset Management Group (“TAMG”) consists of Transamerica Funds, Transamerica Series Trust (“TST”), Transamerica Investors, Inc. (“TII”), Transamerica Income Shares, Inc. (“TIS”), Transamerica Partners Funds Group (“TPFG”), Transamerica Partners Funds Group II (“TPFG II”), Transamerica Partners Portfolios (“TPP”), and Transamerica Asset Allocation Variable Funds (“TAAVF”).

Term of

Office

and

Number of

Length

Funds in

of Time

Principal Occupation(s) During

Complex

Other

Name and Age

Position

Served*

Past 5 Years

Overseen

Directorships

INTERESTED BOARD MEMBER**

John K. Carter
(DOB: 4/24/61)

Chairman, Board Member, President, and Chief Executive Officer

2006 -present

176

N/A



Transamerica Funds		Annual Report 2008

120

Term of

Office

and

Number of

Length

Funds in

of Time

Principal Occupation(s) During

Complex

Other

Name and Age

Position

Served*

Past 5 Years

Overseen

Directorships

Sandra N. Bane
(DOB: 6/13/52)

Board Member

2008 — present

Retired, KPMG (1999 — present); and Board Member, TII (2003 — present), Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (March 2008 — present).

176

Big 5 Sporting Goods (2002 — present); AGL Resources, Inc. (energy services holding company) (2008 — present)

Leo J. Hill
(DOB: 3/27/56)

Board Member

2002 — present

176

N/A

Neal M. Jewell
(DOB: 2/12/35)

Lead Independent
Board Member

2007 — present

176

N/A

Russell A. Kimball, Jr.
(DOB: 8/17/44)

Board Member

2002 — present

176

N/A



Transamerica Funds		Annual Report 2008

121

Term of

Office

and

Number of

Length

Funds in

of Time

Principal Occupation(s) During

Complex

Other

Name and Age

Position

Served*

Past 5 Years

Overseen

Directorships

Eugene M. Mannella
(DOB: 2/1/54)

Board Member

2007 — present

176

N/A

Norm R. Nielsen
(DOB: 5/11/39)

Board Member

2006 — present

176

Buena Vista University Board of Trustees (2004 — present)

Joyce Galpern Norden
(DOB: 6/1/39)

Board Member

2007 — present

176

Board of Governors, Reconstructionist Rabbinical College (2007 — present)

Patricia L. Sawyer
(DOB: 7/1/50)

Board Member

2007 — present

176

N/A



Transamerica Funds		Annual Report 2008

122

Term of

Office

and

Number of

Length

Funds in

of Time

Principal Occupation(s) During

Complex

Other

Name and Age

Position

Served*

Past 5 Years

Overseen

Directorships

John W. Waechter
(DOB: 2/25/52)

Board Member

2005 — present

176

N/A


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

**		May be deemed an “interested person” (as that term is defined in the 1940 Act) of the Trust because of his employment with TAM or an affiliate of TAM.

***		Independent Board Member means a Board Member who is not an “interested person” (as defined under the 1940 Act) of the Trust.



Transamerica Funds		Annual Report 2008

123

OFFICERS


		Term of Office and
		Length of Time	Principal Occupation(s) or
Name and Age	Position	Served*	Employment During Past 5 Years
John K. Carter (DOB: 4/24/61)	Chairman, Board Member, President, and Chief Executive Officer	2006 — present	See the table above.

Dennis P. Gallagher (DOB: 12/19/70)	Vice President, General Counsel and Secretary	2006 — present	Vice President, General Counsel and Secretary, TII, Transamerica Funds, TST and TIS (2006 — present); Vice President, General Counsel and Secretary, TPP, TPFG, TPFG II and TAAVF (2007 — present); Director, Senior Vice President, General Counsel and Secretary, TAM and TFS (2006 — present); Assistant Vice President, TCI (2007 — present); and Director, Deutsche Asset Management (1998 — 2006).

Joseph P. Carusone (DOB: 9/8/65)	Vice President, Treasurer and Principal Financial Officer	2007 — present	Vice President, Treasurer and Principal Financial Officer, Transamerica Funds, TST, TIS and TII (2007 — present); Vice President (2007 — present), Treasurer and Principal Financial Officer (2001 — present), TPP, TPFG, TPFG II and TAAVF; Senior Vice President, TAM and TFS (2007 — present); Senior Vice President (January 2008 — present), Vice President (2001 — January 2008); Diversified Investment Advisors, Inc. (“DIA”); Director and President, Diversified Investors Securities Corp. (“DISC”) (2007 — present); Director, Transamerica Financial Life Insurance Company (“TFLIC”) (2004 — present); and Treasurer, Diversified Actuarial Services, Inc. (December 2002 — present).

Christopher A. Staples (DOB: 8/14/70)	Vice President and Chief Investment Officer	2005 — present	Vice President and Chief Investment Officer (2007 — present); Vice President - Investment Administration (2005 — 2007), TII; Vice President and Chief Investment Officer (2007 — present), Senior Vice President — Investment Management (2006 — 2007), Vice President — Investment Management (2005 — 2006), Transamerica Funds, TST and TIS; Vice President and Chief Investment Officer, TPP, TPFG, TPFG II and TAAVF (2007 — present); Director (2005 — present), Senior Vice President — Investment Management (2006 — present) and Chief Investment Officer (2007 — present), TAM; Director, TFS (2005 — present); and Assistant Vice President, Raymond James & Associates (1999 — 2004).



Transamerica Funds		Annual Report 2008

124


		Term of Office and
		Length of Time	Principal Occupation(s) or
Name and Age	Position	Served*	Employment During Past 5 Years
Rick B. Resnik (DOB: 1/24/67)	Vice President, Chief Compliance Officer and Conflicts of Interest Officer	2008 — present	Chief Compliance Officer, TPP, TPFG, TPFG II and TAAVF (1998 — present); Chief Compliance Officer, Transamerica Funds, TST, TIS and TII (January 2008 — present); Vice President and Conflicts of Interest Officer, TPP, TPFG, TPFG II, TAAVF, Transamerica Funds, TST, TIS and TII (June 2008 — present); Senior Vice President and Chief Compliance Officer, TAM (January 2008 — present); Senior Vice President, TFS (January 2008 — present); Director (2000 — present), Vice President and Chief Compliance Officer (1997 — present), DISC; and Assistant Vice President, TFLIC (1999 — present).

Michael A. Masson (DOB: 1/21/71)	Assistant Treasurer	2005 — present	Assistant Treasurer (2007 — present), Assistant Vice President (2005 — 2007), Transamerica Funds, TST, TIS and TII; Assistant Treasurer, TPP, TPFG, TPFG II and TAAVF (2007 — present); Director of Financial Reporting (2007 — present); Assistant Vice President (2005 — 2007), TAM and TFS; and Assistant Vice President, JPMorgan Chase & Co. (1999 — 2005).

Suzanne Valerio-Montemurro (DOB: 8/13/64)	Assistant Treasurer	2007 — present	Assistant Treasurer, Transamerica Funds, TST, TIS, TII, TPP, TPFG, TPFG II and TAAVF (2007 — present); and Vice President, DIA (1998 — present).

Richard E. Shield, Jr. (DOB: 1/3/74)	Tax Officer	2008 — present	Tax Officer, Transamerica Funds, TST, TIS, TII, TPP, TPFG, TPFG II and TAAVF (June 2008 — present); Tax Manager, Jeffrey P. McClanathan, CPA (2006 — 2007) and Gregory, Sharer & Stuart (2005 — 2006); Tax Senior, Kirkland, Russ, Murphy & Tapp, P.A. (2003 — 2005); and Certified Public Accountant, Schultz, Chaipel & Co., LLP (1998 — 2003).


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



Transamerica Funds		Annual Report 2008

125

PROXY VOTING POLICIES AND PROCEDURES AND QUARTERLY PORTFOLIO HOLDINGS

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

Important Notice Regarding Delivery of Shareholder Documents

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



Transamerica Funds		Annual Report 2008

126

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.

Closed Funds

Annual Report
October 31, 2008

www.transamericafunds.com

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

Dear Fellow Shareholder,

Please contact your financial advisor 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, CFA
President & Chief Executive Officer		Vice President & Chief Investment Officer
Transamerica Funds		Transamerica Funds

Transamerica American Century Large Company Value

(unaudited)

MARKET ENVIRONMENT

Market conditions hampered the Fund’s performance on both an absolute and relative basis. Few investors anticipated the scope of the credit crunch, which blossomed into a full-blown financial crisis. The U.S. government and the Federal Reserve Board (“Fed”) took extraordinary steps to provide support for the flagging financial system, and other governments and central banks are expected to follow suit. In the stock market, volatility reached extreme levels on a day-to-day basis as investors lost confidence in the financial system and the ability of the government to remedy the situation. U.S. equity indices were universally down for the twelve-month period as value outperformed growth—except among mega-cap stocks (shares of especially large companies, represented by the Russell Top 200 Index).

PERFORMANCE

For the year ended October 31, 2008, Transamerica American Century Large Company Value Class A returned (38.03)%. By comparison, its primary and secondary benchmarks, the Standard and Poor’s 500 Composite Stock Index (“S&P 500”) and the Russell 1000^® Value Index (“Russell 1000 Value”), returned (36.10)% and (36.80)%, respectively.

STRATEGY REVIEW

The portfolio benefited from strong security selection in information technology, primarily from large leading software and technology companies. A notable contributor was Hewlett-Packard Company (“HP”), a computer and peripheral maker. HP’s acquisition of outsourcing giant Electronic Data Systems Corporation appears to offer a competitive advantage and could add value through reorganization and cost-cutting efforts.

The portfolio’s holdings in the health care and consumer staples sectors contributed to results. During difficult economic times or periods of stock market turbulence, investors often regard health care and consumer staples stocks as lower-risk, defensive investments. Moreover, our preference for large industry leaders proved advantageous.

In health care, a significant holding was Abbott Laboratories (“Abbott”), which develops and manufactures laboratory diagnostics, medical devices and pharmaceutical therapies. Abbott reported strong sales across its entire product line, including Humira (a medicine that treats auto-immune diseases). In consumer staples, Wal-Mart Stores, Inc. was a top contributor. The retailer’s low-price strategy paid off as higher prices at the pump and the sluggish U.S. economy put pressure on consumers.

Despite an underweight position, the financials sector was the portfolio’s largest source of relative underperformance, partly because of turmoil in the credit markets. Although we continue to be selective about portfolio holdings, the portfolio was hampered by its mix of insurance stocks and mortgage finance names. Two top detractors were the Federal Home Loan Mortgage Corporation (“Freddie Mac”), a stockholder-owned corporation chartered by Congress to keep money flowing to mortgage lenders in support of home ownership; and American International Group, Inc. (“AIG”), the leading U.S.-based international insurer. Freddie Mac declined on greater-than-expected losses on exposure to sub-prime loans and the need for additional capital. Shares of AIG fell significantly after the Fed stepped in to rescue the company from bankruptcy. We eliminated both positions during the reporting period.

The industrial sector was another source of relative weakness. As the global economy slowed, many large U.S. companies saw a downturn in their international businesses. Ingersoll-Rand Company Limited cited the uncertain global economic outlook—and the ongoing credit crisis—for its decline in earnings. The company, which designs and manufactures a range of industrial and commercial products, was a notable detractor.

Charles A. Ritter, CFA
Brendan Healy, CFA

Co-Portfolio Managers
American Century Investment Management Inc.



Transamerica Funds		Annual Report 2008

Transamerica American Century Large Company Value

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2008


							From			Inception
	1 Year			5 Years			Inception			Date

Class A (NAV)		(38.03	)%		(0.42	)%		(1.33	)%		3/1/00
Class A (POP)		(41.45	)%		(1.54	)%		(1.97	)%		3/1/00
S&P 500¹		(36.10	)%		0.26	%		(2.23	)%		3/1/00
Russell 1000 Value¹		(36.80	)%		1.90	%		2.75	%		3/1/00


Class B (NAV)		(37.99	)%		(0.82	)%		(1.84	)%		3/1/00
Class B (POP)		(41.00	)%		(0.99	)%		(1.84	)%		3/1/00


Class C (NAV)		(37.96	)%		(0.80	)%		2.57	%		11/11/02
Class C (POP)		(38.57	)%		(0.80	)%		2.57	%		11/11/02


Class I (NAV)		(37.79	)%		N/A			(7.49	)%		11/15/05


NOTES

¹		The Standard and Poor’s 500 Composite Stock Index (S&P 500) and the Russell 1000 Value Index are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. You cannot invest directly in an Index.

This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives and policies of this Fund. This Fund is closed to new investments.



Transamerica Funds		Annual Report 2008

Transamerica American Century Large Company Value

UNDERSTANDING YOUR FUND’S EXPENSES
(unaudited)

SHAREHOLDER EXPENSES

The Example is based on an investment of $1,000 invested at May 1, 2008 and held for the entire period until October 31, 2008.

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES


	Beginning		Ending		Annualized			Expenses
	Account		Account		Expense			Paid During
	Value		Value		Ratio			Period (a)

Class A
Actual	$	1,000.00	$	698.64		1.27	%	$	5.42
Hypothetical (b)		1,000.00		1,018.75		1.27			6.44

Class B
Actual		1,000.00		698.50		1.29			5.51
Hypothetical (b)		1,000.00		1,018.65		1.29			6.55

Class C
Actual		1,000.00		698.59		1.14			4.87
Hypothetical (b)		1,000.00		1,019.41		1.14			5.79

Class I
Actual		1,000.00		699.91		0.85			3.63
Hypothetical (b)		1,000.00		1,020.86		0.85			4.32


(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 (184 days), and divided by the number of days in the year (366 days).

(b)		5% return per year before expenses.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS

By Sector

(unaudited)

At October 31, 2008

This chart shows the percentage breakdown by Sector of the Fund’s total investment securities. Percentage breakdown of the Short-term category includes Securities Lending Collateral.



Transamerica Funds		Annual Report 2008

Transamerica American Century Large Company Value

SCHEDULE OF INVESTMENTS
At October 31, 2008
(all amounts except share amounts in thousands)


	Shares		Value

COMMON STOCKS (95.6%)
Aerospace & Defense (1.0%)
Northrop Grumman Corp.		95,100	$	4,459
Beverages (2.0%)
Coca-Cola Co.		140,600		6,195
Pepsi Bottling Group, Inc.		120,500		2,786
Biotechnology (1.2%)
Amgen, Inc. ‡		85,400		5,115
Capital Markets (3.4%)
Bank of New York Mellon Corp.		136,300		4,443
Goldman Sachs Group, Inc.		38,900		3,598
Legg Mason, Inc. ^		35,100		779
Merrill Lynch & Co., Inc.		161,700		3,006
Morgan Stanley ^		174,900		3,056
Chemicals (2.0%)
E.I. duPont de Nemours & Co.		143,400		4,589
PPG Industries, Inc.		77,500		3,842
Commercial Banks (3.1%)
National City Corp. ^		329,000		888
US Bancorp ^		121,500		3,622
Wells Fargo & Co. ^		266,800		9,085
Commercial Services & Supplies (1.9%)
Avery Dennison Corp.		62,400		2,185
Pitney Bowes, Inc.		33,600		833
RR Donnelley & Sons Co.		135,000		2,237
Waste Management, Inc.		93,000		2,904
Communications Equipment (0.7%)
Cisco Systems, Inc. ‡ ^		133,700		2,376
Motorola, Inc.		108,300		582
Computers & Peripherals (2.0%)
Hewlett-Packard Co.		111,500		4,268
International Business Machines Corp.		47,300		4,397
Consumer Finance (0.3%)
Discover Financial Services		110,000		1,348
Diversified Consumer Services (0.7%)
H&R Block, Inc.		161,200		3,179
Diversified Financial Services (8.7%)
Bank of America Corp. ^		465,700		11,256
Citigroup, Inc. ^		752,800		10,276
JPMorgan Chase & Co.		386,800		15,956
Diversified Telecommunication Services (6.6%)
AT&T, Inc. §		657,600		17,604
Embarq Corp.		48,000		1,440
Verizon Communications, Inc. ^		320,400		9,506
Electric Utilities (2.6%)
Exelon Corp.		113,200		6,140
PPL Corp.		155,300		5,097
Energy Equipment & Services (0.5%)
National Oilwell Varco, Inc. ‡		68,600		2,050
Food & Staples Retailing (2.1%)
Kroger Co. ^		129,000		3,542
Wal-Mart Stores, Inc.		100,200		5,592
Food Products (0.7%)
Unilever NV		130,600		3,141
Health Care Equipment & Supplies (0.7%)
Medtronic, Inc.		74,800		3,017
Health Care Providers & Services (0.5%)
Quest Diagnostics, Inc.		43,500		2,036
Hotels, Restaurants & Leisure (0.6%)
Darden Restaurants, Inc. ^		52,800	$	1,171
Starbucks Corp. ‡ ^		88,600		1,163
Household Durables (0.7%)
Newell Rubbermaid, Inc.		204,500		2,812
Independent Power Producers & Energy Traders (0.3%)
NRG Energy, Inc. ‡ ^		52,700		1,225
Industrial Conglomerates (5.1%)
General Electric Co.		1,049,100		20,468
Tyco International, Ltd.		68,900		1,742
Insurance (3.1%)
Allstate Corp.		140,300		3,703
Hartford Financial Services Group, Inc.		92,500		955
Loews Corp.		53,800		1,787
Torchmark Corp. ^		56,000		2,339
Travelers Cos., Inc.		111,500		4,744
IT Services (0.3%)
Fiserv, Inc. ‡		42,700		1,424
Machinery (2.2%)
Caterpillar, Inc.		72,400		2,764
Dover Corp.		80,300		2,551
Ingersoll-Rand Co., Ltd. -Class A		118,500		2,186
Parker Hannifin Corp.		53,100		2,059
Media (2.8%)
CBS Corp. -Class B ^		203,700		1,978
Gannett Co., Inc. ^		144,400		1,588
Time Warner, Inc. ^		519,500		5,242
Viacom, Inc. -Class B ‡ ^		153,300		3,100
Metals & Mining (0.7%)
Nucor Corp.		69,400		2,811
Multiline Retail (1.3%)
Kohl’s Corp. ‡		75,100		2,638
Walgreen Co.		120,700		3,073
Office Electronics (0.5%)
Xerox Corp.		259,000		2,077
Oil, Gas & Consumable Fuels (17.8%)
Apache Corp.		24,600		2,025
Chevron Corp.		285,800		21,321
ConocoPhillips		224,100		11,658
Devon Energy Corp.		29,200		2,361
Exxon Mobil Corp.		369,400		27,380
Occidental Petroleum Corp.		17,200		955
Royal Dutch Shell PLC -Class A ADR		204,800		11,430
Paper & Forest Products (0.9%)
International Paper Co. ^		61,800		1,064
Weyerhaeuser Co. ^		69,300		2,649
Pharmaceuticals (10.4%)
Abbott Laboratories		73,900		4,076
Eli Lilly & Co.		104,000		3,517
Johnson & Johnson		219,500		13,464
Merck & Co., Inc. ^		198,400		6,140
Pfizer, Inc.		755,700		13,383
Wyeth		153,900		4,953
Professional Services (0.1%)
Robert Half International, Inc. ^		27,100		511
Real Estate Investment Trusts (0.2%)
Developers Diversified Realty Corp. ^		51,100		673

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



Transamerica Funds		Annual Report 2008

Transamerica American Century Large Company Value

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)


	Shares		Value

Road & Rail (0.1%)
YRC Worldwide, Inc. ‡ ^		75,900	$	348
Semiconductors & Semiconductor Equipment (1.2%)
Applied Materials, Inc.		117,900		1,522
Intel Corp.		129,200		2,067
Texas Instruments, Inc.		55,700		1,089
Software (1.8%)
Microsoft Corp.		228,000		5,091
Oracle Corp. ‡		130,300		2,383
Specialty Retail (2.5%)
Best Buy Co., Inc.		94,900		2,544
Gap, Inc. ^		143,900		1,862
Home Depot, Inc. ^		154,800		3,652
Staples, Inc. ^		158,900		3,087
Textiles, Apparel & Luxury Goods (0.6%)
V.F. Corp.		49,400		2,722
Thrifts & Mortgage Finance (0.1%)
MGIC Investment Corp. ^		111,400		432
Tobacco (1.4%)
Altria Group, Inc.		152,400		2,925
Lorillard, Inc.		45,000		2,965
Wireless Telecommunication Services (0.2%)
Sprint Nextel Corp. ^		297,400		931

Total Common Stocks (cost $566,778)				413,205


	Principal		Value

REPURCHASE AGREEMENT (4.3%)
State Street Repurchase Agreement 0.15%, dated 10/31/2008, to be repurchased at $18,618 on 11/03/2008 à •	$	18,618	$	18,618

Total Repurchase Agreement (cost $18,618)				18,618


	Shares		Value

SECURITIES LENDING COLLATERAL (16.0%)
State Street Navigator Securities Lending Trust — Prime Portfolio, 2.71% à ▲		69,342,404		69,342


Total Securities Lending Collateral (cost $69,342)				69,342


Total Investment Securities (cost $654,738) #			$	501,165

FUTURES CONTRACTS:

Net Unrealized

Expiration

Appreciation

Description

Contracts┌

Date

Amount

(Depreciation)

S&P 500 E-Mini Index

278

12/19/2008

13,445

(3,779

)


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 $67,494.

•		Repurchase agreement is collateralized by a U.S. Government Agency Obligation with an interest rate of 5.89%, and a maturity date of 01/01/2037, and with a market value plus accrued interest of $18,994.

à		State Street Bank & Trust Company serves as the accounting, custody, and lending agent for the Fund and provides various services on behalf of the Fund.

▲		Interest rate shown reflects the yield at 10/31/2008.

§		All or a portion of this security is segregated with the custodian to cover margin requirements for open futures contracts. The value of all securities segregated at 10/31/2008 is $5,420.

┌		Contract amounts are not in thousands.

#		Aggregate cost for federal income tax purposes is $658,172. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $8,409 and $165,416, respectively. Net unrealized depreciation for tax purposes is $157,007.

DEFINITIONS:

ADR		American Depositary Receipt

PLC		Public Limited Company

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



Transamerica Funds		Annual Report 2008

Transamerica Clarion Global Real Estate Securities

(unaudited)

MARKET ENVIRONMENT

The past twelve months has proved to be a very difficult period for the world’s listed real estate markets as tightening credit market conditions and a slowing global economy have provided significant headwinds to the world’s capital markets. Investor concerns continue to center on the ramifications of the credit crunch, including lack of liquidity and scarcity of available capital. Governments and central banks have responded aggressively to these issues via significant capital support to financial institutions as well as interest rate cuts. Though all regions experienced a significant sell-off over the past twelve months, North American property stocks fared the best, down 41.5%, followed by the European and Asia Pacific regions which were down 56.2% and 57.2%, respectively. In the North American region, U.S. property stocks held up well until the market decline in October which accounted for three-quarters of the 40.8% decline generated during the past twelve months. Within the European region, the return differential between countries was quite substantial, ranging from a (16.9)% return posted by Switzerland, the best-performing market during the period, to a (87.2)% return posted by Norway, the poorest-performing market during the period. On whole, the countries which fared the best in the current environment were the countries in the Benelux region as well as Switzerland and France; the countries which fared the worst were in Southern, Central and Eastern Europe as well as the Scandinavian region. Within the Asia-Pacific region, negative performance was driven most notably by Australia, which was down 69.6% for the period. Hong Kong- and Singapore-based property companies with exposure to development in mainland China also performed particularly poorly during the period, in a complete reversal from 2007 when these companies significantly outperformed.

Portfolio outperformance for the period was driven by stock selection and country allocation as both stock selection and country allocation were positive across all regions. Stock selection, which accounted for more than half of the period’s outperformance, was especially strong in the Asia-Pacific region as the portfolio maintained its tilt towards conservatively-managed companies, defensive property types, and rock-solid balance sheets. Examples of portfolio holdings along these lines include Australian global mall operator Westfield Group, Hong Kong shopping center company The Link Real Estate Investment Trust (“REIT”), and Tokyo office landlord Mitsubishi Estate Co., Ltd., all of which outperformed their respective countries’ average return for the period. Conversely, the portfolio avoided investments in companies with the opposite characteristics, especially companies with above-average leverage or any prospective refinancing concerns. Stock selection in the U.S. added significantly to relative returns as overweight positions in outperforming companies in the healthcare sector (Ventas, Inc., Nationwide Health Properties, Inc. and Omega Healthcare Investors, Inc.) and retail sector (Federal Realty Investment Trust, Simon Property Group, Inc. and Tanger Factory Outlet Centers, Inc.) were some of the best-performing stocks from a relative perspective. Within Europe, overweight positions in outperforming French retail property companies Unibail-Rodamco Company and Mercialys boosted relative returns. Country allocation decisions added value, helped by overweights to outperforming property markets in the US, selective country allocation decisions in Europe, and an underweight to the underperforming Asian property markets (Singapore, Australia and Hong Kong).

PERFORMANCE

For the year ended October 31, 2008, Transamerica Clarion Global Real Estate Securities Class A returned (44.97)%. By comparison, its benchmark, the S&P Developed Property Index, returned (51.47)%.

STRATEGY REVIEW

The portfolio offers a global strategy for real estate securities investors in the U.S. The portfolio generally owns between 80-110 real estate stocks with the goal of outperforming the WPI. The portfolio seeks to own attractively priced stocks that own property in markets with favorable underlying real estate fundamentals. The global universe of public real estate companies is approximately three times the size of the U.S. public company universe, which offers additional choices and diversification opportunities to the manager.

The portfolio continues to maintain a defensive positioning, with a bias toward high-quality companies. We remain overweight in sectors and geographies offering long-term leases and high percentages of earnings from recurring sources (primarily contract lease rental income). We prefer companies offering more transparency, strong balance sheets and good, experienced management teams. This focus on quality has driven our significant outperformance in the trying times of the past year. Conversely, we are avoiding companies dependent on acquisitions and/or development activities for earnings growth.

This bear market has already reached levels and duration comparable to past severe market declines. The extreme volatility in the market is an indicator that the normal fundamental underpinnings of the market’s price discovery mechanism have broken down. With past bear markets as a gauge, we believe it seems we may be nearing the end of this correction.

Global property companies remain attractively valued. We believe the average global property company is trading at a 28% discount to our internal estimate of inherent private real estate market value, ranging from the low, a 5% discount in the United Kingdom (“UK”), to the high, a 50% discount in Hong Kong. In our opinion, the market continues to price in a too pessimistic scenario in terms of a global economic slowdown.

The rationale for a global listed property strategy remains very much intact including diversification via low correlation to broad equities and bonds, attractive current yield, attractive valuations and the gradual spread of the REIT structure globally. Through an average 5% to 6% dividend yield plus low single-digit prospective annual earnings growth, we believe global property stocks should be well-positioned to deliver modestly attractive total returns over the next several years.

We appreciate your continued faith and confidence in our portfolio management team, especially in these challenging and trying times.

T. Ritson Ferguson, CFA
Joseph P. Smith, CFA
Steven D. Burton, CFA

Co-Portfolio Managers
ING Clarion Real Estate Securities LP



Transamerica Funds		Annual Report 2008

Transamerica Clarion Global Real Estate Securities

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2008


							From			Inception
	1 Year			5 Years			Inception			Date

Class A (NAV)		(44.97	)%		6.27	%		9.55	%		3/1/03
Class A (POP)		(47.98	)%		5.07	%		8.47	%		3/1/03
S&P Developed Property¹		(51.47	)%		4.01	%		8.78	%		3/1/03


Class B (NAV)		(44.96	)%		5.93	%		9.17	%		3/1/03
Class B (POP)		(47.28	)%		5.80	%		9.17	%		3/1/03


Class C (NAV)		(44.91	)%		5.90	%		9.15	%		3/1/03
Class C (POP)		(45.37	)%		5.90	%		9.15	%		3/1/03


Class I (NAV)		(44.82	)%		N/A			(3.56	)%		11/15/05


NOTES

¹		The S&P Developed Property Index is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. You cannot invest directly in an index.



Transamerica Funds		Annual Report 2008

Transamerica Clarion Global Real Estate Securities

UNDERSTANDING YOUR FUND’S EXPENSES
(unaudited)

SHAREHOLDER EXPENSES

The Example is based on an investment of $1,000 invested at May 1, 2008 and held for the entire period until October 31, 2008.

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES


	Beginning		Ending		Annualized			Expenses
	Account		Account		Expense			Paid During
	Value		Value		Ratio			Period (a)

Class A
Actual	$	1,000.00	$	618.82		1.22	%	$	4.96
Hypothetical (b)		1,000.00		1,019.00		1.22			6.19

Class B
Actual		1,000.00		619.25		1.24			5.05
Hypothetical (b)		1,000.00		1,018.90		1.24			6.29

Class C
Actual		1,000.00		619.44		1.04			4.23
Hypothetical (b)		1,000.00		1,019.91		1.04			5.28

Class I
Actual		1,000.00		619.80		0.90			3.66
Hypothetical (b)		1,000.00		1,020.61		0.90			4.57


(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 (184 days), and divided by the number of days in the year (366 days).

(b)		5% return per year before expenses.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS

By Sector

(unaudited)

At October 31, 2008

This chart shows the percentage breakdown by Sector of the Fund’s total investment securities. Percentage breakdown of the Short-term category includes Securities Lending Collateral.



Transamerica Funds		Annual Report 2008

Transamerica Clarion Global Real Estate Securities

SCHEDULE OF INVESTMENTS
At October 31, 2008
(all amounts except share amounts in thousands)


	Shares		Value

COMMON STOCKS (96.3%)
Australia (8.6%)
CFS Retail Property Trust ^		1,202,400	$	1,617
Commonwealth Property Office Fund ^		561,400		496
Dexus Property Group		1,557,654		776
Goodman Group ^		246,784		156
GPT Group		878,884		440
Macquarie Countrywide Trust ^		189,370		30
Mirvac Group		408,764		408
Stockland		782,600		2,105
Westfield Group		1,292,843		14,279
Belgium (0.3%)
Cofinimmo REIT		6,532		814
Bermuda (0.8%)
Hongkong Land Holdings, Ltd.		442,900		1,205
Kerry Properties, Ltd.		237,000		595
Brazil (0.3%)
BR Malls Participacoes SA ‡		188,700		697
Canada (1.8%)
Brookfield Properties Corp.		54,150		546
Calloway Real Estate Investment Trust		41,500		508
Calloway Real Estate Investment Trust -144A ‡		40,600		486
Canadian Real Estate Investment Trust		37,531		808
RioCan Real Estate Investment Trust		158,500		2,211
Finland (0.3%)
Citycon OYJ ‡		248,136		588
France (5.9%)
Klepierre		21,330		491
Mercialys SA		80,940		2,636
SILIC		7,807		696
Unibail-Rodamco		68,060		10,208
Germany (0.5%)
Deutsche Euroshop AG		42,167		1,077
Hong Kong (10.4%)
Cheung Kong Holdings, Ltd.		917,300		8,808
Hang Lung Group, Ltd.		505,048		1,625
Hang Lung Properties, Ltd.		1,079,600		2,638
Hysan Development Co., Ltd.		359,400		564
Link REIT		1,705,200		3,049
Sino Land Co.		1,474,700		1,297
Sun Hung KAI Properties, Ltd.		625,045		5,476
Wharf Holdings, Ltd.		566,050		1,129
Japan (16.1%)
AEON Mall Co., Ltd.		40,900		1,010
Japan Logistics Fund, Inc. -Class A ^		107		676
Japan Real Estate Investment Corp. -Class A		547		4,844
Japan Retail Fund Investment Corp. -Class A		184		665
Kenedix Realty Investment Corp. -Class A		138		200
Mitsubishi Estate Co., Ltd.		736,400		13,155
Mitsui Fudosan Co., Ltd.		518,500		9,044
Nippon Accommodations Fund, Inc. -Class A		68		333
Nippon Building Fund, Inc. -Class A		496		4,766
NTT Urban Development Corp.		485		498
Sumitomo Realty & Development Co., Ltd.		177,000		2,884
Netherlands (2.3%)
Corio NV		70,650	$	3,776
Eurocommercial Properties NV		27,561		913
Wereldhave NV REIT		8,735		726
Singapore (2.1%)
Ascendas Real Estate Investment Trust ‡		1,014,700		1,129
Capitaland, Ltd.		865,900		1,735
CapitaMall Trust ‡ ^		1,376,955		1,826
Macquarie Meag Prime -Class Trabajo share ‡		838,500		296
Sweden (0.8%)
Castellum AB		97,200		660
Hufvudstaden AB -Class A ^		175,090		1,107
Switzerland (0.7%)
PSP Swiss Property AG ‡		36,360		1,573
United Kingdom (5.7%)
British Land Co. PLC		212,700		2,121
Brixton PLC		74,086		199
Derwent London PLC ^		32,229		378
Great Portland Estates PLC		149,900		668
Hammerson PLC		187,601		2,162
Land Securities Group PLC		267,480		4,748
Liberty International PLC ^		116,450		1,296
Safestore Holdings PLC §		619,100		927
Segro PLC		167,900		758
United States (39.7%)
Acadia Realty Trust ^		28,800		520
AMB Property Corp.		41,700		1,002
AvalonBay Communities, Inc. ^		37,810		2,685
BioMed Realty Trust, Inc.		48,200		677
Boston Properties, Inc. ^		76,600		5,429
BRE Properties, Inc. -Class A ^		60,500		2,106
Corporate Office Properties Trust SBI MD ^		36,300		1,129
Digital Realty Trust, Inc. ^		62,900		2,106
Douglas Emmett, Inc. ^		77,600		1,172
Equity Residential ^		151,200		5,281
Essex Property Trust, Inc. ^		27,300		2,656
Extra Space Storage, Inc. ^		65,100		749
Federal Realty Investment Trust ^		100,200		6,139
General Growth Properties, Inc. ^		74,960		310
Health Care Property Investors, Inc.		95,500		2,858
Health Care REIT, Inc. ^		73,900		3,289
Highwoods Properties, Inc. ^		51,800		1,286
Home Properties, Inc. ^		38,800		1,571
Host Hotels & Resorts, Inc. ^		238,743		2,469
Kimco Realty Corp. ^		116,300		2,626
LaSalle Hotel Properties ^		22,700		320
Liberty Property Trust		78,100		1,863
Macerich Co. ^		96,100		2,827
Nationwide Health Properties, Inc. ^		112,800		3,366
Omega Healthcare Investors, Inc.		80,900		1,219
ProLogis ^		101,800		1,425
Public Storage, Inc. ^		61,600		5,020
Regency Centers Corp. ^		30,700		1,211
Simon Property Group, Inc. ^		180,700		12,112
SL Green Realty Corp. ^		17,500		736

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



Transamerica Funds		Annual Report 2008

Transamerica Clarion Global Real Estate Securities

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)


	Shares		Value

United States (continued)
Tanger Factory Outlet Centers ^		66,200	$	2,394
Taubman Centers, Inc. ^		63,300		2,103
UDR, Inc. ^		134,700		2,662
Ventas, Inc. ^		156,400		5,640
Vornado Realty Trust ^		81,600		5,757

Total Common Stocks (cost $317,538)				228,247


INVESTMENT COMPANY (0.1%)
Luxembourg (0.1%)
ProLogis European Properties		54,630		182

Total Investment Company (cost $744)				182


RIGHTS (0.0%)
Australia (0.0%)
Goodman Group		115,988		♦
GPT Group		878,884		♦
Mirvac Group		170,454		♦

Total Rights (cost $0)				♦


	Contracts┌		Value

PURCHASED OPTION (0.1%)
Covered Call Options (0.1%)
Brascan Residential Properties
Call Strike $0.00
Expires 10/22/2009		190,700	$	264

Total Purchased Option (cost $1,343)				264


	Principal		Value

REPURCHASE AGREEMENT (3.7%)
United States (3.7%)
State Street Repurchase Agreement 0.15%, dated 10/31/2008, to be repurchased at $8,764 on 11/03/2008 à •	$	8,764		8,764

Total Repurchase Agreement (cost $8,764)				8,764


	Shares		Value

SECURITIES LENDING COLLATERAL (23.3%)
State Street Navigator Securities Lending Trust — Prime Portfolio, 2.71% à ▲		55,196,963		55,197

Total Securities Lending Collateral (cost $55,197)				55,197


Total Investment Securities (cost $383,586) #			$	292,654


	Percentage of
	Total Investments			Value

INVESTMENTS BY INDUSTRY:
Real Estate Investment Trusts		57.9	%	$	169,410
Real Estate Management & Development		19.7	%		57,708
Industrial Conglomerates		0.4	%		1,129
Derivatives		0.1	%		264
Capital Markets		0.1	%		182

Investment Securities, at Value		78.2	%		228,693
Short-Term Investments		21.8	%		63,961

Total Investments		100.0	%	$	292,654


NOTES TO SCHEDULE OF INVESTMENTS:

^		All or a portion of this security is on loan. The value of all securities on loan is $53,781.

‡		Non-income producing security.

♦		Value is less than $1.

•		Repurchase agreement is collateralized by U.S. Government Agency Obligations with interest rates ranging from 3.66% to 5.74%, and maturity dates ranging between 12/01/2019 and 10/01/2036, and with market values plus accrued interests of $8,941.

§		Illiquid. At 10/31/2008, these securities aggregated $927, or 0.39% of the Fund’s net assets.

à		State Street Bank & Trust Company serves as the accounting, custody, and lending agent for the Fund and provides various services on behalf of the Fund.

┌		Contract Amounts are not in thousands.

▲		Interest rate shown reflects the yield at 10/31/2008.

#		Aggregate cost for federal income tax purposes is $389,553. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $1,043 and $97,942, respectively. Net unrealized depreciation for tax purposes is $96,899.

Security Valuation - If the market quotations are not readily available, or if the investment advisor determines that the quotation does not represent a fair value, then the security is valued at a fair value as determined in good faith using procedures approved by the Board of Trustees of the Fund. The Fund has retained an independent statistical fair value pricing service to assist in the fair valuation process for securities principally traded in the foreign market in order to adjust for possible changes in the value that may occur between the close of the foreign exchange and the time at which the Fund’s shares are valued. At 10/31/2008, the fair value pricing model was employed. The prices of securities used by the Fund to calculate its net asset value may differ from quoted or published prices for the same securities. In addition, fair values may not reflect the price that the Fund could obtain for a security if it were to dispose of that security at the time of pricing.

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



Transamerica Funds		Annual Report 2008

Transamerica Clarion Global Real Estate Securities

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts 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 10/31/2008, these securities aggregated $486, or 0.21% of the Fund’s net assets.

PLC		Public Limited Company

REIT		Real Estate Investment Trust

SBI		Shares Beneficial Interest

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



Transamerica Funds		Annual Report 2008

Transamerica Evergreen Health Care

(unaudited)

MARKET ENVIRONMENT

During the 2008 fiscal year, ended October 31, 2008, market volatility as measured by the Chicago Board Options Exchange Volatility Index (“VIX”) rose to new highs not seen in its 15-year history. Equity markets worldwide retreated significantly. Investors were responding to the deepening global credit crisis and increased evidence that economic contraction in the United States would likely lead to substantial growth deceleration in both developed and developing markets. The U.S. economy’s ability to approach normal functionality was impaired by bleak developments in the financial markets. While no sectors were spared negative returns, the health care sector was the second best performer in the broad market behind consumer staples. The sector has traditionally been seen as more defensive in nature and drew investors to it in the heightened volatile and uncertain market environment of the past year.

PERFORMANCE

For the year ended October 31, 2008, Transamerica Evergreen Health Care Class A returned (31.72)%. By comparison, its benchmark, the Standard and Poor’s 1500 Super Composite Health Care Index (“S&P 1500 Health Care”), returned (24.48)%.

STRATEGY REVIEW

The portfolio under performed S&P 1500 Health Care over the fiscal year period due to stock selection in the biotechnology and pharmaceutical industries. We continued to make a significant industry reallocation out of pharmaceutical companies by eliminating our holding in Merck & Co., Inc., trimming our Bayer AG weight and eliminating several of our foreign holdings. We increased weights in equipment and supplies companies such as Baxter International Inc. and ResMed Inc. as well as life sciences tools and services entities SEQUENOM, Inc. (“SEQUENOM”) and Invitrogen Corporation, all of which exhibited attractive growth and valuation characteristics. In biotechnology, we were attracted to several of the larger cap companies after price declines such as Gilead Sciences, Inc. and Genzyme Corporation.

Our largest contributor to performance during the course of the year was our significant underweight in the providers and services area. We had very little exposure to health maintenance organizations (“HMO”s), which proved beneficial as many of these companies saw margins contract and earnings decline. In equipment, strong product momentum from specialty pharmaceutical manufacturer Alexion Pharmaceuticals, Inc. and genetic diagnostic test manufacturer SEQUENOM led those companies to post revenue and earnings growth above market expectations leading to price increases. The portfolio also had two holdings acquired at premiums, generic manufacturer Barr Pharmaceuticals, Inc. and pharmaceutical company Adams Respiratory Therapeutics, Inc.

The largest individual stock detractors were our lack of exposure to Johnson and Johnson, a large holding in the benchmark; and severe price declines in Theratechnologies and Inverness Medical Innovations, Inc. (“Inverness Medical”). Theratechnologies’ stock price dropped after the company released disappointing results from a pharmaceutical trial. Inverness Medical’s price fell as investors reacted negatively to an acquisition the company made and to the level of debt on the company’s balance sheet. We held our positions in each stock.

Robert Junkin

Portfolio Manager
Evergreen Investment Management Company, LLC



Transamerica Funds		Annual Report 2008

Transamerica Evergreen Health Care

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2008


							From			Inception
	1 Year			5 Years			Inception			Date

Class A (NAV)		(31.72	)%		3.41	%		2.76	%		3/1/02
Class A (POP)		(35.47	)%		2.25	%		1.90	%		3/1/02
S&P 1500 Health Care Sector ¹		(24.48	)%		1.15	%		(0.74	)%		3/1/02


Class B (NAV)		(31.81	)%		2.99	%		2.28	%		3/1/02
Class B (POP)		(34.94	)%		2.84	%		2.28	%		3/1/02


Class C (NAV)		(31.67	)%		2.94	%		6.19	%		11/11/02
Class C (POP)		(32.30	)%		2.94	%		6.19	%		11/11/02


Class I (NAV)		(31.45	)%		N/A			1.28	%		11/8/04


NOTES

¹		The S&P 1500 Health Care Sector Index is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. You cannot invest directly in an index.



Transamerica Funds		Annual Report 2008

Transamerica Evergreen Health Care

UNDERSTANDING YOUR FUND’S EXPENSES
(unaudited)

SHAREHOLDER EXPENSES

The Example is based on an investment of $1,000 invested at May 1, 2008 and held for the entire period until October 31, 2008.

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES


	Beginning		Ending		Annualized			Expenses
	Account		Account		Expense			Paid During
	Value		Value		Ratio			Period (a)

Class A
Actual	$	1,000.00	$	776.41		1.26	%	$	5.63
Hypothetical (b)		1,000.00		1,018.80		1.26			6.39

Class B
Actual		1,000.00		776.14		1.28			5.71
Hypothetical (b)		1,000.00		1,018.70		1.28			6.50

Class C
Actual		1,000.00		776.96		1.08			4.82
Hypothetical (b)		1,000.00		1,019.71		1.08			5.48

Class I
Actual		1,000.00		778.37		0.91			4.07
Hypothetical (b)		1,000.00		1,020.56		0.91			4.62


(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 (184 days), and divided by the number of days in the year (366 days).

(b)		5% return per year before expenses.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS

By Industry

(unaudited)

At October 31, 2008

This chart shows the percentage breakdown by Industry of the Fund’s total investment securities. Percentage breakdown of the Short-term category includes Securities Lending Collateral.



Transamerica Funds		Annual Report 2008

Transamerica Evergreen Health Care

SCHEDULE OF INVESTMENTS
At October 31, 2008
(all amounts except share amounts in thousands)


	Shares		Value

PREFERRED STOCK (1.4%)
Health Care Providers & Services (1.4%)
Fresenius Se, 1.41% ▲		35,367	$	2,245

Total Preferred Stock (cost $1,906)				2,245


COMMON STOCKS (93.5%)
Biotechnology (23.6%)
Alexion Pharmaceuticals, Inc. ‡ ^		61,822		2,519
Amgen, Inc. ‡ ^		66,789		4,000
Antisoma PLC ‡		1,497,545		460
Biogen IDEC, Inc. ‡		37,407		1,592
BioMarin Pharmaceutical, Inc. ‡ ^		116,071		2,126
Celgene Corp. ‡ ^		46,485		2,987
Cephalon, Inc. ‡ ^		38,198		2,740
Cepheid, Inc. ‡ ^		101,707		1,207
Genentech, Inc. ‡ ^		34,416		2,855
Genzyme Corp. ‡ ^		46,642		3,399
Gilead Sciences, Inc. ‡ ^		84,290		3,865
Incyte Corp., Ltd. ‡ ^		196,542		816
Novavax, Inc. ‡ ^		290,072		653
Onyx Pharmaceuticals, Inc. ‡ ^		89,369		2,411
Orchid Cellmark, Inc. ‡ ^		268,188		316
Regeneron Pharmaceuticals, Inc. ‡ ^		52,088		1,005
Theratechnologies, Inc. ‡ ^		693,913		1,111
Theravance, Inc. ‡ ^		22,869		155
United Therapeutics Corp. ‡ ^		25,409		2,216
Vertex Pharmaceuticals, Inc. ‡ ^		106,310		2,786
Chemicals (2.3%)
Monsanto Co.		26,731		2,379
Syngenta AG		7,739		1,447
Food & Staples Retailing (2.2%)
CVS Caremark Corp. ^		121,842		3,734
Health Care Equipment & Supplies (21.1%)
Abiomed, Inc. ‡ ^		93,444		1,362
Arthrocare Corp. ‡ ^		16,134		335
Axis-Shield PLC ‡		33,185		158
Baxter International, Inc.		44,025		2,663
Becton Dickinson & Co.		23,714		1,646
Covidien, Ltd.		75,329		3,336
ev3, Inc. ‡ ^		154,767		1,001
Gen-Probe, Inc. ‡ ^		51,204		2,410
Hologic, Inc. ‡ ^		131,419		1,609
Hospira, Inc. ‡		77,113		2,145
Inverness Medical Innovations, Inc. ‡ ^		99,503		1,906
Medtronic, Inc.		61,837		2,494
NMT Medical, Inc. ‡ ^ §		169,907		185
ResMed, Inc. ‡		84,125		2,882
St Jude Medical, Inc. ‡		42,526		1,617
Stryker Corp.		19,670		1,052
Thoratec Corp. ‡ ^		90,655		2,232
Varian Medical Systems, Inc. ‡ ^		57,963		2,638
Zimmer Holdings, Inc. ‡		44,299		2,057
Zoll Medical Corp. ‡ ^		70,275		1,692
Health Care Providers & Services (7.0%)
Cardinal Health, Inc.		38,976		1,489
Emeritus Corp. ‡ ^		126,552		1,459
Fresenius Medical Care AG		52,556		2,328
McKesson Corp.		54,268		1,997
Medco Health Solutions, Inc. ‡		55,848		2,119
Psychiatric Solutions, Inc. ‡ ^		63,341		2,109
Health Care Technology (1.5%)
Cerner Corp. ‡ ^		61,304		2,282
Medipattern Corp. ‡		370,935		117
Life Sciences Tools & Services (12.0%)
AMAG Pharmaceuticals, Inc. ‡ ^		76,472		2,339
Applied Biosystems, Inc.		81,299		2,506
Bio-Rad Laboratories, Inc. -Class A ‡		21,352		1,823
ENZO Biochem, Inc. ‡ ^		223,178		1,288
Invitrogen Corp. ‡ ^		86,077		2,478
Pharmaceutical Product Development, Inc.		75,968		2,354
Qiagen NV ‡ ^		61,936		883
Sequenom, Inc. ‡ ^ § ₤		163,964		2,951
Thermo Fisher Scientific, Inc. ‡ ^		79,993		3,248
Medical Equipment & Instruments (0.0%)
Medipattern Corp. ‡ §		159,723		50
Pharmaceuticals (23.8%)
Abbott Laboratories ^		77,224		4,259
Allergan, Inc. ^		58,080		2,304
Auxilium Pharmaceuticals, Inc. ‡ ^		126,820		2,492
Barr Pharmaceuticals, Inc. ‡		26,654		1,713
Bayer AG		116,490		6,377
Biodel, Inc. ‡ ^		76,231		169
Bristol-Myers Squibb Co.		101,535		2,087
Chugai Pharmaceutical Co., Ltd.		125,700		1,788
Eurand NV ‡ ^		133,534		1,269
Forest Laboratories, Inc. ‡		92,906		2,158
Ipsen SA		49,809		1,893
Johnson & Johnson ^		39,298		2,411
Novartis AG ADR		41,794		2,131
Pfizer, Inc.		144,171		2,553
Roche Holding AG		15,271		2,335
Schering-Plough Corp. ^		137,064		1,986
Spectrum Pharmaceuticals, Inc. ‡ ^		227,928		410
Teva Pharmaceutical Industries, Ltd. ADR ^		31,761		1,362

Total Common Stocks (cost $180,213)				155,716


RIGHTS (0.0%)
Pharmaceuticals (0.0%)
Indevus Pharmaceuticals, Inc.		188,440		♦

Total Rights (cost $0)				♦


WARRANTS (0.0%)
Biotechnology (0.0%)
Novavax, Inc.		174,814		♦
Expiration: 07/31/2013
Exercise Price: $0.00
Pharmaceuticals (0.0%)
Mannkind Corp. ә		30,624		♦
Expiration: 08/05/2020
Exercise Price: $0.00
Poniard Pharmaceuticals, Inc. ә		1,200		♦
Expiration: 12/08/2008
Exercise Price: $6.00

Total Warrants (cost $1)				♦

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



Transamerica Funds		Annual Report 2008

Transamerica Evergreen Health Care

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)


	Principal		Value

REPURCHASE AGREEMENT (6.3%)
State Street Repurchase Agreement 0.15%, dated 10/31/2008, to be repurchased at $10,549 on 11/03/2008 ◊ •	$	10,549	$	10,549

Total Repurchase Agreement (cost $10,549)				10,549


	Shares		Value

SECURITIES LENDING COLLATERAL (25.1%)
State Street Navigator Securities Lending Trust — Prime Portfolio, 2.71% ◊ ▲		41,760,005		41,760


Total Securities Lending Collateral (cost $41,760)				41,760


Total Investment Securities (cost $234,429) #			$	210,270


NOTES TO SCHEDULE OF INVESTMENTS:

▲		Interest rate shown reflects the yield at 10/31/2008.

^		All or a portion of this security is on loan. The value of all securities on loan is $40,649.

‡		Non-income producing security.

♦		Value is less than $1.

ә		Securities fair valued as determined in good faith in accordance with procedures established by the Board of Trustees.

•		Repurchase agreement is collateralized by a U.S. Government Agency Obligation with an interest rate of 4.00%, and a maturity date of 06/01/2014, and with a market value plus accrued interest of $10,761.

§		Illiquid. At 10/31/2008, these securities aggregated $3,186, or 1.91% of the Fund’s net assets.

à		State Street Bank & Trust Company serves as the accounting, custody, and lending agent for the Fund and provides various services on behalf of the Fund.

#		Aggregate cost for federal income tax purposes is $235,516. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $9,475 and $34,721, respectively. Net unrealized depreciation for tax purposes is $25,246.

£		Restricted security. At 10/31/2008, the Fund owned the security (representing 1.77% of net assets) which was restricted to public resale.


Description	Date of Acquisition		Shares		Cost		Value

Sequenom, Inc.		10/11/2007		163,964	$	1,461	$	2,951

DEFINITIONS:

ADR		American Depositary Receipt

PLC		Public Limited Company

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



Transamerica Funds		Annual Report 2008

Transamerica Jennison Growth

(unaudited)

MARKET ENVIRONMENT

The fiscal year ended October 31, 2008, was a difficult time for virtually all equity styles. Problems in the sub-prime mortgage market spread throughout the financial system, creating a full-blown liquidity/credit crisis that roiled global markets. The final two months of the fiscal year proved exceptionally tumultuous and were capped by an alarming series of events: the US government’s takeover of Federal National Mortgage Association (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie Mac”), and American International Group, Inc. (“AIG”); the failure of Lehman Brothers Holdings Inc.(“Lehman Brothers”); the distressed sales of the commercial banking franchises of Washington Mutual, Inc. and Wachovia Corporation; Bank of America Corporation’s acquisition of Merrill Lynch & Co., Inc.; and the conversion of investment banks, The Goldman Sachs Group, Inc. and Morgan Stanley, to commercial banks.

With an unprecedented level of coordination and cooperation, the US Treasury Department and the Federal Reserve Board (“Fed”) presided over efforts to resuscitate credit markets and stabilize the financial system, culminating in the creation of the $700 billion Troubled Asset Relief Program (“TARP”). An initial $250 billion was invested in nine large US financial institutions in an attempt to restore confidence in the system. Concerns about inflation persisted through much of the fiscal year, fueled by record-high commodity prices. These worries were largely abated as the period came to a close, when slowing US demand and the weakening global economy caused oil and other commodities prices to drop. Over the year, the Fed lowered the fed funds rate from 4.50% to 1.00%. The ongoing correction in the housing market, debt deflation, rising unemployment, and sluggish production and consumption patterns increasingly pointed to recession, as the effects of the credit crisis worked through the real economy.

PERFORMANCE

For the year ended October 31, 2008, Transamerica Jennison Growth Class A returned (36.12)%. By comparison, its benchmark, the Russell 1000^® Growth Index, returned (36.95)%.

STRAGEGY REVIEW

The portfolio is built from the bottom up, with stocks selected one at a time, based on the fundamentals of individual companies. Stock selection contributed to positive relative performance in the health care sector, where Genentech, Inc. was a notable performer. The company’s medicine Avastin was approved by the Food and Drug Administration to treat breast cancer. Shares of the biotechnology leader got an additional boost when its majority shareholder, Roche Holding Ltd., offered to acquire the remaining interest in the company it does not already own at a premium to the prevailing market price.

Southwestern Energy Company was a top performer in the energy sector. We consider this natural gas and oil exploration and production company a high-quality player in the natural gas industry and like its long-lived asset base. Information technology holdings, including Google Inc. (“Google”) and Apple Inc. (“Apple”), detracted from performance. Google fell as investors worried that a slowing economy could curtail spending on online advertising. While the company’s domestic growth has held up relatively well, there are signs that growth outside the US has decelerated. Apple came under pressure on signs that personal computer sales are slowing and on concerns that the market’s upper-end, which Apple’s Mac franchise dominates, is not immune. Both companies retain significant competitive advantages, which should drive significant share gains even in a tougher environment.

In industrials, ABB, Ltd. (“ABB”), which provides power and automation technologies, had been benefiting from booming global end markets, technology-derived product differentiation, and leading market share. However, the financial crisis and global slowdown raised concerns that significant infrastructure investments would be curtailed and that falling commodity would weaken ABB’s pricing power. We closed our position in the company as the fiscal year drew to a close.

Oil services companies Schlumberger Limited (“Schlumberger”) and Halliburton Company (“Halliburton”) were hit by concerns that a further pullback in oil and natural gas prices could cause oil companies to slow down or cut back on their spending plans. We closed out our position in Halliburton in early October but maintain our investment in Schlumberger, which we believe has strong long-term fundamentals and is best-in-class.

Spiros Segalas
Michael A. Del Balso
Blair A. Boyer

Co-Portfolio Managers
Jennison Associates LLC



Transamerica Funds		Annual Report 2008

Transamerica Jennison Growth

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2008


										From			Inception
	1 Year			5 Years			10 Years			Inception			Date

Class A (NAV)		(36.12	)%		0.49	%		0.78	%		1.74	%		2/1/96
Class A (POP)		(39.62	)%		(0.65	)%		0.21	%		1.30	%		2/1/96
Russell 1000 Growth ¹		(36.95	)%		(1.29	)%		(2.10	)%		3.16	%		2/1/96


Class B (NAV)		(36.06	)%		0.20	%		0.31	%		1.36	%		2/1/96
Class B (POP)		(39.26	)%		0.01	%		0.31	%		1.36	%		2/1/96


Class C (NAV)		(35.97	)%		0.27	%		N/A			3.81	%		11/11/02
Class C (POP)		(36.61	)%		0.27	%		N/A			3.81	%		11/11/02


Class I (NAV)		(35.77	)%		N/A			N/A			(8.18	)%		11/15/05


NOTES

¹		The Russell 1000 Growth Index is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. You cannot invest directly in an index.



Transamerica Funds		Annual Report 2008

Transamerica Jennison Growth

UNDERSTANDING YOUR FUND’S EXPENSES
(unaudited)

SHAREHOLDER EXPENSES

The Example is based on an investment of $1,000 invested at May 1, 2008 and held for the entire period until October 31, 2008.

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES


	Beginning		Ending		Annualized			Expenses
	Account		Account		Expense			Paid During
	Value		Value		Ratio			Period (a)

Class A
Actual	$	1,000.00	$	710.24		1.32	%	$	5.67
Hypothetical (b)		1,000.00		1,018.50		1.32			6.70

Class B
Actual		1,000.00		710.48		1.23			5.29
Hypothetical (b)		1,000.00		1,018.95		1.23			6.24

Class C
Actual		1,000.00		711.27		1.15			4.95
Hypothetical (b)		1,000.00		1,019.36		1.15			5.84

Class I
Actual		1,000.00		712.34		0.85			3.66
Hypothetical (b)		1,000.00		1,020.86		0.85			4.32


(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 (184 days), and divided by the number of days in the year (366 days).

(b)		5% return per year before expenses.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS

By Sector

(unaudited)

At October 31, 2008

This chart shows the percentage breakdown by Sector of the Fund’s total investment securities. Percentage breakdown of the Short-term category includes Securities Lending Collateral.



Transamerica Funds		Annual Report 2008

Transamerica Jennison Growth

SCHEDULE OF INVESTMENTS
At October 31, 2008
(all amounts except share amounts in thousands)


	Shares		Value

COMMON STOCKS (96.9%)
Aerospace & Defense (5.3%)
Lockheed Martin Corp.		34,600	$	2,943
Raytheon Co.		68,300		3,491
United Technologies Corp.		76,400		4,199
Beverages (3.9%)
Coca-Cola Co. ^		37,200		1,639
PepsiCo, Inc.		108,800		6,203
Biotechnology (12.3%)
Celgene Corp. ‡ ^		79,300		5,096
Genentech, Inc. ‡ ^		94,800		7,863
Genzyme Corp. ‡		4,400		321
Gilead Sciences, Inc. ‡ ^		239,600		10,986
Capital Markets (4.2%)
Charles Schwab Corp. ^		245,800		4,700
Goldman Sachs Group, Inc.		14,000		1,295
Lazard Ltd. -Class A ^		23,800		718
Morgan Stanley ^		90,200		1,576
Chemicals (3.3%)
Monsanto Co.		72,900		6,487
Communications Equipment (8.0%)
Cisco Systems, Inc. ‡ ^		379,000		6,735
Qualcomm, Inc.		171,900		6,577
Research In Motion, Ltd. ‡		49,600		2,501
Computers & Peripherals (5.6%)
Apple, Inc. ‡ ^		37,100		3,991
Hewlett-Packard Co.		151,400		5,796
International Business Machines Corp.		15,400		1,432
Diversified Financial Services (0.3%)
JPMorgan Chase & Co.		16,000		660
Energy Equipment & Services (2.6%)
Schlumberger, Ltd. ^		99,700		5,149
Food & Staples Retailing (7.7%)
Costco Wholesale Corp. ^		67,500		3,848
CVS Caremark Corp.		147,000		4,505
Wal-Mart Stores, Inc.		125,200		6,987
Health Care Equipment & Supplies (5.7%)
Alcon, Inc.		50,200		4,424
Baxter International, Inc.		114,000		6,896
Health Care Providers & Services (1.7%)
Medco Health Solutions, Inc. ‡		88,900		3,374
Household Products (2.8%)
Colgate-Palmolive Co. ^		88,600		5,560
Internet & Catalog Retail (2.7%)
Amazon.com, Inc. ‡ ^		92,700		5,306
Internet Software & Services (4.3%)
Google, Inc. -Class A ‡		23,800		8,553
IT Services (4.5%)
Infosys Technologies, Ltd. ADR ^		97,100		2,847
Visa, Inc. -Class A		111,900		6,194
Life Sciences Tools & Services (2.1%)
Thermo Fisher Scientific, Inc. ‡ ^		101,800		4,133
Media (1.7%)
Walt Disney Co. ^		128,000		3,315
Oil, Gas & Consumable Fuels (2.9%)
Occidental Petroleum Corp.		30,800		1,711
Southwestern Energy Co. ‡ ^		111,400		3,968
Pharmaceuticals (8.9%)
Abbott Laboratories		125,500		6,921
Mylan, Inc. ‡ ^		105,200		901
Shire PLC ADR ^		33,460		1,320
Teva Pharmaceutical Industries, Ltd. ADR ^		128,200		5,497
Wyeth		93,700		3,015
Semiconductors & Semiconductor Equipment (0.4%)
NVIDIA Corp. ‡ ^		84,600		741
Software (4.2%)
Adobe Systems, Inc. ‡ ^		143,100		3,812
Microsoft Corp. ^		143,000		3,193
Oracle Corp. ‡		73,800		1,350
Textiles, Apparel & Luxury Goods (1.8%)
Nike, Inc. -Class B ^		62,800		3,619

Total Common Stocks (cost $214,884)				192,348


	Principal		Value

REPURCHASE AGREEMENT (5.4%)
State Street Repurchase Agreement 0.15%, dated 10/31/2008, to be repurchased at $10,736 on 11/03/2008 ◊ •	$	10,736		10,736

Total Repurchase Agreement (cost $10,736)				10,736


	Shares		Value

SECURITIES LENDING COLLATERAL (25.7%)
State Street Navigator Securities Lending Trust — Prime Portfolio, 2.71% ◊ ▲		51,027,940		51,028


Total Securities Lending Collateral (cost $51,028)				51,028


Total Investment Securities (cost $276,648) #			$	254,112

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



Transamerica Funds		Annual Report 2008

Transamerica Jennison Growth

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)

NOTES TO SCHEDULE OF INVESTMENTS:



^		All or a portion of this security is on loan. The value of all securities on loan is $49,850.

‡		Non-income producing security.

•		Repurchase agreement is collateralized by a U.S. Government Obligation with an interest rate of 0.00%, and a maturity date of 01/15/2009, and with a market value plus accrued interest of $10,955.

◊		State Street Bank & Trust Company serves as the accounting, custody, and lending agent for the Fund and provides various services on behalf of the Fund.

▲		Interest rate shown reflects the yield at 10/31/2008.

#		Aggregate cost for federal income tax purposes is $281,180. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $1,824 and $28,892, respectively. Net unrealized depreciation for tax purposes is $27,068.

DEFINITIONS:

ADR American Depositary Receipt

PLC Public Limited Company

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



Transamerica Funds		Annual Report 2008

Transamerica Legg Mason Partners Investors Value

(unaudited)

MARKET ENVIRONMENT

Last year as we were writing the annual commentary, the market was beginning to absorb enormous ramifications of the credit bubble created over the past several years. We would like to briefly describe some events that transpired over the past twelve months.

During the fiscal period, we witnessed spectacular rise in the price of oil from $94.53 in October 2007, to the highs of $147.96 in July 2008, and an equally spectacular collapse to $67.81 in October 2008. The U.S. dollar weakened initially against most major currencies and fell against the euro to $1.45 in October 2007, to $1.60 in April 2008, and then reversed its course to finish fiscal year 2008 at $1.27. Gross Domestic Product (“GDP”) slowed from a 4.8% expansion in the third quarter of 2007 to a contraction of (0.3)% in the latest quarter. The unemployment rate grew to 6.1% from 4.8% and the Federal Reserve Board (“Fed”) lowered the fed funds rate to 1.0% from 4.5%.

The economic slowdown, triggered domestically by a weak housing market and excessive leverage across financial institutions and consumers alike, has spread throughout the world. The collapse of Bear Stearns Companies Inc. (“Bear Stearns”) and its takeover by JPMorgan Chase & Co. (“JPMorgan Chase”) in March 2008 was followed by the Fed opening the discount window to broker dealers. While intended to alleviate further liquidity concerns and significantly reduce the likelihood of another “run on the bank”, this unprecedented move proved unsuccessful in preventing the eventual fall of Lehman Brothers Holdings Inc. (“Lehman”), the fourth largest investment bank. Rapid deterioration of the housing market has shaken investors’ confidence and forced the U.S. government to put the Federal National Mortgage Association (“Fannie Mae”) and the Federal Loan Mortgage Corporation (“Freddie Mac”) into conservatorship in September.

These events had major spillover effects throughout the fixed-income markets and contributed to higher spreads and contraction of available short term funding. This liquidity crisis was particularly worrisome in the trillion dollar commercial paper market. Lehman’s failure also accelerated the demise of American International Group, Inc. (“AIG”), one of the world’s largest insurers, and pushed Merrill Lynch & Co., Inc. (“Merrill Lynch”) into a rushed sale of itself to Bank of America Corporation. The remaining two major investment banks in the U.S., The Goldman Sachs Group, Inc. (“Goldman Sachs”) and Morgan Stanley, chose to become commercial bank holding companies. Subsequently, Washington Mutual, Inc., the nation’s largest savings and loan, with over $350 billion of assets, was seized by the Federal Deposit Insurance Corporation (“FDIC”) and then acquired by JPMorgan Chase. A few days later, Wells Fargo & Company (“Wells Fargo”) announced its acquisition of Wachovia Corporation, the sixth largest U.S. bank, with over $450 billion of assets. As a result of these extraordinary developments, the credit markets effectively shut down in September, leading Treasury Secretary Henry Paulson and Fed Chairman Ben Bernanke to propose an unprecedented $700 billion bailout plan. Well over $125 billion of the bailout package has already been invested in major financial institutions. These events occurred over a period of less than twelve months, but have forever changed the global financial landscape.

As the central banks across the globe continue efforts to stabilize financial markets, the turmoil is beginning to take a toll on national economies, with many sectors just now beginning to feel the impact. We do not know how long the recession will last or how deep it will be. Persistent weakness in housing continues and the median price of existing homes in the U.S. is now down 17% from the peak, according to September data from National Association of Realtors. With growing unemployment and tight credit, consumers remain under pressure, although lower gasoline prices have provided some breathing room. There are active discussions in Washington concerning a meaningful fiscal stimulus package in addition to monetary actions already taken by the Fed.

As bleak as market environment is, some of the best investment opportunities often present themselves during periods of stress, and for good reasons. When economies are growing and financial markets are soaring, even weaker players tend to do well. This is certainly not the case during more challenging times. Shake-out periods are healthy in the long term because they weed out weaker players and create longer term opportunities for profitable growth among the surviving companies. We believe that as painful as it is to go through this cleansing process, it often creates attractive investment opportunities. Now more than ever, we try to balance short term risks with long term opportunities as we remain focused on identifying high quality franchises with strong balance sheets and sustainable business models selling at discount to their intrinsic values.

PERFORMANCE

For the year ended October 31, 2008, Transamerica Legg Mason Partners Investors Value Class A returned (33.63)%. By comparison, its primary and secondary benchmarks, the Standard and Poor’s 500 Composite Stock Index and the Russell 1000^® Value Index (“Russell 1000 Value”), returned (36.10)% and (36.80)%, respectively.

STRATEGY REVIEW

The portfolio’s outperformance relative to the Russell 1000^® Value during the period was mainly attributable to security selection, which was strongest in financials and consumer discretionary, and weakest in energy and telecommunication services. Sector allocation had a negative affect to the overall performance. An underweight position in energy and an overweight in consumer discretionary detracted from performance. However, an underweight in financials and an overweight in consumer staples were overall contributors to the portfolio’s performance.

Top contributors to performance during the period included Wal-Mart Stores, Inc., Wells Fargo, The Chubb Corporation, Marsh & McLennan Companies, Inc. and McDonald’s Corporation. We continue to hold these stocks. Stocks that detracted from performance included General Electric Company, Sprint Nextel Corporation, News Corporation (Class B Shares), AIG and American Express Company. We exited our position in AIG during the period due to increasing credit concerns and cyclical weakness in the property and casualty insurance businesses.

Dmitry Khaykin
Robert Feitler

Co-Portfolio Managers
ClearBridge Advisors, LLC



Transamerica Funds		Annual Report 2008

Transamerica Legg Mason Partners Investors Value

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2008


										From			Inception
	1 Year			5 Years			10 Years			Inception			Date

Class A (NAV)		(33.63	)%		0.87	%		2.22	%		2.82	%		2/1/97
Class A (POP)		(37.29	)%		(0.27	)%		1.64	%		2.33	%		2/1/97
S&P 500¹		(36.10	)%		0.26	%		0.40	%		3.49	%		2/1/97
Russell 1000 Value¹		(36.80	)%		1.90	%		2.79	%		5.20	%		2/1/97


Class B (NAV)		(33.71	)%		0.48	%		1.73	%		2.39	%		2/1/97
Class B (POP)		(36.83	)%		0.39	%		1.73	%		2.39	%		2/1/97


Class C (NAV)		(33.73	)%		0.44	%		N/A			4.03	%		11/11/02
Class C (POP)		(34.36	)%		0.44	%		N/A			4.03	%		11/11/02


Class I (NAV)		(33.38	)%		N/A			N/A			(4.67	)%		11/15/05

NOTES


¹		The Standard and Poor’s 500 Composite Stock Index (S&P 500) and the Russell 1000 Value Index are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. You cannot invest directly in an index.



Transamerica Funds		Annual Report 2008

Transamerica Legg Mason Partners Investors Value

UNDERSTANDING YOUR FUND’S EXPENSES
(unaudited)

SHAREHOLDER EXPENSES

The Example is based on an investment of $1,000 invested at May 1, 2008 and held for the entire period until October 31, 2008.

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES


	Beginning		Ending		Annualized			Expenses
	Account		Account		Expense			Paid During
	Value		Value		Ratio			Period (a)

Class A
Actual	$	1,000.00	$	739.53		1.24	%	$	5.42
Hypothetical (b)		1,000.00		1,018.90		1.24			6.29

Class B
Actual		1,000.00		739.08		1.30			5.68
Hypothetical (b)		1,000.00		1,018.60		1.30			6.60

Class C
Actual		1,000.00		739.30		1.28			5.60
Hypothetical (b)		1,000.00		1,018.70		1.28			6.50

Class I
Actual		1,000.00		741.26		0.85			3.72
Hypothetical (b)		1,000.00		1,020.86		0.85			4.32


(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 (184 days), and divided by the number of days in the year (366 days).

(b)		5% return per year before expenses.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS

By Sector

(unaudited)

At October 31, 2008

This chart shows the percentage breakdown by Sector of the Fund’s total investment securities. Percentage breakdown of the Short-term category includes Securities Lending Collateral.



Transamerica Funds		Annual Report 2008

Transamerica Legg Mason Partners Investors Value

SCHEDULE OF INVESTMENTS
At October 31, 2008
(all amounts except share amounts in thousands)


	Shares		Value

COMMON STOCKS (98.0%)
Aerospace & Defense (3.6%)
Raytheon Co. ^		14,250	$	728
United Technologies Corp.		11,800		649
Capital Markets (1.4%)
Bank of New York Mellon Corp.		16,247		530
Chemicals (3.0%)
Air Products & Chemicals, Inc.		8,700		506
E.I. duPont de Nemours & Co. ^		20,160		645
Commercial Banks (4.7%)
Marshall & Ilsley Corp. ^		13,950		252
Wells Fargo & Co. ^		44,130		1,503
Commercial Services & Supplies (0.9%)
Avery Dennison Corp. ^		10,000		350
Communications Equipment (0.7%)
Comverse Technology, Inc. ‡ ^		18,705		136
Echostar Corp. ‡ ^		6,060		118
Computers & Peripherals (1.9%)
International Business Machines Corp.		7,700		716
Consumer Finance (3.8%)
American Express Co.		19,470		535
Capital One Financial Corp. ^		23,100		904
Diversified Financial Services (5.9%)
Bank of America Corp. ^		40,800		986
JPMorgan Chase & Co.		30,410		1,254
Diversified Telecommunication Services (6.2%)
AT&T, Inc.		49,734		1,331
Embarq Corp. ^		13,554		407
Verizon Communications, Inc. ^		20,500		608
Electric Utilities (1.8%)
Sempra Energy ^		15,600		664
Energy Equipment & Services (2.8%)
Halliburton Co. ^		27,200		538
Transocean, Inc. ^		6,427		529
Food & Staples Retailing (3.1%)
Wal-Mart Stores, Inc. ^		20,910		1,167
Food Products (3.0%)
Kraft Foods, Inc. -Class A		23,066		672
Unilever PLC ADR		19,500		440
Health Care Providers & Services (2.3%)
UnitedHealth Group, Inc. ^		17,800		422
WellPoint, Inc. ‡		11,500		447
Hotels, Restaurants & Leisure (2.5%)
McDonald’s Corp.		16,100		933
Household Products (2.8%)
Kimberly-Clark Corp.		17,400		1,066
Industrial Conglomerates (3.4%)
General Electric Co.		66,190		1,291
Insurance (9.2%)
Aflac, Inc.		12,500		554
Chubb Corp.		16,200		839
Loews Corp.		10,630		353
Marsh & McLennan Cos., Inc.		22,880		671
Travelers Cos., Inc. ^		24,940		1,061
Media (10.1%)
Dish Network Corp. -Class A ‡		33,800		532
Liberty Media Corp. - Entertainment -Class A ‡		34,520		556
News Corp. -Class B ^		81,660		867
Scripps Networks Interactive, Inc. -Class A ^		19,800		562
SES SA		31,800		572
Time Warner, Inc. ^		72,500		732
Multiline Retail (1.2%)
Target Corp. ^		11,400		457
Oil, Gas & Consumable Fuels (11.4%)
Devon Energy Corp. ^		6,100		493
El Paso Corp.		37,730		366
Exxon Mobil Corp.		9,900		734
Royal Dutch Shell PLC -Class A ADR ^		10,700		597
Suncor Energy, Inc.		16,408		392
Total SA ADR ^		31,480		1,745
Pharmaceuticals (3.3%)
Abbott Laboratories		9,930		548
Novartis AG ADR		13,700		699
Software (1.7%)
Microsoft Corp.		28,700		641
Specialty Retail (1.3%)
Home Depot, Inc. ^		21,500		507
Tobacco (6.0%)
Altria Group, Inc.		27,700		532
Lorillard, Inc. ^		9,400		619
Philip Morris International, Inc.		26,200		1,139

Total Common Stocks (cost $40,865)				37,095


	Principal		Value

REPURCHASE AGREEMENT (4.8%)
State Street Repurchase Agreement 0.15%, dated 10/31/2008, to be repurchased at $1,834 on 11/03/2008 ◊ •	$	1,834		1,834

Total Repurchase Agreement (cost $1,834)				1,834


	Shares		Value

SECURITIES LENDING COLLATERAL (24.1%)
State Street Navigator Securities Lending Trust — Prime Portfolio, 2.71% ◊ ▲		9,101,556		9,102


Total Securities Lending Collateral (cost $9,102)				9,102


Total Investment Securities (cost $51,801) #			$	48,031

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



Transamerica Funds		Annual Report 2008

Transamerica Legg Mason Partners Investors Value

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)

NOTES TO SCHEDULE OF INVESTMENTS:



^		All or a portion of this security is on loan. The value of all securities on loan is $8,884.

‡		Non-income producing security.

•		Repurchase agreement is collateralized by a U.S. Government Agency Obligation with an interest rate of 3.56%, and a maturity date of 10/25/2036, and with a market value plus accrued interest of $1,874.

◊		State Street Bank & Trust Company serves as the accounting, custody, and lending agent for the Fund and provides various services on behalf of the Fund.

▲		Interest rate shown reflects the yield at 10/31/2008.

#		Aggregate cost for federal income tax purposes is $52,432. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $2,607 and $7,008, respectively. Net unrealized depreciation for tax purposes is $4,401.

DEFINITIONS:

ADR American Depositary Receipt

PLC Public Limited Company

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



Transamerica Funds		Annual Report 2008

Transamerica Marsico Growth

(unaudited)

MARKET ENVIRONMENT

US large capitalization equities, as measured by the Standard and Poor’s 500 Composite Stock Index (“S&P 500”), posted sharp declines for the one-year period ended October 31, 2008. Large capitalization equity benchmarks such as the S&P 500 and the Russell 1000^® Growth Index (“Russell 1000 Growth”) had total returns of (36.10)% and (36.95)%, respectively, for the twelve-month period ended October 31, 2008.

From the perspective of economic sector performance (using Global Industry Classification Standards (“GICS”) classifications for the S&P 500 as a reference point), weakness was widespread. All ten sectors in the S&P 500 had a negative return. Financials (-52%), information technology (-41%), and materials (-41%) were the worst-performing sectors. Consumer staples was the best-performing sector with a return of (12)%. All other sectors were down between (24)% and (39)%.

At an industry level, performance was similarly dismal even worse in some instances. No area came close to achieving a positive return. In fact, just two groups (Food and Staples Retailing and Household and Personal Products) had declines of less than (10)%.

There was scant differentiation in terms of market leadership, either in terms of capitalization or style, during the reporting period. Large capitalization equities underperformed their small capitalization counterparts by more than 2% (based on the Russell 1000 Index and Russell 2000 Index performance), although it bears mentioning that both indices with returns of (36.80)% and (34.16)%, respectively were deeply “in the red”. Within the US large capitalization arena, growth performed nearly identically to value during the period. The Russell 1000^® Value Index had total returns of (36.80)%.

PERFORMANCE

For the year ended October 31, 2008, Transamerica Marsico Growth Class A returned (35.64)%. By comparison, its primary and secondary benchmarks, the S&P 500 and the Russell 1000^® Growth, returned (36.10)% and (36.95)%, respectively.

STRATEGY REVIEW

Against the backdrop of an exceedingly turbulent and volatile market, the portfolio outperformed the S&P 500, its primary benchmark index, for the annual period. The portfolio’s transportation positions performed well. Railroad operators Union Pacific Corporation (+7%) and Norfolk Southern Corp. (+14%) were among the portfolio’s top-performing individual positions. A position in banking company Wells Fargo & Company (+5%) and biotechnology company Genentech, Inc. (+13%) also helped performance.

As the benchmark index suffered a loss of more than 36%, maintaining an average weight of 14% of net assets in cash and cash equivalents preserved capital to a certain degree.

There were a few areas of weakness for the portfolio during the period. Stock selection and an underweighted posture in the health care and consumer staples sectors detracted from performance. In the health care sector, positions in health care services provider UnitedHealth Group Incorporated (-39%) and pharmaceutical company Merck & Co., Inc. (-36%) negatively impacted performance. (As of October 31, 2008 both positions had been sold from the portfolio.) With regard to consumer staples, the portfolio’s positions in Heineken N.V. (-59% prior to being sold) and CVS Caremark Corporation (-26%) detracted from results.

Holdings in the energy sector were an additional source of weakness for the portfolio. Price declines in oil services provider Schlumberger Limited (-45%) and Brazil-based oil producer Petroleo Brasileiro SA (-42%) hurt performance.

During the reporting period, the portfolio’s average sector allocations emphasized the consumer discretionary, information technology, industrials, and financials sectors. The portfolio invested in all ten GICS economic sector during the twelve-month period, with the consumer staples, energy, financials, and utilities sectors averaging a significantly underweighted posture relative to the portfolio’s primary benchmark, the S&P 500. The portfolio held an average of 14% in cash and cash equivalents during the twelve-month period. As of October 31, 2008, cash and cash equivalents represented more than 21% of the portfolio’s net assets. The elevated cash level provided a measure of protection in the adverse market environment. We believe that the portfolio’s cash positions will decrease as we identify new investment opportunities and add selectively to existing holdings.

Thomas F. Marsico

Portfolio Manager
Columbia Management Advisors, LLC

Columbia Management Advisors, LLC has entered into an agreement with its affiliate, Marsico Capital Management, LLC, to provide portfolio management services to the Fund.



Transamerica Funds		Annual Report 2008

Transamerica Marsico Growth

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2008


							From			Inception
	1 Year			5 Years			Inception			Date

Class A (NAV)		(35.64	)%		0.53	%		(0.71	)%		3/1/99
Class A (POP)		(39.17	)%		(0.60	)%		(1.28	)%		3/1/99
S&P 500¹		(36.10	)%		0.26	%		(0.87	)%		3/1/99
Russell 1000 Growth ¹		(36.95	)%		(1.29	)%		(3.87	)%		3/1/99


Class B (NAV)		(35.63	)%		0.18	%		(1.22	)%		3/1/99
Class B (POP)		(38.85	)%		(0.01	)%		(1.22	)%		3/1/99


Class C (NAV)		(35.57	)%		0.22	%		3.42	%		11/11/02
Class C (POP)		(36.22	)%		0.22	%		3.42	%		11/11/02


Class I (NAV)		(35.35	)%		N/A			(4.34	)%		11/15/05

NOTES


¹		The Standard and Poor’s 500 Composite Stock Index (S&P 500) and the Russell 1000 Growth Index are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. You cannot invest directly in an index.



Transamerica Funds		Annual Report 2008

Transamerica Marsico Growth

UNDERSTANDING YOUR FUND’S EXPENSES
(unaudited)

SHAREHOLDER EXPENSES

The Example is based on an investment of $1,000 invested at May 1, 2008 and held for the entire period until October 31, 2008.

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES


	Beginning		Ending		Annualized			Expenses
	Account		Account		Expense			Paid During
	Value		Value		Ratio			Period (a)

Class A
Actual	$	1,000.00	$	729.79		1.23	%	$	5.35
Hypothetical (b)		1,000.00		1,018.95		1.23			6.24

Class B
Actual		1,000.00		730.00		1.19			5.17
Hypothetical (b)		1,000.00		1,019.15		1.19			6.04

Class C
Actual		1,000.00		730.61		1.11			4.83
Hypothetical (b)		1,000.00		1,019.56		1.11			5.63

Class I
Actual		1,000.00		731.86		0.85			3.70
Hypothetical (b)		1,000.00		1,020.86		0.85			4.32


(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 (184 days), and divided by the number of days in the year (366 days).

(b)		5% return per year before expenses.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS

By Sector

(unaudited)

At October 31, 2008

This chart shows the percentage breakdown by Sector of the Fund’s total investment securities. Percentage breakdown of the Short-term category includes Securities Lending Collateral.



Transamerica Funds		Annual Report 2008

Transamerica Marsico Growth

SCHEDULE OF INVESTMENTS
At October 31, 2008
(all amounts except share amounts in thousands)


	Shares		Value

COMMON STOCKS (79.0%)
Aerospace & Defense (5.3%)
General Dynamics Corp.		135,469	$	8,171
Lockheed Martin Corp.		126,575		10,765
Biotechnology (6.0%)
Genentech, Inc. ‡ ^		171,241		14,203
Gilead Sciences, Inc. ‡ ^		159,217		7,300
Capital Markets (1.7%)
Goldman Sachs Group, Inc.		67,622		6,255
Chemicals (6.1%)
Air Products & Chemicals, Inc.		41,119		2,390
Monsanto Co.		156,258		13,904
Praxair, Inc. ^		80,665		5,255
Commercial Banks (9.0%)
Industrial & Commercial Bank of China - Class H		17,215,000		8,100
US Bancorp ^		364,153		10,855
Wells Fargo & Co. ^		387,976		13,211
Communications Equipment (2.3%)
Qualcomm, Inc.		217,215		8,311
Computers & Peripherals (2.9%)
Apple, Inc. ‡		96,457		10,378
Diversified Financial Services (2.2%)
JPMorgan Chase & Co.		193,186		7,969
Electrical Equipment (0.2%)
Vestas Wind Systems ‡		16,550		678
Energy Equipment & Services (4.7%)
Cameron International Corp. ‡ ^		46,080		1,118
FMC Technologies, Inc. ‡ ^		11,391		399
Schlumberger, Ltd.		141,370		7,302
Transocean, Inc.		99,546		8,196
Food & Staples Retailing (5.8%)
Costco Wholesale Corp. ^		116,549		6,644
CVS Caremark Corp.		341,701		10,473
Wal-Mart Stores, Inc.		61,388		3,426
Hotels, Restaurants & Leisure (9.9%)
Las Vegas Sands Corp. ‡ ^		101,521		1,441
McDonald’s Corp.		435,405		25,223
Wynn Resorts, Ltd. ^		56,754		3,428
Yum! Brands, Inc.		182,068		5,282
Internet Software & Services (0.8%)
Google, Inc. -Class A ‡		7,744		2,783
IT Services (5.6%)
Mastercard, Inc. -Class A ^		68,130		10,071
Visa, Inc. -Class A		183,407		10,152
Multiline Retail (1.3%)
Target Corp. ^		112,071		4,496
Oil, Gas & Consumable Fuels (1.7%)
Devon Energy Corp.		9,915		802
Petroleo Brasileiro SA ADR		201,716		5,424
Pharmaceuticals (0.3%)
Johnson & Johnson		17,461		1,071
Real Estate Management & Development (1.0%)
St Joe Co. ‡ ^		114,242		3,532
Road & Rail (7.8%)
CSX Corp.		40,397		1,847
Norfolk Southern Corp.		136,560		8,185
Union Pacific Corp.		268,266		17,912
Software (0.3%)
Oracle Corp. ‡		61,190		1,119
Specialty Retail (2.6%)
Lowe’s Companies, Inc.		427,813		9,283
Textiles, Apparel & Luxury Goods (1.2%)
Nike, Inc. -Class B ^		75,092		4,328
Wireless Telecommunication Services (0.3%)
China Mobile, Ltd.		103,600		912

Total Common Stocks (cost $307,849)				282,594


	Principal		Value

REPURCHASE AGREEMENT (22.5%)
State Street Repurchase Agreement 0.15%, dated 10/31/2008, to be repurchased at $80,712 on 11/03/2008 ◊ •	$	80,711		80,711

Total Repurchase Agreement (cost $80,711)				80,711


	Shares		Value

SECURITIES LENDING COLLATERAL (15.3%)
State Street Navigator Securities Lending Trust — Prime Portfolio, 2.71% ◊ ▲		54,712,666		54,713


Total Securities Lending Collateral (cost $54,713)				54,713


Total Investment Securities (cost $443,273) #			$	418,018

NOTES TO SCHEDULE OF INVESTMENTS:



^		All or a portion of this security is on loan. The value of all securities on loan is $53,525.

‡		Non-income producing security.

•		Repurchase agreement is collateralized by a U.S. Government Obligation with an interest rate of 0.00%, and a maturity date of 01/15/2009, and with a market value plus accrued interest of $82,329.

◊		State Street Bank & Trust Company serves as the accounting, custody, and lending agent for the Fund and provides various services on behalf of the Fund.

▲		Interest rate shown reflects the yield at 10/31/2008.

#		Aggregate cost for federal income tax purposes is $449,000. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $15,077 and $46,059, respectively. Net unrealized depreciation for tax purposes is $30,982.

DEFINITION:

ADR American Depositary Receipt

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



Transamerica Funds		Annual Report 2008

Transamerica MFS International Equity

(unaudited)

MARKET ENVIRONMENT

During the year ended October 31, 2008, investors’ concerns over slowing economic growth and the credit crunch increased, despite inflation fears dissipating somewhat, as commodity prices fell in the later part of the year. The bail-outs of the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”) and later of American International Group, Inc. (“AIG”), plus the bankruptcy of Lehman Brothers Holdings Inc. (“Lehman Brothers”) were followed by additional central bank support for financial markets. Levels of uncertainty remain high, as do market volatility levels.

The stocks which satisfy our investment criteria continue to be concentrated in the less cyclical areas of the market, with above-average returns and below-average debt levels. We see a “barbell” nature to the market with nearly half of the market in more cyclical sectors (financial services, basic materials, industrial goods, energy and transportation). Many stocks in these cyclical sectors appear cheap but we have concerns about the level and sustainability of future earnings.

PERFORMANCE

For the year ended October 31, 2008, Transamerica MFS International Equity Class A returned (40.23)%. By comparison, its benchmark, the Morgan Stanley Capital International (EAFE) Index (“MSCI-EAFE”), returned (46.34)%.

STRATEGY REVIEW

There has been no change to our investment philosophy or process. We remain focused on high-quality companies with sustainable above-average growth and returns whose prospects are not currently reflected in their valuation.

Stock selection and an overweighted position in the consumer staples sector contributed to performance relative to the MSCI-EAFE. Global food company Nestle S.A. (Switzerland), household and industrial products manufacturer Kao Corporation (Japan), household products manufacturer Reckitt Benckiser plc (United Kingdom (“UK”)), and producer of alcoholic drinks Diageo plc (UK) were among the portfolio’s top contributors for the reporting period.

An underweighted position in the financial services sector also boosted relative returns. Not holding financial services firm Royal Bank of Scotland Group plc helped as the company’s stock significantly underperformed the benchmark.

Favorable security selection in the basic materials sector was another positive area of relative performance. Chemical company Shin-Etsu Chemical Co., Ltd. (Japan) boosted relative results during the reporting period.

Stocks in other sectors that aided relative returns included pharmaceutical and diagnostic company Roche Holding Ltd. (Switzerland) and printer and computer peripherals maker Canon Inc. (Japan).

The portfolio’s cash position was also a contributor to relative performance. The portfolio holds cash to buy new holdings and to provide liquidity. In a period when equity markets declined, as measured by the portfolio’s benchmark, holding cash helped performance versus the benchmark, which has no cash position. Stock selection in the leisure sector detracted from relative performance. Over the reporting period, the portfolio’s holdings of poor-performing UK gaming operator William Hill PLC held back relative results.

Underweighted positions in the utilities and communications and automotive and housing sectors also had a negative impact on relative results. No individual holdings within the utilities and communications sector were among the portfolio’s top detractors. In the automotive and housing sector, our positioning in automobile maker Toyota Industries Corporation (Japan) (this position was not held at period’s end) hindered relative returns.

A combination of security selection and an underweighted position in the energy sector dampened relative performance. Not owning integrated oil company BP PLC (UK), a benchmark constituent that outperformed the overall index, hurt relative returns.

Although the financial services sector was the top contributing sector to relative performance overall, several individual securities within this sector had a negative impact on results. These included financial services firms, UBS AG (Switzerland) (this position was not held at period’s end) and AXA (France), and banking operator Erste Bank AG (Austria).

Elsewhere, the portfolio’s holdings of poor-performing electrical equipment manufacturer Schneider Electric SA (France) held back relative returns.

We are spending much of our time analyzing cyclical stocks to see if we can invest in high quality, sustainable businesses at depressed valuations on a long term view, but so far we have made few trades. The non-cyclical stocks continue to trade at higher valuations, but we have more confidence that these companies can sustain reasonable levels of growth and returns through cycles.

The turnover in the portfolio was fairly low relative to the level of volatility in the market overall. At the end of September, the portfolio was most overweight the consumer staples and health care sectors and was most underweight the financial services and utilities and communications sectors.

David R. Mannheim
Marcus L. Smith

Co-Portfolio Managers
MFS Investment Management



Transamerica Funds		Annual Report 2008

Transamerica MFS International Equity

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2008


										From			Inception
	1 Year			5 Years			10 Years			Inception			Date

Class A (NAV)		(40.23	)%		2.41	%		(0.29	)%		0.46	%		2/1/97
Class A (POP)		(43.54	)%		1.26	%		(0.85	)%		(0.02	)%		2/1/97
MSCI EAFE (USD)¹		(46.34	)%		4.04	%		2.05	%		3.06	%		2/1/97


Class B (NAV)		(40.41	)%		2.10	%		(0.75	)%		0.03	%		2/1/97
Class B (POP)		(43.14	)%		2.05	%		(0.75	)%		0.03	%		2/1/97


Class C (NAV)		(40.33	)%		2.11	%		N/A			4.08	%		11/11/02
Class C (POP)		(40.87	)%		2.11	%		N/A			4.08	%		11/11/02


Class I (NAV)		N/A			N/A			N/A			(34.20	)%		6/10/08

NOTES


¹		The Morgan Stanley Capital International — Europe, Australasia, and Far East Index (MSCI-EAFE) is a widely recognized unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. You cannot invest directly in an index.

International investing involves special risks including currency fluctuations, political instability, and different financial accounting standards. This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives and policies of this Fund. This Fund is closed to new investments.



Transamerica Funds		Annual Report 2008

Transamerica MFS International Equity

UNDERSTANDING YOUR FUND’S EXPENSES
(unaudited)

SHAREHOLDER EXPENSES

The Example is based on an investment of $1,000 invested at May 1, 2008 and held for the entire period until October 31, 2008.

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES


	Beginning		Ending		Annualized			Expenses
	Account		Account		Expense			Paid During
	Value		Value		Ratio			Period (a)

Class A
Actual	$	1,000.00	$	632.40		1.86	%	$	7.63
Hypothetical (b)		1,000.00		1,015.79		1.86			9.42

Class B
Actual		1,000.00		630.97		1.90			7.79
Hypothetical (b)		1,000.00		1,015.58		1.90			9.63

Class C
Actual		1,000.00		631.83		1.73			7.10
Hypothetical (b)		1,000.00		1,016.44		1.73			8.77

Class I
Actual		1,000.00		658.00		1.23			4.01
Hypothetical (b)		1,000.00		1,014.83		1.23			4.88


(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 (184 days), and divided by the number of days in the year (366 days).

(b)		5% return per year before expenses.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS

By Region

(unaudited)

At October 31, 2008

This chart shows the percentage breakdown by Region of the Fund’s total investment securities. Percentage breakdown of the Short-term category includes Securities Lending Collateral.



Transamerica Funds		Annual Report 2008

Transamerica MFS International Equity

SCHEDULE OF INVESTMENTS
At October 31, 2008
(all amounts except share amounts in thousands)


	Shares		Value

COMMON STOCKS (94.1%)
Australia (0.2%)
QBE Insurance Group, Ltd. ^		7,541	$	129
Austria (1.1%)
Erste Group Bank AG ^		22,543		601
Bermuda (0.7%)
LI & Fung, Ltd.		176,000		353
Brazil (0.6%)
Unibanco — Uniao de Bancos Brasileiros SA GDR ‡ ^		4,940		312
Canada (1.3%)
Canadian National Railway Co.		15,813		684
Czech Republic (0.7%)
Komercni Banka As		2,501		381
France (17.4%)
Air Liquide		9,945		858
AXA SA		62,069		1,186
Gdf Suez ^		27,327		1,216
Legrand SA ^		34,312		571
LVMH Moet Hennessy Louis Vuitton SA ^		25,623		1,705
Pernod-Ricard SA ^		12,868		838
Schneider Electric SA ^		19,208		1,151
Total SA		25,458		1,401
Vivendi		14,251		372
Germany (8.7%)
Bayer AG ^		19,257		1,054
Deutsche Boerse AG		6,860		536
E.ON AG		17,991		674
Linde AG		17,168		1,421
Merck KGAA		10,950		967
India (1.2%)
Infosys Technologies, Ltd. ADR ^		15,650		459
Satyam Computer Services, Ltd. ADR ^		14,320		225
Italy (0.8%)
Intesa Sanpaolo SpA		116,371		426
Japan (14.2%)
AEON Credit Service Co., Ltd. ^		32,200		343
Bridgestone Corp.		27,400		479
Canon, Inc.		51,800		1,813
Fanuc, Ltd. ^		8,700		580
Hirose Electric Co., Ltd. ^		2,000		173
Hoya Corp.		44,700		816
INPEX Corp.		125		726
KAO Corp. ^		31,000		906
Konica Minolta Holdings, Inc.		17,000		112
Omron Corp. ^		10,200		146
Ricoh Co., Ltd.		5,000		54
Shin-Etsu Chemical Co., Ltd.		25,000		1,329
Tokyo Electron, Ltd.		5,100		170
Korea, Republic of (1.2%)
Samsung Electronics Co., Ltd.		1,513		638
Mexico (1.2%)
America Movil SAB de CV -Class R ADR ^		11,810		365
Grupo Modelo SAB de CV -Class C		87,700		267
Netherlands (6.9%)
AKZO Nobel NV ^		6,830		284
ASML Holding NV ^		16,555		290
Heineken NV		42,720		1,441
TNT NV		41,490		876
Wolters Kluwer NV		48,330		856
Singapore (1.1%)
Singapore Telecommunications, Ltd.		346,150		583
South Africa (0.5%)
MTN Group, Ltd.		24,890		279
Switzerland (16.4%)
Actelion, Ltd. ‡ ^		9,683		512
Compagnie Financiere Richemont SA		24,556		516
Givaudan SA ^		1,480		1,008
Julius Baer Holding AG		19,290		754
Nestle SA		73,105		2,843
Roche Holding AG		16,801		2,569
Swiss Reinsurance ^		13,945		582
Taiwan (1.0%)
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		65,243		539
United Kingdom (16.6%)
BHP Billiton, Ltd.		19,578		332
Burberry Group PLC		78,810		351
Diageo PLC		97,186		1,483
GlaxoSmithKline PLC		24,485		471
HSBC Holdings PLC		32,970		390
Ladbrokes PLC		103,978		265
Reckitt Benckiser Group PLC		45,661		1,931
Royal Dutch Shell PLC -Class A ^		38,386		1,055
Smiths Group PLC		45,245		583
Standard Chartered PLC		32,910		544
Tesco PLC		71,079		389
William Hill PLC		131,537		404
WPP Group PLC		126,737		758
United States (2.3%)
Synthes, Inc.		9,414		1,215

Total Common Stocks (cost $68,178)				50,540


	Principal		Value

REPURCHASE AGREEMENT (5.7%)
United States (5.7%)
State Street Repurchase Agreement 0.15%, dated 10/31/2008, to be repurchased at $3,074 on 11/03/2008 ◊ •	$	3,074		3,074

Total Repurchase Agreement (cost $3,074)				3,074


	Shares		Value

SECURITIES LENDING COLLATERAL (21.7%)
State Street Navigator Securities Lending Trust — Prime Portfolio, 2.71% ◊ ▲		11,681,737		11,682

Total Securities Lending Collateral (cost $11,682)				11,682


Total Investment Securities (cost $82,934) #			$	65,296

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



Transamerica Funds		Annual Report 2008

Transamerica MFS International Equity

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)


	Percentage of
	Total Investments			Value

INVESTMENTS BY INDUSTRY:
Pharmaceuticals		7.7	%	$	5,062
Chemicals		7.5	%		4,900
Beverages		6.2	%		4,029
Oil, Gas & Consumable Fuels		4.9	%		3,181
Food Products		4.4	%		2,843
Household Products		4.4	%		2,838
Commercial Banks		4.1	%		2,654
Textiles, Apparel & Luxury Goods		3.9	%		2,572
Media		3.0	%		1,986
Office Electronics		3.0	%		1,978
Insurance		2.9	%		1,896
Electrical Equipment		2.6	%		1,722
Semiconductors & Semiconductor Equipment		2.5	%		1,637
Multi-Utilities		1.9	%		1,216
Health Care Equipment & Supplies		1.9	%		1,215
Electronic Equipment & Instruments		1.7	%		1,135
Air Freight & Logistics		1.3	%		876
Capital Markets		1.2	%		754
Road & Rail		1.1	%		684
IT Services		1.1	%		684
Electric Utilities		1.0	%		674
Hotels, Restaurants & Leisure		1.0	%		669
Wireless Telecommunication Services		1.0	%		645
Diversified Telecommunication Services		0.9	%		583
Industrial Conglomerates		0.9	%		583
Machinery		0.9	%		580
Diversified Financial Services		0.8	%		536
Biotechnology		0.8	%		512
Auto Components		0.7	%		479
Food & Staples Retailing		0.6	%		389
Trading Companies & Distributors		0.5	%		353
Consumer Finance		0.5	%		343
Metals & Mining		0.5	%		332

Investment Securities, at Value		77.4	%		50,540
Short-Term Investments		22.6	%		14,756

Total Investments		100.0	%	$	65,296

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



Transamerica Funds		Annual Report 2008

Transamerica MFS International Equity

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)

NOTES TO SCHEDULE OF INVESTMENTS:



^		All or a portion of this security is on loan. The value of all securities on loan is $11,149.

‡		Non-income producing security.

•		Repurchase agreement is collateralized by a U.S. Government Agency Obligation with an interest rate of 3.56%, and a maturity date of 10/25/2036, and with a market value plus accrued interest of $3,136.

◊		State Street Bank & Trust Company serves as the accounting, custody, and lending agent for the Fund and provides various services on behalf of the Fund.

▲		Interest rate shown reflects the yield at 10/31/2008.

#		Aggregate cost for federal income tax purposes is $82,962. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $90 and $17,756, respectively. Net unrealized depreciation for tax purposes is $17,666.

DEFINITIONS:

ADR American Depositary Receipt

GDR Global Depositary Receipt

PLC Public Limited Company

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



Transamerica Funds		Annual Report 2008

Transamerica PIMCO Real Return TIPS

(unaudited)

MARKET ENVIRONMENT

During the first half of the period, yields on government bonds continued to fall worldwide, capping a period in which collapsing property markets and anxiety about sub-prime assets threatened to tip the US economy into recession. High quality bonds such as US Treasury Inflation-Protected Securities (“TIPS”) outperformed most fixed income sectors during this period as investors sought safer assets during the sub-prime crisis. The TIPS market rally was more pronounced for shorter maturities over this time as surging commodity prices, notably food and energy, increased demand for the inflation protection of these issues. Market inflation expectations increased as a result, which are measured by the breakeven inflation level, or simply the difference between nominal and real yields of similar maturity. TIPS outperformed nominal Treasury bonds of comparable maturity during the period with strong inflation accruals from higher commodity prices driving relative performance.

To forestall a recession and unfreeze credit markets during the early part of the year, the Federal Reserve Board (“Fed”) initially eased the federal funds rate by 250 basis points. The US yield curve continued to steepen as markets expected more rate cuts and infusions of liquidity by the Fed to combat an ongoing credit crunch. During the year home prices were still in freefall, consumer confidence plunged and unemployment was on the rise. Oil prices touched a record and other commodity prices surged as well, helping push the Consumer Price Index (“CPI”) inflation above 4%. Perhaps more importantly, higher energy costs helped to raise some indicators of inflation expectations. However, towards the close of the period inflation concerns were reeled in, as commodity prices fell, oil prices finally settled at $68/barrel.

During the second half of the period, TIPS gave back some of their gains as real yields rose fairly consistently across the maturity spectrum with intermediate yields rising the most. Declining commodity prices added to the negative prospects for these issues, while very illiquid market conditions exacerbated the downward move. The sharp rise in real yields can largely be attributable to TIPS reduced liquidity as prospects for diminished economic activity would most likely signal lower real interest rates.

PERFORMANCE

For the year ended October 31, 2008, Transamerica PIMCO Real Return TIPS Class A returned (5.29)%. By comparison, its benchmark, the Barclays Capital (formerly Lehman Brothers) Global Real US TIPS Index, returned (4.10)%.

STRATEGY REVIEW

Curve positioning, with an emphasis on shorter maturities, was positive for performance, as the shape of the yield curve steepened as measured by the change in the 2 and 30-year Treasury yields. An average underweight to US duration during the past twelve months detracted from returns as yields fell over the period. An overweight to bonds of financial companies detracted from performance during the latter period; and contagion from sub-prime related de-leveraging swept through this sector despite unprecedented government support. These securities recovered some of the return as the credit markets started to show signs of stabilization in October. Modest exposure to emerging market currencies helped returns during the first half of the period as the US dollar weakened but gave back some returns during the latter half. During the early part of the year, overweight to real versus nominal US duration helped returns as US TIPS outperformed nominal bonds. An underweight to US TIPS during the latter half also helped returns as US TIPS significantly underperformed nominal bonds. An emphasis on Inflation Linked Bonds (“ILB“s) versus nominal bonds in Japan detracted from return; and ILBs underperformed their nominal counterparts in Japan as breakeven inflation moved into negative territory. UK and Euroland nominal bond positioning did offset some of the negative returns.

Mihir Worah, Ph.D.

Portfolio Manager
Pacific Investment Management Company LLC

Prior to January 25, 2008, John B. Brynjolfsson was also a co-portfolio manager.



Transamerica Funds		Annual Report 2008

Transamerica PIMCO Real Return TIPS

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2008


							From			Inception
	1 Year			5 Years			Inception			Date

Class A (NAV)		(5.29	)%		2.43	%		2.51	%		3/1/03
Class A (POP)		(9.80	)%		1.44	%		1.63	%		3/1/03
Barclays Capital Global Real US TIPS Index¹		(4.10	)%		3.15	%		3.23	%		3/1/03


Class B (NAV)		(5.38	)%		2.09	%		2.14	%		3/1/03
Class B (POP)		(9.89	)%		1.92	%		2.14	%		3/1/03


Class C (NAV)		(5.36	)%		2.04	%		2.10	%		3/1/03
Class C (POP)		(6.26	)%		2.04	%		2.10	%		3/1/03


Class I (NAV)		(5.29	)%		N/A			1.43	%		11/8/04

NOTES


¹		The Barclays Capital Global Real US TIPS Index is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. You cannot invest directly in an index.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on fund distributions or the redemption of fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamericafunds.com for performance data current to the most recent month-end. Public Offering Price (POP) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 4.75% for A shares or the maximum applicable contingent deferred sales charge (5% in the 1st year, decreasing to 0% after 6 years) for Class B shares and 1% (during the first 12 months) for Class C shares. Shares purchased prior to March 1, 2004 are subject to a maximum applicable contingent deferred sales charge (5% in the 1st year, decreasing to 0% after 7 years) for Class B shares and (2% in the 1st year, decreasing to 0% after 2 years) for Class C shares. Net Asset Value (NAV) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges.



Transamerica Funds		Annual Report 2008

Transamerica PIMCO Real Return TIPS

UNDERSTANDING YOUR FUND’S EXPENSES
(unaudited)
SHAREHOLDER EXPENSES

The Example is based on an investment of $1,000 invested at May 1, 2008 and held for the entire period until October 31, 2008.

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES


	Beginning		Ending		Annualized			Expenses
	Account		Account		Expense			Paid During
	Value		Value		Ratio			Period (a)

Class A
Actual	$	1,000.00	$	886.14		0.78	%	$	3.70
Hypothetical (b)		1,000.00		1,021.22		0.78			3.96

Class B
Actual		1,000.00		885.70		0.79			3.74
Hypothetical (b)		1,000.00		1,021.17		0.79			4.01

Class C
Actual		1,000.00		885.47		0.74			3.51
Hypothetical (b)		1,000.00		1,021.42		0.74			3.76

Class I
Actual		1,000.00		885.94		0.74			3.51
Hypothetical (b)		1,000.00		1,021.42		0.74			3.76


(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 (184 days), and divided by the number of days in the year (366 days).

(b)		5% return per year before expenses.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS

By Asset Type

(unaudited)

At October 31, 2008

This chart shows the percentage breakdown by Asset Type of the Fund’s total investment securities. Percentage breakdown of the Short-term category includes Securities Lending Collateral.



Transamerica Funds		Annual Report 2008

Transamerica PIMCO Real Return TIPS

SCHEDULE OF INVESTMENTS
At October 31, 2008
(all amounts except share amounts in thousands)


		Principal		Value

U.S. GOVERNMENT OBLIGATIONS (104.6%)
U.S. Treasury Inflation Indexed Bond
1.75%, due 01/15/2028		$	5,441	$	4,253
2.00%, due 01/15/2026			29,886		24,532
2.38%, due 01/15/2025 - 01/15/2027 ^			93,940		81,339
3.38%, due 04/15/2032 ^			617		630
3.63%, due 04/15/2028			40,464		41,757
3.88%, due 04/15/2029			48,970		52,382
U.S. Treasury Inflation Indexed Note
1.38%, due 07/15/2018			8,947		7,651
1.63%, due 01/15/2018			12,865		11,155
1.88%, due 07/15/2013 - 07/15/2015			106,862		98,977
2.00%, due 04/15/2012 - 01/15/2016 ^			129,755		118,443
2.38%, due 04/15/2011 - 01/15/2017			105,766		98,759
2.50%, due 07/15/2016 ^			10,741		9,890
2.63%, due 07/15/2017 ^			7,612		7,133
3.00%, due 07/15/2012 ^			23,520		22,938
3.38%, due 01/15/2012			5,126		5,025
3.50%, due 01/15/2011			69,424		67,808
3.88%, due 01/15/2009			1,470		1,452
4.25%, due 01/15/2010 ^			1,172		1,161

Total U.S. Government Obligations (cost $691,118)					655,285


U.S. GOVERNMENT AGENCY OBLIGATIONS (68.6%)
Fannie Mae
3.41%, due 08/25/2034 *			152		145
3.50%, due 11/25/2013			39		39
3.86%, due 10/01/2044 *			75		74
5.00%, due 03/01/2033 - 07/01/2038			7,220		6,842
5.50%, due 10/01/2036 - 09/01/2038			305,580		301,424
6.00%, due 06/01/2036 - 08/01/2038			29,892		29,893
Fannie Mae, TBA
6.00%, due 11/01/2037			17,000		16,989
Freddie Mac
4.50%, due 05/15/2017 - 02/15/2023			1,577		1,577
4.82%, due 02/15/2019 *			5,061		4,918
5.00%, due 12/14/2018 - 02/15/2020 ^			3,049		2,976
5.50%, due 07/01/2037 - 04/01/2038			57,540		56,146
Ginnie Mae, TBA
6.00%, due 11/01/2038			9,000		9,000

Total U.S. Government Agency Obligations (cost $432,062)					430,023


FOREIGN GOVERNMENT OBLIGATIONS (3.7%)
Deutschland
4.75%, due 07/04/2040	EUR		100		133
Italy Buoni Poliennali del Tesoro
2.35%, due 09/15/2019	EUR		1		2
Japanese Government CPI Linked Bond
0.80%, due 12/10/2015	JPY		400,140		3,456
1.10%, due 12/10/2016	JPY		622,810		5,391
1.20%, due 06/10/2017 - 12/10/2017	JPY		1,425,970		12,257
1.40%, due 06/10/2018	JPY		244,320		2,116

Total Foreign Government Obligations (cost $23,296)					23,355


MORTGAGE-BACKED SECURITIES (1.5%)
Banc of America Mortgage Securities, Inc.
Series 2004-1, Class 5A1
6.50%, due 09/25/2033			76		71
Bear Stearns Adjustable Rate Mortgage Trust
Series 2005-2, Class A1
4.13%, due 03/25/2035 *			1,291		1,196
Series 2005-2, Class A2
4.13%, due 03/25/2035 *			599		574
Series 2005-5, Class A1
4.13%, due 08/25/2035 *			378		356
Series 2005-5, Class A2
4.55%, due 08/25/2035 *			671		639
Citigroup Mortgage Loan Trust, Inc.
Series 2005-11, Class A1A
4.90%, due 12/25/2035 *			53		49
Series 2005-6, Class A1
4.75%, due 08/25/2035 *			448		424
Series 2005-6, Class A2
4.25%, due 08/25/2035 *			556		528
Series 2005-6, Class A3
4.10%, due 08/25/2035 *			79		71
Countrywide Home Loan Mortgage
Pass-Through Trust
Series 2005-3, Class 1A2
3.55%, due 04/25/2035 *			1,273		743
Series 2005-R2, Class 1AF1
3.60%, due 06/25/2035 -144A *			360		300
Greenpoint Mortgage Funding Trust
Series 2005-AR1, Class A2
3.48%, due 06/25/2045 *			594		372
GSR Mortgage Loan Trust
Series 2005-AR6, Class 2A1
4.54%, due 09/25/2035 *			1,124		891
Lehman XS Trust
Series 2006-10N, Class 1A1A
3.34%, due 07/25/2046 џ *			87		85
Master Alternative Loans Trust
Series 2006-2, Class 2A1
3.66%, due 03/25/2036 *			1,017		545
Residential Accredit Loans, Inc.
Series 2006-QO6, Class A1
3.44%, due 06/25/2046 *			1,504		870
Sequoia Mortgage Trust
Series 5, Class A
4.63%, due 10/19/2026 *			160		145
Structured Asset Mortgage Investments, Inc.
Series 2006-AR5, Class 1A1
3.47%, due 05/25/2046 *			1,203		685
WAMU Mortgage Pass-Through Certificates
Series 2003-AR9, Class 2A
4.49%, due 09/25/2033 *			1,047		1,012

Total Mortgage-Backed Securities (cost $11,368)					9,556

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



Transamerica Funds		Annual Report 2008

Transamerica PIMCO Real Return TIPS

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)


		Principal		Value

ASSET-BACKED SECURITIES (1.0%)
Chase Issuance
Series 2008-A13, Class A13
4.32%, due 09/15/2015 *		$	5,300	$	4,452
CSAB Mortgage Backed Trust
Series 2006-1, Class A6A
6.17%, due 06/25/2036			1,300		979
Equity One ABS, Inc.
Series 2004-1, Class AV2
3.56%, due 04/25/2034 *			48		30
GSAMP Trust
Series 2004-SEA2, Class A2A
3.55%, due 03/25/2034 *			56		56
Morgan Stanley Mortgage Loan Trust
Series 2006-12XS, Class A6A
5.73%, due 10/25/2036			500		405
Small Business Administration
Series 2004-P10A, Class 1
4.50%, due 02/01/2014			549		524
Truman Capital Mortgage Loan Trust
Series 2004-1, Class A1
3.60%, due 01/25/2034 -144A *			12		11

Total Asset-Backed Securities (cost $7,386)					6,457


MUNICIPAL GOVERNMENT OBLIGATIONS (1.2%)
Buckeye Tobacco Settlement Financing
5.88%, due 06/01/2047			500		311
Dallas Area Rapid Transit
5.00%, due 12/01/2036			3,000		2,815
New York City Municipal Water Finance
4.75%, due 06/15/2038 -Class D			200		164
5.00%, due 06/15/2038			500		456
North Texas Municipal Water District
5.00%, due 09/01/2035			2,100		1,852
State of California
5.00%, due 11/01/2037			800		696
Tobacco Settlement Financing Corp.
6.00%, due 06/01/2023			580		516
7.47%, due 06/01/2047			690		590

Total Municipal Government Obligations (cost $8,471)					7,400


CORPORATE DEBT SECURITIES (14.3%)
Capital Markets (2.3%)
Bear Stearns Cos., Inc.
6.95%, due 08/10/2012			1,700		1,677
Goldman Sachs Group, Inc.
4.07%, due 06/28/2010 *			3,000		2,722
6.75%, due 10/01/2037 ^			400		261
Morgan Stanley
4.90%, due 05/14/2010 *			9,400		8,650
6.63%, due 04/01/2018			1,700		1,414
Commercial Banks (6.4%)
ANZ National International, Ltd.
6.20%, due 07/19/2013 -144A			1,700		1,534
Credit Suisse, Inc.
5.00%, due 05/15/2013 ^			7,600		6,854
HBOS PLC
6.75%, due 05/21/2018 -144A			1,000		750
National Australia Bank, Ltd.
5.35%, due 06/12/2013 -144A			1,400		1,296
Rabobank Nederland NV
4.77%, due 01/15/2009 -144A *			400		401
Royal Bank of Scotland Group PLC
7.09%, due 09/29/2017 Ž	EUR		300		207
UBS AG
5.88%, due 12/20/2017 ^		$	700		559
Unicredito Italiano Bank Ireland PLC
5.07%, due 05/18/2009 *			10,300		10,300
5.16%, due 05/15/2009 *			7,700		7,700
Wachovia Bank
3.70%, due 05/14/2010 *			7,300		6,975
Wachovia Bank NA
2.88%, due 12/02/2010 *			1,200		1,109
Wachovia Corp.
7.98%, due 03/15/2018 ^ Ž			2,200		1,662
Wells Fargo & Co.
4.38%, due 01/31/2013 ^			1,000		923
Wells Fargo Capital XIII
7.70%, due 03/26/2013 ^ Ž			800		654
Consumer Finance (0.4%)
American Express Co.
7.00%, due 03/19/2018 ^			1,320		1,017
8.15%, due 03/19/2038 ^			380		298
Ford Motor Credit Co. LLC
7.25%, due 10/25/2011			1,950		1,181
7.80%, due 06/01/2012			150		88
Diversified Financial Services (3.5%)
Atlantic & Western RE, Ltd.
10.13%, due 01/09/2009 -144A * §			700		689
Bank of America Corp.
8.13%, due 05/15/2018 ^ Ž			5,800		4,495
C10 Capital SPV, Ltd.
6.72%, due 12/31/2016 -144A ^ Ž			300		141
Citigroup Funding, Inc.
3.53%, due 04/23/2009 *			3,200		3,170
3.56%, due 05/07/2010 *			6,600		6,163
Citigroup, Inc.
3.51%, due 01/30/2009 *			500		494
8.30%, due 12/21/2057			800		549
General Electric Capital Corp.
2.86%, due 12/12/2008 *			500		499
6.50%, due 09/15/2067 -144A	GBP		1,900		1,682
Green Valley, Ltd.
8.99%, due 01/10/2011 -144A * §	EUR		300		367
Longpoint RE, Ltd.
8.07%, due 05/08/2010 -144A * §		$	600		588
Mystic RE, Ltd.
11.81%, due 12/05/2008 -144A * §			400		397
12.81%, due 06/07/2011 -144A * §			1,000		989
Vita Capital III, Ltd.
5.00%, due 01/01/2012 -144A * §			400		378
Diversified Telecommunication Services (0.1%)
AT&T, Inc.
5.60%, due 05/15/2018			600		512
Electric Utilities (0.1%)
Public Service Electric & Gas Co.
5.30%, due 05/01/2018			600		494

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



Transamerica Funds		Annual Report 2008

Transamerica PIMCO Real Return TIPS

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)


	Principal		Value

Food Products (0.2%)
Kraft Foods, Inc.
6.00%, due 02/11/2013 ^	$	700	$	654
6.13%, due 02/01/2018		600		514
Insurance (1.2%)
American International Group, Inc.
8.18%, due 05/15/2058 -144A		1,300		208
Foundation RE II, Ltd.
9.56%, due 11/26/2010 -144A * §		500		486
Metropolitan Life Global Funding I
5.19%, due 04/13/2009 -144A *		3,400		3,400
New York Life Global Funding
4.65%, due 05/09/2013 -144A		1,600		1,500
Pacific Life Global Funding
5.15%, due 04/15/2013 -144A ^		500		419
Residential Reinsurance 2007, Ltd.
10.06%, due 06/07/2010 -144A * §		1,600		1,570
Oil, Gas & Consumable Fuels (0.0%)
GAZ Capital SA
7.34%, due 04/11/2013 -144A		300		228
8.15%, due 04/11/2018 -144A		400		272
Pharmaceuticals (0.1%)
GlaxoSmithKline Capital, Inc.
5.65%, due 05/15/2018 ^		400		354

Total Corporate Debt Securities (cost $101,244)				89,444

Shares

Value

PREFERRED STOCK (0.1%)

Commercial Banks (0.1%)

Wachovia Corp., 7.50% ^ ▲

400

266

Total Preferred Stock (cost $400)

266

Principal

Value

LOAN ASSIGNMENTS (0.8%)

Automobiles (0.3%)

DaimlerChrysler Finance Co.

9.00%, due 08/03/2012

2,270

1,543

Health Care Providers & Services (0.4%)

HCA, Inc.

6.01%, due 11/18/2013

3,046

2,519

Paper & Forest Products (0.1%)

Koch Forest Products, Inc.

7.47%, due 12/20/2012

975

806

Total Loan Assignments (cost $6,177)

4,868

Contracts ┌

Value

PURCHASED OPTIONS (0.0%)

Covered Call Options (0.0%)

10-Year U.S. Treasury Note

Call Strike $139.00

Expires 11/21/2008

154,000

Fannie Mae

Call Strike $106.00

Expires 11/06/2008 §

80,000,000

♦

Fannie Mae

Call Strike $110.00

Expires 12/04/2008 §

82,500,000

♦

Fannie Mae

Call Strike $107.00

Expires 01/06/2009 §

55,000,000

♦

Put Options (0.0%)

10-Year U.S. Treasury Note

Put Strike $84.00

Expires 11/21/2008

147,000

Fannie Mae

Put Strike $82.00

Expires 11/06/2008 §

19,600,000

♦

U.S. Treasury Note

Put Strike $65.00

Expires 11/10/2008 §

23,500,000

♦

U.S. Treasury Note

Put Strike $65.00

Expires 11/10/2008 §

23,500,000

♦

U.S. Treasury TII

Put Strike $65.00

Expires 11/10/2008 §

88,100,000

♦

U.S. Treasury TII

Put Strike $65.00

Expires 11/17/2008 §

94,100,000

♦

U.S. Treasury TII

Put Strike $65.00

Expires 11/17/2008 §

60,000,000

♦

Total Purchased Options (cost $31)

Notional

Amount

Value

PURCHASED SWAPTIONS (0.1%)

Covered Call Options (0.1%)

IRO 2-Year USD

Call Strike $3.50

Expires 02/02/2009 §

9,300,000

127

IRO 2-Year USD

Call Strike $3.45

Expires 08/03/2009 §

500,000

IRO 2-Year USD

Call Strike $3.85

Expires 08/03/2009 §

1,900,000

IRO 2-Year USD

Call Strike $3.45

Expires 08/03/2009 §

2,800,000

Total Purchased Swaptions (cost $158)

191


	Principal		Value

SHORT-TERM U.S. GOVERNMENT OBLIGATIONS (2.3%)
U.S. Treasury Bill
Zero Coupon, due 11/13/2008 ±	$	9,300		9,300
Zero Coupon, due 11/20/2008		4,400		4,400
Zero Coupon, due 12/26/2008 ^		500		499

Total Short-Term U.S. Government Obligations (cost $14,198)				14,199

Shares

Value

SECURITIES LENDING COLLATERAL (13.0%)

State Street Navigator Securities Lending Trust — Prime Portfolio, 2.71% ◊ ▲

81,631,330

81,631

Total Securities Lending Collateral (cost $81,631)

81,631

Total Investment Securities (cost $1,377,540) #

1,322,679

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



Transamerica Funds		Annual Report 2008

Transamerica PIMCO Real Return TIPS

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)


	Contracts ┌		Value

WRITTEN OPTIONS (0.0%)
Put Options (0.0%)
10-Year U.S Treasury Future		147,000	$	(173	)
Put Strike $113.00
Expires 11/21/2008
Call Options (0.0%)
10-Year U.S Treasury Future		149,000		(16	)
Call Strike $118.00
Expires 11/21/2008
U.S. Treasury Bond		21,000		(4	)
Call Strike $121.00
Expires 11/21/2008
10-Year U.S Treasury Future		5,000		♦
Call Strike $119.00
Expires 11/21/2008

Total Written Options (Premiums: $197)				(193	)


	Notional
	Amount		Value

WRITTEN SWAPTIONS (-0.1%)
Call Options (-0.1%)
OTC Euro vs USD	$	4,000	$	(214	)
Call Strike $5.37
Expires 9/20/2010
5-Year IRO USD		4,000		(101	)
Call Strike $4.30
Expires 2/2/2009
5-Year IRO USD		200		(4	)
Call Strike $4.15
Expires 8/3/2009
7-Year IRO USD		900		(24	)
Call Strike $4.40
Expires 8/3/2009
7-Year IRO USD		600		(19	)
Call Strike $4.55
Expires 8/3/2009
Put Options (0.0%)
OTC Euro vs USD		4,000		(119	)
Put Strike $5.37
Expires 9/20/2010

Total Written Swaptions (Premiums: $410)				(481	)

CREDIT DEFAULT SWAP AGREEMENTS — BUY PROTECTION: €


	Fixed			Expiration			Notional		Unrealized Appreciation/
Reference Entity	Rate			Date		Counterparty	Amount		(Depreciation)

Dow Jones CDX.HY-8 Index §		2.75	%		06/20/2012	BRC	$	2,156	$	246
Dow Jones CDX.HY-8 Index §		2.75	%		06/20/2012	MEI		2,548		327
Dow Jones CDX.HY-8 Index §		2.75	%		06/20/2012	BTI		98		12
Dow Jones CDX.HY-8 Index §		2.75	%		06/20/2012	MYC		2,646		302
Dow Jones CDX.HY-8 Index §		2.75	%		06/20/2012	UAG		2,352		277
Goldman Sachs Group, Inc., 6.60%, due 1/15/2012		3.81	%		09/20/2012	MYC		500		(39	)

									$	1,125

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



Transamerica Funds		Annual Report 2008

Transamerica PIMCO Real Return TIPS

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)

CREDIT DEFAULT SWAP AGREEMENTS — SELL PROTECTION: €


									Unrealized
	Fixed			Expiration			Notional		Appreciation/
Reference Entity	Rate			Date		Counterparty	Amount		(Depreciation)

Bear Stearns Co Inc, 5.53% due 10/30/2015		1.78	%		12/20/2012	GST	$	500	$	(14	)
Bear Stearns Co Inc, 6.63% due 1/08/2012		0.72	%		09/20/2012	CBK		800		(9	)
BRL-CDI		12.54	%		01/02/2012	MLC		27,600		(826	)
Chesapeake Energy Corp., 6.88% due 01/15/2016		2.10	%		09/20/2013	FBF		75		(14	)
Chesapeake Energy Corp., 6.88% due 01/15/2016		2.10	%		09/20/2013	FBF		850		(154	)
Commercial Mortgage Backed Securities Index		0.08	%		12/13/2049	MYC		4,200		100
Dow Jones CDX.HY-9 Index		6.35	%		12/20/2012	DUB		900		(67	)
Dow Jones CDX.HY-9 Index		6.51	%		12/20/2012	MEI		200		(14	)
Dow Jones CDX.HY-9 Index		6.57	%		12/20/2012	MYC		1,300		(87	)
Dow Jones CDX.HY-9 Index		6.69	%		12/20/2012	MEI		400		(25	)
Dow Jones CDX.IG.10 Index §		1.55	%		06/20/2013	DUB		29,275		960
Dow Jones CDX.IG.10 Index §		1.55	%		06/20/2013	GST		11,513		418
Dow Jones CDX.IG-10 Index §		1.55	%		06/20/2013	MEI		7,577		223
Dow Jones CDX.IG.10 Index §		1.55	%		06/20/2013	MYC		12,694		399
Dow Jones CDX.IG.9 Index §		0.80	%		12/20/2017	GST		1,968		138
Dow Jones CDX.IG.9 Index §		0.80	%		12/20/2017	MYC		3,936		222
Dow Jones CDX.IG.9 Index §		0.80	%		12/20/2017	BRC		9,348		610
Dow Jones CDX.IG.9 Index §		6.55	%		12/20/2012	BRC		1,400		572
Dow Jones CDX.IG.9 Index		0.99	%		12/20/2012	DUB		1,100		(10	)
Dow Jones CDX.IG.9 Index		1.13	%		12/20/2012	MYC		400		(1	)
Dow Jones CDX.IG-11 Index		1.50	%		12/20/2013	DUB		1,800		(25	)
Ford Motor Credit, 7.00%, due 10/01/2013		0.75	%		09/20/2012	MYC		500		(188	)
Ford Motor Credit, 7.00%, due 10/01/2013		3.80	%		09/20/2012	BRC		300		(113	)
General Electric Capital Corporation, 6.00%, due 06/15/2012		1.01	%		03/20/2013	BRC		2,800		(418	)
GMAC LLC, 6.88%, due 08/28/2012		3.05	%		09/20/2012	GST		700		(285	)
GMAC LLC, 6.88%, due 08/28/2012		3.05	%		09/20/2012	BRC		100		(41	)
GMAC LLC, 6.88%, due 08/28/2012 §		5.00	%		09/20/2012	CBK		600		218
GMAC LLC, 6.88%, due 08/28/2012		5.35	%		09/20/2012	GST		3,400		(1,211	)
GMAC LLC, 6.88%, due 08/28/2012		6.85	%		06/20/2012	MYC		300		(95	)
GMAC LLC, 6.88%, due 08/28/2012		7.00	%		09/20/2012	BOA		400		(128	)
Republic of Indonesia Government Bond, 6.75%, due 03/10/2014		0.51	%		12/22/2008	DUB		1,700		(13	)
Republic of Panama Government Bond, 8.875%, due 09/30/2027		0.30	%		12/22/2008	BRC		1,700		(6	)
Republic of Peru Government Bond, 8.75%, due 11/21/2033		0.35	%		12/22/2008	BRC		1,700		(3	)
Russian Federation Government Bond, 5.00%, due 03/31/2030		0.33	%		12/22/2008	BRC		1,700		(19	)
Ukraine Government Bond, 7.65%, due 06/11/2013		0.78	%		12/22/2008	BRC		1,700		(58	)

									$	36

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



Transamerica Funds		Annual Report 2008

Transamerica PIMCO Real Return TIPS

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)

INTEREST RATE SWAP AGREEMENTS — RECEIVABLE: €


										Unrealized
	Fixed			Expiration				Notional		Appreciation/
Floating Rate Index	Rate			Date		Counterparty		Amount		(Depreciation)

3-Month AUD-Bank Bill Rate		7.00	%		03/15/2019	UAG	AUD		3,500	$	(205	)
3-Month USD-LIBOR		5.00	%		12/20/2021	DUB		$	1,200		(150	)
3-Month USD-LIBOR		5.00	%		12/17/2038	MLC			30,600		(3,631	)
3-Month USD-LIBOR		5.00	%		12/17/2018	RYL			16,200		(509	)
3-Month USD-LIBOR		5.00	%		12/17/2018	MYC			1,000		(8	)
3-Month USD-LIBOR		5.00	%		12/17/2028	MYC			1,300		(96	)
3-Month USD-LIBOR		5.00	%		12/17/2023	MLC			4,700		(265	)
3-Month USD-LIBOR		5.00	%		12/17/2018	BOA			700		(26	)
3-Month USD-LIBOR		5.00	%		12/17/2038	CBK			2,600		(289	)
3-Month USD-LIBOR		5.00	%		12/17/2023	RYL			1,300		(52	)
3-Month USD-LIBOR		5.00	%		12/17/2038	RYL			6,400		(538	)
3-Month USD-LIBOR		5.00	%		12/17/2023	BOA			10,500		(655	)
3-Month USD-LIBOR		5.00	%		12/17/2038	MYC			600		(13	)
3-Month USD-LIBOR		5.00	%		12/17/2038	GLM			1,600		(97	)
3-Month USD-LIBOR		5.00	%		12/17/2018	MLC			3,000		(31	)
3-Month USD-LIBOR		5.00	%		12/17/2038	BOA			8,900		(562	)
3-Month USD-LIBOR		5.00	%		12/17/2018	BRC			8,000		(542	)
3-Month USD-LIBOR		5.00	%		12/17/2028	BRC			2,500		(139	)
3-Month USD-LIBOR		5.00	%		12/17/2038	FBF			700		(19	)
6-Month GBP-LIBOR §		4.00	%		12/15/2035	BRC	GBP		3,300		4
6-Month GBP-LIBOR §		4.00	%		12/15/2035	FBF	GBP		1,400		18
6-Month GBP-LIBOR §		4.25	%		06/12/2036	HUS	GBP		1,300		50
6-Month GBP-LIBOR §		5.00	%		09/15/2010	FBF	GBP		3,400		143
6-Month GBP-LIBOR		5.00	%		03/18/2039	GLM	GBP		800		(62	)
6-Month GBP-LIBOR		5.00	%		03/18/2039	BRC	GBP		800		(72	)
6-Month GBP-LIBOR		4.50	%		03/18/2039	HUS	GBP		1,500		25
6-Month-EURIBOR §		4.50	%		03/19/2010	MYC	EUR		10,700		33
CPTFEMU Index		2.28	%		10/15/2016	UAG	EUR		1,400		(4	)
ICAP CMM FRA Fixing Rate		6.00	%		12/24/2008	RYL		$	4,400		16

										$	(7,676	)

INTEREST RATE SWAP AGREEMENTS — PAYABLE: €


										Unrealized
	Fixed			Expiration				Notional		Appreciation/
Floating Rate Index	Rate			Date		Counterparty		Amount		(Depreciation)

3-Month AUD-Bank Bill Rate §		7.50	%		03/15/2010	UAG	AUD		38,600	$	666
3-Month USD-LIBOR §		4.00	%		12/17/2013	RYL		$	7,500		192
3-Month USD-LIBOR §		4.00	%		12/17/2013	MYC			12,800		292
6-Month AUD-Bank Bill Rate §		7.00	%		12/15/2009	BRC	AUD		8,900		118
6-Month AUD-Bank Bill Rate §		6.50	%		01/15/2010	JPM	AUD		1,700		11
6-Month AUD-Bank Bill Rate §		6.50	%		01/15/2010	DUB	AUD		10,400		91
6-Month AUD-Bank Bill Rate §		6.50	%		01/15/2010	CBK	AUD		2,700		18
6-Month AUD-Bank Bill Rate §		6.50	%		01/15/2010	RBC	AUD		1,100		8
6-Month AUD-Bank Bill Rate		6.75	%		12/15/2017	MYC	AUD		1,200		(47	)
6-Month AUD-Bank Bill Rate		6.75	%		12/15/2017	BRC	AUD		1,100		(43	)
6-Month AUD-Bank Bill Rate §		7.00	%		12/15/2009	MYC	AUD		9,600		127
6-Month AUD-Bank Bill Rate §		7.00	%		06/15/2010	DUB	AUD		30,700		475
6-Month EURIBOR §		4.50	%		03/19/2010	DUB	EUR		10,700		33
6-Month EURIBOR §		4.50	%		03/18/2011	GLM	EUR		3,300		75
6-Month GBP-LIBOR §		5.00	%		06/15/2009	BRC	GBP		2,800		29

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



Transamerica Funds		Annual Report 2008

Transamerica PIMCO Real Return TIPS

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)

INTEREST RATE SWAP AGREEMENTS — PAYABLE:
(continued) €


										Unrealized
	Fixed			Expiration				Notional		Appreciation/
Floating Rate Index	Rate			Date		Counterparty		Amount		(Depreciation)

6-Month GBP-LIBOR §		5.00	%		12/19/2009	BRC	GBP		17,800	$	339
6-Month GBP-LIBOR §		5.00	%		09/15/2010	RYL	GBP		5,100		222
6-Month GBP-LIBOR §		5.00	%		03/20/2013	DUB	GBP		3,800		35
6-Month GBP-LIBOR §		5.00	%		09/17/2013	MYC	GBP		1,900		66
6-Month GBP-LIBOR §		5.00	%		03/18/2014	HUS	GBP		5,800		100
6-Month GBP-LIBOR §		6.00	%		03/20/2010	DUB	GBP		5,100		57
6-Month JPY-LIBOR §		1.00	%		03/18/2009	MYC	JPY		1,900,000		42
BRL-CDI		2.41	%		01/04/2010	UAG	BRL		2,000		(25	)
BRL-CDI		14.77	%		01/02/2012	HUS	BRL		200		(5	)
BRL-CDI		10.12	%		01/02/2012	MYC	BRL		3,000		(173	)
BRL-CDI		10.58	%		01/02/2012	UAG	BRL		14,400		(843	)
BRL-CDI		10.68	%		01/02/2012	BRC	BRL		14,800		(720	)
BRL-CDI		12.54	%		01/02/2012	MYC	BRL		1,700		(54	)
BRL-CDI		14.77	%		01/02/2012	MLC	BRL		1,100		(20	)
FRC-Excluding Tobacco-Non-Revised CPI §		2.10	%		10/15/2010	BRC	EUR		5,000		179
FRC-Excluding Tobacco-Non-Revised CPI §		2.03	%		10/15/2011	JPM	EUR		1,400		42
FRC-Excluding Tobacco-Non-Revised CPI §		2.04	%		02/21/2011	BPS	EUR		5,500		173
FRC-Excluding Tobacco-Non-Revised CPI §		2.10	%		10/15/2011	UAG	EUR		3,600		111
FRC-Excluding Tobacco-Non-Revised CPI		2.35	%		10/15/2016	UAG	EUR		1,400		(2	)
FRC-Excluding Tobacco-Non-Revised CPI		2.35	%		10/15/2016	JPM	EUR		1,300		(3	)
FRC-Excluding Tobacco-Non-Revised CPI §		1.95	%		03/15/2012	BRC	EUR		700		9
FRC-Excluding Tobacco-Non-Revised CPI §		1.95	%		03/30/2012	RYL	EUR		700		10
FRC-Excluding Tobacco-Non-Revised CPI §		1.98	%		04/30/2012	BRC	EUR		500		6
FRC-Excluding Tobacco-Non-Revised CPI §		1.96	%		03/28/2012	RYL	EUR		200		3
FRC-Excluding Tobacco-Non-Revised CPI §		1.96	%		04/05/2012	BRC	EUR		200		3
FRC-Excluding Tobacco-Non-Revised CPI §		1.98	%		03/15/2012	BPS	EUR		1,100		19
FRC-Excluding Tobacco-Non-Revised CPI §		1.79	%		12/15/2011	JPM	EUR		2,200		43
FRC-Excluding Tobacco-Non-Revised CPI §		1.98	%		12/15/2011	GLM	EUR		7,400		161
FRC-Excluding Tobacco-Non-Revised CPI §		1.99	%		12/15/2011	BPS	EUR		2,900		66
ICAP CMM FRA Fixing Rate §		5.50	%		05/21/2009	RYL		$	2,100		(26	)
MXN Peso TIIE-Banxico		8.17	%		11/04/2016	CBK	MXN		17,800		(104	)
MXN Peso TIIE-Banxico		8.17	%		11/04/2016	GLM	MXN		16,600		(93	)
MXN Peso TIIE-Banxico		8.33	%		02/14/2017	BRC	MXN		6,400		(33	)
MXN TIIE-Banxico		8.17	%		11/04/2016	MYC	MXN		8,400		(50	)
UK-Retail Price Index §		3.11	%		01/03/2018	GLM	GBP		2,100		47
UK-Retail Price Index §		3.18	%		12/19/2017	RYL	GBP		3,500		134
UK-Retail Price Index §		3.25	%		12/14/2017	BRC	GBP		2,300		103
UK-Retail Price Index		3.44	%		09/10/2027	RYL	GBP		700		(37	)
USA-Non-Revised CPI — Urban §		2.71	%		01/08/2018	BPS		$	5,000		189
USA-Non-Revised CPI — Urban §		2.97	%		03/05/2018	GLM			2,000		150
USA-Non-Revised CPI — Urban §		2.98	%		03/06/2018	MYC			2,300		150

										$	2,316

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



Transamerica Funds		Annual Report 2008

Transamerica PIMCO Real Return TIPS

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)

FUTURES CONTRACTS: ₤


									Net Unrealized
				Expiration					Appreciation
Description	Contracts ┌			Date		Amount			(Depreciation)

10-Year Japan Bond		(16	)		12/11/2008	$	(22,411	)	$	22
2-Year U.S. Treasury Note		7			12/31/2008		1,504			17
3-Month Euro EURIBOR		108			06/15/2009		33,413			423
3-Month Euro EURIBOR		47			12/14/2009		14,509			169
3-Month Euro EURIBOR		6			12/15/2008		1,842			14
3-Month Euro EURIBOR		47			09/14/2009		14,544			195
3-Month LIBOR GBP		35			03/18/2009		6,810			135
90-Day Euro		254			12/15/2008		62,074			488
90-Day Euro		349			09/14/2009		84,968			1,245
90-Day Euro		22			06/14/2010		5,326			60
90-Day Euro		567			06/15/2009		138,320			1,447
90-Day Euro		68			03/15/2010		16,500			167
90-Day Euro		234			12/14/2009		56,839			500
90-Day Sterling		97			12/17/2008		18,693			130
90-Day Sterling		174			06/17/2009		33,892			827
Euro-Bund		(102	)		11/19/2008		(15,071	)		(171	)
Euro-Bund		80			11/21/2008		1			♦
UK Long Gilt		(15	)		09/26/2008		(2,687	)		10

						$	449,066		$	5,678

FORWARD FOREIGN CURRENCY CONTRACTS: Ħ


						Amount			Net Unrealized
				Settlement		in U.S. Dollars			Appreciation
Currency	Bought (Sold)			Date		Bought (Sold)			(Depreciation)

Brazilian Real		3,817			12/02/2008	$	2,054		$	(314	)
Brazilian Real		16,768			12/02/2008		9,797			(2,153	)
Brazilian Real		(842	)		12/02/2008		(462	)		78
Brazilian Real		(1,472	)		12/02/2008		(807	)		136
Brazilian Real		(1,744	)		12/02/2008		(967	)		172
Brazilian Real		(626	)		12/02/2008		(349	)		64
Brazilian Real		(1,550	)		12/02/2008		(868	)		161
Brazilian Real		(505	)		12/02/2008		(276	)		46
Brazilian Real		(1,067	)		12/02/2008		(585	)		98
Brazilian Real		(17	)		12/02/2008		(10	)		3
Brazilian Real		(3,171	)		12/02/2008		(1,847	)		401
Brazilian Real		(2,406	)		12/02/2008		(1,039	)		(58	)
Chinese Yuan Renminbi		7,240			12/09/2008		1,057			(5	)
Chinese Yuan Renminbi		19,710			03/02/2009		2,780			59
Chinese Yuan Renminbi		7,296			03/02/2009		1,032			19
Chinese Yuan Renminbi		7,862			03/02/2009		1,112			21
Chinese Yuan Renminbi		8,351			03/02/2009		1,183			20
Chinese Yuan Renminbi		(23,062	)		03/02/2009		(3,304	)		(18	)
Chinese Yuan Renminbi		(12,087	)		03/02/2009		(1,728	)		(13	)
Chinese Yuan Renminbi		(8,070	)		03/02/2009		(1,150	)		(13	)
Chinese Yuan Renminbi		2,265			07/15/2009		353			(29	)
Chinese Yuan Renminbi		4,586			07/15/2009		710			(53	)
Chinese Yuan Renminbi		7,052			07/15/2009		1,080			(70	)
Chinese Yuan Renminbi		7,351			09/08/2009		1,090			(38	)
Chinese Yuan Renminbi		8,779			09/08/2009		1,300			(44	)
Euro Dollar		(1,322	)		11/05/2008		(1,787	)		102

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



Transamerica Funds		Annual Report 2008

Transamerica PIMCO Real Return TIPS

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)

FORWARD FOREIGN CURRENCY CONTRACTS: (continued) Ħ


						Amount			Net Unrealized
				Settlement		in U.S. Dollars			Appreciation
Currency	Bought (Sold)			Date		Bought (Sold)			(Depreciation)

Japanese Yen		173,933			11/05/2008	$	1,730		$	36
Japanese Yen		1,948,880			11/05/2008		19,887			(99	)
Japanese Yen		(48,020	)		11/05/2008		(455	)		(33	)
Japanese Yen		(11,000	)		11/05/2008		(110	)		(2	)
Japanese Yen		(2,063,793	)		11/05/2008		(20,491	)		(463	)
Japanese Yen		(1,948,880	)		12/03/2008		(19,914	)		101
Malaysian Ringgit		1,873			11/12/2008		583			(56	)
Malaysian Ringgit		110			11/12/2008		34			(3	)
Malaysian Ringgit		82			11/12/2008		25			(2	)
Malaysian Ringgit		63			11/12/2008		19			(2	)
Malaysian Ringgit		2,209			11/12/2008		633			(11	)
Malaysian Ringgit		(4,337	)		11/12/2008		(1,252	)		31
Malaysian Ringgit		2,301			02/12/2009		720			(71	)
Malaysian Ringgit		(2,209	)		02/12/2009		(633	)		10
Mexican Peso		10,269			11/19/2008		968			(174	)
Mexican Peso		31			11/19/2008		3			(1	)
Mexican Peso		31			11/19/2008		3			(1	)
Mexican Peso		31			11/19/2008		3			(1	)
Mexican Peso		(7,161	)		11/19/2008		(694	)		141
Mexican Peso		(3,201	)		11/19/2008		(300	)		53
Mexican Peso		3,201			05/19/2009		293			(56	)
Philippines Peso		6,000			11/12/2008		136			(13	)
Philippines Peso		5,700			11/12/2008		128			(12	)
Philippines Peso		9,432			11/12/2008		198			(5	)
Philippines Peso		(21,132	)		11/12/2008		(445	)		13
Philippines Peso		300			02/06/2009		7			(1	)
Philippines Peso		400			02/06/2009		9			(1	)
Philippines Peso		400			02/06/2009		9			(1	)
Philippines Peso		1,210			02/06/2009		27			(2	)
Philippines Peso		500			02/06/2009		11			(1	)
Philippines Peso		500			02/06/2009		11			(1	)
Philippines Peso		600			02/06/2009		14			(1	)
Philippines Peso		800			02/06/2009		18			(2	)
Philippines Peso		900			02/06/2009		20			(2	)
Philippines Peso		600			02/06/2009		13			(1	)
Philippines Peso		500			02/06/2009		11			(1	)
Philippines Peso		500			02/06/2009		11			(1	)
Philippines Peso		600			02/06/2009		13			(1	)
Philippines Peso		1,043			02/06/2009		23			(1	)
Philippines Peso		(9,432	)		02/06/2009		(196	)		3
Poland Zloty		7,517			05/06/2009		3,331			(630	)
Russian Ruble		49,536			11/19/2008		1,998			(207	)
Russian Ruble		50,483			11/19/2008		2,043			(218	)
Russian Ruble		16,348			11/19/2008		667			(76	)
Russian Ruble		1,230			11/19/2008		43			1
Russian Ruble		(39,355	)		11/19/2008		(1,567	)		145
Russian Ruble		(78,241	)		11/19/2008		(3,113	)		285
Russian Ruble		1,112			05/06/2009		46			(10	)

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



Transamerica Funds		Annual Report 2008

Transamerica PIMCO Real Return TIPS

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)

FORWARD FOREIGN CURRENCY CONTRACTS: (continued) Ħ


						Amount			Net Unrealized
				Settlement		in U.S. Dollars			Appreciation
Currency	Bought (Sold)			Date		Bought (Sold)			(Depreciation)

Russian Ruble		(1,230	)		05/06/2009	$	(36	)	$	(3	)
Singapore Dollar		79			11/21/2008		56			(3	)
Singapore Dollar		82			11/21/2008		58			(3	)
Singapore Dollar		951			11/21/2008		700			(58	)
Singapore Dollar		951			11/21/2008		700			(58	)
Singapore Dollar		957			11/21/2008		700			(54	)
Singapore Dollar		1,008			11/21/2008		736			(56	)
Singapore Dollar		(325	)		11/21/2008		(220	)		1
Singapore Dollar		(340	)		11/21/2008		(230	)		1
Singapore Dollar		(340	)		11/21/2008		(230	)		1
Singapore Dollar		(418	)		11/21/2008		(280	)		(2	)
Singapore Dollar		(523	)		11/21/2008		(350	)		(3	)
Singapore Dollar		(513	)		11/21/2008		(350	)		4
Singapore Dollar		(516	)		11/21/2008		(350	)		2
Singapore Dollar		(498	)		11/21/2008		(340	)		4
Singapore Dollar		322			04/14/2009		220			(2	)
Singapore Dollar		336			04/14/2009		230			(1	)
Singapore Dollar		337			04/14/2009		230			(1	)
Singapore Dollar		414			04/14/2009		280			1
Singapore Dollar		519			04/14/2009		350			3
Singapore Dollar		512			04/14/2009		350			(2	)
Singapore Dollar		494			04/14/2009		340			(4	)
Singapore Dollar		506			07/30/2009		350			(5	)
Swiss Franc		(640	)		12/09/2008		(580	)		27
United Kingdom Pound		(7,387	)		11/03/2008		(13,420	)		1,534
United Kingdom Pound		5,766			11/05/2008		10,054			(777	)
United Kingdom Pound		(651	)		11/05/2008		(1,125	)		78
United Kingdom Pound		(7,387	)		12/09/2008		(12,054	)		195

						$	(21,324	)	$	(1,953	)

SECURITIES SOLD SHORT:


Securities Sold Short	Principal			Value

Freddie Mac, TBA,
5.50%, 11/01/2037	$	(55,000	)	$	(53,642	)
Fannie Mae, TBA,
5.50%, 11/01/2037		(191,830	)		(187,394	)

Total Securities Sold Short (Proceeds $246,830)					(241,036	)

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



Transamerica Funds		Annual Report 2008

Transamerica PIMCO Real Return TIPS

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)

NOTES TO SCHEDULE OF INVESTMENTS:


^		All or a portion of this security is on loan. The value of all securities on loan is $79,996.

♦		Value and/or principal is less than $1.

*		Floating or variable rate note. Rate is listed as of 10/31/2008.

џ		In default.

Ž		The security has a perpetual maturity. The date shown is the next call date.

┌		Contract amounts are not in thousands.

▲		Interest rate shown reflects the yield at 10/31/2008.

◊		State Street Bank & Trust Company serves as the accounting, custody, and lending agent for the Fund and provides various services on behalf of the Fund.

§		Illiquid. At 10/31/2008, these securities aggregated $5,655, or 0.90% of the Fund’s net assets.

#		Aggregate cost for federal income tax purposes is $1,406,027. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $790 and $82,144 respectively. Net unrealized depreciation for tax purposes is $83,348.

₤		$3,175 on deposit with broker to cover margin requirements for open future contracts at 10/31/2008.

€		$1,450 on deposit with broker and escrow receipt deposits by the counterparty in the amount of $2,903 to cover margin requirements for open swap contracts at 10/31/2008.

Ħ		$500 on deposit with broker to cover margin requirements for open foreign currency contracts at 10/31/2008.

±		All or a portion of this security is segregated with the custodian to cover margin requirements for open futures contracts. The value of all securities segregated at 10/31/2008 is $2,100.

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 10/31/2008, these securities aggregated $17,606, or 2.81% of the Fund’s net assets.

AUD		Australian Dollar

BOA		Bank of America

BPS		BNP Paribas

BRC		Barclays Bank PLC

BRL		Brazilian Real

BTI		Bear Stearns

CBK		Citibank N.A.

CDI		Credit Default Index

CDX		A series of indices that track North American and emerging market credit derivative indexes.

CPI		Consumer Price Index

DUB		Deutsche Bank AG

EUR		Euro

EURIBOR		Euro Interbank Offered Rate

FBF		Credit Suisse

FRC		NETS CAC40 Index Fund (France)

GBP		British Pound Sterling

GLM		Goldman Sachs Capital Markets

GST		Goldman Sachs Capital Markets

HUS		HSBC Bank USA

IRO		Interest Rate Option

JPM		JPMorgan Chase Bank

JPY		Japanese Yen

LIBOR		London Interbank Offer Rate

LLC		Limited Liability Company

MEI		Merrill Lynch International

MLC		Merrill Lynch Capital Services

MXN		Mexican Peso

MYC		Morgan Stanley Capital Services

OTC		Over The Counter

PLC		Public Limited Company

RBC		Royal Bank of Canada

RYL		Royal Bank of Scotland PLC

TBA		To Be Announced

TIPS		Treasury Inflation-Protected Securities

UAG		UBS AG

UK		United Kingdom

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



Transamerica Funds		Annual Report 2008

Transamerica PIMCO Total Return

(unaudited)

MARKET ENVIRONMENT

Over the past twelve months, interest rates fell worldwide and yield curves in the US, Europe and the United Kingdom (“UK”) steepened as investors fled to the safety of government bonds, especially shorter maturities. To forestall a recession and unfreeze credit markets during the early part of the year, the Federal Reserve Board (“Fed”) initially eased the federal funds rate by 250 basis points and took several unconventional steps: it made several hundred billion dollars of liquidity facilities available to the financial system against an expanded range of collateral; opened its discount window to investment banks for the first time since the 1930s; arranged the rescue of The Bear Stearns Companies Inc. (“Bear Stearns”), a brokerage firm weighed down by sub-prime related exposure, and assumed the risk for $29 billion of Bear Stearns’ mortgage-backed securities. The US yield curve continued to steepen as markets expected more rate cuts and infusions of liquidity by the Fed.

During the middle part of the year, the central bank paused to reassess a US economy buffeted by conflicting pressures. On one side, banks and other financial institutions burdened with sub-prime related losses remained in dire need of liquidity, and the credit crisis spread to US regional banks. Home prices were still in freefall, consumer confidence plunged and unemployment was on the rise. On the other side, oil prices touched a record high and other commodity prices surged as well, helping push the Consumer Price Index (“CPI”) inflation above 4%. The movement of yield curves in the US, the UK and Europe during that period reflected increased nervousness about inflation.

The crisis which was originally thought to be contained within the housing market has spread to the corporate sector as the lack of liquidity froze up the credit markets. The month of September featured a succession of shocking events. These included: the Treasury’s bailout of mortgage agencies, the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”) and insurer American International Group, Inc. (“AIG”); the realignment of the biggest U.S. investment banks via bankruptcy, merger, recapitalization or transformation into bank holding companies. The turmoil extended to money markets, where interbank lending rates soared to record highs as banks hoarded cash amid concern about each others’ credit quality. These events forced the Treasury to extend insurance to money market funds after several failed to maintain a $1 net asset value (“NAV”).

Just after the third quarter closed the U.S. Congress approved another massive ($700 billion) intervention proposed by the Treasury and the Fed, called the Troubled Asset Relief Program (“TARP”). This program aims to unclog credit markets by buying up distressed assets. As concern mounted about the spillover of the finance sector’s troubles into the broader economy, the Treasury instead took a historic step in investing $125 billion from TARP into nine of the country’s top banks with the remaining $125 billion available to take an additional stake in smaller financial institutions.

PERFORMANCE

For the year ended October 31, 2008, Transamerica PIMCO Total Return Class A returned (4.31)%. By comparison, its benchmark, the Barclays Capital (formerly Lehman Brothers) Aggregate Bond Index (“BCAB”), returned 0.30%.

STRATEGY REVIEW

Curve positioning, with an emphasis on shorter maturities, was positive for performance, as the shape of the yield curve steepened as measured by the change in the 2 and 30-year Treasury yields. An average underweight to US duration during the year detracted from returns as yields fell over the period. An overweight to bonds of financial companies, including Lehman Brothers and AIG, detracted from performance; and contagion from sub-prime related de-leveraging swept through this sector despite unprecedented government support. Overweight to spread sectors like high yield and emerging market detracted from performance as both sectors significantly underperformed treasuries. Modest exposure to emerging market currencies helped returns during the first half of the period as the US dollar weakened but gave back some returns during the latter half. Holdings of agency mortgage pass-throughs and non-agency mortgages detracted from return as volatility in the market hurt these securities. Modest holdings of municipal bonds detracted from returns as yield ratios relative to Treasuries widened to historic levels.

Chris P. Dialynas

Portfolio Manager
Pacific Investment Management Company LLC

Pasi Hamalainen left the fund on 04/30/2008.



Transamerica Funds		Annual Report 2008

Transamerica PIMCO Total Return

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2008


							From			Inception
	1 Year			5 Years			Inception			Date

Class A (NAV)		(4.31	)%		2.34	%		3.25	%		3/1/02
Class A (POP)		(8.83	)%		1.36	%		2.50	%		3/1/02
Barclays Capital Aggregate US Bond Index¹		0.30	%		3.48	%		4.27	%		3/1/02


Class B (NAV)		(4.30	)%		2.06	%		2.87	%		3/1/02
Class B (POP)		(8.87	)%		1.89	%		2.87	%		3/1/02


Class C (NAV)		(4.23	)%		2.04	%		2.45	%		11/11/02
Class C (POP)		(5.14	)%		2.04	%		2.45	%		11/11/02


Class I (NAV)		(4.04	)%		N/A			2.47	%		11/15/05

NOTES


¹		The Barclays Capital Aggregate US Bond Index is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. You cannot invest directly in an index.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on fund distributions or the redemption of fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamericafunds.com for performance data current to the most recent month-end. Public Offering Price (POP) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 4.75% for A shares or the maximum applicable contingent deferred sales charge (5% in the 1st year, decreasing to 0% after 6 years) for Class B shares and 1% (during the first 12 months) for Class C shares. Shares purchased prior to March 1, 2004 are subject to a maximum applicable contingent deferred sales charge (5% in the 1st year, decreasing to 0% after 7 years) for Class B shares and (2% in the 1st year, decreasing to 0% after 2 years) for Class C shares. Net Asset Value (NAV) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges.



Transamerica Funds		Annual Report 2008

Transamerica PIMCO Total Return

UNDERSTANDING YOUR FUND’S EXPENSES
(unaudited)
SHAREHOLDER EXPENSES

The Example is based on an investment of $1,000 invested at May 1, 2008 and held for the entire period until October 31, 2008.

ACTUAL EXPENSES

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, 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 first line of your Fund under the heading entitled “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 EXAMPLE FOR COMPARISON PURPOSES

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund 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.


	Beginning		Ending		Annualized			Expenses
	Account		Account		Expense			Paid During
	Value		Value		Ratio			Period (a)

Class A
Actual	$	1,000.00	$	919.35		1.05	%	$	5.07
Hypothetical (b)		1,000.00		1,019.86		1.05			5.33

Class B
Actual		1,000.00		920.35		1.00			4.83
Hypothetical (b)		1,000.00		1,020.11		1.00			5.08

Class C
Actual		1,000.00		920.58		0.93			4.49
Hypothetical (b)		1,000.00		1,020.46		0.93			4.72

Class I
Actual		1,000.00		920.65		0.75			3.62
Hypothetical (b)		1,000.00		1,021.37		0.75			3.81


(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 (184 days), and divided by the number of days in the year (366 days).

(b)		5% return per year before expenses.

GRAPHICAL PRESENTATION OF SCHEDULE OF INVESTMENTS

By Asset Type

(unaudited)

At October 31, 2008

This chart shows the percentage breakdown by Asset Type of the Fund’s total investment securities. Percentage breakdown of the Short-term category includes Securities Lending Collateral.



Transamerica Funds		Annual Report 2008

Transamerica PIMCO Total Return

SCHEDULE OF INVESTMENTS
At October 31, 2008
(all amounts except share amounts in thousands)


		Principal		Value

U.S. GOVERNMENT OBLIGATIONS (4.1%)
U.S. Treasury Inflation Indexed Bond
2.38%, due 01/15/2025 ^		$	70	$	60
U.S. Treasury Strip
Zero Coupon, due 05/15/2021 ^			46,000		23,591

Total U.S. Government Obligations (cost $24,818)					23,651


U.S. GOVERNMENT AGENCY OBLIGATIONS (77.5%)
Fannie Mae
3.36%, due 01/25/2021 *			1,006		988
3.61%, due 09/25/2042 *			614		607
3.84%, due 07/25/2034 Ī §*			3,209		348
3.86%, due 03/01/2044 - 10/01/2044 *			2,927		2,897
4.00%, due 07/01/2015			2,180		2,165
4.14%, due 03/01/2034 *			626		622
4.28%, due 11/01/2033 *			330		328
4.50%, due 02/01/2038 - 03/01/2038			3,988		3,623
4.71%, due 09/01/2035 *			1,383		1,413
4.72%, due 07/01/2035 *			1,092		1,090
5.00%, due 06/01/2013 - 07/01/2038			35,033		33,502
5.17%, due 01/01/2026 *			4		4
5.35%, due 01/01/2028 *			67		68
5.48%, due 06/01/2037 *			9,299		9,488
5.50%, due 07/01/2016 - 06/01/2038			95,491		94,944
6.00%, due 10/01/2034 - 05/01/2038			19,468		19,471
6.30%, due 10/17/2038			1,278		1,276
6.50%, due 08/01/2029 - 09/01/2036			1,192		1,214
Fannie Mae, TBA
4.50%, due 12/01/2099 - 12/01/2099			21,000		19,068
5.00%, due 11/01/2021 - 12/01/2037			38,100		36,084
5.50%, due 11/01/2022 - 11/01/2037			20,700		20,411
6.00%, due 12/01/2036			1,200		1,197
Freddie Mac
Zero Coupon, due 11/24/2008			11,900		11,899
4.00%, due 05/01/2014			720		714
4.05%, due 10/25/2044 *			612		592
4.17%, due 03/01/2034 *			333		340
4.23%, due 03/01/2034 *			317		322
4.26%, due 07/25/2044 *			639		583
4.46%, due 11/01/2033 *			326		323
4.50%, due 06/15/2017 - 09/15/2018			3,680		3,651
4.73%, due 09/01/2035 *			1,257		1,253
5.00%, due 02/15/2020 - 04/15/2030			22,306		22,403
5.09%, due 01/01/2036 *			6,430		6,596
5.30%, due 09/01/2035 *			1,014		1,019
5.50%, due 03/15/2017 - 08/01/2038			16,383		15,996
6.50%, due 04/15/2029 - 07/25/2043			40		41
Freddie Mac, TBA
5.50%, due 11/01/2037			62,000		60,469
Ginnie Mae
2.09%, due 04/16/2033 - 10/16/2033 Ī * §			2,979		255
2.13%, due 08/16/2033 Ī * §			3,823		290
2.32%, due 09/20/2034 Ī * §			2,794		163
5.38%, due 05/20/2024 *			68		68
5.50%, due 03/15/2032 - 11/15/2035			321		315
6.50%, due 07/15/2023 - 06/20/2032			329		333
Ginnie Mae, TBA
5.00%, due 12/01/2099			14,000		13,357
6.00%, due 11/01/2038			22,000		22,000
6.50%, due 11/01/2038			26,000		26,276

Total U.S. Government Agency Obligations (cost $444,968)					440,066


FOREIGN GOVERNMENT OBLIGATIONS (3.5%)
Bundesrepublik Deutschland
4.25%, due 07/04/2039	EUR		2,400		2,947
4.75%, due 07/04/2034	EUR		5,300		6,963
5.50%, due 01/04/2031	EUR		5,900		8,373
Japanese Government CPI Linked Bond, TIPS
1.40%, due 06/10/2018	JPY		122,760		1,063
Korea Expressway Corp.
5.13%, due 05/20/2015 -144A		$	200		141
Malaysia Government Bond
7.50%, due 07/15/2011			10		10
Republic of Brazil
10.25%, due 01/10/2028	BRL		1,000		321
Republic of South Africa
5.25%, due 05/16/2013	EUR		90		88

Total Foreign Government Obligations (cost $21,813)					19,906


MORTGAGE-BACKED SECURITIES (11.5%)
American Home Mortgage Assets
Series 2006-2, Class 2A1
3.45%, due 09/25/2046 *		$	1,281		683
Series 2006-4, Class 1A12
3.47%, due 10/25/2046 *			2,972		1,600
Banc of America Funding Corp.
Series 2005-D, Class A1
4.15%, due 05/25/2035 *			1,530		1,216
Series 2006-J, Class 4A1
6.13%, due 01/20/2047			160		107
BCAP LLC Trust
Series 2006-AA2, Class A1
3.43%, due 01/25/2037 *			766		435
Bear Stearns Adjustable Rate Mortgage Trust
Series 2003-5, Class 2A1
4.53%, due 08/25/2033			1,827		1,697
Series 2003-8, Class 2A1
4.79%, due 01/25/2034 *			35		32
Series 2003-8, Class 4A1
5.00%, due 01/25/2034			197		176
Series 2005-2, Class A2
4.13%, due 03/25/2035 *			1,762		1,687
Series 2005-5, Class A2
4.55%, due 08/25/2035 *			492		468
Series 2005-7, Class 22A1
5.50%, due 09/25/2035			405		314
Series 2005-9, Class A1
4.63%, due 10/25/2035 *			790		675
Series 2006-6, Class 32A1
5.76%, due 11/25/2036			472		271
Series 2007-PW18, Class A4
5.70%, due 06/11/2050			800		596
Series 2007-R6, Class 1A1
6.71%, due 01/26/2036			416		258

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



Transamerica Funds		Annual Report 2008

Transamerica PIMCO Total Return

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)


	Principal		Value

CC Mortgage Funding Corp.
Series 2004-3A, Class A1
3.51%, due 08/25/2035 -144A *	$	334	$	296
Citigroup Commercial Mortgage Trust
Series 2006-FL2, Class A1
4.63%, due 08/15/2021 -144A *		10		9
Citigroup Mortgage Loan Trust, Inc.
Series 2005-6, Class A2
4.25%, due 08/25/2035 *		556		528
Series 2006-AR1, Class 1A1
4.90%, due 10/25/2035 *		1,562		1,274
Series 2007-10, Class 22AA
6.01%, due 09/25/2037		2,974		2,099
Countrywide Alternative Loan Trust
Series 2003-J1, Class 4A1
6.00%, due 10/25/2032		8		7
Series 2005-11CB, Class 2A8
4.50%, due 06/25/2035		286		283
Series 2005-81, Class A1
3.54%, due 02/25/2037 *		772		465
Series 2006-30T1, Class 1A3
6.25%, due 11/25/2036		764		549
Series 2006-J8, Class A2
6.00%, due 02/25/2037		670		493
Series 2006-OA17, Class 1A1A
4.47%, due 12/20/2046 *		2,970		1,485
Series 2007-2CB, Class 1A13
5.75%, due 03/25/2037 *		700		476
Series 2007-HY4, Class 1A1
5.41%, due 06/25/2037		1,396		834
Series 2007-OA6, Class A1B
3.46%, due 06/25/2037 *		1,495		820
Countrywide Home Loan Mortgage Pass-Through Trust
Series 2002-30, Class M
6.48%, due 10/19/2032 *		18		17
Series 2004-12, Class 12A1
4.71%, due 08/25/2034		710		579
Series 2004-R1, Class 2A
6.50%, due 11/25/2034 -144A		843		672
Series 2005-R2, Class 1AF1
3.60%, due 06/25/2035 -144A *		2,469		2,054
Credit Suisse First Boston Mortgage Securities Corp.
Series 2002-P1A, Class A
3.08%, due 03/25/2032 -144A *		1		1
Series 2003-AR15, Class 2A1
4.99%, due 06/25/2033		1,403		1,324
Credit Suisse Mortgage Capital Certificates
Series 2006-C4, Class A3
5.47%, due 09/15/2039		2,800		2,112
Deutsche Alt-A Securities, Inc.
Series 2005-6, Class 2A3
5.50%, due 12/25/2035		900		573
Series 2006-AR6, Class A1
3.34%, due 02/25/2037 *		590		555
Series 2007-AR1, Class A3B
3.33%, due 01/25/2047 *		834		775
First Horizon Alternative Mortgage Securities
Series 2007-FA4, Class 1A8
6.25%, due 08/25/2037		652		581
First Horizon Asset Securities, Inc.
Series 2005-AR3, Class 2A1
5.35%, due 08/25/2035 *		115		94
Greenwich Capital Commercial Funding Corp.
Series 2007-GG9, Class A4
5.44%, due 03/10/2039		1,000		746
GS Mortgage Securities Corp. II
Series 2007-EOP, Class A1
2.27%, due 03/06/2020 -144A *		820		692
GSR Mortgage Loan Trust
Series 2005-AR6, Class 2A1
4.54%, due 09/25/2035 *		231		183
Harborview Mortgage Loan Trust
Series 2006-1, Class 2A1A
4.52%, due 03/19/2037 *		2,041		1,121
Series 2006-12, Class 2A11
4.37%, due 01/19/2038 *		449		413
Series 2006-12, Class 2A2A
4.47%, due 01/19/2038 *		986		527
Series 2006-6, Class 5A1A
5.90%, due 08/19/2036		982		640
Series 2007-1, Class 2A1A
4.41%, due 04/19/2038 *		1,553		860
IndyMac Index Mortgage Loan Trust
Series 2004-AR11, Class 2A
5.06%, due 12/25/2034		63		47
Series 2006-AR14, Class 1A1A
3.35%, due 11/25/2046 *		650		610
JPMorgan Mortgage Trust
Series 2005-A1, Class 6T1
5.02%, due 02/25/2035 *		432		359
Series 2007-A1, Class 5A5
4.77%, due 07/25/2035 *		1,520		1,275
LB-UBS Commercial Mortgage Trust
Series 2007-C7, Class A3
5.87%, due 09/15/2045		1,900		1,427
Lehman XS Trust
Series 2006-10N, Class 1A1A
3.34%, due 07/25/2046 *		119		117
Luminent Mortgage Trust
Series 2006-6, Class 2A1
3.41%, due 10/25/2046		942		532
Master Alternative Loans Trust
Series 2006-2, Class 2A1
3.66%, due 03/25/2036 *		214		115
Mellon Residential Funding Corp.
Series 2000-TBC3, Class A1
5.00%, due 12/15/2030 *		591		548
Merrill Lynch Mortgage Investors, Inc.
Series 2005-A10, Class A
3.47%, due 02/25/2036 *		218		168
Merrill Lynch/Countrywide Commercial Mortgage Trust
Series 2007-9, Class A4
5.70%, due 09/12/2049		1,500		1,115
MLCC Mortgage Investors, Inc.
Series 2005-2, Class 3A
4.26%, due 10/25/2035 *		53		48

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



Transamerica Funds		Annual Report 2008

Transamerica PIMCO Total Return

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)


	Principal		Value

MLCC Mortgage Investors, Inc.(continued)
Series 2005-3, Class 4A
3.51%, due 11/25/2035 *	$	60	$	55
Morgan Stanley Capital I
Series 2007-XLFA, Class A1
4.62%, due 10/15/2020 -144A *		754		658
Residential Accredit Loans, Inc.
Series 2006-QO3, Class A1
3.47%, due 04/25/2046 *		731		392
Series 2006-QO6, Class A1
3.44%, due 06/25/2046 *		451		261
Series 2006-QO7, Class 3A1
3.36%, due 09/25/2046 *		576		474
Residential Asset Securitization Trust
Series 2006-R1, Class A2
3.66%, due 01/25/2046 *		433		261
Residential Funding Mortgage Securities I
Series 2003-S9, Class A1
6.50%, due 03/25/2032		9		8
Sequoia Mortgage Trust
Series 10, Class 2A1
4.66%, due 10/20/2027 *		44		39
Series 2007-1, Class 1A1
5.76%, due 01/20/2047		953		720
Structured Adjustable Rate Mortgage Loan Trust
Series 2004-19, Class 2A1
3.88%, due 01/25/2035 *		265		143
Structured Asset Mortgage Investments, Inc.
Series 2002-AR3, Class A1
4.61%, due 09/19/2032 *		27		24
Series 2005-AR5, Class A1
4.53%, due 07/19/2035 *		44		26
Series 2005-AR5, Class A2
4.53%, due 07/19/2035 *		85		78
Series 2005-AR5, Class A3
4.53%, due 07/19/2035 *		162		133
Series 2005-AR8, Class A1A
3.54%, due 02/25/2036 *		731		444
Series 2006-AR3, Class 12A1
3.48%, due 05/25/2036 *		838		471
Series 2006-AR6, Class 2A1
3.45%, due 07/25/2046 *		2,960		1,661
Structured Asset Securities Corp.
Series 2003-22A, Class 2A1
4.76%, due 06/25/2033		1,700		1,453
TBW Mortgage Backed Pass-Through Certificates
Series 2006-6, Class A1
3.37%, due 01/25/2037 *		537		511
Thornburg Mortgage Securities Trust
Series 2006-6, Class A1
3.37%, due 11/25/2046 *		939		851
Wachovia Bank Commercial Mortgage Trust
Series 2006-WL7A, Class A1
4.65%, due 09/15/2021 -144A *		1,372		1,181
Series 2007-C30, Class A5
5.34%, due 12/15/2043		2,100		1,526
WAMU Mortgage Pass Through Certificates
Series 2002-AR2, Class A
3.94%, due 02/27/2034 *		30		27
Series 2002-AR9, Class 1A
4.07%, due 08/25/2042 *		16		14
Series 2003-AR5, Class A7
4.56%, due 06/25/2033 *		1,026		1,003
Series 2003-AR9, Class 2A
4.49%, due 09/25/2033 *		2,066		1,997
Series 2003-R1, Class A1
3.80%, due 12/25/2027 *		1,062		908
Series 2005-AR11, Class A1A
3.58%, due 08/25/2045 *		796		465
Series 2006-AR9, Class 2A
4.19%, due 08/25/2046 *		759		521
Series 2006-AR19, Class 1A
3.41%, due 01/25/2047 *		1,397		668
Series 2006-AR19, Class 1A1A
3.40%, due 01/25/2047 *		1,190		626
Series 2007-HY1, Class 4A1
5.47%, due 02/25/2037		2,974		2,273
Series 2007-OA1, Class A1A
3.37%, due 02/25/2047 *		2,974		1,365
Wells Fargo Mortgage Backed Securities Trust
Series 2003-13, Class A5
4.50%, due 11/25/2018		630		613
Series 2004-CC, Class A1
4.95%, due 01/25/2035 *		540		455
Series 2006-AR11, Class A2
5.51%, due 08/25/2036		332		262
Series 2006-AR4, Class 2A6
5.78%, due 04/25/2036 *		379		228
Series 2006-AR8, Class 2A4
5.24%, due 04/25/2036		1,796		1,659

Total Mortgage-Backed Securities (cost $79,294)				65,167


ASSET-BACKED SECURITIES (5.9%)
Accredited Mortgage Loan Trust
Series 2007-1, Class A1
3.31%, due 02/25/2037 *		906		864
ACE Securities Corp.
Series 2006-NC1, Class A2B
3.41%, due 12/25/2035 *		536		527
Series 2006-NC3, Class A2A
3.31%, due 12/25/2036 *		364		343
Amortizing Residential Collateral Trust
Series 2002-BC4, Class A
3.55%, due 07/25/2032 *		4		3
Argent Securities, Inc.
Series 2006-M3, Class A2A
3.31%, due 10/25/2036 *		274		269
Asset Backed Funding Certificates
Series 2004-OPT5, Class A1
3.61%, due 06/25/2034 *		406		306
Series 2006-HE1, Class A2A
3.32%, due 01/25/2037 *		602		568
Series 2006-OPT2, Class A3A
3.32%, due 10/25/2036 *		238		233
Aurum CLO
Series 2002-1A, Class A1
5.18%, due 04/15/2014 -144A *		1,254		1,220
Bear Stearns Asset Backed Securities Trust
Series 2002-2, Class A1
3.92%, due 10/25/2032 *		27		24

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



Transamerica Funds		Annual Report 2008

Transamerica PIMCO Total Return

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)


	Principal		Value

Bear Stearns Asset Backed Securities Trust (continued)
Series 2006-SD4, Class 1A1
5.38%, due 10/25/2036	$	1,131	$	836
Series 2007-AQ1, Class A1
3.37%, due 11/25/2036 *		1,294		951
Carrington Mortgage Loan Trust
Series 2006-NC4, Class A1
3.31%, due 10/25/2036 *		442		437
Citigroup Mortgage Loan Trust, Inc.
Series 2006-WFH3, Class A2
3.36%, due 10/25/2036 *		1,240		1,199
Series 2007-AHL1, Class A2A
3.30%, due 12/25/2036 *		1,214		1,122
Countrywide Asset-Backed Certificates
Series 2006-23, Class 2A1
3.31%, due 05/25/2037 *		1,307		1,272
Series 2006-26, Class 2A1
3.34%, due 06/25/2037 *		996		957
Series 2006-SD1, Class A1
3.42%, due 02/25/2036 -144A *		107		93
Series 2007-1, Class 2A1
3.31%, due 07/25/2037 *		1,191		1,111
Series 2007-7, Class 2A1
3.34%, due 10/25/2037 *		227		216
Credit-Based Asset Servicing and Securitization LLC
Series 2007-CB1, Class AF1A
3.33%, due 01/25/2037 *		1,160		1,064
Series 2007-SP1, Class A1
3.35%, due 12/25/2037 -144A *		645		613
First Franklin Mortgage Loan Asset Backed Certificates
Series 2005-FF1, Class A2C
3.63%, due 12/25/2034 *		118		95
Series 2007-FF1, Class A2A
3.30%, due 01/25/2038 *		922		874
Fremont Home Loan Trust
Series 2006-E, Class 2A1
3.32%, due 01/25/2037 *		842		786
GSAMP Trust
Series 2006-S2, Class A1A
3.33%, due 01/25/2036 *		12		12
HFC Home Equity Loan Asset Backed Certificates
Series 2006-4, Class A1V
4.35%, due 03/20/2036 *		148		142
Home Equity Asset Trust
Series 2002-1, Class A4
3.86%, due 11/25/2032 *		1		1
HSI Asset Securitization Corp. Trust
Series 2007-OPT1, Class 2A1
3.31%, due 12/25/2036 *		1,088		1,030
JPMorgan Mortgage Acquisition Corp.
Series 2006-CH1, Class A2
3.25%, due 07/25/2036 *		292		270
Series 2006-CH2, Class AV2
3.31%, due 10/25/2036 *		1,668		1,579
Lehman XS Trust
Series 2006-16N, Class A1A
3.34%, due 11/25/2046 *		541		515
Series 2006-17, Class WF11
3.38%, due 11/25/2036 *		290		275
Long Beach Mortgage Loan Trust
Series 2006-9, Class 2A1
3.32%, due 10/25/2036 *		396		378
Merrill Lynch Mortgage Investors, Inc.
Series 2006-FF1, Class A2A
3.33%, due 08/25/2036 *		254		244
MID-State Trust
Series 4, Class A
8.33%, due 04/01/2030		302		256
Morgan Stanley ABS Capital I
Series 2006-HE8, Class A2A
3.31%, due 10/25/2036 *		435		421
Series 2007-NC1, Class A2A
3.31%, due 11/25/2036 *		707		684
Series 2006-HE7, Class A2A
3.31%, due 09/25/2036 *		340		335
Series 2007-HE2, Class A2A
3.30%, due 01/25/2037 *		1,027		971
Morgan Stanley Home Equity Loans
Series 2007-1, Class A1
3.31%, due 12/25/2036 *		1,523		1,436
Morgan Stanley Mortgage Loan Trust
Series 2007-10XS, Class A1
6.00%, due 07/25/2047		652		476
Series 2007-3XS, Class 2A1A
3.33%, due 01/25/2047 *		1,287		1,206
Series 2007-8XS, Class A1
5.75%, due 04/25/2037		721		582
Nationstar Home Equity Loan Trust
Series 2007-A, Class AV1
3.32%, due 03/25/2037 *		657		637
Option One Mortgage Loan Trust
Series 2007-1, Class 2A1
3.31%, due 01/25/2037 *		599		575
Park Place Securities, Inc.
Series 2005-WCW1, Class A1B
3.52%, due 09/25/2035 *		77		70
Residential Asset Securities Corp.
Series 2006-EMX9, Class 1A1
3.33%, due 11/25/2036 *		375		370
Series 2006-KS9, Class AI1
3.33%, due 11/25/2036 *		333		328
Series 2007-KS2, Class AI1
3.33%, due 02/25/2037 *		1,475		1,384
Saxon Asset Securities Trust
Series 2006-3, Class A1
3.32%, due 10/25/2046 *		242		236
SBI Heloc Trust
Series 2006-1A, Class 1A2A
3.43%, due 08/25/2036 -144A *		72		70
Securitized Asset Backed Receivables LLC Trust
Series 2007-HE1, Class A2A
3.32%, due 12/25/2036 *		219		202
SLM Student Loan Trust
Series 2007-3, Class A1
3.53%, due 10/27/2014 *		744		730
Small Business Administration
Series 2003-20I, Class 1
5.13%, due 09/01/2023		61		61

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



Transamerica Funds		Annual Report 2008

Transamerica PIMCO Total Return

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)


		Principal		Value

Small Business Administration (continued)
Series 2004-20C, Class 1
4.34%, due 03/01/2024		$	403	$	378
Series 2004-P10A, Class 1
4.50%, due 02/01/2014			137		131
Structured Asset Securities Corp.
Series 2002-HF1, Class A
3.55%, due 01/25/2033 *			4		3
Series 2006-BC3, Class A2
3.31%, due 10/25/2036 *			448		425
Series 2006-BC6, Class A2
3.34%, due 01/25/2037 *			779		730
Wells Fargo Home Equity Trust
Series 2006-3, Class A1
3.31%, due 01/25/2037 *			395		385

Total Asset-Backed Securities (cost $35,984)					33,511


MUNICIPAL GOVERNMENT OBLIGATIONS (2.8%)
Buckeye Tobacco Settlement Financing
5.88%, due 06/01/2047			600		373
Chicago Board of Education, IL -Class A
5.00%, due 12/01/2012			255		268
Chicago Transit Authority
6.90%, due 12/01/2040			7,600		7,626
City of Chicago, IL Series 1287
7.28%, due 01/01/2014 *			3,645		2,287
City of Houston Texas
5.00%, due 11/15/2036			400		359
Los Angeles Community College District
5.00%, due 08/01/2027			1,600		1,520
Los Angeles Unified School District
Series A
4.50%, due 01/01/2028			1,200		1,032
Tobacco Settlement Financing Corp.
5.00%, due 06/01/2041 -Series 1			1,400		752
5.25%, due 06/01/2019			200		207
5.50%, due 06/01/2026			200		210
5.88%, due 05/15/2039			40		28
7.47%, due 06/01/2047			1,185		1,013

Total Municipal Government Obligations (cost $18,026)					15,675


CORPORATE DEBT SECURITIES (29.8%)
Airlines (0.0%)
Continental Airlines, Inc.
7.06%, due 09/15/2009			200		184
United Airlines, Inc.
6.20%, due 09/01/2008			47		45
6.60%, due 09/01/2013			21		20
Automobiles (0.2%)
Daimler Finance North America LLC
3.17%, due 03/13/2009 *			300		282
General Motors Corp.
8.38%, due 07/05/2033 ^	EUR		800		316
Capital Markets (5.9%)
Deutsche Bank AG
6.00%, due 09/01/2017		$	4,500		3,994
Goldman Sachs Group, Inc.
5.06%, due 02/04/2013 *	EUR		300		318
5.27%, due 11/15/2014 *	EUR		500		497
6.25%, due 09/01/2017 ^		$	4,500		3,761
6.75%, due 10/01/2037 ^			3,300		2,149
Lehman Brothers Holdings, Inc.
2.85%, due 12/23/2008			1,600		188
5.63%, due 01/24/2013 џ			4,100		533
6.75%, due 12/28/2017 џ			1,700		2
6.88%, due 05/02/2018 џ			500		65
Merrill Lynch & Co., Inc.
3.23%, due 12/22/2008 *			300		297
5.09%, due 01/31/2014 *	EUR		1,000		1,067
6.05%, due 08/15/2012		$	200		182
6.40%, due 08/28/2017			400		338
6.88%, due 04/25/2018			7,400		6,573
Morgan Stanley
4.90%, due 05/14/2010 *			3,000		2,761
4.95%, due 10/18/2016 *			2,800		1,388
5.95%, due 12/28/2017			5,600		4,486
6.00%, due 04/28/2015 ^			1,900		1,544
Morgan Stanley Group, Inc.
4.75%, due 01/18/2011 *			2,500		2,128
Commercial Banks (6.6%)
ANZ National International, Ltd.
6.20%, due 07/19/2013 -144A			6,100		5,505
Bank of Ireland
3.07%, due 12/19/2008 *			1,600		1,600
Barclays Bank PLC
5.45%, due 09/12/2012			4,100		3,951
6.05%, due 12/04/2017 -144A			2,600		1,961
7.43%, due 12/15/2017 -144A Ž			900		568
7.70%, due 04/25/2018 -144A ◙ Ž			2,800		1,944
China Development Bank
5.00%, due 10/15/2015 ^			100		86
Credit Suisse, Inc.
5.00%, due 05/15/2013			8,900		8,026
Export-Import Bank of China
5.25%, due 07/29/2014 -144A			250		224
Export-Import Bank of Korea
4.43%, due 10/04/2011 -144A ^ *			2,500		2,511
HSBC Capital Funding LP
10.18%, due 06/30/2030 -144A ◙ Ž			150		119
KBC Bank Funding Trust III
9.86%, due 11/02/2009 -144A Ž			15		13
Rabobank Capital Funding II
5.26%, due 12/31/2013 -144A Ž			210		126
Rabobank Capital Funding Trust
5.25%, due 10/21/2016 -144A Ž			280		182
Rabobank Nederland NV
4.77%, due 01/15/2009 -144A *			1,100		1,103
Royal Bank of Scotland Group PLC
7.64%, due 09/29/2017 Ž			3,000		1,435
Santander SA
2.77%, due 02/06/2009 -144A *			1,100		1,099
2.87%, due 11/20/2009 -144A *			1,500		1,489
6.67%, due 10/24/2017 -144A Ž			900		634
Sumitomo Mitsui Banking Corp.
5.63%, due 10/15/2015 -144A ◙ Ž			150		106
UBS AG
5.88%, due 12/20/2017			2,400		1,916
Wachovia Corp.
7.98%, due 03/15/2018 ^ Ž			5,200		3,927

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



Transamerica Funds		Annual Report 2008

Transamerica PIMCO Total Return

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)


		Principal		Value

Construction Materials (0.1%)
C8 Capital SPV, Ltd.
6.64%, due 12/31/2014 -144A ^ Ž		$	1,000	$	470
Consumer Finance (3.8%)
American Express Co.			2,100		1,723
5.50%, due 04/16/2013
6.15%, due 08/28/2017			1,400		1,002
American Express Credit Corp.
5.88%, due 05/02/2013 ^			6,000		5,016
American Honda Finance Corp.
2.87%, due 03/09/2009 -144A *			2,000		1,998
Capital One Financial Corp.
6.75%, due 09/15/2017			1,500		1,299
Ford Motor Credit Co. LLC
7.25%, due 10/25/2011			100		61
7.80%, due 06/01/2012			1,100		642
9.75%, due 09/15/2010 *			400		272
GMAC LLC
4.05%, due 05/15/2009 *			300		261
6.63%, due 05/15/2012			900		499
7.00%, due 02/01/2012			1,500		840
7.25%, due 03/02/2011 ^			300		185
HSBC Finance Corp.
2.90%, due 03/12/2010 *			2,400		2,199
2.95%, due 12/05/2008 ^ *			2,100		2,096
6.38%, due 10/15/2011			4,500		4,150
Diversified Financial Services (6.1%)
Bank of America Corp.
2.81%, due 02/27/2009 *			3,000		2,997
5.65%, due 05/01/2018 ^			3,900		3,352
8.00%, due 01/30/2018 Ž			3,100		2,321
8.13%, due 05/15/2018 Ž			5,400		4,185
C10 Capital SPV, Ltd.
6.72%, due 12/31/2016 Reg S Ž			1,300		637
Citigroup, Inc.
2.94%, due 03/07/2014 *			2,000		1,592
3.81%, due 12/26/2008 *			1,500		1,497
5.50%, due 04/11/2013			2,200		2,012
8.30%, due 12/21/2057			1,400		961
8.40%, due 04/30/2018 Ž			4,100		2,850
General Electric Capital Corp.
2.85%, due 03/12/2010 *			300		291
5.88%, due 01/14/2038			3,000		2,140
6.38%, due 11/15/2067 ^			300		194
6.50%, due 09/15/2067 -144A	GBP		1,600		1,417
JPMorgan Chase & Co.
7.90%, due 04/30/2018 Ž		$	2,000		1,620
Petroleum Export, Ltd.
5.27%, due 06/15/2011 -144A			114		114
SMFG Preferred Capital, Ltd.
10.23%, due 07/18/2049 Reg S Ž	GBP		2,900		3,594
Williams Cos., Inc.
6.75%, due 04/15/2009 -144A		$	2,600		2,535
Diversified Telecommunication Services (0.5%)
AT&T, Inc.			575		568
4.13%, due 09/15/2009
5.50%, due 02/01/2018			2,000		1,699
6.30%, due 01/15/2038			800		632
Deutsche Telekom International Finance BV
8.13%, due 05/29/2012	EUR		124		167


	Principal		Value

Diversified Telecommunication Services (continued)
KT Corp.
4.88%, due 07/15/2015 -144A	$	200	$	147
Electric Utilities (0.1%)
Entergy Gulf States, Inc.
5.70%, due 06/01/2015		200		165
Florida Power Corp.
4.80%, due 03/01/2013		450		417
PSEG Power LLC
6.95%, due 06/01/2012 ^		210		198
Food & Staples Retailing (0.5%)
Kroger Co.
6.40%, due 08/15/2017 ^		1,500		1,305
New Albertsons, Inc.
6.95%, due 08/01/2009		1,200		1,134
Wal-Mart Stores, Inc.
5.80%, due 02/15/2018		800		768
6.50%, due 08/15/2037		300		269
Food Products (0.4%)
Kellogg Co.
6.60%, due 04/01/2011		2,000		2,016
Kraft Foods, Inc.
6.88%, due 02/01/2038		300		238
Health Care Providers & Services (0.2%)
HCA, Inc.
9.25%, due 11/15/2016 ^		200		170
UnitedHealth Group, Inc.
6.00%, due 02/15/2018 ^		1,400		1,050
6.88%, due 02/15/2038		300		214
Hotels, Restaurants & Leisure (0.1%)
Mandalay Resort Group
6.50%, due 07/31/2009		300		273
Insurance (2.7%)
American International Group, Inc.
8.25%, due 08/15/2018 -144A ^		5,300		2,183
Metropolitan Life Global Funding I
5.13%, due 04/10/2013 -144A		1,100		984
New York Life Global Funding
4.65%, due 05/09/2013 -144A		12,200		11,435
Principal Life Income Funding Trusts
5.30%, due 04/24/2013		400		367
Media (0.0%)
Time Warner, Inc.
6.88%, due 05/01/2012		20		18
Office Electronics (0.2%)
Xerox Corp.
9.75%, due 01/15/2009 *		1,100		1,096
Oil, Gas & Consumable Fuels (0.7%)
Chesapeake Energy Corp.
7.00%, due 08/15/2014 ^		100		80
Enterprise Products Operating, LP
4.95%, due 06/01/2010		100		95
GAZ Capital SA
8.15%, due 04/11/2018 -144A		1,000		680
8.63%, due 04/28/2034 Reg S		500		337
NGPL Pipeco LLC
7.12%, due 12/15/2017 -144A		1,800		1,468
7.77%, due 12/15/2037 -144A		700		529
Ras Laffan Liquefied Natural Gas Co., Ltd.
3.44%, due 09/15/2009 -144A		20		20

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



Transamerica Funds		Annual Report 2008

Transamerica PIMCO Total Return

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)


		Principal		Value

Sonat, Inc.
7.63%, due 07/15/2011		$	370	$	308
Southern Natural Gas Co.
8.00%, due 03/01/2032			100		77
Williams Cos., Inc.
7.50%, due 01/15/2031			100		73
Pharmaceuticals (0.8%)
GlaxoSmithKline Capital, Inc.			5,100		4,311
6.38%, due 05/15/2038
Real Estate Investment Trusts (0.3%)
Ventas Realty, LP
6.75%, due 06/01/2010			1,500		1,418
Thrifts & Mortgage Finance (0.5%)
Nykredit Realkredit A/S
5.00%, due 10/01/2038 *	DKK		5,715		857
Realkredit Danmark A/S
5.00%, due 01/01/2038 *	DKK		11,471		1,705
Tobacco (0.1%)
Reynolds American, Inc.
7.63%, due 06/01/2016		$	200		164
7.75%, due 06/01/2018			1,000		800
Wireless Telecommunication Services (0.0%)
AT&T Mobility LLC
6.50%, due 12/15/2011			180		173

Total Corporate Debt Securities (cost $211,982)					169,273


	Shares		Value

CONVERTIBLE PREFERRED STOCKS (0.1%)
Diversified Financial Services (0.1%)
Bank of America Corp., 7.25% ▲		800		567
Insurance (0.0%)
American International
Group, Inc., 8.50% ▲		40,000		178

Total Convertible Preferred Stocks (cost $3,800)				745


PREFERRED STOCKS (0.3%)
Commercial Banks (0.1%)
Wachovia Corp., 7.50% ^ ▲		900		599
Thrifts & Mortgage Finance (0.2%)
DG Funding Trust , 6.01% -144A * ▲ §		119		1,207
U.S. Government Agency Obligation (0.0%)
Fannie Mae 8.25% ▲		26,000		55

Total Preferred Stocks (cost $2,816)				1,861


	Principal		Value

LOAN ASSIGNMENTS (0.9%)
Automobiles (0.2%)
DaimlerChrysler Finance Co.
9.00%, due 08/03/2012	$	1,980		1,346
Health Care Providers & Services (0.3%)
HCA, Inc.
6.01%, due 11/18/2013		1,474		1,219
Health Management Associates, Inc.
7.10%, due 01/16/2014		1,037		727
Media (0.2%)
CSC Holdings, Inc.
1.00%, due 02/24/2013		992		855
Paper & Forest Products (0.2%)
Koch Forest Products, Inc.
7.47%, due 12/20/2012		987		816

Total Loan Assignments (cost $6,231)				4,963


	Contracts ┌		Value

PURCHASED OPTIONS (1.0%)
Covered Call Options (0.6%)
5-Year U.S. Treasury Future
Call Strike $138.00
Expires 11/21/2008		582,000	$	5
Fannie Mae
Call Strike $96.41
Expires 11/14/2008 §		31,000,000		545
Fannie Mae
Call Strike $93.59
Expires 02/13/2009 §		7,000,000		467
Fannie Mae
Call Strike $94.60
Expires 02/13/2009 §		24,000,000		1,390
IRO 2-Year USD
Call Strike $3.45
Expires 08/03/2009 §		5,100,000		55
IRO 2-Year USD
Call Strike $3.50
Expires 02/04/2011 §		14,300,000		195
IRO 2-Year USD
Call Strike $3.15
Expires 02/02/2029 §		30,600,000		276
IRO USD
Call Strike $3.60
Expires 07/02/2009 §		7,400,000		94
IRO USD
Call Strike $3.50
Expires 08/03/2009 §		67,600,000		758
OTC EURO vs USD Currency
Call Strike $1.38
Expires 05/21/2010 §		1,000,000		69
OTC EURO vs USD Currency
Call Strike $1.38
Expires 05/21/2010 §		1,900,000		132
OTC EURO vs USD Currency
Call Strike $1.38
Expires 06/03/2010 §		2,000,000		141
OTC JPY vs USD Currency
Call Strike $104.00
Expires 03/17/2010 §		2,600,000		91
OTC JPY vs USD Currency
Call Strike $103.80
Expires 03/17/2010 §		2,400,000		87
OTC JPY vs USD Currency
Call Strike $105.40
Expires 03/31/2010 §		1,900,000		56
Put Options (0.4%)
Fannie Mae
Put Strike $73.00
Expires 01/06/2009 §		62,000,000		t
Fannie Mae
Put Strike $35.00
Expires 01/06/2009 §		8,000,000		t
OTC EURO vs USD Currency
Put Strike $1.38
Expires 05/21/2010 §		1,000,000		165

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



Transamerica Funds		Annual Report 2008

Transamerica PIMCO Total Return

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)


	Contracts ┌		Value

Put Options (continued)
OTC EURO vs USD Currency
Put Strike $1.38
Expires 05/21/2010 §		1,900,000	$	314
OTC EURO vs USD Currency
Put Strike $1.38
Expires 06/03/2010 §		2,000,000		332
OTC JPY vs USD Currency
Put Strike $103.80
Expires 03/17/2010 §		2,400,000		270
OTC JPY vs USD Currency
Put Strike $104.00
Expires 03/17/2010 §		2,600,000		295
OTC JPY vs USD Currency
Put Strike $105.40
Expires 03/31/2010 §		1,900,000		233
U.S. Treasury Bond
Put Strike $86.00
Expires 11/21/2008		3,900,000		1
U.S. Treasury Note
Put Strike $100.00		7,600,000		1
Expires 11/21/2008

Total Purchased Options (cost $3,676)				5,972


	Notional
	Amount		Value

PURCHASED SWAPTION (0.1%)
Covered Call Options (0.1%)
IRO EURO
Call Strike $4.07
Expires 09/14/2009 §	$	42,600		675

Total Purchased Swaption (cost $220)				675


	Principal		Value

COMMERCIAL PAPER (1.3%)
Goldman Sachs Group, Inc.
3.25% due 01/22/2009	$	4,600		4,566
Citigroup Funding, Inc.
3.60% due 01/22/2009		2,700		2,678

Total Commercial Paper (cost $7,244)				7,244


SHORT-TERM U.S. GOVERNMENT OBLIGATION (1.3%)
U.S. Treasury Bill		7,200		7,197
Zero Coupon, due 11/28/2008 ^ Ħ

Total Short-Term U.S. Government Obligation (cost $7,197)				7,197


	Shares		Value

SECURITIES LENDING COLLATERAL (8.5%)
State Street Navigator Securities Lending Trust — Prime Portfolio, 2.71% ◊ ▲		48,104,248		48,104

Total Securities Lending Collateral (cost $48,104)				48,104


Total Investment Securities (cost $916,173) #			$	844,010


	Contracts ┌		Value

WRITTEN OPTIONS (0.0%)
Put Options (0.0%)
Eurodollar Future		94,000	$	(8	)
Call Strike $97.00
Expires 12/15/2008
Call Options (0.0%)
10-Year U.S Treasury Future		74,000		(8	)
Call Strike $118.00
Expires 11/21/2008


Total Written Options (Premiums: $87)				(16	)


	Notional
	Amount		Value

WRITTEN SWAPTIONS (-0.3%) ±
Call Options (-0.3%)
5-Year IRO USD	$	2,200		(47	)
Call Strike $4.15
Expires 8/3/2009
IRO EURO		13,700		(314	)
Call Strike $4.25
Expires 9/14/2009
7-Year USD		4,800		(151	)
Call Strike $4.60
Expires 2/2/2009
IRO USD		3,200		(72	)
Call Strike $4.20
Expires 7/2/2009
IRO USD		29,400		(730	)
Call Strike $4.30
Expires 8/3/2009
7-Year USD		10,200		(199	)
Call Strike $4.25
Expires 2/2/2009

Total Written Swaptions (Premiums: $1,494)				(1,513	)

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



Transamerica Funds		Annual Report 2008

Transamerica PIMCO Total Return

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)

CREDIT DEFAULT SWAP AGREEMENTS — BUY PROTECTION: €


									Unrealized
	Fixed			Expiration			Notional		Appreciation/
Reference Entity	Rate			Date		Counterparty	Amount		(Depreciation)

Baxter International, Inc. 6.63%, due 02/15/2028 §		0.35	%		09/20/2013	BRC	$	3,800	$	(1	)
Campbell Soup Company 4.88%, due 10/01/2013 §		0.35	%		09/20/2013	UAG		1,100		t
Campbell Soup Company 4.88%, due 10/01/2013 §		0.35	%		09/20/2013	BRC		2,000		t
Commercial Mortgage Backed Securities Index		0.08	%		12/13/2049	MYC		1,700		23
Diamond Offshore Drill, Zero Coupon, due 6/6/2020 §		0.44	%		06/20/2017	CBK		1,400		77
Dow Jones CDX.EM.9 Index §		2.65	%		06/20/2013	BRC		8,700		1,458
Dow Jones CDX.HY-9 Index		1.40	%		12/20/2012	FBF		3,100		(372	)
Dow Jones CDX.HY-9 Index		6.37	%		12/20/2012	MEI		3,000		(221	)
Dow Jones CDX.IG.5 Index §		0.14	%		12/20/2012	MYC		4,500		745
Dow Jones CDX.NA.IG.10 Index §		1.50	%		06/20/2018	DUB		10,234		482
Dow Jones CDX.NA.IG.10 Index §		1.55	%		06/20/2013	FBF		1,476		40
General Electric Capital Corporation, 6.00% due 06/15/2012		1.15	%		03/20/2010	CBK		2,000		(135	)
General Mills, Inc. 5.70%, due 02/15/2017 §		0.50	%		09/20/2013	BRC		3,200		33
HSBC Finance Corp BP, 6.38%, due 10/15/2011 §		0.20	%		12/20/2011	RYL		4,900		546
Limited Brands BP, due 6/20/2017 §		1.03	%		06/20/2017	GST		4,000		815
Noble Corp. BP, due 6/20/2012 §		0.52	%		06/20/2012	FBF		1,500		41
Raytheon Co. 7.20%, due 08/15/2027 §		0.48	%		09/20/2013	BRC		3,000		8
Weyerhaeuser Co, 6.75%, due 3/15/2012 §		0.96	%		06/20/2017	UAG		700		76

									$	3,615


CREDIT DEFAULT SWAP AGREEMENTS — SELL PROTECTION: €


									Unrealized
	Fixed			Expiration			Notional		Appreciation/
Reference Entity	Rate			Date		Counterparty	Amount		(Depreciation)

Asset Backed Securities Index		0.11	%		05/25/2046	GST	$	2,000	$	(120	)
Deutsche Bank AG 5.50% due 05/18/2011		0.55	%		12/20/2008	RYL		2,300		(2	)
Dow Jones CDX.HY-8 Index		0.48	%		06/20/2012	BRC		3,237		(188	)
Dow Jones CDX.HY-9 Index §		5.00	%		06/20/2013	UAG		2,500		365
Dow Jones CDX.HY-9 Index §		5.00	%		06/20/2013	BRC		2,600		378
Dow Jones CDX.IG.10 Index §		1.55	%		06/20/2013	MYC		787		24
Dow Jones CDX.IG.10 Index §		1.55	%		06/20/2013	DUB		6,002		70
Dow Jones CDX.IG.5 Index		0.46	%		12/20/2015	MYC		3,200		(808	)
Dow Jones CDX.IG.9 Index §		0.80	%		12/20/2017	BRC		2,165		138
Dow Jones CDX.IG.9 Index §		0.80	%		12/20/2017	MYC		11,513		599
Dow Jones CDX.IG.9 Index §		1.50	%		06/20/2018	GST		11,906		716
Dow Jones CDX.IG.9 Index §		1.50	%		06/20/2018	MYC		21,845		1,196
Dow Jones CDX.IG.9 Index §		0.82	%		12/20/2012	DUB		1,860		15
Dow Jones CDX.IG.9 Index §		0.82	%		12/20/2012	BRC		3,230		26
Dow Jones CDX.NA.IG.7 Index		0.65	%		12/20/2016	GST		9,938		14
General Electric Capital Corporation, 6.00% due 06/15/2012		1.05	%		03/20/2010	CBK		2,500		(172	)
Kellogg Co. 6.60%, due 04/01/2011		0.42	%		06/20/2011	BPS		2,000		5
kraine Government Bond, 7.65%, due 06/11/2013		0.72	%		12/22/2008	BRC		800		(28	)
Kroger Co. 6.40%, due 08/15/2017 §		0.78	%		09/20/2017	DUB		1,500		9
Morgan Stanley BP 5.82% due 10/18/2016 §		0.32	%		12/20/2016	RYL		2,800		515
Pemex Project Funding Master Trust, 9.5%, due 9/15/2027		0.29	%		12/22/2008	BRC		1,400		(5	)
Republic of Indonesia Government Bond 6.75% due 03/10/2014		0.40	%		12/20/2008	RYL		200		(1	)
Ukraine Government Bond 7.65% due 06/11/2013		0.71	%		12/20/2008	BRC		100		(3	)
Ukraine Government Bond, 7.65% due 06/11/2013		0.72	%		12/20/2008	DUB		100		(3	)
Wyeth 5.25%, due 03/15/2013 §		0.39	%		09/20/2013	BRC		1,000		4
Wyeth 5.25%, due 03/15/2013 §		0.39	%		09/20/2013	UAG		10,400		37

									$	2,781

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



Transamerica Funds		Annual Report 2008

Transamerica PIMCO Total Return

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)

INTEREST RATE SWAP AGREEMENTS — RECEIVABLE: €


										Unrealized
	Fixed			Expiration				Notional		Appreciation/
Floating Rate Index	Rate			Date		Counterparty		Amount		(Depreciation)

3-Month USD-LIBOR		5.00	%		12/17/2018	MYC		$	2,600	$	(39	)
3-Month USD-LIBOR		5.00	%		12/17/2023	MLC			55,900		(1,844	)
3-Month USD-LIBOR		5.00	%		12/17/2023	DUB			10,900		(726	)
3-Month USD-LIBOR		5.00	%		12/17/2023	BRC			4,200		(286	)
3-Month USD-LIBOR		5.00	%		12/17/2023	RYL			10,500		35
3-Month USD-LIBOR		5.00	%		12/17/2028	MYC			14,900		(1,302	)
3-Month USD-LIBOR		5.00	%		12/17/2028	GLM			2,400		(20	)
3-Month USD-LIBOR		5.00	%		12/17/2028	RYL			4,200		71
3-Month USD-LIBOR		5.00	%		12/17/2028	MLC			8,400		8
3-Month USD-LIBOR		5.00	%		12/17/2038	BRC			13,600		(842	)
3-Month USD-LIBOR		5.00	%		12/17/2038	MLC			16,900		(778	)
3-Month USD-LIBOR		5.00	%		12/17/2038	BPS			1,500		(138	)
3-Month USD-LIBOR		5.00	%		12/17/2038	DUB			2,600		(112	)
3-Month USD-LIBOR		5.00	%		12/17/2038	MYC			4,000		(89	)
3-Month USD-LIBOR		5.00	%		12/17/2038	RYL			15,400		35
6-Month EURIBOR		4.00	%		12/15/2011	BRC	EUR		34,100		(902	)
6-Month EURIBOR		4.75	%		09/19/2038	GLM	EUR		7,200		(317	)
6-Month EURIBOR		5.00	%		09/17/2018	BRC	EUR		6,800		(334	)
6-Month EURIBOR		5.00	%		09/17/2018	DUB	EUR		5,000		(190	)
6-Month EURIBOR		5.00	%		09/17/2018	GLM	EUR		900		(35	)
6-Month EURIBOR		5.00	%		09/17/2038	MYC	EUR		3,700		(231	)
6-Month GBP-LIBOR §		4.00	%		12/15/2035	MYC	GBP		3,000		(169	)
6-Month GBP-LIBOR §		4.00	%		12/15/2035	BRC	GBP		800		4
6-Month GBP-LIBOR		4.00	%		06/15/2037	GLM	GBP		1,000		(48	)
6-Month GBP-LIBOR		4.00	%		06/15/2037	BRC	GBP		900		(45	)
6-Month GBP-LIBOR		4.50	%		12/15/2035	DUB	GBP		4,200		(336	)
6-Month GBP-LIBOR		5.00	%		09/20/2017	DUB	GBP		3,400		(276	)
6-Month JPY-LIBOR		1.75	%		12/17/2015	UAG	JPY		120,000		34
ICAP CMM FRA §		4.50	%		01/23/2009	MLC		$	3,000		474
ICAP CMM FRA §		5.00	%		01/16/2009	MLC			4,600		383
ICAP CMM FRA §		5.50	%		05/21/2009	MLC			1,000		23

											($7,992	)

INTEREST RATE SWAP AGREEMENTS — PAYABLE: €


										Unrealized
	Fixed			Expiration				Notional		Appreciation/
Floating Rate Index	Rate			Date		Counterparty		Amount		(Depreciation)

3-Month USD-LIBOR §		4.00	%		12/17/2013	MLC		$	48,600	$	523
3-Month USD-LIBOR §		4.00	%		12/17/2013	BRC			43,500		71
3-Month USD-LIBOR §		4.00	%		12/17/2013	RYL			52,800		2,140
3-Month USD-LIBOR §		4.00	%		12/17/2013	MYC			131,500		(485	)
3-Month USD-LIBOR		4.00	%		06/17/2014	MLC			3,300		(32	)
3-Month USD-LIBOR		4.00	%		06/17/2014	BRC			1,500		(7	)
3-Month USD-LIBOR §		4.00	%		12/17/2013	CBK			2,200		73
3-Month USD-LIBOR §		5.00	%		12/17/2015	RYL			1,100		(41	)
3-Month USD-LIBOR §		5.00	%		12/15/2035	DUB			5,900		356
6-Month EURIBOR		4.00	%		09/19/2009	GLM	EUR		1,200		8

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



Transamerica Funds		Annual Report 2008

Transamerica PIMCO Total Return

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)

INTEREST RATE SWAP AGREEMENTS — PAYABLE: (continued) €


										Unrealized
	Fixed			Expiration				Notional		Appreciation/
Floating Rate Index	Rate			Date		Counterparty		Amount		(Depreciation)

6-Month EURIBOR §		4.50	%		03/18/2011	BPS	EUR		16,700	$	319
6-Month EURIBOR §		4.50	%		03/18/2014	DUB	EUR		6,900		193
6-Month EURIBOR §		5.00	%		03/18/2010	GLM	EUR		46,600		584
6-Month EURIBOR §		5.00	%		03/18/2010	BRC	EUR		9,100		186
6-Month EURIBOR §		5.00	%		09/17/2010	DUB	EUR		20,800		565
6-Month EURIBOR §		5.00	%		09/17/2013	GLM	GBP		800		6
6-Month EURIBOR §		5.00	%		07/13/2037	UAG	EUR		100		13
6-Month EURIBOR §		5.50	%		12/17/2010	MYC	EUR		8,300		359
6-Month EURIBOR §		5.50	%		12/17/2010	BRC	EUR		1,900		77
6-Month GBP-LIBOR §		5.00	%		09/15/2010	BRC	GBP		11,200		480
6-Month GBP-LIBOR §		5.00	%		09/15/2010	RYL	GBP		1,300		57
6-Month GBP-LIBOR §		5.00	%		03/18/2011	CBK	GBP		8,000		295
6-Month GBP-LIBOR §		5.00	%		03/18/2011	DUB	GBP		7,000		270
6-Month GBP-LIBOR §		5.10	%		09/15/2013	RYL	GBP		1,500		44
6-Month GBP-LIBOR		6.00	%		03/20/2009	DUB	GBP		4,100		12
6-Month GBP-LIBOR §		6.00	%		06/19/2009	RYL	GBP		6,100		115
BRL-CDI		12.67	%		01/04/2010	MYC	BRL		20,000		(207	)
BRL-CDI		10.12	%		01/02/2012	MYC	BRL		23,400		(1,023	)
BRL-CDI		10.15	%		01/02/2012	GLM	BRL		29,500		(1,872	)
BRL-CDI		10.58	%		01/02/2012	UAG	BRL		200		(6	)
BRL-CDI		10.68	%		01/02/2012	BRC	BRL		19,800		(904	)
BRL-CDI		12.54	%		01/02/2012	UAG	BRL		8,900		(262	)
BRL-CDI		12.54	%		01/02/2012	MLC	BRL		6,900		(214	)
BRL-CDI		12.67	%		01/04/2010	MLC	BRL		6,800		(65	)
BRL-CDI		14.77	%		01/02/2012	ML	BRL		2,900		(60	)
BRL-CDI		14.77	%		01/02/2012	HUS	BRL		2,100		(47	)
FRC Excluding Tobacco-Non-Revised CPI §		2.09	%		10/15/2010	BPS	EUR		2,000		339
FRC Excluding Tobacco-Non-Revised CPI §		2.10	%		10/15/2010	BRC	EUR		1,000		(302	)
FRC Excluding Tobacco-Non-Revised CPI §		2.15	%		10/15/2010	UAG	EUR		2,100		1,124
FRC-Excluding Tobacco-Non-Revised CPI §		1.94	%		04/10/2012	BPS	EUR		600		9
FRC-Excluding Tobacco-Non-Revised CPI §		1.94	%		04/10/2012	RYL	EUR		600		7
FRC-Excluding Tobacco-Non-Revised CPI §		1.95	%		03/15/2012	BRC	EUR		1,400		19
FRC-Excluding Tobacco-Non-Revised CPI §		1.95	%		03/30/2012	RYL	EUR		400		6
FRC-Excluding Tobacco-Non-Revised CPI §		1.98	%		04/30/2012	BRC	EUR		500		6
FRC-Excluding Tobacco-Non-Revised CPI §		1.96	%		03/28/2012	RYL	EUR		400		6
FRC-Excluding Tobacco-Non-Revised CPI §		1.96	%		03/30/2012	GLM	EUR		400		6
FRC-Excluding Tobacco-Non-Revised CPI §		1.96	%		04/05/2012	BRC	EUR		300		4
ICAP CMM FRA §		5.00	%		02/20/2009	MLC		$	800		22

										$	2,767

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



Transamerica Funds		Annual Report 2008

Transamerica PIMCO Total Return

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)

FUTURES CONTRACTS: £


								Net Unrealized
			Expiration		Notional			Appreciation
Description	Contracts┌		Date		Amount			(Depreciation)

10-Year U.S. Treasury Note		211		12/19/2008	$	23,859		$	(564	)
30-Year U.S. Treasury Bond		544		12/19/2008		61,540			(2,561	)
3-Month Euro EURIBOR		333		06/15/2009		103,024			1,826
3-Month Euro EURIBOR		136		12/15/2008		41,746			559
3-Month Euro EURIBOR		234		03/16/2009		72,216			1,302
3-Month GBP-LIBOR		88		03/18/2009		17,121			391
5-Year U.S. Note		1,929		12/31/2008		(218,474	)		(2,576	)
90-Day Euro		244		12/17/2009		47,348			687
90-Day Euro		269		03/15/2010		65,273			354
90-Day Euro		368		12/15/2008		89,935			762
90-Day Euro		215		12/17/2008		41,433			538
90-Day Euro		73		06/15/2009		17,808			83
90-Day Euro		333		12/14/2009		80,886			491
90-Day Sterling		15		06/17/2009		2,922			74
90-Day Sterling		259		09/16/2009		50,394			1,056
Euro-BUND		37		11/19/2008		(5,467	)		(76	)
Euro-SCHATZ		299		12/09/2008		(40,401	)		(940	)
Long Gilt		37		12/29/2008		(6,627	)		(57	)

					$	444,536		$	1,349

FORWARD FOREIGN CURRENCY CONTRACTS: Ð


						Amount			Net Unrealized
				Settlement		in U.S. Dollars			Appreciation
Currency	Bought (Sold)			Date		Bought (Sold)			(Depreciation)

Brazilian Real		37,943			12/02/2008	$	20,301		$	(3,004	)
Brazilian Real		771			12/02/2008		352			(1	)
Brazilian Real		(179	)		12/02/2008		(100	)		18
Brazilian Real		(359	)		12/02/2008		(200	)		36
Brazilian Real		(1,413	)		12/02/2008		(790	)		146
Brazilian Real		(916	)		12/02/2008		(500	)		83
Brazilian Real		(718	)		12/02/2008		(394	)		67
Brazilian Real		(1,100	)		12/02/2008		(603	)		101
Brazilian Real		(10,307	)		12/02/2008		(6,056	)		1,358
Brazilian Real		(623	)		12/02/2008		(374	)		90
Brazilian Real		(360	)		12/02/2008		(200	)		36
Brazilian Real		(2,340	)		12/02/2008		(1,300	)		233
Brazilian Real		(591	)		12/02/2008		(330	)		61
Brazilian Real		(498	)		12/02/2008		(273	)		46
Brazilian Real		(1,823	)		12/02/2008		(1,000	)		169
Brazilian Real		(111	)		12/02/2008		(68	)		18
Brazilian Real		(91	)		12/02/2008		(56	)		15
Brazilian Real		(80	)		12/02/2008		(49	)		13
Brazilian Real		(8,486	)		12/02/2008		(4,973	)		1,104
Chinese Yuan Renminbi		14,051			11/13/2008		2,068			(18	)
Chinese Yuan Renminbi		5,414			11/13/2008		797			(7	)
Chinese Yuan Renminbi		6,741			11/13/2008		994			(11	)
Chinese Yuan Renminbi		5,418			11/13/2008		798			(8	)
Chinese Yuan Renminbi		9,253			11/13/2008		1,364			(14	)
Chinese Yuan Renminbi		(4,119	)		11/13/2008		(600	)		(1	)
Chinese Yuan Renminbi		(4,188	)		11/13/2008		(610	)		(1	)
Chinese Yuan Renminbi		(4,182	)		11/13/2008		(610	)		t

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



Transamerica Funds		Annual Report 2008

Transamerica PIMCO Total Return

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)

FORWARD FOREIGN CURRENCY CONTRACTS: (continued) Ð


						Amount			Net Unrealized
				Settlement		in U.S. Dollars			Appreciation
Currency	Bought (Sold)			Date		Bought (Sold)			(Depreciation)

Chinese Yuan Renminbi		(4,116	)		11/13/2008	$	(600	)	$	(1	)
Chinese Yuan Renminbi		(3,428	)		11/13/2008		(500	)		t
Chinese Yuan Renminbi		(6,165	)		11/13/2008		(900	)		1
Chinese Yuan Renminbi		(8,307	)		11/13/2008		(1,210	)		(2	)
Chinese Yuan Renminbi		(4,119	)		11/13/2008		(600	)		(1	)
Chinese Yuan Renminbi		(2,256	)		11/13/2008		(329	)		t
Chinese Yuan Renminbi		22,200			07/15/2009		3,435			(255	)
Chinese Yuan Renminbi		3,112			07/15/2009		484			(38	)
Chinese Yuan Renminbi		4,668			07/15/2009		726			(57	)
Chinese Yuan Renminbi		956			07/15/2009		149			(12	)
Chinese Yuan Renminbi		982			07/15/2009		153			(12	)
Chinese Yuan Renminbi		3,878			07/15/2009		602			(46	)
Chinese Yuan Renminbi		14,351			07/15/2009		2,225			(169	)
Chinese Yuan Renminbi		2,624			07/15/2009		407			(31	)
Chinese Yuan Renminbi		1,754			07/15/2009		272			(21	)
Chinese Yuan Renminbi		2,034			07/15/2009		317			(26	)
Chinese Yuan Renminbi		3,985			07/15/2009		617			(46	)
Chinese Yuan Renminbi		967			07/15/2009		150			(11	)
Chinese Yuan Renminbi		(11,216	)		07/15/2009		(1,600	)		(7	)
Chinese Yuan Renminbi		(8,376	)		07/15/2009		(1,200	)		t
Chinese Yuan Renminbi		4,184			09/08/2009		600			(1	)
Chinese Yuan Renminbi		4,242			09/08/2009		610			(3	)
Chinese Yuan Renminbi		4,205			09/08/2009		610			(8	)
Chinese Yuan Renminbi		4,142			09/08/2009		600			(7	)
Chinese Yuan Renminbi		3,452			09/08/2009		500			(6	)
Chinese Yuan Renminbi		6,206			09/08/2009		900			(12	)
Chinese Yuan Renminbi		8,400			09/08/2009		1,210			(8	)
Chinese Yuan Renminbi		4,165			09/08/2009		600			(4	)
Chinese Yuan Renminbi		2,256			09/08/2009		325			(2	)
Danish Krone		(17,535	)		12/09/2008		(3,387	)		392
Euro		68			11/05/2008		85			1
Euro		208			11/05/2008		261			4
Euro		(3,389	)		12/04/2008		(4,258	)		(56	)
Japanese Yen		571,026			11/05/2008		5,670			128
Japanese Yen		327,702			11/05/2008		3,344			(17	)
Japanese Yen		(122,653	)		11/05/2008		(1,162	)		(84	)
Japanese Yen		(128,957	)		11/05/2008		(1,298	)		(12	)
Japanese Yen		(525,049	)		11/05/2008		(5,169	)		(162	)
Japanese Yen		(122,069	)		11/05/2008		(1,263	)		24
Japanese Yen		(327,702	)		12/03/2008		(3,349	)		17
Malaysian Ringgit		1,766			11/12/2008		566			(69	)
Malaysian Ringgit		1,126			11/12/2008		360			(43	)
Malaysian Ringgit		668			11/12/2008		207			(18	)
Malaysian Ringgit		501			11/12/2008		155			(14	)
Malaysian Ringgit		383			11/12/2008		118			(10	)
Malaysian Ringgit		1,923			11/12/2008		617			(75	)
Malaysian Ringgit		(421	)		11/12/2008		(120	)		1
Malaysian Ringgit		(420	)		11/12/2008		(120	)		2

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



Transamerica Funds		Annual Report 2008

Transamerica PIMCO Total Return

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)

FORWARD FOREIGN CURRENCY CONTRACTS: (continued) Ð


						Amount			Net Unrealized
				Settlement		in U.S. Dollars			Appreciation
Currency	Bought (Sold)			Date		Bought (Sold)			(Depreciation)

Malaysian Ringgit		(1,160	)		11/12/2008	$	(332	)	$	6
Malaysian Ringgit		(422	)		11/12/2008		(120	)		1
Malaysian Ringgit		(881	)		11/12/2008		(250	)		2
Malaysian Ringgit		(70	)		11/12/2008		(20	)		t
Malaysian Ringgit		(459	)		11/12/2008		(130	)		1
Malaysian Ringgit		(425	)		11/12/2008		(120	)		t
Malaysian Ringgit		(539	)		11/12/2008		(150	)		(2	)
Malaysian Ringgit		(1,038	)		11/12/2008		(290	)		(2	)
Malaysian Ringgit		1,160			02/12/2009		332			(5	)
Malaysian Ringgit		421			02/12/2009		120			(1	)
Malaysian Ringgit		424			02/12/2009		120			t
Malaysian Ringgit		1,042			02/12/2009		290			4
Malaysian Ringgit		420			04/14/2009		120			(1	)
Malaysian Ringgit		419			04/14/2009		120			(1	)
Malaysian Ringgit		879			04/14/2009		250			(1	)
Malaysian Ringgit		70			04/14/2009		20			t
Malaysian Ringgit		457			04/14/2009		130			(1	)
Malaysian Ringgit		541			04/14/2009		150			3
Mexican Peso		50,857			11/19/2008		4,793			(863	)
Mexican Peso		50			11/19/2008		5			(1	)
Mexican Peso		50			11/19/2008		5			(1	)
Mexican Peso		50			11/19/2008		5			(1	)
Mexican Peso		27			11/19/2008		3			(1	)
Mexican Peso		(51,033	)		11/19/2008		(3,851	)		(93	)
Mexican Peso		51,033			05/19/2009		3,739			51
Poland Zloty		5,615			05/06/2009		2,488			(471	)
Russian Ruble		78,747			11/19/2008		3,176			(330	)
Russian Ruble		(78,747	)		11/19/2008		(2,783	)		(64	)
Russian Ruble		56,419			05/06/2009		2,314			(495	)
Russian Ruble		78,747			05/06/2009		2,351			188
Singapore Dollar		767			11/21/2008		546			(28	)
Singapore Dollar		785			11/21/2008		559			(29	)
Singapore Dollar		462			11/21/2008		340			(28	)
Singapore Dollar		462			11/21/2008		340			(28	)
Singapore Dollar		956			11/21/2008		698			(53	)
Singapore Dollar		(281	)		11/21/2008		(190	)		1
Singapore Dollar		(281	)		11/21/2008		(190	)		1
Singapore Dollar		(281	)		11/21/2008		(190	)		t
Singapore Dollar		(358	)		11/21/2008		(240	)		(2	)
Singapore Dollar		(440	)		11/21/2008		(300	)		3
Singapore Dollar		(443	)		11/21/2008		(300	)		1
Singapore Dollar		(425	)		11/21/2008		(290	)		3
Singapore Dollar		(449	)		11/21/2008		(300	)		(3	)
Singapore Dollar		278			04/14/2009		190			(1	)
Singapore Dollar		278			04/14/2009		190			(1	)
Singapore Dollar		278			04/14/2009		190			(1	)
Singapore Dollar		355			04/14/2009		240			1
Singapore Dollar		445			04/14/2009		300			2

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



Transamerica Funds		Annual Report 2008

Transamerica PIMCO Total Return

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)

FORWARD FOREIGN CURRENCY CONTRACTS: (continued) Ð


						Amount			Net Unrealized
				Settlement		in U.S. Dollars			Appreciation
Currency	Bought (Sold)			Date		Bought (Sold)			(Depreciation)

Singapore Dollar		439			04/14/2009	$	300		$	(2	)
Singapore Dollar		422			04/14/2009		290			(4	)
Singapore Dollar		434			07/30/2009		300			(4	)
United Kingdom Pound		(10,773	)		11/03/2008		(19,571	)		2,238
United Kingdom Pound		3,942			11/05/2008		6,873			(531	)
United Kingdom Pound		122			11/05/2008		197			(1	)
United Kingdom Pound		640			11/05/2008		1,006			24
United Kingdom Pound		800			11/05/2008		1,257			30
United Kingdom Pound		1,439			11/05/2008		2,262			53
United Kingdom Pound		(1,500	)		11/05/2008		(2,579	)		166
United Kingdom Pound		(10,773	)		12/09/2008		(17,579	)		285

						$	(5,768	)	$	(233	)

SECURITIES SOLD SHORT: €


Securities Sold Short	Principal			Value

Fannie Mae, TBA,
5.50%, 12/01/2036	$	(9,000	)	$	(8,778	)
Fannie Mae, TBA,
6.50%, 11/01/2036		(1,000	)		(1,013	)
Ginnie Mae, TBA,
5.50%, 11/01/2035		(100	)		(98	)
Total Securities Sold Short (Proceeds $9,802)

					(9,889	)

NOTES TO SCHEDULE OF INVESTMENTS:


^		All or a portion of this security is on loan. The value of all securities on loan is $47,105.

t		Value and/or principal is less than $1.

*		Floating or variable rate note. Rate is listed as of 10/31/2008.

ī		IO - Interest Only.

Џ		In default.

Ž		The security has a perpetual maturity. The date shown is the next call date.

◙		Coupon rate is fixed for a predetermined period of time and then converts to a floating rate until maturity/call date. Rate is listed as of 10/31/2008.

┌		Contract Amounts are not in thousands.

▲		Interest rate shown reflects the yield at 10/31/2008.

◊		State Street Bank & Trust Company serves as the accounting, custody, and lending agent for the Fund and provides various services on behalf of the Fund.

§		Illiquid. At 10/31/2008, these securities aggregated $8,903, or 1.57% of the Fund’s net assets.

#		Aggregate cost for federal income tax purposes is $916,564. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $4,819 and $77,373, respectively. Net unrealized depreciation for tax purposes is $72,554.

£		$4,207 on deposit with broker to cover margin requirements for open future contracts at 10/31/2008.

€		Escrow receipt deposits by the counterparty in the amount of $5,366 are segregated with the custodian to cover margin requirements for open swap contracts and securities sold short at 10/31/2008.

Ð		$500 on deposit with broker and escrow receipt deposits by the counterparty in the amount of $500 to cover margin requirements for open forward foreign currency contracts at 10/31/2008.

Ħ		All or a portion of this security is segregated with the custodian to cover margin requirements for open swap and forward foreign currency contracts. The value of all securities segregated at 10/31/2008 is $500.

±		$750 on deposit with broker to cover margin requirements for open written swaption contracts.

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



Transamerica Funds		Annual Report 2008

Transamerica PIMCO Total Return

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts 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 10/31/2008, these securities aggregated $50,471, or 8.85% of the Fund’s net assets.
BPS		BNP Paribas
BRC		Barclays Bank PLC
BRL		Brazilian Real
CBK		Citibank N.A.
CDI		Credit Default Index
CDX		A series of indices that track North American and emerging market credit derivative indexes.
CLO		Collateralized Loan Obligation
CPI		Consumer Price Index
DKK		Danish Krone
DUB		Deutsche Dank AG
EUR		Euro
EURIBOR		Euro InterBank Offered Rate
FBF		Credit Suisse
FRC		NETS CAC40 Index Fund (France)
GBP		British Pound Sterling
GLM		Goldman Sachs Capital Markets
GST		Goldman Sachs Capital Markets
HUS		HSBC Bank USA
ICAP		The world’s largest interdealer brokerage, is a wholesale broker of over-the-counter (OTC) derivatives, money markets, and securities, focusing on such markets as foreign exchange, energy, credit, and equities.
JPY		Japanese Yen
LIBOR		London InterBank Offered Rate
LLC		Limited Liability Company
LP		Limited Partnership
MEI		Merrill Lynch International
MLC		Merrill Lynch Capital Services
MYC		Morgan Stanley Capital Services
OTC		Over-The-Counter
PLC		Public Limited Company
RYL		Royal Bank of Scotland PLC
TBA		To Be Announced
TIPS		Treasury Inflation-Protected Securities
UAG		UBS AG

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



Transamerica Funds		Annual Report 2008

STATEMENTS OF ASSETS & LIABILITIES
At October 31, 2008
(all amounts except per share amounts in thousands)


	Transamerica			Transamerica									Transamerica
	American			Clarion Global			Transamerica			Transamerica			Legg Mason
	Century Large			Real Estate			Evergreen			Jennison			Partners
	Company Value			Securities			Health Care			Growth			Investors Value

Assets:
Investment securities, at cost	$	654,738		$	383,586		$	234,429		$	276,648		$	51,801
Foreign currency cost		—			146			192			—			—
Securities loaned, at value		67,494			53,781			40,649			49,850			8,884

Investment securities, at value	$	501,165		$	292,654		$	210,270		$	254,112		$	48,031
Cash		—			4			—			—			—
Foreign currency		—			146			196			—			—
Receivables:
Investment securities sold		—			529			5,320			294			14
Shares of beneficial interest sold		—			35			—			—			—
Income from loaned securities		52			43			55			33			6
Dividends		805			584			88			119			66
Dividend reclaims		—			9			174			26			22
Variation margin		81			—			—			—			—
Other		7			4			9			7			11

	$	502,110		$	294,008		$	216,112		$	254,591		$	48,150

Liabilities:

Investment securities purchased		—			1,610			7,663			4,781			1,089
Accounts payable and accrued liabilities:
Shares of beneficial interest redeemed		34			3			14			11			47
Management and advisory fees		303			167			129			137			27
Trustees fees		9			5			9			7			11
Transfer agent fees		4			2			2			7			4
Administration fees		7			4			3			4			1
Due to custodian		—			—			—			—			1
Payable for collateral for securities on loan		69,342			55,197			41,760			51,028			9,102
Other		50			95			49			37			25

		69,749			57,083			49,629			56,012			10,307

Net Assets	$	432,361		$	236,925		$	166,483		$	198,579		$	37,843

Net Assets Consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	637,828		$	359,817		$	196,671		$	253,781		$	45,719
Undistributed (accumulated) net investment income (loss)		11,806			(722	)		479			349			939
Accumulated net realized loss from investments		(59,918	)		(31,242	)		(6,491	)		(33,012	)		(5,040	)
Net unrealized appreciation (depreciation) on:
Investment securities		(153,576	)		(90,934	)		(24,163	)		(22,539	)		(3,775	)
Futures contracts		(3,779	)		—			—			—			—
Translation of assets and liabilities denominated in foreign currencies		—			6			(13	)		—			—

Net Assets	$	432,361		$	236,925		$	166,483		$	198,579		$	37,843

Net Assets by Class:
Class A	$	3,802		$	2,682		$	1,941		$	5,187		$	5,684
Class B		3,446			1,036			1,239			5,822			2,635
Class C		1,769			1,091			946			2,589			1,076
Class I		423,344			232,116			162,357			184,981			28,448
Shares Outstanding:
Class A		492			281			222			628			894
Class B		462			109			147			753			458
Class C		238			116			113			334			189
Class I		54,807			24,374			18,209			22,106			4,473
Net Asset Value Per Share:
Class A	$	7.72		$	9.53		$	8.75		$	8.26		$	6.36
Class B		7.46			9.50			8.39			7.73			5.75
Class C		7.44			9.41			8.36			7.76			5.70
Class I		7.72			9.52			8.92			8.37			6.36

Maximum Offering Price Per Share ^(a)
Class A	$	8.17		$	10.08		$	9.26		$	8.74		$	6.73

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



Transamerica Funds		Annual Report 2008

STATEMENTS OF ASSETS & LIABILITIES (continued)
At October 31, 2008
(all amounts except per share amounts in thousands)


				Transamerica
				MFS			Transamerica			Transamerica
	Transamerica			International			PIMCO Real			PIMCO Total
	Marsico Growth			Equity			Return TIPS			Return

Assets:
Investment securities, at cost	$	443,273		$	82,934		$	1,377,540		$	916,173
Foreign currency cost		332			245			3,947			7,025
Securities loaned, at value		53,525			11,149			79,996			47,105

Investment securities, at value	$	418,018		$	65,296		$	1,322,679		$	844,010
Cash on deposit with broker		—			—			1,425			5,457
Foreign currency		332			241			4,294			7,037
Receivables:
Investment securities sold		—			82			279,605			114,440
Shares of beneficial interest sold		—			163			4			1
Interest		1			—			8,223			4,973
Income from loaned securities		55			8			70			29
Dividends		169			114			—			64
Dividend reclaims		36			67			—			—
Unrealized appreciation on forward foreign currency contracts		—			—			4,050			7,228
Other		4			7			10			5

	$	418,615		$	65,978		$	1,620,360		$	983,244

Liabilities:
Premium on written option & swaption	$	—		$	—		$	607		$	1,581
Premium on swap agreements at value	$	—		$	—		$	955		$	10,488
Proceeds from securities sold short	$	—		$	—		$	246,830		$	9,802

Investment securities purchased		5,665			426			656,040			332,014
Accounts payable and accrued liabilities:
Shares of beneficial interest redeemed		12			7			151			110
Management and advisory fees		241			42			377			324
Trustees fees		4			7			12			6
Transfer agent fees		5			8			1			3
Administration fees		6			1			11			10
Due to custodian		—			11			2,307			6,022
Payable for collateral for securities on loan		54,713			11,682			81,631			48,104
Unrealized depreciation on forward foreign currency contracts		—			—			6,003			7,461
Written swaptions and options		—			—			674			1,529
Swap agreements at value		—			—			5,154			9,317
Securities sold short, at value		—			—			241,036			9,889
Variation margin		—			—			214			562
Other		50			49			124			130

		60,696			12,233			993,735			415,481

Net Assets	$	357,919		$	53,745		$	626,625		$	567,763

Net Assets Consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	440,003		$	73,078		$	700,966		$	609,117
Undistributed (accumulated) net investment income (loss)		1,928			(1	)		1,933			11,197
Undistributed (accumulated) net realized gain (loss) from investments		(58,755	)		(1,688	)		(26,940	)		15,142
Net unrealized appreciation (depreciation) on:
Investment securities		(25,257	)		(17,641	)		(54,866	)		(72,165	)
Futures contracts		—			—			5,678			1,349
Written option and swaption contracts		—			—			(67	)		52
Swap agreements		—			—			(4,199	)		1,171
Translation of assets and liabilities denominated in foreign currencies		—			(3	)		(1,674	)		1,987
Securities sold short		—			—			5,794			(87	)

Net Assets	$	357,919		$	53,745		$	626,625		$	567,763

Net Assets by Class:
Class A	$	5,855		$	5,250		$	2,334		$	4,567
Class B		4,354			5,527			1,751			4,663
Class C		2,233			1,971			1,448			3,105
Class I		345,477			40,997			621,092			555,428
Shares Outstanding:
Class A		635			1,911			253			476
Class B		497			2,359			192			486
Class C		255			864			160			325
Class I		37,247			6,234			67,405			58,001
Net Asset Value Per Share:
Class A	$	9.21		$	2.75		$	9.21		$	9.59
Class B		8.76			2.34			9.11			9.60
Class C		8.76			2.28			9.07			9.57
Class I		9.28			6.58			9.21			9.58
Maximum Offering Price Per Share ^(a)
Class A	$	9.75		$	2.91		$	9.67		$	10.07


(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, and I 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		Annual Report 2008

STATEMENTS OF OPERATIONS
For the years ended October 31, 2008
(all amounts in thousands)


	Transamerica
	American Century			Transamerica			Transamerica						Transamerica Legg
	Large Company			Clarion Global Real			Evergreen Health			Transamerica			Mason Partners
	Value			Estate Securities			Care			Jennison Growth			Investors Value

Investment Income:
Dividends	$	17,782		$	11,003		$	2,223		$	2,051		$	1,583
Withholding taxes on foreign dividends		(108	)		(878	)		(125	)		(71	)		—
Interest		411			164			254			123			50
Income from loaned securities-net		298			219			767			117			30

		18,383			10,508			3,119			2,220			1,663


Expenses:
Management and advisory fees		4,874			2,618			2,489			1,667			544
Transfer agent fees:
Class A		22			14			9			36			26
Class B		29			9			9			40			23
Class C		8			3			3			13			6
Class I		—	^(a)		—	^(a)		—	^(a)		—	^(a)		—	^(a)
Printing and shareholder reports		19			11			9			4			1
Custody fees		65			203			64			32			11
Administration fees		121			66			59			42			14
Legal fees		16			9			7			6			2
Audit fees		21			21			20			20			20
Trustees fees		11			6			5			3			1
Registration fees		3			4			—			4			—
Other		5			5			1			—			2

Total expenses		5,194			2,969			2,675			1,867			650


Net Investment Income		13,189	��		7,539			444			353			1,013

Net Realized Loss from:
Investment securities		(53,083	)		(27,980	)		(5,885	)		(32,716	)		(4,566	)
Futures contracts		(5,316	)		—			—			—			—
Written option & swaption contracts		—			(646	)		—			—			—
Foreign currency transactions		—			(634	)		(63	)		—			—

		(58,399	)		(29,260	)		(5,948	)		(32,716	)		(4,566	)


Net Decrease in Unrealized Depreciation on:
Investment securities		(220,929	)		(162,318	)		(86,296	)		(63,764	)		(21,964	)
Futures contracts		(4,300	)		—			—			—			—
Translation of assets and liabilities denominated in foreign currencies		—			(1	)		(23	)		—			—

		(225,229	)		(162,319	)		(86,319	)		(63,764	)		(21,964	)


Net Realized and Unrealized Loss:		(283,628	)		(191,579	)		(92,267	)		(96,480	)		(26,530	)

Net Decrease In Net Assets Resulting from Operations	$	(270,439	)	$	(184,040	)	$	(91,823	)	$	(96,127	)	$	(25,517	)

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



Transamerica Funds		Annual Report 2008

STATEMENTS OF OPERATIONS (continued)
For the years ended October 31, 2008
(all amounts in thousands)


							Transamerica
	Transamerica			Transamerica MFS			PIMCO Real Return			Transamerica
	Marsico Growth			International Equity			TIPS			PIMCO Total Return

Investment Income:
Dividends	$	5,280		$	770		$	12		$	304
Withholding taxes on foreign dividends		(30	)		(74	)		—			—
Interest		758			14			38,641			31,344
Income from loaned securities-net		349			10			118			67

		6,357			720			38,771			31,715


Expenses:
Management and advisory fees		3,308			271			4,962			3,877
Transfer agent fees:
Class A		27			41			4			15
Class B		26			50			5			18
Class C		10			12			3			7
Class I		—	^(a)					—	^(a)		—	^(a)
Printing and shareholder reports		13			16			26			20
Custody fees		66			82			281			309
Administration fees		83			6			149			117
Legal fees		11			—			19			15
Audit fees		20			20			22			22
Trustees fees		8			—			12			10
Registration fees		6			2			1			4
Other		12			—			5			6

Total expenses		3,590			500			5,489			4,420


Net Investment Income		2,767			220			33,282			27,295

Net Realized Loss from:
Investment securities		(57,768	)		209			(3,958	)		21,108
Futures contracts		—			—			(5,137	)		(6,803	)
Written option & swaption contracts		—			—			873			(4,218	)
Swap agreements		—			—			4,170			8,765
Foreign currency transactions		(24	)		(383	)		1,175			6,125

		(57,792	)		(174	)		(2,877	)		24,977


Net Decrease in Unrealized Depreciation on:
Investment securities		(123,573	)		(22,609	)		(68,485	)		(75,342	)
Futures contracts		—			—			6,813			(408	)
Written option and swaption contracts		—			—			(124	)		618
Swap agreements		—			—			(4,461	)		(2,270	)
Translation of assets and liabilities denominated in foreign currencies		—			(12	)		(3,711	)		(622	)
Securities sold short		—			—			5,794			(87	)

		(123,573	)		(22,621	)		(64,174	)		(78,111	)


Net Realized and Unrealized Loss:		(181,365	)		(22,795	)		(67,051	)		(53,134	)

Net Decrease In Net Assets Resulting from Operations	$	(178,598	)	$	(22,575	)	$	(33,769	)	$	(25,839	)


^(a)		Rounds to less than $1.

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



Transamerica Funds		Annual Report 2008

STATEMENTS OF CHANGES IN NET ASSETS

(all amounts in thousands)


	Transamerica American						Transamerica Clarion
	Century Large Company						Global Real Estate						Transamerica Evergreen						Transamerica Jennison
	Value						Securities						Health Care						Growth
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,			October 31,			October 31,			October 31,			October 31,
	2008			2007			2008			2007			2008			2007			2008			2007

*Increase (Decrease) in Net Assets From:*
Operations:
Net investment income	$	13,189		$	10,419		$	7,539		$	4,435		$	444		$	889		$	353		$	227
Net realized gain (loss)^(a)		(58,399	)		10,668			(29,260	)		45,469			(5,948	)		31,245			(32,716	)		2
Change in unrealized appreciation (depreciation)^(b)		(225,229	)		28,939			(162,319	)		(126	)		(86,319	)		23,578			(63,764	)		27,959

Net increase (decrease) in net assets resulting from operations		(270,439	)		50,026			(184,040	)		49,778			(91,823	)		55,712			(96,127	)		28,188

Distributions to Shareholders:
From net investment income:
Class A		(73	)		(72	)		(254	)		(264	)
Class B		(107	)		(99	)		(159	)		(225	)
Class C		(53	)		(45	)		(106	)		(110	)
Class I		(10,236	)		(4,642	)		(16,445	)		(13,154	)		(589	)		(125	)		(228	)

		(10,469	)		(4,858	)		(16,964	)		(13,753	)		(589	)		(125	)		(228	)		—

From net realized gains:
Class A		(104	)		(425	)		(588	)		(628	)		(252	)		(451	)					(415	)
Class B		(156	)		(684	)		(369	)		(544	)		(245	)		(560	)					(711	)
Class C		(68	)		(279	)		(243	)		(257	)		(124	)		(237	)					(246	)
Class I		(11,071	)		(18,093	)		(37,556	)		(29,229	)		(28,011	)		(67,027	)					(4,207	)

		(11,399	)		(19,481	)		(38,756	)		(30,658	)		(28,632	)		(68,275	)		—			(5,579	)

Capital Share Transactions:
Proceeds from shares sold:
Class A		42			23			5			29			5			6			27			23
Class B		7			10			2			4			3			2			6			10
Class C		14			37			4			3			12			21						3
Class I		53,344			335,997			48,177			50,905									147,775			41,824

		53,407			336,067			48,188			50,941			20			29			147,808			41,860

Dividends and distributions reinvested:
Class A		175			490			793			852			246			438						401
Class B		242			739			457			691			228			536						651
Class C		95			248			311			331			120			215						221
Class I		21,307			22,734			54,001			42,383			28,600			67,152			228			4,207

		21,819			24,211			55,562			44,257			29,194			68,341			228			5,480

Cost of shares redeemed:
Class A		(1,604	)		(2,863	)		(1,578	)		(2,241	)		(645	)		(997	)		(1,969	)		(3,663	)
Class B		(2,559	)		(3,969	)		(971	)		(2,797	)		(756	)		(1,662	)		(2,815	)		(6,039	)
Class C		(1,412	)		(1,257	)		(354	)		(847	)		(135	)		(421	)		(746	)		(2,052	)
Class I		(61,423	)		(4,990	)		(4,425	)		(62,522	)		(111,447	)		(205,593	)		(36,134	)		(550	)

		(66,998	)		(13,079	)		(7,328	)		(68,407	)		(112,983	)		(208,673	)		(41,664	)		(12,304	)

Automatic conversions:
Class A		1,185			264			723			198			328			187			1,195			211
Class B		(1,185	)		(264	)		(723	)		(198	)		(328	)		(187	)		(1,195	)		(211	)

		—			—			—			—			—			—			—			—

Net increase (decrease) in net assets resulting from capital shares transactions		8,228			347,199			96,422			26,791			(83,769	)		(140,303	)		106,372			35,036


Net Increase (Decrease) in net assets		(284,079	)		372,886			(143,338	)		32,158			(204,813	)		(152,991	)		10,017			57,645


Net Assets:
Beginning of year	$	716,440		$	343,554		$	380,263		$	348,105		$	371,296		$	524,287		$	188,562		$	130,917

End of year	$	432,361		$	716,440		$	236,925		$	380,263		$	166,483		$	371,296		$	198,579		$	188,562

Undistributed (Accumulated) Net Investment Income (Loss)	$	11,806		$	9,098		$	(722	)	$	(119	)	$	479		$	590		$	349		$	224

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



Transamerica Funds		Annual Report 2008

STATEMENTS OF CHANGES IN NET ASSETS (continued)
(all amounts in thousands)


	Transamerica American						Transamerica Clarion
	Century Large Company						Global Real Estate						Transamerica Evergreen						Transamerica Jennison
	Value						Securities						Health Care						Growth
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,			October 31,			October 31,			October 31,			October 31,
	2008			2007			2008			2007			2008			2007			2008			2007

Share Activity:
Shares issued:
Class A		4			2			1			1			1						2			2
Class B		1			1			—						—						1			1
Class C		2			3			—						1			2
Class I		6,151			27,331			3,314			2,565									14,148			3,554

		6,158			27,337			3,315			2,566			2			2			14,151			3,557

Shares issued-reinvested from distributions:
Class A		15			40			50			45			19			35			—			36
Class B		21			63			29			37			19			44			—			62
Class C		8			21			20			18			10			18			—			22
Class I		1,806			1,888			3,424			2,256			2,236			5,283			18			375

		1,850			2,012			3,523			2,356			2,284			5,380			18			495

Shares redeemed:
Class A		(156	)		(227	)		(114	)		(116	)		(57	)		(76	)		(181	)		(318	)
Class B		(252	)		(328	)		(67	)		(143	)		(72	)		(131	)		(273	)		(560	)
Class C		(134	)		(104	)		(25	)		(44	)		(13	)		(34	)		(73	)		(190	)
Class I		(7,401	)		(395	)		(322	)		(3,242	)		(9,706	)		(15,782	)		(4,386	)		(46	)

		(7,943	)		(1,054	)		(528	)		(3,545	)		(9,848	)		(16,023	)		(4,913	)		(1,114	)

Automatic conversions:
Class A		113			21			49			10			30			14			106			18
Class B		(117	)		(21	)		(49	)		(10	)		(31	)		(15	)		(113	)		(19	)

		(4	)		—			—			—			(1	)		(1	)		(7	)		(1	)

Net increase (decrease) in shares outstanding:
Class A		(24	)		(164	)		(14	)		(60	)		(7	)		(27	)		(73	)		(262	)
Class B		(347	)		(285	)		(87	)		(116	)		(84	)		(102	)		(385	)		(516	)
Class C		(124	)		(80	)		(5	)		(26	)		(2	)		(14	)		(73	)		(168	)
Class I		556			28,824			6,416			1,579			(7,470	)		(10,499	)		9,780			3,883

		61			28,295			6,310			1,377			(7,563	)		(10,642	)		9,249			2,937

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



Transamerica Funds		Annual Report 2008

STATEMENTS OF CHANGES IN NET ASSETS (continued)
(all amounts in thousands)


	Transamerica Legg Mason						Transamerica Marsico						Transamerica MFS						Transamerica PIMCO Real
	Partners Investors Value						Growth						International Equity						Return TIPS
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,			October 31,			October 31,			October 31,			October 31,
	2008			2007			2008			2007			2008			2007			2008			2007

*Increase (Decrease) in Net Assets From:*
Operations:
Net investment income	$	1,013		$	895		$	2,767		$	785		$	220		$	357		$	33,282		$	24,685
Net realized gain (loss)^(a)		(4,566	)		3,851			(57,792	)		2,570			(174	)		3,260			(2,877	)		(8,842	)
Change in unrealized appreciation (depreciation)^(b)		(21,964	)		5,342			(123,573	)		76,247			(22,621	)		2,234			(64,174	)		21,393

Net increase (decrease) in net assets resulting from operations		(25,517	)		10,088			(178,598	)		79,602			(22,575	)		5,851			(33,769	)		37,236


Distributions to Shareholders:
From net investment income:
Class A		(51	)		(73	)								(143	)		(248	)		(131	)		(117	)
Class B		(52	)		(70	)		(1	)					(232	)		(348	)		(113	)		(124	)
Class C		(15	)		(19	)		(14	)					(98	)		(133	)		(91	)		(86	)
Class I		(599	)		(730	)		(1,238	)		(144	)								(35,353	)		(24,683	)

		(717	)		(892	)		(1,253	)		(144	)		(473	)		(729	)		(35,688	)		(25,010	)

From net realized gains:
Class A		(401	)		(1,984	)								(557	)		(5,481	)
Class B		(409	)		(2,405	)								(861	)		(8,185	)
Class C		(115	)		(608	)								(335	)		(3,159	)
Class I		(2,888	)		(12,249	)

		(3,813	)		(17,246	)		—			—			(1,753	)		(16,825	)		—			—

Capital Share Transactions:
Proceeds from shares sold:
Class A		77			28			54			17			49			23			46			20
Class B		5			4			—			24			13			80			24			3
Class C		2			6			1						6			132			32			13
Class I								159,450			226,184			53,956						70,880			93,236

		84			38			159,505			226,225			54,024			235			70,982			93,272

Dividends and distributions reinvested:
Class A		445			2,014									687			5,688			79			89
Class B		442			2,396			—						1,065			8,274			68			97
Class C		124			591			13						367			3,095			49			65
Class I		3,488			12,978			1,238			144			—						25,244			24,683

		4,499			17,979			1,251			144			2,119			17,057			25,440			24,934

Cost of shares redeemed:
Class A		(2,723	)		(3,689	)		(1,262	)		(3,548	)		(2,210	)		(3,740	)		(903	)		(1,253	)
Class B		(2,411	)		(3,867	)		(2,291	)		(4,384	)		(2,970	)		(4,523	)		(480	)		(2,626	)
Class C		(750	)		(831	)		(4,642	)		(1,791	)		(1,784	)		(1,743	)		(525	)		(1,139	)
Class I		(16,353	)		(8,371	)		(39,979	)		(2,025	)								(97,080	)		(42,707	)

		(22,237	)		(16,758	)		(48,174	)		(11,748	)		(6,964	)		(10,006	)		(98,988	)		(47,725	)

Automatic conversions:
Class A		2,110			899			1,795			470			1,054			317			308			36
Class B		(2,110	)		(899	)		(1,795	)		(470	)		(1,054	)		(317	)		(308	)		(36	)

		—			—			—			—			—			—			—			—

Net increase (decrease) in net assets resulting from capital shares transactions		(17,654	)		1,259			112,582			214,621			49,179			7,286			(2,566	)		70,481


Net Increase (Decrease) in net assets		(47,701	)		(6,791	)		(67,269	)		294,079			24,378			(4,417	)		(72,023	)		82,707


Net Assets:
Beginning of year	$	85,544		$	92,335		$	425,188		$	131,109		$	29,367		$	33,784		$	698,648		$	615,941

End of year	$	37,843		$	85,544		$	357,919		$	425,188		$	53,745		$	29,367		$	626,625		$	698,648

Undistributed (Accumulated) Net Investment Income (Loss)	$	939		$	668		$	1,928		$	398		$	(1	)	$	(107	)	$	1,933		$	132

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



Transamerica Funds				Annual Report 2008

STATEMENTS OF CHANGES IN NET ASSETS (continued)
(all amounts in thousands)


	Transamerica Legg Mason						Transamerica Marsico						Transamerica MFS						Transamerica PIMCO Real
	Partners Investors Value						Growth						International Equity						Return TIPS
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,			October 31,			October 31,			October 31,			October 31,
	2008			2007			2008			2007			2008			2007			2008			2007

Share Activity:
Shares issued:
Class A		9			2			5			1			12			4			2			2
Class B		1						—			2			4			21			—
Class C		1						—						3			35			1			1
Class I								14,021			18,626			6,234						5,765			9,357

		11			2			14,026			18,629			6,253			60			5,768			9,360

Shares issued-reinvested from distributions:
Class A		48			216			—			—			152			1,317			10			9
Class B		53			282			—			—			275			2,218			9			10
Class C		15			70			1			—			97			850			7			7
Class I		377			1,394			89			13			—			1,189			3,387			2,497

		493			1,962			90			13			524			5,574			3,413			2,523

Shares redeemed:
Class A		(325	)		(374	)		(108	)		(298	)		(565	)		(768	)		(86	)		(125	)
Class B		(312	)		(424	)		(199	)		(383	)		(857	)		(1,072	)		(47	)		(266	)
Class C		(97	)		(95	)		(367	)		(156	)		(512	)		(431	)		(51	)		(116	)
Class I		(2,306	)		(891	)		(4,404	)		(160	)					(6,562	)		(9,325	)		(4,307	)

		(3,040	)		(1,784	)		(5,078	)		(997	)		(1,934	)		(8,833	)		(9,509	)		(4,814	)

Automatic conversions:
Class A		248			91			148			37			254			67			29			3
Class B		(274	)		(100	)		(156	)		(39	)		(298	)		(78	)		(29	)		(3	)

		(26	)		(9	)		(8	)		(2	)		(44	)		(11	)		—			—

Net increase (decrease) in shares outstanding:
Class A		(20	)		(65	)		45			(260	)		(147	)		620			(45	)		(111	)
Class B		(532	)		(242	)		(355	)		(420	)		(876	)		1,089			(67	)		(259	)
Class C		(81	)		(25	)		(366	)		(156	)		(412	)		454			(43	)		(108	)
Class I		(1,929	)		503			9,706			18,479			6,234						(173	)		7,547

		(2,562	)		171			9,030			17,643			4,799			2,163			(328	)		7,069

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



Transamerica Funds				Annual Report 2008

STATEMENTS OF CHANGES IN NET ASSETS (continued)
(all amounts in thousands)


	Transamerica PIMCO Total
	Return
	Year Ended			Year Ended
	October 31,			October 31,
	2008			2007

*Increase (Decrease) in Net Assets From:*
Operations:
Net investment income	$	27,295		$	20,926
Net realized gain^(a)		24,977			1,144
Change in unrealized appreciation (depreciation)^(b)		(78,111	)		8,939

Net increase (decrease) in net assets resulting from operations		(25,839	)		31,009


Distributions to Shareholders:
From net investment income:
Class A		(188	)		(195	)
Class B		(259	)		(423	)
Class C		(143	)		(168	)
Class I		(24,014	)		(19,388	)

		(24,604	)		(20,174	)

From net realized gains:
Class A		(25	)		(3	)
Class B		(42	)		(7	)
Class C		(20	)		(2	)
Class I		(2,969	)		(154	)

		(3,056	)		(166	)

Capital Share Transactions:
Proceeds from shares sold:
Class A		92			9
Class B		54			10
Class C		37			11
Class I		68,212			248,086

		68,395			248,116

Dividends and distributions reinvested:
Class A		146			176
Class B		200			324
Class C		101			132
Class I		20,711			19,542

		21,158			20,174

Cost of shares redeemed:
Class A		(1,086	)		(1,715	)
Class B		(1,837	)		(5,548	)
Class C		(462	)		(1,248	)
Class I		(21,488	)		(5,873	)

		(24,873	)		(14,384	)

Automatic conversions:
Class A		1,285			283
Class B		(1,285	)		(283	)

		—			—

Net increase in net assets resulting from capital shares transactions		64,680			253,906


Net Increase in net assets		11,181			264,575


Net Assets:
Beginning of year	$	556,582		$	292,007

End of year	$	567,763		$	556,582

Undistributed Net Investment Income	$	11,197		$	166

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



Transamerica Funds		Annual Report 2008

STATEMENTS OF CHANGES IN NET ASSETS (continued)
(all amounts in thousands)


	Transamerica PIMCO Total
	Return
	Year Ended			Year Ended
	October 31,			October 31,
	2008			2007

Share Activity:
Shares issued:
Class A		5			1
Class B		1			1
Class C		1			1
Class I		5,939			24,157

		5,946			24,160

Shares issued-reinvested from distributions:
Class A		18			17
Class B		23			32
Class C		13			13
Class I		2,600			1,908

		2,654			1,970

Shares redeemed:
Class A		(104	)		(167	)
Class B		(177	)		(541	)
Class C		(45	)		(122	)
Class I		(2,124	)		(572	)

		(2,450	)		(1,402	)

Automatic conversions:
Class A		121			28
Class B		(121	)		(28	)

		—			—

Net increase in shares outstanding:
Class A		40			(121	)
Class B		(274	)		(536	)
Class C		(31	)		(108	)
Class I		6,415			25,493

		6,150			24,728


^(a)		Net realized and unrealized gain (loss) includes Investment Securities, Futures Contracts, Written Options and Swaptions, Swaps and Foreign Currency Transactions.

^(b)		Change in unrealized appreciation (depreciation) includes Investment Securities, Futures Contracts, Written Options and Swaptions, Swaps and Foreign Currency Translation.

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



Transamerica Funds		Annual Report 2008

FINANCIAL HIGHLIGHTS
For the years ended:


	Transamerica American Century Large Company Value
	Class A
	October 31,			October 31,			October 31,				October 31,			October 31,
	2008			2007			2006				2005			2004


Net Asset Value
Beginning of year	$	12.82		$	12.44		$	10.98			$	10.20		$	9.09


Investment Operations
Net investment income ^(a)		0.19			0.19			0.39				0.13			0.11
Net realized and unrealized gain (loss) on investments		(4.95	)		0.95			1.50				0.80			1.01

Total from investment operations		(4.76	)		1.14			1.89				0.93			1.12


Distributions
Net investment income		(0.14	)		(0.11	)		(0.02	)			(0.15	)		(0.01	)
Net realized gains on investments		(0.20	)		(0.65	)		(0.41	)			—			—

Total distributions		(0.34	)		(0.76	)		(0.43	)			(0.15	)		(0.01	)


Net Asset Value
End of year	$	7.72		$	12.82		$	12.44			$	10.98		$	10.20


Total Return ^(b)		(38.03	%)		9.54	%		17.66	%			9.10	%		12.38	%


Net Assets End of Year	$	3,802		$	6,612		$	8,453		��	$	406,609		$	157,103


Ratio and Supplemental Data
Expenses to average net assets
After reimbursement/fee waiver		1.26	%		1.17	%		1.30	%			1.31	%^(*)		1.54	%
Before reimbursement/fee waiver		1.26	%		1.17	%		1.30	%			1.31	%^(*)		1.54	%
Net investment income, to average net assets ^(c)		1.79	%		1.49	%		3.44	%			1.16	%		1.11	%
Portfolio turnover rate		30	%		13	%		24	%			28	%		61	%


	Transamerica American Century Large Company Value
	Class B
	October 31,			October 31,			October 31,			October 31,			October 31,
	2008			2007			2006			2005			2004


Net Asset Value
Beginning of year	$	12.39		$	12.03		$	10.67		$	9.88		$	8.87


Investment Operations
Net investment income^(a)		0.18			0.18			0.11			0.02			0.02
Net realized and unrealized gain (loss) on investments		(4.77	)		0.92			1.68			0.77			1.00

Total from investment operations		(4.59	)		1.10			1.79			0.79			1.02


Distributions
Net investment income		(0.14	)		(0.09	)		(0.02	)		—			(0.01	)
Net realized gains on investments		(0.20	)		(0.65	)		(0.41	)		—			—

Total distributions		(0.34	)		(0.74	)		(0.43	)		—			(0.01	)


Net Asset Value
End of year	$	7.46		$	12.39		$	12.03		$	10.67		$	9.88


Total Return^(b)		(37.99	%)		9.55	%		17.29	%		8.01	%		11.54	%


Net Assets End of Year	$	3,446		$	10,023		$	13,169		$	16,927		$	18,612


Ratio and Supplemental Data
Expenses to average net assets
After reimbursement/fee waiver		1.28	%		1.19	%		1.64	%		2.36	%^(*)		2.32	%
Before reimbursement/fee waiver		1.28	%		1.19	%		1.64	%		2.36	%^(*)		2.32	%
Net investment income, to average net assets^(c)		1.76	%		1.48	%		1.01	%		0.23	%		0.20	%
Portfolio turnover rate		30	%		13	%		24	%		28	%		61	%

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


Transamerica Funds		Annual Report 2008

FINANCIAL HIGHLIGHTS (continued)
For the years ended:


	Transamerica American Century Large Company Value
	Class C
	October 31,			October 31,			October 31,			October 31,			October 31,
	2008			2007			2006			2005			2004


Net Asset Value
Beginning of year	$	12.37		$	12.01		$	10.64		$	9.86		$	8.87


Investment Operations
Net investment income^(a)		0.20			0.19			0.12			0.02			—
Net realized and unrealized gain (loss) on investments		(4.77	)		0.92			1.68			0.77			1.00

Total from investment operations		(4.57	)		1.11			1.80			0.79			1.00


Distributions
Net investment income		(0.16	)		(0.10	)		(0.02	)		(0.01	)		(0.01	)
Net realized gains on investments		(0.20	)		(0.65	)		(0.41	)		—			—

Total distributions		(0.36	)		(0.75	)		(0.43	)		(0.01	)		(0.01	)


Net Asset Value
End of year	$	7.44		$	12.37		$	12.01		$	10.64		$	9.86


Total Return^(b)		(37.96	%)		9.66	%		17.45	%		7.93	%		11.38	%


Net Assets End of Year	$	1,768		$	4,474		$	5,301		$	7,163		$	7,586


Ratio and Supplemental Data
Expenses to average net assets
After reimbursement/fee waiver		1.14	%		1.07	%		1.59	%		2.42	%^(*)		2.50	%
Before reimbursement/fee waiver		1.14	%		1.07	%		1.59	%		2.42	%^(*)		2.54	%
Net investment income, to average net assets^(c)		1.91	%		1.59	%		1.07	%		0.16	%		0.04	%
Portfolio turnover rate		30	%		13	%		24	%		28	%		61	%


	Transamerica American Century Large
	Company Value
	Class I
	October 31,			October 31,			October 31,
	2008			2007			2006^(d)


Net Asset Value
Beginning of year	$	12.82		$	12.45		$	11.15


Investment Operations
Net investment income^(a)		0.23			0.22			0.17
Net realized and unrealized gain (loss) on investments		(4.94	)		0.97			1.57

Total from investment operations		(4.71	)		1.19			1.74


Distributions
Net investment income		(0.19	)		(0.17	)		(0.03	)
Net realized gains on investments		(0.20	)		(0.65	)		(0.41	)

Total distributions		(0.39	)		(0.82	)		(0.44	)


Net Asset Value
End of year	$	7.72		$	12.82		$	12.45


Total Return^(b)		(37.79	%)		9.95	%		16.11	%^(e)


Net Assets End of Year	$	423,344		$	695,331		$	316,631


Ratio and Supplemental Data
Expenses to average net assets
After reimbursement/fee waiver		0.85	%		0.85	%		0.91	%^(f)
Before reimbursement/fee waiver		0.85	%		0.85	%		0.91	%^(f)
Net investment income, to average net assets^(c)		2.19	%		1.73	%		1.57	%^(f)
Portfolio turnover rate		30	%		13	%		24	%^(e)

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


Transamerica Funds		Annual Report 2008

FINANCIAL HIGHLIGHTS (continued)
For the years ended:


	Transamerica Clarion Global Real Estate Securities
	Class A
	October 31,			October 31,			October 31,			October 31,			October 31,
	2008			2007			2006			2005			2004


Net Asset Value
Beginning of year	$	20.53		$	20.30		$	16.13		$	13.99		$	12.25


Investment Operations
Net investment income^(a)		0.29			0.31			0.13			0.27			0.28
Net realized and unrealized gain (loss) on investments		(8.35	)		2.45			5.59			2.46			3.05

Total from investment operations		(8.06	)		2.76			5.72			2.73			3.33


Distributions
Net investment income		(0.89	)		(0.75	)		(0.17	)		(0.41	)		(0.53	)
Net realized gains on investments		(2.05	)		(1.78	)		(1.38	)		(0.18	)		(1.06	)

Total distributions		(2.94	)		(2.53	)		(1.55	)		(0.59	)		(1.59	)


Net Asset Value
End of year	$	9.53		$	20.53		$	20.30		$	16.13		$	13.99


Total Return^(b)		(44.97	%)		14.79	%		38.39	%		19.87	%		29.30	%


Net Assets End of Year	$	2,682		$	6,050		$	7,199		$	139,290		$	125,423


Ratio and Supplemental Data
Expenses to average net assets
After reimbursement/fee waiver		1.21	%		1.13	%		1.30	%		1.25	%		1.30	%
Before reimbursement/fee waiver		1.21	%		1.13	%		1.30	%		1.25	%		1.30	%
Net investment income, to average net assets^(c)		1.98	%		1.02	%		0.77	%		1.77	%		2.16	%
Portfolio turnover rate		41	%		72	%		76	%		66	%		73	%


	Transamerica Clarion Global Real Estate Securities
	Class B
	October 31,			October 31,			October 31,			October 31,			October 31,
	2008			2007			2006			2005			2004


Net Asset Value
Beginning of year	$	20.47		$	20.25		$	16.14		$	13.99		$	12.22


Investment Operations
Net investment income^(a)		0.27			0.31			0.11			0.06			0.25
Net realized and unrealized gain (loss) on investments		(8.31	)		2.44			5.57			2.49			3.03

Total from investment operations		(8.04	)		2.75			5.68			2.55			3.28


Distributions
Net investment income		(0.88	)		(0.75	)		(0.19	)		(0.22	)		(0.45	)
Net realized gains on investments		(2.05	)		(1.78	)		(1.38	)		(0.18	)		(1.06	)

Total distributions		(2.93	)		(2.53	)		(1.57	)		(0.40	)		(1.51	)


Net Asset Value
End of year	$	9.50		$	20.47		$	20.25		$	16.14		$	13.99


Total Return^(b)		(44.96	%)		14.77	%		38.20	%		18.45	%		28.96	%


Net Assets End of Year	$	1,036		$	4,004		$	6,323		$	6,644		$	4,042


Ratio and Supplemental Data
Expenses to average net assets
After reimbursement/fee waiver		1.28	%		1.14	%		1.55	%		2.38	%		1.51	%
Before reimbursement/fee waiver		1.28	%		1.14	%		1.55	%		2.38	%		1.51	%
Net investment income, to average net assets^(c)		1.87	%		1.02	%		0.64	%		0.42	%		1.97	%
Portfolio turnover rate		41	%		72	%		76	%		66	%		73	%

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


Transamerica Funds		Annual Report 2008

FINANCIAL HIGHLIGHTS (continued)
For the years ended:


	Transamerica Clarion Global Real Estate Securities
	Class C
	October 31,			October 31,			October 31,			October 31,			October 31,
	2008			2007			2006			2005			2004


Net Asset Value
Beginning of year	$	20.30		$	20.09		$	16.02		$	13.92		$	12.22

		��
Investment Operations
Net investment income^(a)		0.30			0.32			0.11			0.11			0.17
Net realized and unrealized gain (loss) on investments		(8.25	)		2.44			5.54			2.44			3.04

Total from investment operations		(7.95	)		2.76			5.65			2.55			3.21


Distributions
Net investment income		(0.89	)		(0.77	)		(0.20	)		(0.27	)		(0.45	)
Net realized gains on investments		(2.05	)		(1.78	)		(1.38	)		(0.18	)		(1.06	)

Total distributions		(2.94	)		(2.55	)		(1.58	)		(0.45	)		(1.51	)


Net Asset Value
End of year	$	9.41		$	20.30		$	20.09		$	16.02		$	13.92


Total Return^(b)		(44.91	%)		14.95	%		38.30	%		18.53	%		28.32	%


Net Assets End of Year	$	1,091		$	2,459		$	2,963		$	5,632		$	5,325


Ratio and Supplemental Data
Expenses to average net assets
After reimbursement/fee waiver		1.07	%		1.06	%		1.52	%		2.27	%		2.22	%
Before reimbursement/fee waiver		1.07	%		1.06	%		1.52	%		2.27	%		2.22	%
Net investment income, to average net assets^(c)		2.11	%		1.09	%		0.64	%		0.76	%		1.32	%
Portfolio turnover rate		41	%		72	%		76	%		66	%		73	%


	Transamerica Clarion Global Real Estate
	Securities
	Class I
	October 31,			October 31,			October 31,
	2008			2007			2006^(d)


Net Asset Value
Beginning of year	$	20.48		$	20.25		$	15.85


Investment Operations
Net investment income^(a)		0.32			0.36			0.21
Net realized and unrealized gain (loss) on investments		(8.33	)		2.45			5.85

Total from investment operations		(8.01	)		2.81			6.06


Distributions
Net investment income		(0.90	)		(0.80	)		(0.28	)
Net realized gains on investments		(2.05	)		(1.78	)		(1.38	)

Total distributions		(2.95	)		(2.58	)		(1.66	)


Net Asset Value
End of year	$	9.52		$	20.48		$	20.25


Total Return^(b)		(44.82	%)		15.11	%		41.43	%^(e)


Net Assets End of Year	$	232,115		$	367,750		$	331,620


Ratio and Supplemental Data
Expenses to average net assets
After reimbursement/fee waiver		0.89	%		0.88	%		0.91	%^(f)
Before reimbursement/fee waiver		0.89	%		0.88	%		0.91	%^(f)
Net investment income, to average net assets^(c)		2.29	%		1.29	%		1.27	%^(f)
Portfolio turnover rate		41	%		72	%		76	%^(e)

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


Transamerica Funds		Annual Report 2008

FINANCIAL HIGHLIGHTS (continued)
For the years ended:


	Transamerica Evergreen Health Care
	Class A
	October 31,			October 31,			October 31,			October 31,			October 31,
	2008			2007			2006			2005			2004


Net Asset Value
Beginning of year	$	13.93		$	14.06		$	12.44		$	10.84		$	10.14


Investment Operations
Net investment loss^(a)		(0.02	)		(0.01	)		(0.07	)		(0.12	)		(0.13	)
Net realized and unrealized gain (loss) on investments		(4.06	)		1.73			2.41			1.82			1.18

Total from investment operations		(4.08	)		1.72			2.34			1.70			1.05


Distributions
Net realized gains on investments		(1.10	)		(1.85	)		(0.72	)		(0.10	)		(0.35	)

Total distributions		(1.10	)		(1.85	)		(0.72	)		(0.10	)		(0.35	)


Net Asset Value
End of year	$	8.75		$	13.93		$	14.06		$	12.44		$	10.84


Total Return^(b)		(31.72	%)		13.71	%		19.48	%		15.69	%		10.19	%


Net Assets End of Year	$	1,941		$	3,188		$	3,592		$	194,414		$	154,957


Ratio and Supplemental Data
Expenses to average net assets
After reimbursement/fee waiver		1.25	%		1.24	%		1.47	%^{(^)}		1.44	%		1.53	%
Before reimbursement/fee waiver		1.25	%		1.24	%		1.47	%^{(^)}		1.44	%		1.53	%
Net investment loss, to average net assets^(c)		(0.19	%)		(0.08	%)		(0.56	%)		(1.02	%)		(1.15	%)
Portfolio turnover rate		44	%		68	%		92	%		59	%		35	%


	Transamerica Evergreen Health Care
	Class B
	October 31,			October 31,			October 31,			October 31,			October 31,
	2008			2007			2006			2005			2004

														��
Net Asset Value
Beginning of year	$	13.42		$	13.61		$	12.10		$	10.66		$	10.03


Investment Operations
Net investment loss^(a)		(0.02	)		(0.01	)		(0.10	)		(0.25	)		(0.17	)
Net realized and unrealized gain (loss) on investments		(3.91	)		1.67			2.33			1.79			1.15

Total from investment operations		(3.93	)		1.66			2.23			1.54			0.98


Distributions
Net realized gains on investments		(1.10	)		(1.85	)		(0.72	)		(0.10	)		(0.35	)

Total distributions		(1.10	)		(1.85	)		(0.72	)		(0.10	)		(0.35	)


Net Asset Value
End of year	$	8.39		$	13.42		$	13.61		$	12.10		$	10.66


Total Return^(b)		(31.81	%)		13.73	%		19.11	%		14.45	%		9.59	%

Net Assets End of Year	$	1,239		$	3,099		$	4,528		$	5,274		$	4,590


Ratio and Supplemental Data
Expenses to average net assets
After reimbursement/fee waiver		1.29	%		1.24	%		1.71	%^{(^)}		2.60	%		2.09	%
Before reimbursement/fee waiver		1.29	%		1.24	%		1.71	%^{(^)}		2.66	%		2.09	%
Net investment loss, to average net assets^(c)		(0.23	%)		(0.06	%)		(0.79	%)		(2.18	%)		(1.58	%)
Portfolio turnover rate		44	%		68	%		92	%		59	%		35	%

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



Transamerica Funds		Annual Report 2008

FINANCIAL HIGHLIGHTS (continued)
For the years ended:


	Transamerica Evergreen Health Care
	Class C
	October 31,			October 31,			October 31,			October 31,			October 31,
	2008			2007			2006			2005			2004


Net Asset Value
Beginning of year	$	13.35		$	13.55		$	12.07		$	10.63		$	10.03


Investment Operations
Net investment loss^(a)		—	^(g)		(0.01	)		(0.13	)		(0.25	)		(0.24	)
Net realized and unrealized gain (loss) on investments		(3.89	)		1.66			2.33			1.79			1.19

Total from investment operations		(3.89	)		1.65			2.20			1.54			0.95


Distributions
Net realized gains on investments		(1.10	)		(1.85	)		(0.72	)		(0.10	)		(0.35	)

Total distributions		(1.10	)		(1.85	)		(0.72	)		(0.10	)		(0.35	)


Net Asset Value
End of year	$	8.36		$	13.35		$	13.55		$	12.07		$	10.63


Total Return^(b)		(31.67	%)		13.71	%		18.90	%		14.44	%		9.28	%


Net Assets End of Year	$	946		$	1,530		$	1,748		$	2,223		$	2,081


Ratio and Supplemental Data
Expenses to average net assets
After reimbursement/fee waiver		1.10	%		1.24	%^(@)		1.89	%^{(^)}		2.60	%		2.60	%
Before reimbursement/fee waiver		1.10	%		1.24	%^(@)		1.89	%^{(^)}		2.90	%		3.41	%
Net investment loss, to average net assets^(c)		(0.04	%)		(0.11	%)		(0.99	%)		(2.18	%)		(1.61	%)
Portfolio turnover rate		44	%		68	%		92	%		59	%		35	%


	Transamerica Evergreen Health Care
	Class I
	October 31,			October 31,			October 31,			October 31,
	2008			2007			2006			2005^(h)


Net Asset Value
Beginning of year	$	14.15		$	14.22		$	12.52		$	11.26


Investment Operations
Net investment income (loss)^(a)		0.02			0.03			—	^(g)		(0.07	)
Net realized and unrealized gain (loss) on investments		(4.13	)		1.75			2.42			1.43

Total from investment operations		(4.11	)		1.78			2.42			1.36


Distributions
Net investment income		(0.02	)		—	^(g)		—			—
Net realized gains on investments		(1.10	)		(1.85	)		(0.72	)		(0.10	)

Total distributions		(1.12	)		(1.85	)		(0.72	)		(0.10	)


Net Asset Value
End of year	$	8.92		$	14.15		$	14.22		$	12.52


Total Return^(b)		(31.45	%)		14.04	%		20.02	%		12.09	%^(e)


Net Assets End of Year	$	162,357		$	363,479		$	514,419		$	173,270


Ratio and Supplemental Data
Expenses to average net assets
After reimbursement/fee waiver		0.90	%		0.90	%		0.96	%^{(^)}		1.06	%^(f)
Before reimbursement/fee waiver		0.90	%		0.90	%		0.96	%^{(^)}		1.06	%^(f)
Net investment income (loss), to average net assets^(c)		0.16	%		0.23	%		(0.03	%)		(0.65	%)^(f)
Portfolio turnover rate		44	%		68	%		92	%		59	%^(e)

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



Transamerica Funds		Annual Report 2008

FINANCIAL HIGHLIGHTS (continued)
For the years ended:


	Transamerica Jennison Growth
	Class A
	October 31,			October 31,			October 31,			October 31,			October 31,
	2008			2007			2006			2005			2004


Net Asset Value
Beginning of year	$	12.93		$	11.35		$	11.06		$	9.52		$	8.54


Investment Operations
Net investment loss^(a)		(0.03	)		(0.02	)		(0.06	)		(0.03	)		(0.07	)
Net realized and unrealized gain (loss) on investments		(4.64	)		2.06			0.56			1.57			1.05

Total from investment operations		(4.67	)		2.04			0.50			1.54			0.98


Distributions
Net realized gains on investments		—			(0.46	)		(0.21	)		—			—

Total distributions		—			(0.46	)		(0.21	)		—			—


Net Asset Value
End of year	$	8.26		$	12.93		$	11.35		$	11.06		$	9.52


Total Return^(b)		(36.12	%)		18.59	%		4.44	%		16.18	%		11.48	%


Net Assets End of Year	$	5,187		$	9,065		$	10,924		$	64,920		$	57,760


Ratio and Supplemental Data
Expenses to average net assets
After reimbursement/fee waiver		1.33	%		1.30	%		1.41	%		1.41	%		1.59	%
Before reimbursement/fee waiver		1.33	%		1.30	%		1.41	%		1.41	%		1.59	%
Net investment loss, to average net assets^(c)		(0.25	%)		(0.21	%)		(0.56	%)		(0.33	%)		(0.79	%)
Portfolio turnover rate		70	%		63	%		80	%		86	%		147	%


	Transamerica Jennison Growth
	Class B
	October 31,			October 31,			October 31,			October 31,			October 31,
	2008			2007			2006			2005			2004


Net Asset Value
Beginning of year	$	12.09		$	10.63		$	10.39		$	9.03		$	8.14


Investment Operations
Net investment loss^(a)		(0.02	)		(0.01	)		(0.08	)		(0.11	)		(0.12	)
Net realized and unrealized gain (loss) on investments		(4.34	)		1.93			0.53			1.47			1.01

Total from investment operations		(4.36	)		1.92			0.45			1.36			0.89


Distributions
Net realized gains on investments		—			(0.46	)		(0.21	)		—			—

Total distributions		—			(0.46	)		(0.21	)		—			—


Net Asset Value
End of year	$	7.73		$	12.09		$	10.63		$	10.39		$	9.03


Total Return^(b)		(36.06	%)		18.72	%		4.24	%		15.06	%		10.93	%


Net Assets End of Year	$	5,822		$	13,754		$	17,590		$	32,778		$	34,667


Ratio and Supplemental Data
Expenses to average net assets
After reimbursement/fee waiver		1.26	%		1.23	%		1.62	%		2.27	%		2.24	%
Before reimbursement/fee waiver		1.26	%		1.23	%		1.62	%		2.27	%		2.24	%
Net investment loss, to average net assets^(c)		(0.19	%)		(0.14	%)		(0.75	%)		(1.18	%)		(1.37	%)
Portfolio turnover rate		70	%		63	%		80	%		86	%		147	%

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



Transamerica Funds		Annual Report 2008

FINANCIAL HIGHLIGHTS (continued)
For the years ended:


	Transamerica Jennison Growth
	Class C
	October 31,			October 31,			October 31,			October 31,			October 31,
	2008			2007			2006			2005			2004


Net Asset Value
Beginning of year	$	12.12		$	10.66		$	10.41		$	9.05		$	8.14


Investment Operations
Net investment loss^(a)		(0.01	)		(0.01	)		(0.08	)		(0.12	)		(0.15	)
Net realized and unrealized gain (loss) on investments		(4.35	)		1.93			0.54			1.48			1.06

Total from investment operations		(4.36	)		1.92			0.46			1.36			0.91


Distributions
Net realized gains on investments		—			(0.46	)		(0.21	)		—			—

Total distributions		—			(0.46	)		(0.21	)		—			—


Net Asset Value
End of year	$	7.76		$	12.12		$	10.66		$	10.41		$	9.05


Total Return^(b)		(35.97	%)		18.67	%		4.33	%		15.03	%		11.18	%


Net Assets End of Year	$	2,589		$	4,928		$	6,130		$	11,163		$	13,717


Ratio and Supplemental Data
Expenses to average net assets
After reimbursement/fee waiver		1.18	%		1.20	%		1.66	%		2.37	%		2.39	%
Before reimbursement/fee waiver		1.18	%		1.20	%		1.66	%		2.37	%		2.39	%
Net investment loss, to average net assets^(c)		(0.11	%)		(0.10	%)		(0.79	%)		(1.20	%)		(1.68	%)
Portfolio turnover rate		70	%		63	%		80	%		86	%		147	%


	Transamerica Jennison Growth
	Class I
	October 31,			October 31,			October 31,
	2008			2007			2006^(d)


Net Asset Value
Beginning of year	$	13.05		$	11.40		$	11.43


Investment Operations
Net investment income^(a)		0.02			0.03			—	^(g)
Net realized and unrealized gain (loss) on investments		(4.68	)		2.08			0.18

Total from investment operations		(4.66	)		2.11			0.18


Distributions
Net investment income		(0.02	)		—			—
Net realized gains on investments		—			(0.46	)		(0.21	)

Total distributions		(0.02	)		(0.46	)		(0.21	)


Net Asset Value
End of year	$	8.37		$	13.05		$	11.40


Total Return^(b)		(35.77	%)		19.14	%		1.50	%^(e)


Net Assets End of Year	$	184,981		$	160,815		$	96,273


Ratio and Supplemental Data
Expenses to average net assets
After reimbursement/fee waiver		0.85	%		0.87	%		0.89	%^(f)
Before reimbursement/fee waiver		0.85	%		0.87	%		0.89	%^(f)
Net investment income (loss), to average net assets^(c)		0.21	%		0.22	%		(0.02	%)^(f)
Portfolio turnover rate		70	%		63	%		80	%^(e)

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



Transamerica Funds		Annual Report 2008

FINANCIAL HIGHLIGHTS (continued)
For the years ended:


	Transamerica Legg Mason Partners Investors Value
	Class A
	October 31,			October 31,			October 31,			October 31,			October 31,
	2008			2007			2006			2005			2004

Net Asset Value
Beginning of year	$	10.11		$	11.12		$	14.17		$	13.30		$	12.51


Investment Operations
Net investment income^(a)		0.10			0.08			0.11			0.16			0.10
Net realized and unrealized gain (loss) on investments		(3.34	)		1.07			1.73			1.11			1.09

Total from investment operations		(3.24	)		1.15			1.84			1.27			1.19


Distributions
Net investment income		(0.06	)		(0.08	)		(0.03	)		(0.19	)		(0.10	)
Net realized gains on investments		(0.45	)		(2.08	)		(4.86	)		(0.21	)		(0.30	)

Total distributions		(0.51	)		(2.16	)		(4.89	)		(0.40	)		(0.40	)


Net Asset Value
End of year	$	6.36		$	10.11		$	11.12		$	14.17		$	13.30


Total Return^(b)		(33.63	%)		11.90	%		17.14	%		9.60	%		9.52	%


Net Assets End of Year	$	5,684		$	9,238		$	10,885		$	180,933		$	405,455


Ratio and Supplemental Data
Expenses to average net assets
After reimbursement/fee waiver		1.25	%		1.21	%		1.33	%		1.25	%		1.25	%
Before reimbursement/fee waiver		1.25	%		1.22	%		1.33	%		1.25	%		1.25	%
Net investment income, to average net assets^(c)		1.20	%		0.79	%		0.95	%		1.14	%		0.72	%
Portfolio turnover rate		21	%		12	%		23	%		47	%		33	%


	Transamerica Legg Mason Partners Investors Value
	Class B
	October 31,			October 31,			October 31,			October 31,			October 31,
	2008			2007			2006			2005			2004

Net Asset Value
Beginning of year	$	9.20		$	10.30		$	13.48		$	12.65		$	11.99


Investment Operations
Net investment income^(a)		0.09			0.07			0.05			—	^(g)		0.01
Net realized and unrealized gain (loss) on investments		(3.03	)		0.97			1.65			1.08			1.05

Total from investment operations		(2.94	)		1.04			1.70			1.08			1.06


Distributions
Net investment income		(0.06	)		(0.06	)		(0.02	)		(0.04	)		(0.10	)
Net realized gains on investments		(0.45	)		(2.08	)		(4.86	)		(0.21	)		(0.30	)

Total distributions		(0.51	)		(2.14	)		(4.88	)		(0.25	)		(0.40	)


Net Asset Value
End of year	$	5.75		$	9.20		$	10.30		$	13.48		$	12.65


Total Return^(b)		(33.71	%)		11.80	%		17.02	%		8.53	%		8.82	%


Net Assets End of Year	$	2,636		$	9,104		$	12,677		$	17,684		$	20,463


Ratio and Supplemental Data
Expenses to average net assets
After reimbursement/fee waiver		1.31	%		1.20	%		1.57	%		2.20	%		1.86	%
Before reimbursement/fee waiver		1.31	%		1.21	%		1.58	%		2.24	%		1.86	%
Net investment income, to average net assets^(c)		1.13	%		0.81	%		0.49	%		0.02	%		0.11	%
Portfolio turnover rate		21	%		12	%		23	%		47	%		33	%

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



Transamerica Funds		Annual Report 2008

FINANCIAL HIGHLIGHTS (continued)
For the years ended:


	Transamerica Legg Mason Partners Investors Value
	Class C
	October 31,			October 31,			October 31,			October 31,			October 31,
	2008			2007			2006			2005			2004

Net Asset Value
Beginning of year	$	9.13		$	10.24		$	13.43		$	12.62		$	11.99


Investment Operations
Net investment income (loss)^(a)		0.09			0.07			0.05			—	^(g)		(0.05	)
Net realized and unrealized gain (loss) on investments		(3.01	)		0.96			1.64			1.08			1.08

Total from investment operations		(2.92	)		1.03			1.69			1.08			1.03


Distributions
Net investment income		(0.06	)		(0.06	)		(0.02	)		(0.06	)		(0.10	)
Net realized gains on investments		(0.45	)		(2.08	)		(4.86	)		(0.21	)		(0.30	)

Total distributions		(0.51	)		(2.14	)		(4.88	)		(0.27	)		(0.40	)


Net Asset Value
End of year	$	5.70		$	9.13		$	10.24		$	13.43		$	12.62


Total Return^(b)		(33.73	%)		11.83	%		16.99	%		8.57	%		8.62	%


Net Assets End of Year	$	1,076		$	2,469		$	3,015		$	4,908		$	5,981


Ratio and Supplemental Data
Expenses to average net assets
After reimbursement/fee waiver		1.29	%		1.19	%		1.60	%		2.20	%		2.20	%
Before reimbursement/fee waiver		1.29	%		1.22	%		1.67	%		2.38	%		2.30	%
Net investment income (loss), to average net assets^(c)		1.17	%		0.82	%		0.47	%		0.03	%		(0.37	%)
Portfolio turnover rate		21	%		12	%		23	%		47	%		33	%


	Transamerica Legg Mason Partners
	Investors Value
	Class I
	October 31,			October 31,			October 31,
	2008			2007			2006^(d)

Net Asset Value
Beginning of year	$	10.11		$	11.15		$	14.35


Investment Operations
Net investment income^(a)		0.13			0.11			0.12
Net realized and unrealized gain (loss) on investments		(3.33	)		1.05			1.59

Total from investment operations		(3.20	)		1.16			1.71


Distributions
Net investment income		(0.10	)		(0.12	)		(0.05	)
Net realized gains on investments		(0.45	)		(2.08	)		(4.86	)

Total distributions		(0.55	)		(2.20	)		(4.91	)


Net Asset Value
End of year	$	6.36		$	10.11		$	11.15


Total Return^(b)		(33.38	%)		12.10	%		16.22	%^(e)


Net Assets End of Year	$	28,448		$	64,733		$	65,758


Ratio and Supplemental Data
Expenses to average net assets
After reimbursement/fee waiver		0.87	%		0.89	%		0.90	%^(f)
Before reimbursement/fee waiver		0.87	%		0.89	%		0.90	%^(f)
Net investment income, to average net assets^(c)		1.58	%		1.10	%		1.17	%^(f)
Portfolio turnover rate		21	%		12	%		23	%^(e)

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



Transamerica Funds		Annual Report 2008

FINANCIAL HIGHLIGHTS (continued)
For the years ended:


	Transamerica Marsico Growth
	Class A
	October 31,			October 31,			October 31,			October 31,			October 31,
	2008			2007			2006			2005			2004

Net Asset Value
Beginning of year	$	14.31		$	11.02		$	10.32		$	9.15		$	8.97


Investment Operations
Net investment income (loss)^(a)		0.04			0.01			(0.05	)		(0.03	)		(0.05	)
Net realized and unrealized gain (loss) on investments		(5.14	)		3.28			0.75			1.20			0.23

Total from investment operations		(5.10	)		3.29			0.70			1.17			0.18


Net Asset Value
End of year	$	9.21		$	14.31		$	11.02		$	10.32		$	9.15


Total Return^(b)		(35.64	%)		29.85	%		6.78	%		12.79	%		2.01	%


Net Assets End of Year	$	5,855		$	8,451		$	9,362		$	102,906		$	37,186


Ratio and Supplemental Data
Expenses to average net assets
After reimbursement/fee waiver		1.21	%		1.20	%		1.34	%		1.35	%^(#)		1.52	%
Before reimbursement/fee waiver		1.21	%		1.20	%		1.34	%		1.35	%^(#)		1.52	%
Net investment income (loss), to average net assets^(c)		0.35	%		0.08	%		(0.43	%)		(0.30	%)		(0.58	%)
Portfolio turnover rate		73	%		40	%		62	%		74	%		85	%


	Transamerica Marsico Growth
	Class B
	October 31,			October 31,			October 31,			October 31,			October 31,
	2008			2007			2006			2005			2004

Net Asset Value
Beginning of year	$	13.61		$	10.47		$	9.83		$	8.80		$	8.68


Investment Operations
Net investment income (loss)^(a)		0.05			0.01			(0.07	)		(0.12	)		(0.10	)
Net realized and unrealized gain (loss) on investments		(4.90	)		3.13			0.71			1.15			0.22

Total from investment operations		(4.85	)		3.14			0.64			1.03			0.12


Distributions
Net investment income		—	^(g)		—			—			—			—

Total distributions		—	^(g)		—			—			—			—


Net Asset Value
End of year	$	8.76		$	13.61		$	10.47		$	9.83		$	8.80


Total Return^(b)		(35.63	%)		29.99	%		6.51	%		11.70	%		1.38	%

Net Assets End of Year	$	4,354		$	11,589		$	13,327		$	20,650		$	19,792

Ratio and Supplemental Data
Expenses to average net assets
After reimbursement/fee waiver		1.19	%		1.17	%		1.58	%		2.31	%^(#)		2.13	%
Before reimbursement/fee waiver		1.19	%		1.17	%		1.58	%		2.31	%^(#)		2.13	%
Net investment income (loss), to average net assets^(c)		0.40	%		0.10	%		(0.64	%)		(1.24	%)		(1.19	%)
Portfolio turnover rate		73	%		40	%		62	%		74	%		85	%

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



Transamerica Funds		Annual Report 2008

FINANCIAL HIGHLIGHTS (continued)
For the years ended:


	Transamerica Marsico Growth
	Class C
	October 31,			October 31,			October 31,			October 31,			October 31,
	2008			2007			2006			2005			2004


Net Asset Value
Beginning of year	$	13.62		$	10.47		$	9.81		$	8.78		$	8.68


Investment Operations
Net investment income (loss)^(a)		0.08			0.03			(0.05	)		(0.11	)		(0.12	)
Net realized and unrealized gain (loss) on investments		(4.92	)		3.12			0.71			1.14			0.22

Total from investment operations		(4.84	)		3.15			0.66			1.03			0.10


Distributions
Net investment income		(0.02	)		—			—			—			—

Total distributions		(0.02	)		—			—			—			—


Net Asset Value
End of year	$	8.76		$	13.62		$	10.47		$	9.81		$	8.78


Total Return^(b)		(35.57	%)		30.09	%		6.73	%		11.69	%		1.27	%


Net Assets End of Year	$	2,233		$	8,455		$	8,140		$	12,009		$	9,379


Ratio and Supplemental Data
Expenses to average net assets
After reimbursement/fee waiver		1.09	%		1.02	%		1.46	%		2.26	%^(#)		2.40	%
Before reimbursement/fee waiver		1.09	%		1.02	%		1.46	%		2.26	%^(#)		2.40	%
Net investment income (loss), to average net assets^(c)		0.66	%		0.23	%		(0.52	%)		(1.20	%)		(1.38	%)
Portfolio turnover rate		73	%		40	%		62	%		74	%		85	%


	Transamerica Marsico Growth
	Class I
	October 31,			October 31,			October 31,
	2008			2007			2006^(d)


Net Asset Value
Beginning of year	$	14.40		$	11.07		$	10.63


Investment Operations
Net investment income^(a)		0.08			0.04			0.01
Net realized and unrealized gain (loss) on investments		(5.16	)		3.30			0.43

Total from investment operations		(5.08	)		3.34			0.44


Distributions
Net investment income		(0.04	)		(0.01	)		—

Total distributions		(0.04	)		(0.01	)		—


Net Asset Value
End of year	$	9.28		$	14.40		$	11.07

Total Return^(b)		(35.35	%)		30.25	%		4.14	%^(e)


Net Assets End of Year	$	345,477		$	396,693		$	100,280


Ratio and Supplemental Data
Expenses to average net assets
After reimbursement/fee waiver		0.85	%		0.86	%		0.89	%^(f)
Before reimbursement/fee waiver		0.85	%		0.86	%		0.89	%^(f)
Net investment income, to average net assets^(c)		0.68	%		0.30	%		0.07	%^(f)
Portfolio turnover rate		73	%		40	%		62	%^(e)

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



Transamerica Funds		Annual Report 2008

FINANCIAL HIGHLIGHTS (continued)
For the years ended:


	Transamerica MFS International Equity
	Class A
	October 31,			October 31,			October 31,			October 31,			October 31,
	2008			2007			2006			2005			2004


Net Asset Value
Beginning of year	$	4.95		$	8.07		$	10.07		$	8.81		$	8.03


Investment Operations
Net investment income^(a)		0.03			0.05			0.03			0.03			—	^(g)
Net realized and unrealized gain (loss) on investments		(1.89	)		0.96			1.76			1.30			0.80

Total from investment operations		(1.86	)		1.01			1.79			1.33			0.80


Distributions
Net investment income		(0.07	)		(0.18	)		(0.08	)		(0.07	)		(0.02	)
Net realized gains on investments		(0.27	)		(3.95	)		(3.71	)		—			—

Total distributions		(0.34	)		(4.13	)		(3.79	)		(0.07	)		(0.02	)


Net Asset Value
End of year	$	2.75		$	4.95		$	8.07		$	10.07		$	8.81


Total Return^(b)		(40.23	%)		20.00	%		24.04	%		15.17	%		9.95	%


Net Assets End of Year	$	5,250		$	10,194		$	11,604		$	67,656		$	187,608


Ratio and Supplemental Data
Expenses to average net assets
After reimbursement/fee waiver		1.88	%		1.61	%		1.48	%		1.56	%		1.59	%
Before reimbursement/fee waiver		1.88	%		1.81	%		1.92	%		1.56	%		1.59	%
Net investment income (loss), to average net assets^(c)		0.81	%		1.11	%		0.39	%		0.36	%		(0.05	%)
Portfolio turnover rate		37	%		26	%		131	%		82	%		159	%


	Transamerica MFS International Equity
	Class B
	October 31,			October 31,			October 31,			October 31,			October 31,
	2008			2007			2006			2005			2004


Net Asset Value
Beginning of year	$	4.28		$	7.50		$	9.62		$	8.41		$	7.70


Investment Operations
Net investment income (loss)^(a)		0.03			0.05			0.01			—	^(g)		(0.04	)
Net realized and unrealized gain (loss) on investments		(1.63	)		0.85			1.65			1.21			0.77

Total from investment operations		(1.60	)		0.90			1.66			1.21			0.73


Distributions
Net investment income		(0.07	)		(0.17	)		(0.07	)		—	^(g)		(0.02	)
Net realized gains on investments		(0.27	)		(3.95	)		(3.71	)		—			—

Total distributions		(0.34	)		(4.12	)		(3.78	)		—	^(g)		(0.02	)


Net Asset Value
End of year	$	2.34		$	4.28		$	7.50		$	9.62		$	8.41


Total Return^(b)		(40.41	%)		20.12	%		23.78	%		14.41	%		9.46	%


Net Assets End of Year	$	5,527		$	13,841		$	16,091		$	21,069		$	20,153


Ratio and Supplemental Data
Expenses to average net assets
After reimbursement/fee waiver		1.89	%		1.59	%		1.69	%		2.34	%		2.09	%
Before reimbursement/fee waiver		1.89	%		1.79	%		2.20	%		2.72	%		2.09	%
Net investment income (loss), to average net assets^(c)		0.71	%		1.13	%		0.17	%		(0.01	%)		(0.46	%)
Portfolio turnover rate		37	%		26	%		131	%		82	%		159	%

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



Transamerica Funds		Annual Report 2008

FINANCIAL HIGHLIGHTS (continued)
For the years ended:


	Transamerica MFS International Equity
	Class C															Class I
	October 31,			October 31,			October 31,			October 31,			October 31,			October 31,
	2008			2007			2006			2005			2004			2008⁽ⁱ⁾


Net Asset Value
Beginning of year	$	4.18		$	7.41		$	9.55		$	8.40		$	7.70		$	10.00


Investment Operations
Net investment income (loss)^(a)		0.03			0.05			0.01			—	^(g)		(0.09	)		0.02
Net realized and unrealized gain (loss) on investments		(1.58	)		0.84			1.63			1.20			0.81			(3.44	)

Total from investment operations		(1.55	)		0.89			1.64			1.20			0.72			(3.42	)


Distributions
Net investment income		(0.08	)		(0.17	)		(0.07	)		(0.05	)		(0.02	)		—
Net realized gains on investments		(0.27	)		(3.95	)		(3.71	)		—			—			—

Total distributions		(0.35	)		(4.12	)		(3.78	)		(0.05	)		(0.02	)		—


Net Asset Value
End of year	$	2.28		$	4.18		$	7.41		$	9.55		$	8.40		$	6.58


Total Return^(b)		(40.33	%)		20.26	%		23.77	%		14.36	%		9.33	%		(34.20	%)^(e)


Net Assets End of Year	$	1,971		$	5,332		$	6,089		$	8,737		$	9,166		$	40,997


Ratio and Supplemental Data
Expenses to average net assets
After reimbursement/fee waiver		1.75	%		1.51	%		1.70	%		2.34	%		2.40	%		1.23	% ^(f)
Before reimbursement/fee waiver		1.75	%		1.66	%		2.08	%		2.70	%		2.49	%		1.23	% ^(f)
Net investment income (loss), to average net assets^(c)		0.83	%		1.19	%		0.17	%		(0.01	%)		(1.07	%)		0.71	% ^(f)
Portfolio turnover rate		37	%		26	%		131	%		82	%		159	%		37	%(e)


	Transamerica PIMCO Real Return TIPS
	Class A
	October 31,			October 31,			October 31,			October 31,			October 31,
	2008			2007			2006			2005			2004


Net Asset Value
Beginning of year	$	10.20		$	10.05		$	10.23		$	10.48		$	10.10


Investment Operations
Net investment income^(a)		0.46			0.33			0.94			0.30			0.02
Net realized and unrealized gain (loss) on investments		(0.95	)		0.18			(0.70	)		(0.06	)		0.76

Total from investment operations		(0.49	)		0.51			0.24			0.24			0.78


Distributions
Net investment income		(0.50	)		(0.36	)		(0.41	)		(0.32	)		(0.02	)
Net realized gains on investments		—			—			(0.01	)		(0.17	)		(0.38	)

Total distributions		(0.50	)		(0.36	)		(0.42	)		(0.49	)		(0.40	)


Net Asset Value
End of year	$	9.21		$	10.20		$	10.05		$	10.23		$	10.48


Total Return^(b)		(5.29	%)		5.24	%		2.36	%		2.35	%		7.94	%


Net Assets End of Year	$	2,334		$	3,045		$	4,107		$	277,289		$	330,282


Ratio and Supplemental Data
Expenses to average net assets
After reimbursement/fee waiver		0.83	%		0.87	%		1.07	%		1.10	%		1.15	%
Before reimbursement/fee waiver		0.83	%		0.87	%		1.07	%		1.10	%		1.15	%
Net investment income, to average net assets^(c)		4.40	%		3.31	%		9.24	%		2.89	%		0.20	%
Portfolio turnover rate		1028	%		375	%		384	%		662	%		1438	%

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



Transamerica Funds		Annual Report 2008

FINANCIAL HIGHLIGHTS (continued)
For the years ended:


	Transamerica PIMCO Real Return TIPS
	Class B
	October 31,			October 31,			October 31,			October 31,			October 31,
	2008			2007			2006			2005			2004


Net Asset Value
Beginning of year	$	10.10		$	9.95		$	10.17		$	10.42		$	10.08


Investment Operations
Net investment income (loss)^(a)		0.46			0.31			0.42			0.23			(0.02	)
Net realized and unrealized gain (loss) on investments		(0.95	)		0.20			(0.21	)		(0.09	)		0.75

Total from investment operations		(0.49	)		0.51			0.21			0.14			0.73


Distributions
Net investment income		(0.50	)		(0.36	)		(0.42	)		(0.22	)		(0.01	)
Net realized gains on investments		—			—			(0.01	)		(0.17	)		(0.38	)

Total distributions		(0.50	)		(0.36	)		(0.43	)		(0.39	)		(0.39	)


Net Asset Value
End of year	$	9.11		$	10.10		$	9.95		$	10.17		$	10.42


Total Return^(b)		(5.38	%)		5.31	%		2.09	%		1.39	%		7.51	%


Net Assets End of Year	$	1,751		$	2,616		$	5,155		$	9,896		$	7,496


Ratio and Supplemental Data
Expenses to average net assets
After reimbursement/fee waiver		0.87	%		0.91	%		1.28	%		2.00	%		1.51	%
Before reimbursement/fee waiver		0.87	%		0.91	%		1.28	%		2.00	%		1.51	%
Net investment income (loss), to average net assets^(c)		4.37	%		3.12	%		4.21	%		2.26	%		(0.20	%)
Portfolio turnover rate		1028	%		375	%		384	%		662	%		1438	%


	Transamerica PIMCO Real Return TIPS
	Class C
	October 31,			October 31,			October 31,			October 31,			October 31,
	2008			2007			2006			2005			2004


Net Asset Value
Beginning of year	$	10.06		$	9.91		$	10.13		$	10.39		$	10.08


Investment Operations
Net investment income (loss)^(a)		0.46			0.32			0.39			0.23			(0.06	)
Net realized and unrealized gain (loss) on investments		(0.95	)		0.19			(0.18	)		(0.09	)		0.76

Total from investment operations		(0.49	)		0.51			0.21			0.14			0.70


Distributions
Net investment income		(0.50	)		(0.36	)		(0.42	)		(0.23	)		(0.01	)
Net realized gains on investments		—			—			(0.01	)		(0.17	)		(0.38	)

Total distributions		(0.50	)		(0.36	)		(0.43	)		(0.40	)		(0.39	)


Net Asset Value
End of year	$	9.07		$	10.06		$	9.91		$	10.13		$	10.39


Total Return^(b)		(5.36	%)		5.38	%		2.09	%		1.35	%		7.20	%


Net Assets End of Year	$	1,448		$	2,045		$	3,082		$	8,167		$	6,601


Ratio and Supplemental Data
Expenses to average net assets
After reimbursement/fee waiver		0.81	%		0.86	%		1.33	%		2.04	%		1.87	%
Before reimbursement/fee waiver		0.81	%		0.86	%		1.33	%		2.04	%		1.87	%
Net investment income (loss), to average net assets^(c)		4.42	%		3.27	%		3.95	%		2.22	%		(0.52	%)
Portfolio turnover rate		1028	%		375	%		384	%		662	%		1438	%

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



Transamerica Funds		Annual Report 2008

FINANCIAL HIGHLIGHTS (continued)
For the years ended:


	Transamerica PIMCO Real Return TIPS
	Class I
	October 31,			October 31,			October 31,			October 31,
	2008			2007			2006			2005^(h)


Net Asset Value
Beginning of year	$	10.21		$	10.05		$	10.25		$	10.45


Investment Operations
Net investment income^(a)		0.47			0.38			0.48			0.37
Net realized and unrealized gain (loss) on investments		(0.96	)		0.16			(0.22	)		(0.04	)

Total from investment operations		(0.49	)		0.54			0.26			0.33


Distributions
Net investment income		(0.51	)		(0.38	)		(0.45	)		(0.36	)
Net realized gains on investments		—			—			(0.01	)		(0.17	)

Total distributions		(0.51	)		(0.38	)		(0.46	)		(0.53	)


Net Asset Value
End of year	$	9.21		$	10.21		$	10.05		$	10.25


Total Return^(b)		(5.29	%)		5.54	%		2.55	%		3.20	%^(e)


Net Assets End of Year	$	621,092		$	690,942		$	603,597		$	295,966


Ratio and Supplemental Data
Expenses to average net assets
After reimbursement/fee waiver		0.74	%		0.73	%		0.73	%		0.73	%^(f)
Before reimbursement/fee waiver		0.74	%		0.73	%		0.73	%		0.73	%^(f)
Net investment income, to average net assets^(c)		4.47	%		3.82	%		4.79	%		3.60	%^(f)
Portfolio turnover rate		1028	%		375	%		384	%		662	%^(e)


	Transamerica PIMCO Total Return
	Class A
	October 31,			October 31,			October 31,			October 31,			October 31,
	2008			2007			2006			2005			2004


Net Asset Value
Beginning of year	$	10.48		$	10.29		$	10.16		$	10.48		$	10.52


Investment Operations
Net investment income^(a)		0.46			0.42			0.38			0.26			0.12
Net realized and unrealized gain (loss) on investments		(0.88	)		0.19			0.09			(0.17	)		0.36

Total from investment operations		(0.42	)		0.61			0.47			0.09			0.48


Distributions
Net investment income		(0.41	)		(0.41	)		(0.34	)		(0.28	)		(0.14	)
Net realized gains on investments		(0.06	)		(0.01	)		—			(0.13	)		(0.38	)

Total distributions		(0.47	)		(0.42	)		(0.34	)		(0.41	)		(0.52	)


Net Asset Value
End of year	$	9.59		$	10.48		$	10.29		$	10.16		$	10.48


Total Return^(b)		(4.31	%)		6.01	%		4.72	%		0.86	%		4.78	%


Net Assets End of Year	$	4,567		$	4,574		$	5,735		$	125,910		$	106,366


Ratio and Supplemental Data
Expenses to average net assets
After reimbursement/fee waiver		1.05	%		1.06	%		1.21	%		1.20	%		1.34	%
Before reimbursement/fee waiver		1.05	%		1.06	%		1.21	%		1.20	%		1.34	%
Net investment income, to average net assets^(c)		4.37	%		4.08	%		3.77	%		2.55	%		1.19	%
Portfolio turnover rate		751	%		756	%		544	%		459	%		385	%

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



Transamerica Funds		Annual Report 2008

FINANCIAL HIGHLIGHTS (continued)
For the years ended:


	Transamerica PIMCO Total Return
	Class B
	October 31,			October 31,			October 31,			October 31,			October 31,
	2008			2007			2006			2005			2004


Net Asset Value
Beginning of year	$	10.49		$	10.29		$	10.18		$	10.48		$	10.51


Investment Operations
Net investment income^(a)		0.46			0.43			0.36			0.17			0.07
Net realized and unrealized gain (loss) on investments		(0.88	)		0.19			0.08			(0.16	)		0.36

Total from investment operations		(0.42	)		0.62			0.44			0.01			0.43


Distributions
Net investment income		(0.41	)		(0.41	)		(0.33	)		(0.18	)		(0.08	)
Net realized gains on investments		(0.06	)		(0.01	)		—			(0.13	)		(0.38	)

Total distributions		(0.47	)		(0.42	)		(0.33	)		(0.31	)		(0.46	)


Net Asset Value
End of year	$	9.60		$	10.49		$	10.29		$	10.18		$	10.48


Total Return^(b)		(4.30	%)		6.17	%		4.50	%		0.07	%		4.30	%


Net Assets End of Year	$	4,663		$	7,973		$	13,337		$	22,116		$	28,219


Ratio and Supplemental Data
Expenses to average net assets
After reimbursement/fee waiver		1.02	%		0.99	%		1.40	%		2.06	%		1.92	%
Before reimbursement/fee waiver		1.02	%		0.99	%		1.40	%		2.06	%		1.92	%
Net investment income, to average net assets^(c)		4.34	%		4.08	%		3.53	%		1.64	%		0.64	%
Portfolio turnover rate		751	%		756	%		544	%		459	%		385	%


	Transamerica PIMCO Total Return
	Class C
	October 31,			October 31,			October 31,			October 31,			October 31,
	2008			2007			2006			2005			2004


Net Asset Value
Beginning of year	$	10.46		$	10.26		$	10.15		$	10.47		$	10.51


Investment Operations
Net investment income^(a)		0.47			0.43			0.36			0.16			0.04
Net realized and unrealized gain (loss) on investments		(0.88	)		0.19			0.08			(0.16	)		0.38

Total from investment operations		(0.41	)		0.62			0.44			—			0.42


Distributions
Net investment income		(0.42	)		(0.41	)		(0.33	)		(0.19	)		(0.08	)
Net realized gains on investments		(0.06	)		(0.01	)		—			(0.13	)		(0.38	)

Total distributions		(0.48	)		(0.42	)		(0.33	)		(0.32	)		(0.46	)


Net Asset Value
End of year	$	9.57		$	10.46		$	10.26		$	10.15		$	10.47


Total Return^(b)		(4.23	%)		6.21	%		4.48	%		—	%^(j)		4.10	%


Net Assets End of Year	$	3,105		$	3,725		$	4,762		$	9,635		$	12,850


Ratio and Supplemental Data
Expenses to average net assets
After reimbursement/fee waiver		0.95	%		0.97	%		1.41	%		2.11	%		2.09	%
Before reimbursement/fee waiver		0.95	%		0.97	%		1.41	%		2.11	%		2.09	%
Net investment income, to average net assets^(c)		4.45	%		4.11	%		3.52	%		1.58	%		0.41	%
Portfolio turnover rate		751	%		756	%		544	%		459	%		385	%

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



Transamerica Funds		Annual Report 2008

FINANCIAL HIGHLIGHTS (continued)
For the years ended:


	Transamerica PIMCO Total Return
	Class I
	October 31,			October 31,			October 31,
	2008			2007			2006^(d)


Net Asset Value
Beginning of year	$	10.47		$	10.28		$	10.12


Investment Operations
Net investment income^(a)		0.49			0.46			0.41
Net realized and unrealized gain (loss) on investments		(0.88	)		0.18			0.12

Total from investment operations		(0.39	)		0.64			0.53


Distributions
Net investment income		(0.44	)		(0.44	)		(0.37	)
Net realized gains on investments		(0.06	)		(0.01	)		—

Total distributions		(0.50	)		(0.45	)		(0.37	)


Net Asset Value
End of year	$	9.58		$	10.47		$	10.28


Total Return^(b)		(4.04	%)		6.33	%		5.33	%^(e)


Net Assets End of Year	$	555,428		$	540,310		$	268,173


Ratio and Supplemental Data
Expenses to average net assets
After reimbursement/fee waiver		0.75	%		0.75	%		0.80	%^(f)
Before reimbursement/fee waiver		0.75	%		0.75	%		0.80	%^(f)
Net investment income, to average net assets^(c)		4.66	%		4.39	%		4.18	%^(f)
Portfolio turnover rate		751	%		756	%		544	%^(e)


(a)		Calculation is based on average number of shares outstanding.

(b)		Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase.

(c)		Includes Redemption Fees, if any. The impact of Redemption Fees is less than 0.01% for Class A, Class B, and Class C, respectively.

(d)		Commenced operations November 15, 2005.

(e)		Not annualized.

(f)		Annualized.

(g)		Rounds to less than $(0.01) or $0.01.

(h)		Commenced operations November 8, 2004.

(i)		Commenced operations June 10, 2008.

(j)		Rounds to less than (0.01%) or 0.01%.

(*)		Includes recaptured expenses by the investment advisor. The impact of recaptured expenses was 0.06%, 0.06%, and 0.07% for Class A, Class B, and Class C, respectively (See Note 2).

(@)		Includes recaptured expenses by the investment advisor. The impact of recaptured expenses was 0.11% for Class C, respectively (See Note 2).

(^)		Includes recaptured expenses by the investment advisor. The impact of recaptured expenses was 0.01%, 0.07%, 0.30% and 0.01% for Class A, Class B, Class C, and Class I, respectively (See Note 2).

(#)		Includes recaptured expenses by the investment advisor. The impact of recaptured expenses was 0.03%, 0.03%, and 0.03% for Class A, Class B, and Class C, respectively (See Note 2).

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



Transamerica Funds		Annual Report 2008

NOTES TO FINANCIAL STATEMENTS
At October 31, 2008
(all amounts in thousands)

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 American Century Large Company Value, Transamerica Clarion Global Real Estate Securities, Transamerica Evergreen Health Care, Transamerica Jennison Growth, Transamerica Legg Mason Partners Investors Value, Transamerica Marsico Growth, Transamerica MFS International Equity, Transamerica PIMCO Real Return TIPS, and Transamerica PIMCO Total Return (each, a “Fund”, and collectively, the “Funds”) are part of Transamerica Funds.

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

Multiple class operations, income and expenses: The Funds currently have four classes of shares, Class A, Class B, Class C, and Class I. Each of the classes has a public offering price that reflects different sales charges, if any, and different expense levels. Class I shares are currently offerred for investment primarily in certain affiliated asset allocation funds. Class I shares are also made available to other investors, including institutional investors such as foreign insurers, domestic insurance companies and their separate accounts, and eligible retirement plans whose record keepers or financial service firm intermediaries have entered into agreements with Transamerica Funds or its agents. Class B shares will convert to Class A shares eight years after purchase. 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 as permitted under Rule 18f-3 of the 1940 Act. Each class bears its own specific expenses as well as a portion of general, common expenses. Effective June 10, 2008, in addition to Class A, Class B, and Class C, Transamerica MFS International Equity also offers Class I.

Securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the last quoted bid price.

Cash overdraft: Throughout the year, the Funds may have a 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		Annual Report 2008

NOTES TO FINANCIAL STATEMENTS (continued)
At October 31, 2008
(all amounts in thousands)

NOTE 1. (continued)

Repurchase agreements: The Funds are authorized to enter into repurchase agreements. The Funds, through their custodian, State Street Bank & Trust Company (“State Street”), receive delivery of the underlying securities, the value of which at the time of purchase is required to be an amount equal to at least 100% of the resale price. The Funds will bear the risk of value fluctuations until the security can be sold and may encounter delays and incur costs in liquidating the security. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Recaptured comissions during the year ended October 31, 2008 are included in net realized gains on the Statements of Operations and are summarized as follows:


Fund	Commissions
Transamerica Clarion Global Real Estate Securities	$	29
Transamerica Evergreen Health Care		83
Transamerica Jennison Growth		36
Transamerica Marsico Growth		14

TBA purchase commitments: The Funds may enter into “TBA” (to be announced) purchase commitments to purchase securities for a fixed price at a future date, typically not to exceed 45 days. TBA purchase commitments themselves are considered to be securities 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.

Securities lending: The Funds may lend securities to qualified borrowers, with State Street acting as the Funds’ lending agent. The Funds earn negotiated lenders’ fees. The Funds receive cash and/or securities as collateral against the loaned securities. Cash collateral received is invested in the State Street Navigator Securities Lending Trust-Prime Portfolio. The Funds monitor the market value of securities loaned on a daily basis and requires collateral in an amount at least equal to the value of the securities loaned. The value of loaned securities and related collateral outstanding at October 31, 2008 is shown in the Schedule of Investments and also in the Statement of Assets and Liabilities.

Income from loaned securities on the Statement of Operations is net of fees earned by State Street.

Real Estate Investment Trusts (“REITs”): There are certain additional risks involved in investing in REITs. These include, but are not limited to: economic conditions, changes in zoning laws, real estate values, property taxes and interest rates. Since some of the Funds invest primarily in real estate securities, the net asset value per share may fluctuate more widely than the value of shares of a fund that invests in a broad range of industries.

Dividend income 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.

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 may participate in such syndications, or can buy a portion of the loans, becoming 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.

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.



Transamerica Funds		Annual Report 2008

NOTES TO FINANCIAL STATEMENTS (continued)
At October 31, 2008
(all amounts in thousands)

NOTE 1. (continued)

Forward foreign currency contracts: The Funds may enter into forward foreign currency contracts to hedge against exchange rate risk arising from investments in securities denominated in foreign currencies. Contracts are valued at the contractual forward rate and 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 October 31, 2008 are listed in the Schedules of Investments.

Swap agreements: The Funds may enter into swap agreements to manage their exposure to interest rate and credit risk. Interest rate swap agreements are between two counterparties where one stream of future interest payments is exchanged for another based on a notional amount. Interest rate swaps often exchange a fixed payment for a floating payment that is linked to an interest rate. In a credit default swap, one party makes a stream of payments to another party in exchange for the right to receive a specified return in the event of a default by a third party, typically corporate issues or sovereign issues of an emerging country, on its obligation. The portfolios may use credit default swaps to provide a measure of protection against defaults of sovereign issuers (i.e., to reduce risk where the portfolios owns or has exposure to the sovereign issuer) or to take an active long or short position with respect to the likelihood of a particular issuer’s default. Entering into these agreements involves elements of credit, market and documentation risk in excess of the amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements, and that there may be unfavorable changes in interest rates.

Swaps are marked to market daily based upon quotations from market makers and vendors and the change in value, if any, is recorded as unrealized gain or loss in the Statements of Operations. Payments received or made at the beginning of the measurement period are reflected as such on the Statements of Assets and Liabilities and are amortized over the term of the swap agreement. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss in the Statements of Operations. Net periodic payments are included as part of realized gain or loss on the Statements of Operations. In connection with these agreements, securities or cash may be held as collateral on deposit with broker counter parties in accordance with the terms of the respective swap agreements.

Open swap agreements at October 31, 2008 are listed in the Schedules of Investments.

The underlying face amounts of open futures contracts at October 31, 2008 are listed in the Schedules of Investments. The variation margin receivable or payable, as applicable, is included in the Statements of Assets and Liabilities. Variation margin represents the additional payment due or excess deposits made in order to maintain the equity account at the required margin level. In connection with these contracts, securities or cash may be held as collateral on deposit with broker counter parties in accordance with the terms of the respective futures contracts.

Option contracts: The Funds may enter into options contracts to manage exposure to 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 imperfect correlation between the change in value of the securities held and the prices of the options contracts; the possibility of an illiquid market; and inability of the counterparty to meet the contracts terms. When the Funds write covered call or put options, an amount equal to the premium received by the Funds is included in the Funds’ Statements of Assets and Liabilities as an asset and as an equivalent liability. Options are marked-to-market daily to reflect the current value of the option written.

Transactions in written options were as follows:


Transamerica PIMCO Real Return
TIPS	Premium			Contracts
Balance at October 31, 2007	$	47			120
Sales		2,312			2,708
Closing Buys		(343	)		(416	)
Expirations		(1,819	)		(2,090	)
Exercised		—			—

Balance at October 31, 2008	$	197			322



Transamerica Funds		Annual Report 2008

100

NOTES TO FINANCIAL STATEMENTS (continued)
At October 31, 2008
(all amounts in thousands)

NOTE 1. (continued)


Transamerica PIMCO Total Return	Premium			Contracts

Balance at October 31, 2007	$	528			983
Sales		284			409
Closing Buys		(91	)		(249	)
Expirations		(634	)		(975	)
Exercised		—			—

Balance at October 31, 2008	$	87			168

Swaptions contracts: The Funds are authorized to write swaption contracts to manage exposure to fluctuations in interest rates and to enhance fund yield. Swaption contracts written by the Funds represent an option that gives the purchaser the right, but not the obligation, to enter into a previously agreed upon swap contract on a future date. If a written call swaption is exercised, the writer will enter a swap and is obligated to pay the fixed rate and receive a variable rate in exchange. Swaptions are marked-to-market daily based upon quotations from market makers.

When the Funds write swaptions, the premiums received are recorded as a liability and are subsequently adjusted to the current value of the swaption. Changes in the value of the swaption are reported as unrealized appreciation (depreciation) in written option and swaption contracts and in the Statements of Operations. Gain or loss is recognized when the swaption contract expires or is closed. Premiums received from writing swaptions that expire or are exercised are treated by the Funds as realized gains from written option and swaption contracts. The difference between the premium and the amount paid on affecting a closing purchase transaction is treated as a realized gain or loss.

Transactions in written swaptions were as follows:


Transamerica PIMCO Real Return				Notional
TIPS	Premium			Amount

Balance at October 31, 2007	$	1,578		$	58,200
Sales		200			7,190
Closing Buys		(789	)		(30,090	)
Expirations		(579	)		(21,600	)
Exercised		—			—

Balance at October 31, 2008	$	410		$	13,700


				Notional
Transamerica PIMCO Total Return	Premium			Amount

Balance at October 31, 2007	$	1,780		$	139,900
Sales		2,833			98,500
Closing Buys		(2,804	)		(157,600	)
Expirations		(286	)		(15,800	)
Exercised		(29	)		(1,500	)

Balance at October 31, 2008	$	1,494		$	63,500

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 capital gains taxes: The Funds may be subject to taxes imposed by countries in which they invest, with respect to their investments in issuers existing or operating in such countries. Such taxes are generally based on income earned or repatriated and capital gains realized on the sale of such investments. The Funds accrue such taxes when the related income or capital gains are earned. Some countries require governmental approval for the repatriation of investment income, capital or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country’s balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.

NOTE 2. RELATED PARTY TRANSACTIONS

TAM is the Funds’ investment adviser. Prior to January 1, 2008, TAM was known as Transamerica Fund Advisors, Inc. 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, a Netherlands corporation.

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

The following schedule reflects the percentage of the Funds’ assets owned by affiliated investment companies at October 31, 2008:


Transamerica American Century Large
Company Value	Net Assets		% of Net Assets

Transamerica Asset Allocation-Conservative Portfolio	$	24,567		5.68	%
Transamerica Asset Allocation-Growth Portfolio		114,330		26.44
Transamerica Asset Allocation-Moderate Portfolio		70,136		16.22
Transamerica Asset Allocation-Moderate Growth Portfolio		211,620		48.95

Total	$	420,653		97.29	%


Transamerica Clarion Global Real Estate
Securities	Net Assets		% of Net Assets

Transamerica Asset Allocation-Conservative Portfolio	$	11,284		4.76	%
Transamerica Asset Allocation-Growth Portfolio		65,577		27.68
Transamerica Asset Allocation-Moderate Portfolio		36,507		15.41
Transamerica Asset Allocation-Moderate Growth Portfolio		90,155		38.05
Transamerica Multi-Manager Alternative Strategies Portfolio		13,176		5.56
Transamerica Multi-Manager International Portfolio		13,728		5.80

Total	$	230,427		97.26	%



Transamerica Funds				Annual Report 2008

101

NOTES TO FINANCIAL STATEMENTS (continued)
At October 31, 2008
(all amounts in thousands)

NOTE 2. — (continued)


Transamerica Evergreen Health Care	Net Assets		% of Net Assets

Transamerica Asset Allocation-Conservative Portfolio	$	7,632		4.58	%
Transamerica Asset Allocation-Growth Portfolio		29,348		17.63
Transamerica Asset Allocation-Moderate Portfolio		15,247		9.16
Transamerica Asset Allocation-Moderate Growth Portfolio		19,163		11.51
Transamerica Asset Allocation-Conservative VP		4,140		2.49
Transamerica Asset Allocation-Growth VP		15,220		9.14
Transamerica Asset Allocation-Moderate Growth VP		48,265		28.99
Transamerica Asset Allocation-Moderate VP		23,340		14.02

Total	$	162,355		97.52	%


Transamerica Jennison Growth	Net Assets		% of Net Assets

Transamerica Asset Allocation-Conservative Portfolio	$	18,844		9.49	%
Transamerica Asset Allocation-Growth Portfolio		46,844		23.59
Transamerica Asset Allocation-Moderate Portfolio		36,112		18.18
Transamerica Asset Allocation-Moderate Growth Portfolio		81,514		41.05

Total	$	183,314		92.31	%


Transamerica Legg Mason Partners Investors Value	Net Assets		% of Net Assets

Transamerica Asset Allocation-Moderate Portfolio		93		0.25
Transamerica Asset Allocation-Moderate Growth Portfolio		28,355		74.92

Total	$	28,448		75.17	%


Transamerica Marsico Growth	Net Assets		% of Net Assets

Transamerica Asset Allocation-Conservative Portfolio	$	3,221		0.90	%
Transamerica Asset Allocation-Growth Portfolio		105,136		29.37
Transamerica Asset Allocation-Moderate Portfolio		56,905		15.90
Transamerica Asset Allocation-Moderate Growth Portfolio		176,794		49.40

Total	$	342,056		95.57	%


Transamerica MFS International Equity	Net Assets		% of Net Assets

Transamerica Multi-Manager International Portfolio		9,662		17.98
Transamerica International Moderate Growth VP		30,522		56.79

Total	$	40,184		74.77	%


Transamerica PIMCO Real Return TIPS	Net Assets		% of Net Assets

Transamerica Asset Allocation-Conservative Portfolio	$	54,392		8.68	%
Transamerica Asset Allocation-Moderate Portfolio		104,440		16.67
Transamerica Asset Allocation-Moderate Growth Portfolio		100,732		16.07
Transamerica Asset Allocation-Conservative VP		82,951		13.24
Transamerica Asset Allocation-Moderate Growth VP		126,500		20.19
Transamerica Asset Allocation-Moderate VP		135,077		21.55
Transamerica International Moderate Growth VP		13,836		2.21

Total	$	617,928		98.61	%


Transamerica PIMCO Total Return	Net Assets		% of Net Assets

Transamerica Asset Allocation-Conservative Portfolio	$	124,971		22.01	%
Transamerica Asset Allocation-Moderate Portfolio		207,893		36.62
Transamerica Asset Allocation-Moderate Growth Portfolio		216,193		38.08

Total	$	549,057		96.71	%

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


Transamerica American Century Large Company Value
First $250 million	0.835	%
Over $250 million up to $400 million	0.80	%
Over $400 million up to $750 million	0.775	%
Over $750 million	0.70	%
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 Evergreen Health Care
First $100 million	0.87	%
Over $100 million up to $250 million	0.85	%
Over $250 million	0.80	%
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 Legg Mason Partners Investors Value
First $500 million	0.80	%
Over $500 million	0.70	%
Transamerica Marsico Growth
First $500 million	0.80	%
Over $500 million	0.70	%
Transamerica MFS International Equity
First $250 million	0.925	%
Over $250 million up to $500 million	0.90	%
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	0.60	%
Transamerica PIMCO Total Return
First $250 million	0.675	%
Over $250 million up to $750 million	0.65	%
Over $750 million	0.60	%

Transfer agent fees: The Funds pay TFS an annual per-account charge for each open and closed account. The Funds paid TFS the following for the year ended October 31, 2008:


Fund	Fees

Transamerica American Century Large Company Value	$	57
Transamerica Clarion Global Real Estate Securities		26
Transamerica Evergreen Health Care		21
Transamerica Jennison Growth		87
Transamerica Legg Mason Partners Investors Value		54
Transamerica Marsico Growth		62
Transamerica MFS International Equity		104
Transamerica PIMCO Real Return TIPS		12
Transamerica PIMCO Total Return		40



Transamerica Funds				Annual Report 2008

102

NOTES TO FINANCIAL STATEMENTS (continued)
At October 31, 2008
(all amounts in thousands)

NOTE 2. — (continued)

Brokerage commissions: Brokerage commissions incurred on security transactions placed with affiliates of the adviser for the year ended October 31, 2008 were as follows:


	Brokerage
Fund	Commissions

Transamerica American Century large Company Value	$	6

Deferred compensation plan: Each eligible independent Fund Trustee may elect to participate in a non-qualified deferred compensation plan (the “Plan”) maintained by Transamerica Funds. Under the Plan, such Trustees may defer payment of all or a portion of their total fees earned as a Fund Trustee. Each Trustee who is a participant in the Plan may elect that the earnings, losses or gains credited to his or her deferred fee amounts be determined based on a deemed investment in Class A shares of any series of Transamerica Funds, including the Funds, or investment options under Transamerica Partners Funds Group II, or funds of Transamerica Investors, Inc. The right of a participant to receive a distribution from the Plan of the deferred fees is an unsecured claim against the general assets of all series of Transamerica Funds. The pro rata liability to the Funds of all deferred fees in the Plan as of October 31, 2008, amounted to the following:


Fund	Deferred Fees

Transamerica American Century Large Company Value	$	20
Transamerica Clarion Global Real Estate Securities		11
Transamerica Evergreen Health Care		10
Transamerica Jennison Growth		7
Transamerica Legg Mason Partners Investors Value		2
Transamerica Marsico Growth		14
Transamerica MFS International Equity		1
Transamerica PIMCO Real Return TIPS		25
Transamerica PIMCO Total Return		19

Such amounts shall 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 increase in the future, past accruals (and credits) will be adjusted upward so that 50% of the Trustee’s current retainer is accrued and credited at all times. Upon death, disability or termination of service, other than removal for cause, amounts deferred become payable to a Trustee Emeritus (or his/her beneficiary). Upon the commencement of service as Trustee Emeritus, compensation will be paid on a quarterly basis during the time period that the Trustee Emeritus is allowed to serve as such.

At October 31, 2008, the Funds’ liabilities related to the Emeritus Plan were as follows:


	Emeritus
Fund	Fees

Transamerica American Century Large Company Value	$	4
Transamerica Clarion Global Real Estate Securities		3
Transamerica Evergreen Health Care		6
Transamerica Jennison Growth		2
Transamerica Legg Mason Partners Investors Value		1
Transamerica Marsico Growth		2
Transamerica MFS International Equity		1
Transamerica PIMCO Real Return TIPS		7
Transamerica PIMCO Total Return		3

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

NOTE 3. INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the year ended October 31, 2008 were as follows:


					Proceeds from
					maturities and sales of
	Purchases of securities:				securities:
			U.S.				U.S.
Fund	Long-term		Government		Long-term		Government

Transamerica American Century Large Company Value	$	180,166	$	—	$	178,004	$	—
Transamerica Clarion Global Real Estate Securities		190,087		—		139,458		—
Transamerica Evergreen Health Care		127,828		—		218,101		—
Transamerica Jennison Growth		259,393		—		150,684		—
Transamerica Legg Mason Partners Investors Value		14,384		—		31,527		—
Transamerica Marsico Growth		335,596		—		278,173		—
Transamerica MFS International Equity		55,538		—		11,651		—
Transamerica PIMCO Real Return TIPS		9,095,434		3,737,643		8,578,825		4,053,350
Transamerica PIMCO Total Return		6,053,390		416,496		5,974,034		433,249



Transamerica Funds				Annual Report 2008

103

NOTES TO FINANCIAL STATEMENTS (continued)
At October 31, 2008
(all amounts in thousands)

NOTE 4. FEDERAL INCOME TAX MATTERS


							Undistributed
	Shares of						(accumulated)
	beneficial						net realized
	interest,			Undistributed			gain (loss)
	unlimited			(accumulated) net			from
	shares			investment			investment
Fund	authorized			income (loss)			securities
Transamerica American Century Large Company Value	$	—		$	(12	)	$	12
Transamerica Clarion Global Real Estate Securities		(8,003	)		8,822			(819	)
Transamerica Evergreen Health Care		—			34			(34	)
Transamerica Legg Mason Partners Investors Value		—			(25	)		25
Transamerica Marsico Growth		(8	)		16			(8	)
Transamerica MFS International Equity		(270	)		(36	)		306
Transamerica PIMCO Real Return TIPS		—			(793	)		793
Transamerica PIMCO Total Return		—			8,340			(8,340	)

The capital loss carryforwards are available to offset future realized capital gains through the periods listed:


	Capital Loss
Fund	Carryforwards			Available Through
Transamerica American Century Large Company Value	$	60,261		October 31, 2016
Transamerica Clarion Global Real Estate Securities		25,997		October 31, 2016
Transamerica Evergreen Health Care		5,300		October 31, 2016
Transamerica Jennison Growth		33		October 31, 2015
Transamerica Jennison Growth		27,607		October 31, 2016
Transamerica Legg Mason Partners Investors Value		4,408		October 31, 2016
Transamerica Marsico Growth		1,067		October 31, 2011
Transamerica Marsico Growth		51,961		October 31, 2016
Transamerica MFS International Equity		1,660	*	October 31, 2010


*		Amount is limited under IRC 382-383

Funds not listed in the above table did not have any capital loss carryforwards.

The capital loss carryforwards utilized during the year ended October 31, 2008 were as follows:


	Capital Loss Carryforwards
	Utilized During the Year Ended
Fund	October 31, 2008
Transamerica MFS International Equity	$	153
Transamerica PIMCO Real Return TIPS		21,180

The tax character of distributions paid during 2007 and 2008 was as follows:


					Distributions Paid From 2008
	Distributions Paid From 2007						Long-term
	Ordinary		Long-term		Ordinary		Capital		Return of
	income		Capital Gain		income		Gain		Capital
Transamerica American Century Large Company Value	$	5,930	$	18,409	$	10,897	$	10,971	$	—
Transamerica Clarion Global Real Estate Securities		25,830		18,581		23,086		32,634		—
Transamerica Evergreen Health Care		38,900		29,500		8,671		20,550		—
Transamerica Jennison Growth		—		5,579		228		—		—
Transamerica Legg Mason Partners Investors Value		3,536		14,602		742		3,788		—
Transamerica Marsico Growth		144		—		1,253		—		—



Transamerica Funds		Annual Report 2008

104

NOTES TO FINANCIAL STATEMENTS (continued)
At October 31, 2008
(all amounts in thousands)

NOTE 4. — (continued)


					Distributions Paid From 2008
	Distributions Paid From 2007						Long-term
	Ordinary		Long-term		Ordinary		Capital		Return of
	income		Capital Gain		income		Gain		Capital
Transamerica MFS International Equity	$	6,897	$	10,657	$	689	$	1,495	$	42
Transamerica PIMCO Real Return TIPS		25,010		—		35,688		—		—
Transamerica PIMCO Total Return		20,174		166		25,987		1,673		—

The tax basis components of distributable earnings as of October 31, 2008 are as follows:


	Undistributed		Undistributed					Other			Net Unrealized
	Ordinary		Long-term		Capital Loss			Temporary			Appreciation
Fund	income		Capital Gain		Carryforward			Differences			(Depreciation)*
Transamerica American Century Large Company Value	$	11,806	$	—	$	(60,261	)	$	—		$	(157,012	)
Transamerica Clarion Global Real Estate Securities		—		—		(25,998	)		—			(96,894	)
Transamerica Evergreen Health Care		478		—		(5,300	)		(104	)		(25,262	)
Transamerica Jennison Growth		352		—		(27,640	)		(3	)		(27,911	)
Transamerica Legg Mason Partners Investors Value		940		—		(4,408	)		(2	)		(4,406	)
Transamerica Marsico Growth		1,929		—		(53,028	)		(1	)		(30,984	)
Transamerica MFS International Equity		—		—		(1,660	)		(1	)		(17,672	)
Transamerica PIMCO Real Return TIPS		2,092		3,893		(1,995	)		1			(78,332	)
Transamerica PIMCO Total Return		22,607		—		—			—			(63,961	)


*		Amounts include unrealized gain/loss from foreign currency and derivative instruments, if applicable.

NOTE 5. ACCOUNTING PRONOUNCEMENT



Transamerica Funds		Annual Report 2008

105

Report of Independent Registered Certified Public Accounting Firm

To the Board of Trustees and Shareholders of Transamerica American Century Large Company Value, Transamerica Clarion Global Real Estate Securities, Transamerica Evergreen Health Care, Transamerica Jennison Growth, Transamerica Legg Mason Partners Investors Value, Transamerica Marsico Growth, Transamerica MFS International Equity, Transamerica PIMCO Real Return TIPS, and Transamerica PIMCO Total Return:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Transamerica American Century Large Company Value, Transamerica Clarion Global Real Estate Securities, Transamerica Evergreen Health Care, Transamerica Jennison Growth, Transamerica Legg Mason Partners Investors Value, Transamerica Marsico Growth, Transamerica MFS International Equity, Transamerica PIMCO Real Return TIPS, and Transamerica PIMCO Total Return (individually a “Fund”, collectively the “Funds”) at October 31, 2008, and the results of each of their operations, the changes in each of their net assets and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2008 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

Tampa, Florida
December 29, 2008



Transamerica Funds		Annual Report 2008

106

SUPPLEMENTAL INFORMATION

TAX INFORMATION (unaudited)

For dividends paid during the year ended October 31, 2008, the Funds designated the following as qualified dividend income:


	Qualified Dividend
Fund	Income
Transamerica American Century Large Company Value	$	10,886
Transamerica Evergreen Health Care		473
Transamerica Jennison Growth		228
Transamerica Legg Mason Partners Investors Value		718
Transamerica Marsico Growth		1,253
Transamerica MFS International Equity		446
Transamerica PIMCO Real Return TIPS		12
Transamerica PIMCO Total Return		261

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


	Dividend Received
Fund	Deduction Percentage
Transamerica American Century Large Company Value		100.00	%
Transamerica Evergreen Health Care		5.46	%
Transamerica Jennison Growth		100.00	%
Transamerica Legg Mason Partners Investors Value		100.00	%
Transamerica Marsico Growth		100.00	%
Transamerica MFS International Equity		0.37	%
Transamerica PIMCO Real Return TIPS		0.03	%
Transamerica PIMCO Total Return		1.11	%

For tax purposes, the Long-Term Capital Gain Designations for the year ended October 31, 2008 were as follows:


	Long-Term Capital
Fund	Designation
Transamerica American Century Large Company Value	$	10,971
Transamerica Clarion Global Real Estate Securities		32,634
Transamerica Evergreen Health Care		20,551
Transamerica Legg Mason Partners Investors Value		3,788
Transamerica MFS International Equity		1,495
Transamerica PIMCO Total Return		1,673



Transamerica Funds		Annual Report 2008

107

TRANSAMERICA MUTUAL FUNDS

Management of the Funds

The Board Members and executive officers of the Trust are listed below. The Board governs each Fund and is responsible for protecting the interests of the shareholders. The Board Members are experienced executives who meet periodically throughout the year to oversee the business affairs of each Fund and the operation of the Trust by its officers. The Board also reviews the management of each Fund’s assets by the investment adviser and its respective sub-adviser. The Funds are among the Funds advised and sponsored by TAM (collectively, the “Transamerica Asset Management Group, Inc.”). The Transamerica Asset Management Group (“TAMG”) consists of Transamerica Funds, Transamerica Series Trust (“TST”), Transamerica Investors, Inc. (“TII”), Transamerica Income Shares, Inc. (“TIS”), Transamerica Partners Funds Group (“TPFG”), Transamerica Partners Funds Group II (“TPFG II”), Transamerica Partners Portfolios (“TPP”), and Transamerica Asset Allocation Variable Funds (“TAAVF”).

Term of

Office

and

Number of

Length

Funds in

of Time

Principal Occupation(s) During

Complex

Other

Name and Age

Position

Served*

Past 5 Years

Overseen

Directorships

INTERESTED BOARD MEMBER**

John K. Carter
(DOB: 4/24/61)

Chairman, Board Member, President, and Chief Executive Officer

2006 — present

176

N/A



Transamerica Funds		Annual Report 2008

108

Term of

Office

and

Number of

Length

Funds in

of Time

Principal Occupation(s) During

Complex

Other

Name and Age

Position

Served*

Past 5 Years

Overseen

Directorships

INDEPENDENT BOARD MEMBERS***

Sandra N. Bane
(DOB: 6/13/52)

Board Member

2008 — present

Retired, KPMG (1999 — present); and Board Member, TII (2003 — present), Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (March 2008 — present).

176

Big 5 Sporting Goods (2002 — present); AGL Resources, Inc. (energy services holding company) (2008 — present)

Leo J. Hill
(DOB: 3/27/56)

Board Member

2002 — present

176

N/A

Neal M. Jewell
(DOB: 2/12/35)

Lead
Independent
Board Member

2007 — present

176

N/A

Russell A. Kimball, Jr.
(DOB: 8/17/44)

Board Member

2002 — present

176

N/A



Transamerica Funds		Annual Report 2008

109

Term of

Office

and

Number of

Length

Funds in

of Time

Principal Occupation(s) During

Complex

Other

Name and Age

Position

Served*

Past 5 Years

Overseen

Directorships

Eugene M. Mannella
(DOB: 2/1/54)

Board Member

2007 — present

176

N/A

Norm R. Nielsen
(DOB: 5/11/39)

Board Member

2006 — present

176

Buena Vista University Board of Trustees (2004 — present)

Joyce Galpern Norden
(DOB: 6/1/39)

Board Member

2007 — present

176

Board of Governors, Reconstructionist Rabbinical College (2007 - present)

Patricia L. Sawyer
(DOB: 7/1/50)

Board Member

2007 — present

176

N/A

John W. Waechter
(DOB: 2/25/52)

Board Member

2005 — present

176

N/A


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

**		May be deemed an “interested person” (as that term is defined in the 1940 Act) of the Trust because of his employment with TAM or an affiliate of TAM.

***		Independent Board Member means a Board Member who is not an “interested person” (as defined under the 1940 Act) of the Trust.



Transamerica Funds		Annual Report 2008

110

OFFICERS


		Term of Office and
		Length of Time	Principal Occupation(s) or
Name and Age	Position	Served*	Employment During Past 5 Years

John K. Carter (DOB: 4/24/61)	Chairman, Board Member, President, and Chief Executive Officer	2006 — present	See the table above.

Dennis P. Gallagher (DOB: 12/19/70)	Vice President, General Counsel and Secretary	2006 — present	Vice President, General Counsel and Secretary, TII, Transamerica Funds, TST and TIS (2006 — present); Vice President, General Counsel and Secretary, TPP, TPFG, TPFG II and TAAVF (2007 — present); Director, Senior Vice President, General Counsel and Secretary, TAM and TFS (2006 — present); Assistant Vice President, TCI (2007 — present); and Director, Deutsche Asset Management (1998 — 2006).

Joseph P. Carusone (DOB: 9/8/65)	Vice President, Treasurer and Principal Financial Officer	2007 — present	Vice President, Treasurer and Principal Financial Officer, Transamerica Funds, TST, TIS and TII (2007 — present); Vice President (2007 — present), Treasurer and Principal Financial Officer (2001 — present), TPP, TPFG, TPFG II and TAAVF; Senior Vice President, TAM and TFS (2007 — present); Senior Vice President (January 2008 — present), Vice President (2001 — January 2008); Diversified Investment Advisors, Inc. (“DIA”); Director and President, Diversified Investors Securities Corp. (“DISC”) (2007 — present); Director, Transamerica Financial Life Insurance Company (“TFLIC”) (2004 — present); and Treasurer, Diversified Actuarial Services, Inc. (December 2002 — present).

Christopher A. Staples (DOB: 8/14/70)	Vice President and Chief Investment Officer	2004 — present	Vice President and Chief Investment Officer (2007 — present); Vice President — Investment Administration (2005 — 2007), TII; Vice President and Chief Investment Officer (2007 — present), Senior Vice President — Investment Management (2006 — 2007), Vice President — Investment Management (2005 — 2006), Transamerica Funds, TST and TIS; Vice President and Chief Investment Officer, TPP, TPFG, TPFG II and TAAVF (2007 — present); Director (2005 — present), Senior Vice President — Investment Management (2006 — present) and Chief Investment Officer (2007 — present), TAM; Director, TFS (2005 — present); and Assistant Vice President, Raymond James & Associates (1999 — 2004).



Transamerica Funds		Annual Report 2008

111


		Term of Office and
		Length of Time	Principal Occupation(s) or
Name and Age	Position	Served*	Employment During Past 5 Years

Rick B. Resnik (DOB: 1/24/67)	Vice President, Chief Compliance Officer and Conflicts of Interest Officer	2008 — present	Chief Compliance Officer, TPP, TPFG, TPFG II and TAAVF (1998 — present); Chief Compliance Officer, Transamerica Funds, TST, TIS and TII (January 2008 — present);Vice President and Conflicts of Interest Officer, TPP, TPFG, TPFG II, TAAVF, Transamerica Funds, TST, TIS and TII (June 2008 — present); Senior Vice President and Chief Compliance Officer, TAM (January 2008 — present); Senior Vice President, TFS (January 2008 — present); Director (2000 — present), Vice President and Chief Compliance Officer (1997 — present), DISC; and Assistant Vice President, TFLIC (1999 — present).

Michael A. Masson (DOB: 1/21/71)	Assistant Treasurer	2005 — present	Assistant Treasurer (2007 — present), Assistant Vice President (2005 — 2007), Transamerica Funds, TST, TIS and TII; Assistant Treasurer, TPP, TPFG, TPFG II and TAAVF (2007 — present); Director of Financial Reporting (2007 — present); Assistant Vice President (2005 — 2007), TAM and TFS; and Assistant Vice President, JPMorgan Chase & Co. (1999 — 2005).

Suzanne Valerio-Montemurro (DOB: 8/13/64)	Assistant Treasurer	2007 — present	Assistant Treasurer, Transamerica Funds, TST, TIS, TII, TPP, TPFG, TPFG II and TAAVF (2007 — present); and Vice President, DIA (1998 — present).

Richard E. Shield, Jr. (DOB: 1/3/74)	Tax Officer	2008 — present	Tax Officer, Transamerica Funds, TST, TIS, TII, TPP, TPFG, TPFG II and TAAVF (June 2008 — present); Tax Manager, Jeffrey P. McClanathan, CPA (2006 — 2007) and Gregory, Sharer & Stuart (2005 — 2006); Tax Senior, Kirkland, Russ, Murphy & Tapp, P.A. (2003 — 2005); and Certified Public Accountant, Schultz, Chaipel & Co., LLP (1998 — 2003).


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



Transamerica Funds		Annual Report 2008

112

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 Statements of Additional Information of the Funds, available without charge upon request by calling 1-888-233-4339 (toll free) or on the Securities and Exchange Commission website http://www.sec.gov.

The Funds 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 Commission’s website at http://www.sec.gov. The Funds’ Form N-Q may be reviewed and copied at the Commission’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 Funds and the Trust.

Important Notice Regarding Delivery of Shareholder Documents



Transamerica Funds		Annual Report 2008

113

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 I Funds

Annual Report
October 31, 2008

www.transamericafunds.com

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

Dear Fellow Shareholder,

We believe it is important to recognize and understand current market conditions in order to provide a context for reading this report. Both equity and fixed-income markets have experienced extreme volatility and accelerating downward pricing pressure over the past twelve months as a credit crisis has had profound effects on the financial markets and has spilled over into the global economy. Oil prices rose dramatically throughout the first seven months of 2008 and have fallen precipitously since then as the global economy has struggled and demand has declined. The Federal Reserve has lowered the federal funds rate during the past twelve months from 4.25% in November 2007 to 1.00% at the end of October 2008 as it has sought to provide liquidity in a difficult market environment. The Treasury department has also been taking an active role in an effort to stabilize the markets, including the initiation of the Temporary Money Market Guarantee program and the Troubled Assets Relief Program (TARP). The job market continues to struggle, as non-farm payrolls have weakened and the unemployment rate has risen to over 6%. In this environment, investors have flocked to money market instruments and Treasuries in a flight to quality. Many funds have struggled to produce positive returns. For the twelve months ending October 31, 2008, the Dow Jones Industrial Average returned -31.24%, the Standard & Poor’s 500 Index returned -36.10%, and the Barclays Capital Aggregate U.S. Bond Index returned 0.30%. Please keep in mind it is important to maintain a diversified portfolio as investment returns have historically been difficult to predict.

Please contact your financial advisor 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, CFA
President & Chief Executive Officer		Vice President & Chief Investment Officer
Transamerica Funds		Transamerica Funds

Transamerica AllianceBernstein International Value

(unaudited)

MARKET ENVIRONMENT

International equity markets suffered sharp losses during the twelve month period ending October 31, 2008. Market volatility resurfaced in 2007, as fears started to grow that turmoil in the credit markets would spill over into the real economy. Anxiety over escalating losses among banks and insurers on mortgage-backed securities dominated investor sentiment. These securities bundled together multiple sub-prime loans of differing credit quality typically numbering in the thousands and were traded across the globe, resulting in a lack of clarity about their ultimate ownership and true value.

Despite a fresh round of joint measures by central banks in December 2007 to alleviate pressure in the short-term money markets, investors remained nervous about further bank write-offs. As a result, equity-market volatility remained elevated from the unusually low level that had prevailed for an extended period before the sub-prime crisis struck. Also interest rates in the inter-bank lending market remained high as banks hoarded money to guard themselves against a possible shortage of funds.

These fears spilled over into 2008 as write-offs by investment banks and financial firms mounted and banks were forced to write down mortgage-related assets to market values that assumed catastrophic losses. Lending, which had been too lax, seized up, threatening to bring financial markets grinding to a halt as banks refused each other loans and tightened lending requirements for clients, including hedge funds and other key market participants. This forced more distressed sales and, in turn, more write-offs.

Then, during the third quarter of 2008, the crisis of confidence engulfed financial markets as doubts about the solvency of banks paralyzed inter-bank lending. A series of actions by the U.S. Treasury, Federal Reserve Board and other central banks to boost liquidity averted a global meltdown in the financial services sector.

PERFORMANCE

For the year ended October 31, 2008, Transamerica AllianceBernstein International Value Class I returned (51.72)%. By comparison its benchmark, the Morgan Stanley Capital International-Europe, Australasia, and Far East Index (“MSCI-EAFE”), returned (46.34)%.

STRATEGY REVIEW

Before fees, the portfolio underperformed its benchmark during the period, largely due to its exposure to troubled financial stocks. Among the most prominent detractors were HBOS plc (“HBOS”), Fortis SA/NV (“Fortis”), The Royal Bank of Scotland Group plc and Deutsche Bank AG. Despite sound fundamentals, HBOS suffered due to fears about its access to short-term funding. While our research indicated that HBOS was adequately capitalized after its rights issue and faced no immediate liquidity threat, we underestimated the probability that it would face a crisis of confidence, forcing it into a takeover by Lloyds TSB Group plc. Benelux bank, Fortis was another detractor, falling on fears that its capital position was not strong enough to see it through the market stress. The bank was subsequently rescued at the end of the third quarter by the Belgian, Netherlands and Luxembourg governments. In other sectors, falling commodity prices and a weaker outlook for global growth dragged down industrial commodity stocks. Not all financials fell during the quarter as investors began to reward banks that appeared to be weathering the market disruption, such as Fairfax Financial Holdings Corp., the Canadian-based insurance group and Munich Re AG, the German insurer.

Other positions that helped relative returns during the period included Royal Dutch Shell plc, GlaxoSmithKline plc and Sanofi-Aventis.

Our research and experience as value managers has taught us to keep portfolio risk proportionate with the value opportunity we identify. After a lengthy period of compression, valuation spreads have widened. If this trend continues, we believe we may see increased opportunities to raise the portfolio’s concentration in undervalued industries and companies.

Sharon E. Fay, CFA
Kevin F. Simms, CPA
Henry S. D’Auria, CFA
Marilyn G. Fedak, CFA
John P. Mahedy, CPA

Co-Portfolio Managers
AllianceBernstein L.P.


Transamerica Funds		Annual Report 2008

Page 1

Transamerica AllianceBernstein International Value

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2008


				From			Inception
	1 Year			Inception			Date

Class I (NAV)		(51.72	)%		(9.84	)%		12/6/05
MSCI-EAFE¹		(46.34	)%		(6.41	)%		12/6/05

NOTES

¹ The Morgan Stanley Capital International-Europe, Australasia, and Far East (MSCI-EAFE) Index is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. From inception calculation is based on life of the Fund. You cannot directly invest in an Index.


Transamerica Funds		Annual Report 2008

Page 2

Transamerica Bjurman, Barry Micro Emerging Growth

(unaudited)

MARKET ENVIRONMENT

Equities seesawed through the twelve months ending October 31, 2008, but finished sharply lower as the credit crisis that erupted exactly one year ago spread deeply into the core of overleveraged financial institutions, culminating in a succession of tumultuous days that remade the US financial system and saw the failure of several Wall Street giants. As fear inundated the markets, US stocks sank to their lowest levels in over five years, erasing the greater part of the gains seen in the past bull market.

Borrowing costs shot up, and debt markets have become nearly inaccessible as investors shunned any debt that was not backed by the US government. Banks are wary of lending, and credit markets have tightened, moving beyond financials into the broader economy. Persistently weak job reports have pushed consumer confidence to an all time low, extending the slump in retail sales. Commodity prices have dropped sharply in recent quarters, in heavy contrast with the record prices set during summer, as evidence pointed to a global economy that is slowing along with the US.

Also weighing on the stock market were lowered corporate profit expectations. Although results have generally met expectations, excluding financials, earnings guidance turned unanimously lower in the last quarter, with the negative sentiment most visible in the technology, energy, and consumer discretionary sectors. All segments of the economy contracted during the period, led by the most economically sensitive categories. The stocks of defensive health care and consumer staples companies fared better than average for the period.

The government has been aggressive in its response to our lengthy financial crisis, acting swiftly in passing the rescue package, coordinating interest rate cuts with foreign central banks, through direct capital injections into banks, and other efforts that target the root of the crisis. Shrugging off the market’s overwhelming pessimism, the market rallied in the last week of October, driven by signs that frozen credit markets may be starting to soften after a year in. Although lending rates are still higher than normal, there were moderate improvements in bank lending and debt markets. Banks are still paying a high premium to borrow from one another, but the London Interbank Offered Rate (“LIBOR”) fell from its highest levels. Lending dried up after the collapse of Lehman Brothers Holdings Inc. (“Lehman Brothers”), but now the strains are showing signs of stabilizing.

The late improvements in credit markets, at the center of the financial problems, are encouraging, yet fears for an economic contraction continues to weigh on stocks and bonds. The Federal Reserve Board (“Fed”) has, however, lowered its benchmark interest rate to the previous recession low of 1 percent. Tumbling commodities prices and weaker consumer spending have helped in containing inflation pressures, leaving the door open for further rate reductions by the Fed.

PERFORMANCE

For the year ended October 31, 2008, Transamerica Bjurman, Barry Micro Emerging Growth, Class I returned (48.84)%. By comparison its benchmark, the Russell 2000® Growth Index (“Russell 2000 Growth”), returned (37.87)%.

STRATEGY REVIEW

Against the backdrop of a weak market sentiment during the period, the portfolio’s performance was impacted by its greater focus in more dynamic, smaller, and more economically sensitive companies. The portfolio’s sector weightings, relative to the Russell 2000® Growth, differed the most in technology, constituting one-third of the portfolio, and energy, both of which were more heavily weighted and detracted from its return. However, the portfolio avoided consumer sectors such as retail and consumer services, contributing positively versus the index. The largest setback for the period was in overall security selection, given the general underperformance of the portfolio’s companies in growth sectors technology, industrials, manufacturing, transportation, and energy as they tended to be smaller and have higher growth characteristics. The stocks of larger market capitalization companies edged smaller capitalization companies, and likewise value stocks were favored over growth stocks during the period.

Despite extraordinary efforts by the US government, the stock market continues to trade at severely oversold conditions. After the weakness in the past year, we believe share price valuations across equities now reflect many of the risks highlighted. Markets tend to overshoot on both extremes, and much of the recent market action has been driven by forced selling in hedge funds and short term trading. Although the extreme market volatility may linger for a while, we believe equities are poised to recover sooner rather than later.

O. Thomas Barry, III, CFA, CIC

Portfolio Manager
Bjurman, Barry & Associates


Transamerica Funds		Annual Report 2008

Page 3

Transamerica Bjurman, Barry Micro Emerging Growth

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2008


				From			Inception
	1 Year			Inception			Date

Class I (NAV)		(48.84	)%		(17.98	)%		8/1/06
Russell 2000 Growth ¹		(37.87	)%		(9.42	)%		8/1/06

NOTES

¹ The Russell 2000 Growth Index is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. From inception calculation is based on life of the Fund. You cannot directly invest in an Index.

International investing involves special risks including currency fluctuations, political instability, and different financial accounting standards. This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives, explanation of share classes and policies of this Fund. This Fund is only available in Class I shares, which are not available for direct investment by the public.


Transamerica Funds		Annual Report 2008

Page 4

Transamerica BlackRock Global Allocation

(unaudited)

MARKET ENVIRONMENT

For the period of November 1, 2007 through October 31, 2008, global equity and bond markets were extremely volatile. Global equity indices have corrected sharply during this period of volatility, as measured by the Financial Times Stock Exchange World Index (“FTSE World”) twelve-month return of (42.31)%. The environment for bonds, while not quite as weak as that for equities, was also negative, with the Barclays Capital (formerly Lehman Brothers) Global Aggregate Bond Index returning (2.57)% in U.S. dollar terms for the twelve-month period ended October 31, 2008. In the current market environment, we believe that economic growth is likely to remain below trend as volatility is likely to remain elevated as de-leveraging continues to unfold on a global basis. Nevertheless, the sharp sell-off we have witnessed in both equities and corporate bonds has created some excellent values in both stocks and bonds globally.

PERFORMANCE

For the year ended October 31, 2008, Transamerica BlackRock Global Allocation Class I returned (24.23)%. By comparison, its benchmark, the FTSE World, returned (42.31)%.

STRATEGY REVIEW

For the twelve-month period ended October 31, 2008, Transamerica BlackRock Global Allocation returned (24.23)%. The results exceeded the (24.27)% return of its Reference Portfolio for the twelve-month period, and the (42.31)% return of its broad-based all-equity benchmark, the FTSE World. The portfolio invests in a combination of equities and bonds; therefore, the Reference Portfolio provides both a truer representation of the portfolio’s composition and a more comparable means for measurement. Returns for each component of the Reference Portfolio for the twelve-months ended October 31, 2008, were as follows; the Standard and Poor’s 500 Composite Stock Index (“S&P 500”) returned (36.10)%, the FTSE World Index (ex-U.S.) returned (47.25)%; the Merrill Lynch U.S. Treasury Current 5-year Index returned 10.09%; and the Citigroup (non-USD) World Government Bond Index returned 0.65%. The portfolio outpaced the (31.73)% average return of the Lipper Global Flexible Portfolio Funds category for the same twelve-month period (placing in the 29^th percentile).

In absolute terms, the portfolio’s returns were adversely impacted by the global equity correction which has occurred over the past twelve months. Although underweight equities relative to its Reference Portfolio, the portfolio’s overweight position in non-U.S. stocks weighed on returns, as non-US equity markets generally lagged the U.S. over the period. Effective security selection helped to offset the portfolio’s non-U.S. equity overweight, particularly within the financials, industrials, and information technology sectors.

Although underweight in bonds, the portfolio benefited from the composition of its fixed income component. This included a sizeable allocation to US Treasury Inflation Protected Securities (“TIPS”) and nominal Treasuries, and an overweight in Asian convertibles and short-dated (local currency-denominated) fixed income in emerging markets (notably Brazil). Also contributing to performance was the portfolio’s underweight US dollar-denominated assets relative to its Reference Portfolio.

The portfolio is modestly overweight equities at 60.5% relative to its Reference Portfolio. Although neutral in terms of allocation to equities as an asset class, the portfolio has a meaningful overweight position in Asian stocks and a meaningful underweight position in European stocks. The portfolio is also underweight fixed income securities relative to its Reference Portfolio. The portfolio’s allocation to fixed income is relatively neutral in terms of U.S. bonds relative to its Reference Portfolio but is underweight non-U.S. bonds due largely to the portfolio’s minimal exposure to Japanese government debt (“JGBs”). The low yields offered on JGBs compared to the relatively rich dividends currently available on most Japanese equities lead us to believe that Japanese stocks offer much better relative value than Japanese bonds. Credit quality of the portfolio’s fixed income component is quite high, with substantial allocations to nominal Treasuries and TIPS. The portfolio is overweight cash equivalents (9.3%) relative to its Reference Benchmark, partially due to the team’s desire to keep portfolio duration low.

Dennis W. Stattman
Romualdo Roldan Dan
Chamby James
MacMillan

Co-Portfolio Managers
BlackRock Investment Management, LLC


Transamerica Funds		Annual Report 2008

Page 5

Transamerica BlackRock Global Allocation

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2008


				From			Inception
	1 Year			Inception			Date

Class I (NAV)		(24.23	)%		1.36	%		12/6/05
FTSE World ¹		(42.31	)%		(6.17	)%		12/6/05
MSCI WORLD ¹		(41.51	)%		(6.52	)%		12/6/05

NOTES

¹ The Financial Times Stock Exchange World (FTSE World) Index and the Morgan Stanley Capital International-World (MSCI WORLD) Index are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. From inception calculation is based on life of the Fund. You cannot directly invest in an Index.


Transamerica Funds		Annual Report 2008

Page 6

Transamerica BlackRock Large Cap Value

(unaudited)

MARKET ENVIRONMENT

U.S. equities posted sharp losses for the annual period, and notably, in October, capped the worst month in over 20 years. For the twelve months, the large-cap Russell 1000® Index was down 36.80%. Shares of large-cap value companies performed relatively in line with large-cap growth stocks, as the Russell 1000® Value Index (“Russell 1000 Value”) lost 36.80% and the Russell 1000® Growth Index declined 36.95%.

The end of the period particularly the months of September and October was a historic time for financial markets as the credit crisis that began in the summer of 2007 boiled over and triggered unprecedented failures and consolidation in the financial sector, stoking fears of a market and economic collapse and prompting the largest government rescue plan since the Great Depression. Extraordinary events of the past twelve months included: the collapses of The Bear Stearns Companies Inc. (“Bear Stearns”) and Washington Mutual, Inc.; high-profile losses from General Electric Company and Bank of America Corporation; the U.S. government takeover of the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”) and bailout of America International Group, Inc. (“AIG”); the bankruptcy of the Lehman Brothers Holdings Inc. (“Lehman Brothers”); the reorganization of The Goldman Sachs Group, Inc. (“Goldman Sachs”) and Morgan Stanley as bank holding companies; the money market Reserve Primary Fund “breaking the buck,” and the passing of the $700 billion Troubled Asset Relief Program (“TARP”). The period also featured a waning consumer, still-fragile housing market, rising unemployment, challenged corporate earnings and a dimming export sector, which, until recently, was the one bright spot in the U.S. economic picture.

For its part, the Federal Reserve Board (“Fed”) was very active throughout the period, lowering the federal funds target rate by 250 basis points (2.50%) between November 2007 and April 2008. The central bank remained on hold until early October, when, in concert with five other global central banks, it cut interest rates by 50 basis points in a rare move intended to stave off worldwide economic damage from the intensifying financial market turmoil. The Fed followed with an additional 50-basis-point reduction on October 29, 2008 bringing the target federal funds rate down to just 1.0% at period-end, its lowest level since 2004.

PERFORMANCE

For the year ended October 31, 2008, Transamerica BlackRock Large Cap Value Class I returned (37.76)%. By comparison, its benchmark, the Russell 1000 Value, returned (36.80)%.

STRATEGY REVIEW

The portfolio remained fully invested in equities throughout the twelve-month period. We decreased exposure to select financials names, exiting positions in AIG and Citigroup Inc. (“Citigroup”) and trimming the portfolio’s holding in JPMorgan Chase & Co. We also reduced exposure to those sectors most negatively impacted by a downturn in commodity prices, specifically industrials (e.g., Deere & Company and Honeywell International Inc.) and materials (e.g., The Dow Chemical Company). However, we increased the portfolio’s allocation to the energy sector, as the long-term supply/demand imbalance is favorable and valuations discount much lower oil prices. By contrast, we increased the portfolio’s exposure to traditionally defensive sectors, notably consumer staples and healthcare. In consumer staples, we purchased Wal-Mart Stores, Inc.; within healthcare, we purchased Johnson & Johnson; and also overweighted firms that provide cost-containment services, such as Medco Health Solutions, Inc., as secular growth in healthcare and medical cost inflation are driving demand in this area. Additionally, we increased the portfolio’s allocation to consumer discretionary, though this was predominantly a function of valuations based on our bottom-up stock selection process as opposed to a generally bullish sentiment.

Individual holdings that had the greatest positive impact on performance included CSX Corporation in the industrials sector and The Kroger Co. in the consumer staples sector. The portfolio’s overweights in biotechnology giant Amgen Inc. and insurer The Chubb Corporation benefited relative results as well.

Overweight positions in Freeport-McMoRan Copper & Gold Inc. and Hess Corporation were among the detractors from portfolio performance during the annual period. A position in United States Steel Corporation also hurt comparative results, as shares of the company declined 62% during the twelve months. In addition, underweighting Wells Fargo & Company and The Procter & Gamble Company hampered returns.

An underweight and stock selection in the financials sector was among the primary contributors to performance during the annual period. An overweight in the insurance sub-sector and underweight in capital markets and thrifts and mortgage finance names proved most advantageous. Specifically, the portfolio’s large underweight positions in AIG, Citigroup and Fannie Mae aided performance, as shares of all three names plummeted during the twelve months (Fannie Mae was down more than 98% over the period). Notably, we sold out of both AIG and Citigroup by period-end. In addition, our avoidance of benchmark holding Wachovia Corporation, which declined 85% overall, was beneficial. Also aiding results were security selections in consumer discretionary, an overweight position in energy and an underweight in materials. Conversely, security selections in the materials sector, combined with an underweight in consumer staples and overweight in information technology, detracted from comparative performance. An underweight and disappointing stock selection in the utilities sector also hindered results.

Robert C. Doll, Jr. CFA,
CPA Daniel Hanson, CFA

Co-Portfolio Managers
BlackRock Investment Management, LLC


Transamerica Funds		Annual Report 2008

Page 7

Transamerica BlackRock Large Cap Value

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2008


				From			Inception
	1 Year			Inception			Date

Class I (NAV)		(37.76	)%		(6.88	)%		11/15/05
Russell 1000 Value¹		(36.80	)%		(5.94	)%		11/15/05

NOTES

¹ The Russell 1000 Value Index is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. From inception calculation is based on life of the Fund. You cannot directly invest in an Index.


Transamerica Funds		Annual Report 2008

Page 8

Transamerica BlackRock Natural Resources

(unaudited)

MARKET ENVIRNOMENT

It was a year of unprecedented volatility in the natural resources space, with stocks and commodities being driven by technical factors rather than by fundamentals for much of the period. The period commenced with commodity prices and commodity-related equities moving substantially higher until peaking in early July. The reversal since July has been dramatic, leaving commodity-related assets at multi-year lows across the spectrum. After surpassing $145/barrel on July 11, crude oil prices began a systematic decline to approximately $65/barrel at the end of October. Similarly, prices of natural gas, base metals, (such as nickel, aluminum and copper), and soft commodities (such as corn and wheat) suffered substantial declines. A number of factors have combined to create this type of market action, including long term supply constraints for certain commodities, a seemingly sharp drop-off in demand due to a sharp slowdown of global gross domestic product (“GDP”), and the overall strain of financial markets and the credit crisis. In general, a multitude of factors have pulled commodities sharply in every direction (first up and then down) over the past year. It appears that the extreme volatility is a sign of the current confusion and uncertainty in these markets.

Technical factors have contributed to the wild swings in the market, with momentum traders jumping in on the way up and then being forced to sell on the way down. Without question, the ongoing financial crisis has contributed to overall de-leveraging and concerns surrounding the sustainability of global growth that have plagued commodities over the past several months. Likely exacerbated by the reversal of the short US dollar/long commodities trade and several instances of forced liquidation by hedge funds and financial intermediaries, nearly the entire commodity universe has come under significant selling pressure following a spike higher in the first half of 2008.

Additionally, fundamental indicators have been volatile and have provided investors with mixed signals. Through the first part of the year, global GDP growth seemed robust enough to maintain tightness in all commodity markets. With emerging market demand leading the way, supply across the commodities arena could barely keep up with demand. However, as global growth has slowed more than expected, an excess of supply has developed in some commodities markets. With that said, long term supply constraints in segments of the energy market have negated, to an extent, the drop-off in demand, and the Organization of the Petroleum Exporting Countries (“OPEC”) seems ready to aggressively cut production to maintain that supply/demand balance and support oil prices. Going forward, we believe this may lead energy to outperform many metals/mining companies. Yet, since June, investors have sold all commodity-related assets indiscriminately, including gold, which many people view as a safe haven in a recessionary environment. Once again, some of this was due to technical factors and some of the selling was due to a rapid decline in demand. Only time will tell if the fundamentals have, in fact, deteriorated across the board as much as is currently priced-in to equities. We have rarely seen commodity-related equity valuations this low.

PERFORMANCE

For the year ended October 31, 2008, Transamerica BlackRock Natural Resources Class I returned (41.77)%. By comparison its benchmark, the Morgan Stanley Capital International Natural Resources Index, returned (39.59)%.

STRATEGY REVIEW

In this environment, we have managed to outperform many of our peers, despite dismal absolute returns, by maintaining our typical long-term investment horizon and emphasizing high-quality energy companies with strong balance sheets in the portfolio.

Due to the long term nature of our investment approach and our belief that the stocks we own are currently trading at undervalued levels, portfolio positioning is little changed. We remain underweight in the integrated oil stocks, which hurt relative performance during the period as these stocks tend to follow the broad market and energy has underperformed the broad market since June. We prefer oil service companies that have strong international business prospects and solid balance sheets, and oil and gas exploration and production stocks as we believe these companies offer superior future production and earnings growth prospects.

This has been a very difficult period and absolute performance was substantially negative. Nevertheless, we were able to achieve positive contributions from a select few names in the portfolio, including Range Resources Corporation and Southwestern Energy Company. As discussed, no sub-sector of the commodities market was spared and they all finished in negative territory by a substantial margin. Our exploration and production holdings performed better, on average, than most other sub-sectors, but our overweight caused this group to contribute to negative returns by an outsized amount. Conversely, our metals and mining holdings fell sharply, but our relatively small weighting to this group helped mitigate the negative impact on the portfolio. Stocks in the portfolio that were hit the hardest during the period include Aluminum Corporation of China Limited and National Oilwell Varco, Inc. We continue to hold both companies and maintain our overall positioning in the portfolio with the belief that the stocks have priced-in substantial global economic woes and that these valuations will correct from their current historic lows.

Robert Shearer, CFA

Portfolio Manager
BlackRock Investment Management, LLC


Transamerica Funds		Annual Report 2008

Page 9

Transamerica BlackRock Natural Resources

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2008


				From			Inception
	1 Year			Inception			Date

Class I (NAV)		(41.77	)%		(10.19	)%		1/3/07
MSCI Natural Resources Index¹		(39.59	)%		(11.28	)%		1/3/07

NOTES

¹ The Morgan Stanley Capital International Natural Resources (MSCI Natural Resources Index) Index is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. From inception calculation is based on life of the Fund. You cannot directly invest in an Index.


Transamerica Funds		Annual Report 2008

Page 10

Transamerica BNY Mellon Market Neutral Strategy

(unaudited)

MARKET ENVIRONMENT

The twelve months ended October, 31 2008 marked a period of significant market decline. While early in the period investors still had hopes that rising delinquency and default rates on sub-prime home mortgages would remain an isolated issue; and that the Federal Reserve Board’s (“Fed”) fed fund rate cuts which began last September would help to stimulate the economy, such optimism proved to be unfounded. The credit crisis gained speed in March of this year when Bear Stearns Companies Inc. (“Bear Stearns”) had to be dramatically rescued by JPMorgan Chase & Co. and the US Treasury. Financial stocks suffered through the rest of the first half of the year and in the third quarter IndyMac Bancorp, Inc., the Federal National Mortgage Association (“Fannie Mae”), the Federal Home Loan Mortgage Corporation (“Freddie Mac”), Lehman Brothers Holdings Inc. (“Lehman Brothers”), Merrill Lynch & Co., Inc. (“Merrill Lynch”), American International Group, Inc. (“AIG”), Washington Mutual, Inc., and Wachovia Corporation all either failed or required rescue of one kind or another. Remarkably, the rest of the financial sector rebounded in the third quarter in anticipation of government assistance, resulting in the extraordinary outcome that despite the headline-grabbing failures, financial services was one of the strongest sectors in the third quarter.

PERFORMANCE

For the year ended October 31, 2008, Transamerica BNY Mellon Market Neutral Strategy Class I returned 3.30%. By comparison, its benchmark, the Merrill Lynch 3-Month T-Bill + 3% Wrap Index, returned 5.84%.

STRATEGY REVIEW

Transamerica BNY Mellon Market Neutral Strategy is a long/short stock selection strategy based on our quantitative implementation of fundamental and technical valuation concepts. Our daily investment process combines over 40 factors, or characteristics, including value-based metrics, growth/momentum metrics, and factors based on corporate and management stock buying/selling activity. We blend these measures into a single composite rank for each stock using a dynamic weighting scheme that maintains an overall balance between value and growth/momentum based factors. Then we construct long and short portfolios that are carefully controlled along several dimensions of risk including neutral exposures to the overall market (beta), sector/industry exposure, capitalization, and other risk factors. Subject to these risk constraints, the target portfolio consists of long positions in the most attractive stocks and short positions in the least attractive stocks.

Growth/momentum metrics were the strongest component of the stock ranking model, with measures based on favorable price action attributes contributing most strongly. Valuation factors continued to struggle over the trailing twelve-months as they had during most of 2007, which dampened the magnitude of outperformance in the period.

We do not make significant tactical changes in the implementation of the strategy based on market conditions, and continued to maintain an even blend of value and growth/momentum factors despite the recent underperformance of the value components of the process. We do monitor and control risk exposures that develop in the market. For example, during this period we carefully controlled our exposure to leverage in the portfolio, which helped performance as the credit crisis dragged on.

The most successful stock selections were a short holding in investment bank Bear Stearns which collapsed in March, a short holding in Motorola, Inc. which has been hurt by its struggling mobile phone unit, and oil services company Global Industries, Ltd., which was held long early in the period when commodity prices where rising and held short during the later period when the stock declined on weakening commodity prices.

Among the poorest performing holdings were long positions in electric utility Reliant Energy, Inc. which has been struggling in the retail energy market and saw its shares drop sharply toward the end of the period, media company CBS Corporation which has faced a rapidly weakening advertising environment, and electronics distributor Avnet, Inc. which declined as the sluggish economy reduced its technology solutions sales.

Our investment process seeks to minimize the impact of sector/industry weightings on the performance of the portfolio by maintaining approximately equal weightings of long and short positions in each sector and industry. Nevertheless, slight net long and short sector/industry positions, such as our net long position in the energy sector, did have a small negative overall impact on performance.

Michael F. Dunn, CFA
Oliver E. Buckley, CIO
Langton C. Garvin, CFA

Co-Portfolio Managers
Franklin Portfolio Associates, LLC

Prior to July 1, 2008, John S. Cone, CEO was also a co-portfolio manager.


Transamerica Funds		Annual Report 2008

Page 11

Transamerica BNY Mellon Market Neutral Strategy

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2008


				From			Inception
	1 Year			Inception			Date

Class I (NAV)		3.30	%		0.56	%		1/3/07
Merrill Lynch 3 Month Treasury Bill ¹		5.84	%		6.94	%		1/3/07

NOTES

¹ The Merrill Lynch 3-Month T Bill + 3% Wrap (Merrill Lynch 3 Month Treasury Bill) Index is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. From inception calculation is based on life of the Fund. You cannot directly invest in an Index.


Transamerica Funds		Annual Report 2008

Page 12

Transamerica Evergreen International Small Cap
(unaudited)

MARKET ENVIRONMENT

The market declines which picked up steam in the second half of 2007 turned into avalanches during the fiscal year ended October 31, 2008. The breadth and depth of this crisis and its ripple effects across other sectors and industries has driven the major global economies into recession, confirmed by the Organisation for Economic Co-operation and Development (“OECD”). Additionally, volatility was at extreme levels during the period. No sector, market or capitalization group escaped the downturn.

PERFORMANCE

For the year ended October 31, 2008, Transamerica Evergreen International Small Cap Class I returned (50.10)%. By comparison, its benchmark, the S&P Citigroup EMI Global Ex-U.S. Index, returned (55.13)%.

STRATEGY REVIEW

The portfolio maintained its focus on small and mid cap stocks but there were significant changes, both sectorally and geographically, driven by a combination of stock specific issues as well as by macro considerations. Sizeable reductions were made in Europe, principally Spain, Italy, Germany and the Netherlands, with increases in Japan and, to a lesser degree, in the United Kingdom (“UK”). We believed that Europe would fare somewhat worse in the current downturn whereas domestic Japanese stocks had been the relative safe haven in the recent turmoil as the yen had been strengthening. The stock changes spanned a range of sectors with the largest reductions in consumer discretionary and industrials in favor of increased weight in financials, health care and consumer staples. Within financials, our strategy was to reduce exposure to banks that had need for capital and to move towards those companies, such as insurers with strong capital bases and stock exchanges, which have ample capital and few capital requirements. Health care and consumer staples offer better protections generally in this type of environment.

Over the year the portfolio outperformed and had positive contributions from a number of sectors, including consumer staples, information technology (“IT”), industrials, consumer discretionary and financials. In all cases, stock outperformance was the base of the contribution while our underweight in financials and overweight in consumer staples also proved helpful. In consumer staples, our strategy of building up exposure to some domestic-focused Japanese holdings proved positive. In IT, Japanese video game companies Square Enix Co., Ltd. And Capcom Co., Ltd. Had the largest positive effect. Also within the IT sector, D+S Europe, Ag, the German-based call center company was taken over, resulting in positive benefit to the portfolio. Another Japanese holding, Nissha Printing Co., Ltd. Topped the list in industrials with Experian Group Limited and Royal Boskalis Westminster N.V. also contributing well. Our strategy of selective exposure in financials proved positive as the top nine contributors by effect were either insurers or stock exchanges.

From a country perspective, Japan contributed most, reflecting many of the earlier comments, followed by the UK. Our underweight in emerging markets also proved positive. In a year of significant negative returns in equity markets our exposure to cash proved positive as did the currency hedges we had put in place to guard against appreciation in the U.S. dollar.

Utilities, energy and telecommunications services were the major detracting sectors in the period. These suffered principally from stock underperformance while an underweight in utilities, the second best performing sector, also proved negative. The weakest holding in utilities was China Gas Holdings, which saw a reversal in its valuation level, while in energy, producer Premier Oil plc and oil services company Technip suffered from the sharp fall in oil prices.

Geographically, Europe and Canada was the most negative. Within Europe, our overweight in France combined with specific stock underperformances were the cause.

Francis X. Claro, CFA

Portfolio Manager
Evergreen Investment Management Company, LLC



Transamerica Funds		Annual Report 2008

Page 13

Transamerica Evergreen International Small Cap
(unaudited)

Average Annual Total Return for Periods Ended 10/31/2008


				From			Inception
	1 Year			Inception			Date

Class I (NAV)		(50.10	)%		3.01	%		11/8/04
S&P Citigroup EMI Global Ex-US¹		(55.13	)%		(0.81	)%		11/8/04

NOTES


¹		The S&P Citigroup EMI Global Ex-US Index is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. From inception calculation is based on life of the Fund. You cannot directly invest in an Index. You cannot directly invest in an Index.



Transamerica Funds		Annual Report 2008

Page 14

Transamerica Federated Market Opportunity
(unaudited)

MARKET ENVIRONMENT

The reporting period was extraordinarily poor for all equity markets. In the United States, the Standard and Poor’s 500 Composite Stock Index (“S&P 500”), for example, returned (36.10)%. Financial system and economic distress have continued to spread, and the housing and mortgage-finance bubbles led to spreading losses in arcane financial instruments as well as conventional loans. In management’s opinion, the stress has moved from the financial sector to the non-financial sector of the economy throughout the world. Stress on households, corporations, and governments are exacerbated by a legacy of record debts. We believe that the huge debt burden will constrain economic growth for some time. We also believe equity markets are in a long-term decline, but that the collapse in October left markets much more attractively priced and likely to have a sizable rebound over the near term.

PERFORMANCE

For the year ended October 31, 2008, Transamerica Federated Market Opportunity Class I returned (7.16)%. By comparison, its primary and secondary benchmarks, the Russell 3000® Value Index and the Merrill Lynch 3-Month T-Bill Index, returned (36.32)% and 5.84%, respectively.

STRATEGY REVIEW

The portfolio is managed with an emphasis on moderate capital appreciation with low volatility, and an emphasis on capital preservation when valuations and risks are high. It is not managed towards an equity benchmark or with regard to the individual components of an equity benchmark.

For most of the fiscal year, the portfolio had been positioned to benefit from a significant decline in US equity prices. The portfolio had substantial cash reserves in addition to put options and ultra short exchange-traded funds (“ETFs”) as a hedge against a decline in stock prices. The put options and ultra short ETFs would increase in value if stock prices fell. This worked quite well for the portfolio until the end of June, since the market declined and produced significant gains on the put options and ultra short ETFs. The portfolio manager believed that market bubble history and market valuation history in general, and the rapidly deteriorating economic and financial conditions, supported a highly risk-averse strategy during the period. Unfortunately, during the summer and especially in September and October, the portfolio’s large holdings in gold and energy stocks had large losses from a sharp correction in commodity markets and related stock prices. (We believe that both sectors are in bull markets and are now quite attractively priced.)

Late in the fiscal year with the passage of the US government bailout program, the portfolio changed its position and took a neutral, rather than bearish, position on stock markets. As markets crashed in October, we added significantly to stocks, as sharply lower prices resulted in much better valuations, along with the expectation of a strong bounce from overly depressed levels. Coordinated efforts from governments around the world on interest rate cuts and bailout programs gave encouragement to investors, and markets (and the portfolio) finally started to rebound during the last week of the fiscal year.

Among the portfolio’s equity sector returns, virtually all had negative returns for the fiscal year. Gold and energy stocks were especially hurt with the bursting of the commodity bubble. We noted that gold stocks were quite cheap relative to the price of gold and thought there were not large risks in that sector. When gold stocks plummeted in October, they became the cheapest on record versus gold bullion and are extremely attractive in our opinion.

In terms of currencies and their impact on investment results for foreign holdings, the U.S. dollar appreciated against most currencies, as the U.S. dollar index (“USDX”) rose nearly 12%. This increase of the U.S. dollar relative to other currencies decreased the value in U.S. dollar terms of returns on the portfolio’s foreign holdings. In particular, the Canadian dollar fell more than 28%, and the euro nearly 12%. However; the Japanese yen gained almost 15% and partially offset the losses in the other currencies.

Among the several positive contributors to the portfolio’s performance, were the put options on Amazon.com, Inc. The worst contributor was from Yamana Gold Inc., a Canadian gold mining company. The best performing sectors were financials and consumer discretionary, while the worst performing were materials and energy. From a country perspective, United Kingdom stocks were the top contributors to the portfolio.

Steven J. Lehman, CFA

Portfolio Manager
Federated Equity Management Company of Pennsylvania



Transamerica Funds		Annual Report 2008

Page 15

Transamerica Federated Market Opportunity

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2008


				From			Inception
	1 Year			Inception			Date

Class I (NAV)		(7.16	)%		(2.99	)%		12/6/05
Russell 3000 Value ¹		(36.32	)%		(6.79	)%		12/6/05
Merrill Lynch 3 Month Treasury Bill ¹		5.84	%		7.33	%		12/6/05

NOTES


¹		The Russell 3000 Value Index and the Merrill Lynch 3-Month T Bill + 3% Wrap (Merrill Lynch 3 Month Treasury Bill) are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. From inception calculation is based on life of the Fund. You cannot directly invest in an Index.

International investing involves special risks including currency fluctuations, political instability, and different financial accounting standards. This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives, explanation of share classes and policies of this Fund. This Fund is only available in Class I shares, which are not available for direct investment by the public.



Transamerica Funds		Annual Report 2008

Page 16

Transamerica JPMorgan International Bond

(unaudited)

MARKET ENVIRONMENT

Global fixed income markets experienced heightened volatility and extreme illiquidity during the twelve months ended October 31, 2008. The period started with an abrupt increase in volatility and a broad re-pricing of risk that shook capital markets in the latter half of 2007. Fears that began in the sub-prime mortgage market extended rapidly across all markets, causing spreads to widen precipitously and liquidity to shrink rapidly, regardless of underlying fundamentals. Toward the end of first-quarter 2008, financial news saw continued sub-prime mortgage write-downs, concerns by rating agencies regarding the capitalization of bond insurers, and de-leveraging by hedge funds and banks that created selling pressure in the markets. The combined efforts of the Federal Reserve Board (“Fed”) and JPMorgan Chase & Co. to rescue The Bear Stearns Companies Inc. (“Bear Stearns”) in March, followed by the Fed’s creation of a credit facility to provide a liquidity backstop for broker-dealers looked certain to have long-term implications for Wall Street and the economy. Fixed income markets saw better sentiment in April and May, as volatility declined, spreads narrowed and pricing improved following the Fed’s responses to financial market disruption in the previous quarter. However, conditions deteriorated late in the quarter, offsetting earlier gains. Concerns about commodity prices, particularly oil, and inflation expectations, as well as comments by Fed Chairman Ben Bernanke, led many to anticipate that it would raise rates in the near term and remove liquidity that had been introduced in the markets, causing bond rates to rise and spreads to widen. However, weakness in the financial markets and the potential for weak economic growth in the future remained a real threat, as financial firms continued to report large write-downs, concerns about monoline bond insurers grew further and the rating agencies continued to downgrade significant numbers of securities.

PERFORMANCE

For the year ended October 31, 2008, Transamerica JPMorgan International Bond Class I returned (0.14)%. By comparison, its benchmark, the JPMorgan Government Bond Index (GBI) ex-U.S. unhedged Index, returned 1.73%.

STRATEGY REVIEW

The past twelve months represented one of the most challenging times the fixed income capital markets have faced, characterized by huge volatility in spreads, curves and rate expectations. Precipitous widening in swap and mortgage spreads along with other credit spreads caused market liquidity to shrink rapidly, with almost every issuer and sector affected, regardless of actual sub-prime exposure. Exposure across spread products detracted from performance, as issues surrounding sub-prime mortgages were felt across all fixed income sectors, regardless of quality and issuer market. Swap spreads widened throughout the year, which further hurt our allocation in agency-backed securities. To comply with the diversification rule, we held exposure to these products.

On the upside, the portfolio benefited from our interest rate, country spread and currency decisions over the period. Our yield curve steepening bias in the United Kingdom (“UK”) and Europe added to performance, as well as our long-duration exposure in Japan. We also entered two key cross-country spread trades in the period, which added to performance. The first was an overweight in the UK’s 10-year versus Europe’s 10-year government bonds, and the second, an overweight in Europe’s 10-year versus Canada’s 10-year government bonds.

Our currency allocation contributed to results over the twelve months. In a period of unprecedented volatility and risk aversion in currency markets, our qualitative currency process added to a number of positive themes, two of which were primary drivers of performance. The first was a carry-unwind trend and the second, the dramatic recovery of the U.S. dollar. Our currency allocation benefited from these themes by remaining short on the yen and Swiss franc versus Pan-European currencies, and short on commodity currencies compared to the U.S. dollar. We also had a long Scandinavian exposure against Pan-European currencies over the year until October, when investors continued to unwind overall emerging market exposure and moved toward risk aversion.

Jon B. Jonsson

Portfolio Manager
J.P. Morgan Investment Management Inc.



Transamerica Funds		Annual Report 2008

Page 17

Transamerica JPMorgan International Bond

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2008


				From			Inception
	1 Year			Inception			Date

Class I (NAV)		(0.14	)%		5.28	%		12/6/05
JP Morgan Gov Bond ex US unhedged¹		1.73	%		6.59	%		12/6/05

NOTES


¹		The JPMorgan Government Bond Index ex-US unhedged Index is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. From inception calculation is based on life of the Fund. You cannot directly invest in an Index.

International investing involves special risks including currency fluctuations, political instability, and different financial accounting standards. This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives, explanation of share classes and policies of this Fund. This Fund is only available in Class I shares, which are not available for direct investment by the public.



Transamerica Funds		Annual Report 2008

Page 18

Transamerica JPMorgan Mid Cap Value

(unaudited)

MARKET ENVIRONMENT

Investors faced significant challenges over the past twelve months, all of which began with the decline in U.S. housing and subsequent concerns about increased mortgage defaults. These events led to massive write-downs of mortgage-related assets, which, by the end of the period, resulted in a radical reconfiguration of the U.S. investment banking landscape and unprecedented efforts by policymakers to restore investor confidence in the capital markets.

Sentiment turned very negative during the summer months, as bad news on the economic, financial and inflation fronts conspired to produce further market declines. Further complicating matters was that, while the Federal Reserve Board (“Fed”) continued to acknowledge the weak prospects for growth, Fed members shifted toward concerns about inflation control as oil topped $140 a barrel and consumer inflation expectations soared to their highest level since the early 1980s.

Toward the end of the period, financial markets experienced unprecedented tests as the U.S. government took control of the Federal National Mortgage Association (“Fannie Mae”), the Federal Home Loan Mortgage Corporation (“Freddie Mac”) and American International Group, Inc. (“AIG”), while Lehman Brothers Holdings Inc. (“Lehman Brothers”), one of the most prized U.S. investment banks, filed a Chapter 11 bankruptcy petition, causing further equity and credit market dislocations. This appeared to be the breaking point as the U.S. government began taking comprehensive action to stem the financial crisis by setting forth a plan to stop the self-perpetuating cycle of falling asset values, asset liquidations and share price collapses.

Over the period, the Standard and Poor’s 500 Composite Stock Index (“S&P 500”) returned (36.10)%, while mid-cap stocks, represented by the Russell Midcap® Index (“Russell Midcap”), returned (40.77)%. For 2008 to date, large-cap and mid-cap stocks trailed small caps as the S&P 500, Russell Midcap and the Russell 2000 Index returned (32.84)%, (37.50)% and (29.02)% respectively.

PERFORMANCE

For the year ended October 31, 2008, Transamerica JPMorgan Mid Cap Value Class I returned (34.92)%. By comparison, its benchmark, the Russell Midcap® Value Index, returned (38.83)%.

STRATEGY REVIEW

The portfolio outperformed its benchmark for the year ended October 31, 2008. Stock selection in the financial and consumer discretionary sectors contributed to performance, while stock selection in health care and energy detracted from results. At the individual stock level, Public Storage, a real estate investment trust (“REIT”) that develops and operates self-storage facilities in U.S. and Europe, was a top performer. The company benefited from increased demand for storage space resulting from the unfortunate increase in foreclosure activity. The company continues to generate strong cash flow, allowing management to pursue strategic acquisitions while increasing dividend payments to shareholders.

Discount retailer TJX Companies, Inc. also contributed to performance. In a tough retail environment, the company was able to earn strong margins at the expense of department stores. While we continue to like the stock, we have been taking profits and deploying capital to more attractive risk/reward opportunities.

On the downside, shares of Coventry Health Care, a diversified U.S. health insurer, declined following a reduced 2008 outlook from management. The company faces higher medical cost trends in its Medicare and commercial risk businesses as well as lower revenue growth expectations. While we believe that the company can pass on a large portion of its higher costs to members, we believe the environment will remain challenged.

Principal Financial Group, Inc., which provides life and health insurance as well as manages retirement assets, also detracted from performance. Investors were concerned about the company’s investment portfolio and its ability to meet liabilities on life insurance products. However, we view the company to be a durable franchise, as it is a leading provider of 401(k) products and services that continue to report record levels of inflows and assets under management.

The portfolio’s strategy is based on the premise that stock selection, focused on undervalued mid-cap companies with durable franchises that are led by strong management teams, should generate consistent return opportunities over the long term. We employ a bottom-up approach to stock selection, constructing portfolios based on company fundamentals, quantitative screening and proprietary fundamental analysis. Our aim is to identify undervalued companies that have the potential to grow their intrinsic values per share and to purchase these companies at a discount.

We have maintained our focus throughout the period by continuing to invest in undervalued mid-cap companies with durable franchises and strong management. These characteristics are often sought after as high-quality companies tend to hold their value and attract greater capital flows when markets turn more volatile. Despite different investment styles/themes coming in and going out of favor, we have not wavered in what is important to us and continue to implement the same disciplined investment process.

Jonathan K.L. Simon
Lawrence Playford, CPA, CFA
Gloria Fu, CFA

Co-Portfolio Managers
J.P. Morgan Investment Management Inc.



Transamerica Funds		Annual Report 2008

Page 19

Transamerica JPMorgan Mid Cap Value

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2008


				From			Inception
	1 Year			Inception			Date

Class I (NAV)		(34.92	)%		(5.57	)%		11/15/05
Russell Midcap Value ¹		(38.83	)%		(7.46	)%		11/15/05

NOTES


¹		The Russell Midcap Value Index is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. From inception calculation is based on life of the Fund. You cannot directly invest in an Index.



Transamerica Funds		Annual Report 2008

Page 20

Transamerica Loomis Sayles Bond

(unaudited)

MARKET ENVIRNOMENT

September and October 2008 have been the worst in the history of corporate bond markets, with the investment grade year-to-date figure now more than three times as bad as any year we have experienced over the past two decades. The risk trade continued from mid-March through May on the back of The Bear Stearns Companies Inc. (“Bear Stearns”) rescue and the Federal Reserve Board’s (“Fed”) actions to support liquidity.

Corporate bond markets began the third quarter with prospects for slowing growth, rising inflation, and housing market concerns weighing on sentiment. This anemic risk appetite accelerated throughout the quarter, reflecting growing anxiety about the strength of the economy and the underlying deterioration of mortgage-related assets. Tremendously thin liquidity intensified the severity of the price action.

In September, a pervasive crisis of confidence drained corporate markets of liquidity and risk capacity, driving flows to quality assets. The deepening credit crisis saw, among other things: federal conservatorship of the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”); the bankruptcy of Lehman Brothers Holdings Inc. (“Lehman Brothers”); Merrill Lynch & Co., Inc. (“Merrill Lynch”) selling its franchise to Bank of America Corporation; insurer American International Group, Inc. (“AIG”) ceding to government control in exchange for an $85 billion loan; The Goldman Sachs Group, Inc. (“Goldman Sachs”) and Morgan Stanley reclassifying themselves as commercial banks; and the Federal Deposit Insurance Corporation (“FDIC”)-engineered sales of Washington Mutual, Inc. and Wachovia Corporation. Each of these events taken individually would be momentous market movers, and in aggregate represent a dramatic shift in the structure of the financial system.

In October, expectations for a US recession increased to near certainty. Activity indicators including industrial production and supply weakened. The increasingly negative economic outlook and weakening labor market appeared to depress consumer measures including retail sales and consumer confidence. The spread and intensification of the credit crunch in September continued to feed through the real economy, further tightening credit availability to corporations and households. A weaker economy coupled with strong anti-inflationary impulses from housing, credit, and energy contributed to lower global interest rates.

PERFORMANCE

For the year ended October 31, 2008, Transamerica Loomis Sayles Bond Class I returned (23.56)%. By comparison, its benchmark, Barclays Capital (formerly Lehman Brothers) U.S. Government Credit/Bond Index, returned (1.06)%.

STRATEGY REVIEW

On the path from housing crisis to financial crisis to market crisis to political crisis, the turmoil punished returns across asset classes. Financials comprise 40% of the investment grade market and led corporates lower across the board. As banks nursed capital and short-term markets froze, businesses had difficulty borrowing, and levered issuers facing impaired access to capital were among the major laggards. High yield bonds had held up relatively well through August, but technical pressures and the ripple effects of the combined crises pushed yield spreads out to record levels. Indeed, no high yield sector finished the third quarter with a positive excess return before plummeting dramatically in October. Meanwhile, strong demand for US dollars and a belief that banking woes would have a global economic impact led to appreciation versus most major currencies. In general, Asian and Latin American currencies remained under pressure as a slowdown would likely impact export and commodity markets. Emerging markets were not immune, especially as many of these investments were sources of cash for funds meeting redemption calls.

On the basis of contribution to return, positive contributors included cash, and Australian dollar denominated holdings sold before the recent bout of dollar strength. Primary negative contributors were consumer cyclical, communications, and finance companies. Foreign holdings with impacts on performance included the Japanese yen on the upside, with securities denominated in the Indonesian rupiah, the Canadian dollar, and the Brazilian real leading the negative performers. Individual performers included 30-year US Treasury bonds, Japanese yen denominated corporate bonds, and Vertex Pharmaceuticals Incorporated convertible bond. Negative contributors included Indonesian rupiah supranational debt, Fannie Mae and Freddie Mac preferred securities, AIG, and Lehman Brothers.

Kathleen C. Gaffney, CFA
Daniel J. Fuss, CFA, CIC
Elaine M. Stokes
Mathew J. Eagan, CFA

Co-Portfolio Managers
Loomis, Sayles & Company, L.P.



Transamerica Funds		Annual Report 2008

Page 21

Transamerica Loomis Sayles Bond

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2008


				From			Inception
	1 Year			Inception			Date

Class I (NAV)		(23.56	)%		(11.57	)%		1/3/07
Barclays Capital U.S. Government/Credit Bond Index¹		(1.06	)%		2.01	%		1/3/07

NOTES


¹		The Barclays Capital U.S. Government/Credit Bond Index is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. From inception calculation is based on life of the Fund. You cannot directly invest in an Index.

International investing involves special risks including currency fluctuations, political instability, and different financial accounting standards. This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives, explanation of share classes and policies of this Fund. This Fund is only available in Class I shares, which are not available for direct investment by the public.



Transamerica Funds		Annual Report 2008

Page 22

Transamerica Marsico International Growth

(unaudited)

MARKET ENVIRONMENT

International equity performance in developed markets was dismal during the fiscal year ending October 31, 2008. The portfolio’s benchmark, the Morgan Stanley Capital International-EAFE Index (“MSCI-EAFE”), posted a return of (46.34)% for the reporting period.

From a Global Industry Classification Standards (“GICS”) economic sector perspective (using the MSCI-EAFE as a reference point), performance weakness was widespread. All 10 GICS sectors in the benchmark index had negative returns, the weakest being financials (57%), materials (54%), and industrials (53%). Health care was the best-performing sector with a return of (19)%. All other sectors were down between (31)% and (50)%.

The MSCI-EAFE’s largest country-level constituents had unfavorable results for the period. The United Kingdom and Japan, which together comprise approximately 43% of the Index, posted returns of (48)% and (38)%, respectively. The MSCI Emerging Markets Index plummeted more than 56% for the twelve-months ended October 31, 2008.

There was tremendous volatility in currency movements versus the US dollar during the period. Overall, US-based investors in international equities did not get the benefit of a significant currency “lift” during the twelve-month period, as the dollar strengthened as compared to certain currencies including the euro and the pound.

PERFORMANCE

For the year ended October 31, 2008, Transamerica Marsico International Growth Class I returned (53.42)%. By comparison, its benchmark, the MSCI-EAFE, returned (46.34)%.

STRATEGY REVIEW

The portfolio underperformed the MSCI-EAFE, its benchmark index, for the period. The portfolio’s performance results were hampered by both stock selection and positioning in the consumer discretionary sector. Though the portfolio reduced its exposure to the sector later in the reporting period, on average, the portfolio had more exposure to the consumer discretionary sector than its benchmark index. This positioning hurt performance as consumer-related equities were seemingly beset by worries regarding the potential impact of a global economic slowdown. A number of the portfolio’s holdings in the sector posted sharp price declines, including hotel/casino operator Las Vegas Sands Corp. (89%), France-headquartered hotel operator Accor S.A. (58%), German automobile components company Continental AG (26)% (prior to being sold from the portfolio), and Hong Kong-headquartered apparel company Esprit Holdings Limited (65%).

Industrials-related positions in the portfolio posted an aggregate loss of (64)%. Denmark-headquartered manufacturer of wind turbines, Vestas Wind Systems A/S dropped (62)%. Swiss power and automation technology company ABB Ltd., French power company ALSTOM., and Spanish wind turbine company Gamesa Corporacion Tecnologica SA also posted sharp declines.

The portfolio’s performance results were further hampered by stock selection in the utilities and energy sectors. Several energy holdings also materially detracted from performance results, including Brazil-based energy company Petroleo Brasileiro SA and France-headquartered CGG Veritas. France-based utility company Veolia Environnement SA declined sharply prior to being sold from the portfolio.

There were several bright spots in the portfolio’s performance. Through stock selection, the portfolio was able to achieve better returns in the health care sector than its benchmark index. Certain individual positions posted strong returns, relative to the benchmark index, such as information technology holding Samsung Electronics Co., Ltd. (prior to being sold), and health care companies Roche Holding Ltd., Genentech, Inc., and Actelion Ltd.

The portfolio had cash and cash equivalents position of approximately 7%, on average. In the latter weeks of the performance period, cash was further elevated, representing approximately 12% of the portfolio’s net assets as of October 31, 2008. Given the volatility and overall decline in international equity prices, the portfolio’s cash weighting had a positive impact on performance as compared to the fully-invested MSCI-EAFE. The portfolio further benefited in general from US dollar strengthening through its dollar-based holdings (including cash equivalents) and its tendency to be underweighted in countries whose “home currency” depreciated substantially vs. the dollar, including the euro and the pound.

As of October 31, 2008, the portfolio’s economic sector allocations emphasized financials, health care, consumer staples, and industrials. As of month-end, the country weightings emphasized Switzerland, United Kingdom, Japan, and France. (Sector and country weightings are primarily a residual of the stock selection process.)

James G. Gendelman, CPA

Portfolio Manager
Columbia Management Advisors, LLC

Columbia Management Advisors, LLC has entered into an agreement with its affiliate, Marsico Capital Management, LLC, to provide portfolio management services to the fund.



Transamerica Funds		Annual Report 2008

Page 23

Transamerica Marsico International Growth

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2008


				From			Inception
	1 Year			Inception			Date

Class I (NAV)		(53.42	)%		(1.86	)%		11/8/04
MSCI-EAFE¹		(46.34	)%		(0.37	)%		11/8/04

NOTES


¹		The Morgan Stanley Capital International-Europe, Australasia, and Far East (MSCI-EAFE) Index is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. From inception calculation is based on life of the Fund. You cannot directly invest in an Index.

International investing involves special risks including currency fluctuations, political instability, and different financial accounting standards. This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives, explanation of share classes and policies of this Fund. This Fund is only available in Class I shares, which are not available for direct investment by the public.



Transamerica Funds		Annual Report 2008

Page 24

Transamerica Neuberger Berman International

(unaudited)

MARKET ENVIRONMENT

International markets were challenging during the fiscal year ending October 31, 2008, with the Morgan Stanley Capital International- EAFE Index (“MSCI-EAFE”) declining more than 46%. The credit crunch worsened considerably at the end of the period as the impact of efforts by the U.S. and other governments to help ease the blockage of the global financial system remained uncertain. Not surprisingly, the financial and materials sectors were two of the worst performing in the MSCI-EAFE — as financials suffered from a crisis of confidence and commodities declined on the back of fears that the financial turmoil would cause a severe global economic downturn. Health care was a relative bright spot, however, with index returns still down over 18%.

PERFORMANCE

For the year ended October 31, 2008, Transamerica Neuberger Berman International Class I returned (51.66)%. By comparison, its benchmark, the MSCI-EAFE, returned (46.34)%.

STRATEGY REVIEW

From a sector perspective, financials was the top contributor to relative performance — helped by our significant underweight position. The materials sector also benefited the portfolio, primarily from an underweight position. Energy was the largest detractor to relative performance, from poor stock performance in companies like Paladin Energy Corp. (“Paladin”), discussed below, and C.A.T. Oil of Germany. Poor stock performance in consumer discretionary also detracted from performance. From a country perspective, Belgium, Italy and Ireland were our best performers on a relative basis. The United Kingdom (“UK”), Germany and Japan were the greatest detractors to relative returns.

Among our top performers, was Hogy Medical Co., Ltd. (“Hogy”), a Japanese based health care company. Hogy manufactures and sells medical supply and related products aimed at increasing efficiencies — sterilized tools, disposable injectors and disposable trays. Kloeckner & Co.

AG(“Kloeckner”), a German industrials company, was also a top performer; Kloeckner is a steel and metal distributor (eliminated from the portfolio in 2Q08). Cameco Corporation, a Canadian uranium company, outperformed in the period.

Our biggest detractors included Paladin, an Australian uranium mining company. Paladin declined as uranium prices, along with other commodities, fell. Paladin has been eliminated from the portfolio. Informa plc, a publications and event franchise company in the UK, also underperformed; we have trimmed the position. Other detractors included Vallourec S.A. (“Vallourec”), a manufacturer of seamless steel tubes and connectors. Vallourec, after strong results in the second quarter of 2008, declined in the third quarter on the back of a significant pullback in gas prices.

We continue to hold Vallourec and believe the sell-off was overdone, as secular trends remain positive (deeper drilling as well as horizontal and directional wells all rely increasingly on premium pipe and connection technology) and Vallourec has significant exposure to non Oil Country Tubular Goods (“OCTG”) markets (e.g., power generation and mechanical engineering).

We have positioned our portfolio more defensively— we significantly trimmed our energy holdings, eliminating the higher cost producers, such as the oil sands companies Suncor Energy Inc. and Canadian Natural Resources Limited. We have also reduced our consumer discretionary exposure, specifically automotive related names, like Porsche Automobil Holding SE. We have further decreased our financials exposure, making financials the most significant underweight position. Our current financial holdings are concentrated in more traditional deposit taking and lending type institutions. We redeployed some of this cash in areas we consider to be more defensive — health care and consumer staples.

In this extreme volatility, we continue to remain focused on our QUARP — quality at a reasonable price — discipline of investing in high quality, financially strong companies with good organic growth opportunities. Across sectors, we are avoiding highly levered companies or companies that will have significant short term refinancing needs; and looking for companies with low fixed costs, that have the flexibility to react quickly to softening demand.

Benjamin Segal, CFA

Portfolio Manager
Neuberger Berman Management, Inc.



Transamerica Funds		Annual Report 2008

Page 25

Transamerica Neuberger Berman International

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2008


				From			Inception
	1 Year			Inception			Date

Class I (NAV)		(51.66	)%		(11.75	)%		12/6/05
MSCI-EAFE¹		(46.34	)%		(6.41	)%		12/6/05

NOTES


¹		The Morgan Stanley Capital International-Europe, Australasia, and Far East (MSCI-EAFE) Index is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. From inception calculation is based on life of the Fund. You cannot directly invest in an Index.

International investing involves special risks including currency fluctuations, political instability, and different financial accounting standards. This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives, explanation of share classes and policies of this Fund. This Fund is only available in Class I shares, which are not available for direct investment by the public.



Transamerica Funds		Annual Report 2008

Page 26

Transamerica Oppenheimer Developing Markets
(unaudited)

MARKET ENVIRONMENT

Equity markets suffered sharp declines across the globe during the fiscal year ended October 31, 2008, particularly in the final six weeks of the period. The portfolio performed weakly on an absolute basis during the reporting period; however, it outperformed its benchmark, the Morgan Stanley Capital International Emerging Markets Index (“MSCI-EMI”).

The period marked an extremely tumultuous time for the global economy. The fall out in the sub-prime lending markets cascaded into the broader financial markets, negatively impacting many financial firms around the world. Widespread aversion to risk permeated the market, and bids were few and far between on securitized loans for mortgages, credit card obligations, automotive loans, or almost any other asset dependent on an expected cash flow. With potential buyers balking, the banks continued either to sell the loans they still held at deep discounts or to write them down further. These revaluations, to some virtually unknowable market value led to outstanding losses for formerly venerable financial institutions. As a result of the growing uncertainty in the credit markets, banks began to tighten lending standards, which led to a significant weakening in the credit markets.

PERFORMANCE

For the year ended October 31, 2008, Transamerica Oppenheimer Developing Markets Class I returned (47.48)%. By comparison, its benchmark, the MSCI-EMI, returned (56.22)%.

STRATEGY REVIEW

On an absolute basis, nearly all of the portfolio’s geographies and sectors declined over the period. Geographically, positions in Russia, India, and Brazil were most responsible for negative performance. While we are generally less than sanguine about governance and industrial diversity in Russia, one of the portfolio’s largest holdings is in the Russian energy company OAO Gazprom (“Gazprom”), one of the leading detractors to return. In our opinion, the price of Gazprom is entirely disconnected with fundamentals in terms of assets, earnings and cash flow, and so we continue to remain bullish on this holding. In India, Infosys Technologies Limited, an information technology (“IT”) service company, and financials such as Housing Development Finance Corporation Limited and HDFC Bank Limited, impeded performance. Within Brazil, holdings in Lojas Americanas S.A. (“Lojas Americanas”), a Brazilian retailer, and Petroleo Brasileiro SA (“Petrobras”), stymied returns.

In terms of the portfolio’s absolute performance across sectors, financials, energy, and consumer discretionary were the primary detractors from return. Within financials, the global credit crisis pulled down the value of many of the portfolio’s holdings in commercial banks. Nonetheless, relative to the benchmark, judicious stock selection led to outperformance. In the consumer discretionary sector, the portfolio’s performance was hurt by holdings in: China Resource Enterprise, Limited, a Chinese distributor; Lojas Americanas, the aforementioned Brazilian retailer; and Television Broadcasts Limited, a Hong Kong-based media company. Regarding the energy sector, holdings in consumable fuels, specifically in Petrobras and Gazprom, most significantly hurt performance.

Orascom Telecom Holding SAE (“ORTE”) was another significant detractor. We believe the growth backdrop — related to macro volatility and inflationary pressures — in South Asian markets will recover as global food and fuel prices retreat. We believe ORTE has amongst the most attractive geographic growth footprints amongst the larger multi-national wireless operators, and we also believe ORTE’s management to be amongst the best capital allocators in the industry. In our opinion, this is an undervalued set of assets, which will eventually return to the radar screens of the fashion sensitive, and for this reason we continue to add to our position.

IT and financials were the best relative sector contributors to performance, where the portfolio significantly outperformed the benchmark in terms of stock selection. From a country perspective, China, India and Taiwan were the best relative performers. In China, the portfolio had better relative stock selection than the index and also was underweight, both of which helped relative performance. In terms of India and Taiwan, the portfolio faired significantly better in terms of stock selection than did the index, and the portfolio was overweight as well in those two countries. The portfolio also benefited on a relative basis in terms of its stock selection with regards to Mexico and Turkey, and was overweight both countries.

Despite high levels of uncertainty and broad economic weakness, we remain unwavering in our approach to investing. We are long-term investors in growth companies that demonstrate sound economics high returns on capital employed. Companies with these economic characteristics are rarely priced at anything close to attractive prices, and so we seek to capitalize on broad share price weakness to add significantly to our core positions.

Justin Leverenz, CFA

Portfolio Manager
OppenheimerFunds, Inc.



Transamerica Funds		Annual Report 2008

Page 27

Transamerica Oppenheimer Developing Markets
(unaudited)

Average Annual Total Return for Periods Ended 10/31/2008


				From			Inception
	1 Year			Inception			Date

Class I (NAV)		(47.48	)%		(2.29	)%		12/6/05
MSCI-EMI¹		(56.22	)%		(3.50	)%		12/6/05

NOTES


¹		The Morgan Stanley Capital International Emerging Markets (MSCI-EMI) Index is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. From inception calculation is based on life of the Fund. You cannot directly invest in an Index.

International investing involves special risks including currency fluctuations, political instability, and different financial accounting standards. This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives, explanation of share classes and policies of this Fund. This Fund is only available in Class I shares, which are not available for direct investment by the public.



Transamerica Funds		Annual Report 2008

Page 28

Transamerica Oppenheimer Small- & Mid-Cap Value
(unaudited)

MARKET ENVIRONMENT

The period marked an extremely turbulent time for the global economy and financial markets. Domestically, unemployment rose, the cost of food climbed, and energy prices soared for several months before declining during the last three months of the period, as a slowing global economy caused demand to wane. Home values continued to drop, while mortgage foreclosures sharply rose. Investments in residential structures tumbled and business investment declined, while the fall out in the sub-prime lending markets cascaded into the broader financial markets. Large financial institutions were forced to assume deep write offs as confidence in bonds backed by sub-prime mortgages began to quickly deteriorate. As a result of the growing uncertainty in the credit markets, banks began to tighten lending standards, which led to a significant weakening in the credit markets.

PERFORMANCE

For the year ended October 31, 2008, Transamerica Oppenheimer Small- & Mid-Cap Value Class I returned (48.36)%. By comparison, its benchmark, the Russell 2500® Value Index, returned (33.64)%.

STRATEGY REVIEW

We attribute the bulk of the portfolio’s negative performance to issues stemming from the global credit crisis, the global economic slowdown and the market’s flight to quality. The global credit crisis made refinancing difficult for some companies to attain, and as a result the equity markets grew increasingly sensitive to the amount of debt listed on a company’s balance sheet. The portfolio’s exposure to companies that were more levered than their peers contributed to its underperformance. Although none of the companies held in the portfolio had difficulties refinancing debt, the markets feared otherwise and the ensuing sell off caused stock prices to decline.

The global economic slowdown also negatively affected performance. Positions in market sectors that tend to underperform during economic pullbacks, such as industrials and materials, hampered the portfolio’s absolute returns. The severity of the slowdown made even non-cyclical stocks within the portfolio more sensitive to economic shifts than anticipated. Within utilities, traditionally a defensive sector, our positions in several unregulated utilities were the biggest detractors from performance. Over the period, the slowing economy tightened supply and demand for energy, and unregulated utilities tend to be more sensitive to economic shifts than regulated utilities.

The market’s flight to quality also detracted from performance. As concerns mounted over a synchronized global economic slowdown, equity markets amplified the importance of a company’s near-term performance. If the markets believed a company possessed any type of near-term uncertainty, the company’s stock declined. Given that we are long-term investors who take a three to five year view of the companies that we hold, the markets short-term perspective contrasted sharply with our investment philosophy. As a result, the portfolio did not hold enough of the securities that the market rewarded, since we do not believe that these companies have long-term performance potential.

Our relative performance was weakest in the financials and industrials sectors. Despite our significant relative underweight in the troubled financials sector, the portfolio performance was impaired by disappointing performance on the individual stock level. Top detractors included National Financial Partners Corporation (“NFP”), a distributor of life insurance products, and Protective Life Corporation, a life insurance company. In the industrials space, top detractors included Navios Maritime Holdings Inc., a global shipping company and Atlas Air Worldwide Holdings, Inc., a provider of air cargo services.

Although all the portfolio’s sectors declined over the period on an absolute basis, the portfolio outperformed the benchmark on a relative basis in the telecommunication services, consumer staples, and materials sectors. Telecommunications was the strongest relative contributing sector to return, primarily due to selection effects. Consumer staples, defensive by nature, proved to be a good sector bet. Holdings in Chiquita Brands International, Inc., a producer and distributor of fresh produce, contributed to the portfolio’s performance. Within materials, our decision to lean towards companies that are less sensitive to economic shifts, specifically into specialty chemical companies, benefited the portfolio.

As always, we will follow our research driven, bottom-up stock selection process in our pursuit of finding what, we believe, are good investment opportunities within the small- and mid-cap value universe. Accordingly, we will continue to search for companies across all market sectors that, in our view, offer strong earnings growth prospects, accomplished management teams and are trading at attractive valuations.

John Damian

Portfolio Manager
OppenheimerFunds, Inc.



Transamerica Funds		Annual Report 2008

Page 29

Transamerica Oppenheimer Small- & Mid-Cap Value
(unaudited)

Average Annual Total Return for Periods Ended 10/31/2008


				From			Inception
	1 Year			Inception			Date

Class I (NAV)		(48.36	)%		(15.06	)%		8/1/06
Russell 2500 Value ¹		(33.64	)%		(11.79	)%		8/1/06

NOTES


¹		The Russell 2500 Value Index is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. From inception calculation is based on life of the Fund. You cannot directly invest in an Index.

Investing in small cap stocks generally involves greater risks so an investment in the Fund may not be appropriate for everyone. This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives and policies of this Fund. This Fund is only available in Class I shares, which are not available for direct investment by the public.



Transamerica Funds		Annual Report 2008

Page 30

Transamerica Schroders International Small Cap
(unaudited)

MARKET ENVIRONMENT

The last twelve months has been a difficult period for equity investors. No region has been immune from the impact of the substantial tightening in credit conditions as a slew of prominent financial institutions in the United States and Europe have been either taken over, dismembered or re-capitalized. It is not the scale and extent of market falls that has been remarkable, given that the last twenty years has seen more isolated cases (Japan in 1990, Asia in 1997/98), but the central role of the two largest economic blocs in the world.

A sharp tightening of credit, acute risk aversion and the fast emerging economic implications have weighed on all equities, but all the more so upon smaller companies. They are widely perceived as being more economically sensitive (which is partly a function of the sectoral composition with a lower representation from defensive sectors such as health care, telecommunications and utilities), while the scale of declines has undoubtedly been exaggerated by lower liquidity, and the fact that many investors have been forced sellers whether through excessive leverage or redemption activity.

The weakest region over the period has been Pacific ex Japan, led by Korea where small-caps fell almost 70% in dollar terms. In contrast Japan proved the most defensive market thanks to a degree of isolation from the credit issues evident elsewhere, but still fell just over 35% in dollar terms.

PERFORMANCE

For the period from inception March 1, 2008 through October 31, 2008, Transamerica Schroders International Small Cap Class I returned (41.80)%. By comparison, its benchmark, the S&P/Citigroup EuroPacific Extended Market Index (“S&P/Citigroup EMI EPAC”), returned (44.48)%.

STRATEGY REVIEW

In terms of the portfolio’s positioning, we retained an overweight exposure to smaller Asian markets. They have not been immune from global events, but share few of the credit excesses and low savings rates prevalent in many Western markets. Average interest rates in the Asian region have not yet fallen in tandem with US policy rates, but as commodity driven inflation recedes, we believe that interest rate policy and looser credit conditions will be very helpful for regional equity markets.

In contrast, we have been cautious on Japan. Japanese small-cap stocks have done relatively well in the fiscal period, but we find relatively limited stock opportunities. Defensive growth stocks look expensive, and the financial sector holds few attractions. There remain a number of niche specialist industrial and information technology stocks which comprise a significant portion of our exposure.

We have had a modest over-weight in the continental European markets. Growth has slowed markedly across the region, and while this represents a difficult back drop for corporate earnings, we have sought to identify stocks which can offer growth despite a worsening economic backdrop, with additions primarily in areas such as utilities, health care and consumer staples. In contrast we have remained cautious on the United Kingdom (“UK”). The economy enters the current downcycle structurally weak given a fast deflating real estate bubble, the highest household indebtedness of any major economy, and a lack of fiscal options. The outlook is very tough for smaller stocks exposed to consumer spending and residential property. Manufacturing and export companies will derive some benefit from a weaker sterling, but volumes will be constrained by the global slowdown.

Relative performance has been modestly positive since the inception of the portfolio. Our stock selection in smaller Asian markets has added value, as has selection in continental Europe particularly in the consumer cyclical, energy, health care and financial sectors. In contrast, selection in the UK has been disappointing, while the overweighting in Pacific ex Japan at the expense of Japan has also detracted from relative performance.

Matthew Dobbs

Portfolio Manager
Schroder Investment Management North America Inc.



Transamerica Funds		Annual Report 2008

Page 31

Transamerica Schroders International Small Cap
(unaudited)

Average Annual Total Return for Period Ended 10/31/2008


	From Inception			Inception Date

Class I (NAV)		(41.80	)%		3/1/08
S&P/Citigroup EMI EPAC¹		(44.48	)%		3/1/08

NOTES


¹		The S&P/Citigroup EuroPacific Extended Market (S&P/Citigroup EMI EPAC) Index is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. From inception calculation is based on life of the Fund. You cannot directly invest in an Index.



Transamerica Funds		Annual Report 2008

Page 32

Transamerica Third Avenue Value
(unaudited)

MARKET ENVIRONMENT

The last twelve months ended October 31, 2008, were characterized by extreme volatility in financial markets, driven by panic and indiscriminate selling of securities around the globe. While shares of companies with weak financial positions are expected to decline in such markets, those of many well-capitalized, well-managed companies such as those in the portfolio are being punished unfairly. Although the portfolio was negatively impacted by the market turmoil, we believe that our holdings remain well-positioned for the long run.

PERFORMANCE

For the year ended October 31, 2008, Transamerica Third Avenue Value Class I returned (39.75)%. By comparison, its benchmark, the Russell 3000® Value Index (“Russell 3000 Value”), returned (36.32)%.

STRATEGY REVIEW

Third Avenue Management, LLC adheres to a benchmark agnostic approach and focuses solely on delivering absolute performance with limited investment risk over the long term. That said, the portfolio underperformed its benchmark during the fiscal year ended October 31, 2008. Given that a significant portion of the portfolio’s exposure is in international stocks (close to 50%), we thought it was more relevant to compare the portfolio’s performance to that of the Morgan Stanley Capital International World Index (“MSCI World”), which unlike the domestic-only Russell 3000 Value, is also comprised of about 50% foreign stocks (as of 10/31/08). The portfolio outperformed the MSCI World during the twelve-month period ended October 31, 2008, as the index was down 41.85%.

The portfolio is not focused on sector or country allocation. That said, a key reason for deviating from the Russell 3000 Value is the portfolio’s exposure to Hong Kong, which was among the top detractors during the time period. The continued austerity measures implemented by the Chinese government to “cool down” the mainland property market have undoubtedly impacted a large number of the local developers, especially those who have not been able to obtain financing or have been forced to sell into a weak market. However, we believe our holdings, including Henderson Land Development Company Limited and Hutchison Whampoa Limited (which has a significant real estate presence) have the necessary financial strength to not only withstand the current turmoil, but to add property assets opportunistically during the recent pullback.

The portfolio was also negatively impacted by the ongoing credit crisis, which has weighed most heavily on financials and real estate-related names, both in the U.S. and abroad. This includes Brookfield Asset Management Inc. and Forest City Enterprises, Inc. While their shares have declined amid the weak macro environment, we believe these companies have attractive portfolios of assets, deep pipelines of development projects, solid balance sheets and shareholder-oriented management teams.

Another factor in the portfolio’s performance during the time period was a pullback in basic materials and commodity prices, which negatively impacted shares of Korean steel-maker POSCO, the portfolio’s key detractor during the period. We continue to like this global leader in the steel industry. We believe POSCO has the financial resources to not only withstand a difficult macro environment, but also to gain market share during challenging times.

On the positive side, there has been a huge flight to quality, over the last several months, into well-capitalized regional banks, such as Brookline Bancorp, Inc., given its low-cost, diversified capital base as a depository institution. As such, the company was the portfolio’s top stock specific contributor.

The macro environment has never influenced the process by which we select investments. As experienced investors, we have maintained a disciplined investment approach of identifying companies with solid financial positions and attractive growth potential, trading at significant discounts to net asset value. “Cheap” has never been a sufficient condition to make an investment. For us, investments need to be both deeply discounted and credit worthy. In fact, the current environment has emphasized even more the importance of investing in companies with strong balance sheets and those which do not need continuous access to the capital markets. We believe the market swoon has created a once-in-a-lifetime buying opportunity in the shares of such well-financed companies, and we believe, will prove to be historic value opportunities.

Yang Lie
Curtis Jensen
Kathleen Crawford

Co-Portfolio Managers
Third Avenue Management LLC



Transamerica Funds		Annual Report 2008

Page 33

Transamerica Third Avenue Value
(unaudited)

Average Annual Total Return for Periods Ended 10/31/2008


				From			Inception
	1 Year			Inception			Date

Class I (NAV)		(39.75	)%		(27.05	)%		5/1/07
Russell 3000 Value ¹		(36.32	)%		(25.66	)%		5/1/07

NOTES


¹		The Russell 3000 Value Index is an unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. From inception calculation is based on life of the Fund. You cannot directly invest in an Index.

International investing involves special risks including currency fluctuations, political instability, and different financial accounting standards. This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives, explanation of share classes and policies of this Fund. This Fund is only available in Class I shares, which are not available for direct investment by the public.



Transamerica Funds		Annual Report 2008

Page 34

Transamerica Thornburg International Value
(unaudited)

MARKET ENVIRONMENT

Since November 1, 2007, equity markets have been universally weak, with emerging markets reacting more violently than developed, largely due to the natural resource or export-dependent nature of many of these economies, and indigestion related to risk appetite. It is also worth noting that capital outflow has further exacerbated negative stock price performance. On a promising note, governments of the leading economies around the world are working to restore confidence in the global financial system. We are optimistic that these efforts will bear fruit, and that the actions taken thus far will work in the short term to restore stability to markets, and in the long run soften the economic adjustment that is essentially universal. At this time, we believe there is some indication of modest improvement in financial system liquidity. Although with less-than-perfect transparency and lack of detailed comprehension of a variety of financial assets and liabilities, confidence may be slow in returning to both the credit and stock markets.

PERFORMANCE

For the period from inception September 15, 2008 through October 31, 2008, Transamerica Thornburg International Value Class I returned (20.20)%. By comparison, its benchmark, the Morgan Stanley Capital International All Country World ex US Index (“MSCI ACWI”), returned (28.62)%.

STRATEGY REVIEW

In this challenging environment, we are focused on executing the investment philosophy and approach that has proven successful for us in the past. However, past performance is no guarantee of future results. We continue to look for promising companies available at a discount to our estimate of their intrinsic value. The silver lining in the market anguish of the last year is that we have more opportunities. Stocks around the world are down sharply and valuations compare favorably with most historical measures. Our comprehensive value approach is intended to provide a portfolio with a spectrum of opportunities as well as a diversification of risks. In our consistent earners basket, we own business models that we believe will prove more resilient than average in a tough economic environment. The other two baskets, basic value and emerging franchises, represent sound, cash-generating companies that we believe will lead when global economies and markets eventually recover.

Detractors were broad based but, generally speaking, financial, commodity, and other economically sensitive issues performed poorly, especially late in the fiscal year. Additionally, Nokia Corporation, China Mobile Limited, Rogers Communications Inc. and Vodafone Group Plc were also among stocks negatively impacting performance. This was somewhat surprising to us given the historically defensive nature of the telecommunications business model. Less surprising was the negative contribution from emerging market-related holdings. Country Garden Holdings Company Limited, Hong Kong Exchanges and Clearing Limited, Sberbank, Shinhan Financial Group Co., Ltd. And OAO Gazprom were among the largest detractors.

Financial holdings Standard Chartered PLC and National Bank of Greece S.A., and United Kingdom (“UK”) retailers Marks & Spencer Group p.l.c. and LVMH Moet Hennessy Louis Vuitton SA also contributed negatively. Essentially anything that touched the consumer, specifically in sensitive economies such as the UK, was penalized. In the cases where we believed there were company-specific fundamentals that could create headwinds to performance, holdings were either trimmed or eliminated during the year. Only one stock had positive performance for the period and that was Potash Corporation of Saskatchewan Inc.

The present equity environment is very attractive for value-oriented, bottom-up, fundamental investors. We have been presented with the opportunity to make investments in companies that we believe have great promise at extraordinary discounts to their underlying value.

William V. Fries, CFA
Wendy Trevisani
Lei Wang, CFA

Co-Portfolio Managers
Thornburg Investment Management, Inc.



Transamerica Funds		Annual Report 2008

Page 35

Transamerica Thornburg International Value
(unaudited)

Average Annual Total Return for Period Ended 10/31/2008


	From			Inception
	Inception			Date

Class I (NAV)		(20.20	)%		9/15/08
MSCI ACWI ex-US¹		(28.62	)%		9/15/08

NOTES


¹		The Morgan Stanley Capital International All Country World Index ex-US (MSCI ACWI ex US) Index is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. From inception calculation is based on life of the Fund. You cannot directly invest in an Index.

International investing involves special risks including currency fluctuations, political instability, and different financial accounting standards. This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives, explanation of share classes and policies of this Fund. This Fund is only available in Class I shares, which are not available for direct investment by the public.



Transamerica Funds		Annual Report 2008

Page 36

Transamerica UBS Dynamic Alpha
(unaudited)

MARKET ENVIRONMENT

The US economy contracted during the fourth quarter of 2007 with gross domestic product (“GDP”) growth (0.2)%. A variety of factors contributed to the economy’s weakness, including the faltering housing market and tepid consumer and business spending.

Amidst fears that the US economy was headed for a recession, defined as two consecutive quarters of negative growth, GDP grew 0.9% and 2.8% during the first and second quarters of 2008, respectively. The accelerating economy was due in part to rising exports and buoyancy from the declining dollar, which made US goods more attractive overseas. However, GDP growth reversed in the third quarter of 2008. After a sharp decline in personal spending, an intensification of the credit crunch and ongoing housing market weakness, estimates for third quarter GDP growth sank to (0.3)%.

The reporting period was characterized by increased market volatility and, ultimately, a series of events that have been compared to the turmoil experienced during the Great Depression. During the twelve-month period, the Federal Reserve Board (“Fed”) was aggressive in attempting to stabilize the markets and keep the US economy from falling into a recession. For example, the Fed and central banks in other countries have pumped billions of dollars of liquidity into the financial system in an attempt to facilitate normal market operations.

This environment has resulted in historic levels of intervention by governments and central banks across the globe in an attempt to provide liquidity and alleviate the ongoing financial crisis. Yields fell significantly in short term government securities across the major government bond markets as heightened risk aversion led to a massive flight to quality. Declining yields, coupled with weakening news about the slowing global economy caused sovereign bond markets to advance during the quarter.

During the reporting period, Treasury yields ultimately moved lower and their prices moved higher given the Fed’s interest rate cuts and increased investor risk aversion. The overall US bond market, as measured by the Barclays Capital (formerly Lehman Brothers) Aggregate Bond Index, returned 0.30%.

PERFORMANCE

For the year ended October 31, 2008, Transamerica UBS Dynamic Alpha Class I returned (11.55)%. By comparison, its benchmark, the Consumer Price Index + 5%, returned 3.65%.

STRATEGY REVIEW

Market allocation has been the main driver of the underperformance for the reporting period. Long equity exposure in the US, United Kingdom (“UK”), and the Netherlands detracted from performance as the global equity markets have declined sharply this past year. The world has been in the midst of a financial crisis that turned very painful in September and October, causing a wave of risk aversion that led to brisk selling of risky assets. This negative performance was partially offset by our short positions to emerging and commodity-driven equity markets like Australia, Canada, and South Africa.

Security selection was a detractor for the reporting period. The US Large Cap Equity and Global Systematic Alpha components hurt performance. This was partially offset by positive performance from the US Large and Mid Cap Growth components.

Currency positioning was a strong contributor for the year. The largest contributors were short positions to the euro and the British pound. The euro and the British pound have weakened substantially versus the US dollar in recent months on the prospect of a deeper economic slowdown occurring outside the US.

Also, throughout the reporting period, our anti-carry trade positioning has benefited from decreasing investor risk appetite as equity markets have fallen. (A carry trade is a strategy in which an investor sells a certain currency with a relatively low interest rate and uses the funds to purchase a different currency yielding a higher interest rate.) In the last few months we have seen a rapid convergence of exchange rates towards what we consider to be fair value, which had an extremely favorable impact on performance. This positive performance was partially offset by our long position to the Swedish krona, which weakened during the year.

Edwin Denson
Thomas Clarke
Curt Custard, CFA

Co-Portfolio Managers
UBS Global Asset Management (Americas) Inc.



Transamerica Funds		Annual Report 2008

Page 37

Transamerica UBS Dynamic Alpha
(unaudited)

Average Annual Total Return for Periods Ended 10/31/2008


				From			Inception
	1 Year			Inception			Date

Class I (NAV)		(11.55	)%		(7.37	)%	1/3/07
CONSUMER PRICE INDEX-CPI — UNADJUSTED IDX¹		3.65	%		3.94	%	1/3/07

NOTES


¹		The Consumer Price Index — Unadjusted + 5% (CONSUMER PRICE INDEX — CPI — UNADJUSTED IDX) Index is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. From inception calculation is based on life of the Fund. You cannot directly invest in an Index.

International investing involves special risks including currency fluctuations, political instability, and different financial accounting standards. This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives, explanation of share classes and policies of this Fund. This Fund is only available in Class I shares, which are not available for direct investment by the public.



Transamerica Funds		Annual Report 2008

Page 38

Transamerica UBS Large Cap Value
(unaudited)

MARKET ENVIRONMENT

The US economy contracted during the fourth quarter of 2007 with gross domestic product (“GDP”) down 0.2%. A variety of factors contributed to the economy’s weakness, including the faltering housing market and tepid consumer and business spending.

The US stock market, as measured by the Standard and Poor’s 500 Composite Stock Index (“S&P 500”), experienced periods of unnerving volatility during the reporting period. Fears of a recession, disappointing corporate earnings, record high oil prices and continued issues relating to the bursting of the housing bubble all helped to drag stocks down.

During the twelve-month period, the Federal Reserve Board (“Fed”) was aggressive in attempting to stabilize the markets and keep the US economy from falling into a recession. For example, the Fed and central banks in other countries have pumped billions of dollars of liquidity into the financial system in an attempt to facilitate normal market operations. Against this backdrop, historic levels of intervention by governments and central banks across the globe have been reached in an attempt to provide liquidity and alleviate the ongoing financial crisis.

PERFORMANCE

For the year ended October 31, 2008, Transamerica UBS Large Cap Value Class I returned (40.19)%. By comparison, its benchmark, the Russell 1000® Value Index, returned (36.80)%.

STRATEGY REVIEW

The portfolio largely kept pace with its benchmark throughout the period. However, industry factors, including an underweight to the energy sector, hampered performance at times, as did stock selection, though to a lesser extent. Despite this, the exposures within the sectors are evolving as markets provide what we view as opportunities, such as increased exposure to oil refining and natural gas producers.

As some stocks within the financial sector sold off dramatically during the month of September 2008, we added incrementally to the financial sector exposure in the portfolio, which ultimately benefited performance. An overweight to railroads also benefited performance, as Burlington Northern Santa Fe Corporation, the portfolio’s sole position in this area, grew market share in a positive pricing environment, and this fundamental improvement was recognized by the market.

From a stock selection perspective, positions impacting performance included the following: Wells Fargo & Company contributed positively to performance during the period. Specifically, the company was upgraded as analysts believed the company was well capitalized to withstand the credit crisis. We slightly trimmed our position during the period, but continued to hold an overweight position; not owning shares of American International Group, Inc. (“AIG”) contributed to relative performance during the period, as the insurer’s shares fell drastically. The decline was attributed mostly to the government’s organized rescue of AIG that saved the insurance company from collapsing in September by lending AIG $85 billion for two years in exchange for an 80% equity stake; Fifth Third Bancorp shares traded lower during the period as the housing and credit troubles began to affect regional banks, which weighed on performance. We have made some adjustments to our longer-term assumptions about the company, but it remains, in our view, an underpriced stock; and the Federal Home Loan Mortgage Corporation (“Freddie Mac”) detracted from performance during the period. Shares of the company lost about half their value during the month of July 2008 as housing relief bill was drafted allowing the Treasury Department to temporarily extend an undetermined line of credit to Freddie Mac and the Federal National Mortgage Association (“Fannie Mae”). We sold out of our position in Freddie Mac prior to the company being seized by the government and put into conservatorship on September 7, 2008, after which the company’s shares fell to nearly zero, losing 90% of its value over the third quarter.

John Leonard
Thomas M. Cole
Thomas Digenan
Scott Hazen

Co-Portfolio Managers
UBS Global Asset Management (Americas) Inc.



Transamerica Funds		Annual Report 2008

Page 39

Transamerica UBS Large Cap Value
(unaudited)

Average Annual Total Return for Periods Ended 10/31/2008


				From			Inception
	1 Year			Inception			Date

Class I (NAV)		(40.19	)%		(3.19	)%		11/8/04
Russell 1000 Value¹		(36.80	)%		(2.02	)%		11/8/04

NOTES


¹		The Russell 1000 Value Index is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. From inception calculation is based on life of the Fund. You cannot directly invest in an Index.

International investing involves special risks including currency fluctuations, political instability, and different financial accounting standards. This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives, explanation of share classes and policies of this Fund. This Fund is only available in Class I shares, which are not available for direct investment by the public.



Transamerica Funds		Annual Report 2008

Page 40

Transamerica Van Kampen Emerging Markets Debt
(unaudited)

MARKET ENVIRONMENT

During the twelve-month period ending October 31, 2008, emerging markets debt as measured by the JPMorgan Emerging Markets Bond Index (“EMBI Global”) returned (19.14)%. Yield spreads on U.S. Dollar-denominated debt (a measure of investors’ risk appetite) ended the twelve-month period wider by 483 basis points at 684 basis points above U.S. Treasuries. Interest rates on short-dated U.S. Treasury bonds declined substantially during the period, as the Federal Reserve Board continued loosening monetary policy in the wake of slowing U.S. economic activity, continued mortgage credit concerns and inoperative inter-bank lending. Poor liquidity, forced selling by hedge funds and other investors, and unprecedented volatility affected several asset classes. Against this backdrop, it is of little surprise that investors decreased allocations to the emerging markets.

In this environment of panicked selling, it is worth noting that the current sell-off in emerging markets (“EM”) differs fundamentally from past crises. We believe public sector debt dynamics and financing needs in the majority of EM are not the culprits — it has been the deterioration of financial markets in the developed world that has placed pressure on emerging economies. We believe the impact will be felt on two fronts, with the impact of each varying by country. First, macroeconomic activity will slow across the emerging world due to the recent deterioration of economic performance in the developed world. Second, financial contagion and a potential disruption in capital flows represent an additional risk to EM economies. The vulnerability is more centered on the corporate sector, not the public sector. As always, this vulnerability is more pronounced in certain EM countries. Unlike previous periods of stress, today’s EM policymakers do have greater flexibility to provide support via fiscal and monetary policy and inject liquidity into their economies.

PERFORMANCE

For the year ended October 31, 2008, Transamerica Van Kampen Emerging Markets Debt Class I returned (20.81)%. By comparison, its benchmark, the EMBI Global, returned (19.14)%.

STRATEGY REVIEW

During the twelve-month period, the portfolio benefited from overweights to and security selection in Brazil, Mexico and Nigeria. By contrast, above-index exposure to Russia and security selection in Indonesia detracted from relative returns.

In Brazil, the portfolio’s positioning in intermediate bonds and below-index spread duration (a measure of risk exposure) was beneficial in an environment of spread widening. The same was true of Mexico, where below-index spread duration and exposure to domestic debt, which outperformed dollar bonds, also aided relative performance. In Nigeria, both currency and bond exposure helped relative returns. The Nigerian naira, in contrast to sizeable sell-offs in several other EM currencies, remained steadfast versus the U.S. dollar during the period. The portfolio’s positioning in very short-dated assets also insulated it from rising yields in Nigeria.

In Russia, sovereign and corporate assets suffered amid a military conflict with Georgia, the sudden stop of external financing for the local banking system and fears that the government would have to engineer a massive bailout of the banking system. Although it appears the lowest-quality companies are at risk of default, all Russian assets (sovereign and quasi-sovereign) suffered in an environment of forced liquidations and indiscriminate selling.

Abigail L. McKenna
Eric J. Baurmeister
Federico L. Kaune

Co-Portfolio Managers
Morgan Stanley Investment Management Inc.


Transamerica Funds		Annual Report 2008

Page 41

Transamerica Van Kampen Emerging Markets Debt
(unaudited)

Average Annual Total Return for Periods Ended 10/31/2008


				From			Inception
	1 Year			Inception			Date

Class I (NAV)		(20.81	)%		1.31	%		11/8/04
JPMorgan Emerging Markets Bond Global¹		(19.14	)%		1.87	%		11/8/04

NOTES


¹		The JPMorgan Emerging Markets Bond Global Index is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. From inception calculation is based on life of the Fund. You cannot directly invest in an Index.

International investing involves special risks including currency fluctuations, political instability, and different financial accounting standards. This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives, explanation of share classes and policies of this Fund. This Fund is only available in Class I shares, which are not available for direct investment by the public.


Transamerica Funds		Annual Report 2008

Page 42

Transamerica Van Kampen Mid-Cap Growth
(unaudited)

MARKET ENVIRONMENT

In the twelve-month period, the condition of the U.S. economy and financial markets looked increasingly dire. Investor uncertainties over the credit crisis, the health of the financial sector and the weakening economy grew to a full panic by September 2008. Market volatility spiked and equities sold off dramatically as a number of large financial institutions in the U.S. and Europe were nationalized, forced to merge, or declared bankruptcy. Credit markets froze, with banks refusing to lend to one another and corporate borrowing drastically contracting. The federal government’s rescue bill (passed by Congress in early October) failed to soothe fearful investors or stabilize the credit markets by the end of the month. After rising to a new high in July, oil prices dropped on worries about the deteriorating global economy. Recession expectations increased in the U.S. as consumers and businesses were hurt by the still falling housing market, lack of access to credit, rising unemployment and high energy costs earlier in the year.

PERFORMANCE

For the year ended October 31, 2008, Transamerica Van Kampen Mid-Cap Growth Class I returned (43.99)%. By comparison, its benchmark, the Russell Midcap® Growth Index (“Russell Midcap Growth”), returned (42.65)%.

STRATEGY REVIEW

The investment team seeks high quality growth companies that have these attributes: sustainable competitive advantages, business visibility, rising return on invested capital, free cash flow and a favorable risk/reward. We look for these companies through intense fundamental research. Our emphasis is on secular growth, and as a result short-term market events are not as meaningful in the stock selection process.

The portfolio underperformed the Russell Midcap® Growth due to stock selection decisions and the resulting sector allocations. Although an underweight allocation in the technology sector was advantageous, it was more than offset by weak stock selection within the sector, particularly in miscellaneous technology, communications technology, and computer services software companies. Also detrimental to relative results were stock selection and an overweight position in the consumer discretionary sector. Within the sector, areas of particular weakness came from holdings in commercial services, retail, consumer products, and textiles apparel manufacturers. Stock selection in the materials and processing sector further held back relative gains. Individual holdings in real estate investment trusts, cement, and building materials were the main reasons for the underperformance in the sector.

However, the portfolio achieved better relative results elsewhere. While an underweight allocation in the health care sector modestly detracted at the sector level, stock selection within the sector had the largest positive effect on relative performance, especially in pharmaceuticals, biotechnology research and production, and medical systems companies. An overweight allocation in the integrated oils sector hurt relative performance, but the negative effect was more than offset by strong security selection within the sector. Additionally, stock selection in the other energy sector added to relative returns.

In our view, market volatility is far greater than fundamental business volatility. It is our goal to hold a portfolio of high quality growth stocks we believe will perform well regardless of the market environment. To that end, the investment team continues to focus on quality evaluating the nature and sustainability of a company’s competitive advantage and balance sheet strength. We continue to seek companies that have some uniqueness or dynamic competitive advantage in their business model, with a high quality stream of cash flow and earnings growth and the ability to redeploy capital at a high rate of return.

At the margin, we have eliminated names that are more cyclical or where we believe there are stronger long-term opportunities. We believe the portfolio is well positioned for when the market once again begins to differentiate on fundamentals.

Dennis P. Lynch
David S. Cohen Sam
G. Chainani
Alexander T. Norton
Jason Yeung

Co-Portfolio Managers
Morgan Stanley Investment Management Inc.


Transamerica Funds		Annual Report 2008

Page 43

Transamerica Van Kampen Mid-Cap Growth
(unaudited)

Average Annual Total Return for Periods Ended 10/31/2008


				From			Inception
	1 Year			Inception			Date

Class I (NAV)		(43.99	)%		(7.81	)%		1/3/06
Russell Midcap Growth ¹		(42.65	)%		(10.20	)%		1/3/06

NOTES


¹		The Russell Midcap Growth Index is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. From inception calculation is based on life of the Fund. You cannot directly invest in an Index.

This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives, explanation of share classes and policies of this Fund. This Fund is only available in Class I shares, which are not available for direct investment by the public.


Transamerica Funds		Annual Report 2008

Page 44

Transamerica Van Kampen Small Company Growth
(unaudited)

MARKET ENVIRONMENT

In the twelve-month period ended October 31, 2008, the condition of the U.S. economy and financial markets looked increasingly dire. Investor uncertainties over the credit crisis, the health of the financial sector and the weakening economy grew to a full panic by September 2008. Market volatility spiked and equities sold off dramatically as a number of large financial institutions in the U.S. and Europe were nationalized, forced to merge, or declared bankruptcy. Credit markets froze, with banks refusing to lend to one another and corporate borrowing drastically contracting. The federal government’s rescue bill (passed by Congress in early October) failed to soothe fearful investors or stabilize the credit markets by the end of the month. After rising to a new high in July, oil prices dropped on worries about the deteriorating global economy. Recession expectations increased in the U.S. as consumers and businesses were hurt by the still falling housing market, lack of access to credit, rising unemployment and high energy costs earlier in the year.

PERFORMANCE

For the year ended October 31, 2008, Transamerica Van Kampen Small Company Growth Class I returned (41.72)%. By comparison, its benchmark, the Russell 2000® Growth Index (“Russell 2000 Growth”), returned (37.87)%.

STRATEGY REVIEW

The portfolio underperformed the Russell 2000® Growth due to stock selection decisions and the resulting sector allocations. Although an underweight allocation in the technology sector was advantageous, it was more than offset by weak stock selection within the sector, particularly in miscellaneous technology, communications technology, and computer services software companies. Also detrimental to relative results were stock selection and an overweight position in the consumer discretionary sector. Within the sector, areas of particular weakness came from holdings in commercial services, retail, consumer products, and textiles apparel manufacturers. Stock selection in the materials and processing sector further held back relative gains. Individual holdings in real estate investment trusts, cement, and building materials were the main reasons for the underperformance in the sector.

David S. Cohen
Dennis P. Lynch
Sam G. Chainani
Alexander T. Norton
Jason Yeung

Co-Portfolio Managers
Morgan Stanley Investment Management Inc.


Transamerica Funds		Annual Report 2008

Page 45

Transamerica Van Kampen Small Company Growth
(unaudited)

Average Annual Total Return for Periods Ended 10/31/2008


				From			Inception
	1 Year			Inception			Date

Class I (NAV)		(41.72	)%		(3.48	)%		11/8/04
Russell 2000 Growth ¹		(37.87	)%		(2.42	)%		11/8/04

NOTES


¹		The Russell 2000 Growth Index is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. From inception calculation is based on life of the Fund. You cannot directly invest in an Index.

Investing in small cap stocks generally involves greater risks so an investment in the Fund may not be appropriate for everyone. This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives, explanation of share classes and policies of this Fund. This Fund is only available in Class I shares, which are not available for direct investment by the public.


Transamerica Funds		Annual Report 2008

Page 46

Transamerica WMC Emerging Markets
(unaudited)

MARKET ENVIRONMENT

The global financial crisis, seizure in the credit markets, and economic downturn in the developed markets has spilled over into emerging markets. Economic growth rates are decelerating, and companies’ abilities to access the capital markets are extremely limited. While emerging market countries overall are better positioned than in past crises, they cannot escape the global market and growth downturn.

PERFORMANCE

For the period from inception September 30, 2008 through October 31, 2008, Transamerica WMC Emerging Markets Class I returned (23.40)%. By comparison, its benchmark, the Morgan Stanley Capital International Emerging Markets Index, returned (27.35)%.

STRATEGY REVIEW

Stock selection within the industrials, consumer discretionary, and utilities sectors contributed to solid relative performance during the one-month period. Top performers that benefited the portfolio include positions in Shangri-La Asia Limited, Teva Pharma, Truworths International Limited, Shanghai Electric Group Company Limited, and Soc Quimica y Minera. An overweight position in the defensive health care sector and an underweight position in the energy sector yielded positive results during the period. The portfolio also benefited from a modest cash position, which helped relative performance in a ownward-trending market.

Stock selection in the health care, energy, and telecommunication services sectors detracted from relative results. Positions in Cia de Minas Buenaventur, Impala Platinum, China Mobile Limited, Cosan Limited, and Votorantim Cel E Papel hurt relative performance. Underweight positions in the information technology (“IT”) and telecommunication services sectors negatively affected results.

Portfolio strategy emphasizes defensive domestically oriented names. We are using this period of turmoil to buy very high quality stocks at distressed valuations. As of October 31, 2008, we are overweight in the health care, consumer staples, and consumer discretionary sectors and underweight in the IT, industrials, and energy sectors. We also are limiting exposure to currencies of countries with weak national balance sheets either because of a large current account deficit or a large stock of short-term external debt. As a result, we have hedged part or all of our South Korean won, South African rand, Turkish lira, and Hungarian forint exposure.

We believe the recent coordinated moves by global central banks are positive steps toward addressing financial market dislocations. Our objective is to position the portfolio into those stocks and countries that will have strong businesses when operating conditions return.

Vera M. Trojan, CFS

Portfolio Manager
Wellington Management Company, LLP


Transamerica Funds		Annual Report 2008

Page 47

Transamerica WMC Emerging Markets
(unaudited)

Average Annual Total Return for Period Ended 10/31/2008


	From Inception			Inception Date

Class I (NAV)		(23.40	)%		9/30/08
MSCI EM (EMERGING MARKETS) Gross (USD)¹		(27.35	)%		9/30/08

NOTES


¹		The Morgan Stanley Capital International Emerging Markets (MSCI EM (EMERGING MARKETS) Gross (USD)) Index is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. From inception calculation is based on life of the Fund. You cannot directly invest in an Index.

International investing involves special risks including currency fluctuations, political instability, and different financial accounting standards. This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives, explanation of share classes and policies of this Fund. This Fund is only available in Class I shares, which are not available for direct investment by the public.


Transamerica Funds		Annual Report 2008

Page 48

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 May 1, 2008 and held for the entire period until October 31, 2008.

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLES FOR COMPARISON PURPOSES

The second line in the table below 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 is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund 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.


							Ending		Expenses Paid
	Beginning		Ending		Expenses Paid		Account Value		During Period		Annualized
Fund Name	Account Value		Account Value		During Period (a)		(Hypothetical)		(Hypothetical)		Expense Ratio (b)

Transamerica AllianceBernstein International Value	$	1,000.00	$	543.59	$	3.69	$	1,020.36	$	4.82		0.95	%
Transamerica Bjurman, Barry Micro Emerging Growth		1,000.00		716.68		4.83		1,019.51		5.69		1.12
Transamerica BlackRock Global Allocation		1,000.00		762.68		4.12		1,020.46		4.72		0.93
Transamerica BlackRock Large Cap Value		1,000.00		696.25		3.54		1,020.96		4.22		0.83
Transamerica BlackRock Natural Resources		1,000.00		538.51		3.36		1,020.76		4.42		0.87
Transamerica BNY Mellon Market Neutral Strategy		1,000.00		1,012.78		7.59		1,017.60		7.61		1.50
Transamerica Evergreen International Small Cap		1,000.00		576.42		4.56		1,019.36		5.84		1.15
Transamerica Federated Market Opportunity		1,000.00		899.31		4.15		1,020.76		4.42		0.87
Transamerica JPMorgan International Bond		1,000.00		1,000.00		3.12		1,022.02		3.15		0.62
Transamerica JPMorgan Mid Cap Value		1,000.00		711.32		3.79		1,020.71		4.47		0.88
Transamerica Loomis Sayles Bond		1,000.00		761.39		3.10		1,021.62		3.56		0.70
Transamerica Marsico International Growth		1,000.00		524.10		4.33		1,019.46		5.74		1.13
Transamerica Neuberger Berman International		1,000.00		546.88		4.16		1,019.76		5.43		1.07
Transamerica Oppenheimer Developing Markets		1,000.00		569.84		5.33		1,018.35		6.85		1.35
Transamerica Oppenheimer Small- & Mid-Cap Value		1,000.00		583.89		3.98		1,020.11		5.08		1.00
Transamerica Schroders International Small Cap		1,000.00		562.86		4.99		1,018.75		6.44		1.27
Transamerica Third Avenue Value		1,000.00		674.24		3.66		1,020.76		4.42		0.87
Transamerica Thornburg International Value		1,000.00		798.00		1.56		1,004.69		1.74		1.35
Transamerica UBS Dynamic Alpha		1,000.00		851.49		7.21		1,017.34		7.86		1.55
Transamerica UBS Large Cap Value		1,000.00		681.05		3.42		1,021.06		4.12		0.81
Transamerica Van Kampen Emerging Markets Debt		1,000.00		1,000.00		4.93		1,020.21		4.98		0.98
Transamerica Van Kampen Mid-Cap Growth		1,000.00		631.49		3.61		1,020.71		4.47		0.88
Transamerica Van Kampen Small Company Growth		1,000.00		681.73		4.35		1,019.96		5.23		1.03
Transamerica WMC Emerging Markets		1,000.00		1,000.00		1.22		1,003.15		1.23		1.40


(a)		Expenses are calculated using the Funds’ annualized expense ratios (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days), and divided by the number of days in the year (366 days).

(b)		5% return per year before expenses.


Transamerica Funds		Annual Report 2008

Page 49

Graphical Presentation of the Schedules of Investments
At October 31, 2008
(percentage breakdown of the Funds’ total investment securities)
(unaudited)


Transamerica AllianceBernstein International Value By Region		Transamerica Bjurman, Barry Micro Emerging Growth By Sector


Transamerica BlackRock Global Allocation By Region		Transamerica BlackRock Large Cap Value By Sector

The percentage breakdown of the Short-term category includes Securities Lending Collateral.


Transamerica Funds		Annual Report 2008

Page 50

Graphical Presentation of the Schedules of Investments
At October 31, 2008 (continued)
(percentage breakdown of the Funds’ total investment securities)
(unaudited)


Transamerica BlackRock Natural Resources By Sector		Transamerica BNY Mellon Market Neutral Strategy By Sector


Transamerica Evergreen International Small Cap By Region		Transamerica Federated Market Opportunity By Region

The percentage breakdown of the Short-term category includes Securities Lending Collateral.


Transamerica Funds		Annual Report 2008

Page 51

Graphical Presentation of the Schedules of Investments
At October 31, 2008 (continued)
(percentage breakdown of the Funds’ total investment securities)
(unaudited)


Transamerica JPMorgan International Bond By Region		Transamerica JPMorgan Mid Cap Value By Sector


Transamerica Loomis Sayles Bond By Bond Credit Quality (Moody Ratings)		Transamerica Marsico International Growth By Region

The percentage breakdown of the Short-term category includes Securities Lending Collateral.


Transamerica Funds		Annual Report 2008

Page 52

Graphical Presentation of the Schedules of Investments
At October 31, 2008 (continued)
(percentage breakdown of the Funds’ total investment securities)
(unaudited)


Transamerica Neuberger Berman International By Region		Transamerica Oppenheimer Developing Markets By Region


Transamerica Oppenheimer Small- & Mid-Cap Value By Sector		Transamerica Schroders International Small Cap By Region

The percentage breakdown of the Short-term category includes Securities Lending Collateral.


Transamerica Funds		Annual Report 2008

Page 53

Graphical Presentation of the Schedules of Investments
At October 31, 2008 (continued)
(percentage breakdown of the Funds’ total investment securities)
(unaudited)


Transamerica Third Avenue Value By Sector		Transamerica Thornburg International Value By Region


Transamerica UBS Dynamic Alpha By Region		Transamerica UBS Large Cap Value By Sector

The percentage breakdown of the Short-term category includes Securities Lending Collateral.


Transamerica Funds		Annual Report 2008

Page 54

Graphical Presentation of the Schedules of Investments
At October 31, 2008 (continued)
(percentage breakdown of the Funds’ total investment securities)
(unaudited)


Transamerica Van Kampen Emerging Markets Debt By Region		Transamerica Van Kampen Mid-Cap Growth By Sector


Transamerica Van Kampen Small Company Growth By Sector		Transamerica WMC Emerging Markets By Region

The percentage breakdown of the Short-term category includes Securities Lending Collateral.


Transamerica Funds		Annual Report 2008

Page 55

Transamerica AllianceBernstein International Value

SCHEDULE OF INVESTMENTS
At October 31, 2008
(all amounts except share amounts in thousands)


	Shares		Value

COMMON STOCKS (97.8%)
Australia (3.4%)
Amcor, Ltd.		328,200	$	1,267
BHP Billiton, Ltd. ^		124,500		2,392
Caltex Australia, Ltd. ^		94,784		597
Lend Lease Corp., Ltd.		202,400		937
National Australia Bank, Ltd. ^		68,721		1,115
Qantas Airways, Ltd.		991,701		1,611
Seven Network, Ltd. ^		151,600		636
Austria (0.5%)
Voestalpine AG		49,100		1,198
Belgium (1.0%)
Fortis		103,432		120
Solvay SA -Class A		26,400		2,456
Canada (4.2%)
Fairfax Financial Holdings, Ltd. ^		5,000		1,373
Gerdau Ameristeel Corp. ^		100,600		538
Industrial Alliance Insurance And Financial Services, Inc.		35,100		728
Inmet Mining Corp.		21,100		474
Methanex Corp.		76,500		869
Nexen, Inc.		91,792		1,458
Nova Chemicals Corp. ^		42,200		548
Petro-Canada		95,700		2,393
Sun Life Financial, Inc.		55,240		1,299
Toronto-Dominion Bank		13,500		637
Finland (2.1%)
Nokia OYJ		173,600		2,659
Stora Enso Oyj -Class R		264,600		2,461
France (15.0%)
Air France-Klm		77,800		1,121
Arkema SA		30,400		696
BNP Paribas ^		59,320		4,283
Credit Agricole SA ^		256,076		3,705
France Telecom SA		88,000		2,219
Lagardere SCA ^		63,300		2,517
Michelin -Class B ^		39,000		2,007
Renault SA ^		70,800		2,170
Sanofi-Aventis SA		97,900		6,203
Societe Generale		59,100		3,221
Total SA		136,500		7,509
Vallourec		12,300		1,376
Germany (13.1%)
Allianz SE		53,900		3,956
BASF SE ^		130,800		4,318
Deutsche Bank AG		96,400		3,601
Deutsche Lufthansa AG ^		192,900		2,672
Deutsche Telekom AG		247,100		3,625
E.ON AG		120,100		4,501
Infineon Technologies AG ‡		359,300		1,113
Muenchener Rueckversicherungs AG ^		35,200		4,570
RWE AG		29,430		2,413
Suedzucker AG ^		54,100		606
TUI AG ^		105,100		1,269
Italy (3.4%)
ENI SpA		205,900		4,914
Fondiaria-Sai SpA		38,500		723
Telecom Italia SpA		878,300		739
Telecom Italia SpA		1,817,100		2,087
Japan (24.1%)
Canon, Inc.		81,800		2,862
Dic Corp.		190,000		307
Elpida Memory, Inc ‡ ^		75,600		403
Fujitsu, Ltd.		628,000		2,469
Furukawa Electric Co., Ltd.		281,000		849
Hitachi High-Technologies Corp. ^		62,700		1,017
Hitachi, Ltd.		524,000		2,460
Honda Motor Co., Ltd. ^		132,900		3,305
Isuzu Motors, Ltd.		591,000		1,038
JFE Holdings, Inc. ^		124,400		3,174
KDDI Corp.		277		1,660
Mitsubishi Chemical Holdings Corp. ^		467,000		1,888
Mitsubishi Corp.		136,700		2,291
Mitsui & Co., Ltd.		239,000		2,316
Namco Bandai Holdings, Inc. ^		126,000		1,296
Nippon Mining Holdings, Inc.		551,000		1,687
Nippon Steel Corp. ^		710,000		2,390
Nippon Telegraph & Telephone Corp.		698		2,848
Nissan Motor Co., Ltd.		804,800		3,997
ORIX Corp.		21,240		2,182
Sharp Corp. ^		295,000		2,105
Sumitomo Metal Mining Co., Ltd.		273,000		2,047
Sumitomo Mitsui Financial Group, Inc. ^		565		2,265
Tokyo Electric Power Co., Inc.		143,900		4,075
Toshiba Corp. ^		766,000		2,769
Tosoh Corp. ^		303,000		604
Toyota Motor Corp.		153,700		6,002
Luxembourg (1.0%)
Arcelormittal ^		93,047		2,420
Netherlands (2.8%)
ING Groep NV ^		212,600		1,994
Koninklijke Ahold NV		350,660		3,764
Koninklijke DSM NV		42,700		1,189
New Zealand (0.3%)
Telecom Corp. of New Zealand, Ltd. ^		533,000		717
Norway (1.5%)
Statoil ASA		189,850		3,819
Singapore (0.2%)
Neptune Orient Lines, Ltd. ^		637,000		538
Spain (1.5%)
Repsol YPF SA ^		116,900		2,223
Telefonica SA ^		74,500		1,379
Sweden (1.8%)
Nordea Bank AB		237,600		1,904
Svenska Cellulosa AB -Class B ^		182,400		1,347
Volvo AB -Class B ^		228,450		1,194
Switzerland (3.9%)
Credit Suisse Group AG		102,000		3,814
Novartis AG		115,110		5,843
United Kingdom (18.0%)
Antofagasta PLC		169,700		1,048
Associated British Foods PLC		227,600		2,547
Aviva PLC		374,801		2,236
Barclays Bank PLC		904,500		2,593
BHP Billiton, Ltd.		72,000		1,223
BP PLC		663,700		5,410
GlaxoSmithKline PLC		314,600		6,048
HBOS PLC		1,332,357		2,182

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


Transamerica Funds		Annual Report 2008

Page 56

Transamerica AllianceBernstein International Value

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)


	Shares		Value

United Kingdom (continued)
Kazakhmys PLC		46,700	$	219
Royal & Sun Alliance Insurance Group PLC		671,216		1,493
Royal Bank of Scotland PLC		1,262,217		1,390
Royal Dutch Shell PLC -Class A		387,230		10,733
TUI Travel PLC		406,500		1,241
Vodafone Group PLC		2,691,812		5,178
Xstrata PLC		65,320		1,117

Total Common Stocks (cost $427,963)				243,009


	Principal		Value

REPURCHASE AGREEMENT (0.3%)
United States (0.3%)
State Street Repurchase Agreement 0.15%, dated 10/31/2008, to be repurchased at $669 on 11/03/2008 ◊ ●	$	669	$	669

Total Repurchase Agreement (cost $669)				669


	Shares		Value

RIGHT (0%)
Belgium 0.0%
Fortis		175,832		♦

Total Right (cost $♦)				♦


SECURITIES LENDING COLLATERAL (22.9%)
State Street Navigator Securities Lending Trust — Prime Portfolio, 2.71% ◊ ▲		56,869,033		56,869

Total Securities Lending Collateral (cost $56,869)				56,869


Total Investment Securities (cost $485,501) #			$	300,547


	Percentage of
(unaudited)	Total Investments			Value

INVESTMENTS BY INDUSTRY:
Oil, Gas & Consumable Fuels		13.3	%	$	40,743
Commercial Banks		7.7	%		23,296
Metals & Mining		6.1	%		18,241
Pharmaceuticals		6.0	%		18,093
Automobiles		5.5	%		16,512
Insurance		5.5	%		16,377
Diversified Telecommunication Services		4.5	%		13,616
Chemicals		4.3	%		12,875
Electric Utilities		2.9	%		8,576
Capital Markets		2.5	%		7,415
Wireless Telecommunication Services		2.3	%		6,838
Airlines		1.8	%		5,403
Computers & Peripherals		1.7	%		5,238
Trading Companies & Distributors		1.5	%		4,607
Paper & Forest Products		1.3	%		3,808
Food & Staples Retailing		1.3	%		3,764
Electronic Equipment & Instruments		1.2	%		3,477
Media		1.1	%		3,153
Food Products		1.1	%		3,152
Office Electronics		1.0	%		2,862
Communications Equipment		0.9	%		2,659
Machinery		0.9	%		2,570
Hotels, Restaurants & Leisure		0.8	%		2,510
Multi-Utilities		0.8	%		2,413
Consumer Finance		0.7	%		2,182
Diversified Financial Services		0.7	%		2,114
Household Durables		0.7	%		2,105
Auto Components		0.7	%		2,007
Semiconductors & Semiconductor Equipment		0.5	%		1,516
Leisure Equipment & Products		0.4	%		1,296
Containers & Packaging		0.4	%		1,267
Real Estate Management & Development		0.3	%		937
Electrical Equipment		0.3	%		849
Marine		0.2	%		538

Investment Securities, at Value		80.9	%		243,009
Short-Term Investments		19.1	%		57,538

Total Investments		100.0	%	$	300,547

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



Transamerica Funds		Annual Report 2008

Page 57

Transamerica AllianceBernstein International Value

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)

NOTES TO SCHEDULE OF INVESTMENTS:


^		All or a portion of this security is on loan. The value of all securities on loan is $54,045.

‡		Non-income producing security.

•		Repurchase agreement is collateralized by a U.S. Government Agency Obligation with an interest rate of 3.56%, a maturity date of 10/25/2036, and with a market value plus accrued interest of $683.

◊		State Street Bank & Trust serves as the accounting, custody, and lending agent for the Fund and provides various services on behalf of the Fund.

▲		Interest rate shown reflects the yield at 10/31/2008.

♦		Value is less than $1.

#		Aggregate cost for federal income tax purposes is $485,501. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $1,061 and $186,015, respectively. Net unrealized depreciation for tax purposes is $184,954.

DEFINITIONS:

PLC Public Limited Company

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



Transamerica Funds		Annual Report 2008

Page 58

Transamerica Bjurman, Barry Micro Emerging Growth

SCHEDULE OF INVESTMENTS
At October 31, 2008
(all amounts except share amounts in thousands)


	Shares		Value

COMMON STOCKS (99.9%)
Aerospace & Defense (7.8%)
Axsys Technologies, Inc. ‡ ^		29,700	$	1,961
Cubic Corp. ^		53,500		1,190
Stanley, Inc. ‡ ^		59,000		2,021
Auto Components (1.8%)
Hawk Corp. -Class A ‡ ^		84,200		1,217
Biotechnology (1.1%)
Emergent Biosolutions, Inc. ‡ ^		34,200		616
NPS Pharmaceuticals, Inc. ‡		23,400		164
Building Products (0.8%)
Insteel Industries, Inc. ^		51,700		530
Capital Markets (0.8%)
Labranche & Co., Inc. ‡ ^		83,100		518
Chemicals (2.0%)
Calgon Carbon Corp. ‡ ^		101,200		1,348
Commercial Services & Supplies (0.6%)
Comfort Systems USA, Inc. ^		42,300		395
Communications Equipment (2.5%)
Extreme Networks ‡ ^		293,700		540
Harmonic Lightwaves, Inc. ‡		161,900		1,151
Construction & Engineering (1.8%)
Furmanite Corp. ‡ ^		148,200		1,186
Diversified Financial Services (3.8%)
Life Partners Holdings, Inc. ^		63,020		2,532
Diversified Telecommunication Services (1.4%)
Atlantic Tele-Network, Inc.		38,300		932
Electrical Equipment (1.2%)
C&D Technologies, Inc. ‡ ^		84,500		296
Powell Industries, Inc. ‡ ^		27,500		509
Electronic Equipment & Instruments (4.0%)
Mesa Laboratories, Inc.		29,300		527
Methode Electronics, Inc. ^		102,600		779
OSI Systems, Inc. ‡ ^		65,200		750
Synnex Corp. ‡ ^		39,700		613
Energy Equipment & Services (3.4%)
Boots & Coots International Control, Inc. ‡ ^		393,200		676
Dawson Geophysical Co. ‡ ^		22,100		542
Matrix Service Co. ‡ ^		56,000		686
T-3 Energy Services, Inc. ‡ ^		17,900		432
Food & Staples Retailing (0.3%)
Pantry, Inc. ‡		8,100		178
Food Products (1.2%)
Darling International, Inc. ‡ ^		103,450		780
Health Care Equipment & Supplies (10.1%)
Cynosure, Inc. -Class A ‡ ^		9,000		79
Datascope Corp. ^		37,600		1,886
Kensey Nash Corp. ‡ ^		30,400		772
Neogen Corp. ‡ ^		35,600		1,049
Synovis Life Technologies, Inc. ‡		90,700		1,586
Vnus Medical Technologies ‡ ^		86,100		1,329
Health Care Providers & Services (4.1%)
HMS Holdings Corp. ‡ ^		70,500		1,746
Sun Healthcare Group, Inc. ‡		85,100		977
Insurance (2.1%)
American Physicians Capital, Inc. ^		34,700		1,420
Internet Software & Services (5.7%)
Interwoven, Inc. ‡ ^		121,300		1,530
S1 Corp. ‡ ^		208,400		1,307
Vocus, Inc. ‡ ^		54,200		912
IT Services (3.5%)
Integral Systems, Inc. ‡ ^		31,800		781
Sapient Corp. ‡		117,400		645
TNS, Inc. ‡ ^		60,000		851
Life Sciences Tools & Services (3.6%)
Icon PLC ADR ‡		68,600		1,740
Parexel International Corp. ‡ ^		66,800		695
Machinery (5.2%)
Actuate Corp. ‡ ^		48,100		137
Dynamic Materials Corp. ^		39,700		754
Flow International Corp. ‡ ^		45,400		174
K-Tron International, Inc. ‡		14,000		1,316
LB Foster Co. -Class A ‡		23,800		655
Sun Hydraulics Corp. ^		19,300		404
Marine (0.4%)
Navios Maritime Holdings, Inc. ^		104,100		290
Metals & Mining (1.0%)
Hecla Mining Co. ‡ ^		104,600		260
Olympic Steel, Inc. ^		16,200		370
Oil, Gas & Consumable Fuels (6.8%)
Approach Resources, Inc. ‡ ^		28,300		308
Arena Resources, Inc. ‡		48,100		1,466
Energy Partners, Ltd. ‡ ^		65,900		285
Energy XXI Bermuda, Ltd. ^		138,400		273
Meridian Resource Corp. ‡ ^		333,300		393
Petroquest Energy, Inc. ‡ ^		66,200		659
Vaalco Energy, Inc. ‡ ^		121,400		643
Warren Resources, Inc. ‡ ^		82,700		438
Pharmaceuticals (1.0%)
Vivus, Inc. ‡ ^		108,400		660
Professional Services (2.6%)
Exponent, Inc. ‡ ^		49,900		1,469
Hill International, Inc. ‡ ^		39,800		250
Semiconductors & Semiconductor Equipment (3.0%)
Pericom Semiconductor Corp. ‡		75,000		585
Standard Microsystems Corp. ‡ ^		28,600		515
Volterra Semiconductor Corp. ‡ ^		89,000		840
Software (7.4%)
Bsquare Corp. ‡		308,800		877
Ebix, Inc. ‡ ^		21,600		549
Epiq Systems, Inc. ‡ ^		80,063		1,088
JDA Software Group, Inc. ‡ ^		77,600		1,108
Netscout Systems, Inc. ‡ ^		119,100		1,146
Telecommunication Systems, Inc. -Class A ‡		25,200		173
Specialty Retail (5.2%)
Finish Line -Class A ^		157,400		1,506
Genesco, Inc. ‡ ^		44,800		1,112
Wet Seal, Inc. -Class A ‡ ^		280,200		824
Textiles, Apparel & Luxury Goods (1.2%)
Movado Group, Inc. ^		51,600		785
Trading Companies & Distributors (2.5%)
Dxp Enterprises, Inc. ‡ ^		24,000		335
Kaman Corp. -Class A ^		51,600		1,317

Total Common Stocks (cost $84,589)				66,338

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


Transamerica Funds		Annual Report 2008

Page 59

Transamerica Bjurman, Barry Micro Emerging Growth

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)


	Principal		Value

REPURCHASE AGREEMENT (0.5%)
State Street Repurchase Agreement 0.15%, dated 10/31/2008, to be repurchased at $362 on 11/03/2008 ◊ ●	$	362	$	362

Total Repurchase Agreement (cost $362)				362


	Shares		Value

SECURITIES LENDING COLLATERAL (25.7%)
State Street Navigator Securities Lending Trust — Prime Portfolio, 2.71% ◊ ▲		17,040,085		17,040


Total Securities Lending Collateral (cost $17,040)				17,040


Total Investment Securities (cost $101,991) #			$	83,740

NOTES TO SCHEDULE OF INVESTMENTS:


^		All or a portion of this security is on loan. The value of all securities on loan is $16,514.

‡		Non-income producing security.

•		Repurchase agreement is collateralized by a U.S. Government Agency Obligation with an interest rate of 5.89%, a maturity date of 01/01/2037, and with a market value plus accrued interest of $369.

▲		Interest rate shown reflects the yield at 10/31/2008.

◊		State Street Bank & Trust serves as the accounting, custody, and lending agent for the Fund and provides various services on behalf of the Fund.

#		Aggregate cost for federal income tax purposes is $102,043. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $5,109 and $23,412, respectively. Net unrealized depreciation for tax purposes is $18,303.

DEFINITIONS:

ADR American Depository Receipt

PLC Public Limited Company

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


Transamerica Funds		Annual Report 2008

Page 60

Transamerica BlackRock Global Allocation

SCHEDULE OF INVESTMENTS
At October 31, 2008
(all amounts except share amounts in thousands)


	Principal		Value

U.S. GOVERNMENT OBLIGATIONS (12.3%)
United States (12.3%)
U.S. Treasury Inflation Indexed Bond, TIPS
2.38%, due 01/15/2027 ^	$	1,774	$	1,535
U.S. Treasury Inflation Indexed Note, TIPS
0.88%, due 04/15/2010 ^		5,002		4,702
2.00%, due 04/15/2012 - 01/15/2016 ^		12,382		10,983
2.38%, due 04/15/2011 - 01/15/2017^ Ф		9,655		9,144
2.50%, due 07/15/2016 ^		8,015		7,379

U.S. Treasury Note
2.13%, due 01/31/2010 ^		1,390		1,401
2.88%, due 06/30/2010 ^		2,797		2,861
4.63%, due 07/31/2009 ^		2,130		2,181
4.88%, due 05/31/2011 ^		5,650		6,119

Total U.S. Government Obligations (cost $48,701)				46,305


FOREIGN GOVERNMENT OBLIGATIONS (11.2%)
Australia (0.2%)
Australian Government
5.75%, due 06/15/2011	AUD	1,145		784
Brazil (0.5%)
Brazil Notas Do Tesouro Nacional
6.00%, due 08/15/2010	BRL	1,800		1,392
10.00%, due 01/01/2017	BRL	1,111		367
Canada (0.2%)
Canadian Government Bond
4.00%, due 09/01/2010 - 06/01/2016	CAD	1,165		999
France (0.1%)
Caisse D’amortissement de La Dette Sociale
3.25%, due 04/25/2013	EUR	400		493
Germany (3.7%)
Bundesrepublik Deutschland
4.25%, due 07/04/2017	EUR	2,150		2,813
Bundesschatzanweisungen
4.75%, due 06/11/2010	EUR	1,914		2,518
Deutsche Bundesrepublik, TIPS
1.50%, due 04/15/2016	EUR	3,862		4,489
Federal Republic of Germany
4.00%, due 07/04/2016	EUR	3,200		4,123
Japan (1.9%)
Japan Government Bond
0.70%, due 09/15/2010	JPY	94,450		961
Japanese Government CPI Linked
Bond, TIPS
0.80%, due 09/10/2015 - 03/10/2016	JPY	643,336		5,552
1.00%, due 06/10/2016	JPY	41,160		358
1.40%, due 06/10/2018	JPY	86,445		749
Malaysia (1.0%)
Cherating Capital, Ltd.
2.00%, due 07/05/2012	$	500		351
Johor Corp.
1.00%, due 07/31/2009	MYR	1,925		656
Malaysia Government Bond
3.76%, due 04/28/2011	MYR	5,100		1,430
3.87%, due 04/13/2010	MYR	3,500		986
Netherlands (0.4%)
Kingdom of the Netherlands
3.75%, due 07/15/2014	EUR	1,200		1,526
New Zealand (0.1%)
New Zealand Government, TIPS
4.50%, due 02/15/2016	NZD	400		315
Poland (0.3%)
Republic of Poland, TIPS
3.00%, due 08/24/2016	PLN	3,167		1,089
Sweden (0.3%)
Kingdom of Sweden, TIPS
4.00%, due 12/01/2008	SEK	7,000		1,116
United Kingdom (2.5%)
U.K. Gilt
4.00%, due 09/07/2016	GBP	1,425		2,239
5.00%, due 03/07/2018	GBP	1,755		2,925
United Kingdom
4.25%, due 03/07/2011	GBP	2,435		3,997

Total Foreign Government Obligations (cost $48,326)				42,228


ASSET-BACKED SECURITY (0.0%)
Cayman Islands (0.0%)
Latitude CLO, Ltd.
Series 2005-1I, Class SUB
Zero Coupon, due 12/15/2017	$	200		90

Total Asset-Backed Security (cost $177)				90


CORPORATE DEBT SECURITIES (1.9%)
Bermuda (0.2%)
Gome Electrical Appliances Holdings, Ltd.
Zero Coupon, due 05/18/2014	CNY	4,900		554
Noble Group, Ltd.
8.50%, due 05/30/2013 -144A	$	375		195
Brazil (0.0%)
Cosan Finance, Ltd.
7.00%, due 02/01/2017 -144A		90		55
Canada (0.1%)
Rogers Wireless, Inc.
7.63%, due 12/15/2011	CAD	500		421
Cayman Islands (0.3%)
Chaoda Modern Agriculture Holdings, Ltd.
7.75%, due 02/08/2010 Reg S	$	300		180
China Milk Products Group, Ltd.
Zero Coupon, due 01/05/2012		300		242
Hutchison Whampoa International, Ltd.
5.45%, due 11/24/2010 Reg S		300		283
Preferred Term Secs XXVI, Ltd.
1.00%, due 9/22/2037 -144A § ±		190		57
Preferred Term Secs XXVII, Ltd.
1.00%, due 12/22/2037 § ±		200		156
Ireland (0.2%)
Transcapitalinvest, Ltd.
6.10%, due 06/27/2012 -144A		100		60
8.70%, due 08/07/2018 -144A		100		59
VIP Finance Ireland, Ltd.
9.13%, due 04/30/2018 -144A		1,100		568
Luxembourg (0.0%)
Evraz Group SA
8.25%, due 11/10/2015 Reg S		100		37
8.88%, due 04/24/2013 -144A		300		129
9.50%, due 04/24/2018 -144A		425		178
TNK-BP Finance SA
7.50%, due 07/18/2016 -144A		100		44
Netherlands (0.2%)
Kazmunaigaz Finance Sub BV
9.13%, due 07/02/2018 -144A		1,300		780

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


Transamerica Funds		Annual Report 2008

Page 61

Transamerica BlackRock Global Allocation

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)


	Principal		Value

Supranational (0.1%)
European Investment Bank
3.63%, due 10/15/2011	EUR	296	$	376
United Arab Emirates (0.1%)
Nakheel Development, Ltd.
3.17%, due 12/14/2009	$	335		263
United States (0.7%)
General Electric Capital Corp.
1.11%, due 01/15/2010 *	JPY	204,000		1,952
General Motors Corp.
8.25%, due 07/15/2023 ^	$	234		75
Pemex Project Funding Master Trust
5.50%, due 02/24/2025 Reg S	EUR	860		571

Total Corporate Debt Securities (cost $10,010)				7,235


	Shares		Value

CONVERTIBLE PREFERRED STOCKS (0.2%)
Cayman Islands (0.0%)
XL Capital, Ltd., 10.75% ▲		4,470		67
United States (0.2%)
Citigroup, Inc., 6.50% ^ ▲		17,904		577

Total Convertible Preferred Stocks (cost $1,007)				644


PREFERRED STOCKS (0.2%)
Brazil (0.1%)
All America Latina Logistica SA, 0.42% ▲		29,400		137
Banco Bradesco SA, 4.30% ▲		19,207		223
Cia Brasileira de Distribuicao Grupo PAO de Acucar, 0.69% ▲		20,463		316
United States (0.1%)
Morgan Stanley, Zero Coupon ‡ ▲		180,000		240

Total Preferred Stocks (cost $1,213)				916


COMMON STOCKS (54.9%)
Australia (0.4%)
BHP Billiton, Ltd.		24,100		463
Macquarie Airports		60,900		87
Newcrest Mining, Ltd.		11,170		154
Rio Tinto, Ltd.		7,100		367
Transurban Group ‡		57,975		208
Woodside Petroleum, Ltd.		12,200		345
Austria (0.0%)
Telekom Austria AG		10,900		134
Belgium (0.1%)
RHJ International -144A ‡		17,100		92
RHJ International ‡		67,000		363
Bermuda (1.0%)
Accenture, Ltd. -Class A ^		300		10
Arch Capital Group, Ltd. ‡		4,500		314
Axis Capital Holdings, Ltd.		400		11
Bunge, Ltd. ^		3,200		123
Cheung Kong Infrastructure Holdings,Ltd.		77,900		285
Covidien, Ltd.		6,525		289
Endurance Specialty Holdings, Ltd. ^		16,200		490
Everest RE Group, Ltd.		3,700		276
Foster Wheeler, Ltd. ‡		17,964		492
Frontline, Ltd. ^		400		13
IPC Holdings, Ltd. ^		10,000		276
Katanga Mining, Ltd. ‡		52,700		65
Nabors Industries, Ltd. ‡ ^		4,950		71
Noble Group, Ltd.		107,869		79
PartnerRe, Ltd. ^		3,900		264
Platinum Underwriters Holdings, Ltd.		6,000		190
RenaissanceRe Holdings, Ltd.		6,200		285
Tyco International, Ltd.		5,525		140
Weatherford International, Ltd. ‡		9,600		162
Brazil (1.1%)
Cia Energetica de Minas Gerais ADR		7,094		108
Cia Vale do Rio Doce -Class B ADR		25,000		293
Cosan SA Industria E Comercio ‡		5,300		26
Cyrela Brazil Realty SA		7,950		39
Gafisa SA		18,500		130
Obrascon Huarte Lain Brasil SA		13,300		73
Petroleo Brasileiro SA -Class A ADR		137,000		3,133
Slc Agricola SA		46,300		239
VIVO Participacoes SA ADR ‡ ^		20,300		222
Canada (1.4%)
Alamos Gold, Inc. ‡		42,400		175
Barrick Gold Corp.		12,095		275
BCE, Inc.		600		17
Canadian Natural Resources, Ltd.		3,200		162
Canadian Pacific Railway, Ltd.		20,600		930
Eldorado Gold Corp. ‡		68,300		282
EnCana Corp.		300		15
Goldcorp, Inc. ^		26,900		502
Golden Star Resources, Ltd. ‡ ^		25,200		24
Iamgold Corp.		39,200		129
Imperial Oil, Ltd. ^		400		14
Kinross Gold Corp.		121,721		1,268
New Gold, Inc. ‡		8,200		10
Nexen, Inc.		800		13
Nortel Networks Corp. ‡ ^		13,900		17
Petro-Canada		6,400		160
Rogers Communications, Inc. -Class B		28,400		826
Sino-Forest Corp. -Class A ‡		17,300		162
Sun Life Financial, Inc.		200		5
Talisman Energy, Inc.		5,200		52
TELUS Corp. ‡		5,500		189
Viterra, Inc. ‡		16,000		102
Yamana Gold, Inc.		51,000		243
Cayman Islands (0.4%)
Chaoda Modern Agriculture Holdings, Ltd		700,687		494
Seagate Technology, Inc.		800		5
Tianjin Port Development Holdings, Ltd		608,300		121
Transocean, Inc. ^		4,313		355
XL Capital, Ltd. -Class A ^		83,700		812
Chile (0.0%)
Banco Santander Chile ADR		2,400		86
Saci Falabella		55,200		145
China (0.3%)
China Communications Services Corp,Ltd.		9,300		5
China Life Insurance Co., Ltd. ADR ^		4,333		172
China Shenhua Energy Co., Ltd.		221,200		420
China South Locomotive And Rolling Stock
Corp. ‡		143,900		51
Guangshen Railway Co., Ltd.		593,200		231

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


Transamerica Funds		Annual Report 2008

Page 62

Transamerica BlackRock Global Allocation

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)


	Shares		Value

China (continued)
Hainan Meilan International Airport Co. Ltd.		41,800	$	11
Huaneng Power International, Inc.		60,000		29
Jiangsu Expressway Co., Ltd.		71,400		50
Ping An Insurance Group Co. of China, Ltd.		26,800		115
Shanghai Electric Group Co., Ltd. ‡		441,200		134
Xiamen International Port Co., Ltd.		593,500		52
Cyprus (0.0%)
AFI Development PLC GDR ‡		47,100		76
Egypt (0.1%)
Telecom Egypt		179,030		429
Finland (0.3%)
Fortum OYJ		8,978		221
Nokia OYJ		17,338		266
Nokia OYJ ADR ^		32,700		496
France (1.2%)
Alcatel-Lucent ADR ‡ ^		6,000		15
AXA SA		13,358		255
BNP Paribas		3,707		268
Bouygues		2,729		116
Cie Generale D’Optique Essilor International SA ^		13,500		606
France Telecom SA		35,600		898
GDF Suez		7,673		342
Peugeot SA		5,309		142
Sanofi-Aventis SA ADR		700		22
Societe Generale		4,334		236
Total SA		19,441		1,070
Vivendi		12,300		322
Germany (0.6%)
Allianz SE		4,745		348
Bayer AG		9,579		524
Bayer AG ADR		300		17
Bayerische Motoren Werke AG		3,100		79
Deutsche Post AG		23,092		253
Deutsche Telekom AG		25,494		374
E.ON AG		8,720		327
Gea Group AG		11,196		161
Siemens AG		5,465		321
Hong Kong (1.0%)
Beijing Enterprises Holdings, Ltd.		345,589		1,365
Cheung Kong Holdings, Ltd.		28,500		274
China Mobile, Ltd.		55,700		490
Denway Motors, Ltd.		262,000		65
Hutchison Whampoa, Ltd.		65,800		356
Link REIT		243,500		435
Shanghai Industrial Holdings, Ltd.		19,300		31
Sun Hung KAI Properties, Ltd.		18,400		161
Tianjin Development Holdings		993,500		278
Wharf Holdings, Ltd.		87,425		174
India (0.7%)
Bharat Heavy Electricals, Ltd.		15,700		426
Container Corp. of India		15,200		195
Housing Development Finance Corp.		8,200		298
Larsen & Toubro, Ltd.		11,000		184
Reliance Industries, Ltd.		23,500		661
State Bank of India, Ltd.		10,000		230
Wockhardt, Ltd.		2,150		5
ZEE Entertainment Enterprises, Ltd.		36,560		116
Indonesia (0.0%)
Bumi Resources TBK		776,301		155
Israel (0.1%)
Check Point Software Technologies ‡		1,200		24
Ectel, Ltd. ‡ ^		4,795		4
Teva Pharmaceutical Industries, Ltd. ADR ^		5,523		237
Italy (0.1%)
ENI SpA		22,556		538
Finmeccanica SpA ^		11,674		145
Japan (8.0%)
AIOI Insurance Co., Ltd.		203,000		834
Asahi Glass Co., Ltd.		43,000		270
Astellas Pharma, Inc.		33,000		1,329
Canon, Inc.		35,300		1,235
Coca-Cola Central Japan Co., Ltd.		20		131
Coca-Cola West Holdings Co., Ltd.		27,571		553
Daikin Industries, Ltd.		7,500		169
Daiwa House Industry Co., Ltd.		30,700		273
East Japan Railway Co.		125		889
Hitachi Chemical Co., Ltd.		17,000		174
Hokkaido Coca-Cola Bottling Co., Ltd.		12,000		61
Honda Motor Co., Ltd. ^		7,600		189
Hoya Corp.		28,600		522
JGC Corp.		37,000		397
KDDI Corp.		150		899
Kinden Corp.		29,000		242
Kirin Holdings Co., Ltd.		47,900		530
Kubota Corp.		91,000		457
Mikuni Coca-Cola Bottling Co., Ltd.		21,800		209
Mitsubishi Corp.		86,000		1,442
Mitsubishi Rayon Co., Ltd.		208,000		447
Mitsubishi Tanabe Pharma Corp.		16,000		168
Mitsui & Co., Ltd.		93,600		907
Mitsui Sumitomo Insurance Group Holdings, Inc.		46,600		1,295
Mizuho Financial Group, Inc. ^		47		115
Murata Manufacturing Co., Ltd.		9,900		341
NGK Insulators, Ltd.		12,800		133
Nintendo Co., Ltd.		1,100		353
Nippon Sheet Glass Co., Ltd.		3,000		10
Nippon Telegraph & Telephone Corp.		120		490
Nipponkoa Insurance Co., Ltd.		114,200		684
NTT DoCoMo, Inc.		1,046		1,659
NTT Urban Development Corp.		160		164
Okumura Corp.		82,400		323
Panasonic Corp.		40,000		644
Rinnai Corp.		5,500		201
Sekisui House, Ltd.		76,000		762
Seven & I Holdings Co., Ltd.		35,500		997
Shimachu Co., Ltd.		4,700		107
Shin-Etsu Chemical Co., Ltd.		20,000		1,063
Sony Corp. ADR		600		14
Sumitomo Chemical Co., Ltd.		363,000		1,111
Sumitomo Mitsui Financial Group, Inc.		160		641
Suzuki Motor Corp.		49,100		721
Tadano, Ltd.		9,000		40

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


Transamerica Funds		Annual Report 2008

Page 63

Transamerica BlackRock Global Allocation

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)


	Shares		Value

Japan (continued)
Takeda Pharmaceutical Co., Ltd.		37,400	$	1,858
Toda Corp.		61,000		220
Toho Co., Ltd.		21,000		400
Tokio Marine Holdings, Inc.		61,700		1,903
Tokyo Gas Co., Ltd.		185,000		795
Toyota Industries Corp.		23,300		526
UBE Industries, Ltd.		114,000		240
West Japan Railway Co.		75		330
Kazakhstan (0.2%)
Kazmunaigas Exploration Production GDR		56,800		797
Korea, Republic of (0.9%)
Cheil Industries, Inc.		4,700		153
Dongbu Insurance Co., Ltd.		5,400		55
Interflex Co., Ltd. ‡		4,726		6
Korean Reinsurance Co.		22,074		123
KT Corp. ADR		33,000		414
KT&G Corp.		10,300		661
LS Corp.		5,200		220
Meritz Fire & Marine Insurance Co., Ltd.		34,263		126
Paradise Co., Ltd.		34,339		54
POSCO ADR		3,700		249
POSCO		900		248
Samsung Electronics Co., Ltd.		1,250		527
Samsung Fine Chemicals Co., Ltd.		8,400		232
SK Telecom Co., Ltd.		1,400		222
Luxembourg (0.1%)
Arcelormittal		6,703		174
Malaysia (0.3%)
British American Tobacco Malaysia BHD		20,100		233
IOI Corp. BHD		298,030		236
Plus Expressways BHD		57,000		43
Resorts World BHD		151,394		107
Telekom Malaysia BHD		86,000		81
Tenaga Nasional BHD		172,657		293
TM International BHD ‡		86,000		110
Mexico (0.1%)
America Movil SAB de CV -Class R ADR		6,900		213
Fomento Economico Mexicano SAB de CV ADR		5,600		142
Netherlands (0.0%)
ING Groep NV		13,266		124
Koninklijke KPN NV		10,300		145
Unilever NV ^{^}		5,700		137
Netherlands Antilles (0.2%)
Schlumberger, Ltd.		13,500		697
New Zealand (0.0%)
Contact Energy, Ltd.		14,300		61
Norway (0.1%)
Norsk Hydro ASA		5,000		21
Statoil ASA		17,600		354
Telenor ASA		10,000		60
Panama (0.1%)
McDermott International, Inc. ‡		11,900		204
Philippines (0.0%)
Energy Development Corp.		160,000		10
First Gen Corp. ‡		12,000		3
Russian Federation (1.0%)
Gazprom OAO ADR		65,800		1,310
Kuzbassrazrezugol ‡		820,060		131
LUKOIL ADR		3,600		138
Mechel OAO ADR ^{^}		28,700		263
MMC Norilsk Nickel ADR		26,200		263
Novolipetsk Steel OJSC GDR		6,100		57
Novorossiysk Commercial Sea Port GDR		83,400		453
Polyus Gold Co. ADR		16,900		186
Rushydro ‡		25,890,300		478
Sberbank		319,400		303
Severstal GDR		19,000		66
Surgutneftegaz ADR		7,600		49
Vimpel-Communications ADR		10,900		158
Singapore (0.7%)
Capitaland, Ltd.		73,700		148
Fraser and Neave, Ltd.		164,000		309
Keppel Corp., Ltd.		157,600		491
Keppel Land, Ltd. ^		25,962		33
MobileOne, Ltd.		195,030		174
Oversea-Chinese Banking Corp.		71,000		240
Parkway Holdings, Ltd.		214,620		230
Parkway Life Real Units REIT ‡		11,732		6
SembCorp Marine, Ltd.		84,700		105
Singapore Press Holdings, Ltd.		74,000		162
Singapore Telecommunications, Ltd.		376,450		634
South Africa (0.0%)
Anglo Platinum, Ltd.		1,700		70
Gold Fields, Ltd. ADR ^		9,300		62
Impala Platinum Holdings, Ltd.		6,700		70
Sasol, Ltd.		3,200		94
Spain (0.3%)
Banco Santander SA ^		18,005		195
Cintra Concesiones de Infraestructuras de Transporte SA		12,652		113
Iberdrola Renovables SA ‡		29,300		89
Telefonica SA		26,698		494
Telefonica SA ADR		4,000		222
Sweden (0.0%)
Volvo AB -Class B		30,312		158
Switzerland (1.3%)
ACE, Ltd.		30,300		1,738
Credit Suisse Group AG		7,036		263
Nestle SA		37,648		1,464
Novartis AG		6,388		324
Roche Holding AG		3,547		542
Zurich Financial Services AG		2,519		511
Taiwan (0.8%)
Cathay Financial Holding Co., Ltd.		111,319		120
Chinatrust Financial Holding Co., Ltd.		136,488		39
Chunghwa Telecom Co., Ltd. ADR		46,016		757
Chunghwa Telecom Co., Ltd.		213,565		353
Delta Electronics, Inc.		207,335		471
Fubon Financial Holding Co., Ltd.		81,000		49
HON HAI Precision Industry Co., Ltd.		79,350		192
Taiwan Cement Corp.		456,960		235
Taiwan Semiconductor Manufacturing Co., Ltd.		139,347		203
Taiwan Semiconductor Manufacturing Co., Ltd. ADR ^		24,121		199

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


Transamerica Funds		Annual Report 2008

Page 64

Transamerica BlackRock Global Allocation

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)


	Shares		Value

Thailand (0.2%)
Airports of Thailand PCL		117,300	$	63
Bangkok Expressway PCL		101,600		35
Hana Microelectronics PCL		201,400		59
PTT Exploration & Production PCL		10,500		26
PTT PCL		54,600		248
Siam Commercial Bank PCL		236,500		354
United Kingdom (2.4%)
Anglo American PLC		10,943		275
BAE Systems PLC		65,211		367
BP PLC ADR ^		21,300		1,059
BP PLC		110,602		902
British American Tobacco PLC		18,410		505
Cadbury PLC ADR ^		15,424		570
Diageo PLC ADR		26,400		1,642
GlaxoSmithKline PLC		16,636		320
Guinness Peat Group PLC		420,995		235
HSBC Holdings PLC		11,937		141
Next PLC		8,226		140
Premier Foods PLC		29,000		13
Royal Dutch Shell PLC -Class A ADR ^		4,200		234
Royal Dutch Shell PLC -Class B		32,291		875
Unilever PLC ADR ^		6,700		151
Unilever PLC		23,096		519
Vodafone Group PLC ADR ^		21,061		406
Vodafone Group PLC		542,930		1,044
United States (29.4%)
3Com Corp. ‡ ^		140,900		385
3M Co. ^		11,600		746
Abbott Laboratories		21,100		1,164
AES Corp. ‡ ^		14,900		119
Aetna, Inc.		26,250		653
Affiliated Computer Services, Inc. -Class A ‡		500		20
AGCO Corp. ‡ ^		400		13
AK Steel Holding Corp. ^		400		6
Alcoa, Inc. ^		26,956		310
Alliance Data Systems Corp. ‡ ^		400		20
Alliance Resource Partners, LP ^		6,600		211
Allstate Corp.		15,200		401
Altria Group, Inc.		28,600		549
American Commercial Lines, Inc. ‡ ^		40,900		304
AmerisourceBergen Corp. -Class A		8,800		275
Amgen, Inc. ‡		600		36
Anadarko Petroleum Corp.		8,300		293
Apache Corp.		7,300		601
Applied Biosystems, Inc.		1,800		55
Applied Materials, Inc. ^		17,200		222
Ascent Media Corp. ‡ ^		50		1
Assurant, Inc.		7,900		201
AT&T, Inc.		125,630		3,363
Autoliv, Inc.		400		9
Avnet, Inc. ‡		500		8
Avon Products, Inc.		7,200		179
Bank of America Corp. ^		19,400		469
Bank of New York Mellon Corp.		50,681		1,652
Baxter International, Inc.		4,200		254
Big Lots, Inc. ‡ ^		800		20
BMC Software, Inc. ‡ ^		500		13
Boeing Co.		23,200		1,213
Boston Scientific Corp. ‡ ^		12,300		111
Bristol-Myers Squibb Co.		167,800		3,448
Broadcom Corp. -Class A ‡ ^		15,100		258
Burlington Northern Santa Fe Corp. ^		47,200		4,204
CA, Inc. ^		48,200		858
Cardinal Health, Inc. ^		400		15
Celanese Corp. -Class A ^		500		7
CenturyTel, Inc. ^		400		10
CF Industries Holdings, Inc. ^		200		13
Chevron Corp.		41,300		3,081
Chubb Corp.		15,300		793
Cigna Corp. ^		26,700		435
Cimarex Energy Co. ^		400		16
Circuit City Stores, Inc. ^		12,400		3
Cisco Systems, Inc. ‡		59,500		1,057
Citigroup, Inc. ^		5,900		81
CMS Energy Corp. ^		13,300		136
CNA Financial Corp. ^		400		6
CNX Gas Corp. ‡ ^		17,200		435
Coca-Cola Co.		10,800		476
Comcast Corp. -Class A ^		92,350		1,455
Complete Production Services, Inc. ‡ ^		13,600		169
Computer Sciences Corp. ‡ ^		300		9
Comverse Technology, Inc. ‡		45,500		331
ConAgra Foods, Inc. ^		9,100		159
ConocoPhillips ^		31,100		1,618
Consol Energy, Inc.		43,700		1,372
Constellation Brands, Inc. -Class A ‡ ^		8,200		103
Corning, Inc.		80,200		869
Crown Holdings, Inc. ‡		12,200		246
CSX Corp.		500		23
Cummins, Inc. ^		400		10
CVS Caremark Corp.		8,201		251
DaVita, Inc. ‡		5,400		306
Dell, Inc. ‡ ^		1,300		16
Devon Energy Corp. ^		11,500		930
Discover Financial Services		100		1
Discovery Communications, Inc. ‡ ^		1,000		14
Dish Network Corp. -Class A ‡		8,700		137
Dover Corp.		600		19
Dow Chemical Co.		30,700		819
Dr Pepper Snapple Group, Inc. ‡ ^		11,568		265
Duke Energy Corp. ^		1,000		16
Dynegy, Inc. -Class A ‡ ^		24,400		89
E.I. duPont de Nemours & Co. ^		21,300		682
El Paso Corp. ^		149,200		1,447
Eli Lilly & Co.		15,000		507
Embarq Corp. ^		2,065		62
EMC Corp. ‡ ^		1,000		12
Endo Pharmaceuticals Holdings, Inc. ‡ ^		3,900		72
Ensco International, Inc. ^		2,400		91
Entergy Corp. ^		7,400		578
Exelon Corp. ^		10,700		580
Expedia, Inc. ‡ ^		700		7
Express Scripts, Inc. -Class A ‡ ^		400		24
Extreme Networks ‡ ^		1,089		2
Exxon Mobil Corp.		63,400		4,699

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


Transamerica Funds		Annual Report 2008

Page 65

Transamerica BlackRock Global Allocation

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)


	Shares		Value

United States (continued)
Fairpoint Communications, Inc. ^		1,074	$	4
Family Dollar Stores, Inc. ^		600		16
Fidelity National Financial, Inc. -Class A^		43,400		391
FirstEnergy Corp.		400		21
Forest Laboratories, Inc. ‡		5,700		132
Foundation Coal Holdings, Inc.		29,400		610
FPL Group, Inc.		17,700		836
Freeport-McMoRan Copper & Gold, Inc ^		6,900		201
Gap, Inc. ^		1,500		19
General Communication, Inc. -Class A ‡ ^		11,300		87
General Dynamics Corp.		1,600		97
General Electric Co.		89,620		1,748
General Motors Corp. ^		35,100		203
Genuine Parts Co.		400		16
Genworth Financial, Inc. -Class A ^		500		2
Global Industries, Ltd. ‡ ^		66,200		169
Goodrich Corp.		300		11
Google, Inc. -Class A ‡		3,540		1,272
Halliburton Co. ^		13,180		261
Hanesbrands, Inc. ‡ ^		862		15
Hartford Financial Services Group, Inc.		5,200		54
Hasbro, Inc. ^		600		17
Healthsouth Corp. ‡ ^		8,020		101
Hess Corp.		5,800		349
Hewitt Associates, Inc. -Class A ‡ ^		600		17
Hewlett-Packard Co.		34,600		1,324
HJ Heinz Co. ^		7,900		346
Hologic, Inc. ‡ ^		43,100		528
Honeywell International, Inc.		300		9
Hormel Foods Corp. ^		600		17
Humana, Inc. ‡ ^		22,300		660
Intel Corp.		92,459		1,479
International Business Machines Corp. ^		14,500		1,348
International Game Technology ^		25,500		357
International Paper Co. ^		37,200		641
Intersil Corp. -Class A ^		600		8
Invitrogen Corp. ‡ ^		1,700		49
JDS Uniphase Corp. ‡ ^		4,925		27
Johnson & Johnson ^		57,700		3,539
JPMorgan Chase & Co.		27,200		1,122
KBR, Inc. ^		9,975		148
Key Energy Services, Inc. ‡		10,700		66
King Pharmaceuticals, Inc. ‡ ^		5,800		51
Kraft Foods, Inc. -Class A ^		41,903		1,221
Kroger Co.		700		19
L-3 Communications Corp.		200		16
Lexmark International, Inc. -Class A ‡ ^		13,900		359
Liberty Media Corp. — Capital -Class A‡ ^		4		♦
Liberty Media Corp. — Entertainment -Class A ‡		16		♦
Liberty Media Corp. — Interactive — Class A ‡ ^		762		4
Lincoln National Corp.		4,000		69
Lockheed Martin Corp.		7,300		621
Loews Corp.		400		13
LSI Corp. ‡ ^		3,668		14
Lubrizol Corp. ^		300		11
Macqarie Infrastructure Co. ^		30,000		304
Manpower, Inc. ^		200		6
Marathon Oil Corp.		26,400		768
Marsh & McLennan Cos., Inc.		6,400		188
Mattel, Inc.		25,700		386
McDonald’s Corp.		12,200		707
McKesson Corp.		4,800		177
Medco Health Solutions, Inc. ‡		8,700		330
Medtronic, Inc.		23,300		940
Merck & Co., Inc. ^		35,000		1,083
MetLife, Inc. ^		11,200		372
Mettler Toledo International, Inc. ‡		850		65
Microsoft Corp.		155,800		3,479
Mohawk Industries, Inc. ‡ ^		200		10
Motorola, Inc. ^		68,800		369
Murphy Oil Corp. ^		5,700		289
Mylan, Inc. ‡ ^		29,100		249
National Oilwell Varco, Inc. ‡		15,921		476
Newmont Mining Corp. ^		38,200		1,006
News Corp. -Class A		35,900		382
Noble Energy, Inc.		300		16
Norfolk Southern Corp.		14,000		839
Northern Trust Corp.		19,700		1,109
Northrop Grumman Corp.		200		9
Novell, Inc. ‡		12,000		56
Novellus Systems, Inc. ‡ ^		600		9
NRG Energy, Inc. ‡ ^		7,400		172
Nucor Corp.		400		16
Occidental Petroleum Corp.		13,600		755
Oracle Corp. ‡		11,300		207
Owens-Illinois, Inc. ‡ ^		500		11
Pall Corp.		1,800		48
Panera Bread Co. -Class A ‡^		4,000		180
Parker Hannifin Corp.		300		12
Patterson-UTI Energy, Inc. ^		900		12
Pepsi Bottling Group, Inc.		500		12
PepsiAmericas, Inc.		3,700		70
PerkinElmer, Inc. ^		2,800		50
Pfizer, Inc.		136,000		2,409
Pharmerica Corp. ‡ ^		383		8
Philip Morris International, Inc.		19,400		843
Plains Exploration & Production Co. ‡ ^		500		14
Polycom, Inc. ‡ ^		39,900		838
PPL Corp.		10,200		335
Praxair, Inc. ^		1,600		104
Procter & Gamble Co.		42,100		2,717
Progressive Corp. ^		19,300		275
Prudential Financial, Inc. ^		4,000		120
Qualcomm, Inc.		16,300		624
Quest Diagnostics, Inc.		500		23
Qwest Corp. ^		149,500		428
Ralcorp Holdings, Inc. ‡		1,210		82
Raytheon Co.		200		10
Reliance Steel & Aluminum Co. ^		400		10
Reynolds American, Inc. ^		400		20
Ross Stores, Inc. ^		700		23
Ryder System, Inc. ^		400		16
Saic, Inc. ‡		1,400		26
SanDisk Corp. ‡ ^		26,700		237

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


Transamerica Funds		Annual Report 2008

Page 66

Transamerica BlackRock Global Allocation

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)


	Shares		Value

United States (continued)
Sara Lee Corp. ^		6,600	$	74
Schering-Plough Corp.		35,200		510
Senomyx, Inc. ‡^		700		2
Smith International, Inc. ^		4,000		138
Smurfit-Stone Container Corp. ‡ ^		10,400		14
Southern Co.		800		27
Spirit Aerosystems Holdings, Inc — Class A ‡		35,300		569
Sprint Nextel Corp. ^		66,800		209
SPX Corp.		300		12
St Joe Co. ‡ ^		21,500		665
State Street Corp.		35,200		1,526
Stone Energy Corp. ‡ ^		4,100		124
Sun Microsystems, Inc. ‡		23,450		108
Sunoco, Inc. ^		200		6
Supervalu, Inc. ^		3,272		47
Symantec Corp. ‡		1,300		16
Synopsys, Inc. ‡ ^		600		11
Tellabs, Inc. ‡ ^		4,100		17
Terra Industries, Inc. ^		500		11
Texas Instruments, Inc. ^		10,500		205
Textron, Inc. ^		11,900		211
Thermo Fisher Scientific, Inc. ‡		6,500		264
Time Warner, Inc.		24,600		248
TJX Cos., Inc. ^		800		21
Travelers Cos., Inc.		26,300		1,119
Tyco Electronics, Ltd.		6,525		127
U.S. Steel Corp. ^		4,800		177
Unifi, Inc. ‡ ^		26,800		129
Union Pacific Corp.		45,600		3,045
United Technologies Corp.		3,800		209
UnitedHealth Group, Inc.		40,300		956
US Bancorp ^		8,400		250
Valeant Pharmaceuticals International ‡ ^		16,300		306
Valero Energy Corp. ^		300		6
Varian, Inc. ‡		900		33
Ventas, Inc. REIT ^		4,000		144
Verizon Communications, Inc. ^		75,800		2,249
Viacom, Inc. -Class B ‡		32,600		659
Virgin Media, Inc. ^		40,200		232
Wabco Holdings, Inc.		100		2
Wal-Mart Stores, Inc. ^		3,100		173
Waters Corp. ‡ ^		6,700		293
WellPoint, Inc. ‡		17,350		674
Western Digital Corp. ‡		800		13
Windstream Corp.		10,122		76
Wyeth		23,900		769
Xerox Corp. ^		74,800		600
Xilinx, Inc. ^		1,000		18

Total Common Stocks (cost $274,239)				207,339


INVESTMENT COMPANIES (2.8%)
Cayman Islands (0.1%)
Dragon Capital — Vietnam Enterprise Investments, Ltd.		51,468		123
Vinaland, Ltd.		436,400		220
United States (2.7%)
Consumer Staples Select Sector SPDR Fund		25,400		613
Health Care Select Sector SPDR Fund ^		25,500		678
iShares Dow Jones US Financial Sector Index Fund ^		4,600		248
iShares Dow Jones US Technology Sector Index Fund		9,300		366
iShares Dow Jones US Telecommunications Sector Index Fund ^		17,900		290
iShares Silver Trust		82,700		794
SPDR Gold Trust ^		81,600		5,821
Telecom Holdrs Trust		4,600		110
Utilities Select Sector SPDR Fund		40,600		1,174
Vanguard Telecommunication Services ETF ^		500		23

Total Investment Companies (cost $12,174)				10,460


WARRANTS (0.0%)
Canada (0.0%)
Kinross Gold Corp.		9,602		15
New Gold, Inc.		41,000		1

Total Warrants (cost $33)				16


	Contracts Γ		Value

PURCHASED OPTIONS (1.0%)
Covered Call Options (0.0%)
Northrop Grumman Corp.		14,200		1
Call Strike $80.00
Expires 01/17/2009
Medtronic, Inc.		17,100		4
Call Strike $50.00
Expires 01/17/2009
Bristol Myers Squibb Co.		22,600		♦
Call Strike $35.00
Expires 01/17/2009
Raytheon Co.		22,300		3
Call Strike $70.00
Expires 01/17/2009
General Motors Corp.		25,800		3
Call Strike $60.00
Expires 01/16/2010
Lockheed Martin Corp.		11,900		7
Call Strike $115.00
Expires 01/17/2009
S&P 500 Index		3,200		18
Call Strike $325.00
Expires 06/20/2009
S&P 500 Index		1,500		198
Call Strike $100.00
Expires 12/19/2009
Put Options (1.0%)
American Commercial Lines, Inc.		10,300		13
Put Strike $7.50
Expires 12/20/2008

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


Transamerica Funds		Annual Report 2008

Page 67

Transamerica BlackRock Global Allocation

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)


	Contracts Γ		Value

Put Options (continued)
OTC USD vs CHF		1,900,000	$	236
Put Strike $1.02
Expires 01/12/2009
S&P 500 Index		13,500		3,201
Put Strike $225.00
Expires 11/22/2008

Total Purchased Options (cost $1,305)				3,684


	Principal		Value

CONVERTIBLE BONDS (5.8%)
Bermuda (0.1%)
Hongkong Land CB 2005, Ltd.
2.75%, due 12/21/2012 Reg S	$	100		78
Pine Agritech, Ltd.
Zero Coupon, due 07/27/2012	CNY	5,700		460
Canada (0.3%)
Addax Petroleum Corp.
3.75%, due 5/31/2012	$	200		93
Sino-Forest Corp.
5.00%, due 08/01/2013 -144A		1,000		1,000
Cayman Islands (0.7%)
Chaoda Modern Agriculture Holdings, Ltd.
Zero Coupon, due 05/08/2011	HKD	2,710		342
Fu Ji Food And Catering Services
Holdings, Ltd.
Zero Coupon, due 10/18/2010	CNY	2,700		224
Subsea 7, Inc.
Zero Coupon, due 06/29/2017	$	200		126
1.50%, due 12/15/2037		1,400		1,120
2.80%, due 06/06/2011		100		54
Transocean, Inc.
1.63%, due 12/15/2037		97		85
YTL Power Finance Cayman, Ltd.
Zero Coupon, due 05/09/2010		600		616
Zeus Cayman
Zero Coupon, due 08/19/2013	JPY	20,000		154
China (0.0%)
China Petroleum & Chemical Corp.
Zero Coupon, due 4/24/2014	HKD	1,100		120
Germany (0.6%)
KFW
3.25%, due 06/27/2013	EUR	1,200		1,485
Kreditanstalt Fuer Wiederaufbau
0.50%, due 2/3/2010	EUR	490		598
Hong Kong (0.1%)
Brilliance China Finance, Ltd.
Zero Coupon, due 06/07/2011	$	377		302
India (0.7%)
Gujarat NRE Coke, Ltd.
Zero Coupon, due 04/12/2011		200		146
Housing Development Finance Corp.
Zero Coupon, due 09/27/2010		400		428
Punj Lloyd, Ltd.
Zero Coupon, due 04/08/2011		500		408
Reliance Communications, Ltd.
Zero Coupon, due 03/01/2012		1,400		692
Reliance Communications, Ltd.
Zero Coupon, due 05/10/2011		300		190
Suzlon Energy, Ltd.
Zero Coupon, due 06/12/2012		325		135
Suzlon Energy, Ltd.
Zero Coupon, due 10/11/2012		500		197
Tata Motors, Ltd.
1.00%, due 04/27/2011		450		338
Tata Steel, Ltd.
1.00%, due 9/5/2012		300		184
Japan (0.5%)
Bank of Kyoto, Ltd.
1.90%, due 09/30/2009	JPY	37,000		603
Bank of Kyoto, Ltd.
Zero Coupon, due 03/31/2014	JPY	15,000		165
Sony Corp.
Zero Coupon, due 12/18/2008	JPY	65,000		659
Suzuki Motor Corp.
Zero Coupon, due 3/29/2013	JPY	25,000		214
Jersey, C.I. (0.5%)
Aldar Funding, Ltd.
5.77%, due 11/10/2011	$	1,000		929
Dana Gas Sukuk, Ltd.
7.50%, due 10/31/2012		1,940		985
Luxembourg (0.0%)
Acergy SA
2.25%, due 10/11/2013		100		49
Malaysia (0.7%)
Berjaya Land BHD
8.00%, due 08/15/2011	MYR	1,240		356
Feringghi Capital, Ltd.
Zero Coupon, due 12/22/2009 Reg S	$	600		636
IOI Capital BHD
Zero Coupon, due 12/18/2011		575		546
IOI Resources/Labuan BHD
Zero Coupon, due 01/15/2013		650		449
Rafflesia Capital, Ltd.
1.25%, due 10/04/2011 *		1,000		869
Netherlands (0.1%)
Pargesa Netherlands NV
1.75%, due 6/15/2014	CHF	475		290
Singapore (0.4%)
Capitaland, Ltd.
3.13%, due 03/05/2018	SGD	250		93
Capitaland, Ltd.
2.95%, due 06/20/2022	SGD	1,750		553
Capitaland, Ltd.
2.10%, due 11/15/2016	SGD	1,000		390
Keppel Land, Ltd.
2.50%, due 06/23/2013	SGD	400		243
Olam International, Ltd.
1.00%, due 07/03/2013	$	100		45
Wilmar International, Ltd.
Zero Coupon, due 12/18/2012		500		350
Taiwan (0.0%)
Shin Kong Financial Holding Co., Ltd.
Zero Coupon, due 06/17/2009		20		18
United Arab Emirates (0.1%)
Nakheel Development 2, Ltd.
2.75%, due 01/16/2011		730		343
United States (1.0%)
Archer-Daniels-Midland Co.
0.88%, due 02/15/2014		650		494
Cell Genesys, Inc.
3.13%, due 11/01/2011		70		28

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


Transamerica Funds		Annual Report 2008

Page 68

Transamerica BlackRock Global Allocation

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)


	Principal		Value

United States (continued)
Hologic, Inc.
2.00% , due 12/15/2037 *	$	2,100	$	1,087
Intel Corp.
2.95%, due 12/15/2035		268		191
McMoRan Exploration Co.
5.25%, due 10/06/2011		370		354
Mylan, Inc.
1.25%, due 03/15/2012		910		599
NABI Biopharmaceuticals
2.88%, due 04/15/2025		80		70
ProLogis REIT
2.25%, due 04/01/2037		109		50
SanDisk Corp.
1.00%, due 05/15/2013		1,470		669

Total Convertible Bonds (cost $27,754)				21,902


SHORT-TERM U.S. GOVERNMENT OBLIGATIONS (8.4%)
United States (8.4%)
U.S. Treasury Bill
Zero Coupon, due 12/04/2008- 01/29/2009 ^		13,900		13,880
Zero Coupon, due 11/13/2008- 11/20/2008 ^		11,000		10,995
Zero Coupon, due 11/28/2008- 11/28/2008 ^		7,000		6,995
Total Short-Term U.S. Government Obligations (cost $31,869)				31,870
REPURCHASE AGREEMENT (0.2%)
State Street Repurchase Agreement 0.15%, dated 10/31/2008, to be repurchased at $668 on 11/03/2008 ◊ ●	$	668	$	668

Total Repurchase Agreement (cost $668)				668


	Principal		Value

STRUCTURED NOTE DEBT (1.0%)
JPMorgan Chase & Co.
Zero Coupon, due 05/04/2009		190		264
Preferred Term Secs XXIV Note § ±
1.00%, due 03/22/2037		350		98
Preferred Term Secs XXV Note § ±
1.00%, due 06/22/2037		175		52
JPMorgan Chase BK NA ±
6.43%, due 08/16/2010		1,750		1,356
JPMorgan Chase BK NA ±
6.43%, due 08/16/2010		800		620
JPMorgan Chase BK
6.43%, due 08/17/2009		146		113

Total Structured Note Debt (cost $2,433)				2,503


	Shares		Value

SECURITIES LENDING COLLATERAL (25.1%)
State Street Navigator Securities Lending. Trust — Prime Portfolio, 2.71% ◊ ▲		94,937,812		94,938

Total Securities Lending Collateral (cost $94,938)				94,938

Total Investment Securities (cost $554,847) #			$	470,798


	Contracts Γ		Value

WRITTEN OPTIONS (-0.5%)
Put Options (-0.3%)
Hologic, Inc.		4,300	$	(55	)
Put Strike $25.00
Expires 1/17/2009
S&P 500 Index		3,200		(510	)
Put Strike $125.00
Expires 11/22/2008
S&P 500 Index		10,300		(891	)
Put Strike $25.00
Expires 11/22/2008
Call Options (-0.2%)
Consol Energy, Inc.		10,300		(20	)
Call Strike $45.00
Expires 1/17/2009
Kraft Foods, Inc.		16,300		(27	)
Call Strike $30.00
Expires 1/17/2009
Burlington Northern		19,400		(141	)
Call Strike $90.00
Expires 1/17/2009
Lexmark International, Inc.		13,900		(3	)
Call Strike $35.00
Expires 1/17/2009
Norfolk Southern Corp.		10,300		(97	)
Call Strike $55.00
Expires 1/17/2009
United Health Group, Inc.		24,200		(6	)
Call Strike $35.00
Expires 1/17/2009
WellPoint, Inc.		15,000		(5	)
Call Strike $55.00
Expires 1/17/2009
Aetna, Inc.		6,000			♦
Call Strike $50.00
Expires 1/17/2009
American Commercial Lines, Inc.		1,200			♦
Call Strike $20.00
Expires 1/17/2009
Panera Bread Co.		4,000		(4	)
Call Strike $100.00
Expires 1/17/2009
Boeing Co.		3,800			♦
Call Strike $85.00
Expires 1/17/2009
United Health Group, Inc.		6,100		(5	)
Call Strike $30.00
Expires 1/17/2009
Polycom, Inc.		7,600		(7	)
Call Strike $25.00
Expires 1/17/2009
The St Joe Co.		1,400			♦
Call Strike $45.00
Expires 1/17/2009
State Street Corp.		1,900			♦
Call Strike $80.00
Expires 1/17/2009

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


Transamerica Funds		Annual Report 2008

Page 69

Transamerica BlackRock Global Allocation

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)


	Contracts Γ		Value

Call Options (continued)
Polycom, Inc.		29,000	$	(4	)
Call Strike $30.00
Expires 1/17/2009
The St Joe Co.		9,000		(6	)
Call Strike $40.00
Expires 1/17/2009
State Street Corp.		3,600		(1	)
Call Strike $70.00
Expires 1/17/2009
United States Steel Corp.		4,800		♦
Call Strike $110.00
Expires 1/17/2009
Valeant Pharmaceuticals
International		16,300		(66	)
Call Strike $15.00
Expires 1/17/2009
Foster Wheeler, Ltd.		2,200		♦
Call Strike $67.50
Expires 1/17/2009
The St Joe Co.		11,100		(21	)
Call Strike $35.00
Expires 1/17/2009
State Street Corp. ◊		8,100		(1	)
Call Strike $75.00
Expires 1/17/2009
Mattel, Inc.		25,700		(7	)
Call Strike $17.50
Expires 1/17/2009
Xerox Corp.		14,800		(1	)
Call Strike $20.00
Expires 1/17/2009
Unilever Corp.		5,700		(2	)
Call Strike $30.00
Expires 1/17/2009
Cigna Corp.		16,800		(3	)
Call Strike $43.38
Expires 1/17/2009
Boeing Co.		3,300		(1	)
Call Strike $75.00
Expires 1/17/2009
Circuit City Stores, Inc.		12,400		♦
Call Strike $5.00
Expires 1/17/2009
Corning, Inc.		23,200		(1	)
Call Strike $30.00
Expires 1/17/2009
Dow Chem Co.		16,800		(5	)
Call Strike $35.00
Expires 1/17/2009
E.I. Du Pont de Nemours & Co.		11,000		(1	)
Call Strike $45.00
Expires 1/17/2009
Hewlett Packard Co.		34,600		(29	)
Call Strike $47.50
Expires 1/17/2009
Humana, Inc.		3,400		(1	)
Call Strike $50.00
Expires 1/17/2009
Humana, Inc.		6,200		(4	)
Call Strike $45.00
Expires 1/17/2009
International Game Technology		20,100		(2	)
Call Strike $25.00
Expires 1/17/2009
SanDisk Corp.		7,000		(2	)
Call Strike $20.00
Expires 1/17/2009
SanDisk Corp.		7,000		(2	)
Call Strike $17.50
Expires 1/17/2009
Mechel OAO		28,700		(15	)
Call Strike $20.00
Expires 1/17/2009
Viacom, Inc.		11,800		(3	)
Call Strike $30.00
Expires 1/17/2009
International Paper Co.		5,900		(1	)
Call Strike $30.00
Expires 1/17/2009
Consol Energy, Inc.		5,700		(1	)
Call Strike $80.00
Expires 1/17/2009
Aetna, Inc.		1,700		♦
Call Strike $45.00
Expires 1/17/2009
SanDisk Corp.		2,200		(3	)
Call Strike $20.00
Expires 1/16/2010
Time Warner, Inc.		15,300		(1	)
Call Strike $16.00
Expires 1/17/2009
Dish Network Corp.		7,900		(1	)
Call Strike $32.50
Expires 1/17/2009
Open Joint Stock Co.		10,900		(32	)
Call Strike $22.50
Expires 4/18/2009
McDermott International, Inc.		8,200		(5	)
Call Strike $30.00
Expires 2/21/2009
Bunge Ltd.		3,200		♦
Call Strike $85.00
Expires 4/18/2009
S&P 500 Index		1,200		♦
Call Strike $525.00
Expires 6/20/2009
S&P 500 Index		1,500		(35	)
Call Strike $250.00
Expires 12/19/2009

Total Written Options (Premiums: $2,296)				(2,028	)

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


Transamerica Funds		Annual Report 2008

Page 70

Transamerica BlackRock Global Allocation

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)

FUTURES CONTRACTS:


							Net Unrealized
			Expiration				Appreciation
Description	Contracts Γ		Date	Amount			(Depreciation)

10-Year Japan Bond		4	12/10/2008	$	(5,603	)	$	36
90-Day Euro Dollar		1	09/14/2009		(243	)		(6	)
DAX Index		3	12/19/2008		484			(84	)
DJ Euro STOXX 50 Index		60	12/19/2008		1,982			(106	)
FTSE 100 Index		8	12/19/2008		(564	)		(5	)
NIKKEI 225 Index		62	12/12/2008		5,318			(138	)
NIKKEI 225 Index		26	12/11/2008		1,161			56
Russell 2000 Mini Index		60	12/18/2008		(3,219	)		1,103
S&P500 Index		18	12/18/2008		4,353			244

							$	1,100

FORWARD FOREIGN CURRENCY CONTRACTS:


					Amount in U.S.			Net Unrealized
				Settlement	Dollars Bought			Appreciation
Currency	Bought (Sold)			Date	(Sold)			(Depreciation)

Australian Dollar		(2,226	)	11/14/2008	$	(1,434	)		( $43	)
Brazilian Real		424		11/13/2008		200			(5	)
Brazilian Real		(5,017	)	11/13/2008		(2,200	)		(104	)
Canadian Dollar		(2,585	)	11/07/2008		(2,070	)		(74	)
Chilean Peso		(195,600	)	11/24/2008		(300	)		9
Danish Krone		(2,738	)	11/07/2008		(472	)		4
Euro		(11,094	)	11/07/2008		(14,566	)		431
Euro		(987	)	11/07/2008		(1,238	)		(19	)
Euro		(1,175	)	11/13/2008		(1,475	)		(22	)
Euro		(724	)	11/14/2008		(923	)		♦
Hungarian Forint		(134,153	)	11/13/2008		(639	)		(18	)
Japanese Yen		30,255		11/06/2008		302			5
Japanese Yen		205,534		11/07/2008		2,051			36
Japanese Yen		102,399		11/13/2008		1,100			(60	)
Japanese Yen		348,379		11/13/2008		3,659			(121	)
Japanese Yen		160,581		11/13/2008		1,684			(53	)
Japanese Yen		233,518		11/13/2008		2,452			(81	)
Japanese Yen		707,347		11/13/2008		7,430			(246	)
Japanese Yen		510,228		11/14/2008		5,260			(78	)
Mexican Peso		1,283		11/14/2008		100			(1	)
Mexican Peso		(3,955	)	11/14/2008		(295	)		(11	)
Mexican Peso		(16,832	)	11/14/2008		(1,290	)		(13	)
New Zealand Dollar		169		11/13/2008		100			(2	)
New Zealand Dollar		(2,438	)	11/13/2008		(1,343	)		(74	)
Norwegian Krone		(3,080	)	11/07/2008		(440	)		(17	)
Republic of Korea Won		254,500		11/12/2008		200			(2	)
Republic of Korea Won		(2,892,744	)	11/12/2008		(1,957	)		(294	)
Singapore Dollar		(1,045	)	11/13/2008		(694	)		(11	)
Swiss Franc		215		11/06/2008		186			(1	)
Swiss Franc		615		11/14/2008		529			1
Taiwan Dollar		3,268		11/07/2008		100			(1	)
Taiwan Dollar		(19,417	)	11/07/2008		(590	)		1
Turkish Lira		(316	)	11/07/2008		(200	)		(4	)
Turkish Lira		(881	)	11/07/2008		(536	)		(33	)



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

Transamerica Funds		Annual Report 2008

Page 71

Transamerica BlackRock Global Allocation

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)

FORWARD FOREIGN CURRENCY CONTRACTS: (continued)


					Amount in U.S.			Net Unrealized
				Settlement	Dollars Bought			Appreciation
Currency	Bought (Sold)			Date	(Sold)			(Depreciation)

Turkish Lira		(572	)	11/14/2008	$	(376	)	$	8
UAE Dirham		950		11/24/2008		267			(9	)
UAE Dirham		(950	)	11/24/2008		(259	)		1
British Pound Sterling		(3,385	)	11/06/2008		(5,708	)		262
British Pound Sterling		(594	)	11/06/2008		(1,002	)		46
British Pound Sterling		(1,952	)	11/07/2008		(3,293	)		153
British Pound Sterling		(2,185	)	11/13/2008		(3,401	)		(111	)
British Pound Sterling		(1,748	)	11/13/2008		(2,728	)		(83	)
British Pound Sterling		(2,160	)	11/13/2008		(3,376	)		(98	)

								$	(732	)

FORWARD FOREIGN CROSS CURRENCY CONTRACTS:


					Unrealized Appreciation
Bought/Sold	Currency	Amount		Settlement Date	(Depreciation)

Buy	Swiss Franc		3,851	11/14/2008	$	5
Sell	British Pound Sterling		2,087	11/14/2008		(39	)
Buy	Japanese Yen		226,402	11/14/2008		(131	)
Sell	Euro		1,922	11/14/2008		(18	)
Buy	Japanese Yen		86,634	11/7/2008		(49	)
Sell	Euro		740	11/7/2008		(14	)
Buy	Euro		659	11/13/2008		17
Sell	Hungarian Forint		173,272	11/13/2008		(27	)
Buy	Japanese Yen		52,481	11/14/2008		(15	)
Sell	Euro		425	11/14/2008		7
Buy	Japanese Yen		38,806	11/14/2008		(11	)
Sell	Euro		316	11/14/2008		3
Buy	Japanese Yen		19,024	11/7/2008		(11	)
Sell	Euro		160	11/7/2008		♦

					$	(283	)


	Percentage of
(unaudited)	Total Investments		Value

INVESTMENTS BY INDUSTRY:
U.S. Government Obligation	9.7	%	$	46,305
Foreign Government Obligation	8.9	%		42,228
Oil, Gas & Consumable Fuels	6.7	%		32,105
Pharmaceuticals	4.2	%		20,188
Insurance	3.2	%		15,293
Capital Markets	3.1	%		14,455
Diversified Telecommunication Services	2.8	%		13,023
Road & Rail	2.3	%		10,764
Diversified Financial Services	2.2	%		10,414
Metals & Mining	2.0	%		9,244
Food Products	1.8	%		8,253
Commercial Banks	1.7	%		8,117
Wireless Telecommunication Services	1.6	%		7,457
Industrial Conglomerates	1.5	%		7,128
Communications Equipment	1.1	%		5,314
Software	1.1	%		5,022
Chemicals	1.0	%		4,900
Health Care Providers & Services	1.0	%		4,868
Electric Utilities	0.9	%		4,285



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

Transamerica Funds		Annual Report 2008

Page 72

Transamerica BlackRock Global Allocation

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)


	Percentage of
(unaudited)	Total Investments		Value

INVESTMENTS BY INDUSTRY (continued):
Automobiles	0.9	%	$	4,227
Beverages	0.9	%		4,192
Media	0.9	%		4,128
Energy Equipment & Services	0.9	%		4,111
Computers & Peripherals	0.9	%		4,092
Health Care Equipment & Supplies	0.8	%		3,814
Derivative	0.8	%		3,684
Semiconductors & Semiconductor Equipment	0.8	%		3,676
Aerospace & Defense	0.7	%		3,276
Real Estate Management & Development	0.7	%		3,073
Tobacco	0.6	%		2,811
Construction & Engineering	0.6	%		2,724
Household Products	0.6	%		2,717
Trading Companies & Distributors	0.6	%		2,622
Household Durables	0.5	%		2,459
Hotels, Restaurants & Leisure	0.4	%		1,985
Food & Staples Retailing	0.4	%		1,848
Office Electronics	0.4	%		1,835
Paper & Forest Products	0.4	%		1,802
Electronic Equipment & Instruments	0.3	%		1,623
Machinery	0.3	%		1,529
Transportation Infrastructure	0.3	%		1,441
Internet Software & Services	0.3	%		1,272
Independent Power Producers & Energy Traders	0.2	%		999
Electrical Equipment	0.2	%		977
Gas Utilities	0.2	%		795
Life Sciences Tools & Services	0.2	%		745
Specialty Retail	0.2	%		728
Real Estate Investment Trusts	0.1	%		635
Auto Components	0.1	%		536
Multi-Utilities	0.1	%		478
Building Products	0.1	%		449
Leisure Equipment & Products	0.1	%		403
Marine	0.1	%		355
Multiline Retail	0.1	%		321
Textiles, Apparel & Luxury Goods	0.1	%		297
Containers & Packaging	0.1	%		272
Air Freight & Logistics	0.1	%		253
Construction Materials	0.1	%		235
Personal Products	0.0	%		179
Biotechnology	0.0	%		136
IT Services	0.0	%		102
Asset-Backed Security	0.0	%		90
Distributors	0.0	%		16
Internet & Catalog Retail	0.0	%		10
Professional Services	0.0	%		6
Consumer Finance	0.0	%		1

Investment Securities, at Value	72.9	%		343,322
Short-Term Investments	27.1	%		127,476

Total Investments	100.0	%	$	470,798



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

Transamerica Funds		Annual Report 2008

Page 73

Transamerica BlackRock Global Allocation

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)

NOTES TO SCHEDULE OF INVESTMENTS:


^		All or a portion of this security is on loan. The value of all securities on loan is $92,737.

♦		Value and/or principal are less than $1.

*		Floating or variable rate note. Rate is listed as of 10/31/2008.

▲		Interest rate shown reflects the yield at 10/31/2008.

‡		Non-income producing security.

§		Illiquid. At 10/31/2008, these securities aggregated to $363 or 0.10% of the Fund’s net assets.

#		Aggregate cost for federal income tax purposes is $555,718. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $8,964 and $93,884, respectively. Net unrealized depreciation for tax purposes is $84,920.

≠		Escrow receipt deposits by the counterparty in the amount of $15,379 are segregated to cover margin requirements for open written option contracts.

Γ		Contract amounts are not in thousands.

●		Repurchase agreement is collateralized by a U.S. Government Agency Obligation with an interest rate of 5.89%, and a maturity date of 01/01/2037, and with a market value plus accrued interest of $683.

◊		State Street Bank & Trust serves as the accounting, custody, and lending agent for the Fund and provides various services on behalf of the Fund.

Ф		All or a portion of this security has been pledged as collateral by the custodian for the listed open future contracts held by the Fund. The value of all securities segregated is $4,905.

±		Restricted security. At 10/31/2008, the Fund owned the following securities (representing 0.62% of Net Assets) which were restricted as to public resale.


Description	Date of Acquisition		Principal		Cost		Value

Preferred Term Secs XXVI, Ltd. 1.00%, due 09/22/2037		9/14/2007		190	$	188	$	57
Preferred Term Secs XXVII, Ltd. 1.00%, due 12/22/2037		3/15/2007		200		200		156
Preferred Term Securities XXIV Note		6/20/2007		350		343		98
Preferred Term Securities XXV Note		12/13/2006		175		173		52
JPMorgan Chase BK N A		2/2/2006		1,750		1,097		1,356
JPMorgan Chase BK N A		2/10/2006		800		529		620

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 10/31/2008, these securities aggregated $3,217, or 0.85% of the fund’s net assets.

ADR		American Depository Receipt

SUB		Subordinated

PLC		Public Limited Company

REIT		Real Estate Investment Trust

AUD		Australian Dollar

BRL		Brazilian Real

CAD		Canadian Dollar

CHF		Swiss Franc

CNY		Chinese Yuan

EUR		Euro

GBP		British Pound Sterling

HKD		Hong Kong Dollar

JPY		Japanese Yen

MYR		Malaysian Ringgit

NZD		New Zealand Dollar

PLN		Polish Zloty

SEK		Swedish Krona

SGD		Singapore Dollar

GDR		Global Depository Receipt

CPI		Consumer Price Index

TIPS		Treasury Inflation Protected Security

ETF		Exchange Traded Fund

SPDR		Standard & Poor’s Depository Receipts

OTC		Over The Counter


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

Transamerica Funds		Annual Report 2008

Page 74

Transamerica BlackRock Large Cap Value

SCHEDULE OF INVESTMENTS
At October 31, 2008
(all amounts except share amounts in thousands)


	Shares		Value

COMMON STOCKS (99.8%)
Aerospace & Defense (5.6%)
General Dynamics Corp.		106,000	$	6,394
L-3 Communications Corp. ^		56,000		4,545
Lockheed Martin Corp. ^		49,000		4,167
Northrop Grumman Corp.		120,000		5,627
Raytheon Co.		102,000		5,213
Airlines (0.5%)
Southwest Airlines Co.		182,000		2,144
Biotechnology (2.4%)
Amgen, Inc. ‡		182,000		10,900
Capital Markets (0.1%)
Ameriprise Financial, Inc. ^		22,000		475
Chemicals (0.3%)
Eastman Chemical Co. ^		39,000		1,575
Commercial Banks (0.4%)
Wells Fargo & Co. ^		51,000		1,736
Commercial Services & Supplies (0.8%)
Waste Management, Inc.		115,000		3,591
Computers & Peripherals (2.2%)
Hewlett-Packard Co.		117,000		4,479
International Business Machines Corp.		45,000		4,184
QLogic Corp. ‡		38,000		457
Western Digital Corp. ‡ ^		42,000		693
Consumer Finance (1.5%)
AmeriCredit Corp. ‡ ^		186,000		1,090
Capital One Financial Corp. ^		157,000		6,142
Diversified Financial Services (1.3%)
Bank of America Corp.		58,000		1,402
JPMorgan Chase & Co.		108,000		4,455
Diversified Telecommunication Services (2.1%)
AT&T, Inc.		242,000		6,478
CenturyTel, Inc. ^		94,000		2,360
Frontier Communications Corp. ^		148,000		1,126
Electronic Equipment & Instruments (1.5%)
Agilent Technologies, Inc. ‡ ^		133,000		2,951
Avnet, Inc. ‡		244,000		4,085
Energy Equipment & Services (1.2%)
Ensco International, Inc. ^		78,000		2,965
Rowan Cos., Inc. ^		157,000		2,848
Food & Staples Retailing (4.0%)
CVS Caremark Corp.		202,000		6,191
Kroger Co.		197,000		5,410
Wal-Mart Stores, Inc. ^		125,000		6,976
Food Products (1.6%)
General Mills, Inc. ^		96,000		6,503
HJ Heinz Co.		19,000		833
Health Care Providers & Services (5.2%)
Aetna, Inc.		157,000		3,905
AmerisourceBergen Corp. -Class A		106,000		3,315
Cigna Corp.		165,000		2,689
McKesson Corp. ^		114,000		4,194
Medco Health Solutions, Inc. ‡		108,000		4,099
WellPoint, Inc. ‡		157,000		6,103
Hotels, Restaurants & Leisure (1.1%)
McDonald’s Corp.		90,000		5,214
Household Durables (3.3%)
Pulte Homes, Inc. ^		447,000		4,980
Toll Brothers, Inc. ‡ ^		250,000		5,780
Whirlpool Corp. ^		90,000		4,198
Household Products (0.6%)
Procter & Gamble Co.		45,000		2,904
Independent Power Producers & Energy Traders (1.2%)
NRG Energy, Inc. ‡ ^		246,000		5,719
Industrial Conglomerates (2.2%)
General Electric Co.		514,000		10,028
Insurance (12.2%)
ACE, Ltd.		58,000		3,327
Allstate Corp.		195,000		5,146
American Financial Group, Inc. ^		79,500		1,807
Axis Capital Holdings, Ltd.		47,000		1,339
Chubb Corp.		123,000		6,374
HCC Insurance Holdings, Inc.		48,000		1,059
Lincoln National Corp.		153,000		2,638
Marsh & McLennan Cos., Inc.		207,000		6,069
MetLife, Inc. ^		169,000		5,614
Progressive Corp.		347,000		4,952
Prudential Financial, Inc.		159,000		4,770
Torchmark Corp. ^		105,000		4,386
Travelers Cos., Inc.		162,000		6,893
Unum Group		119,000		1,874
IT Services (1.1%)
Computer Sciences Corp. ‡		118,000		3,559
Convergys Corp. ‡		151,000		1,161
Life Sciences Tools & Services (0.1%)
Invitrogen Corp. ‡ ^		24,000		691
Machinery (1.5%)
AGCO Corp. ‡ ^		85,000		2,679
Parker Hannifin Corp.		61,000		2,365
SPX Corp. ^		47,000		1,821
Media (1.5%)
Walt Disney Co. ^		274,000		7,097
Metals & Mining (2.3%)
Freeport-McMoRan Copper & Gold, Inc. ^		209,000		6,082
Reliance Steel & Aluminum Co.		53,000		1,327
U.S. Steel Corp.		85,000		3,135
Multiline Retail (0.3%)
Dollar Tree, Inc. ‡		34,000		1,293
Office Electronics (0.4%)
Xerox Corp. ^		224,000		1,796
Oil, Gas & Consumable Fuels (22.9%)
Apache Corp.		96,000		7,904
Chevron Corp.		275,000		20,515
ConocoPhillips ^		240,000		12,485
Devon Energy Corp.		103,000		8,329
Exxon Mobil Corp. ^		487,000		36,096
Hess Corp. ^		46,000		2,770
Marathon Oil Corp.		250,000		7,275
Noble Energy, Inc.		63,000		3,265
Occidental Petroleum Corp.		64,000		3,555
Overseas Shipholding Group, Inc. ^		17,000		639
Sunoco, Inc. ^		38,000		1,159
Valero Energy Corp.		92,000		1,893
Pharmaceuticals (10.1%)
Eli Lilly & Co.		223,000		7,542
Johnson & Johnson		273,000		16,746
Merck & Co., Inc.		190,000		5,880
Pfizer, Inc.		943,000		16,700



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

Transamerica Funds		Annual Report 2008

Page 75

Transamerica BlackRock Large Cap Value

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)


	Shares		Value

Road & Rail (1.0%)
CSX Corp.		90,000	$	4,115
Ryder System, Inc. ^		10,000		396
Semiconductors & Semiconductor Equipment (3.0%)
Integrated Device Technology, Inc. ‡		204,000		1,297
Intel Corp.		364,000		5,824
Intersil Corp. -Class A ^		236,000		3,231
KLA-Tencor Corp. ^		142,000		3,301
Software (2.2%)
CA, Inc.		121,000		2,154
Compuware Corp. ‡ ^		450,000		2,871
Symantec Corp. ‡		397,000		4,994
Specialty Retail (2.1%)
Gap, Inc.		403,000		5,215
RadioShack Corp.		358,000		4,532

Total Common Stocks (cost $580,285)				461,060


INVESTMENT COMPANIES (0.0%)
Capital Markets (0.0%)
Merrill Lynch Money Market
Mutual Fund, 1.53% ▲		150,883		151

Total Investment Companies (cost $151)				151


	Principal		Value

REPURCHASE AGREEMENT (0.1%)
State Street Repurchase Agreement 0.15%, dated 10/31/2008, to be repurchased at $424 on 11/03/2008 ◊ ●	$	424		424

Total Repurchase Agreement (cost $424)				424


	Shares		Value

SECURITIES LENDING COLLATERAL (11.2%)
State Street Navigator Securities Lending Trust — Prime Portfolio, 2.71% ◊▲		51,531,292		51,531

Total Securities Lending Collateral (cost $51,531)				51,531


Total Investment Securities (cost $632,391) #			$	513,166


NOTES TO SCHEDULE OF INVESTMENTS:

^		All or a portion of this security is on loan. The value of all securities on loan is $50,316.

‡		Non-income producing security.

●		Repurchase agreement is collateralized by a U.S. Government Agency Obligation with an interest rate of 5.00%, a maturity date of 12/01/2019, and with a market value plus accrued interest of $433.

◊		State Street Bank & Trust serves as the accounting, custody, and lending agent for the Fund and provides various services on behalf of the Fund.

▲		Interest rate shown reflects the yield at 10/31/2008.

#		Aggregate cost for federal income tax purposes is $642,117. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $8,610 and $137,561, respectively. Net unrealized depreciation for tax purposes is $128,951.


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

Transamerica Funds		Annual Report 2008

Page 76

Transamerica BlackRock Natural Resources

SCHEDULE OF INVESTMENTS
At October 31, 2008
(all amounts except share amounts in thousands)


	Shares		Value

COMMON STOCKS (96.9%)
Chemicals (0.7%)
E.I. duPont de Nemours & Co.		9,500	$	304
Praxair, Inc.		5,000		326
Energy Equipment & Services (27.2%)
Acergy SA ADR ^		24,200		169
Baker Hughes, Inc. ^		25,800		902
BJ Services Co. ^		26,900		346
Cameron International Corp. ‡ ^		53,200		1,291
Complete Production Services, Inc. ‡ ^		11,800		146
Diamond Offshore Drilling, Inc. ^		14,100		1,252
Dresser-Rand Group, Inc. ‡ ^		51,300		1,149
Dril-Quip, Inc. ‡ ^		16,100		398
Enquest Energy Services Corp. ‡		13,333		7
Ensco International, Inc. ^		9,100		346
Exterran Holdings, Inc. ‡ ^		130		3
FMC Technologies, Inc. ‡ ^		40,700		1,424
Halliburton Co.		50,200		993
Helmerich & Payne, Inc. ^		26,200		899
Hercules Offshore, Inc. ‡ ^		11,300		82
Nabors Industries, Ltd. ‡ ^		31,400		452
National Oilwell Varco, Inc. ‡		68,672		2,053
Noble Corp. ^		43,200		1,391
Oil States International, Inc. ‡ ^		22,500		520
Pride International, Inc. ‡ ^		19,500		366
Rowan Cos., Inc. ^		13,200		239
Saipem SpA		45,300		851
Schlumberger, Ltd. ^		21,700		1,121
Smith International, Inc. ^		23,600		814
Technip SA ADR		18,500		561
Tesco Corp. ‡		30,300		791
Transocean, Inc. ^		42,321		3,484
Trican Well Service, Ltd. ^		12,400		116
Weatherford International, Ltd. ‡ ^		99,600		1,681
Gas Utilities (1.1%)
Equitable Resources, Inc. ^		27,900		968
Independent Power Producers & Energy Traders (0.0%)
Dynegy, Inc. -Class A ‡ ^		700		3
Metals & Mining (5.8%)
Alcoa, Inc. ^		6,500		75
Alumina, Ltd. ^		42,300		60
Aluminum Corp. of China, Ltd. ADR ^		54,800		514
Barrick Gold Corp.		14,300		327
BHP Billiton, Ltd.		17,300		332
Cia Vale do Rio Doce -Class B ADR ^		49,800		653
Eldorado Gold Corp. ‡		115,400		477
Goldcorp, Inc.		38,200		714
Hudbay Minerals, Inc. ‡		53,700		242
Inmet Mining Corp.		3,700		83
Newcrest Mining, Ltd.		42,795		588
Newmont Mining Corp.		2,400		63
Southern Copper Corp. ^		37,800		550
Teck Cominco, Ltd. -Class B ^		24,916		248
Oil, Gas & Consumable Fuels (61.6%)
Addax Petroleum Corp.		13,000		194
Anadarko Petroleum Corp.		15,000		530
Apache Corp. ^		36,200		2,980
Arch Coal, Inc. ^		9,900		212
BP PLC ADR ^		11,700		581
Cabot Oil & Gas Corp.		25,100		705
Canadian Natural Resources, Ltd.		25,100		1,267
Carrizo Oil & Gas, Inc. ‡ ^		16,300		381
Chevron Corp.		39,800		2,969
Cimarex Energy Co. ^		5,600		227
CNOOC, Ltd. ADR ^		9,000		735
Coastal Energy Co. ‡		137,550		169
Compton Petroleum Corp. ‡ ^		33,100		69
Connacher Oil And Gas, Ltd. ‡ ^		126,500		194
ConocoPhillips ^		36,500		1,899
Consol Energy, Inc. ^		19,500		612
Crew Energy, Inc. ‡		77,300		435
Denbury Resources, Inc. ‡ ^		16,700		212
Devon Energy Corp.		56,300		4,552
EnCana Corp.		35,200		1,788
ENI SpA ADR		5,300		255
EOG Resources, Inc.		60,200		4,871
Exxon Mobil Corp. ^		36,900		2,735
Forest Oil Corp. ‡ ^		13,100		383
Hess Corp.		21,800		1,313
Husky Energy, Inc.		29,000		879
Marathon Oil Corp.		40,700		1,184
Mariner Energy, Inc. ‡		10,600		153
Murphy Oil Corp. ^		70,700		3,580
Newfield Exploration Co. ‡ ^		19,700		453
Nexen, Inc.		32,400		515
Noble Energy, Inc. ^		18,100		938
Occidental Petroleum Corp.		34,400		1,911
Oilexco, Inc. ‡		22,500		95
Pan Orient Energy Corp. ‡		61,600		248
Paramount Resources, Ltd. -Class A ‡		19,800		147
Patriot Coal Corp. ‡ ^		7,940		126
Peabody Energy Corp. ^		39,700		1,370
Petro-Canada		34,200		855
Petroleo Brasileiro SA ADR		30,800		828
Pioneer Natural Resources Co. ^		10,600		295
Proex Energy, Ltd. ‡ ^		42,500		437
Range Resources Corp. ^		44,800		1,891
Sandridge Energy, Inc. ‡ ^		20,100		215
Southwestern Energy Co. ‡ ^		17,800		634
Suncor Energy, Inc.		70,000		1,681
Talisman Energy, Inc.		158,800		1,569
Total SA ADR ^		26,000		1,441
Tristar Oil & Gas, Ltd. ‡ ^		61,348		522
Tusk Energy Corp. ‡ ^		192,200		196
UTS Energy Corp. ‡		65,000		50
Valero Energy Corp.		25,400		523
Williams Cos., Inc. ^		19,400		407
XTO Energy, Inc.		7,375		265
Paper & Forest Products (0.3%)
Votorantim Celulose E Papel SA ADR ‡ ^		26,400		266
Transportation Infrastructure (0.2%)
Aegean Marine Petroleum Network, Inc. ^		19,900		214

Total Common Stocks (cost $106,647)				84,530



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

Transamerica Funds		Annual Report 2008

Page 77

Transamerica BlackRock Natural Resources

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)


	Principal		Value

REPURCHASE AGREEMENT (2.5%)
State Street Repurchase Agreement 0.15%, dated 10/31/2008, to be repurchased at $2,142 on 11/03/2008 ◊ ●	$	2,142	$	2,142

Total Repurchase Agreement (cost $2,142)				2,142


	Shares		Value

SECURITIES LENDING COLLATERAL (25.6%)
State Street Navigator Securities Lending Trust — Prime Portfolio, 2.71% ◊▲		22,356,544		22,357

Total Securities Lending Collateral (cost $22,357)				22,357


Total Investment Securities (cost $131,146) #			$	109,029


NOTES TO SCHEDULE OF INVESTMENTS:

^		All or a portion of this security is on loan. The value of all securities on loan is $21,823.

‡		Non-income producing security.

●		Repurchase agreement is collateralized by a U.S. Government Agency Obligation with an interest rate of 5.89%, a maturity date of 01/01/2037, and with a market value plus accrued interest of $2,188.

◊		State Street Bank & Trust serves as the accounting, custody, and lending agent for the Fund and provides various services on behalf of the Fund.

▲		Interest rate shown reflects the yield at 10/31/2008.

#		Aggregate cost for federal income tax purposes is $131,148. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $3,473 and $25,592, respectively. Net unrealized depreciation for tax purposes is $22,119.

DEFINITIONS:

ADR American Depository Receipt

PLC Public Limited Company



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

Transamerica Funds		Annual Report 2008

Page 78

Transamerica BNY Mellon Market Neutral Strategy

SCHEDULE OF INVESTMENTS
At October 31, 2008
(all amounts except share amounts in thousands)


	Shares		Value

COMMON STOCKS (90.7%)
Aerospace & Defense (4.0%)
Goodrich Corp.		34,500	$	1,261
Honeywell International, Inc.		47,700		1,452
L-3 Communications Corp.		11,700		950
Northrop Grumman Corp.		27,000		1,266
Air Freight & Logistics (0.5%)
UTI Worldwide, Inc.		54,700		643
Airlines (0.9%)
Southwest Airlines Co.		98,000		1,154
Auto Components (1.5%)
Arvinmeritor, Inc.		56,800		336
Autoliv, Inc.		66,600		1,423
Beverages (1.8%)
Central European Distribution Corp. ‡		18,600		535
Pepsi Bottling Group, Inc.		22,800		527
PepsiAmericas, Inc.		62,400		1,181
Capital Markets (0.6%)
Ameriprise Financial, Inc.		33,600		726
Chemicals (3.9%)
Ashland, Inc.		78,400		1,771
CF Industries Holdings, Inc.		7,600		488
Dow Chemical Co.		30,800		821
Monsanto Co.		8,100		721
Mosaic Co.		8,800		347
Terra Industries, Inc.		22,100		486
Commercial Services & Supplies (3.0%)
Brink’s Co.		26,500		1,285
Herman Miller, Inc.		43,500		957
RR Donnelley & Sons Co.		77,800		1,289
Computers & Peripherals (0.7%)
Hewlett-Packard Co.		7,600		291
Lexmark International, Inc. -Class A ‡		24,400		630
Construction & Engineering (1.8%)
Dycom Industries, Inc. ‡		72,900		647
Fluor Corp.		38,900		1,553
Containers & Packaging (1.3%)
Crown Holdings, Inc. ‡		21,000		424
Greif, Inc. -Class A		21,600		877
Owens-Illinois, Inc. ‡		17,000		389
Diversified Consumer Services (0.4%)
Weight Watchers International, Inc.		14,300		447
Diversified Financial Services (0.9%)
NASDAQ OMX Group ‡		32,000		1,039
Diversified Telecommunication Services (0.4%)
CenturyTel, Inc.		18,800		472
Electric Utilities (6.6%)
CenterPoint Energy, Inc.		163,800		1,887
DPL, Inc.		29,600		675
DTE Energy Co.		6,300		222
Pepco Holdings, Inc.		108,700		2,245
Pinnacle West Capital Corp.		29,500		934
Sierra Pacific Resources		233,800		1,938
Electrical Equipment (0.6%)
Hubbell, Inc. -Class B		9,500		341
Thomas & Betts Corp. ‡		13,500		321
Arrow Electronics, Inc. ‡		21,300		372
Avnet, Inc. ‡		49,400		827
Ingram Micro, Inc. -Class A ‡		58,600		781
Jabil Circuit, Inc.		230,600		1,939
Energy Equipment & Services (2.4%)
Cameron International Corp. ‡		36,700		890
FMC Technologies, Inc. ‡		25,200		882
National Oilwell Varco, Inc. ‡		41,700		1,246
Food & Staples Retailing (1.9%)
Safeway, Inc.		42,700		908
SYSCO Corp.		53,500		1,402
Food Products (3.1%)
Archer-Daniels-Midland Co.		32,000		663
Bunge, Ltd.		11,000		423
Hormel Foods Corp.		9,500		268
Ralcorp Holdings, Inc. ‡		37,500		2,538
Gas Utilities (0.4%)
UGI Corp.		18,000		430
Health Care Equipment & Supplies (2.3%)
Boston Scientific Corp. ‡		101,500		917
Dentsply International, Inc.		25,100		763
Gen-Probe, Inc. ‡		6,200		292
Varian Medical Systems, Inc. ‡		18,900		860
Health Care Providers & Services (5.7%)
Aetna, Inc.		19,900		495
AmerisourceBergen Corp. -Class A		43,400		1,357
Cigna Corp.		9,100		148
Express Scripts, Inc. -Class A ‡		21,600		1,309
LifePoint Hospitals, Inc. ‡		47,500		1,139
Lincare Holdings, Inc. ‡		39,300		1,036
Patterson Cos., Inc. ‡		34,800		881
Universal Health Services, Inc. -Class B		18,300		769
Hotels, Restaurants & Leisure (1.6%)
International Speedway Corp. -Class A		20,300		637
Panera Bread Co. -Class A ‡		7,600		343
Wyndham Worldwide Corp.		117,000		958
Household Durables (3.3%)
Fortune Brands, Inc.		24,100		919
Harman International Industries, Inc.		34,500		634
Jarden Corp. ‡		60,900		1,084
Snap-On, Inc.		35,100		1,297
Independent Power Producers & Energy Traders (1.1%)
AES Corp. ‡		91,900		732
Reliant Energy, Inc. ‡		125,300		658
Insurance (0.9%)
Axis Capital Holdings, Ltd.		13,600		387
CNA Financial Corp.		31,400		489
Unum Group		15,200		239
IT Services (1.6%)
Gartner, Inc. ‡		105,900		1,949
Leisure Equipment & Products (0.2%)
Callaway Golf Co.		23,500		246



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

Transamerica Funds		Annual Report 2008

Page 79

Transamerica BNY Mellon Market Neutral Strategy

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)


	Shares		Value

Machinery (1.8%)
Caterpillar, Inc.		22,100	$	844
Deere & Co.		8,500		328
Ingersoll-Rand Co., Ltd. -Class A		11,100		205
Oshkosh Corp.		89,700		687
Media (5.4%)
CBS Corp. -Class B		96,800		940
Comcast Corp. -Class A		61,200		965
Harte-Hanks, Inc.		132,144		928
Meredith Corp.		22,200		430
News Corp. -Class A		121,700		1,295
Time Warner, Inc.		68,100		687
Valassis Communications, Inc. ‡		54,900		244
Viacom, Inc. -Class B ‡		44,000		890
Metals & Mining (1.1%)
AK Steel Holding Corp.		23,800		331
Reliance Steel & Aluminum Co.		12,800		321
Worthington Industries, Inc.		47,800		577
Multiline Retail (0.3%)
Macy’s, Inc.		30,400		374
Multi-Utilities (1.6%)
Integrys Energy Group, Inc.		30,800		1,468
MDU Resources Group, Inc.		29,600		539
Office Electronics (0.7%)
Xerox Corp.		110,200		884
Oil, Gas & Consumable Fuels (5.6%)
Cimarex Energy Co.		30,700		1,242
ConocoPhillips		28,500		1,483
Massey Energy Co.		12,700		293
Murphy Oil Corp.		14,000		709
Occidental Petroleum Corp.		6,300		350
Overseas Shipholding Group, Inc.		24,427		918
Quicksilver Resources, Inc. ‡		29,000		304
W&T Offshore, Inc.		16,300		312
Williams Cos., Inc.		59,100		1,239
Personal Products (0.7%)
Avon Products, Inc.		32,500		807
Pharmaceuticals (3.0%)
Eli Lilly & Co.		22,000		744
Medicis Pharmaceutical Corp. -Class A		78,500		1,120
Watson Pharmaceuticals, Inc. ‡		70,200		1,837
Professional Services (1.7%)
Manpower, Inc.		30,500		949
MPS Group, Inc. ‡		136,900		1,066
Road & Rail (1.0%)
CSX Corp.		27,200		1,244
Semiconductors & Semiconductor Equipment (1.8%)
Analog Devices, Inc.		29,500		630
Intersil Corp. -Class A		97,900		1,340
Texas Instruments, Inc.		12,600		246
Software (2.6%)
Adobe Systems, Inc. ‡		16,200		432
ANSYS, Inc. ‡		13,300		381
Autodesk, Inc. ‡		43,500		927
Synopsys, Inc. ‡		51,300		938
Wind River Systems, Inc. ‡		37,100		324
Specialty Retail (3.4%)
Advance Auto Parts, Inc.		47,300		1,476
AutoNation, Inc. ‡		93,400		642
Gap, Inc.		46,800		606
RadioShack Corp.		58,000		734
Urban Outfitters, Inc. ‡		32,900		715
Textiles, Apparel & Luxury Goods (2.7%)
Coach, Inc. ‡		30,600		630
Jones Apparel Group, Inc.		62,500		694
Warnaco Group, Inc. ‡		63,400		1,890
Trading Companies & Distributors (0.7%)
GATX Corp.		7,700		220
WESCO International, Inc. ‡		30,600		608

Total Common Stocks (cost $144,425)				110,045


Total Investment Securities (cost $144,425) #			$	110,045



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

Transamerica Funds		Annual Report 2008

Page 80

Transamerica BNY Mellon Market Neutral Strategy

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)


	Shares			Value

SECURITIES SOLD SHORT (88.1%)
COMMON STOCKS (88.1%)
Aerospace & Defense (2.0%)
Alliant Techsystems, Inc. ‡		(15,400	)	$	(1,271	)
Boeing Co.		(14,700	)		(768	)
Lockheed Martin Corp.		(6,300	)		(536	)
Air Freight & Logistics (1.4%)
United Parcel Service, Inc.		(31,700	)		(1,673	)
Airlines (0.5%)
Alaska Air Group, Inc. ‡		(26,400	)		(652	)
Auto Components (0.2%)
Modine Manufacturing Co.		(34,300	)		(254	)
Automobiles (0.7%)
Harley-Davidson, Inc.		(33,100	)		(810	)
Beverages (1.0%)
PepsiCo, Inc.		(21,200	)		(1,209	)
Building Products (0.5%)
Owens Corning, Inc. ‡		(36,500	)		(574	)
Capital Markets (0.8%)
Eaton Vance Corp.		(8,900	)		(196	)
Franklin Resources, Inc.		(7,100	)		(483	)
T. Rowe Price Group, Inc.		(7,500	)		(297	)
Chemicals (3.0%)
Air Products & Chemicals, Inc.		(5,200	)		(302	)
Ecolab, Inc.		(41,800	)		(1,557	)
Praxair, Inc.		(18,200	)		(1,186	)
RPM International, Inc.		(14,200	)		(202	)
Sigma-Aldrich Corp.		(4,900	)		(215	)
Commercial Services & Supplies (2.9%)
Corrections Corp. of America ‡		(75,500	)		(1,443	)
Deluxe Corp.		(41,000	)		(499	)
Pitney Bowes, Inc.		(6,800	)		(168	)
Rollins, Inc.		(82,900	)		(1,457	)
Communications Equipment (2.1%)
Ciena Corp. ‡		(30,000	)		(288	)
Motorola, Inc.		(157,800	)		(847	)
Polycom, Inc. ‡		(70,300	)		(1,477	)
Computers & Peripherals (1.2%)
EMC Corp. ‡		(95,200	)		(1,121	)
Sun Microsystems, Inc. ‡		(83,400	)		(384	)
Construction & Engineering (0.2%)
Quanta Services, Inc. ‡		(13,000	)		(257	)
Containers & Packaging (0.4%)
Ball Corp.		(12,900	)		(441	)
Diversified Consumer Services (2.1%)
Apollo Group, Inc. ‡		(21,000	)		(1,460	)
Career Education Corp. ‡		(43,800	)		(692	)
Corinthian Colleges, Inc. ‡		(21,500	)		(307	)
Diversified Financial Services (0.8%)
Citigroup, Inc.		(44,400	)		(606	)
Leucadia National Corp.		(13,500	)		(362	)
Electric Utilities (5.4%)
Ameren Corp.		(6,700	)		(217	)
Black Hills Corp.		(48,800	)		(1,232	)
Exelon Corp.		(10,300	)		(559	)
FirstEnergy Corp.		(9,300	)		(485	)
Idacorp, Inc.		(26,500	)		(706	)
PPL Corp.		(38,400	)		(1,260	)
Southern Co.		(14,300	)		(491	)
Westar Energy, Inc.		(83,300	)		(1,624	)
Electronic Equipment & Instruments (0.9%)
Dolby Laboratories, Inc. ‡		(30,300	)		(957	)
Itron, Inc. ‡		(3,300	)		(160	)
Energy Equipment & Services (1.2%)
Global Industries, Ltd. ‡		(246,600	)		(629	)
Hercules Offshore, Inc. ‡		(115,500	)		(842	)
Food & Staples Retailing (0.5%)
Ruddick Corp.		(19,100	)		(547	)
Food Products (4.9%)
Campbell Soup Co.		(42,000	)		(1,594	)
ConAgra Foods, Inc.		(45,100	)		(786	)
Hershey Co.		(35,200	)		(1,311	)
Kellogg Co.		(25,600	)		(1,291	)
Smithfield Foods, Inc. ‡		(88,400	)		(930	)
Gas Utilities (0.5%)
WGL Holdings		(18,400	)		(592	)
Health Care Equipment & Supplies (3.8%)
Baxter International, Inc.		(6,300	)		(381	)
Cooper Cos., Inc.		(26,600	)		(438	)
Inverness Medical Innovations, Inc. ‡		(36,500	)		(699	)
Medtronic, Inc.		(18,800	)		(758	)
ResMed, Inc. ‡		(14,800	)		(507	)
Teleflex, Inc.		(35,400	)		(1,876	)
Health Care Providers & Services (2.8%)	��
Coventry Health Care, Inc. ‡		(7,800	)		(103	)
Health Net, Inc. ‡		(68,800	)		(886	)
Humana, Inc. ‡		(13,500	)		(399	)
Kindred Healthcare, Inc. ‡		(30,900	)		(448	)
Laboratory Corp. of America Holdings ‡		(11,000	)		(676	)
Medco Health Solutions, Inc. ‡		(23,800	)		(903	)
Hotels, Restaurants & Leisure (3.0%)
Darden Restaurants, Inc.		(41,500	)		(920	)
International Game Technology		(32,200	)		(451	)
McDonald’s Corp.		(11,700	)		(678	)
Penn National Gaming, Inc. ‡		(16,800	)		(324	)
Royal Caribbean Cruises, Ltd.		(33,400	)		(453	)
Yum! Brands, Inc.		(20,000	)		(580	)
Household Durables (2.5%)
Black & Decker Corp.		(24,500	)		(1,240	)
Leggett & Platt, Inc.		(61,700	)		(1,071	)
Whirlpool Corp.		(16,100	)		(751	)
Household Products (1.9%)
Energizer Holdings, Inc. ‡		(24,100	)		(1,178	)
Kimberly-Clark Corp.		(18,600	)		(1,140	)
Independent Power Producers & Energy Traders (2.0%)
Mirant Corp. ‡		(89,600	)		(1,570	)
NRG Energy, Inc. ‡		(38,100	)		(886	)
Insurance (1.8%)
Fidelity National Financial, Inc.		(33,200	)		(299	)
Mercury General Corp.		(38,600	)		(1,983	)
IT Services (0.9%)
Cognizant Technology Solutions Corp. ‡		(23,800	)		(457	)
Paychex, Inc.		(8,100	)		(231	)
Total System Services, Inc.		(30,500	)		(419	)
Leisure Equipment & Products (1.0%)
Eastman Kodak Co.		(46,900	)		(431	)
Mattel, Inc.		(51,900	)		(780	)
Life Sciences Tools & Services (0.8%)
Covance, Inc. ‡		(20,300	)		(1,015	)



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

Transamerica Funds		Annual Report 2008

Page 81

Transamerica BNY Mellon Market Neutral Strategy



SCHEDULE OF INVESTMENTS (continued) At October 31, 2008 (all amounts except share amounts in thousands)


	Shares			Value

Machinery (1.1%)
Graco, Inc.		(16,500	)	$	(408	)
PACCAR, Inc.		(31,800	)		(930	)
Media (3.1%)
Cablevision Systems Corp.		(32,300	)		(573	)
Marvel Entertainment, Inc. ‡		(38,000	)		(1,223	)
McGraw-Hill Cos., Inc.		(30,500	)		(819	)
Scholastic Corp.		(60,600	)		(1,125	)
Metals & Mining (1.6%)
Allegheny Technologies, Inc.		(33,700	)		(894	)
Century Aluminum Co. ‡		(89,800	)		(1,129	)
Multiline Retail (2.4%)
JC Penney Corp., Inc.		(23,100	)		(553	)
Kohl’s Corp. ‡		(19,000	)		(667	)
Nordstrom, Inc.		(55,800	)		(1,009	)
Walgreen Co.		(23,000	)		(586	)
Multi-Utilities (2.0%)
Oge Energy Corp.		(40,600	)		(1,108	)
PNM Resources, Inc.		(96,100	)		(937	)
Vectren Corp.		(13,400	)		(338	)
Oil, Gas & Consumable Fuels (5.7%)
Anadarko Petroleum Corp.		(12,800	)		(452	)
Chesapeake Energy Corp.		(53,600	)		(1,178	)
Consol Energy, Inc.		(40,200	)		(1,262	)
Marathon Oil Corp.		(40,600	)		(1,181	)
Newfield Exploration Co. ‡		(49,500	)		(1,137	)
PetroHawk Energy Corp. ‡		(20,900	)		(396	)
Sunoco, Inc.		(26,700	)		(814	)
Tesoro Corp.		(56,100	)		(542	)
Paper & Forest Products (0.5%)
Weyerhaeuser Co.		(15,200	)		(581	)
Personal Products (0.2%)
Alberto-Culver Co.		(10,400	)		(268	)
Pharmaceuticals (1.6%)
Merck & Co., Inc.		(16,300	)		(504	)
Schering-Plough Corp.		(98,400	)		(1,426	)
Professional Services (0.9%)
Corporate Executive Board Co.		(35,600	)		(1,062	)
Real Estate Management & Development (0.4%)
Forest City Enterprises, Inc.		(44,300	)		(527	)
Road & Rail (1.1%)
Con-Way, Inc.		(18,100	)		(616	)
Norfolk Southern Corp.		(8,100	)		(485	)
Ryder System, Inc.		(6,300	)		(250	)
Semiconductors & Semiconductor Equipment (3.8%)
Applied Materials, Inc.		(46,300	)		(598	)
KLA-Tencor Corp.		(27,200	)		(632	)
LAM Research Corp. ‡		(11,000	)		(246	)
Microchip Technology, Inc.		(33,100	)		(815	)
Micron Technology, Inc. ‡		(215,100	)		(1,013	)
Novellus Systems, Inc. ‡		(16,600	)		(262	)
Varian Semiconductor
Equipment Associates, Inc. ‡		(52,500	)		(1,030	)
Software (3.6%)
Cadence Design Systems, Inc. ‡		(192,700	)		(784	)
Citrix Systems, Inc. ‡		(61,300	)		(1,580	)
Electronic Arts, Inc. ‡		(39,400	)		(898	)
Macrovision Solutions Corp. ‡		(112,400	)		(1,245	)
Specialty Retail (3.7%)
Abercrombie & Fitch Co.		(28,300	)		(820	)
American Eagle Outfitters, Inc.		(133,900	)		(1,489	)
Bed Bath & Beyond, Inc. ‡		(34,900	)		(899	)
Collective Brands, Inc. ‡		(35,500	)		(454	)
Lowe’s Companies, Inc.		(12,900	)		(280	)
Petsmart, Inc.		(18,900	)		(372	)
Staples, Inc.		(14,600	)		(284	)
Textiles, Apparel & Luxury Goods (0.3%)
Phillips-Van Heusen Corp.		(12,600	)		(309	)
Trading Companies & Distributors (1.6%)
United Rentals, Inc. ‡		(127,400	)		(1,306	)
WW Grainger, Inc.		(8,100	)		(636	)
Wireless Telecommunication Services (0.8%)
Leap Wireless International, Inc. ‡		(19,600	)		(550	)
US Cellular Corp. ‡		(8,900	)		(341	)
Total Common Stocks (proceeds $143,542)					(106,961	)


Total Securities Sold Short (proceeds $143,542) #				$	(106,961	)


NOTES TO SCHEDULE OF INVESTMENTS:

‡		Non-income producing security.

#		Aggregate cost for federal income tax purposes is $147,748. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $1,415 and $39,118, respectively. Net unrealized depreciation for tax purposes is $37,703.



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

Transamerica Funds		Annual Report 2008

Page 82

Transamerica Evergreen International Small Cap



SCHEDULE OF INVESTMENTS At October 31, 2008 (all amounts except share amounts in thousands)


	Shares		Value

PREFERRED STOCK (2.0%)
Germany (2.0%)
Fresenius Se, 1.41% ▲		100,118	$	6,355

Total Preferred Stock (cost $7,411)				6,355


COMMON STOCKS (92.4%)
Argentina (0.4%)
IRSA Inversiones y Representaciones SA
GDR ‡ ^		327,803		1,177
Australia (4.0%)
AMP, Ltd. ^		752,392		2,737
Asx, Ltd. ^		274,170		5,505
QBE Insurance Group, Ltd. ^		177,258		3,024
Sino Gold Mining, Ltd. ‡ ^		526,202		1,212
Austria (0.3%)
Intercell AG ‡		35,975		1,008
Belgium (1.2%)
Belgacom SA		88,780		3,038
UCB SA		30,210		769
Bermuda (1.3%)
Dockwise, Ltd. ‡ §		969,864		866
Lancashire Holdings, Ltd.		589,339		3,252
Brazil (0.2%)
Empresa Brasileira de Aeronautica SA ADR ^		32,318		676
Canada (2.0%)
Agnico-Eagle Mines, Ltd.		34,428		952
Barrick Gold Corp.		71,391		1,622
Goldcorp, Inc.		76,598		1,432
Platmin, Ltd. ‡ §		410,073		310
Potash Corp. of Saskatchewan		9,362		798
Rocky Mountain Dealership, Inc. §		167,865		1,045
Rogers Communications, Inc. -Class B		27,400		795
Cayman Islands (2.6%)
Baidu.Com ADR ‡ ^		14,891		3,068
SINA Corp. ‡ ^		73,570		2,384
Vanceinfo Technologies, Inc. ADR ‡		267,979		1,970
Yingli Green Energy Holding Co., Ltd. ADR ‡		97,712		515
Finland (1.6%)
Sampo OYJ -Class A		252,301		5,056
France (16.2%)
Carbone Lorraine ^		86,550		2,574
CNP Assurances		34,070		2,745
Eurofins Scientific ^		105,451		5,907
Flo Groupe §		437,296		1,499
Ipsen SA		109,012		4,144
Natixis		380,330		842
Neopost SA		29,780		2,493
Scor SE		570,572		9,348
Sechilienne-Sidec		112,933		4,336
Sodexo ^		151,445		7,272
Technip SA ^		30,482		913
Teleperformance ^		418,295		9,026
Germany (5.2%)
Adidas AG		66,046		2,294
Continental AG ^		5,422		223
Deutsche Boerse AG		107,150		8,380
Rhoen Klinikum AG		207,447		4,409
Salzgitter AG		15,167		977
Solarworld AG ^		16,724		412
Greece (1.9%)
EFG Eurobank Ergasias SA		69,034		750
Hellenic Exchanges SA Holding Clearing Settlement And Registry		531,920		4,648
Terna Energy SA §		115,526		532
Italy (1.2%)
Ansaldo Sts SpA		175,290		2,246
Davide Campari-Milano SpA		210,763		1,471
Japan (24.4%)
Ariake Japan Co., Ltd. ^		288,100		4,697
Asahi Breweries, Ltd.		295,000		4,869
Capcom Co., Ltd. ^		68,400		1,525
Daiichi Sankyo Co., Ltd.		119,200		2,444
East Japan Railway Co.		388		2,761
Eisai Co., Ltd. ^		28,700		931
Familymart Co., Ltd. ^		144,500		5,725
Lawson, Inc.		121,600		5,943
Nipponkoa Insurance Co., Ltd. ^		911,397		5,463
Nissha Printing Co., Ltd. ^		69,600		3,870
ONO Pharmaceutical Co., Ltd. ^		17,100		762
Shionogi & Co., Ltd.		223,100		3,797
Sompo Japan Insurance, Inc. ^		816,000		5,719
Square Enix Holdings Co., Ltd. ^		67,500		1,701
Sugi Holdings Co., Ltd. ^		350,900		8,439
Sundrug Co., Ltd. ^		177,200		3,226
T&D Holdings, Inc.		124,850		4,769
Toho Co., Ltd. ^		133,500		2,545
Toray Industries, Inc. ^		635,000		2,949
Uni-Charm Corp.		76,500		5,487
Jersey, C.I. (2.8%)
Charter International PLC		170,695		1,113
Experian Group, Ltd.		900,935		4,969
Randgold Resources, Ltd. ADR ^		89,595		2,778
Korea, Republic of (0.3%)
Lotte Confectionery Co., Ltd.		396		338
Taeyoung Engineering & Construction		233,200		657
Netherlands (1.3%)
Koninklijke Boskalis Westminster NV		129,324		4,269
Papua New Guinea (0.8%)
Lihir Gold, Ltd. ‡ ^		2,004,734		2,501
Portugal (0.3%)
Galp Energia SGPS SA		105,736		961
Spain (3.4%)
Bolsas y Mercados Espanoles ^		85,692		2,091
Gamesa Corp. Tecnologica SA		32,471		532
Grifols SA		390,800		7,777
Switzerland (2.1%)
Lindt & Spruengli AG ^		236		508
Logitech International SA ‡ ^		20,857		311
Lonza Group AG ^		55,687		4,622
Syngenta AG		4,834		904
United Kingdom (16.0%)
AMEC PLC		402,469		3,367
Arriva PLC		525,145		5,081
Balfour Beatty PLC		394,738		1,595
Britvic PLC		741,931		2,725
Capital Group PLC		244,216		2,524
Compass Group PLC		921,369		4,284



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

Transamerica Funds		Annual Report 2008

Page 83

Transamerica Evergreen International Small Cap

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)


	Shares		Value

United Kingdom (continued)
FirstGroup PLC		386,274	$	2,549
ICAP PLC		300,033		1,495
National Express Group PLC		484,155		4,460
Premier Oil ‡		44,300		531
Rexam PLC		1,020,241		6,148
Serco Group PLC		727,959		4,341
Smith & Nephew PLC		288,504		2,642
Smiths Group PLC		373,221		4,805
Stagecoach Group PLC		1,210,192		3,634
Tullow Oil PLC		56,443		479
United States (2.9%)
Freeport-McMoRan Copper & Gold, Inc.		70,517		2,052
Synthes, Inc.		56,395		7,277

Total Common Stocks (cost $372,812)				292,594


	Principal		Value

REPURCHASE AGREEMENT (7.9%)
United States (7.9%)
State Street Repurchase Agreement 0.15%, dated 10/31/2008, to be repurchased at $24,931 on 11/03/2008 ◊ ●	$	24,931	$	24,931

Total Repurchase Agreement (cost $24,931)				24,931


	Shares		Value

SECURITIES LENDING COLLATERAL (20.4%)
United States (20.4%)
State Street Navigator Securities Lending Trust — Prime Portfolio, 2.71% ◊ ▲		64,604,013		64,604

Total Securities Lending Collateral (cost $64,604)				64,604


Total Investment Securities (cost $469,758) #			$	388,484

FORWARD FOREIGN CURRENCY CONTRACTS:


					Amount in U.S.			Net Unrealized
				Settlement	Dollars Bought			Appreciation
Currency	Bought (Sold)			Date	(Sold)			(Depreciation)

Euro		3,718		11/04/2008	$	5,273		$	(535	)
Euro		5,200		11/04/2008		7,481			(855	)
Euro		(8,918	)	11/04/2008		(13,838	)		2,473
Euro		5,783		11/21/2008		8,225			(860	)
Euro		(5,783	)	11/21/2008		(8,460	)		1,096
Euro		4,140		12/12/2008		5,947			(678	)
Euro		(4,140	)	12/12/2008		(5,784	)		514
Euro		23,205		01/06/2009		29,686			(163	)
Euro		(2,829	)	01/06/2009		(3,913	)		313
Euro		(5,592	)	01/06/2009		(7,541	)		427
Euro		(5,051	)	01/06/2009		(6,811	)		385
Euro		(9,733	)	01/06/2009		(12,734	)		351
Japanese Yen		512,735		12/05/2008		4,881			332
Japanese Yen		384,551		12/05/2008		3,727			183
Japanese Yen		128,184		12/05/2008		1,233			70
Japanese Yen		(1,025,470	)	12/05/2008		(9,488	)		(938	)
British Pound Sterling		6,510		11/04/2008		11,828			(1,354	)
British Pound Sterling		(6,510	)	11/04/2008		(12,414	)		1,940
British Pound Sterling		5,718		11/28/2008		10,382			(1,196	)
British Pound Sterling		(5,718	)	11/28/2008		(10,443	)		1,258
British Pound Sterling		6,946		12/09/2008		12,324			(1,166	)
British Pound Sterling		6,946		12/09/2008		12,432			(1,282	)
British Pound Sterling		1,663		12/09/2008		3,022			(353	)
British Pound Sterling		(2,581	)	12/09/2008		(4,542	)		399
British Pound Sterling		(5,215	)	12/09/2008		(9,113	)		741
British Pound Sterling		(2,903	)	12/09/2008		(5,065	)		405
British Pound Sterling		(4,855	)	12/09/2008		(8,456	)		661
British Pound Sterling		18,576		01/06/2009		29,770			11
British Pound Sterling		(2,216	)	01/06/2009		(3,904	)		351
British Pound Sterling		(4,332	)	01/06/2009		(7,528	)		583
British Pound Sterling		(3,921	)	01/06/2009		(6,753	)		467
British Pound Sterling		(8,107	)	01/06/2009		(13,604	)		607

								$	4,187



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

Transamerica Funds		Annual Report 2008

Page 84

Transamerica Evergreen International Small Cap


SCHEDULE OF INVESTMENTS (continued) At October 31, 2008 (all amounts except share amounts in thousands)


	Percentage of
(unaudited)	Total Investments			Value

INVESTMENTS BY INDUSTRY:
Insurance		10.8	%	$	42,114
Food & Staples Retailing		6.0	%		23,333
Diversified Financial Services		5.3	%		20,624
Road & Rail		4.8	%		18,484
Commercial Services & Supplies		3.6	%		14,119
Metals & Mining		3.6	%		13,836
Hotels, Restaurants & Leisure		3.4	%		13,055
Pharmaceuticals		3.3	%		12,847
Media		3.0	%		11,571
Health Care Providers & Services		2.8	%		10,764
Health Care Equipment & Supplies		2.6	%		9,919
Beverages		2.3	%		9,066
Biotechnology		2.3	%		8,785
Energy Equipment & Services		2.2	%		8,616
Professional Services		1.9	%		7,492
Transportation Infrastructure		1.7	%		6,515
Containers & Packaging		1.6	%		6,148
Food Products		1.4	%		5,543
Household Products		1.4	%		5,487
Internet Software & Services		1.4	%		5,451
Software		1.3	%		5,195
Industrial Conglomerates		1.2	%		4,805
Chemicals		1.2	%		4,650
Life Sciences Tools & Services		1.2	%		4,622
Diversified Telecommunication Services		1.0	%		3,833
Electrical Equipment		0.8	%		3,089
Office Electronics		0.6	%		2,493
Textiles, Apparel & Luxury Goods		0.6	%		2,294
Construction & Engineering		0.6	%		2,253
Machinery		0.6	%		2,157
Oil, Gas & Consumable Fuels		0.5	%		1,972
Commercial Banks		0.4	%		1,593
Capital Markets		0.4	%		1,495
Aerospace & Defense		0.3	%		1,208
Real Estate Management & Development		0.3	%		1,177
Marine		0.2	%		866
Independent Power Producers & Energy Traders		0.1	%		532
Electric Utilities		0.1	%		412
Computers & Peripherals		0.1	%		311
Auto Components		0.1	%		223

Investment Securities, at Value		77.0	%		298,949
Short-Term Investments		23.0	%		89,535

Total Investments		100.0	%	$	388,484



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

Transamerica Funds		Annual Report 2008

Page 85

Transamerica Evergreen International Small Cap

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)

NOTES TO SCHEDULE OF INVESTMENTS:

▲		Interest rate shown reflects the yield at 10/31/2008.

^		All or a portion of this security is on loan. The value of all securities on loan is $61,509.

‡		Non-income producing security.

§		Illiquid. At 10/31/2008, these securities aggregated $4,252 or 1.34% of the Fund’s net assets.

●		Repurchase agreement is collateralized by U.S. Government Agency Obligations with interest rates ranging from 4.00% to 5.00%, maturity dates ranging between 06/01/2014 to 12/01/2019, and with a market value plus accrued interest of $25,431.

◊		State Street Bank & Trust serves as the accounting, custody, and lending agent for the Fund and provides various services on behalf of the Fund.

#		Aggregate cost for federal income tax purposes is $481,606. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $11,246 and $104,368, respectively. Net unrealized depreciation for tax purposes is $93,122.

DEFINITIONS:


ADR		American Depository Receipt
GDR		Global Depository Receipt
PLC		Public Limited Company

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



Transamerica Funds		Annual Report 2008

Page 86

Transamerica Federated Market Opportunity

SCHEDULE OF INVESTMENTS
At October 31, 2008
(all amounts except share amounts in thousands)


	Shares		Value

COMMON STOCKS (82.1%)
Bermuda (1.4%)
Bunge, Ltd. ^		26,600	$	1,022
Canada (17.0%)
Barrick Gold Corp.		72,000		1,636
Enerplus Resources Trust		27,800		743
Goldcorp, Inc.		78,300		1,461
Golden Star Resources, Ltd.‡ ^		160,300		141
Iamgold Corp. ^		100,000		330
Kinross Gold Corp.		155,500		1,622
Pan American Silver Corp. ‡		97,800		1,135
Penn West Energy Trust ^		80,250		1,433
Silver Wheaton Corp. ‡ ^		145,200		523
Yamana Gold, Inc.		782,800		3,624
Cayman Islands (0.7%)
Noble Corp.		15,900		512
Finland (1.4%)
Nokia OYJ ADR ^		68,300		1,037
France (1.8%)
Veolia Environnement		54,450		1,349
Germany (1.0%)
Deutsche Bank AG		20,000		747
Japan (7.4%)
Ajinomoto Co., Inc.		88,000		760
Chiyoda Corp.		72,000		415
Denso Corp.		32,700		637
Kyocera Corp.		12,900		758
Nitto Denko Corp.^		34,200		757
NTT DoCoMo, Inc.		514		815
ROHM Co., Ltd.		12,000		578
Sankyo Co., Ltd.		16,800		748
Netherlands (1.5%)
Chicago Bridge & Iron Co. NV		24,700		306
Koninklijke Philips Electronics NV		45,000		832
Netherlands Antilles (0.9%)
Schlumberger, Ltd.^		12,400		640
Peru (0.5%)
Cia de Minas Buenaventura SA ADR ^		28,700		363
Singapore (1.3%)
Singapore Airlines, Ltd.		127,000		973
South Africa (1.5%)
Gold Fields, Ltd. ADR		163,300		1,086
Switzerland (1.4%)
ABB, Ltd. ADR ^		79,000		1,039
United Kingdom (1.4%)
GlaxoSmithKline PLC		55,200		1,061
United States (42.9%)
Affymetrix, Inc. ‡ ^		52,700		195
AGCO Corp. ‡		15,000		473
Apple, Inc. ‡		9,300		1,001
Archer-Daniels-Midland Co. ^		28,000		580
Biogen IDEC, Inc. ‡		17,400		740
BJ Services Co. ^		44,500		572
Bristol-Myers Squibb Co.		50,000		1,028
Ceradyne, Inc. ‡ ^		33,600		790
CF Industries Holdings, Inc.		6,400		411
Cisco Systems, Inc. ‡ ^		51,300		912
Coeur D’alene Mines Corp.‡ ^		385,200		277
eBay, Inc. ‡		58,800		898
Emerson Electric Co.		32,100		1,051
Forest Laboratories, Inc. ‡ ^		32,800		762
FPL Group, Inc. ^		25,500		1,205
Freeport-McMoRan Copper & Gold, Inc. ^		16,600		483
Frontier Oil Corp. ^		62,900		831
General Electric Co.		35,500		693
Holly Corp. ^		49,300		968
Intel Corp.		47,400		758
Lexmark International, Inc. Class A ‡ ^		30,600		790
Maxim Integrated Products, Inc.^		59,200		805
Memc Electronic Materials, Inc. ‡		17,000		312
Merck & Co., Inc. ^		36,500		1,130
Microsoft Corp.		56,400		1,259
Mosaic Co.		23,300		918
Newfield Exploration Co. ‡^		22,600		519
Newmont Mining Corp. ^		106,000		2,792
NiSource, Inc. ^		67,700		877
Patterson-UTI Energy, Inc. ^		135,800		1,802
RadioShack Corp. ^		24,600		311
Sepracor, Inc. ‡		47,300		630
Stillwater Mining Co. ‡ ^		44,000		174
Stone Energy Corp.‡ ^		23,000		698
Symantec Corp. ‡		62,600		788
Unit Corp. ‡ ^		28,100		1,055
Valero Energy Corp.		47,400		976
Wyeth		29,500		949
Zimmer Holdings, Inc. ‡		15,100		701

Total Common Stocks (cost $77,370)				61,197

INVESTMENT COMPANIES (8.2%)
United States (8.2%)
iShares MSCI EAFE Index Fund ^		87,950		3,924
iShares MSCI Japan Index Fund		85,000		764
iShares S&P Europe 350 Index Fund ^		45,000		1,413

Total Investment Companies (cost $6,406)				6,101


	Contracts Γ		Value

PURCHASED OPTIONS (0.4%)
Put Options (0.4%)
US Bancorp
Put Strike $30.00
Expires 12/20/2008		19		48
US Bancorp
Put Strike $35.00
Expires 03/21/2009		23		161
Wells Fargo & Co.
Put Strike $35.00
Expires 04/18/2009		20		125

Total Purchased Options (cost $356)				334


	Principal		Value

SHORT-TERM U.S. GOVERNMENT OBLIGATIONS (3.0%)
United States (3.0%)
U.S. Cash Management Bill
Zero Coupon, due 04/29/2009	$	1,100		1,091
U.S. Treasury Bill
Zero Coupon, due 04/09/2009		1,150		1,146

Total Short-Term U.S. Government Obligations (cost $2,237)				2,237

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



Transamerica Funds		Annual Report 2008

Page 87

Transamerica Federated Market Opportunity

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)


	Principal		Value

REPURCHASE AGREEMENT (12.9%)
United States (12.9%)
State Street Repurchase Agreement 0.15%, dated 10/31/2008, to be repurchased at $9,583 on 11/03/2008 ◊ ●	$	9,582	$	9,582

Total Repurchase Agreement (cost $9,582)				9,582


	Shares		Value

SECURITIES LENDING COLLATERAL (24.4%)
United States (24.4%)
State Street Navigator Securities Lending Trust — Prime Portfolio, 2.71% ◊ ▲		18,146,796		18,147

Total Securities Lending Collateral (cost $18,147)				18,147


Total Investment Securities (cost $114,098) #			$	97,598


	Contracts Γ		Value

WRITTEN OPTION (-0.5%)
Put Option (-0.5%)
Barrick Gold Corp.
Put Strike $35.00
Expires 1/17/2009		30,000	$	(390	)


Total Written Option (Premium: $172)			$	(390	)

FORWARD FOREIGN CURRENCY CONTRACTS:


						Amount in U.S.			Net Unrealized
				Settlement		Dollars Bought			Appreciation
Currency	Bought (Sold)			Date		(Sold)			(Depreciation)

British Pound Sterling		467			11/03/2008	$	909		$	(158	)
British Pound Sterling		633			11/03/2008		1,234			(215	)
British Pound Sterling		1,100			11/03/2008		2,082			(312	)
British Pound Sterling		(1,100	)		11/03/2008		(2,148	)		377
British Pound Sterling		(1,100	)		11/03/2008		(2,126	)		356
Euro		2,206			12/15/2008		3,121			(313	)
Euro		(2,000	)		12/15/2008		(2,890	)		345
Euro		(1,041	)		12/15/2008		(1,500	)		175
Japanese Yen		(301,875	)		12/15/2008		(3,021	)		(50	)
Swedish Krona		8,067			12/15/2008		1,041			(3	)
Swedish Krona		6,440			12/15/2008		833			(4	)
Swedish Krona		6,452			12/15/2008		834			(3	)
									$	195

FORWARD FOREIGN CROSS CURRENCY CONTRACTS:


					Unrealized
					Appreciation
Bought/Sold	Currency	Amount		Settlement Date	(Depreciation)

Buy	Euro		330	12/15/2008	$	(59	)
Sell	Singapore Dollar		679	12/15/2008		21
Buy	Euro		1,744	12/15/2008		(252	)
Sell	Singapore Dollar		3,521	12/15/2008		95
Buy	Singapore Dollar		4,200	12/15/2008		(101	)
Sell	Euro		2,041	12/15/2008		339
					$	43

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



Transamerica Funds		Annual Report 2008

Page 88

Transamerica Federated Market Opportunity

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)


	Percentage of
(unaudited)	Total Investments			Value

INVESTMENTS BY INDUSTRY:
Metals & Mining		16.0	%	$	15,649
Capital Markets		7.0	%		6,848
Oil, Gas & Consumable Fuels		6.3	%		6,167
Pharmaceuticals		5.7	%		5,560
Energy Equipment & Services		4.7	%		4,581
Semiconductors & Semiconductor Equipment		2.5	%		2,454
Food Products		2.4	%		2,362
Chemicals		2.1	%		2,086
Electric Utilities		2.1	%		2,082
Software		2.1	%		2,047
Communications Equipment		2.0	%		1,949
Computers & Peripherals		1.9	%		1,791
Construction & Engineering		1.8	%		1,760
Industrial Conglomerates		1.6	%		1,524
Multi-Utilities		1.4	%		1,349
Electrical Equipment		1.1	%		1,052
Airlines		1.0	%		973
Internet Software & Services		0.9	%		898
Wireless Telecommunication Services		0.8	%		815
Aerospace & Defense		0.8	%		790
Electronic Equipment & Instruments		0.8	%		758
Leisure Equipment & Products		0.8	%		747
Biotechnology		0.8	%		740
Health Care Equipment & Supplies		0.7	%		701
Auto Components		0.7	%		637
Machinery		0.5	%		473
Derivative		0.3	%		334
Specialty Retail		0.3	%		311
Life Sciences Tools & Services		0.2	%		194

Investment Securities, at Value		69.3	%		67,632
Short-Term Investments		30.7	%		29,966

Total Investments		100.0	%	$	97,598

NOTES TO SCHEDULE OF INVESTMENTS:

^		All or a portion of this security is on loan. The value of all securities on loan is $17,562.

‡		Non-income producing security.

Γ		Contract amounts are not in thousands.

●		Repurchase agreement is collateralized by a U.S. Government Agency Obligation with an interest rate of 5.89%, a maturity date of 01/01/2037, and with a market value plus accrued interest of $9,776.

◊		State Street Bank & Trust serves as the accounting, custody, and lending agent for the Fund and provides various services on behalf of the Fund.

≠		Escrow receipt deposits by the counterparty in the amount of $682 are segregated to cover margin requirements for open written option contracts.

▲		Interest rate shown reflects the yield at 10/31/2008.

#		Aggregate cost for federal income tax purposes is $114,230. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $1,284 and $17,916, respectively. Net unrealized depreciation for tax purposes is $16,632.

DEFINITIONS:


ADR		American Depository Receipt
PLC		Public Limited Company

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



Transamerica Funds		Annual Report 2008

Page 89

Transamerica JPMorgan International Bond

SCHEDULE OF INVESTMENTS
At October 31, 2008
(all amounts except share amounts in thousands)


	Principal		Value

FOREIGN GOVERNMENT OBLIGATIONS (67.5%)
Australia (0.3%)
New South Wales Treasury Corp.
5.50%, due 03/01/2017	AUD	2,700	$	1,757
Belgium (3.8%)
Belgium Government Bond
4.00%, due 03/28/2018	EUR	22,000		26,677
Canada (2.5%)
Canadian Government Bond
3.75%, due 06/01/2012	CAD	5,400		4,648
4.25%, due 12/01/2009	CAD	9,000		7,648
5.75%, due 06/01/2033	CAD	4,913		4,917
Denmark (3.9%)
Denmark Government Bond
5.00%, due 11/15/2013	DKK	35,000		6,173
6.00%, due 11/15/2009	DKK	120,920		20,962
France (12.7%)
Caisse D’amortissement de La Dette Sociale
3.13%, due 07/12/2010	EUR	8,900		11,238
3.75%, due 10/25/2020	EUR	4,520		5,225
French Government Bond
4.75%, due 04/25/2035	EUR	632		810
5.75%, due 10/25/2032	EUR	12,500		18,021
French Treasury Bill BTF Ф
Zero coupon, due 12/18/2008	EUR	2,235		2,841
French Treasury Note
2.50%, due 07/12/2010	EUR	40,000		50,729
Germany (1.0%)
Bundesrepublik Deutschland
4.75%, due 07/04/2034	EUR	5,100		6,700
Ireland (1.0%)
Ireland Government Bond
4.50%, due 04/18/2020	EUR	6,000		7,316
Italy (5.9%)
Italy Buoni Poliennali del Tesoro
4.00%, due 02/01/2037	EUR	9,100		9,450
5.00%, due 08/01/2034	EUR	9,660		11,705
5.25%, due 08/01/2017	EUR	15,200		19,878
Japan (24.1%)
Development Bank of Japan
1.05%, due 06/20/2023	JPY	2,311,000		20,420
1.60%, due 06/20/2014	JPY	510,000		5,341
2.30%, due 03/19/2026	JPY	500,000		5,149
Japan Finance Corp. for Municipal
Enterprises
1.55%, due 02/21/2012	JPY	3,656,000		37,900
Japan Government Bond
1.50%, due 09/20/2018	JPY	4,175,000		42,469
1.70%, due 09/20/2017	JPY	1,570,000		16,431
1.80%, due 06/20/2018	JPY	633,500		6,641
1.90%, due 06/20/2025	JPY	580,000		5,800
2.10%, due 09/20/2024 - 09/20/2028	JPY	2,795,000		28,416
Netherlands (2.6%)
Netherlands Government Bond
4.00%, due 01/15/2037	EUR	5,050		5,784
4.25%, due 07/15/2013	EUR	9,400		12,322
Spain (4.5%)
Spain Government Bond
5.40%, due 07/30/2011	EUR	23,700		31,704
Sweden (1.1%)
Sweden Government Bond
5.50%, due 10/08/2012	SEK	56,720		7,976
United Kingdom (4.1%)
U.K. Gilt
4.25%, due 06/07/2032	GBP	2,750		4,057
4.50%, due 12/07/2042	GBP	7,200		11,498
5.00%, due 03/07/2012	GBP	5,100		8,562
8.00%, due 06/07/2021	GBP	2,260		4,764

Total Foreign Government Obligations (cost $491,163)				471,929


MORTGAGE-BACKED SECURITY (0.7%)
Spain (0.7%)
UCI
Series 15, Class A
5.11%, due 12/18/2048 * §	EUR	4,778		4,803

Total Mortgage-Backed Security (cost $6,370)				4,803


ASSET-BACKED SECURITY (0.2%)
Spain (0.2%)
Fondo de Titulizacion de Activos
Santander Auto
Series 1, Class A
5.02%, due 11/25/2021 * §	EUR	874		1,093

Total Asset-Backed Security (cost $1,112)				1,093


CORPORATE DEBT SECURITIES (28.2%)
France (5.4%)
Compagnie de Financement Foncier
1.25%, due 12/01/2011	JPY	2,230,000		22,772
Dexia Municipal Agency
3.50%, due 09/21/2009	EUR	11,530		14,516
Germany (8.7%)
Bayerische Landesbank
1.40%, due 04/22/2013	JPY	1,508,000		15,473
Eurohypo AG
3.75%, due 04/11/2011 ^	EUR	14,800		18,729
Kreditanstalt Fuer Wiederaufbau
2.50%, due 11/17/2008	EUR	2,500		3,185
2.60%, due 06/20/2037	JPY	355,000		3,651
5.50%, due 09/15/2009	GBP	11,450		18,812
Landwirtschaftliche Rentenbank
1.38%, due 04/25/2013	JPY	101,000		1,035
Ireland (2.9%)
AIB Mortgage Bank
3.50%, due 04/30/2009	EUR	7,900		9,977
Depfa ACS Bank
1.65%, due 12/20/2016 §	JPY	800,000		5,926
Ulster Bank Finance PLC
5.21%, due 03/29/2011 *	EUR	4,000		5,054
Spain (3.4%)
Ayt Cedulas Cajas VII Fondo de Titulizacion de Activos
4.00%, due 06/23/2011	EUR	15,700		19,357
La Caja de Ahorros y Pensiones de Barcelona
3.25%, due 10/05/2015	EUR	3,900		4,510

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



Transamerica Funds		Annual Report 2008

Page 90

Transamerica JPMorgan International Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2008
(all amounts except share amounts in thousands)


		Principal		Value

Supranational (5.2%)
European Investment Bank
1.40%, due 06/20/2017	JPY		2,646,000	$	26,129
5.63%, due 10/15/2010	EUR		7,900		10,449
United Kingdom (2.6%)
Barclays Bank PLC
5.27%, due 04/20/2016 *	EUR		4,000		4,308
Network Rail Infrastructure Finance PLC
4.38%, due 01/18/2011	GBP		5,870		9,526
4.75%, due 11/29/2035	GBP		2,530		3,947

Total Corporate Debt Securities (cost $194,479)					197,356


REPURCHASE AGREEMENT (2.2%)
United States (2.2%)
State Street Repurchase Agreement 0.15%, dated 10/31/2008, to be repurchased at $15,543 on 11/03/2008 ◊ ●		$	15,543		15,543

Total Repurchase Agreement (cost $15,543)					15,543


	Shares		Value

SECURITIES LENDING COLLATERAL (2.8%)
United States (2.8%)
State Street Navigator Securities Lending Trust — Prime Portfolio, 2.71% ◊ ▲		19,562,640		19,563

Total Securities Lending Collateral (cost $19,563)				19,563


Total Investment Securities (cost $728,230) #			$	710,287

FUTURES CONTRACTS:


								Net Unrealized
			Expiration					Appreciation
Description	Contracts Γ		Date		Amount			(Depreciation)

10-Year Canadian Bond		115		12/18/2008	$	(11,181	)	$	106
10-Year Japan Bond		33		12/10/2008		46,222			109
Euro-BUND		18		11/19/2008		2,660			(30	)
Germany Euro BOBL		89		12/08/2008		12,730			109
Germany Euro SCHATZ		963		12/08/2008		130,122			574
Long Gilt		67		12/29/2008		12,000			(48	)

								$	820

FORWARD FOREIGN CURRENCY CONTRACTS:


						Amount in U.S.			Net Unrealized
				Settlement		Dollars Bought			Appreciation
Currency	Bought (Sold)			Date		(Sold)			(Depreciation)

Australian Dollar		1,122			11/12/2008	$	802			($57	)
Australian Dollar		1,587			11/12/2008		1,113			(60	)
Canadian Dollar		7,639			11/12/2008		6,945			(607	)
Canadian Dollar		(5,873	)		11/12/2008		(5,327	)		455
Canadian Dollar		(9,500	)		11/12/2008		(7,813	)		(68	)
Danish Krone		(128,534	)		11/12/2008		(23,426	)		1,443
Euro		12,000			11/12/2008		15,459			(172	)
Euro		4,500			11/12/2008		5,685			48
Euro		(2,752	)		11/12/2008		(3,731	)		225
Euro		(17,558	)		11/12/2008		(23,833	)		1,466
Euro		(17,558	)		11/12/2008		(23,841	)		1,475
Euro		(529	)		11/12/2008		(720	)		46
Euro		(13,500	)		11/12/2008		(17,446	)		249
Japanese Yen		370,203			11/12/2008		3,598			162

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


Transamerica Funds		Annual Report 2008

Page 91

Transamerica JPMorgan International Bond

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)

FORWARD FOREIGN CURRENCY CONTRACTS: (continued)


						Amount in U.S.			Net Unrealized
				Settlement		Dollars Bought			Appreciation
Currency	Bought (Sold)			Date		(Sold)			(Depreciation)

Japanese Yen		3,400,090			11/12/2008	$	33,613		$	919
Japanese Yen		3,400,090			11/12/2008		33,588			945
Japanese Yen		302,443			11/12/2008		3,124			(53	)
Japanese Yen		334,466			11/12/2008		3,564			(167	)
Japanese Yen		1,290,000			11/12/2008		13,555			(453	)
Japanese Yen		500,000			11/12/2008		5,073			5
Japanese Yen		(680,000	)		11/12/2008		(6,650	)		(257	)
Japanese Yen		(236,545	)		11/12/2008		(2,353	)		(50	)
Japanese Yen		(339,660	)		11/12/2008		(3,392	)		(58	)
Japanese Yen		(219,552	)		11/12/2008		(2,226	)		(4	)
Japanese Yen		(566,479	)		11/12/2008		(5,806	)		52
Japanese Yen		(138,878	)		11/12/2008		(1,499	)		88
Norwegian Krone		63,290			11/12/2008		10,230			(842	)
Norwegian Krone		63,290			11/12/2008		10,229			(841	)
Norwegian Krone		(9,241	)		11/12/2008		(1,300	)		(71	)
Norwegian Krone		(12,965	)		11/12/2008		(1,894	)		(29	)
Swedish Krona		(6,022	)		11/12/2008		(842	)		66
Swedish Krona		(8,164	)		11/12/2008		(1,086	)		34
Swiss Franc		10,400			11/12/2008		9,127			(157	)
Swiss Franc		10,401			11/12/2008		9,130			(159	)
Swiss Franc		(1,894	)		11/12/2008		(1,696	)		62
Swiss Franc		(1,382	)		11/12/2008		(1,220	)		28
British Pound Sterling		4,808			11/12/2008		8,332			(601	)
British Pound Sterling		(2,069	)		11/12/2008		(3,655	)		328
British Pound Sterling		(2,070	)		11/12/2008		(3,647	)		319
British Pound Sterling		(10,905	)		11/12/2008		(19,004	)		1,467
British Pound Sterling		(1,000	)		11/12/2008		(1,599	)		(8	)
British Pound Sterling		(869	)		11/12/2008		(1,437	)		40

									$	5,208

FORWARD FOREIGN CROSS CURRENCY CONTRACTS:


						Unrealized Appreciation
Bought/Sold	Currency	Amount		Settlement Date		(Depreciation)

Buy	Canadian Dollar		848		11/12/2008	$	(17	)
Sell	Japanese Yen		71,109		11/12/2008		(1	)
Buy	Japanese Yen		143,651		11/12/2008		58
Sell	British Pound Sterling		825		11/12/2008		75
Buy	Euro		1,027		11/12/2008		(109	)
Sell	British Pound Sterling		808		11/12/2008		119
Buy	Norwegian Krone		11,181		11/12/2008		70
Sell	Swiss Franc		1,903		11/12/2008		(53	)
Buy	Euro		1,207		11/12/2008		(158	)
Sell	Japanese Yen		180,807		11/12/2008		(141	)
Buy	Japanese Yen		199,120		11/12/2008		47
Sell	British Pound Sterling		1,110		11/12/2008		190
Buy	British Pound Sterling		1,155		11/12/2008		(146	)
Sell	Japanese Yen		208,053		11/12/2008		(110	)
Buy	Canadian Dollar		2,601		11/12/2008		30
Sell	Norwegian Krone		14,264		11/12/2008		12
Buy	Japanese Yen		229,621		11/12/2008		54
Sell	Canadian Dollar		2,565		11/12/2008		150
Buy	Euro		1,730		11/12/2008		(147	)
Sell	Australian Dollar		3,304		11/12/2008		157

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


Transamerica Funds		Annual Report 2008

Page 92

Transamerica JPMorgan International Bond

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)

FORWARD FOREIGN CROSS CURRENCY CONTRACTS: (continued)


						Unrealized Appreciation
Bought/Sold	Currency	Amount		Settlement Date		(Depreciation)

Buy	Euro		1,894		11/12/2008	$	(108	)
Sell	Japanese Yen		253,219		11/12/2008		(51	)
Buy	Norwegian Krone		7,308		11/12/2008		26
Sell	Swedish Krona		8,433		11/12/2008		(29	)
Buy	British Pound Sterling		1,525		11/12/2008		(177	)
Sell	Euro		1,893		11/12/2008		217
Buy	Japanese Yen		282,816		11/12/2008		200
Sell	Swedish Krona		19,854		11/12/2008		114
Buy	Japanese Yen		271,853		11/12/2008		64
Sell	Euro		1,935		11/12/2008		232
Buy	British Pound Sterling		2,081		11/12/2008		(219	)
Sell	Euro		2,677		11/12/2008		155
Buy	Australian Dollar		5,595		11/12/2008		62
Sell	Euro		2,704		11/12/2008		207
Buy	Swedish Krona		26,478		11/12/2008		(309	)
Sell	Euro		2,734		11/12/2008		237
Buy	British Pound Sterling		2,117		11/12/2008		(322	)
Sell	Euro		2,708		11/12/2008		277
Buy	British Pound Sterling		2,171		11/12/2008		(271	)
Sell	Euro		2,734		11/12/2008		280
Buy	British Pound Sterling		2,172		11/12/2008		(272	)
Sell	Euro		2,734		11/12/2008		282
Buy	Euro		3,244		11/12/2008		1
Sell	Japanese Yen		373,604		11/12/2008		337
Buy	British Pound Sterling		708		11/12/2008		18
Sell	Swedish Krona		8,849		11/12/2008		(19	)
Buy	Japanese Yen		426,177		11/12/2008		125
Sell	Euro		3,105		11/12/2008		248
Buy	Euro		3,219		11/12/2008		(247	)
Sell	Japanese Yen		439,472		11/12/2008		(115	)
Buy	Japanese Yen		449,977		11/12/2008		100
Sell	Euro		3,342		11/12/2008		213
Buy	Japanese Yen		435,015		11/12/2008		(245	)
Sell	Euro		3,680		11/12/2008		(25	)
Buy	Swiss Franc		7,085		11/12/2008		(154	)
Sell	Euro		4,655		11/12/2008		335
Buy	Canadian Dollar		7,715		11/12/2008		89
Sell	Japanese Yen		610,973		11/12/2008		106
Buy	Euro Dollar		4,971		11/12/2008		(451	)
Sell	Japanese Yen		689,372		11/12/2008		(219	)
Buy	Euro		5,619		11/12/2008		2
Sell	Swiss Franc		8,070		11/12/2008		196
Buy	British Pound Sterling		4,262		11/12/2008		(538	)
Sell	Euro Dollar		5,486		11/12/2008		403
Buy	Japanese Yen		775,266		11/12/2008		(228	)
Sell	Euro		6,243		11/12/2008		149
Buy	Swiss Franc		1,284		11/12/2008		(25	)
Sell	British Pound Sterling		648		11/12/2008		90
Buy	Euro		6,362		11/12/2008		(483	)
Sell	Japanese Yen		876,634		11/12/2008		(315	)
Buy	Japanese Yen		1,149,220		11/12/2008		464
Sell	Euro		8,469		11/12/2008		418
Buy	Norwegian Krone		7,709		11/12/2008		11
Sell	Japanese Yen		100,785		11/12/2008		109
Buy	Japanese Yen		109,043		11/12/2008		(32	)
Sell	Norwegian Krone		7,540		11/12/2008		21
Buy	Swiss Franc		1,381		11/12/2008		(8	)
Sell	Norwegian Krone		8,062		11/12/2008		4
Buy	British Pound Sterling		752		11/12/2008		(86	)
Sell	Japanese Yen		131,414		11/12/2008		(38	)
Buy	British Pound Sterling		756		11/12/2008		(95	)
Sell	Swedish Krona		9,233		11/12/2008		121

						$	912

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


Transamerica Funds		Annual Report 2008

Page 93

Transamerica JPMorgan International Bond

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)


	Percentage of
(unaudited)	Total Investments			Value

INVESTMENTS BY INDUSTRY:
Foreign Government Obligation		66.5	%	$	471,929
Commercial Banks		17.3	%		123,025
Thrifts & Mortgage Finance		5.8	%		41,501
Diversified Financial Services		4.6	%		32,830
Mortgage-Backed Securities		0.7	%		4,803
Asset-Backed Securities		0.2	%		1,093

Investment Securities, at Value		95.1	%		675,181
Short-Term Investments		4.9	%		35,106

Total Investments		100.0	%	$	710,287

NOTES TO SCHEDULE OF INVESTMENTS:


*		Floating or variable rate note. Rate is listed as of 10/31/2008.

^		All or a portion of this security is on loan. The value of all securities on loan is $19,186.

§		Illiquid. At 10/31/2008, these securities aggregated $11,822 or 1.69% of the Fund’s net assets.

●		Repurchase agreement is collateralized by a U.S. Government Agency Obligation with an interest rate of 4.00%, a maturity date of 06/01/2014, and with a market value plus accrued interest of $15,855.

◊		State Street Bank & Trust serves as the accounting, custody, and lending agent for the Fund and provides various services on behalf of the Fund.

▲		Interest rate shown reflects the yield at 10/31/2008.

#		Aggregate cost for federal income tax purposes is $730,455. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $28,245 and $48,413, respectively. Net unrealized depreciation for tax purposes is $20,168.

Ф		All or a portion of this security is segregated with the custodian to cover margin requirements for open futures contracts. The value of all securities segregated at 10/31/2008 is $2,656.

Γ		Contract amounts are not in thousands.

DEFINITIONS:


PLC		Public Limited Company
AUD		Australian Dollar
CAD		Canadian Dollar
DKK		Denmark Krone
EUR		Euro
GBP		British Pound Sterling
JPY		Japanese Yen
SEK		Sweden Krona

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


Transamerica Funds		Annual Report 2008

Page 94

Transamerica JPMorgan Mid Cap Value

SCHEDULE OF INVESTMENTS
At October 31, 2008
(all amounts except share amounts in thousands)


	Shares		Value

COMMON STOCKS (97.8%)
Aerospace & Defense (2.7%)
Alliant Techsystems, Inc. ‡ ^		31,800	$	2,625
Precision Castparts Corp.		19,700		1,277
Auto Components (0.5%)
Wabco Holdings, Inc. ^		42,400		779
Beverages (0.7%)
Brown-Forman Corp. -Class B		23,125		1,050
Building Products (0.9%)
Owens Corning, Inc.‡ ^		83,800		1,318
Capital Markets (2.0%)
Affiliated Managers Group, Inc. ‡ ^		17,950		833
Northern Trust Corp.		12,600		709
T. Rowe Price Group, Inc. ^		32,600		1,289
Chemicals (4.1%)
Air Products & Chemicals, Inc.		10,200		593
Albemarle Corp.		94,872		2,310
PPG Industries, Inc. ^		40,100		1,988
Sigma-Aldrich Corp. ^		26,700		1,171
Commercial Banks (6.4%)
Cullen/Frost Bankers, Inc. ^		45,100		2,524
M&T Bank Corp. ^		35,400		2,871
Synovus Financial Corp.		237,400		2,452
Wilmington Trust Corp. ^		56,700		1,636
Commercial Services & Supplies (1.5%)
Republic Services, Inc. -Class A		95,300		2,259
Computers & Peripherals (0.6%)
NCR Corp. ‡ ^		44,881		820
Construction Materials (0.3%)
Vulcan Materials Co. ^		9,500		516
Containers & Packaging (1.5%)
Ball Corp.		65,200		2,230
Distributors (2.3%)
Genuine Parts Co.		86,900		3,420
Diversified Telecommunication Services (0.9%)
CenturyTel, Inc. ^		33,800		849
Windstream Corp. ^		60,854		457
Electric Utilities (4.5%)
American Electric Power Co., Inc. ^		109,800		3,583
FirstEnergy Corp.		24,380		1,272
Westar Energy, Inc. ^		94,300		1,838
Electronic Equipment & Instruments (3.1%)
Amphenol Corp. -Class A ^		46,700		1,338
Arrow Electronics, Inc. ‡		100,200		1,748
Tyco Electronics, Ltd.		79,600		1,547
Energy Equipment & Services (0.6%)
Helix Energy Solutions Group, Inc. ‡		80,300		848
Food & Staples Retailing (2.1%)
Safeway, Inc. ^		131,100		2,788
Supervalu, Inc.		23,700		337
Food Products (0.7%)
Jm Smucker Co. ^		22,400		998
Gas Utilities (5.2%)
Energen Corp. ^		75,500		2,535
Equitable Resources, Inc.		41,600		1,444
Oneok, Inc. ^		54,700		1,745
Questar Corp.		43,000		1,482
UGI Corp.		17,600		420
Health Care Equipment & Supplies (1.0%)
Becton Dickinson & Co.		22,285	$	1,547
Health Care Providers & Services (2.8%)
Community Health Systems, Inc. ‡ ^		34,200		701
Coventry Health Care, Inc. ‡ ^		69,150		912
Lincare Holdings, Inc. ‡ ^		62,083		1,636
VCA Antech, Inc. ‡ ^		52,900		957
Hotels, Restaurants & Leisure (1.9%)
Burger King Holdings, Inc.		57,300		1,139
Marriott International, Inc. -Class A ^		80,700		1,684
Household Durables (2.0%)
Fortune Brands, Inc. ^		60,600		2,311
Jarden Corp. ‡ ^		31,200		555
Household Products (1.0%)
Clorox Co. ^		24,100		1,466
Industrial Conglomerates (1.1%)
Carlisle Cos., Inc. ^		67,900		1,579
Insurance (12.1%)
Assurant, Inc. ^		75,500		1,924
Cincinnati Financial Corp. ^		126,255		3,281
Everest RE Group, Ltd.		43,900		3,279
Old Republic International Corp. ^		288,350		2,656
OneBeacon Insurance Group, Ltd. -Class A ^		127,500		1,759
Principal Financial Group, Inc. ^		75,500		1,434
W.R. Berkley Corp. ^		111,300		2,924
XL Capital, Ltd. -Class A ^		58,200		565
IT Services (1.3%)
Total System Services, Inc. ^		90,887		1,249
Western Union Co.		45,900		700
Machinery (1.0%)
Dover Corp.		36,800		1,169
Oshkosh Corp. ^		31,600		242
Media (3.1%)
Cablevision Systems Corp. -Class A ^		68,300		1,211
Clear Channel Outdoor Holdings, Inc. -Class A ‡ ^		88,373		551
Lamar Advertising Co. -Class A ‡ ^		19,200		291
Omnicom Group, Inc.		32,400		957
Washington Post Co. -Class B ^		3,690		1,575
Metals & Mining (0.2%)
Century Aluminum Co. ‡		26,000		327
Multi-Utilities (4.6%)
CMS Energy Corp. ^		212,000		2,173
PG&E Corp. ^		68,300		2,505
Xcel Energy, Inc. ^		121,700		2,120
Oil, Gas & Consumable Fuels (6.2%)
CVR Energy, Inc. ‡ ^		99,500		395
Devon Energy Corp.		21,700		1,755
Kinder Morgan Management LLC ‡ ^		38,122		1,904
Teekay Corp. ^		92,700		1,979
Williams Cos., Inc.		149,000		3,125
Pharmaceuticals (0.4%)
Warner Chilcott, Ltd. -Class A ‡ ^		43,800		608

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


Transamerica Funds		Annual Report 2008

Page 95

Transamerica JPMorgan Mid Cap Value

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)


	Shares		Value

Real Estate Investment Trusts (4.6%)
Kimco Realty Corp. ^		41,600	$	939
Plum Creek Timber Co., Inc. ^		23,000		857
Public Storage, Inc. ^		20,000		1,630
Rayonier, Inc. ^		23,045		762
Regency Centers Corp. ^		23,900		943
Vornado Realty Trust ^		24,600		1,736
Real Estate Management & Development (0.7%)
Brookfield Properties Corp.		107,150		1,081
Software (1.1%)
Jack Henry & Associates, Inc. ^		85,200		1,620
Specialty Retail (5.9%)
AutoNation, Inc. ‡ ^		105,761		727
AutoZone, Inc. ‡ ^		17,300		2,202
Sherwin-Williams Co. ^		31,800		1,810
Staples, Inc. ^		83,900		1,630
Tiffany & Co. ^		56,100		1,540
TJX Cos., Inc. ^		30,400		813
Textiles, Apparel & Luxury Goods (1.6%)
Columbia Sportswear Co. ^		8,000		295
V.F. Corp.		38,500		2,121
Thrifts & Mortgage Finance (1.4%)
People’s United Financial, Inc. ^		114,400		2,002
Tobacco (1.2%)
Lorillard, Inc. ^		27,700		1,824
Water Utilities (0.5%)
American Water Works Co., Inc. ^		39,100		793
Wireless Telecommunication Services (1.5%)
Telephone & Data Systems, Inc. -Class L ^		79,600		2,181

Total Common Stocks (cost $195,491)				144,550


	Principal		Value

REPURCHASE AGREEMENT (1.4%)
State Street Repurchase Agreement 0.15%, dated 10/31/2008, to be repurchased at $2,087 on 11/03/2008 ◊ ▲	$	2,087		2,087

Total Repurchase Agreement (cost $2,087)				2,087


	Shares		Value

SECURITIES LENDING COLLATERAL (25.6%)
State Street Navigator Securities Lending Trust — Prime Portfolio, 2.71% ◊ ▲		37,881,521		37,882

Total Securities Lending Collateral (cost $37,882)				37,882


Total Investment Securities (cost $235,460) #			$	184,519

NOTES TO SCHEDULE OF INVESTMENTS:


^		All or a portion of this security is on loan. The value of all securities on loan is $36,952.

‡		Non-income producing security.

●		Repurchase agreement is collateralized by a U.S. Government Agency Obligation with an interest rate of 4.00%, a maturity date of 06/01/2014, and with a market value plus accrued interest of $2,129.

◊		State Street Bank & Trust serves as the accounting, custody, and lending agent for the Fund and provides various services on behalf of the Fund.

▲		Interest rate shown reflects the yield at 10/31/2008.

#		Aggregate cost for federal income tax purposes is $238,654. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $2,842 and $56,977, respectively. Net unrealized depreciation for tax purposes is $54,135.

DEFINITIONS:


LLC		Limited Liability Corporation

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


Transamerica Funds		Annual Report 2008

Page 96

Transamerica Loomis Sayles Bond

SCHEDULE OF INVESTMENTS
At October 31, 2008
(all amounts except share amounts in thousands)


	Principal		Value

FOREIGN GOVERNMENT OBLIGATIONS (9.4%)
Australia (2.4%)
New South Wales Treasury Corp.
5.50%, due 03/01/2017	AUD	16,980	$	11,048
7.00%, due 12/01/2010	AUD	4,400		3,030
Brazil (0.8%)
Brazilian Government International Bond
7.13%, due 01/20/2037 ^	$	380		349
Republic of Brazil
10.25%, due 01/10/2028 ^	BRL	12,500		4,010
Canada (3.9%)
Canada Housing Trust
3.55%, due 09/15/2013	CAD	1,825		1,517
Canadian Government Bond
3.75%, due 06/01/2012	CAD	6,690		5,758
5.25%, due 06/01/2012	CAD	10,770		9,725
5.75%, due 06/01/2033	CAD	5,300		5,304
Colombia (0.2%)
Republic of Colombia
9.85%, due 06/28/2027 ^	COP	665,000		206
12.00%, due 10/22/2015	COP	3,500,000		1,354
Mexico (2.1%)
Mexican Bonos
8.00%, due 12/17/2015 — 12/07/2023	MXN	160,530		11,742

Total Foreign Government Obligations (cost $65,506)				54,043


MORTGAGE-BACKED SECURITIES (1.5%)
United States (1.5%)
Credit Suisse Mortgage Capital Certificates
Series 2007-C3, Class A4
5.91%, due 06/15/2039	$	2,410		1,816
Credit Suisse Mortgage Capital Certificates
Series 2007-C5, Class A4
5.70%, due 09/15/2040		4,785		3,559
Credit Suisse Mortgage Capital Certificates
Series 2008-C1, Class A3
6.22%, due 02/15/2041		1,540		1,191
JPMorgan Chase Commercial Mortgage
Securities Corp.
Series 2007-CB19, Class A4
5.94%, due 02/12/2049		740		555
LB-UBS Commercial Mortgage Trust
Series 2007-C7, Class A3
5.87%, due 09/15/2045		2,070		1,555

Total Mortgage-Backed Securities (cost $10,508)				8,676


ASSET-BACKED SECURITIES (0.7%)
United States (0.7%)
American Express Co.
Series 2006-2, Class C
5.65%, due 01/15/2014 -144A		1,800		1,377
Arg Funding Corp.
Series 2005-2A, Class A5
2.64%, due 05/20/2011 -144A *		3,200		2,885

Total Asset-Backed Securities (cost $4,693)				4,262


CORPORATE DEBT SECURITIES (70.2%)
Australia (0.8%)
FBG Finance, Ltd.
5.88%, due 06/15/2035 -144A	$	4,450	$	3,223
General Electric Capital Australia Funding
Pty, Ltd.
8.00%, due 02/13/2012	AUD	1,635		995
Belgium (0.1%)
Delhaize Group
6.50%, due 06/15/2017	$	400		325
Bermuda (0.5%)
White Mountains Re Group, Ltd.
6.38%, due 03/20/2017 -144A		3,955		2,973
Canada (2.1%)
Barrick Gold Finance Co.
5.80%, due 11/15/2034		2,400		1,514
Barrick North America Finance LLC
6.80%, due 09/15/2018		900		755
Bell Canada
5.00%, due 02/15/2017 -144A	CAD	130		79
6.10%, due 03/16/2035 -144A	CAD	475		243
6.55%, due 05/01/2029 -144A	CAD	375		211
7.30%, due 02/23/2032 -144A	CAD	45		27
Bombardier, Inc.
6.30%, due 05/01/2014 -144A	$	1,510		1,200
7.45%, due 05/01/2034 -144A		800		560
CIT Group Funding Co. of Canada
5.20%, due 06/01/2015 *		370		194
EnCana Corp.
5.90%, due 12/01/2017 ^		1,320		1,057
6.63%, due 08/15/2037		1,360		961
Nortel Networks, Ltd.
6.88%, due 09/01/2023		425		157
Talisman Energy, Inc.
5.85%, due 02/01/2037		710		430
6.25%, due 02/01/2038		4,935		3,172
Teck Cominco, Ltd.
6.13%, due 10/01/2035		836		457
TELUS Corp.
4.95%, due 03/15/2017	CAD	1,665		1,109
Cayman Islands (0.8%)
Embraer Overseas, Ltd.
6.38%, due 01/24/2017 ^	$	1,300		845
Vale Overseas, Ltd.
6.88%, due 11/21/2036		5,450		3,916
Iceland (0.0%)
Kaupthing Bank HF Џ
5.75%, due 10/04/2011 -144A		3,800		152
India (0.2%)
Canara Bank
6.37%, due 11/28/2021		1,400		808
ICICI Bank, Ltd.
6.38%, due 04/30/2022 -144A		1,300		593
Ireland (0.3%)
Elan Finance PLC/Elan Finance Corp.
7.75%, due 11/15/2011		1,470		978
8.88%, due 12/01/2013		1,350		850
Korea, Republic of (0.3%)
SK Telecom Co., Ltd.
6.63%, due 07/20/2027 -144A		2,825		1,722

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


Transamerica Funds		Annual Report 2008

Page 97

Transamerica Loomis Sayles Bond

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)


	Principal		Value

Luxembourg (0.2%)
Telecom Italia Capital SA
6.00%, due 09/30/2034	$	1,450	$	789
6.38%, due 11/15/2033		548		330
Mexico (0.1%)
America Movil SAB de CV
8.46%, due 12/18/2036	MXN	14,000		719
Spain (0.1%)
Telefonica Emisiones Sau
7.05%, due 06/20/2036	$	450		357
Supranational (0.9%)
European Investment Bank
Zero Coupon, due 04/24/2013 - -144A §	IDR	118,809,000		3,898
International Bank For Reconstruction & Development
9.50%, due 05/27/2010	ISK	129,100		1,042
United Arab Emirates (0.6%)
DP World, Ltd.
6.85%, due 07/02/2037 -144A	$	6,410		3,426
United Kingdom (1.5%)
Barclays Bank PLC
6.05%, due 12/04/2017 -144A		2,195		1,656
British Sky Broadcasting Group PLC
6.10%, due 02/15/2018 -144A		1,500		1,265
BSKYB Finance UK PLC
5.63%, due 10/15/2015 -144A		860		733
6.50%, due 10/15/2035 -144A		855		643
National Grid PLC
6.30%, due 08/01/2016		500		420
Vodafone Group PLC
6.15%, due 02/27/2037		5,660		4,239
United States (61.7%)
Abitibibowater, Inc.
6.50%, due 06/15/2013 ^		910		257
ALLTEL Corp.
6.50%, due 11/01/2013		555		477
6.80%, due 05/01/2029		710		572
7.00%, due 07/01/2012		920		828
Ameren Energy Generating Co.
7.00%, due 04/15/2018		2,550		2,126
American Express Centurion Bank
6.00%, due 09/13/2017		1,130		845
American General Finance Corp.
6.90%, due 12/15/2017 ^		6,900		2,497
American Water Capital Corp.
6.59%, due 10/15/2037		3,550		2,351
Amgen, Inc.
6.38%, due 06/01/2037 ^		4,035		3,261
Amkor Technology, Inc.
7.75%, due 05/15/2013 ^		1,150		713
Anadarko Petroleum Corp.
6.45%, due 09/15/2036		1,810		1,291
Anheuser-Busch Cos., Inc.
6.45%, due 09/01/2037		1,040		724
Aramark Corp.
5.00%, due 06/01/2012		2,200		1,584
AT&T, Inc.
6.30%, due 01/15/2038		4,555		3,597
6.50%, due 03/15/2029 ^		850		685
Avnet, Inc.
6.00%, due 09/01/2015		1,210		939
Bank of America Corp.
5.75%, due 12/01/2017	$	2,730	$	2,351
8.00%, due 01/30/2018 Ž		215		161
8.13%, due 05/15/2018 Ž		1,490		1,155
Barclays Bank PLC
4.06%, due 09/16/2010 -144A	KRW	440,000		348
4.46%, due 09/23/2010 -144A	KRW	550,000		423
5.23%, due 03/23/2009 -144A *	KRW	881,370		693
Blockbuster, Inc.
9.00%, due 09/01/2012 ^ *	$	735		419
Boston Scientific Corp.
5.45%, due 06/15/2014		55		45
6.40%, due 06/15/2016		625		516
7.00%, due 11/15/2035 *		1,205		904
Bruce Mansfield Unit
6.85%, due 06/01/2034 §		2,810		2,900
Cargill, Inc.
6.00%, due 11/27/2017 -144A		4,960		3,990
Centex Corp.
5.25%, due 06/15/2015 ^		1,375		811
Chesapeake Energy Corp.
6.88%, due 11/15/2020		1,115		789
Cigna Corp.
6.15%, due 11/15/2036		2,450		1,606
CIT Group, Inc.
4.75%, due 12/15/2010 ^		650		398
5.00%, due 02/13/2014 ^		1,440		744
5.13%, due 09/30/2014		980		492
5.40%, due 01/30/2016		565		290
5.65%, due 02/13/2017		280		134
5.80%, due 10/01/2036		2,180		888
5.85%, due 09/15/2016 ^		180		90
7.63%, due 11/30/2012 ^		4,665		2,728
Citigroup, Inc.
5.00%, due 09/15/2014		3,015		2,383
5.50%, due 02/15/2017		2,200		1,652
Comcast Corp.
5.65%, due 06/15/2035 ^		7,420		5,056
6.50%, due 11/15/2035		1,400		1,075
6.95%, due 08/15/2037		1,565		1,276
Countrywide Financial Corp.
6.25%, due 05/15/2016		1,520		1,343
COX Communications, Inc.
6.45%, due 12/01/2036 -144A ^		2,830		1,997
CSC Holdings, Inc.
7.63%, due 07/15/2018		1,480		1,062
CSX Corp.
6.00%, due 10/01/2036 ^		3,790		2,378
6.15%, due 05/01/2037		170		111
6.25%, due 03/15/2018 ^		3,460		2,785
CVS Caremark Corp.
6.94%, due 01/10/2030 -144A		1,306		1,105
Delta Air Lines, Inc.
6.82%, due 08/10/2022		2,809		1,826
8.02%, due 08/10/2022		2,675		1,900
Dillard’s, Inc.
7.13%, due 08/01/2018		990		475
Dr Horton, Inc.
5.63%, due 09/15/2014		540		324
6.50%, due 04/15/2016		170		99

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


Transamerica Funds		Annual Report 2008

Page 98

Transamerica Loomis Sayles Bond

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)


	Principal		Value

United States (continued)
Dynegy Holdings, Inc.
7.50%, due 06/01/2015	$	65	$	47
7.63%, due 10/15/2026		450		203
7.75%, due 06/01/2019		625		419
El Paso Corp.
7.42%, due 02/15/2037		1,235		804
El Paso Natural Gas Co.
5.95%, due 04/15/2017		1,590		1,230
Embarq Corp.
7.08%, due 06/01/2016		515		397
Energy Future Holdings Corp.
5.55%, due 11/15/2014		6,735		3,646
6.50%, due 11/15/2024		1,110		530
6.55%, due 11/15/2034		305		144
Energy Transfer Partners, LP
6.13%, due 02/15/2017		4,840		3,886
Enterprise Products Operating, LP
6.30%, due 09/15/2017		1,900		1,553
Equifax, Inc.
7.00%, due 07/01/2037		500		317
Erac USA Finance Co.
7.00%, due 10/15/2037 -144A		3,145		1,840
Ford Motor Co.
6.50%, due 08/01/2018		100		31
6.63%, due 02/15/2028		4,788		1,174
7.45%, due 07/16/2031 ^		3,010		948
7.50%, due 08/01/2026		115		31
Ford Motor Credit Co. LLC
5.70%, due 01/15/2010 ^		4,395		3,262
Freescale Semiconductor, Inc.
10.13%, due 12/15/2016 ^		2,380		934
Frontier Communications Corp.
7.13%, due 03/15/2019		1,665		1,024
7.88%, due 01/15/2027		55		28
General Electric Capital Corp.
2.96%, due 05/18/2012	SGD	2,500		1,461
3.49%, due 03/08/2012	SGD	2,600		1,560
4.75%, due 09/15/2014 ^	$	12,175		10,545
General Motors Corp.
7.40%, due 09/01/2025		55		14
Georgia-Pacific LLC
7.25%, due 06/01/2028		190		110
7.38%, due 12/01/2025		1,000		575
7.70%, due 06/15/2015		235		163
7.75%, due 11/15/2029		875		525
8.00%, due 01/15/2024		2,500		1,588
8.88%, due 05/15/2031		2,125		1,371
GMAC LLC
4.75%, due 09/14/2009	EUR	370		358
5.38%, due 06/06/2011	EUR	1,095		740
5.75%, due 09/27/2010	EUR	1,365		1,061
6.00%, due 12/15/2011 ^	$	2,380		1,343
6.63%, due 05/15/2012		2,705		1,499
6.75%, due 12/01/2014		1,713		865
6.88%, due 09/15/2011 ^		480		273
8.00%, due 11/01/2031		970		440
Goldman Sachs Group, Inc.
5.00%, due 10/01/2014	$	3,095	$	2,586
5.15%, due 01/15/2014		1,555		1,306
5.63%, due 01/15/2017		370		271
6.75%, due 10/01/2037		1,000		651
Harley-Davidson Funding Corp.
6.80%, due 06/15/2018 -144A		6,865		5,457
Harrah’s Operating Co., Inc.
6.50%, due 06/01/2016		1,095		172
Hasbro, Inc.
6.60%, due 07/15/2028		4,730		3,924
HCA, Inc.
5.75%, due 03/15/2014		615		363
6.43%, due 01/15/2015		2,000		1,190
6.50%, due 02/15/2016 ^		4,915		2,888
7.05%, due 12/01/2027		55		31
7.19%, due 11/15/2015		1,965		1,081
7.50%, due 12/15/2023		2,680		1,529
7.58%, due 09/15/2025		755		457
7.69%, due 06/15/2025		1,220		749
7.75%, due 07/15/2036		125		73
Hexion Specialty Chemicals, Inc.
7.88%, due 02/15/2023		975		332
9.20%, due 03/15/2021		475		176
Highwoods Properties, Inc. REIT
5.85%, due 03/15/2017		1,175		755
Home Depot, Inc.
5.40%, due 03/01/2016 ^		75		57
5.88%, due 12/16/2036		7,374		4,411
International Lease Finance Corp.
5.25%, due 01/10/2013		535		349
5.65%, due 06/01/2014		300		192
6.63%, due 11/15/2013		555		360
International Paper Co.
5.25%, due 04/01/2016		1,800		1,267
7.95%, due 06/15/2018		3,515		2,847
Intuit, Inc.
5.75%, due 03/15/2017		680		527
iStar Financial, Inc. REIT
5.13%, due 04/01/2011		65		27
5.15%, due 03/01/2012		1,830		714
5.38%, due 04/15/2010		570		276
5.65%, due 09/15/2011		635		254
5.80%, due 03/15/2011 ^		150		61
5.95%, due 10/15/2013		1,100		418
JC Penney Corp., Inc.
5.75%, due 02/15/2018		395		277
6.38%, due 10/15/2036		5,435		3,255
7.40%, due 04/01/2037		355		242
7.63%, due 03/01/2097		430		279
Joy Global, Inc.
6.63%, due 11/15/2036		2,320		1,777
JPMorgan Chase & Co.
Zero coupon, due 09/10/2012 -144A	IDR	41,468,980		1,232
K Hovnanian Enterprises, Inc.
6.25%, due 01/15/2016 ^	$	4,080		1,225
6.38%, due 12/15/2014 ^		95		28
6.50%, due 01/15/2014		300		90
7.50%, due 05/15/2016		10		3
7.75%, due 05/15/2013 ^		40		12

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



Transamerica Funds		Annual Report 2008

Page 99

Transamerica Loomis Sayles Bond

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)


	Principal		Value

United States (continued)
Kar Holdings, Inc.
10.00%, due 05/01/2015 ^	$	775	$	438
KB Home
5.75%, due 02/01/2014		610		403
5.88%, due 01/15/2015		3,415		2,237
6.25%, due 06/15/2015		1,055		702
7.25%, due 06/15/2018		60		40
Kinder Morgan Energy Partners, LP
6.50%, due 02/01/2037		2,600		1,805
6.95%, due 01/15/2038		5,730		4,202
KLA-Tencor Corp.
6.90%, due 05/01/2018		4,000		3,224
Kraft Foods, Inc.
6.50%, due 11/01/2031		960		734
6.88%, due 02/01/2038		2,970		2,357
7.00%, due 08/11/2037		545		440
Lehman Brothers Holdings, Inc.
5.75%, due 01/03/2017 Џ		940		1
6.00%, due 05/03/2032 Џ		2,365		3
6.88%, due 07/17/2037 Џ		4,155		5
Lennar Corp.
5.13%, due 10/01/2010		50		38
5.50%, due 09/01/2014 ^		2,015		1,028
5.60%, due 05/31/2015 ^		1,605		802
Level 3 Financing, Inc.
8.75%, due 02/15/2017 ^		4,045		1,942
9.25%, due 11/01/2014		445		254
Lowe’s Companies, Inc.
6.65%, due 09/15/2037 ^		530		389
Lucent Technologies, Inc.
6.45%, due 03/15/2029		6,210		3,043
6.50%, due 01/15/2028		1,275		625
Mackinaw Power LLC
6.30%, due 10/31/2023 -144A		1,709		1,347
Macys Retail Holdings, Inc.
6.38%, due 03/15/2037		3,000		1,528
6.79%, due 07/15/2027		1,065		571
6.90%, due 04/01/2029		1,860		990
Masco Corp.
5.85%, due 03/15/2017		2,270		1,548
McDonald’s Corp.
6.30%, due 10/15/2037		4,675		4,098
Merrill Lynch & Co., Inc.
5.00%, due 01/15/2015		535		443
5.70%, due 05/02/2017		300		235
6.11%, due 01/29/2037		2,230		1,476
6.40%, due 08/28/2017		3,180		2,687
6.88%, due 04/25/2018		3,990		3,544
10.71%, due 03/08/2017	BRL	2,000		515
Miller Brewing Co.
5.50%, due 08/15/2013 -144A	$	265		254
Morgan Stanley
4.25%, due 05/15/2010 ^		1,730		1,596
5.38%, due 10/15/2015		1,520		1,188
5.45%, due 01/09/2017		585		468
5.55%, due 04/27/2017		2,000		1,593
5.95%, due 12/28/2017		130		104
Morgan Stanley (continued)
6.25%, due 08/09/2026	$	970	$	695
6.63%, due 04/01/2018		300		250
6.75%, due 04/15/2011		655		611
Mosaic Global Holdings, Inc.
7.30%, due 01/15/2028		420		299
7.38%, due 08/01/2018		400		325
Motorola, Inc.
5.22%, due 10/01/2097		690		335
6.50%, due 11/15/2028		1,310		812
6.63%, due 11/15/2037		6,565		3,843
New Albertsons, Inc.
6.63%, due 06/01/2028		4,020		2,570
7.45%, due 08/01/2029		630		441
7.75%, due 06/15/2026		460		342
Newmont Mining Corp.
5.88%, due 04/01/2035		2,090		1,526
News America, Inc.
6.15%, due 03/01/2037		4,240		3,087
6.20%, due 12/15/2034 ^		870		657
6.40%, due 12/15/2035		185		140
Nextel Communications, Inc.
5.95%, due 03/15/2014		1,225		661
6.88%, due 10/31/2013		1,395		795
7.38%, due 08/01/2015		1,585		872
NGC Corp. Capital Trust
8.32%, due 06/01/2027 ^		200		74
NiSource Finance Corp.
6.40%, due 03/15/2018		5,855		4,243
Nordstrom, Inc.
7.00%, due 01/15/2038		4,900		3,163
Northern Telecom Capital
7.88%, due 06/15/2026		300		120
Northwest Airlines, Inc.
7.03%, due 11/01/2019		6,708		4,427
Oneok Partners, LP
6.65%, due 10/01/2036		2,355		1,562
Owens & Minor, Inc.
6.35%, due 04/15/2016 §		835		805
Owens Corning, Inc.
6.50%, due 12/01/2016 *		790		588
7.00%, due 12/01/2036 *		2,870		1,818
Pioneer Natural Resources Co.
5.88%, due 07/15/2016		3,415		2,495
6.88%, due 05/01/2018		435		323
7.20%, due 01/15/2028		925		616
Plains All American Pipeline, LP
6.50%, due 05/01/2018		490		363
6.70%, due 05/15/2036		930		582
Pulte Homes, Inc.
6.00%, due 02/15/2035 ^		110		59
6.38%, due 05/15/2033		1,780		890
Qwest Capital Funding, Inc.
6.50%, due 11/15/2018		965		622
6.88%, due 07/15/2028		2,450		1,544
7.63%, due 08/03/2021 ^		1,000		650
7.75%, due 02/15/2031 ^		530		339

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



Transamerica Funds		Annual Report 2008

Page 100

Transamerica Loomis Sayles Bond

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)


	Principal		Value

United States (continued)
Qwest Corp.
6.50%, due 06/01/2017	$	565	$	404
6.88%, due 09/15/2033		1,560		967
7.20%, due 11/10/2026		895		577
7.25%, due 09/15/2025		965		632
7.50%, due 06/15/2023		1,895		1,222
Realty Income Corp.	REIT
6.75%, due 08/15/2019		3,795		2,905
Reynolds American, Inc.
6.75%, due 06/15/2017		358		269
7.25%, due 06/15/2037 ^		880		572
RH Donnelley Corp.
6.88%, due 01/15/2013 ^		1,870		430
8.88%, due 01/15/2016 ^		970		208
Sara Lee Corp.
6.13%, due 11/01/2032		2,195		1,690
Schering-Plough Corp.
6.55%, due 09/15/2037		2,835		2,261
Simon Property Group, LP	REIT
4.88%, due 08/15/2010		2,735		2,504
SLM Corp.
4.00%, due 01/15/2010		1,520		1,246
5.00%, due 06/15/2018		3,013		1,728
5.05%, due 11/14/2014		435		245
5.13%, due 08/27/2012		640		427
5.38%, due 05/15/2014 ^		1,927		1,214
5.40%, due 10/25/2011 ^		700		496
5.63%, due 08/01/2033		779		388
6.50%, due 06/15/2010	NZD	5,865		2,600
8.45%, due 06/15/2018	$	10,625		7,218
Southern Natural Gas Co.
5.90%, due 04/01/2017 -144A *		380		293
Sprint Capital Corp.
6.88%, due 11/15/2028 ^		10,035		5,870
6.90%, due 05/01/2019		940		663
Sprint Nextel Corp.
6.00%, due 12/01/2016		967		670
Starwood Hotels & Resorts Worldwide, Inc.
6.25%, due 02/15/2013		3,255		2,395
Steel Dynamics, Inc.
7.38%, due 11/01/2012		1,800		1,339
Target Corp.
6.50%, due 10/15/2037		6,053		4,357
Teva Pharmaceutical Finance LLC
6.15%, due 02/01/2036		870		629
Time Warner Cable, Inc.
6.55%, due 05/01/2037		2,900		2,209
Time Warner, Inc.
6.50%, due 11/15/2036		4,220		2,999
Toll Corp.
8.25%, due 12/01/2011 ^		3,230		2,746
Toro Co.
6.63%, due 05/01/2037		2,500		2,031
Toys “R” US, Inc.
7.38%, due 10/15/2018		6,440		3,349
7.88%, due 04/15/2013		355		217
Tribune Co.
5.25%, due 08/15/2015 ^		1,755		298
Unisys Corp.
8.00%, due 10/15/2012		615		388
United Airlines, Inc.
6.64%, due 07/02/2022	$	7,417	$	4,669
UnitedHealth Group, Inc.
6.63%, due 11/15/2037 ^		4,940		3,411
6.88%, due 02/15/2038		1,595		1,138
USG Corp.
6.30%, due 11/15/2016		4,585		2,751
7.75%, due 01/15/2018 *		780		538
Valero Energy Corp.
6.63%, due 06/15/2037		800		568
Verizon Communications, Inc.
6.25%, due 04/01/2037 ^		2,590		2,001
Verizon Maryland, Inc.
5.13%, due 06/15/2033		200		121
Verizon New England, Inc.
4.75%, due 10/01/2013 ^		6,125		5,160
Viacom, Inc.
6.88%, due 04/30/2036		4,345		3,033
Wachovia Bank NA
6.60%, due 01/15/2038		4,180		3,305
Wachovia Corp.
5.50%, due 08/01/2035		632		457
Western Union Co.
6.20%, due 11/17/2036		1,240		799
Westvaco Corp.
7.95%, due 02/15/2031		1,135		986
8.20%, due 01/15/2030		1,155		922
Weyerhaeuser Co.
6.88%, due 12/15/2033		115		76
Xerox Corp.
6.35%, due 05/15/2018		6,330		4,639
XTO Energy, Inc.
6.10%, due 04/01/2036		1,835		1,264
Yum! Brands, Inc.
6.88%, due 11/15/2037		5,910		3,842

Total Corporate Debt Securities (cost $582,186)				405,379


STRUCTURED NOTES DEBT (0.8%)
United States (0.8%)
JPMorgan Chase & Co.
Zero Coupon, due 10/22/2012 -144A	KRW	6,748,800		4,059
JPMorgan Chase & Co.
Zero Coupon, due 04/12/2012 -144A	IDR	21,967,355		752

Total Structure Notes Debt (cost $7,619)				4,811


	Shares		Value

CONVERTIBLE PREFERRED STOCKS (0.5%)
United States (0.5%)
AES Trust III, 6.75% ▲		10,950		392
Bank of America Corp., 7.25% ▲		625		438
EI Paso Energy Capital Trust I, 4.75% ▲ ^		6,300		173
Lehman Brothers Holdings, Inc., 7.25% ▲ Џ		1,920		2
Lucent Technologies Capital Trust I, 7.75% ▲		4,900		1,470
Newell Financial Trust I, 5.25% ▲		10,000		277

Total Convertible Preferred Stocks (cost $7,163)				2,752

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



Transamerica Funds		Annual Report 2008

Page 101

Transamerica Loomis Sayles Bond

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)


	Shares		Value

PREFERRED STOCKS (1.0%)
United States (1.0%)
Comcast Corp., 7.00% ▲		108,601		2,179
Countrywide Capital IV, 6.75% ▲		88,375		1,445
Fannie Mae
4.75% ▲ ^		8,150		20
5.13% ▲		2,900		8
5.38% ▲		5,800		16
5.81% ▲		2,400		7
6.75% ▲		3,700		5
8.25% ▲ ^		388,125		793
Freddie Mac
5.00% ▲ ^		4,150		8
5.57% ▲		63,300		58
5.66% ▲		18,750		16
5.70% ▲		6,500		10
5.79% ▲		12,000		22
5.81% ▲		4,200		8
5.90% ▲		9,300		10
6.00% ▲		5,350		10
6.42% ▲ ^		3,750		8
6.55% ▲ ^		14,400		15
8.38% ▲ ^		161,275		250
Lehman Brothers Holdings Capital Trust V
6.00% ▲ Џ		2,100		♦
Lehman Brothers Holdings, Inc.
5.67% ▲ Џ		3,900		♦
5.94% ▲ Џ		4,125		♦
6.50% ▲ Џ		18,075		♦
7.95% ▲ Џ		18,230		♦
SLM Corp.
6.00% ▲		78,825		854

Total Preferred Stocks (cost $20,168)				5,742

COMMON STOCKS (0.0%)
United States (0.0%)
Freddie Mac ^		72,000		74
Owens-Illinois, Inc. ‡ ^		10,796		247

Total Common Stocks (cost $2,369)				321


	Principal		Value

CONVERTIBLE BONDS (2.2%)
Canada (0.2%)
Nortel Networks Corp.
1.75%, due 04/15/2012	$	450		178
Nortel Networks Corp.
2.13%, due 04/15/2014 ^	$	2,870	$	1,004
United States (2.0%)
Chesapeake Energy Corp.
2.25%, due 12/15/2038		265		132
Hercules, Inc.
6.50%, due 06/30/2029 §		1,260		781
Human Genome Sciences, Inc.
2.25%, due 08/15/2012		1,170		605
Incyte Corp., Ltd.
3.50%, due 02/15/2011		650		436
iStar Financial, Inc. REIT
4.38%, due 10/01/2012 *		80		30
JDS Uniphase Corp.
1.00%, due 05/15/2026 ^		450		273
Level 3 Communications, Inc.
3.50%, due 06/15/2012 ^		1,365		544
6.00%, due 09/15/2009 ^		370		311
6.00%, due 03/15/2010 ^		2,770		1,676
Liberty Media LLC
3.50%, due 01/15/2031		124		37
Nektar Therapeutics
3.25%, due 09/28/2012		1,960		1,004
Nextel Communications, Inc.
5.25%, due 01/15/2010		900		761
Valeant Pharmaceuticals International
4.00%, due 11/15/2013		1,300		1,160
Vertex Pharmaceuticals, Inc.
4.75%, due 02/15/2013		2,795		3,536

Total Convertible Bonds (cost $16,688)				12,468

REPURCHASE AGREEMENT (11.6%)
United States (11.6%)
State Street Repurchase Agreement 0.15%, dated 10/31/2008, to be repurchased at $66,952 on 11/03/2008 ◊ ●		66,951		66,951

Total Repurchase Agreement (cost $66,951)				66,951


	Shares		Value

SECURITIES LENDING COLLATERAL (8.2%)
United States (8.2%)
State Street Navigator Securities Lending Trust — Prime Portfolio, 2.71% ◊ ▲		47,205,621		47,206

Total Securities Lending Collateral (cost $47,206)				47,206

Total Investment Securities (cost $831,057) #			$	612,611

FORWARD FOREIGN CURRENCY CONTRACTS:


						Amount in U.S.			Net Unrealized
				Settlement		Dollars Bought			Appreciation
Currency	Bought (Sold)			Date		(Sold)			(Depreciation)

Euro		575			12/17/2008	$	813		$	(81	)
Euro		324			12/17/2008		440			(28	)
Euro		(1,825	)		12/17/2008		(2,595	)		272
Euro		(825	)		12/17/2008		(1,050	)		♦

									$	163

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


Transamerica Funds		Annual Report 2008

Page 102

Transamerica Loomis Sayles Bond

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)


	Percentage of
(unaudited)	Total Investments			Value

INVESTMENTS BY INDUSTRY:
Foreign Government Obligation		8.5	%	$	54,043
Diversified Financial Services		6.8	%		41,650
Diversified Telecommunication Services		6.2	%		37,970
Oil, Gas & Consumable Fuels		4.9	%		30,294
Consumer Finance		4.7	%		28,757
Media		4.7	%		28,383
Capital Markets		3.3	%		20,232
Health Care Providers & Services		2.5	%		15,321
Multiline Retail		2.5	%		15,139
Commercial Banks		2.3	%		14,068
Airlines		2.1	%		12,822
Electric Utilities		2.0	%		12,034
Communications Equipment		1.9	%		11,861
Household Durables		1.9	%		11,813
Paper & Forest Products		1.7	%		10,686
Hotels, Restaurants & Leisure		1.7	%		10,507
Metals & Mining		1.6	%		9,506
Food Products		1.5	%		9,211
Specialty Retail		1.5	%		8,842
Wireless Telecommunication Services		1.4	%		8,717
Mortgage-Backed Security		1.4	%		8,676
Real Estate Investment Trusts		1.3	%		7,944
Biotechnology		1.3	%		7,838
Building Products		1.2	%		7,243
Road & Rail		1.2	%		7,114
Pharmaceuticals		1.0	%		5,880
Semiconductors & Semiconductor Equipment		0.8	%		4,871
Food & Staples Retailing		0.8	%		4,783
Office Electronics		0.8	%		4,639
Machinery		0.7	%		4,315
Asset-Backed Security		0.7	%		4,262
Beverages		0.7	%		4,201
Leisure Equipment & Products		0.6	%		3,924
Transportation Infrastructure		0.6	%		3,426
Independent Power Producers & Energy Traders		0.5	%		3,292
Insurance		0.5	%		2,973
Thrifts & Mortgage Finance		0.5	%		2,788
IT Services		0.5	%		2,771
Aerospace & Defense		0.4	%		2,605
Water Utilities		0.4	%		2,351
Automobiles		0.4	%		2,198
Health Care Equipment & Supplies		0.2	%		1,464
Chemicals		0.2	%		1,406
U.S. Government Agency Obligation		0.2	%		1,338
Life Sciences Tools & Services		0.2	%		1,005
Electronic Equipment & Instruments		0.2	%		939
Tobacco		0.1	%		841
Software		0.1	%		527
Multi-Utilities		0.1	%		420
Professional Services		0.1	%		317
Containers & Packaging		0.0	%		247

Investment Securities, at Value		81.4	%		498,454
Short-Term Investments		18.6	%		114,157

Total Investments		100.0	%	$	612,611

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



Transamerica Funds		Annual Report 2008

Page 103

Transamerica Loomis Sayles Bond

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)

NOTES TO SCHEDULE OF INVESTMENTS:

^		All or a portion of this security is on loan. The value of all securities on loan is $46,134.

*		Floating or variable rate note. Rate is listed as of 10/31/2008.

Ž		The security has a perpetual maturity. The date shown is the next call date.

Џ		In default.

§		Illiquid. At 10/31/2008, these securities aggregated $8,384 or 1.45% of the Fund’s net assets.

♦		Value and/or principal is less than $1.

‡		Non-income producing security.

•		Repurchase agreement is collateralized by a U.S. Government Agency Obligation with an interest rate of 5.89%, a maturity date of 01/01/2037, and with a market value plus accrued interest of $68,294.

◊		State Street Bank & Trust serves as the accounting, custody, and lending agent for the Fund and provides various services on behalf of the Fund.

▲		Interest rate shown reflects the yield at 10/31/2008.

#		Aggregate cost for federal income tax purposes is $831,264. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $1,525 and $220,178 respectively. Net unrealized depreciation for tax purposes is $218,653.

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 10/31/2008, these securities aggregated $50,656, or 8.77% of the fund’s net assets.


LLC		Limited Liability Corporation


LP		Limited Partnership


PLC		Public Limited Company


REIT		Real Estate Investment Trust


AUD		Australian Dollar


BRL		Brazilian Real


CAD		Canadian Dollar


COP		Colombian Peso


EUR		Euro


IDR		Indonesian Rupiah


ISK		Iceland Krona


KRW		Korean Won


MXN		Mexican Peso


NZD		New Zealand Dollar


SGD		Singapore Dollar

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



Transamerica Funds		Annual Report 2008

Page 104

Transamerica Marsico International Growth

SCHEDULE OF INVESTMENTS
At October 31, 2008

(all amounts except share amounts in thousands)


	Shares		Value

COMMON STOCKS (87.8%)
Australia (3.1%)
CSL, Ltd.		361,368	$	8,788
Bermuda (1.3%)
Esprit Holdings, Ltd.		648,000		3,682
Brazil (5.4%)
Gafisa SA		413,927		2,916
Petroleo Brasileiro SA ADR		258,434		6,949
Unibanco — Uniao de Bancos
Brasileiros SA GDR ‡		85,596		5,399
Canada (3.4%)
Rogers Communications, Inc. -Class B		327,174		9,498
Denmark (2.9%)
Vestas Wind Systems ‡		199,461		8,170
Finland (0.9%)
Nokia OYJ		160,546		2,459
France (9.0%)
Accor SA ^		117,533		4,573
Alstom SA		70,339		3,486
AXA SA		343,006		6,553
BNP Paribas ^		78,978		5,702
Cie Generale de Geophysique-Veritas ‡ ^		170,543		2,758
JC Decaux SA ^		138,966		2,415
Germany (3.0%)
Bayerische Motoren Werke AG		59,761		1,515
Linde AG		86,794		7,182
Hong Kong (1.6%)
Cheung Kong Holdings, Ltd.		161,000		1,546
CNOOC, Ltd.		3,774,000		3,099
India (1.6%)
ICICI Bank, Ltd. ADR ^		257,105		4,394
Israel (3.5%)
Teva Pharmaceutical Industries, Ltd. ADR ^		231,065		9,908
Japan (10.1%)
Daikin Industries, Ltd. ^		148,529		3,341
Daiwa Securities Group, Inc. ^		752,000		4,251
Honda Motor Co., Ltd. ^		70,300		1,748
Marubeni Corp.		1,385,000		5,381
Mizuho Financial Group, Inc. ^		1,463		3,572
Nintendo Co., Ltd.		31,500		10,121
Mexico (1.5%)
Cemex SAB de CV ADR ‡ ^		550,830		4,164
Netherlands (2.6%)
Heineken NV		219,344		7,399
Singapore (0.2%)
Singapore Airlines, Ltd.		91,000		697
Spain (2.4%)
Banco Bilbao Vizcaya Argentaria SA ^		135,795		1,576
Gamesa Corp. Tecnologica SA		315,861		5,178
Switzerland (17.0%)
ABB, Ltd. ‡		254,822		3,344
Actelion, Ltd. ‡ ^		77,129		4,075
Alcon, Inc.		30,200		2,661
Credit Suisse Group AG ^		265,590		9,931
Julius Baer Holding AG		120,535		4,714
Lonza Group AG ^		97,861		8,122
Nestle SA		192,945		7,503
Roche Holding AG		19,687		3,011
UBS AG		283,966		4,818
Taiwan (5.1%)
HON HAI Precision Industry Co., Ltd.		2,119,150		5,115
Taiwan Semiconductor Manufacturing
Co., Ltd. ADR		1,143,892		9,449
United Kingdom (11.6%)
BG Group PLC		544,924		8,013
BP PLC		355,698		2,900
HSBC Holdings PLC		465,516		5,514
Reckitt Benckiser Group PLC		115,205		4,873
Tesco PLC		1,697,288		9,300
Vodafone Group PLC		1,353,810		2,604
United States (1.6%)
Genentech, Inc. ‡ ^		41,587		3,449
Las Vegas Sands Corp. ‡ ^		86,783		1,231

Total Common Stocks (cost $361,924)				249,047


	Principal		Value

REPURCHASE AGREEMENT (10.3%)
United States (10.3%)
State Street Repurchase Agreement 0.15%, dated 10/31/2008, to be repurchased at $29,278 on 11/03/2008 ◊ •	$	29,278		29,278

Total Repurchase Agreement (cost $29,278)				29,278


	Shares		Value
SECURITIES LENDING COLLATERAL (21.2%)
State Street Navigator Securities Lending Trust — Prime Portfolio, 2.71% ◊		60,084,341		60,084

Total Securities Lending Collateral (cost $60,084)				60,084

Total Investment Securities (cost $451,286) #			$	338,409

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



Transamerica Funds		Annual Report 2008

Page 105

Transamerica Marsico International Growth

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)


	Percentage of
(unaudited)	Total Investments			Value

INVESTMENTS BY INDUSTRY:
Commercial Banks		7.8	%	$	26,157
Capital Markets		7.0	%		23,715
Oil, Gas & Consumable Fuels		6.2	%		20,960
Biotechnology		4.8	%		16,312
Pharmaceuticals		3.8	%		12,919
Electrical Equipment		3.4	%		11,656
Software		3.0	%		10,121
Diversified Telecommunication Services		2.8	%		9,498
Semiconductors & Semiconductor Equipment		2.8	%		9,449
Food & Staples Retailing		2.8	%		9,300
Life Sciences Tools & Services		2.4	%		8,122
Food Products		2.2	%		7,503
Beverages		2.2	%		7,399
Chemicals		2.1	%		7,182
Insurance		1.9	%		6,553
Hotels, Restaurants & Leisure		1.7	%		5,804
Trading Companies & Distributors		1.6	%		5,381
Aerospace & Defense		1.5	%		5,178
Electronic Equipment & Instruments		1.5	%		5,115
Household Products		1.4	%		4,873
Construction Materials		1.2	%		4,164
Specialty Retail		1.1	%		3,682
Construction & Engineering		1.0	%		3,344
Building Products		1.0	%		3,341
Automobiles		1.0	%		3,263
Household Durables		0.9	%		2,916
Energy Equipment & Services		0.8	%		2,758
Health Care Equipment & Supplies		0.8	%		2,661
Wireless Telecommunication Services		0.8	%		2,604
Communications Equipment		0.7	%		2,459
Media		0.7	%		2,415
Real Estate Management & Development		0.5	%		1,546
Airlines		0.2	%		697

Investment Securities, at Value		73.6	%		249,047
Short-Term Investments		26.4	%		89,362

Total Investments		100.0	%	$	338,409

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 $57,713.

▲		Interest rate shown reflects the yield at 10/31/2008.

●		Repurchase agreement is collateralized by a U.S. Government Agency Obligation with an interest rate of 4.00%, a maturity date of 06/01/2014, and with a market value plus accrued interest of $29,864.

◊		State Street Bank & Trust serves as the accounting, custody, and lending agent for the Fund and provides various services on behalf of the Fund.

#		Aggregate cost for federal income tax purposes is $471,884. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $3,609 and $137,084, respectively. Net unrealized depreciation for tax purposes is $133,475.

DEFINITIONS:


ADR		American Depository Receipt

GDR		Global Depository Receipt

PLC		Public Limited Company

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


Transamerica Funds		Annual Report 2008

Page 106

Transamerica Neuberger Berman International

SCHEDULE OF INVESTMENTS
At October 31, 2008
(all amounts except share amounts in thousands)


	Shares		Value

COMMON STOCKS (93.4%)
Australia (0.6%)
Woodside Petroleum, Ltd.		66,606	$	1,882
Belgium (3.7%)
Colruyt SA		20,315		4,566
Euronav NV		64,889		949
InBev NV ^		81,705		3,295
Option NV ‡ ^		316,156		927
Telenet Group Holding NV ‡		97,260		1,511
Bermuda (0.5%)
TPV Technology, Ltd.		7,632,000		1,515
Brazil (3.8%)
Amil Participacoes SA		310,440		1,433
Cia Vale do Rio Doce -Class B ADR ^		359,705		4,212
Natura Cosmeticos SA		7,820		67
Petroleo Brasileiro SA -Class A ADR		159,022		3,510
Ultrapar Participacoes SA ADR ^		138,490		2,562
Canada (4.7%)
Addax Petroleum Corp.		107,222		1,596
Addax Petroleum Corp. -144A ‡		29,300		438
Cameco Corp.		167,380		2,740
First Calgary Petroleums, Ltd. ‡ ^		476,455		1,376
MacDonald Dettwiler & Associates, Ltd. ‡ ^		275,670		4,947
Potash Corp. of Saskatchewan		13,330		1,137
Talisman Energy, Inc.		241,180		2,383
Cayman Islands (1.7%)
Hengan International Group Co., Ltd.		1,206,215		3,364
Want Want China Holdings, Ltd.		4,876,000		1,836
Chile (0.7%)
Sociedad Quimica y Minera de Chile SA ADR ^		93,985		2,152
Cyprus (0.7%)
Prosafe Se ^		604,850		2,248
Finland (1.4%)
Nokia OYJ		284,985		4,365
France (8.6%)
Euler Hermes SA		47,615		2,346
Ipsen SA		114,527		4,353
Ipsos §		172,722		4,342
Pernod-Ricard SA ^		36,345		2,367
Publicis Groupe ^		75,515		1,707
Teleperformance		132,050		2,849
Total SA ADR ^		82,815		4,591
Vallourec		33,431		3,740
Germany (10.9%)
Continental AG ‡ ^		24,783		1,772
Deutsche Boerse AG		19,000		1,486
Fresenius Medical Care AG		73,105		3,239
Gea Group AG		192,265		2,761
Gerresheimer AG		142,470		4,910
Leoni AG		101,845		1,263
Pfeiffer Vacuum Technology AG ^		47,828		2,863
SAP AG ADR		93,535		3,305
Tognum AG		231,180		2,555
Wacker Chemie AG		40,700		4,398
Wincor Nixdorf AG		114,541		4,961
Greece (1.0%)
Intralot SA-Integrated Lottery Systems & Services		169,505		873
Piraeus Bank SA		181,277		2,300
Hong Kong (1.0%)
China Mobile, Ltd. ADR ^		68,565		3,009
India (0.3%)
State Bank of India, Ltd. GDR		21,270		978
Ireland (1.5%)
DCC PLC		200,105		3,119
Dragon Oil PLC ‡ §		563,207		1,457
Israel (1.0%)
Makhteshim-Agan Industries, Ltd.		306,820		1,162
Teva Pharmaceutical Industries, Ltd. ADR ^		41,700		1,788
Italy (2.0%)
Milano Assicurazioni SpA		1,146,250		3,747
Unione DI Banche Italiane Scpa		145,665		2,457
Japan (16.2%)
Alfresa Holdings Corp. ^		59,000		2,566
East Japan Railway Co.		557		3,964
Exedy Corp.		120,100		1,721
Fanuc, Ltd. ^		46,300		3,085
Hisamitsu Pharmaceutical Co., Inc. ^		38,300		1,596
Hogy Medical Co., Ltd. ^		58,400		3,226
Ibiden Co., Ltd. ^		64,800		1,212
Nifco, Inc.		193,000		2,837
Nihon Kohden Corp. ^		393,000		6,639
Nintendo Co., Ltd. ADR ^		69,915		2,727
Nitto Denko Corp. ^		77,500		1,716
Olympus Corp. ^		146,000		2,814
Sankyo Co., Ltd.		95,900		4,267
Shiseido Co., Ltd. ^		108,000		2,222
Takeda Pharmaceutical Co., Ltd.		78,100		3,880
Terumo Corp.		39,600		1,650
Toyota Motor Corp. ADR ^		48,250		3,671
Jersey, C.I. (1.1%)
Experian Group, Ltd.		632,943		3,491
Korea, Republic of (1.0%)
Hyundai Mobis		49,958		2,934
Netherlands (8.5%)
Aalberts Industries NV ^		161,980		1,480
ASML Holding NV		159,888		2,799
CSM ^		141,720		2,624
Fugro NV		82,350		2,943
Heineken NV ^		73,800		2,490
Nutreco Holding NV		75,640		2,412
Sligro Food Group NV §		143,475		3,088
TNT NV		218,295		4,607
Unilever NV		138,875		3,347
Norway (1.2%)
DnB NOR ASA ^		634,530		3,677
Singapore (0.9%)
United Overseas Bank, Ltd.		314,000		2,839
Spain (2.9%)
Banco Santander SA		298,570		3,229
Telefonica SA ^		305,995		5,665
Sweden (1.1%)
Getinge AB -Class B ^		246,320		3,445
Switzerland (3.6%)
Barry Callebaut AG ‡ ^		5,460		2,729
Nestle SA		111,065		4,319
Swiss Reinsurance ^		99,575		4,153

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


Transamerica Funds		Annual Report 2008

Page 107

Transamerica Neuberger Berman International

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)


	Shares		Value

United Kingdom (12.8%)
Amlin PLC		1,073,676	$	5,498
Barclays Bank PLC		326,601		936
Chemring Group PLC		176,065		4,517
Diageo PLC		174,900		2,669
GlaxoSmithKline PLC		102,883		1,978
Halma PLC		635,745		1,681
Informa PLC		742,765		2,516
Laird PLC		743,060		1,951
Raymarine PLC		548,070		132
RPS Group PLC		1,057,997		2,518
Sepura, Ltd.		853,086		652
SSL International PLC		597,035		4,032
Tullow Oil PLC		185,154		1,572
Vodafone Group PLC		4,842,267		9,315

Total Common Stocks (cost $438,147)				287,740


	Principal		Value

REPURCHASE AGREEMENT (6.0%)
United States (6.0%)
State Street Repurchase Agreement 0.15%, dated 10/31/2008, to be repurchased at $18,553 on 11/03/2008 ◊ •	$	18,553		18,553

Total Repurchase Agreement (cost $18,553)				18,553


	Shares		Value

SECURITIES LENDING COLLATERAL (20.7%)
State Street Navigator Securities Lending Trust — Prime Portfolio, 2.71% ◊ ▲		63,649,572		63,650

Total Securities Lending Collateral (cost $63,650)				63,650

Total Investment Securities (cost $520,350) #			$	369,943


	Percentage of
(unaudited)	Total Investments			Value

INVESTMENTS BY INDUSTRY:
Health Care Equipment & Supplies		6.7	%	$	24,370
Oil, Gas & Consumable Fuels		5.8	%		21,545
Food Products		4.7	%		17,266
Commercial Banks		4.4	%		16,417
Chemicals		4.4	%		16,163
Insurance		4.0	%		14,831
Pharmaceuticals		3.7	%		13,596
Wireless Telecommunication Services		3.3	%		12,324
Media		3.1	%		11,415
Machinery		3.0	%		11,167
Software		3.0	%		10,978
Beverages		2.9	%		10,821
Food & Staples Retailing		2.1	%		7,654
Diversified Telecommunication Services		1.9	%		7,176
Auto Components		1.7	%		6,427
Communications Equipment		1.6	%		5,944
Personal Products		1.5	%		5,654
Energy Equipment & Services		1.4	%		5,191
Computers & Peripherals		1.3	%		4,961
Containers & Packaging		1.3	%		4,910
Air Freight & Logistics		1.3	%		4,607

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


Transamerica Funds		Annual Report 2008

Page 108

Transamerica Neuberger Berman International

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)


	Percentage of
(unaudited)	Total Investments			Value

INVESTMENTS BY INDUSTRY (continued):
Aerospace & Defense		1.2	%	$	4,517
Leisure Equipment & Products		1.2	%		4,399
Metals & Mining		1.1	%		4,212
Road & Rail		1.1	%		3,964
Automobiles		1.0	%		3,671
Professional Services		0.9	%		3,491
Health Care Providers & Services		0.9	%		3,239
Electrical Equipment		0.9	%		3,215
Industrial Conglomerates		0.8	%		3,119
Diversified Financial Services		0.8	%		3,001
Electronic Equipment & Instruments		0.8	%		2,893
Semiconductors & Semiconductor Equipment		0.8	%		2,799
Specialty Retail		0.7	%		2,562
Construction & Engineering		0.7	%		2,555
Commercial Services & Supplies		0.7	%		2,518
Thrifts & Mortgage Finance		0.6	%		2,346
Marine		0.3	%		949
Hotels, Restaurants & Leisure		0.2	%		873

Investment Securities, at Value		77.8	%		287,740
Short-Term Investments		22.2	%		82,203

Total Investments		100.0	%	$	369,943

NOTES TO SCHEDULE OF INVESTMENTS:


^		All or a portion of this security is on loan. The value of all securities on loan is $61,112.

‡		Non-income producing security.

▲		Interest rate shown reflects the yield at 10/31/2008.

§		Illiquid. At 10/31/2008, these securities aggregated $8,887 or 2.89% of the Fund’s net assets.

●		Repurchase agreement is collateralized by a U.S. Government Agency Obligation with an interest rate of 3.56%, a maturity date of 10/25/2036, and with a market value plus accrued interest of $18,925.

◊		State Street Bank & Trust serves as the accounting, custody, and lending agent for the Fund and provides various services on behalf of the Fund.

#		Aggregate cost for federal income tax purposes is $530,516. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $1,978 and $162,551, respectively. Net unrealized depreciation for tax purposes is $160,573.

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 10/31/2008, these securities aggregated $438, or 0.14% of the Fund’s net assets.
ADR		American Depository Receipt
GDR		Global Depository Receipt
PLC		Public Limited Company

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


Transamerica Funds		Annual Report 2008

Page 109

Transamerica Oppenheimer Developing Markets

SCHEDULE OF INVESTMENTS
At October 31, 2008
(all amounts except share amounts in thousands)


	Shares		Value

PREFERRED STOCKS (2.6%)
Brazil (2.5%)
All America Latina Logistica SA, 0.42% ▲		338,000	$	1,576
Lojas Americanas SA, 1.18% ▲		1,548,990		4,261
NET Servicos de Comunicacao SA, Zero Coupon ‡		317,662		2,012
Korea, Republic of (0.1%)
S-Oil Corp., 11.73% ▲		6,882		265

Total Preferred Stocks (cost $18,636)				8,114


COMMON STOCKS (95.4%)
Argentina (0.0%)
IRSA Inversiones y Representaciones SA GDR ‡ ^		14,500		52
Bermuda (0.1%)
Credicorp, Ltd.		8,700		342
Varitronix International		685,000		146
Brazil (8.7%)
B2W Cia Global Do Varejo		34,000		436
BM&F Bovespa SA		1,269,146		3,392
Cia Vale do Rio Doce -Class B ADR ^		458,100		5,556
Diagnosticos DA Am Com Npv		59,200		686
Empresa Brasileira de Aeronautica SA ADR ^		240,000		5,021
Natura Cosmeticos SA		602,600		5,201
Petroleo Brasileiro SA ADR		88,312		2,375
Petroleo Brasileiro SA -Class A ADR		219,700		4,849
Cayman Islands (3.6%)
Baidu.Com ADR ‡ ^		2,100		433
Focus Media Holding, Ltd. ADR ‡ ^		27,600		511
SINA Corp. ‡ ^		228,400		7,400
Tencent Holdings, Ltd.		413,800		3,012
Chile (2.5%)
Banco Santander Chile		68,112,201		2,082
Centros Comerciales Sudamericanos SA		2,952,481		4,318
Saci Falabella		429,773		1,131
China (1.0%)
China Shenhua Energy Co., Ltd.		1,059,000		2,011
Shanghai Zhenhua Port Machinery Co.		1,343,600		846
Travelsky Technology, Ltd.		1,757,000		423
Egypt (4.0%)
Commercial International Bank		432,497		2,175
Commercial International Bank -144A GDR §		18,360		82
Eastern Tobacco		27,012		1,045
Orascom Telecom Holding Sae		1,638,080		9,526
France (0.2%)
Technip SA ^		19,400		581
Hong Kong (9.8%)
China Mobile, Ltd. ADR ^		56,000		2,458
China Resources Enterprise		2,219,000		4,418
China Unicom, Ltd.		7,478,000		10,676
CNOOC, Ltd.		1,191,000		978
Hang Lung Properties, Ltd.		1,604,000		3,919
Hong Kong Exchanges And Clearing, Ltd.		496,000		5,030
Hutchison Whampoa, Ltd.		175,000		946
Television Broadcasts, Ltd.		918,000		2,553
India (14.6%)
ABB, Ltd.		57,200		645
Bharat Electronics, Ltd.		51,500		646
Divis Laboratorie		100,154		2,318
HCL Technologies, Ltd.		370,040		1,323
HDFC Bank Ltd. ADR ^		98,000		6,429
Hindustan Unilever, Ltd.		643,700		2,923
Housing Development Finance Corp.		146,400		5,314
Infosys Technologies, Ltd.		608,500		17,689
Infosys Technologies, Ltd. ADR ^		32,900		965
ITC, Ltd.		506,100		1,611
Rico Auto Industries, Ltd.		19,100		4
Tata Consultancy Services, Ltd.		333,001		3,715
ZEE Entertainment Enterprises, Ltd.		927,100		2,944
Indonesia (2.5%)
Bank Central Asia		3,446,000		835
Gudang Garam		1,738,249		672
PT Astra International TBK		1,565,400		1,303
Telekomunikasi Industries		10,289,675		5,148
Unilever Indonesia		187,000		128
Korea, Republic of (3.7%)
Amorepacific Corp. ^		1,590		699
GS Engineering		13,602		646
Hyundai Development Co.		32,679		884
Hyundai Engineering & Construction Co., Ltd.^		56,105		2,304
NHN Corp. ‡ ^		37,717		4,014
Shinsegae Co.		9,103		3,195
Luxembourg (0.5%)
Oriflame Cosmetics		24,000		750
Tenaris SA ADR		39,700		817
Mexico (8.9%)
America Movil SAB de CV -Class R ADR		100,700		3,116
Corp. Geo SAB de CV -Class B ‡ ^		515,300		701
Corp. Interamericana de Entretenimiento SAB de CV ‡		325,700		253
Fomento Economico Mexicano SAB de CV ADR		80,600		2,038
Fomento Economico Mexicano SAB de CV		1,396,700		3,579
Grupo Financiero Banorte SAB de CV ^		2,647,100		5,104
Grupo Televisa SA ADR		458,200		8,092
Sare Holding SAB de CV -Class B ‡ ^		2,150,001		591
Wal-Mart de Mexico SAB de CV -Class V ^		1,866,993		5,011
Norway (0.3%)
DNO International ASA ‡ ^		1,471,500		991
Philippines (2.5%)
Jollibee Foods		1,564,200		1,479
SM Prime Php1 REIT		36,104,470		6,214
Portugal (0.4%)
Jeronimo Martins SGPS SA		274,800		1,402
Russian Federation (4.5%)
Gazprom OAO ADR		399,300		7,951
Gazprom OAO ADR ^		26,500		527
Magnit OAO ‡		103,000		1,648
MMC Norilsk Nickel ADR		99,800		999
Novatek OAO -144A GDR ^ §		82,800		3,271
Polymetal -144A GDR ‡ §		39,800		80

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


Transamerica Funds		Annual Report 2008

Page 110

Transamerica Oppenheimer Developing Markets

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except shares in thousands)


	Shares		Value

South Africa (3.1%)
Adcock Ingram Holdings, Ltd. ‡		78,048	$	273
Anglo Platinum, Ltd.		53,500		2,211
Impala Platinum Holdings, Ltd.		150,600		1,572
Liberty Group, Ltd.		64,900		405
Standard Bank Group, Ltd.		473,519		3,760
Tiger Brands, Ltd.		111,548		1,617
Taiwan (12.5%)
HON HAI Precision Industry Co., Ltd.		639,584		1,544
Mediatek, Inc.		1,147,993		10,281
President Chain Store Corp.		854,000		1,983
Realtek Semiconductor Corp.		1,357,040		2,035
Synnex Tech International		1,306,726		1,696
Taiwan Semiconductor Manufacturing Co., Ltd.		14,038,640		20,427
Taiwan Semiconductor Manufacturing Co., Ltd. ADR ^		173,048		1,429
Yuanta Financial Holdings		1,438,000		562
Thailand (0.1%)
Kiatnakin Bank PLC		1,298,087		370
Turkey (7.2%)
Aksigorta Try1		342,986		707
Anadolu AS		267,493		2,265
Bim Birlesik Magazalar As		96,900		1,957
Enka Insaat VE Sanayi As		2,166		8
Ford Otomotiv Sanayi AS		171,612		540
Haci OMER Sabanci Holding As		982,500		2,386
Haci OMER Sabanci Holding As ADR		1,026,350		620
Turkcell Iletisim Hizmet AS		1,172,500		5,885
Turkiye Garanti Bankasi AS ‡		1,940,100		3,259
Yapi VE Kredi Bankasi AS ‡		4,069,177		5,160
United Kingdom (4.7%)
HSBC Holdings PLC		716,846		8,533
Sabmiller PLC		392,820		6,239

Total Common Stocks (cost $480,091)				303,302


	Principal		Value

REPURCHASE AGREEMENT (2.1%)
United States (2.1%)
State Street Repurchase Agreement 0.15%, dated 10/31/2008, to be repurchased at $6,836 on 11/03/2008 ◊ •	$	6,836		6,836

Total Repurchase Agreement (cost $6,836)				6,836


	Shares		Value

SECURITIES LENDING COLLATERAL (13.3%)
State Street Navigator Securities Lending Trust — Prime Portfolio, 2.71% ◊ ▲		42,270,035		42,270

Total Securities Lending Collateral (cost $42,270)				42,270

Total Investment Securities (cost $547,833) #			$	360,522


	Percentage of
(unaudited)	Total Investments			Value

INVESTMENTS BY INDUSTRY:
Wireless Telecommunication Services		10.2	%	$	36,810
Semiconductors & Semiconductor Equipment		9.5	%		34,172
Commercial Banks		9.0	%		32,656
Diversified Financial Services		6.3	%		22,779
Oil, Gas & Consumable Fuels		5.9	%		21,206
IT Services		5.6	%		19,977
Media		4.5	%		16,365
Internet Software & Services		4.1	%		14,859
Beverages		3.9	%		14,121
Food & Staples Retailing		3.7	%		13,269
Metals & Mining		3.5	%		12,428
Multiline Retail		2.4	%		8,587
Real Estate Investment Trusts		1.7	%		6,214
Personal Products		1.6	%		5,900
Aerospace & Defense		1.6	%		5,667
Construction & Engineering		1.3	%		4,479
Trading Companies & Distributors		1.2	%		4,418
Real Estate Management & Development		1.1	%		3,971
Software		1.0	%		3,715
Electronic Equipment & Instruments		0.9	%		3,386
Tobacco		0.9	%		3,328
Household Products		0.9	%		3,051

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


Transamerica Funds		Annual Report 2008

Page 111

Transamerica Oppenheimer Developing Markets

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except shares in thousands)


	Percentage of
(unaudited)	Total Investments			Value

INVESTMENTS BY INDUSTRY (continued):
Pharmaceuticals		0.7	%	$	2,591
Industrial Conglomerates		0.7	%		2,356
Automobiles		0.5	%		1,843
Distributors		0.5	%		1,648
Food Products		0.5	%		1,617
Road & Rail		0.4	%		1,576
Hotels, Restaurants & Leisure		0.4	%		1,479
Energy Equipment & Services		0.4	%		1,398
Household Durables		0.4	%		1,293
Insurance		0.3	%		1,112
Marine		0.2	%		846
Specialty Retail		0.2	%		750
Health Care Providers & Services		0.2	%		686
Internet & Catalog Retail		0.1	%		436
Commercial Services & Supplies		0.1	%		423
Auto Components		0.0	%		4

Investment Securities, at Value		86.4	%		311,416
Short-Term Investments		13.6	%		49,106

Total Investments		100.0	%	$	360,522

NOTES TO SCHEDULE OF INVESTMENTS:


▲		Interest rate shown reflects the yield at 10/31/2008.

‡		Non-income producing security.

♦		Value and/or principal is less than $1.

§		Illiquid. At 10/31/2008, these securities aggregated $3,433 or 1.08% of the Fund’s net assets.

^		All or a portion of this security is on loan. The value of all securities on loan is $40,859.

•		Repurchase agreement is collateralized by U.S. Government Agency Obligations with interest rates ranging from 3.94% to 4.00%, maturity dates ranging between 06/01/2014 to 08/01/2037, and with a market values plus accrued interests of $6,973.

◊		State Street Bank & Trust serves as the accounting, custody, and lending agent for the Fund and provides various services on behalf of the Fund.

#		Aggregate cost for federal income tax purposes is $556,843. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $1,907 and $198,228, respectively. Net unrealized depreciation for tax purposes is $196,321.

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 10/31/2008, these securities aggregated $3,433, or 1.08% of the Fund’s net assets.

ADR		American Depository Receipt

GDR		Global Depository Receipt

PLC		Public Limited Company

REIT		Real Estate Investment Trust

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


Transamerica Funds		Annual Report 2008

Page 112

Transamerica Oppenheimer Small- & Mid-Cap Value

SCHEDULE OF INVESTMENTS
At October 31, 2008
(all amounts except shares in thousands)


	Shares		Value

COMMON STOCKS (95.3%)
Aerospace & Defense (1.7%)
Goodrich Corp.		58,090	$	2,124
Air Freight & Logistics (1.2%)
Atlas Air Worldwide Holdings, Inc. ‡ ^		81,504		1,575
Auto Components (0.9%)
Goodyear Tire & Rubber Co. ‡ ^		131,790		1,176
Beverages (1.2%)
Molson Coors Brewing Co. -Class B ^		39,950		1,493
Capital Markets (5.0%)
Affiliated Managers Group, Inc. ‡ ^		41,654		1,932
Investment Technology Group, Inc. ‡ ^		87,061		1,777
Julius Baer Holding AG		69,853		2,732
Chemicals (5.7%)
Eastman Chemical Co.		23,294		941
FMC Corp.		40,660		1,770
Lubrizol Corp.		81,320		3,056
Mosaic Co.		39,150		1,543
Commercial Banks (2.3%)
East-West Bancorp, Inc. ^		118,724		2,060
National City Corp. ^		348,420		941
Communications Equipment (1.4%)
ADC Telecommunications, Inc. ‡ ^		290,290		1,840
Computers & Peripherals (0.6%)
Western Digital Corp. ‡		47,400		782
Consumer Finance (2.4%)
SLM Corp. ‡ ^		290,292		3,097
Diversified Financial Services (1.2%)
Fifth Street Finance Corp. ^		55,600		378
Liberty Acquisition Holdings Corp. ‡		145,220		1,191
Electric Utilities (1.9%)
Cleco Corp.		104,560		2,406
Electrical Equipment (0.8%)
General Cable Corp. ‡ ^		58,240		995
Electronic Equipment & Instruments (2.6%)
Agilent Technologies, Inc. ‡ ^		87,134		1,934
Amphenol Corp. -Class A		47,858		1,371
Energy Equipment & Services (1.1%)
National Oilwell Varco, Inc. ‡		20,282		606
Weatherford International, Ltd. ‡		43,512		734
Food & Staples Retailing (0.6%)
Kroger Co. ^		29,040		797
Gas Utilities (0.9%)
Equitable Resources, Inc. ^		34,860		1,210
Health Care Equipment & Supplies (1.0%)
Hospira, Inc. ‡		46,470		1,293
Health Care Providers & Services (5.1%)
Community Health Systems, Inc. ‡ ^		101,600		2,083
Coventry Health Care, Inc. ‡ ^		58,090		766
DaVita, Inc. ‡		39,147		2,222
Health Net, Inc. ‡ ^		116,169		1,496
Hotels, Restaurants & Leisure (2.1%)
Pinnacle Entertainment, Inc. ‡ ^		203,200		1,138
Scientific Games Corp. -Class A ‡ ^		87,126		1,568
Household Products (1.0%)
Energizer Holdings, Inc. ‡ ^		26,238		1,282
Independent Power Producers & Energy Traders (1.7%)
AES Corp. ‡ ^		58,218		464
NRG Energy, Inc. ‡ ^		69,130		1,607
Industrial Conglomerates (2.2%)
McDermott International, Inc. ‡		87,130		1,493
Tyco International, Ltd.		49,600		1,254
Insurance (7.0%)
ACE, Ltd.		58,088		3,332
Everest RE Group, Ltd.		40,744		3,044
Fidelity National Financial, Inc. -Class A ^		145,671		1,312
National Financial Partners Corp. ^		111,772		744
Protective Life Corp. ^		57,670		482
IT Services (2.7%)
Affiliated Computer Services, Inc. -Class A ‡		46,470		1,905
Teletech Holdings, Inc. ‡ ^		174,157		1,574
Leisure Equipment & Products (1.4%)
Mattel, Inc. ^		116,170		1,745
Life Sciences Tools & Services (1.6%)
Thermo Fisher Scientific, Inc. ‡		48,900		1,985
Machinery (2.7%)
Joy Global, Inc. ^		58,091		1,683
Navistar International Corp. ‡ ^		58,151		1,752
Marine (0.4%)
Navios Maritime Holdings, Inc. ^		203,970		569
Media (4.2%)
Cablevision Systems Corp. -Class A ^		116,400		2,064
Cinemark Holdings, Inc. ^		58,170		482
Liberty Global, Inc. -Class A ‡ ^		87,319		1,440
Liberty Global, Inc. -Class C ‡ ^		87,318		1,411
Metals & Mining (0.6%)
Nucor Corp.		17,500		709
Multi-Utilities (2.3%)
CMS Energy Corp. ^		290,338		2,976
Oil, Gas & Consumable Fuels (5.8%)
Alpha Natural Resources, Inc. ‡ ^		34,850		1,247
Cabot Oil & Gas Corp.		46,470		1,304
Capital Product Partners LP		27,110		308
Peabody Energy Corp. ^		34,851		1,203
Range Resources Corp. ^		46,469		1,962
Southern Union Co. ^		87,133		1,500
Pharmaceuticals (0.5%)
Shire Pharmaceuticals PLC ADR ^		17,430		688
Real Estate Investment Trusts (2.0%)
BioMed Realty Trust, Inc. ^		58,086		816
General Growth Properties, Inc. ^		174,920		724
SL Green Realty Corp. ^		23,240		977
Semiconductors & Semiconductor Equipment (3.8%)
LAM Research Corp. ‡		87,130		1,948
Marvell Technology Group, Ltd. ‡		174,160		1,212
Varian Semiconductor Equipment Associates, Inc. ‡ ^		87,130		1,709
Software (5.0%)
Amdocs, Ltd. ‡ ^		43,600		984
Electronic Arts, Inc. ‡ ^		87,500		1,993
McAfee, Inc. ‡		69,706		2,269
THQ, Inc. ‡ ^		129,948		968
Specialty Retail (2.8%)
Advance Auto Parts, Inc.		49,611		1,548
Bed Bath & Beyond, Inc. ‡ ^		52,290		1,348
Chico’s FAS, Inc. ‡ ^		203,860		693

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


Transamerica Funds		Annual Report 2008

Page 113

Transamerica Oppenheimer Small- & Mid-Cap Value

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)


	Shares		Value

Textiles, Apparel & Luxury Goods (0.9%)
Phillips-Van Heusen Corp.		49,320	$	1,209
Thrifts & Mortgage Finance (1.2%)
NewAlliance Bancshares, Inc. ^		113,640		1,568
Tobacco (2.4%)
Lorillard, Inc.		46,590		3,068
Trading Companies & Distributors (1.2%)
Aircastle, Ltd. ^		223,620		1,554
Wireless Telecommunication Services (2.2%)
Crown Castle International Corp. ‡		58,090		1,230
NII Holdings, Inc. ‡		58,070		1,497

Total Common Stocks (cost $ 189,518)				121,863


	Principal		Value

REPURCHASE AGREEMENT (5.2%)
State Street Repurchase Agreement 0.15%, dated 10/31/2008, to be repurchased at $6,593 on 11/03/2008 ◊ •	$	6,593		6,593

Total Repurchase Agreement (cost $6,593)				6,593


	Shares		Value

SECURITIES LENDING COLLATERAL (25.0%)
State Street Navigator Securities Lending Trust — Prime Portfolio, 2.71% ◊ ▲		31,980,189		31,980

Total Securities Lending Collateral (cost $ 31,980)				31,980

Total Investment Securities (cost $228,091) #			$	160,436

NOTES TO SCHEDULE OF INVESTMENTS:


^		All or a portion of this security is on loan. The value of all securities on loan is $31,086.

‡		Non-income producing security.

•		Repurchase agreement is collateralized by a U.S. Government Agency Obligation with an interest rate of 3.56%, a maturity date of 10/25/2036, and with a market value plus accrued interest of $6,725.

◊		State Street Bank & Trust serves as the accounting, custody, and lending agent for the Fund and provides various services on behalf of the Fund.

▲		Interest rate shown reflects the yield at 10/31/2008.

#		Aggregate cost for federal income tax purposes is $233,304. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $1,470 and $74,338, respectively. Net unrealized depreciation for tax purposes is $72,868.

DEFINITIONS:


ADR		American Depository Receipt

LP		Limited Partnership

PLC		Public Limited Company

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


Transamerica Funds		Annual Report 2008

Page 114

Transamerica Schroders International Small Cap

SCHEDULE OF INVESTMENTS
At October 31, 2008
(all amounts except share amounts in thousands)


	Shares		Value

COMMON STOCKS (99.3%)
Australia (3.3%)
Computershare, Ltd.		145,453	$	822
Iluka Resources, Ltd. ‡		308,109		744
Panaust, Ltd. ‡		1,683,132		244
Sonic Healthcare, Ltd.		63,930		584
Transpacific Industries Group, Ltd. ^		177,883		424
United Group, Ltd. ^		121,760		773
Austria (2.7%)
Andritz AG		20,000		570
Kapsch Trafficcom AG		33,100		679
Rosenbauer International AG		34,000		850
Schoeller-Bleckmann Oilfield Equipment AG		23,000		816
Belgium (1.1%)
Evs Broadcast Equipment SA		19,300		1,246
Bermuda (0.6%)
ARA Asset Management, Ltd. -144A		2,581,000		600
Cayman Islands (1.3%)
Daphne International Holdings, Ltd.		2,000,000		402
Want Want China Holdings, Ltd.		2,608,000		982
China (0.4%)
China Molybdenum Co., Ltd.		669,000		209
China National Building Material Co., Ltd.		426,000		249
Denmark (1.3%)
Trigon Agriculture ‡		56,000		33
Trygvesta As ^		22,246		1,338
Finland (0.9%)
F-Secure OYJ		230,000		718
Yit OYJ		50,000		311
France (7.8%)
Altamir Amboise		65,000		261
Alten, Ltd. ‡		27,000		680
Bourbon SA ^		39,000		1,100
Easydentic ‡		8,400		155
Guyenne Et Gascogne SA		5,500		415
Homair SA ‡		67,500		168
Ipsen SA		24,000		912
Lisi		5,000		223
Meetic ‡		8,550		121
Rubis		20,000		1,108
Saft Groupe SA		52,000		1,518
Store Electronic ‡		56,000		856
Sword Group		30,000		530
Virbac SA		6,000		392
Germany (4.2%)
Bilfinger Berger AG		28,500		1,284
Grenkeleasing AG		26,500		730
Hawesko Holding AG		11,300		241
Invision Software AG ‡		6,984		72
Morphosys AG ‡		4,500		280
Mtu Aero Engines Holding AG		39,200		756
Rheinmetall AG		34,000		1,035
SFC Smart Fuel Cell AG ‡		9,376		70
Xing AG ‡		3,400		114
Greece (2.2%)
Alapis Holding Industrial And Commercial SA		88,072		126
Babis Vovos International
Construction SA REIT ‡		57,331		1,075
Fourlis Holdings SA		34,494		388
Frigoglass SA		13,700		86
Hellenic Exchanges SA Holding Clearing
Settlement And Registry		17,000		149
Jumbo SA		55,000		558
Hong Kong (4.0%)
Agile Property Holdings, Ltd.		1,806,000		600
China Everbright, Ltd.		454,000		426
China Insurance International
Holdings Co., Ltd.		625,000		1,457
Dah Sing Banking Group, Ltd.		680,400		379
Hong Kong Aircraft Engineerg Co., Ltd.		46,800		369
MTR Corp.		286,000		634
Television Broadcasts, Ltd.		174,000		484
Ireland (0.9%)
DCC PLC		60,000		938
Israel (0.8%)
Oridion Systems, Ltd. ‡ §		140,000		886
Italy (3.2%)
Acea SpA		90,000		1,174
Azimut Holding SpA		230,000		1,320
CIR-Compagnie Industriali Riunite SpA ^		920,000		988
Japan (21.5%)
AICA Kogyo Co., Ltd.		101,700		903
Alpha Corp. Npv ^		10,500		63
Arcs Co., Ltd.		101,100		1,440
Chugoku Marine Paints, Ltd. ^		255,000		1,297
Daido Steel Co., Ltd.		241,000		763
Daihatsu Diesel Manufacturing Co., Ltd.		159,000		768
Dc Co., Ltd.		71,300		171
Dowa Mining Co., Ltd.		179,000		540
Exedy Corp.		37,400		536
Fujikura Kasei Co., Ltd.		49,800		265
Furukawa-Sky Aluminum Corp.		43,000		86
Glory, Ltd.		12,600		181
H.I.S. Co. ^		34,500		499
Hisaka Works, Ltd. ^		55,000		634
Icom, Inc.		12,800		246
JSP Corp.		112,500		787
Koito Manufacturing Co., Ltd.		28,000		217
Lintec Corp.		22,200		260
Misumi Group, Inc.		4,700		72
Miura Co., Ltd.		17,400		357
Musashi Seimitsu Industry Co., Ltd. ^		95,700		1,201
Nabtesco Corp.		50,000		305
NEC Networks & System Integration Corp.		29,100		330
Nichi-Iko Pharmaceutical Co., Ltd.		46,000		972
Nidec Copal Corp.		30,600		279
Nifco, Inc.		64,300		945
Nihon Parkerizing Co., Ltd.		96,000		1,132
Nippon Thompson Co., Ltd.		194,000		972
Nishimatsuya Chain Co., Ltd. ^		52,000		524
Nitta Corp.		89,700		1,003
OBIC Co., Ltd.		5,770		706
Osg Corp. ^		29,900		216
Ryosan Co., Ltd.		8,400		160
Sato Corp.		14,100		141
Shinmaywa Industries, Ltd.		275,000		722

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


Transamerica Funds		Annual Report 2008

Page 115

Transamerica Schroders International Small Cap

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)


	Shares		Value

Japan (continued)
Sumida Corp.		38,500	$	220
Tokyo Tomin Bank, Ltd.		30,800		415
Trusco Nakayama Corp. ^		68,200		895
Tsumura & Co.		14,600		374
Tsuruha Holdings, Inc.		13,800		338
Tsutsumi Jewelry Co., Ltd.		33,700		657
Union Tool Co. ^		34,600		767
Korea, Republic of (2.3%)
KCC Corp.		2,154		420
Lig Insurance Co., Ltd.		30,980		361
Samsung C&T Corp.		14,355		460
Samsung Engineering Co., Ltd.		8,872		355
TK Corp. ‡		56,529		916
Luxembourg (1.4%)
Oriflame Cosmetics ^		50,000		1,562
Netherlands (6.2%)
Accell Group		17,000		387
Arcadis NV		102,000		1,207
Exact Holding NV		23,000		536
Fugro NV		37,500		1,340
James Hardie Industries NV ^		162,206		461
SBM Offshore NV ^		100,000		1,760
Ten Cate NV		50,000		1,060
New Zealand (1.2%)
Fisher & Paykel Healthcare Corp., Ltd. ^		407,565		710
Fletcher Building, Ltd.		181,871		618
Norway (0.5%)
Pronova Biopharma As ‡		49,000		127
Stepstone ASA ‡		375,000		429
Singapore (2.4%)
CapitaMall Trust REIT ‡ ^		580,000		769
Goodpack, Ltd.		1,117,000		933
Parkway Holdings, Ltd.		316,000		339
Smrt Corp., Ltd.		579,000		610
Spain (3.1%)
Enagas		82,000		1,602
Red Electrica Corp. SA		39,300		1,723
Sweden (2.1%)
Elekta AB -Class B		9,720		123
Saab AB ^		66,000		688
Swedish Match AB		102,000		1,417
Switzerland (8.9%)
Acino Holding AG		6,800		1,408
Bank Sarasin & CIE AG		33,500		986
BKW FMB Energie AG		20,500		1,852
Bucher Industries AG		731		79
Financiere Tradition		8,000		666
Geberit AG		9,400		977
Helvetia Holding AG		4,000		686
Mobilezone Holding AG		230,000		1,487
Newave Energy Holding SA ‡		8,960		309
Sika AG		1,500		1,183
United Kingdom (15.0%)
Albemarle & Bond Holdings		210,313		626
AMEC PLC		70,000		586
Assetco PLC		246,019		284
Avocet Mining PLC ‡		197,767		225
Bodycote PLC		267,283		535
BSS Group PLC		119,697		441
Burberry Group PLC		66,516		296
Carillion PLC		118,535		398
Consort Medical PLC		73,167		412
Cranswick PLC		78,641		803
CSR PLC ‡		133,857		446
Daily Mail & General Trust		113,077		533
E2V Technologies PLC		179,594		651
Fidessa Group PLC		43,685		404
Future PLC		1,463,377		306
Grainger PLC REIT ^		172,943		222
Greggs PLC		8,875		466
Hamworthy PLC		79,819		304
Helphire PLC ^		186,047		317
Helphire PLC ‡		39,534		68
Holidaybreak PLC		74,151		212
Hunting PLC		42,498		294
Imperial Energy Corp. PLC ‡		31,162		426
Inchcape PLC		112,060		143
Keller Group PLC		81,046		681
Kier Group PLC		61,927		676
Laird PLC		76,115		200
Mitie Group		199,549		606
Morgan Sindall PLC		42,477		344
Oxford Instruments PLC		200,598		604
Premier Oil ‡		28,153		338
Redrow PLC ^		139,547		467
Scott Wilson Group PLC		179,595		300
SDL PLC ‡		127,956		502
Speedy Hire PLC		66,515		256
United Business Media, Ltd.		71,322		464
Venture Production PLC		59,864		391
Vitec Group PLC		93,123		263
VT Group PLC		101,515		818

Total Common Stocks (cost $175,614)				107,865


SECURITIES LENDING COLLATERAL (11.6%)
United States (11.6%)
State Street Navigator Securities Lending Trust — Prime Portfolio, 2.71% ◊ ▲		12,597,745		12,598

Total Securities Lending Collateral (cost $ 12,598)				12,598

Total Investment Securities (cost $188,212) #			$	120,463

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


Transamerica Funds		Annual Report 2008

Page 116

Transamerica Schroders International Small Cap

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)


	Percentage of
(unaudited)	Total Investments			Value

INVESTMENTS BY INDUSTRY:
Machinery		8.8	%	$	10,620
Construction & Engineering		5.3	%		6,359
Chemicals		4.9	%		5,869
Energy Equipment & Services		4.7	%		5,670
Specialty Retail		4.2	%		5,002
Pharmaceuticals		3.5	%		4,186
Diversified Financial Services		3.5	%		4,178
Oil, Gas & Consumable Fuels		3.5	%		4,159
Industrial Conglomerates		3.3	%		4,022
Electronic Equipment & Instruments		3.3	%		3,988
Insurance		3.2	%		3,841
IT Services		3.1	%		3,777
Metals & Mining		3.1	%		3,729
Electric Utilities		3.0	%		3,576
Auto Components		2.3	%		2,785
Road & Rail		2.1	%		2,562
Building Products		1.9	%		2,300
Food Products		1.9	%		2,285
Aerospace & Defense		1.9	%		2,262
Food & Staples Retailing		1.8	%		2,193
Trading Companies & Distributors		1.8	%		2,124
Real Estate Investment Trusts		1.7	%		2,066
Media		1.5	%		1,787
Commercial Banks		1.5	%		1,780
Commercial Services & Supplies		1.3	%		1,600
Construction Materials		1.2	%		1,498
Leisure Equipment & Products		1.2	%		1,487
Tobacco		1.2	%		1,416
Electrical Equipment		1.1	%		1,365
Health Care Equipment & Supplies		1.0	%		1,245
Software		1.0	%		1,193
Multi-Utilities		1.0	%		1,174
Health Care Providers & Services		0.8	%		923
Hotels, Restaurants & Leisure		0.7	%		880
Capital Markets		0.5	%		600
Real Estate Management & Development		0.5	%		600
Household Durables		0.4	%		467
Semiconductors & Semiconductor Equipment		0.4	%		446
Transportation Infrastructure		0.3	%		369
Professional Services		0.2	%		300
Textiles, Apparel & Luxury Goods		0.2	%		296
Life Sciences Tools & Services		0.2	%		280
Communications Equipment		0.2	%		246
Internet Software & Services		0.2	%		234
Household Products		0.1	%		126

Investment Securities, at Value		89.5	%		107,865
Short-Term Investments		10.5	%		12,598

Total Investments		100.0	%	$	120,463

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


Transamerica Funds		Annual Report 2008

Page 117

Transamerica Schroders International Small Cap

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)

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 $11,936.

§		Illiquid. At 10/31/2008, these securities aggregated $886 or 0.82% of the Fund’s net assets.

▲		Interest rate shown reflects the yield at 10/31/2008.

◊		State Street Bank & Trust serves as the accounting, custody, and lending agent for the Fund and provides various services on behalf of the Fund.

#		Aggregate cost for federal income tax purposes is $188,266. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $1,019 and $68,822, respectively. Net unrealized depreciation for tax purposes is $67,803.

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 10/31/2008, these securities aggregated $600, or 0.55% of the fund’s net assets.

PLC		Public Limited Company

REIT		Real Estate Investment Trust

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


Transamerica Funds		Annual Report 2008

Page 118

Transamerica Third Avenue Value

SCHEDULE OF INVESTMENTS
At October 31, 2008
(all amounts except share amounts in thousands)


	Shares		Value

COMMON STOCKS (88.8%)
Bermuda (2.5%)
Brookfield Infrastructure Partners, LP ^		26,617	$	399
BW Gas, Ltd. ‡		305,194		648
Montpelier RE Holdings, Ltd. ^		325,711		4,661
Nabors Industries, Ltd. ‡ ^		196,865		2,831
Canada (12.9%)
Brookfield Asset Management, Inc. - -Class A		659,586		11,892
Canfor Corp. ‡ ^		1,087,723		6,200
E-L Financial Corp., Ltd.		5,786		1,872
EnCana Corp.		247,000		12,575
Power Corp. of Canada		507,564		11,033
Germany (0.5%)
Allianz SE		7,900		580
Lanxess AG		63,000		954
Hong Kong (13.2%)
Cheung Kong Holdings, Ltd.		1,264,153		12,138
Chong Hing Bank, Ltd.		937,190		1,177
Hang Lung Group, Ltd.		928,692		2,988
Hang Lung Properties, Ltd.		1,703,749		4,163
Henderson Land
Development Co., Ltd.		2,949,538		10,667
Hutchison Whampoa, Ltd.		1,941,888		10,494
Wharf Holdings, Ltd.		1,507,141		3,007
Japan (14.4%)
Daiichi Sankyo Co., Ltd.		215,386		4,416
Mitsui Fudosan Co., Ltd.		839,462		14,643
Sapporo Breweries ^		534,000		2,938
Tokio Marine Holdings, Inc.		410,080		12,649
Toyota Industries Corp. ^		610,107		13,774
Korea, Republic of (3.5%)
POSCO ADR ^		174,261		11,709
Sweden (2.8%)
Investor AB -Class A		651,546		9,449
United Kingdom (0.2%)
Derwent London PLC REIT ^		70,050		820
United States (38.8%)
Alamo Group, Inc. ^		213,981		2,692
Alexander & Baldwin, Inc. ^		68,770		2,194
AMBAC Financial Group, Inc. ^		328,252		880
Applied Materials, Inc. ^		133,961		1,729
AVX Corp. ^		826,145		7,452
Bank of New York Mellon Corp.		560,052		18,258
Bel Fuse, Inc. -Class A ^		17,848		372
Bristow Group, Inc. ‡ ^		59,895		1,484
Brookline Bancorp, Inc. ^		240,858		2,818
Capital Southwest Corp. ^		19,256		1,964
Cimarex Energy Co. ^		341,128		13,802
CIT Group, Inc. ^		194,517		805
Cross Country Healthcare, Inc. ‡ ^		166,206		1,881
Electro Scientific Industries, Inc. ‡		196,486		1,645
Electronics For Imaging, Inc. ‡		102,436		1,086
Forest City Enterprises, Inc. - -Class A ^		453,218		5,389
Intel Corp.		315,961		5,055
Leapfrog Enterprises, Inc. -Class A ‡ ^		259,111		1,749
Legg Mason, Inc. ^		240,452		5,336
Lexmark International, Inc. -Class A ‡ ^		66,205		1,710
MBIA, Inc.		1,211,786		11,912
MDC Holdings, Inc. ^		53,363		1,795
MGIC Investment Corp. ^		144,137		559
NewAlliance Bancshares, Inc. ^		142,535		1,967
Radian Group, Inc. ^		360,585		1,298
St Joe Co. ‡ ^		370,892		11,468
St. Mary Land & Exploration Co. ^		124,198		3,091
Superior Industries International, Inc. ^		178,263		2,549
Sycamore Networks, Inc. ‡		1,508,183		5,037
Tejon Ranch Co. ‡ ^		76,574		2,225
Tellabs, Inc. ‡ ^		891,479		3,780
USG Corp. ‡ ^		148,911		2,207
Westwood Holdings Group, Inc. ^		111,753		4,286

Total Common Stocks (cost $522,910)				299,152


	Principal		Value

SHORT-TERM U.S. GOVERNMENT OBLIGATIONS (5.9%)
United States (5.9%)
U.S. Treasury Bill
Zero Coupon, due 01/08/2009	$	10,000		9,996
Zero Coupon, due 04/09/2009 ^		10,000		9,962

Total Short-Term U.S. Government Obligations (cost $19,958)				19,958


REPURCHASE AGREEMENT (4.9%)
State Street Repurchase Agreement 0.15%, dated 10/31/2008, to be repurchased at $16,584 on 11/03/2008 ◊ ●		16,584		16,584


Total Repurchase Agreement (cost $16,584)				16,584


	Shares		Value

SECURITIES LENDING COLLATERAL (25.9%)
State Street Navigator Securities Lending Trust — Prime Portfolio, 2.71% ◊ ▲		87,313,687		87,314


Total Securities Lending Collateral (cost $87,314)				87,314


			$	423,008

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


Transamerica Funds		Annual Report 2008

Page 119

Transamerica Third Avenue Value

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)


	Percentage of
(unaudited)	Total Investments			Value

INVESTMENTS BY INDUSTRY:
Real Estate Management & Development		17.8	%	$	75,573
Insurance		10.3	%		43,587
Oil, Gas & Consumable Fuels		7.1	%		30,116
Capital Markets		7.1	%		29,843
Auto Components		3.9	%		16,323
Industrial Conglomerates		3.2	%		13,501
Metals & Mining		2.8	%		11,709
Diversified Financial Services		2.4	%		10,254
Communications Equipment		2.2	%		9,189
Electronic Equipment & Instruments		2.2	%		9,096
Semiconductors & Semiconductor Equipment		1.6	%		6,785
Thrifts & Mortgage Finance		1.6	%		6,642
Paper & Forest Products		1.5	%		6,200
Pharmaceuticals		1.0	%		4,416
Energy Equipment & Services		1.0	%		4,315
Beverages		0.7	%		2,938
Computers & Peripherals		0.7	%		2,796
Machinery		0.6	%		2,692
Building Products		0.5	%		2,207
Marine		0.5	%		2,194
Health Care Providers & Services		0.4	%		1,881
Household Durables		0.4	%		1,795
Leisure Equipment & Products		0.4	%		1,749
Commercial Banks		0.3	%		1,178
Chemicals		0.2	%		954
Real Estate Investment Trusts		0.2	%		820
Electric Utilities		0.1	%		399

Investment Securities, at Value		70.7	%		299,152
Short-Term Investments		29.3	%		123,856

Total Investments		100.0	%	$	423,008

NOTES TO SCHEDULE OF INVESTMENTS:

^		All or a portion of this security is on loan. The value of all securities on loan is $84,910.

‡		Non-income producing security.

●		Repurchase agreement is collateralized by a U.S. Government Agency Obligation with an interest rate of 5.89%, a maturity date of 01/01/2037, and with a market value plus accrued interest of $16,916.

◊		State Street Bank & Trust serves as the accounting, custody, and lending agent for the Fund and provides various services on behalf of the Fund.

▲		Interest rate shown reflects the yield at 10/31/2008.

#		Aggregate cost for federal income tax purposes is $646,807. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $1,720 and $225,519, respectively. Net unrealized depreciation for tax purposes is $223,799.

DEFINITIONS:


ADR		American Depository Receipt
LP		Limited Partnership
PLC		Public Limited Company REIT
Real		Estate Investment Trust

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


Transamerica Funds		Annual Report 2008

Page 120

Transamerica Thornburg International Value

SCHEDULE OF INVESTMENTS
At October 31, 2008
(all amounts except share amounts in thousands)


	Shares		Value

COMMON STOCKS (91.2%)
Brazil (1.6%)
Empresa Brasileira de Aeronautica SA ADR		37,180	$	778
Redecard SA		47,510		526
Canada (8.0%)
Canadian National Railway Co.		40,215		1,746
Canadian Natural Resources, Ltd.		24,790		1,251
Canadian Oil Sands Trust		14,880		399
Potash Corp. of Saskatchewan		10,865		926
Rogers Communications, Inc. -Class B		70,230		2,039
China (2.8%)
China Life Insurance Co., Ltd.		553,360		1,479
China Merchants Bank Co., Ltd. -Class H		465,349		713
Denmark (5.2%)
Carlsberg AS -Class B		15,755		620
NOVO Nordisk A/S		51,640		2,768
Vestas Wind Systems ‡		18,090		741
Finland (4.2%)
Fortum OYJ		63,155		1,552
Nokia OYJ		119,150		1,825
France (11.4%)
Air Liquide		8,684		749
AXA SA		90,195		1,723
BNP Paribas		27,820		2,009
France Telecom SA		48,890		1,233
Groupe Danone		26,855		1,495
LVMH Moet Hennessy Louis Vuitton SA		27,320		1,818
Germany (3.7%)
E.ON AG		36,915		1,383
SAP AG		43,620		1,528
Greece (1.5%)
National Bank of Greece SA		55,480		1,219
Guernsey, C.I. (1.3%)
Amdocs, Ltd. ‡		47,510		1,072
Hong Kong (3.1%)
China Mobile, Ltd.		155,000		1,365
Hong Kong Exchanges And Clearing, Ltd.		107,900		1,094
Israel (3.8%)
Teva Pharmaceutical Industries, Ltd. ADR		70,230		3,011
Japan (7.5%)
Fanuc, Ltd.		20,500		1,365
Komatsu, Ltd.		68,100		749
Nintendo Co., Ltd.		6,180		1,986
Toyota Motor Corp.		47,555		1,857
Mexico (2.9%)
America Movil SAB de CV -Class R ADR		33,050		1,023
Wal-Mart de Mexico SAB de CV -Class V		465,040		1,248
Netherlands Antilles (1.2%)
Schlumberger, Ltd.		17,910		925
Russian Federation (2.0%)
Gazprom OAO ADR		48,013		956
Rosneft Oil Co. GDR		139,848		642
Spain (2.0%)
Telefonica SA		85,020		1,574
Sweden (2.4%)
Hennes & Mauritz AB -Class B		53,615		1,923
Switzerland (12.7%)
Givaudan SA		2,065		1,407
Logitech International SA ‡		56,645		844
Nestle SA		71,435		2,778
Novartis AG		30,433		1,545
Roche Holding AG		16,525		2,527
Swiss Reinsurance		26,175		1,092
Turkey (1.1%)
Turkcell Iletisim Hizmet AS		180,900		908
United Kingdom (12.8%)
Arm Holdings PLC		512,495		799
Carnival Corp.		67,038		1,474
Reckitt Benckiser Group PLC		50,763		2,147
Sabmiller PLC		49,575		787
Smith & Nephew PLC		208,690		1,911
Standard Chartered PLC		94,495		1,562
Vodafone Group PLC ADR		76,430		1,473

Total Common Stocks (cost $92,897)				72,564


	Principal		Value

REPURCHASE AGREEMENT (6.1%)
State Street Repurchase Agreement 0.15%, dated 10/31/2008, to be repurchased at $4,835 on 11/03/2008 ◊ ●	$	4,835		4,835

Total Repurchase Agreement (cost $4,835)				4,835


Total Investment Securities (cost $97,732) #			$	77,399

FORWARD FOREIGN CURRENCY CONTRACTS:


						Amount in U.S.			Net Unrealized
				Settlement		Dollars Bought			Appreciation
Currency	Bought (Sold)			Date		(Sold)			(Depreciation)

Euro		(9	)		11/03/2008	$	(11	)	$	♦
Euro		313			12/19/2008		442			(44	)
Euro		990			12/19/2008		1,372			(112	)
Euro		1,341			12/19/2008		1,812			(105	)
Euro		(8,663	)		12/19/2008		(12,429	)		1,402
Mexican Peso		3,680			12/08/2008		312			(29	)
Mexican Peso		(23,154	)		12/08/2008		(2,159	)		379
Mexican Peso		(2,746	)		12/08/2008		(201	)		(10	)
Swiss Franc		(873	)		12/23/2008		(788	)		35
British Pound Sterling		(2,168	)		12/29/2008		(3,942	)		466

									$	1,982

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


Transamerica Funds		Annual Report 2008

Page 121

Transamerica Thornburg International Value

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)


	Percentage of
(unaudited)	Total Investments			Value

INVESTMENTS BY INDUSTRY:
Pharmaceuticals		12.6	%	$	9,852
Commercial Banks		7.0	%		5,502
Diversified Telecommunication Services		6.3	%		4,846
Wireless Telecommunication Services		6.2	%		4,768
Software		5.9	%		4,585
Insurance		5.6	%		4,293
Food Products		5.5	%		4,273
Oil, Gas & Consumable Fuels		4.2	%		3,248
Chemicals		4.0	%		3,083
Electric Utilities		3.8	%		2,935
Household Products		2.8	%		2,147
Machinery		2.7	%		2,115
Specialty Retail		2.5	%		1,923
Health Care Equipment & Supplies		2.5	%		1,911
Automobiles		2.4	%		1,857
Communications Equipment		2.4	%		1,825
Textiles, Apparel & Luxury Goods		2.4	%		1,818
Road & Rail		2.3	%		1,746
Hotels, Restaurants & Leisure		1.9	%		1,474
Beverages		1.8	%		1,408
Food & Staples Retailing		1.6	%		1,248
Diversified Financial Services		1.4	%		1,094
Energy Equipment & Services		1.2	%		925
Computers & Peripherals		1.1	%		844
Semiconductors & Semiconductor Equipment		1.0	%		799
Aerospace & Defense		1.0	%		778
Electrical Equipment		1.0	%		741
IT Services		0.7	%		526

Investment Securities, at Value		93.8	%		72,564
Short-Term Investments		6.2	%		4,835

Total Investments		100.0	%	$	77,399

NOTES TO SCHEDULE OF INVESTMENTS:

‡		Non-income producing security.

●		Repurchase agreement is collateralized by a U.S. Government Agency Obligation with an interest rate of 4.00%, a maturity date of 06/01/2014, and with a market value plus accrued interest of $4,934.

◊		State Street Bank & Trust serves as the accounting, custody, and lending agent for the Fund and provides various services on behalf of the Fund.

♦		Value is less than $1.

#		Aggregate cost for federal income tax purposes is $97,814. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $77 and $20,492, respectively. Net unrealized depreciation for tax purposes is $20,415.

DEFINITIONS:


ADR		American Depository Receipt
GDR		Global Depository Receipt
PLC		Public Limited Company

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


Transamerica Funds		Annual Report 2008

Page 122

Transamerica UBS Dynamic Alpha

SCHEDULE OF INVESTMENTS
At October 31, 2008
(all amounts except share amounts in thousands)


	Shares		Value

PREFERRED STOCK (0.4%)
Germany (0.4%)
Henkel KGAA, 1.97% ▲		23,879	$	682

Total Preferred Stock (cost $1,112)				682


COMMON STOCKS (75.8%)
Australia (0.4%)
National Australia Bank, Ltd.		8,480		138
Oz Minerals, Ltd.		50,633		32
Qantas Airways, Ltd.		42,737		69
QBE Insurance Group, Ltd.		22,111		377
Westpac Banking Corp. ^		6,487		89
Austria (0.2%)
Telekom Austria AG		30,162		371
Belgium (0.1%)
Mobistar Npv		1,437		95
Bermuda (0.5%)
Accenture, Ltd. -Class A ^		7,200		238
Catlin Group, Ltd.		9,515		53
Covidien, Ltd.		8,700		385
Esprit Holdings, Ltd.		19,100		109
Weatherford International, Ltd. ‡		14,300		241
Canada (0.8%)
Canadian Imperial Bank of Commerce		4,800		218
Gildan Activewear, Inc. -Class A ‡ ^		8,800		206
Manulife Financial Corp.		1,900		38
Power Financial Corp. ^		3,600		90
Toronto-Dominion Bank		5,500		260
Ultra Petroleum Corp. ‡ ^		8,900		414
Cayman Islands (0.1%)
Leaf Clean Energy Co. ‡		21,679		34
Seagate Technology, Inc.		25,700		174
Finland (0.8%)
Nokia OYJ		38,400		588
Sampo OYJ -Class A		16,913		339
Stora Enso OYJ -Class R		21,130		197
Tietoenator OYJ		8,492		94
UPM-Kymmene OYJ		5,293		75
France (3.9%)
Air France-Klm		7,224		104
AXA SA		11,909		228
BNP Paribas		16,480		1,190
Capital Gemini SA		598		19
Cie Generale de Geophysique-Veritas ‡ ^		8,754		142
Electricite de France		4,568		274
France Telecom SA		43,482		1,096
Gdf Suez		18,773		836
Societe Generale		12,777		696
Technip SA		1,858		56
Total SA		33,727		1,855
Germany (2.0%)
Allianz SE		2,600		191
Bayer AG		4,326		237
Bayerische Motoren Werke AG		2,153		55
Celesio AG		3,943		116
Daimler AG		9,711		329
Deutsche Bank AG		1,175		44
Deutsche Post AG		8,981		98
E.ON AG		10,649		399
Fresenius Medical Care AG ADR		3,000		135
Gerresheimer AG		2,044		70
Metro AG		13,240		422
Muenchener Rueckversicherungs AG		1,878		244
SAP AG		2,925		102
Siemens AG		11,646		685
Stada Arzneimittel AG		5,200		157
Hong Kong (0.8%)
Sun Hung KAI Properties, Ltd.		11,000		96
Ireland (0.6%)
Bank of Ireland		50,774		150
CRH PLC	��	25,831		568
Elan Corp. PLC ‡ ^		12,473		94
Elan Corp. PLC ADR ‡ ^		19,300		147
Smurfit Kappa Group PLC		9,164		16
Italy (0.8%)
ENI SpA		45,073		1,076
Intesa Sanpaolo SpA		51,223		187
Terna Rete Elettrica Nazionale SpA		8,489		27
UniCredit SpA		24,048		59
Japan (1.7%)
Bank of Yokohama, Ltd. ^		22,000		107
Canon, Inc.		6,900		241
Funai Electric Co., Ltd.		1,000		13
Honda Motor Co., Ltd.		9,600		239
ITOCHU Corp.		11,000		58
Japan Tobacco, Inc.		64		227
JFE Holdings, Inc.		3,700		94
Keyence Corp.		1,000		192
Komatsu, Ltd.		9,100		100
Leopalace21 Corp.		4,600		34
Mitsui O.S.K. Lines, Ltd.		33,000		172
Mitsui Sumitomo Insurance Group
Holdings, Inc.		3,400		94
Nintendo Co., Ltd.		200		64
NTT DoCoMo, Inc.		47		75
Ricoh Co., Ltd.		16,000		172
Sankyo Co., Ltd.		2,700		120
Shin-Etsu Chemical Co., Ltd.		2,400		128
Sompo Japan Insurance, Inc.		17,000		119
Sumitomo Metal Industries, Ltd.		61,000		157
Sumitomo Metal Mining Co., Ltd.		8,000		60
Sumitomo Mitsui Financial Group, Inc.		19		76
Sumitomo Trust & Banking Co., Ltd.		19,000		88
Toyota Motor Corp.		9,000		351
Jersey, C.I. (0.0%)
Regus PLC		76,268		57
Liberia (0.1%)
Royal Caribbean Cruises, Ltd. ^		12,500		170

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


Transamerica Funds		Annual Report 2008

Page 123

Transamerica UBS Dynamic Alpha

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)


	Shares		Value

Luxembourg (0.3%)
Arcelormittal		9,545	$	248
SES SA		7,061		127
Netherlands (1.3%)
AKZO Nobel NV ^		3,666		152
ASML Holding NV		25,795		452
ASML Holding NV -Class G ^		8,300		146
ING Groep NV		25,097		235
Ordina NV ^		1,248		7
Qiagen NV ‡ ^		11,500		164
Reed Elsevier NV		11,584		155
SBM Offshore NV ^		6,865		121
STMicroelectronics NV		11,068		91
TNT NV		12,444		263
Wolters Kluwer NV		9,854		174
Netherlands Antilles (0.1%)
Schlumberger, Ltd. ^		2,700		139
Norway (0.2%)
Norsk Hydro ASA		57,944		242
Petroleum Geo SVS ‡ ^		33,299		166
Panama (0.5%)
Carnival Corp.		24,100		612
McDermott International, Inc. ‡		6,400		110
Portugal (0.1%)
Portugal Telecom SGPS SA		32,758		215
Singapore (0.6%)
DBS Group Holdings, Ltd.		12,000		92
United Overseas Bank, Ltd.		22,000		199
Spain (0.7%)
Banco Bilbao Vizcaya Argentaria SA ^		41,302		479
Banco Santander SA		43,805		474
Inditex SA		4,702		159
Sweden (0.2%)
Skandinaviska Enskilda Banken AB-Class A ^		12,100		120
Svenska Cellulosa AB -Class B		5,600		41
Telefonaktiebolaget LM Ericsson -Class B		2,200		15
Switzerland (2.8%)
ACE, Ltd.		9,900		568
Adecco SA		6,460		225
Credit Suisse Group AG		10,799		404
Holcim, Ltd.		1,629		93
Nestle SA		11,298		439
Nobel Biocare Holding AG ^		5,259		90
Novartis AG		16,035		814
Roche Holding AG		12,870		1,968
United Kingdom (7.2%)
Aberdeen Asset Management PLC ^		19,482		29
Anglo American PLC		4,102		103
Anite PLC		11,463		5
Ashtead Group PLC		17,333		12
Associated British Foods PLC		28,213		316
AstraZeneca PLC		10,493		445
Aviva PLC		45,540		272
Balfour Beatty PLC		16,315		66
Barclays Bank PLC		120,478		345
BP PLC		230,584		1,880
Bpp Holdings		2,931		16
British Airways PLC		66,758		148
British Land Co. PLC REIT		4,273		43
British Polythene Industries		3,817		11
British Sky Broadcasting Group PLC		76,004		463
Brixton PLC REIT		26,187		70
BT Group PLC -Class A		46,969		88
Carnival Corp.		8,583		189
Cattles PLC ^		51,630		28
Centrica PLC		46,648		229
Computacenter PLC		1,658		3
Daily Mail & General Trust		21,098		99
Diageo PLC		19,983		305
DSG International PLC		152,358		79
Electrocomponents PLC ^		37,659		86
Entertainment Rights PLC ‡		82,262		2
Galiform		30,514		11
GlaxoSmithKline PLC		45,223		869
HBOS PLC		133,756		219
Hmv Group PLC ^		118,078		189
Home Retail Group PLC		30,624		98
HSBC Holdings PLC		13,234		157
IMI PLC		19,156		85
ITV PLC		125,763		61
KESA Electricals PLC		23,456		30
Lloyds TSB Group PLC		13,571		44
Logica PLC		145,891		162
Lookers PLC		14,144		8
Monitise PLC ‡		72,748		7
Northern Foods PLC		74,275		58
Phoenix IT Group, Ltd.		4,651		12
Premier Farnell PLC		38,609		81
Prudential PLC		60,552		304
Psion PLC		24,750		30
Rio Tinto, Ltd.		6,874		321
Royal Bank of Scotland PLC		79,382		87
Royal Dutch Shell PLC -Class B		41,041		1,113
Severn Trent PLC		2,927		65
Southern Cross Healthcare, Ltd.		6,743		10
STV Group PLC ‡		11,261		29
Taylor Wimpey PLC ^		64,333		11
Ted Baker PLC		3,867		20
Tesco PLC		95,547		524
Tomkins PLC		31,579		58
TUI Travel PLC		17,600		54
Tullow Oil PLC		20,257		172
Unilever PLC		16,718		376
Vodafone Group PLC		612,962		1,179
Wolseley PLC ^		31,984		175
Xstrata PLC		5,342		91
Yule Catto & Co. PLC		30,020		41
Zetar PLC ‡		4,947		14
United States (49.0%)
Abbott Laboratories ^		10,200		563
Abercrombie & Fitch Co. -Class A ^		3,800		110
Adobe Systems, Inc. ‡ ^		10,100		269
Aetna, Inc.		6,200		154

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


Transamerica Funds		Annual Report 2008

Page 124

Transamerica UBS Dynamic Alpha

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)


	Shares		Value

United States (continued)
Affiliated Computer Services, Inc. -Class A ‡		4,200	$	172
Aflac, Inc.		19,100		846
Allergan, Inc. ^		50,700		2,011
Alpha Natural Resources, Inc. ‡ ^		1,900		68
Amazon.com, Inc. ‡ ^		14,500		830
American Electric Power Co., Inc. ^		18,000		587
American Tower Corp. -Class A ‡		7,700		249
Amgen, Inc. ‡		19,800		1,186
Amphenol Corp. -Class A ^		15,000		430
Analog Devices, Inc. ^		32,000		684
Apple, Inc. ‡ ^		8,200		882
Arch Coal, Inc. ^		1,800		39
AT&T, Inc.		26,200		701
Automatic Data Processing, Inc.		10,600		370
Baker Hughes, Inc. ^		14,800		517
Bank of New York Mellon Corp.		31,626		1,031
Bare Escentuals, Inc. ‡ ^		16,300		68
Baxter International, Inc.		11,400		690
BioMarin Pharmaceutical, Inc. ‡ ^		4,900		90
BlackRock, Inc. -Class A ^		2,500		328
BorgWarner, Inc. ^		18,800		422
Broadcom Corp. -Class A ‡ ^		13,800		236
Burger King Holdings, Inc.		17,300		344
Burlington Northern Santa Fe Corp. ^		19,900		1,772
Cameron International Corp. ‡ ^		3,900		95
Campbell Soup Co. ^		8,400		319
Central European Distribution Corp. ‡ ^		6,000		173
Cephalon, Inc. ‡ ^		3,100		222
CH Robinson Worldwide, Inc. ^		1,900		98
Chevron Corp.		8,700		649
Cisco Systems, Inc. ‡ ^		41,800		743
Citigroup, Inc. ^		96,300		1,315
City National Corp. ^		4,700		252
CME Group, Inc. -Class A ^		1,100		310
Coach, Inc. ‡		9,200		190
Cognizant Technology Solutions Corp. -Class A ‡ ^		16,200		311
Colgate-Palmolive Co. ^		4,500		282
Comcast Corp. -Class A		80,700		1,272
Complete Production Services, Inc. ‡ ^		10,000		124
Concur Technologies, Inc. ‡ ^		5,400		136
Consol Energy, Inc.		7,000		220
Constellation Brands, Inc. -Class A ‡ ^		52,200		655
Continental Resources, Inc. ‡ ^		5,800		188
Costco Wholesale Corp. ^		1,100		63
CR Bard, Inc. ^		1,600		141
DaVita, Inc. ‡		8,300		471
Dell, Inc. ‡ ^		29,400		357
Digital Realty Trust, Inc. REIT ^		4,800		161
Discover Financial Services ^		36,350		445
Dril-Quip, Inc. ‡ ^		2,800		69
Dun & Bradstreet Corp. ^		4,724		348
eBay, Inc. ‡		4,900		75
Ecolab, Inc. ^		5,300		197
Energysolutions, Inc. ^		12,100		55
Ensco International, Inc. ^		5,500		209
EOG Resources, Inc.		4,700		380
Estee Lauder Cos., Inc. -Class A ^		7,200		259
Exelon Corp. ^		23,900		1,296
Express Scripts, Inc. -Class A ‡ ^		8,200		497
F5 Networks, Inc. ‡ ^		9,500		236
FedEx Corp. ^		17,300		1,131
Fifth Third Bancorp ^		68,300		741
FirstEnergy Corp.		600		31
Fiserv, Inc. ‡ ^		10,200		340
Flowserve Corp.		4,600		262
Fortune Brands, Inc. ^		13,400		511
Gaylord Entertainment Co. ‡ ^		6,300		135
General Dynamics Corp.		4,400		265
General Electric Co.		105,300		2,054
Genzyme Corp. ‡ ^		18,800		1,370
Goldman Sachs Group, Inc.		1,800		167
Google, Inc. -Class A ‡		2,800		1,006
Halliburton Co. ^		37,600		744
Harsco Corp.		4,600		109
Henry Schein, Inc. ‡ ^		4,100		192
Hewlett-Packard Co.		6,100		234
Hologic, Inc. ‡ ^		7,900		97
Illinois Tool Works, Inc. ^		37,700		1,259
Immucor, Inc. ‡ ^		7,200		191
Intel Corp.		101,800		1,629
IntercontinentalExchange, Inc. ‡ ^		1,200		103
International Game Technology ^		20,700		290
Interpublic Group of Cos., Inc. ‡ ^		59,100		307
Intuit, Inc. ‡ ^		18,600		466
J Crew Group, Inc. ‡ ^		10,800		219
JC Penney Corp., Inc. ^		17,400		416
Johnson Controls, Inc. ^		25,300		449
JPMorgan Chase & Co.		9,200		380
Laboratory Corp. of America Holdings ‡ ^		6,700		412
Life Time Fitness, Inc. ‡ ^		6,700		128
LKQ Corp. ‡ ^		11,800		135
Macy’s, Inc. ^		36,600		450
Marathon Oil Corp.		12,900		375
Martin Marietta Materials, Inc. ^		2,500		196
Masco Corp. ^		45,300		460
Mastercard, Inc. -Class A ^		4,500		665
McDonald’s Corp.		5,600		324
Medco Health Solutions, Inc. ‡		31,000		1,176
Medtronic, Inc.		29,300		1,182
Merck & Co., Inc. ^		2,100		65
MetLife, Inc. ^		6,900		229
Metropcs Communications, Inc. ‡ ^		14,500		199
Microchip Technology, Inc. ^		5,000		123
Micron Technology, Inc. ‡ ^		19,800		93
Micros Systems, Inc. ‡ ^		11,700		199
Microsoft Corp.		50,400		1,125
Millipore Corp. ‡ ^		5,200		270
Monsanto Co.		5,000		445
Morgan Stanley ^		42,000		734
MSC Industrial Direct Co. -Class A		2,600		93
NASDAQ OMX Group ‡ ^{^}		4,900		159
National Oilwell Varco, Inc. ‡		2,500		75
NCR Corp. ‡		19,700		360
Netapp, Inc. ‡ ^		41,000		555
Newfield Exploration Co. ‡ ^		7,900		182

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


Transamerica Funds		Annual Report 2008

Page 125

Transamerica UBS Dynamic Alpha

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)


	Shares		Value

United States (continued)
News Corp. -Class A		52,300	$	556
NiSource, Inc. ^		25,600		332
Northern Trust Corp. ^		3,100		175
Nuance Communications, Inc. ‡		17,500		160
Omnicom Group, Inc. ^		19,700		582
Oracle Corp. ‡		12,700		232
PACCAR, Inc. ^		23,400		684
Pall Corp.		12,400		327
Peabody Energy Corp. ^		14,900		514
Pediatrix Medical Group, Inc. ‡ ^		4,300		166
Pepco Holdings, Inc. ^		8,900		184
PepsiCo, Inc.		12,800		730
Pharmaceutical Product Development, Inc.		6,200		192
Praxair, Inc. ^		12,500		814
Precision Castparts Corp.		4,300		279
Principal Financial Group, Inc. ^		9,900		188
Procter & Gamble Co.		3,000		194
Psychiatric Solutions, Inc. ‡ ^		6,900		230
Qualcomm, Inc.		25,000		957
Quanta Services, Inc. ‡ ^		10,300		204
Quicksilver Resources, Inc. ‡ ^		9,300		97
Range Resources Corp. ^		3,400		144
Red Hat, Inc. ‡ ^		1,400		19
Roper Industries, Inc. ^		2,900		132
Ryder System, Inc. ^		4,800		190
SanDisk Corp. ‡ ^		16,600		148
SBA Communications Corp. -Class A ‡ ^		16,300		342
Schering-Plough Corp.		2,300		33
Sempra Energy ^		21,200		903
Sherwin-Williams Co. ^		6,600		376
Smith International, Inc. ^		2,300		79
Solera Holdings, Inc. ‡ ^		12,500		311
Southwestern Energy Co. ‡ ^		19,600		698
Sprint Nextel Corp. ^		204,300		639
SPX Corp. ^		4,000		155
Starbucks Corp. ‡ ^		45,400		596
Starwood Hotels & Resorts Worldwide, Inc. ^		13,600		307
Stericycle, Inc. ‡ ^		2,600		152
Strayer Education, Inc. ^		1,100		249
Stryker Corp. ^		10,700		572
Sunoco, Inc. ^		5,800		177
SunTrust Banks, Inc. ^		13,300		534
Symantec Corp. ‡ ^		23,400		294
SYSCO Corp.		55,700		1,459
T. Rowe Price Group, Inc. ^		6,000		237
Target Corp. ^		11,100		445
TD Ameritrade Holding Corp. ‡ ^		27,000		359
Teradata Corp. ‡		8,100		125
Tessera Technologies, Inc. ‡		8,900		154
Thermo Fisher Scientific, Inc. ‡ ^		9,100		369
Time Warner, Inc. ^		6,200		63
Union Pacific Corp.		7,000		467
United Technologies Corp.		11,000		605
UnitedHealth Group, Inc. ^		2,200		52
Viacom, Inc. -Class B ‡ ^		4,400		89
Visa, Inc. -Class A		18,000		996
Vmware, Inc. -Class A ‡ ^		25,153		780
Wabco Holdings, Inc.		3,300		61
Waddell & Reed Financial, Inc.		10,700		155
Wells Fargo & Co. ^		61,200		2,084
WMS Industries, Inc. ‡ ^		13,900		348
Wyeth		39,600		1,275
Wynn Resorts, Ltd. ^		5,700		344
Xilinx, Inc. ^		6,700		123
XTO Energy, Inc.		15,350		552
Zimmer Holdings, Inc. ‡ ^		15,800		734

Total Common Stocks (cost $180,844)				123,120


RIGHT (0.0%)
France (0.0%)
Suez Environnement SA		1		♦

Total Right (cost $♦ )				♦


	Principal		Value

STRUCTURED NOTE DEBT (0.9%)
United Kingdom (0.9%)
Royal Bank of Scotland PLC 6.11%, due 01/21/2009 *	$	800,000		1,466

Total Structured Note Debt (cost $1,577)				1,466


REPURCHASE AGREEMENT (2.3%)
United States (2.3%)
State Street Repurchase Agreement 0.15%, dated 10/31/2008, to be repurchased at $3,764 on 11/03/2008 ◊ ●		3,764		3,764

Total Repurchase Agreement (cost $3,764)				3,764


	Shares		Value

SECURITIES LENDING COLLATERAL (25.2%)
United States (25.2%)
State Street Navigator Securities Lending Trust — Prime Portfolio, 2.71% ◊ ▲		41,708,611		41,709

Total Securities Lending Collateral (cost $41,709)				41,709


Total Investment Securities (cost $229,006) #			$	170,741

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


Transamerica Funds		Annual Report 2008

Page 126

Transamerica UBS Dynamic Alpha

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)

FUTURES CONTRACTS: Ф


								Net Unrealized
			Expiration					Appreciation
Description	Contracts Γ		Date		Amount			(Depreciation)

10-Year Australia Bond		189		12/15/2008	$	13,356		$	403
10-Year Canadian Bond		123		12/18/2008		(11,959	)		183
10-Year Japan Bond		19		12/10/2008		(26,613	)		(35	)
10-Year U.S. Note		214		12/19/2008		(24,199	)		575
AEX Index		244		11/21/2008		16,576			(496	)
CAC40 Index		112		11/21/2008		(4,953	)		234
DAX Index		44		12/19/2008		(7,101	)		1,329
DJ Euro STOXX 50 Index		53		12/19/2008		(1,751	)		352
Euro-BUND		132		11/19/2008		19,504			157
FTSE 100 Index		201		12/19/2008		14,164			(2,086	)
FTSE/JSE Index		158		12/18/2008		(3,136	)		567
Hang Seng Index		24		11/27/2008		(2,157	)		(409	)
IBEX 35 Index		2		11/21/2008		229			(26	)
MSCI Taiwan Index		154		11/27/2008		2,875			572
NIKKEI 225 Index		67		12/12/2008		5,747			(2,068	)
OMX 30 Index		157		11/21/2008		(1,283	)		166
S&P 500 Index		46		12/18/2008		(11,124	)		3,348
S&P MID 400 Index		232		12/19/2008		(13,187	)		4,991
S&P/MIB Index		38		12/19/2008		5,138			(971	)
S&P/TSE 60 Index		167		12/18/2008		(16,380	)		4,202
SGX/MSCI Singapore Index		41		11/27/2008		(1,198	)		(206	)
SPI 200 Index		103		12/18/2008		(6,906	)		1,443
U.K. Gilt		103		12/29/2008		(18,448	)		118

								$	12,343

FORWARD FOREIGN CURRENCY CONTRACTS:


						Amount in U.S.			Net Unrealized
				Settlement		Dollars Bought			Appreciation
Currency	Bought (Sold)			Date		(Sold)			(Depreciation)

Australian Dollar		2,015			01/23/2009	$	1,429		$	(100	)
Australian Dollar		2,505			01/23/2009		1,798			(145	)
Australian Dollar		(10,845	)		01/23/2009		(10,297	)		3,144
Australian Dollar		(2,325	)		01/23/2009		(2,028	)		495
Australian Dollar		(1,880	)		01/23/2009		(1,299	)		58
Brazil Real		3,670			12/02/2008		1,967			(294	)
Brazil Real		(3,670	)		12/02/2008		(2,190	)		517
Canadian Dollar		2,945			01/23/2009		2,665			(219	)
Canadian Dollar		3,939			01/23/2009		3,580			(309	)
Canadian Dollar		3,800			01/23/2009		3,219			(63	)
Canadian Dollar		3,995			01/23/2009		3,155			163
Canadian Dollar		(20,510	)		01/23/2009		(20,411	)		3,378
Canadian Dollar		(2,780	)		01/23/2009		(2,599	)		290
Canadian Dollar		(2,170	)		01/23/2009		(1,820	)		18
Euro		1,430			01/23/2009		2,052			(234	)
Euro		4,980			01/23/2009		6,722			(390	)
Euro		5,080			01/23/2009		6,937			(477	)
Euro		2,380			01/23/2009		3,186			(160	)
Euro		1,210			01/23/2009		1,627			(88	)
Euro		1,910			01/23/2009		2,539			(110	)
Euro		(47,580	)		01/23/2009		(74,594	)		14,094
Euro		(670	)		01/23/2009		(1,046	)		194
Euro		(3,250	)		01/23/2009		(4,836	)		703

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


Transamerica Funds		Annual Report 2008

Page 127

Transamerica UBS Dynamic Alpha

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)

FORWARD FOREIGN CURRENCY CONTRACTS: (continued)


						Amount in U.S.			Net Unrealized
				Settlement		Dollars Bought			Appreciation
Currency	Bought (Sold)			Date		(Sold)			(Depreciation)

Euro		(1,605	)		01/23/2009	$	( 2,343	)	$	302
Japanese Yen		1,120,700			01/23/2009		10,812			615
Japanese Yen		253,900			01/23/2009		2,359			230
Japanese Yen		243,000			01/23/2009		2,445			32
Japanese Yen		(193,600	)		01/23/2009		(1,933	)		(41	)
Malaysian Ringgit		12,909			12/02/2008		3,819			(186	)
Mexican Peso		22,980			01/23/2009		2,183			(435	)
Mexican Peso		(22,980	)		01/23/2009		(2,095	)		346
New Zealand Dollar		6,175			01/23/2009		4,232			(674	)
New Zealand Dollar		4,860			01/23/2009		3,303			(503	)
New Zealand Dollar		(11,035	)		01/23/2009		(8,252	)		1,893
Poland Zloty		(9,640	)		01/23/2009		(4,203	)		731
Republic of Korea Won		2,002,000			12/02/2008		1,557			13
Singapore Dollar		6,155			01/23/2009		4,598			(433	)
Singapore Dollar		(2,530	)		01/23/2009		(1,717	)		5
Singapore Dollar		(4,795	)		01/23/2009		(3,198	)		(46	)
South African Rand		32,710			01/23/2009		4,096			(824	)
South African Rand		(7,940	)		01/23/2009		(1,009	)		215
South African Rand		(35,950	)		01/23/2009		(4,288	)		692
Swedish Krona		84,310			01/23/2009		13,886			(3,037	)
Swedish Krona		2,610			01/23/2009		360			(24	)
Swedish Krona		(7,800	)		01/23/2009		(1,042	)		38
Swiss Franc		18,050			01/23/2009		17,791			(2,197	)
Swiss Franc		3,490			01/23/2009		3,196			(181	)
Swiss Franc		(2,360	)		01/23/2009		(2,154	)		115
Swiss Franc		(3,260	)		01/23/2009		(2,856	)		40
Taiwan Dollar		381,300			12/02/2008		12,138			(524	)
Taiwan Dollar		(52,400	)		12/02/2008		(1,612	)		16
Taiwan Dollar		(65,500	)		12/02/2008		(2,015	)		20
British Pound Sterling		3,465			01/23/2009		6,390			(839	)
British Pound Sterling		1,775			01/23/2009		3,205			(361	)
British Pound Sterling		1,865			01/23/2009		3,227			(239	)
British Pound Sterling		2,280			01/23/2009		3,921			(268	)
British Pound Sterling		1,925			01/23/2009		3,271			(187	)
British Pound Sterling		1,935			01/23/2009		3,152			(52	)
British Pound Sterling		(21,170	)		01/23/2009		(41,695	)		7,778
British Pound Sterling		(1,215	)		01/23/2009		(2,392	)		446
British Pound Sterling		(2,005	)		01/23/2009		(3,622	)		410

									$	23,351

FORWARD FOREIGN CROSS CURRENCY CONTRACTS:


						Unrealized Appreciation
Bought/Sold	Currency	Amount		Settlement Date		(Depreciation)

Buy	Euro		1,314		1/23/2009	$	(62	)
Sell	Japanese Yen		166,312		1/23/2009		37
Buy	Swedish Krona		24,910		1/23/2009		(367	)
Sell	Swiss Franc		3,977		1/23/2009		137
Buy	Australian Dollar		4,455		1/23/2009		(766	)
Sell	Japanese Yen		375,726		1/23/2009		(126	)
Buy	British Pound Sterling		2,755		1/23/2009		(469	)
Sell	Japanese Yen		510,532		1/23/2009		(322	)

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


Transamerica Funds		Annual Report 2008

Page 128

Transamerica UBS Dynamic Alpha

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)

FORWARD FOREIGN CROSS CURRENCY CONTRACTS:(continued)


						Unrealized
						Appreciation
Bought/Sold	Currency	Amount		Settlement Date		(Depreciation)

Buy	Australian Dollar		2,505		1/23/2009	$	(147	)
Sell	Japanese Yen		181,340		1/23/2009		(49	)
Buy	Euro		1,285		1/23/2009		(171	)
Sell	Swiss Franc		2,016		1/23/2009		63
Buy	Euro		1,285		1/23/2009		(221	)
Sell	Japanese Yen		190,090		1/23/2009		(83	)
Buy	Euro		2,302		1/23/2009		(108	)
Sell	Swiss Franc		3,435		1/23/2009		67
Buy	Poland Zloty		9,640		1/23/2009		233
Sell	Euro		2,504		1/23/2009		55
Buy	Euro		2,548		1/23/2009		(43	)
Sell	Swiss Franc		3,700		1/23/2009		86
Buy	British Pound Sterling		2,069		1/23/2009		(36	)
Sell	Swiss Franc		3,700		1/23/2009		155

						$	(2,137	)

SWAPS Ф

INTEREST RATE SWAP AGREEMENTS — PAYABLE:


									Unrealized
									Appreciation/
Floating Rate Index	Fixed Rate			Expiration Date		Counterparty	Notional Amount		(Depreciation)

6-Month GBP-LIBOR		3.01	%		1/22/2037	GST	GBP	4,000	$	(884	)
6-Month GBP-LIBOR		3.07	%		1/29/2037	DUB	GBP	1,000		(232	)
6-Month GBP-LIBOR		3.32	%		6/27/2037	DUB	GBP	4,000		(528	)
									$	(1,644	)

INTEREST RATE SWAP AGREEMENTS — RECEIVABLE:


									Unrealized
									Appreciation/
Floating Rate Index	Fixed Rate			Expiration Date		Counterparty	Notional Amount		(Depreciation)

6-Month JPY-LIBOR		2.57	%		2/2/2037	GST	JPY	450,000	$	(563	)
6-Month CHF-LIBOR		3.25	%		9/1/2018	GST	CHF	3,500		56
6-Month GBP-LIBOR		4.59	%		1/22/2037	DUB	GBP	3,000		(165	)
6-Month GBP-LIBOR		4.59	%		6/29/2037	DUB	GBP	3,000		(661	)
6-Month GBP-LIBOR		4.72	%		1/29/2037	GST	GBP	3,000		(265	)
6-Month GBP-LIBOR		5.12	%		7/27/2037	DUB	GBP	1,000		(197	)
									$	(1,795	)

CREDIT DEFAULT SWAP AGREEMENTS — SELL PROTECTION:


									Unrealized
									Appreciation/
Reference Entity	Fixed Rate			Expiration Date		Counterparty	Notional Amount		(Depreciation)

Dow Jones CDX.NA.HY.11 5 Year Index		5.00	%		12/20/2013	GST		8,000	$	(215	)
Dow Jones CDX.NA.HY.9 5 Year Index		3.75	%		6/20/2013	GST		11,000		(451	)
Dow Jones CDX.NA.HY.9 5 Year Index		3.75	%		12/20/2012	GST		15,000		(768	)
Dow Jones CDX.NA.HY.10 5 Year Index		5.00	%		6/20/2013	GST		15,000		(1,999	)
Dow Jones CDX.NA.IG.10 5 Year Index		1.55	%		6/20/2013	GST		8,000		(295	)
iTraxx Europe Crossover S9 Index		6.50	%		6/20/2013	GST		7,000		(683	)
iTraxx Europe Crossover S9 Index		6.50	%		6/20/2013	GST		11,500		(1,664	)
									$	(6,075	)

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


Transamerica Funds		Annual Report 2008

Page 129

Transamerica UBS Dynamic Alpha

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)


	Percentage of
(unaudited)	Total Investments			Value

INVESTMENTS BY INDUSTRY:
Oil, Gas & Consumable Fuels		6.3	%	$	10,962
Commercial Banks		6.1	%		10,549
Pharmaceuticals		5.0	%		8,678
Software		2.4	%		4,196
Insurance		2.4	%		4,180
Health Care Equipment & Supplies		2.4	%		4,082
Electric Utilities		2.3	%		4,034
Media		2.3	%		3,978
Hotels, Restaurants & Leisure		2.3	%		3,839
Semiconductors & Semiconductor Equipment		2.2	%		3,730
Capital Markets		2.1	%		3,633
Health Care Providers & Services		2.1	%		3,612
IT Services		2.0	%		3,396
Machinery		1.7	%		2,981
Industrial Conglomerates		1.7	%		2,907
Biotechnology		1.7	%		2,868
Computers & Peripherals		1.7	%		2,834
Wireless Telecommunication Services		1.6	%		2,683
Energy Equipment & Services		1.5	%		2,611
Diversified Telecommunication Services		1.5	%		2,567
Diversified Financial Services		1.5	%		2,558
Communications Equipment		1.5	%		2,538
Food & Staples Retailing		1.5	%		2,468
Road & Rail		1.4	%		2,430
Beverages		1.1	%		1,862
Chemicals		1.1	%		1,778
Air Freight & Logistics		0.9	%		1,590
Food Products		0.9	%		1,521
Metals & Mining		0.8	%		1,349
Multiline Retail		0.8	%		1,311
Specialty Retail		0.7	%		1,278
Household Products		0.7	%		1,158
Aerospace & Defense		0.7	%		1,149
Internet Software & Services		0.6	%		1,081
Multi-Utilities		0.6	%		1,065
Life Sciences Tools & Services		0.6	%		995
Automobiles		0.6	%		974
Auto Components		0.6	%		932
Internet & Catalog Retail		0.6	%		928
Construction Materials		0.5	%		856
Electronic Equipment & Instruments		0.5	%		789
Professional Services		0.3	%		573
Household Durables		0.3	%		546
Building Products		0.3	%		460
Consumer Finance		0.3	%		445
Textiles, Apparel & Luxury Goods		0.2	%		415
Office Electronics		0.2	%		414
Personal Products		0.2	%		328
Commercial Services & Supplies		0.2	%		325
Trading Companies & Distributors		0.2	%		326
Airlines		0.2	%		321
Paper & Forest Products		0.2	%		313
Real Estate Investment Trusts		0.2	%		274
Construction & Engineering		0.2	%		269
Diversified Consumer Services		0.2	%		249
Tobacco		0.1	%		227
Marine		0.1	%		172

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


Transamerica Funds		Annual Report 2008

Page 130

Transamerica UBS Dynamic Alpha

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)


	Percentage of
(unaudited)	Total Investments			Value

INVESTMENTS BY INDUSTRY:(continued)
Distributors		0.1	%	$	135
Electrical Equipment		0.1	%		132
Real Estate Management & Development		0.1	%		131
Leisure Equipment & Products		0.1	%		120
Containers & Packaging		0.1	%		98
Water Utilities		0.0	%		65

Investment Securities, at Value		73.4	%		125,268
Short-Term Investments		26.6	%		45,473

Total Investments		100.0	%	$	170,741

NOTES TO SCHEDULE OF INVESTMENTS:


▲		Interest rate shown reflects the yield at 10/31/2008.

‡		Non-income producing security.

^		All or a portion of this security is on loan. The value of all securities on loan is $40,655.

*		Floating or variable rate note. Rate is listed as of 10/31/2008.

●		Repurchase agreement is collateralized by a U.S. Government Agency Obligation with an interest rate of 4.81%, a maturity date of 09/01/2035, and with a market value plus accrued interest of $3,840.

◊		State Street Bank & Trust serves as the accounting, custody, and lending agent for the Fund and provides various services on behalf of the Fund.

♦		Value is less than $1.

#		Aggregate cost for federal income tax purposes is $234,749. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $1,608 and $65,616, respectively. Net unrealized depreciation for tax purposes is $64,008.

Ф		$13,376 was on deposit with broker to cover margin requirements for open future and swap contracts.

Γ		Contract amounts are not in thousands.

DEFINITIONS:


ADR		American Depository Receipt
PLC		Public Limited Company
REIT		Real Estate Investment Trust
GST		Goldman Sachs Capital Markets
DUB		Deutsche Bank AG
GBP		British Pound Sterling
CHF		Swiss Franc
JPY		Japanese Yen

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


Transamerica Funds		Annual Report 2008

Page 131

Transamerica UBS Large Cap Value

SCHEDULE OF INVESTMENTS
At October 31, 2008
(all amounts except share amounts in thousands)


	Shares		Value

COMMON STOCKS (99.6%)
Air Freight & Logistics (2.5%)
FedEx Corp. ^		269,700	$	17,630
Auto Components (2.9%)
BorgWarner, Inc.		408,100		9,170
Johnson Controls, Inc. ^		624,200		11,067
Beverages (0.6%)
Constellation Brands, Inc. -Class A ‡ ^		354,700		4,448
Biotechnology (2.6%)
Amgen, Inc. ‡		254,500		15,242
Cephalon, Inc. ‡ ^		35,700		2,560
Building Products (0.7%)
Masco Corp. ^		521,200		5,290
Capital Markets (4.1%)
Bank of New York Mellon Corp.		420,355		13,704
Goldman Sachs Group, Inc.		48,200		4,459
Morgan Stanley ^		625,600		10,929
Commercial Banks (8.7%)
City National Corp. ^		113,400		6,070
Fifth Third Bancorp ^		1,161,800		12,606
SunTrust Banks, Inc. ^		414,000		16,618
Wells Fargo & Co. ^		736,900		25,091
Computers & Peripherals (0.5%)
Seagate Technology, Inc.		506,700		3,430
Consumer Finance (1.7%)
Discover Financial Services		951,400		11,655
Diversified Financial Services (8.3%)
Bank of America Corp.		355,100		8,583
Citigroup, Inc. ^		1,792,100		24,462
JPMorgan Chase & Co.		607,500		25,059
Diversified Telecommunication Services (3.6%)
AT&T, Inc.		946,700		25,343
Electric Utilities (8.8%)
American Electric Power Co., Inc.		480,600		15,682
Exelon Corp.		255,900		13,880
NiSource, Inc. ^		365,600		4,738
Northeast Utilities		490,700		11,070
Pepco Holdings, Inc.		382,500		7,899
Sempra Energy ^		206,000		8,774
Energy Equipment & Services (2.9%)
Baker Hughes, Inc.		313,900		10,971
Halliburton Co.		447,400		8,854
Health Care Equipment & Supplies (2.4%)
Covidien, Ltd.		273,100		12,096
Zimmer Holdings, Inc. ‡		99,600		4,624
Health Care Providers & Services (2.3%)
Medco Health Solutions, Inc. ‡		428,600		16,265
Hotels, Restaurants & Leisure (1.8%)
Carnival Corp. ^		440,500		11,189
Royal Caribbean Cruises, Ltd. ^		115,800		1,570
Household Durables (1.1%)
Fortune Brands, Inc. ^		194,900		7,434
Industrial Conglomerates (5.7%)
General Electric Co.		2,049,200		39,980
Insurance (5.9%)
ACE, Ltd.		256,300		14,701
Aflac, Inc.		285,500		12,642
Hartford Financial Services Group, Inc.		8,600		89
MetLife, Inc. ^		299,900		9,963
Principal Financial Group, Inc. ^		217,000		4,121
Machinery (3.9%)
Illinois Tool Works, Inc. ^		459,500		15,343
PACCAR, Inc.		415,360		12,145
Media (5.8%)
Comcast Corp. -Class A		1,098,700		17,316
Interpublic Group of Cos., Inc. ‡ ^		1,199,900		6,227
News Corp. -Class A		868,800		9,244
Omnicom Group, Inc. ^		260,000		7,680
Multiline Retail (0.8%)
Macy’s, Inc.		463,600		5,698
Oil, Gas & Consumable Fuels (12.6%)
Chevron Corp.		396,400		29,571
Exxon Mobil Corp.		323,800		24,000
Marathon Oil Corp.		569,700		16,578
Peabody Energy Corp.		362,300		12,503
Ultra Petroleum Corp. ‡ ^		129,000		6,005
Pharmaceuticals (4.6%)
Johnson & Johnson		143,700		8,815
Wyeth		740,700		23,836
Road & Rail (2.0%)
Burlington Northern Santa Fe Corp.		161,400		14,374
Semiconductors & Semiconductor Equipment (1.6%)
Intel Corp.		719,400		11,510
Wireless Telecommunication Services (1.2%)
Sprint Nextel Corp. ^		2,611,263		8,173


Total Common Stocks (cost $1,007,033)				698,976


	Principal		Value

REPURCHASE AGREEMENT (0.8%)
State Street Repurchase Agreement 0.15%, dated 10/31/2008, to be repurchased at $5,863 on 11/03/2008 ◊ ●	$	5,863		5,863


Total Repurchase Agreement (cost $5,863)				5,863


	Shares		Value

SECURITIES LENDING COLLATERAL (16.7%)
State Street Navigator Securities Lending Trust — Prime Portfolio, 2.71% ◊ ▲		117,341,877		117,342

Total Securities Lending Collateral (cost $117,342)				117,342



Total Investment Securities (cost $1,130,238) #			$	822,181

NOTES TO SCHEDULE OF INVESTMENTS:


^		All or a portion of this security is on loan. The value of all securities on loan is $114,124.

‡		Non-income producing security.

●		Repurchase agreement is collateralized by a U.S. Government Agency Obligation with an interest rate of 5.00%, a maturity date of 12/01/2019, and with a market value plus accrued interest of $5,983.

◊		State Street Bank & Trust serves as the accounting, custody, and lending agent for the Fund and provides various services on behalf of the Fund.

▲		Interest rate shown reflects the yield at 10/31/2008.

#		Aggregate cost for federal income tax purposes is $1,144,116. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $429 and $322,364, respectively. Net unrealized depreciation for tax purposes is $321,935.

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


Transamerica Funds		Annual Report 2008

Page 132

Transamerica Van Kampen Emerging Markets Debt

SCHEDULE OF INVESTMENTS
At October 31, 2008
(all amounts except share amounts in thousands)


		Principal		Value

FOREIGN GOVERNMENT OBLIGATIONS (69.6%)
Argentina (0.3%)
Argentina Government International Bond 8.28%, due 12/31/2033		$	3,553	$	906
Brazil (17.2%)
Banco Nacional de Desenvolvimento
Economico E Social
6.37%, due 06/16/2018 - 144A			4,300		3,397
Nota Do Tesouro Nacional
10.00%, due 01/01/2014	BRL		12,484		4,540
Republic of Brazil
6.00%, due 01/17/2017 ^		$	6,960		6,281
8.00%, due 01/15/2018 ^			16,461		16,461
8.88%, due 10/14/2019 - 04/15/2024 ^			4,833		4,896
10.00%, due 08/07/2011			4,450		4,717
10.50%, due 07/14/2014			2,580		2,812
11.00%, due 08/17/2040 ^			10,260		11,932
Bulgaria (0.5%)
Republic of Bulgaria
8.25%, due 01/15/2015			1,690		1,567
Colombia (1.8%)
Republic of Colombia
7.38%, due 01/27/2017 ^			1,690		1,521
11.75%, due 02/25/2020			3,810		4,343
Cote d’Ivoire (0.2%)
Republic of Ivory Coast
4.00%, due 03/31/2018 Џ			3,495		804
Ecuador (0.9%)
Republic of Ecuador
9.38%, due 12/15/2015 Reg S			6,800		2,380
10.00%, due 08/15/2030			2,510		728
Ghana (0.5%)
Republic of Ghana
8.50%, due 10/04/2017-144A			2,596		1,506
Indonesia (4.7%)
Indonesia Government International Bond
6.88%, due 01/17/2018			4,000		2,790
7.75%, due 01/17/2038 - 144A ^			10,511		6,832
7.75%, due 01/17/2038			4,122		2,803
Republic of Indonesia
6.88%, due 01/17/2018 - 144A ^			3,710		2,486
Mexico (8.3%)
Mexican Bonos
8.00%, due 12/19/2013 - 12/17/2015			72,668		5,441
Mexico Government International Bond
5.63%, due 01/15/2017 ^			5,540		4,931
6.75%, due 09/27/2034			7,637		6,339
United Mexican States
8.38%, due 01/14/2011			3,367		3,561
10.00%, due 12/05/2024	MXN		73,110		6,270
Panama (2.4%)
Republic of Panama
7.13%, due 01/29/2026		$	2,720		2,244
7.25%, due 03/15/2015			2,884		2,769
9.38%, due 04/01/2029 ^			2,560		2,483
Peru (4.7%)
Republic of Peru
6.55%, due 03/14/2037 ^			3,895		2,688
8.75%, due 11/21/2033 ^			3,436		3,127
9.88%, due 02/06/2015			9,000		9,405
Philippines (4.4%)
Republic of the Philippines
8.88%, due 03/17/2015 ^			4,086		4,086
9.00%, due 02/15/2013			7,000		7,070
9.50%, due 02/02/2030 ^			2,796		2,852
Qatar (0.5%)
State of Qatar
9.75%, due 06/15/2030			1,220		1,464
Russian Federation (9.7%)
Russian Federation
7.50%, due 03/31/2030			29,845		26,100
12.75%, due 06/24/2028			4,470		5,185
Turkey (4.4%)
Republic of Turkey
11.00%, due 01/14/2013			11,700		11,115
11.88%, due 01/15/2030 ^			2,500		3,025
Venezuela (9.1%)
Republic of Venezuela
5.75%, due 02/26/2016 Reg S			3,400		1,564
8.50%, due 10/08/2014			2,100		1,176
9.25%, due 09/15/2027 ^			22,220		13,443
10.75%, due 09/19/2013 ^			8,680		5,902
Venezuela Government International Bond
7.00%, due 03/31/2038			2,907		1,192
9.00%, due 05/07/2023			1,100		525
9.25%, due 05/07/2028			11,121		5,116

Total Foreign Government Obligations (cost $287,316)					222,775


CORPORATE DEBT SECURITIES (12.5%)
Chile (1.4%)
Empresa Nacional del Petroleo
6.75%, due 11/15/2012 -144A			500		518
6.75%, due 11/15/2012 Reg S			3,800		3,952
Korea, Republic of (0.4%)
Korea Development Bank
5.30%, due 01/17/2013 ^			1,320		1,185
Luxembourg (1.9%)
RSHB Capital SA for OJSC Russian
Agricultural Bank
6.30%, due 05/15/2017 -144A			1,527		901
7.18%, due 05/16/2013 Reg S			450		288
7.18%, due 05/16/2013 -144A			4,130		2,767
TNK-BP Finance SA
7.88%, due 03/13/2018 -144A			4,769		2,098
Mexico (0.6%)
Pemex Project Funding Master Trust
8.63%, due 12/01/2023 *			1,750		1,908
Netherlands (3.1%)
Intergas Finance BV
6.38%, due 05/14/2017 Reg S			900		549
Kazmunaigaz Finance Sub BV
9.13%, due 07/02/2018 -144A			9,600		5,760
Pindo Deli Finance BV
1.00%, due 04/28/2025 Reg S			1,500		105
1.00%, due 04/28/2025 -144A *			9,415		659
5.43%, due 04/28/2018 Reg S *			1,862		786
5.43%, due 04/28/2018 -144A *			150		53

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


Transamerica Funds		Annual Report 2008

Page 133

Transamerica Van Kampen Emerging Markets Debt

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)


	Principal		Value

Netherlands (continued)
Tjiwi Kimia Finance BV
1.00%, due 04/28/2027 -144A	$	1,045	$	78
1.00%, due 04/28/2027 Reg S		1,500		113
5.43%, due 04/28/2015 Reg S *		1,198		874
5.53%, due 04/28/2018 -144A *		2,148		773
5.53%, due 04/28/2018 Reg S *		1,000		360
Trinidad and Tobago (0.7%)
National Gas Co. of Trinidad & Tobago, Ltd.
6.05%, due 01/15/2036 -144A		2,406		1,647
6.05%, due 01/15/2036 Reg S		1,000		637
United States (4.4%)
Citigroup, Inc.
7.34%, due 02/24/2010 -144A		3,868		2,769
Pemex Project Funding Master Trust
4.12%, due 06/15/2010 -144A *		1,500		1,410
4.12%, due 06/15/2010 Reg S *		3,950		3,714
5.75%, due 03/01/2018 -144A ^		2,220		1,732
9.13%, due 10/13/2010 ^		4,500		4,500

Total Corporate Debt Securities (cost $56,849)				40,136


		Principal		Value

STRUCTURED NOTES DEBT (2.0%)
Cayman Islands (0.7%)
Republic of Brazil
16.20%, due 02/22/2010 Reg S ^	BRL		5,060	$	2,195
Switzerland (1.3%)
UBS AG
Zero Coupon, due 04/09/2009 Reg S	NGN		513,200		4,164

Total Structure Notes Debt (cost $6,580)					6,359


	Shares		Value

SECURITIES LENDING COLLATERAL (21.2%)
State Street Navigator Securities Lending Trust — Prime Portfolio, 2.71% ◊ ▲		67,886		67,886

Total Securities Lending Collateral (cost $67,886)				67,886


Total Investment Securities (cost $418,631) #			$	337,156

FUTURES CONTRACTS: Ф


								Net Unrealized
			Expiration					Appreciation
Description	Contracts Γ		Date		Amount			(Depreciation)

5-Year U.S. Note		794		12/31/2008	$	(89,926	)	$	(1,187	)
5-Year USD Swap		596		12/15/2008		65,243			328

								$	(859	)


	Percentage of
(unaudited)	Total Investments			Value

INVESTMENTS BY INDUSTRY:
Foreign Government Obligations		66.1	%	$	222,775
Oil, Gas & Consumable Fuels		7.0	%		23,493
Commercial Banks		2.8	%		9,435
Diversified Financial Services		1.5	%		5,053
Capital Markets		1.2	%		4,164
Paper & Forest Products		1.1	%		3,801
Gas Utilities		0.2	%		549

Investment Securities, at Value		79.9	%		269,270
Short-Term Investments		20.1	%		67,886

Total Investments		100.0	%	$	337,156

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


Transamerica Funds		Annual Report 2008

Page 134

Transamerica Van Kampen Emerging Markets Debt

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)

NOTES TO SCHEDULE OF INVESTMENTS:


^		All or a portion of this security is on loan. The value of all securities on loan is $66,475.

Џ		In default.

Γ		Contract amounts are not in thousands.

▲		Interest rate shown reflects the yield at 10/31/2008.

Ф		$1,689 was on deposit with broker to cover margin requirements for open futures contracts.

*		Floating or variable rate note. Rate is listed as of 10/31/2008.

◊		State Street Bank & Trust serves as the accounting, custody, and lending agent for the Fund and provides various services on behalf of the Fund.

#		Aggregate cost for federal income tax purposes is $424,221. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $705 and $87,770, respectively. Net unrealized depreciation for tax purposes is $87,065.

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 October 31, 2008, these securities aggregated $35,386, or 11.05% of the fund’s net assets.
BRL		Brazilian Real
MXN		Mexican Peso
NGN		Nigerian Naira

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


Transamerica Funds		Annual Report 2008

Page 135

Transamerica Van Kampen Mid-Cap Growth

SCHEDULE OF INVESTMENTS
At October 31, 2008
(all amounts except share amounts in thousands)


	Shares		Value

COMMON STOCKS (95.8%)
Air Freight & Logistics (5.5%)
CH Robinson Worldwide, Inc. ^		44,648	$	2,312
Expeditors International of Washington, Inc. ^		92,415		3,017
Capital Markets (0.7%)
Calamos Asset Management, Inc. -Class A ^		78,958		648
Chemicals (3.1%)
Intrepid Potash, Inc. ‡ ^		33,037		718
Nalco Holding Co. ^		130,075		1,837
Rockwood Holdings, Inc. ‡ ^		37,883		468
Commercial Services & Supplies (1.7%)
Covanta Holding Corp. ‡ ^		75,995		1,638
Computers & Peripherals (1.0%)
Teradata Corp. ‡		65,130		1,002
Construction & Engineering (0.7%)
Aecom Technology Corp. ‡ ^		40,089		707
Construction Materials (3.4%)
Martin Marietta Materials, Inc. ^		34,075		2,671
Texas Industries, Inc. ^		21,327		675
Diversified Consumer Services (3.7%)
New Oriental Education & Technology
Group ADR ‡ ^		30,627		1,959
Strayer Education, Inc. ^		7,242		1,639
Diversified Financial Services (5.5%)
IntercontinentalExchange, Inc. ‡		21,676		1,855
Leucadia National Corp. ^		130,340		3,498
Energy Equipment & Services (1.7%)
IHS, Inc. -Class A ‡ ^		47,989		1,698
Gas Utilities (1.4%)
Questar Corp.		41,191		1,419
Health Care Equipment & Supplies (4.5%)
Gen-Probe, Inc. ‡ ^		41,237		1,941
Intuitive Surgical, Inc. ‡ ^		6,983		1,207
Mindray Medical International, Ltd. ADR ^		59,567		1,284
Hotels, Restaurants & Leisure (9.6%)
Choice Hotels International, Inc. ^		40,666		1,112
Ctrip.com International, Ltd. ADR ^		78,620		2,404
Starbucks Corp. ‡ ^		179,559		2,358
Wynn Resorts, Ltd. ^		58,566		3,537
Household Durables (3.0%)
Gafisa SA ADR ^		62,765		916
Mohawk Industries, Inc. ‡ ^		17,892		866
NVR, Inc. ‡ ^		2,301		1,128
Insurance (1.3%)
Alleghany Corp. ‡		4,634		1,307
Internet & Catalog Retail (1.6%)
priceline.com, Inc. ‡ ^		29,201		1,537
Internet Software & Services (9.0%)
Akamai Technologies, Inc. ‡ ^		45,922		660
Alibaba.Com, Ltd. ‡		1,207,200		729
Baidu.Com ADR ‡ ^		13,570		2,795
Equinix, Inc. ‡ ^		17,643		1,101
Tencent Holdings, Ltd.		501,200		3,649
IT Services (2.2%)
Redecard SA		193,011		2,138
Life Sciences Tools & Services (6.7%)
Illumina, Inc. ‡ ^		112,745		3,476
Techne Corp. ^		45,337		3,129
Media (3.4%)
Discovery Communications, Inc. Series C ‡ ^		56,834		757
Discovery Communications, Inc. Series A ‡		47,598		649
Groupe Aeroplan, Inc.		95,690		831
Grupo Televisa SA ADR ^		63,730		1,125
Oil, Gas & Consumable Fuels (13.5%)
PetroHawk Energy Corp. ‡ ^		29,916		567
Range Resources Corp. ^		28,272		1,194
Southwestern Energy Co. ‡ ^		173,715		6,188
Ultra Petroleum Corp. ‡ ^		114,248		5,318
Pharmaceuticals (0.7%)
Ironwood Pharmaceutical ‡ Ə		54,887		659
Professional Services (2.5%)
Corporate Executive Board Co. ^		49,117		1,465
Monster Worldwide, Inc. ‡ ^		68,119		970
Real Estate Management & Development (2.0%)
Brookfield Asset Management, Inc. -Class A		78,095		1,408
Forest City Enterprises, Inc. -Class A ^		53,401		635
Software (1.3%)
Salesforce.com, Inc. ‡ ^		40,544		1,255
Specialty Retail (1.4%)
Abercrombie & Fitch Co. -Class A ^		46,201		1,338
Textiles, Apparel & Luxury Goods (0.7%)
Lululemon Athletica, Inc. ‡ ^		49,247		698
Trading Companies & Distributors (1.8%)
LI & Fung, Ltd.		874,000		1,754
Transportation Infrastructure (0.9%)
Grupo Aeroportuario del Pacifico
SA de CV ADR ^		46,504		850
Wireless Telecommunication Services (1.3%)
NII Holdings, Inc. ‡		50,145		1,292

Total Common Stocks (cost $136,353)				93,988


	Principal		Value

REPURCHASE AGREEMENT (4.6%)
State Street Repurchase Agreement 0.15%, dated 10/31/2008, to be repurchased at $4,509 on 11/03/2008 ◊ •	$	4,508		4,508

Total Repurchase Agreement (cost $4,508)				4,508


	Shares		Value

SECURITIES LENDING COLLATERAL (25.7%)
State Street Navigator Securities Lending Trust — Prime Portfolio, 2.71% ◊ ▲		25,246,268		25,246

Total Securities Lending Collateral (cost $25,246)				25,246


Total Investment Securities (cost $166,107) #			$	123,742

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


Transamerica Funds		Annual Report 2008

Page 136

Transamerica Van Kampen Mid-Cap Growth

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)

NOTES TO SCHEDULE OF INVESTMENTS:


^		All or a portion of this security is on loan. The value of all securities on loan is $24,665.

‡		Non-income producing security.

▲		Interest rate shown reflects the yield at 10/31/2008.

Ə		Securities fair valued as determined in good faith in accordance with procedures established by the Board of Trustees.

●		Repurchase agreement is collateralized by U.S. Government Agency Obligations with interest rates ranging from 3.56% to 5.74%, maturity dates ranging between 10/01/2036 to 10/25/2036, and with a market values plus accrued interests of $4,599.

◊		State Street Bank & Trust serves as the accounting, custody, and lending agent for the Fund and provides various services on behalf of the Fund.

#		Aggregate cost for federal income tax purposes is $166,550. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $5,038 and $47,846, respectively. Net unrealized depreciation for tax purposes is $42,808.

DEFINITIONS:

ADR American Depository Receipt

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


Transamerica Funds		Annual Report 2008

Page 137

Transamerica Van Kampen Small Company Growth

SCHEDULE OF INVESTMENTS
At October 31, 2008
(all amounts except share amounts in thousands)


	Shares		Value

PREFERRED STOCKS (3.9%)
Biotechnology (0.7%)
Pacific Bioscience, Zero Coupon ‡ Ə ▲ §		63,479	$	444


IT Services (1.3%)
Ning, Inc., Zero Coupon ‡ Ə ▲ §		108,208		774
Pharmaceuticals (1.9%)
Ironwood Pharmaceuticals, 8.00% ‡ Ə ▲ §		96,357		1,140

Total Preferred Stocks (cost $1,820)				2,358


COMMON STOCKS (94.3%)
Biotechnology (2.6%)
Alnylam Pharmaceuticals, Inc. ‡ ^		51,557		1,186
Cepheid, Inc. ‡ ^		36,049		428
Capital Markets (7.8%)
Greenhill & Co., Inc. ^		44,295		2,922
Riskmetrics Group, Inc. ‡ ^		119,603		1,843
Construction Materials (4.5%)
Eagle Materials, Inc. ^		77,950		1,380
Texas Industries, Inc. ^		42,280		1,337
Distributors (0.4%)
Integrated Distribution Services Group, Ltd.		273,000		232
Diversified Consumer Services (7.8%)
American Public Education, Inc. ‡ ^		28,693		1,270
New Oriental Education & Technology Group ADR ‡		11,129		712
Strayer Education, Inc. ^		12,080		2,733
Diversified Financial Services (0.3%)
Climate Exchange PLC ‡		12,242		192
Diversified Telecommunication Services (0.9%)
Cogent Communications Group, Inc. ‡ ^		113,116		541
Electric Utilities (3.3%)
Brookfield Infrastructure Partners, LP ^		136,718		2,051
Health Care Providers & Services (1.9%)
Athenahealth, Inc. ‡		37,299		1,141
Hotels, Restaurants & Leisure (7.3%)
Ambassadors Group, Inc.		58,453		610
BJ’s Restaurants, Inc. ‡ ^		59,655		530
Ctrip.com International, Ltd. ADR		46,398		1,419
Mandarin Oriental International, Ltd.		357,288		467
PF Chang’s China Bistro, Inc. ‡ ^		65,496		1,340
Premier Exhibitions, Inc. ‡ ^		50,520		52
Household Durables (2.0%)
Gafisa SA ADR ^		56,296		821
iRobot Corp. ‡		40,245		415
Insurance (1.0%)
Greenlight Capital Re, Ltd. -Class A ‡		51,235		641
Internet & Catalog Retail (3.7%)
Blue Nile, Inc. ‡ ^		61,496		1,881
Dena Co., Ltd. Npv		160		358
Internet Software & Services (6.8%)
Bankrate, Inc. ‡ ^		18,831		620
Comscore, Inc. ‡ ^		30,644		374
Gmarket, Inc. ADR ‡		39,806		695
GSI Commerce, Inc. ‡ ^		63,752		660
Mercadolibre, Inc. ‡ ^		36,077		493
Rediff.com India, Ltd. ADR ‡ ^		46,045		120
SINA Corp. ‡		20,202		655
Vistaprint, Ltd. ‡ ^		30,587		522
IT Services (3.6%)
Forrester Research, Inc. ‡		65,574		1,839
Information Services Group, Inc. ‡ ^		135,870		374
Leisure Equipment & Products (0.7%)
Aruze Corp. Npv		50,300		454
Life Sciences Tools & Services (8.2%)
Illumina, Inc. ‡ ^		42,267		1,303
Techne Corp. ^		53,717		3,708
Machinery (1.3%)
Middleby Corp. ‡ ^		19,697		796
Media (5.3%)
CKX, Inc. ‡ ^		101,828		452
Interactive Data Corp. ^		33,999		802
Lakes Entertainment, Inc. ‡		55,865		240
Marvel Entertainment, Inc. ‡ ^		55,202		1,777
WPT Enterprises, Inc. ‡		26,759		10
Oil, Gas & Consumable Fuels (7.7%)
Carrizo Oil & Gas, Inc. ‡ ^		33,669		787
Contango Oil & Gas Co. ‡ ^		43,614		2,399
GMX Resources, Inc. ‡ ^		41,369		1,562
Professional Services (7.0%)
Advisory Board Co. ‡ ^		63,928		1,576
Corporate Executive Board Co.		25,285		754
Costar Group, Inc. ‡ ^		54,906		1,978
Real Estate Investment Trusts (0.4%)
Brascan Residential		184,540		263
Real Estate Management & Development (0.7%)
Consolidated-Tomoka Land Co.		7,552		279
FX Real Estate And Entertainment, Inc. ‡ ^		20,365		14
HouseValues, Inc. ‡ ^		56,409		150
Semiconductors & Semiconductor Equipment (1.6%)
Tessera Technologies, Inc. ‡		55,475		959
Software (2.9%)
Blackboard, Inc. ‡ ^		37,246		912
Longtop Financial Technologies, Ltd. ADR ‡ ^		62,286		872
Specialty Retail (1.3%)
Citi Trends, Inc. ‡ ^		49,236		824
Textiles, Apparel & Luxury Goods (1.7%)
Lululemon Athletica, Inc. ‡ ^		71,358		1,011
Transportation Infrastructure (1.6%)
Grupo Aeroportuario del Pacifico SA de CV ADR ^		52,565		960

Total Common Stocks (cost $77,164)				57,696


	Principal		Value

REPURCHASE AGREEMENT (1.4%)
State Street Repurchase Agreement 0.15%, dated 10/31/2008, to be repurchased at $860 on 11/03/2008 ◊ ●	$	860		860

Total Repurchase Agreement (cost $860)				860


	Shares		Value

SECURITIES LENDING COLLATERAL (25.9%)
State Street Navigator Securities Lending Trust — Prime Portfolio, 2.71% ◊ ▲		15,885,696		15,886

Total Securities Lending Collateral (cost $15,886)				15,886

Total Investment Securities (cost $95,730) #			$	76,800

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


Transamerica Funds		Annual Report 2008

Page 138

Transamerica Van Kampen Small Company Growth

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)

NOTES TO SCHEDULE OF INVESTMENTS:


Ə		Securities fair valued as determined in good faith in accordance with procedures established by the Board of Trustees.

‡		Non-income producing security.

§		Illiquid. At 10/31/2008, these securities aggregated $2,358 or 3.85% of the Fund’s net assets.

^		All or a portion of this security is on loan. The value of all securities on loan is $15,463.

●		Repurchase agreement is collateralized by a U.S. Government Agency Obligation with an interest rate of 4.00%, a maturity date of 06/01/2014, and with a market value plus accrued interest of $879.

◊		State Street Bank & Trust serves as the accounting, custody, and lending agent for the Fund and provides various services on behalf of the Fund.

▲		Interest rate shown reflects the yield at 10/31/2008.

#		Aggregate cost for federal income tax purposes is $96,238. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $6,128 and $25,566, respectively. Net unrealized depreciation for tax purposes is $19,438.

DEFINITIONS:


ADR		American Depository Receipt
LP		Limited Partnership
PLC		Public Limited Company

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


Transamerica Funds		Annual Report 2008

Page 139

Transamerica WMC Emerging Markets

SCHEDULE OF INVESTMENTS
At October 31, 2008
(all amounts except share amounts in thousands)


	Shares		Value

PREFERRED STOCKS (2.4%)
Brazil (2.4%)
Cia de Bebidas DAS Americas, 5.57% ‡ ▲		25,900	$	1,088
Petroleo Brasileiro SA, 1.10% ▲		66,200		712

Total Preferred Stocks (cost $2,521)				1,800


COMMON STOCKS (84.6%)
Bermuda (2.6%)
First Pacific Co.		938,000		379
Hopson Development Holdings, Ltd.		822,000		275
Shangri-La Asia, Ltd.		954,000		1,350
Brazil (14.9%)
Amil Participacoes SA		86,500		399
Banco Itau Holding Financeira SA ADR		83,000		918
BM&F Bovespa SA		267,400		715
Cia Brasileira de Distribuicao
Grupo PAO de Acucar ADR		27,500		823
Cia Energetica de Minas Gerais ADR		75,400		1,147
Cia Siderurgica Nacional SA ADR		42,000		571
Cia Vale do Rio Doce -Class B ADR		144,000		1,890
Odontoprev SA ‡		30,900		398
Petroleo Brasileiro SA ADR		109,600		2,947
Usinas Siderurgicas de Minas Gerais SA		95,600		1,123
Weg SA		62,700		356
Cayman Islands (1.9%)
Golden Meditech Co., Ltd. ‡		2,120,000		305
Simcere Pharmaceutical Group ADR ‡		75,400		425
WSP Holdings, Ltd. ADR ‡		157,300		745
Chile (2.7%)
Enersis SA ADR		80,700		1,162
Sociedad Quimica y Minera de Chile SA ADR		40,400		925
China (8.9%)
Angang Steel Co., Ltd.		680,000		417
China Life Insurance Co., Ltd.		582,000		1,555
China Shenhua Energy Co., Ltd.		613,000		1,165
Industrial & Commercial Bank of China -Class H		3,244,000		1,526
Shanghai Electric Group Co., Ltd. ‡		4,036,000		1,221
Weiqiao Textile Co.		527,000		108
Wumart Stores, Inc.		853,000		680
Egypt (1.2%)
Orascom Construction Industries		27,887		931
Hong Kong (7.1%)
China Mobile, Ltd. ADR		20,800		913
China Overseas Land & Investment, Ltd.		392,000		443
China Resources Enterprise		576,000		1,147
CNOOC, Ltd. ADR		24,000		1,960
Hong Kong Exchanges And Clearing, Ltd.		93,900		952
Hungary (0.8%)
Richter Gedeon		4,242		586
India (0.8%)
Bajaj Holdings And Investment, Ltd. GDR		62,850		414
HDFC Bank Ltd. ADR		2,800		184
Israel (4.9%)
Bezeq Israeli Telecommunication Corp., Ltd.		489,125		730
Israel Chemicals, Ltd.		56,123		566
Teva Pharmaceutical Industries, Ltd. ADR		57,600		2,470
Malaysia (2.2%)
Digi.Com BHD		102,700		534
Kulim Malaysia BHD		394,500		436
Resorts World BHD		1,023,100		723
Mexico (8.4%)
America Movil SAB de CV -Class R ADR		70,500		2,182
Fomento Economico Mexicano
SAB de CV ADR		23,000		582
Genomma Lab Internacional SA de CV ‡		287,300		307
Grupo Televisa SA ADR		75,200		1,328
Impulsadora Del Desarrollo ‡		416,700		359
Wal-Mart de Mexico SAB de CV -Class V		594,000		1,594
Papua New Guinea (0.4%)
New Britain Palm Oil, Ltd.		95,407		302
Peru (1.3%)
Cia de Minas Buenaventura SA ADR		80,800		1,021
Philippines (0.8%)
Philippine Long Distance
Telephone Co. ADR		15,100		618
Qatar (0.4%)
Commercial Bank of Qatar -144A GDR ‡		110,900		333
Russian Federation (4.7%)
Gazprom OAO ADR		136,011		2,709
Mobile Telesystems OJSC ADR		23,100		904
South Africa (7.7%)
Adcock Ingram Holdings, Ltd. ‡		170,219		596
African Bank Investments, Ltd.		344,918		946
Aspen Pharmacare Holdings, Ltd. ‡		216,850		758
Impala Platinum Holdings, Ltd.		88,688		926
MTN Group, Ltd.		108,478		1,218
Truworths International, Ltd.		407,062		1,382
Switzerland (0.4%)
Orascom Development Holding AG ‡		11,147		320
Taiwan (8.5%)
Chunghwa Telecom Co., Ltd. ADR		41,000		675
HON HAI Precision Industry Co., Ltd.		459,000		1,108
Mediatek, Inc.		106,000		949
President Chain St		240,000		557
Taiwan Mobile Co., Ltd.		682,000		943
Taiwan Semiconductor Manufacturing Co., Ltd.		938,000		1,365
Yuanta Financial Holdings		2,109,000		825
Thailand (1.2%)
Bangkok Bank PCL		366,600		740
Land And Houses PCL		1,799,200		194
Turkey (1.8%)
Akcansa Cimento AS		92,303		154
Aksigorta Try1		149,314		308
Cimsa Cimento Sanayi VE Tica		97,395		182
Haci OMER Sabanci Holding AS		157,285		382
KOC Holding AS ‡		193,923		362
United Kingdom (1.0%)
Hikma Pharmaceuticals PLC		142,025		741

Total Common Stocks (cost $82,343)				64,384


INVESTMENT COMPANY (2.4%)
United States (2.4%)
iShares MSCI Emerging Markets Index Fund		72,800		1,856

Total Investment Company (cost $2,481)				1,856

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


Transamerica Funds		Annual Report 2008

Page 140

Transamerica WMC Emerging Markets

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)


	Principal		Value

REPURCHASE AGREEMENT (2.6%)
State Street Repurchase Agreement 0.15%, dated 10/31/2008, to be repurchased at $1,982 on 11/03/2008 ◊ ●	$	1,982	$	1,982

Total Repurchase Agreement (cost $1,982)				1,982


	Shares		Value

WARRANTS (7.7%)
Bharti Airtel, Ltd. -144A
Expiration: 09/19/2013
Exercise Price: $0.00		29,800		392
Punjab National Bank, Ltd. -144A
Expiration: 10/17/2013
Exercise Price: $0.00		13,500		114
Bharat Heavy Electricals, Ltd. -144A
Expiration: 10/24/2012
Exercise Price: $0.00		45,400		1,208
Educomp Solutions, Ltd. -144A
Expiration: 10/24/2012
Exercise Price: $0.00		11,900		535
Lanco Infratech, Ltd. -144A
Expiration: 10/24/2012
Exercise Price: $0.00		128,000		291
Piramal Healthcare, Ltd. -144A
Expiration: 10/24/2012
Exercise Price: $0.00		188,900		856
Piramal Life Sciences, Ltd. -144A
Expiration: 10/24/2012
Exercise Price: $0.00		61,734		83
Reliance Industries, Ltd-144A.
Expiration: 11/07/2016
Exercise Price: $0.00		56,600		1,544
Tata Chemicals, Ltd. -144A
Expiration: 12/05/2017
Exercise Price: $0.00		257,400		816

Total Warrants (cost $8,081)				5,839


Total Investment Securities (cost $97,408) #			$	75,861

FORWARD FOREIGN CURRENCY CONTRACTS:


						Amount in U.S.			Net Unrealized
				Settlement		Dollars Bought			Appreciation
Currency	Bought (Sold)			Date		(Sold)			(Depreciation)

Hungarian Forint		(92,091	)		02/19/2009	$	(513	)	$	69
South African Rand		11,326			09/29/2009		1,167			(99	)
South African Rand		(26,210	)		09/29/2009		(2,877	)		405
Turkish Lira		1,012			11/21/2008		725			(74	)
Turkish Lira		(1,255	)		11/21/2008		(950	)		142
Turkish Lira		(900	)		11/21/2008		(640	)		62

									$	505


	Percentage of
(unaudited)	Total Investments			Value

INVESTMENTS BY INDUSTRY:
Oil, Gas & Consumable Fuels		12.9	%	$	9,872
Wireless Telecommunication Services		10.1	%		7,703
Metals & Mining		9.3	%		7,112
Pharmaceuticals		8.9	%		6,738
Diversified Financial Services		5.6	%		4,234
Commercial Banks		5.0	%		3,816
Food & Staples Retailing		4.8	%		3,654

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


Transamerica Funds		Annual Report 2008

Page 141

Transamerica WMC Emerging Markets

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2008
(all amounts except share amounts in thousands)


	Percentage of
(unaudited)	Total Investments			Value

INVESTMENTS BY INDUSTRY:(continued)
Hotels, Restaurants & Leisure		3.2	%	$	2,394
Semiconductors & Semiconductor Equipment		3.1	%		2,314
Electric Utilities		3.1	%		2,309
Chemicals		3.0	%		2,307
Insurance		3.0	%		2,262
Capital Markets		2.5	%		1,856
Beverages		2.2	%		1,670
Construction & Engineering		2.1	%		1,582
Machinery		2.1	%		1,577
Diversified Telecommunication Services		1.9	%		1,405
Specialty Retail		1.8	%		1,383
Media		1.8	%		1,328
Electrical Equipment		1.6	%		1,207
Trading Companies & Distributors		1.5	%		1,147
Food Products		1.5	%		1,117
Electronic Equipment & Instruments		1.5	%		1,108
Real Estate Management & Development		1.2	%		911
Energy Equipment & Services		1.0	%		746
Diversified Consumer Services		0.7	%		535
Health Care Providers & Services		0.5	%		398
Industrial Conglomerates		0.5	%		362
Construction Materials		0.4	%		336
Health Care Equipment & Supplies		0.4	%		305
Textiles, Apparel & Luxury Goods		0.1	%		108
Biotechnology		0.1	%		83

Investment Securities, at Value		97.4	%		73,879
Short-Term Investments		2.6	%		1,982

Total Investments		100.0	%	$	75,861

NOTES TO SCHEDULE OF INVESTMENTS:


▲		Interest rate shown reflects the yield at 10/31/2008.

‡		Non-income producing security.

●		Repurchase agreement is collateralized by a U.S. Government Agency Obligation with an interest rate of 5.00%, a maturity date of 12/01/2019, and with a market value plus accrued interest of $2,023.

◊		State Street Bank & Trust serves as the accounting, custody, and lending agent for the Fund and provides various services on behalf of the Fund.

#		Aggregate cost for federal income tax purposes is $97,408. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $205 and $21,752, respectively. Net unrealized depreciation for tax purposes is $21,547.

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 10/31/2008, these securities aggregated $6,172, or 8.11% of the fund’s net assets.

ADR		American Depository Receipt

GDR		Global Depository Receipt

PLC		Public Limited Company

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


Transamerica Funds		Annual Report 2008

Page 142

STATEMENTS OF ASSETS & LIABILITIES
At October 31, 2008
(all amounts except per share amounts in thousands)


	Transamerica			Transamerica			Transamerica			Transamerica			Transamerica			Transamerica
	AllianceBernstein			Bjurman, Barry			BlackRock			BlackRock			BlackRock			BNY Mellon
	International			Micro Emerging			Global			Large Cap			Natural			Market Neutral
	Value			Growth			Allocation			Value			Resources			Strategy

Assets:
Investment, at cost	$	485,501		$	101,991		$	554,847		$	632,391		$	131,146		$	144,425
Foreign currency, at cost		1,055			—			2,460			—			261			—
Securities loaned, at value		54,045			16,514			92,737			50,316			21,823			—

Investment securities, at value		300,547			83,740			470,798			513,166			109,029			110,045
Cash on deposit with broker		—			—			—			—			—			119,989
Foreign currency, at value		1,019			—			2,443			—			239			—
Receivables:
Investment securities sold		2,228			244			2,920			—			254			—
Shares of beneficial interest sold		—			—			9			—			60			20
Interest		—	^(a)		—	^(a)		1,034			2			—	^(a)		—
Income from loaned securities		66			44			82			31			13			—
Dividends		1,379			—			614			522			83			45
Dividend reclaims		328			—			99			—			21			—
Variation margin		—			—			34			—			—			—
Unrealized appreciation on forward foreign currency contracts		—			—			989			—			—			—
Other		—			—			1			—			—			31

	$	305,567		$	84,028		$	479,023		$	513,721		$	109,699		$	230,130

Liabilities:
Premium on written options & securities sold short	$	—		$	—		$	2,296		$	—		$	—		$	143,542

Investment securities purchased		—			484			1,259			—			—			—
Cash due to broker		—			—			457			—			—			—
Accounts payable and accrued liabilities:
Shares of beneficial interest redeemed		35			—			—			—			—			39
Management and advisory fees		199			60			240			312			58			144
Deferred foreign taxes		—			—			2			—			—			—
Administration fees		5			1			6			8			1			2
Due to custodian		—			—			102			—			—			1,513
Dividends to shareholders		—			—			—			—			—			88
Payable for collateral for securities on loan		56,869			17,040			94,938			51,531			22,357			—
Unrealized depreciation on forward foreign currency contracts		—			—			2,004			—			—			—
Written options		—			—			2,028			—			—			—
Securities sold short, at value		—			—			—			—			—			106,961
Other		122			27			206			54			31			35

		57,230			17,612			101,242			51,905			22,447			108,782

Net Assets	$	248,337		$	66,416		$	377,781		$	461,816		$	87,252		$	121,348

Net Assets Consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	459,150		$	103,609		$	421,889		$	632,304		$	109,060		$	124,039
Undistributed (accumulated) net investment income (loss)		12,245			—			21,295			6,241			284			—
Undistributed (accumulated) net realized gain (loss) from investments		(38,050	)		(18,942	)		18,421			(57,505	)		47			(4,893	)
Net unrealized appreciation (depreciation) on:
Investment securities		(184,953	)		(18,251	)		(84,048	)		(119,224	)		(22,117	)		(34,379	)
Futures contracts		—			—			1,100			—			—			—
Written option contracts		—			—			268			—			—			—
Translation of assets and liabilities denominated in foreign currencies		(55	)		—			(1,144	)		—			(22	)		—
Securities sold short		—			—			—			—			—			36,581

Net Assets	$	248,337		$	66,416		$	377,781		$	461,816		$	87,252		$	121,348


Shares Outstanding		37,597			10,372			40,491			60,716			10,753			12,766

Net Asset Value and Offering Price Per Share	$	6.61		$	6.40		$	9.32		$	7.61		$	8.11		$	9.51

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


Transamerica Funds		Annual Report 2008

Page 143

STATEMENTS OF ASSETS & LIABILITIES (continued)
At October 31, 2008
(all amounts except per share amounts in thousands)


	Transamerica			Transamerica			Transamerica									Transamerica
	Evergreen			Federated			JPMorgan			Transamerica			Transamerica			Marsico
	International			Market			International			JPMorgan Mid			Loomis Sayles			International
	Small Cap			Opportunity			Bond			Cap Value			Bond			Growth

Assets:
Investment, at cost	$	469,758		$	114,098		$	728,230		$	235,460		$	831,057		$	451,286
Foreign currency, at cost		3,222			—			—			—			—			234
Securities loaned, at value		61,509			17,562			19,186			36,952			46,134			57,713

Investment securities, at value		388,484			97,598			710,287			184,519			612,611			338,409
Foreign currency, at value		3,134			—			—			—			—			233
Receivables:
Investment securities sold		4,811			1,560			10,572			1,670			—			11,238
Shares of beneficial interest sold		—			16			—			—			—			—
Interest		—	^(a)		—	^(a)		8,261			—	^(a)		12,571			—	^(a)
Income from loaned securities		66			14			18			28			41			50
Dividends		773			103			—			171			36			521
Dividend reclaims		142			5			—			—			—			932
Unrealized appreciation on forward foreign currency contracts		13,567			1,708			16,797			—			272			—

	$	410,977		$	101,004		$	745,935		$	186,388		$	625,531		$	351,383

Liabilities:
Foreign currency cost, due to custodian	$	—		$	301		$	7,537		$	—		$	—		$	—
Premium on written options	$	—		$	172		$	—		$	—		$	—		$	—

Investment securities purchased		19,783			6,176			8,021			589			367			7,060
Foreign currency value, due to custodian		—			261			7,594			—			—			—
Accounts payable and accrued liabilities:
Shares of beneficial interest redeemed		17			—			142			—			52			17
Management and advisory fees		297			50			315			106			333			284
Administration fees		6			1			12			3			10			5
Due to custodian		—			—			—			—			10			—
Payable for collateral for securities on loan		64,604			18,147			19,563			37,882			47,206			60,084
Unrealized depreciation on forward foreign currency contracts		9,380			1,470			10,677			—			109			—
Written options		—			390			—			—			—			—
Variation margin		—			—			334			—			—			—
Other		151			29			199			36			76			166

		94,238			26,524			46,857			38,616			48,163			67,616

Net Assets	$	316,739		$	74,480		$	699,078		$	147,772		$	577,368		$	283,767

Net Assets Consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	483,356		$	87,354		$	679,901		$	198,112		$	783,793		$	502,469
Undistributed (accumulated) net investment income (loss)		5,618			849			31,840			2,731			8,371			5,230
Undistributed (accumulated) net realized gain (loss) from investments		(95,054	)		2,673			(753	)		(2,130	)		3,714			(111,010	)
Net unrealized appreciation (depreciation) on:
Investment securities		(81,272	)		(16,500	)		(17,941	)		(50,941	)		(218,444	)		(112,876	)
Futures contracts		—			—			820			—			—			—
Written option contracts		—			(218	)		—			—			—			—
Translation of assets and liabilities denominated in foreign currencies		4,091			322			5,211			—			(66	)		(46	)

Net Assets	$	316,739		$	74,480		$	699,078		$	147,772		$	577,368		$	283,767


Shares Outstanding		38,358			8,704			66,180			19,600			78,651			42,085

Net Asset Value and Offering Price Per Share	$	8.26		$	8.56		$	10.56		$	7.54		$	7.34		$	6.74

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


Transamerica Funds		Annual Report 2008

Page 144

STATEMENTS OF ASSETS & LIABILITIES (continued)
At October 31, 2008
(all amounts except per share amounts in thousands)


	Transamerica			Transamerica			Transamerica			Transamerica						Transamerica
	Neuberger			Oppenheimer			Oppenheimer			Schroders			Transamerica			Thornburg
	Berman			Developing			Small- & Mid-			International			Third Avenue			International
	International			Markets			Cap Value			Small Cap			Value			Value

Assets:
Investment, at cost	$	520,350		$	547,833		$	228,091		$	188,212		$	646,766		$	97,732
Foreign currency, at cost		571			109			—			1,795			419			91
Securities loaned, at value		61,112			40,859			31,086			11,936			84,910			—

Investment securities, at value		369,943			360,522			160,436			120,463			423,008			77,399
Foreign currency, at value		624			172			—			1,719			402			92
Receivables:
Investment securities sold		2,825			3,383			2,022			788			71			63
Shares of beneficial interest sold		—			8			—			—			—			—
Interest		—	^(a)		—	^(a)		—	^(a)		—			—	^(a)		—	^(a)
Income from loaned securities		53			33			31			15			82			—
Dividends		795			806			8			368			908			107
Dividend reclaims		567			10			—			14			—			—
Unrealized appreciation on forward foreign currency contracts		—			—			—			—			—			2,282
Other		—			17			—			—			—			—

	$	374,807		$	364,951		$	162,497		$	123,367		$	424,471		$	79,943

Liabilities:
Foreign currency cost, due to custodian	$	—		$	—		$	4		$	—		$	—		$	—

Investment securities purchased		2,445			3,996			2,478			1,669			—			—
Foreign currency value, due to custodian		—			—			4			—			—			—
Accounts payable and accrued liabilities:
Shares of beneficial interest redeemed		23			17			—			17			—			35
Management and advisory fees		273			324			105			150			231			37
Administration fees		6			6			2			2			6			1
Due to custodian		278			—			—			174			—			—
Payable for collateral for securities on loan		63,650			42,270			31,980			12,598			87,314			—
Unrealized depreciation on forward foreign currency contracts		—			—			—			—			—			300
Other		151			365			42			102			75			54

		66,826			46,978			34,611			14,712			87,626			427

Net Assets	$	307,981		$	317,973		$	127,886		$	108,655		$	336,845		$	79,516

Net Assets Consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	570,824		$	450,425		$	221,745		$	182,116		$	581,673		$	99,287
Undistributed (accumulated) net investment income (loss)		8,208			6,339			474			1,857			(41	)		—
Undistributed (accumulated) net realized gain (loss) from investments		(120,569	)		48,427			(26,678	)		(7,502	)		(21,046	)		(1,430	)
Net unrealized appreciation (depreciation) on:
Investment securities		(150,406	)		(187,310	)		(67,655	)		(67,749	)		(223,757	)		(20,332	)
Translation of assets and liabilities denominated in foreign currencies		(76	)		92			—			(67	)		16			1,991

Net Assets	$	307,981		$	317,973		$	127,886		$	108,655		$	336,845		$	79,516


Shares Outstanding		51,741			38,797			20,294			18,658			19,892			9,965

Net Asset Value and Offering Price Per Share	$	5.95		$	8.20		$	6.30		$	5.82		$	16.93		$	7.98

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


Transamerica Funds		Annual Report 2008

Page 145

STATEMENTS OF ASSETS & LIABILITIES (continued)
At October 31, 2008
(all amounts except per share amounts in thousands)


							Transamerica						Transamerica
	Transamerica			Transamerica			Van Kampen			Transamerica			Van Kampen			Transamerica
	UBS Dynamic			UBS Large Cap			Emerging			Van Kampen			Small Company			WMC Emerging
	Alpha			Value			Markets Debt			Mid-Cap Growth			Growth			Markets

Assets:
Investment, at cost	$	229,006		$	1,130,238		$	418,631		$	166,107		$	95,730		$	97,408
Foreign currency, at cost		1,193			—			1,081			—	^(a)		—			1,369
Securities loaned, at value		40,655			114,124			66,475			24,665			15,463			—

Investment securities, at value		170,741			822,181			337,156			123,742			76,800			75,861
Cash		—			—			1,238			—	^(a)		—			—
Cash on deposit with broker		10,053			—			—			—			—			—
Foreign currency, at value		1,147			—			979			—			—			1,354
Receivables:
Investment securities sold		1,234			4,195			43,785			—			1,440			—
Interest		7			—	^(a)		6,725			—	^(a)		—	^(a)		—	^(a)
Income from loaned securities		26			69			93			29			61			—
Dividends		210			1,168			—			45			48			69
Dividend reclaims		140			—			—			—			—			—
Variation margin		15,719			—			—			—			—			—
Unrealized appreciation on forward foreign currency contracts		37,824			—			—			—			—			678
Other		1			—			—			—			—			—

	$	237,102		$	827,613		$	389,976		$	123,816		$	78,349		$	77,962

Liabilities:
Premium on swap agreements, at value	$	1,970		$	—		$	—		$	—		$	—		$	—

Investment securities purchased		1,369			7,733			—			326			1,163			537
Accounts payable and accrued liabilities:
Shares of beneficial interest redeemed		74			—			44			—			—			12
Management and advisory fees		198			466			263			66			51			19
Administration fees		3			12			6			2			1			1
Due to custodian		—			—			—			—			—			1,039
Payable for collateral for securities on loan		41,709			117,342			67,886			25,246			15,886			—
Unrealized depreciation on forward foreign currency contracts		16,610			—			—			—			—			173
Payable on swap agreements		11,484			—			—			—			—			—
Variation margin		—			—			1,361			—			—			—
Other		88			63			66			35			34			54

		71,535			125,616			69,626			25,675			17,135			1,835

Net Assets	$	165,567		$	701,997		$	320,350		$	98,141		$	61,214		$	76,127

Net Assets Consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	194,553		$	1,037,496		$	412,880		$	147,903		$	92,158		$	99,058
Undistributed (accumulated) net investment income (loss)		—			13,782			4,534			92			1,203			—
Undistributed (accumulated) net realized gain (loss) from investments		5,306			(41,226	)		(14,523	)		(7,490	)		(13,217	)		(1,875	)
Net unrealized appreciation (depreciation) on:
Investment securities		(58,264	)		(308,055	)		(81,474	)		(42,364	)		(18,930	)		(21,547	)
Futures contracts		12,343			—			(859	)		—			—			—
Swap agreements		(9,514	)		—			—			—			—			—
Translation of assets and liabilities denominated in foreign currencies		21,143			—			(208	)		—			—			491

Net Assets	$	165,567		$	701,997		$	320,350		$	98,141		$	61,214		$	76,127


Shares Outstanding		19,229			87,230			40,157			13,218			8,278			9,937

Net Asset Value and Offering Price Per Share	$	8.60		$	8.05		$	7.98		$	7.42		$	7.39		$	7.66


^(a)		Rounds to less than $1.

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


Transamerica Funds		Annual Report 2008

Page 146

STATEMENTS OF OPERATIONS
For the year ended October 31, 2008
(all amounts in thousands)


	Transamerica			Transamerica									Transamerica			Transamerica
	AllianceBernstein			Bjurman, Barry			Transamerica			Transamerica			BlackRock			BNY Mellon
	International			Micro Emerging			BlackRock			BlackRock Large			Natural			Market Neutral
	Value			Growth			Global Allocation			Cap Value			Resources			Strategy

Investment Income:
Dividends	$	18,364		$	247		$	6,975		$	11,276		$	1,435		$	1,644
Less withholding taxes on foreign dividends		(1,903	)		—			(314	)		—			(49	)		—
Interest		108			28			8,604			88			136			3,029
Income from loaned securities-net		161			292			179			145			85			12

		16,730			567			15,444			11,509			1,607			4,685


Expenses:
Management and advisory fees		3,857			874			3,634			4,450			1,199			1,711
Transfer agent fees		—	^(a)		—	^(a)		—	^(a)		—	^(a)		—	^(a)		—	^(a)
Printing and shareholder reports		3			—	^(a)		2			3			1			1
Custody fees		292			14			539			58			34			34
Administration fees		92			17			99			113			30			24
Legal fees		12			2			13			15			4			3
Audit fees		21			21			30			20			20			21
Trustees fees		8			2			8			10			3			2
Registration fees		4			1			1			6			1			1
Dividend expense on securities sold short		—			—			—			—			—			1,594
Other		6			1			10			8			3			14

Total expenses		4,295			932			4,336			4,683			1,295			3,405

Net expenses		4,295			932			4,336			4,683			1,295			3,405


Net Investment Income (Loss)		12,435			(365	)		11,108			6,826			312			1,280


Net Realized Gain (Loss) from:
Investment securities		(36,129	)		(15,269	)		9,878	^(b)		(57,165	)		61			(1,772	)
Futures contracts		—			—			3,383			—			—			—
Written option contracts		—			—			790			—			—			—
Foreign currency transactions		(1,901	)		—			17,677			—			(15	)		—

	��	(38,030	)		(15,269	)		31,728			(57,165	)		46			(1,772	)


Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on:
Investment securities		(269,323	)		(38,825	)		(168,812	)		(211,987	)		(64,021	)		(36,399	)
Futures contracts		—			—			1,394			—			—			—
Written option contracts		—			—			2,377			—			—			—
Translation of assets and liabilities denominated in foreign currencies		(113	)		—			(2,361	)		—			(22	)		—
Securities sold short		—			—			—			—			—			40,577

		(269,436	)		(38,825	)		(167,402	)		(211,987	)		(64,043	)		4,178


Net Realized and Unrealized Gain (Loss)		(307,466	)		(54,094	)		(135,674	)		(269,152	)		(63,997	)		2,406

Net Increase (Decrease) In Net Assets Resulting from Operations	$	(295,031	)	$	(54,459	)	$	(124,566	)	$	(262,326	)	$	(63,685	)	$	3,686

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


Transamerica Funds		Annual Report 2008

Page 147

STATEMENTS OF OPERATIONS (continued)
For the year ended October 31, 2008
(all amounts in thousands)


	Transamerica						Transamerica									Transamerica
	Evergreen			Transamerica			JPMorgan			Transamerica			Transamerica			Marsico
	International			Federated Market			International			JPMorgan Mid			Loomis Sayles			International
	Small Cap			Opportunity			Bond			Cap Value			Bond			Growth

Investment Income:
Dividends	$	9,398		$	492		$	—		$	4,515		$	1,183		$	13,338
Less withholding taxes on foreign dividends		(895	)		(23	)		—			(11	)		(7	)		(1,095	)
Interest		165			867			25,321			130			43,659			520
Income from loaned securities-net		378			89			23			172			227			223

		9,046			1,425			25,344			4,806			45,062			12,986


Expenses:
Management and advisory fees		5,293			563			4,123			1,889			4,102			5,712
Transfer agent fees		—	^(a)		—	^(a)		—	^(a)		—	^(a)		—	^(a)		—	^(a)
Printing and shareholder reports		3			—	^(a)		4			2			4			3
Custody fees		372			21			511			40			127			410
Administration fees		102			14			161			46			128			112
Legal fees		14			2			20			6			18			15
Audit fees		21			20			21			20			21			21
Trustees fees		10			1			13			4			12			10
Registration fees		3			1			1			—	^(a)		15			5
Other		9			2			12			3			9			8

Total expenses		5,827			624			4,866			2,010			4,436			6,296

Net expenses		5,827			624			4,866			2,010			4,436			6,296


Net Investment Income		3,219			801			20,478			2,796			40,626			6,690


Net Realized Gain (Loss) from:
Investment securities		(94,339	)		2,059			20,293			(1,435	)		5,420			(109,759	)
Futures contracts		—			—			41			—			—			—
Written option contracts		—			5,701			—			—			—			—
Foreign currency transactions		1,758			848			17,496			—			224			(480	)

		(92,581	)		8,608			37,830			(1,435	)		5,644			(110,239	)


Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on:
Investment securities		(235,138	)		(16,473	)		(62,160	)		(87,726	)		(223,760	)		(258,035	)
Futures contracts		—			—			180			—			—			—
Written option contracts		—			(218	)		—			—			—			—
Translation of assets and liabilities denominated in foreign currencies		4,075			304			4,700			—			(166	)		(72	)

		(231,063	)		(16,387	)		(57,280	)		(87,726	)		(223,926	)		(258,107	)

Net Realized and Unrealized Loss		(323,644	)		(7,779	)		(19,450	)		(89,161	)		(218,282	)		(368,346	)

Net Increase (Decrease) In Net Assets Resulting from Operations	$	(320,425	)	$	(6,978	)	$	1,028		$	(86,365	)	$	(177,656	)	$	(361,656	)

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


Transamerica Funds		Annual Report 2008

Page 148

STATEMENTS OF OPERATIONS (continued)
For the year ended October 31, 2008
(all amounts in thousands)


	Transamerica			Transamerica			Transamerica			Transamerica						Transamerica
	Neuberger			Oppenheimer			Oppenheimer			Schroders			Transamerica			Thornburg
	Berman			Developing			Small- & Mid-Cap			International			Third Avenue			International
	International			Markets			Value			Small Cap^(c)			Value			Value^(d)

Investment Income:
Dividends	$	16,064		$	16,668		$	2,041		$	3,164		$	8,440		$	115
Less withholding taxes on foreign dividends		(1,245	)		(1,103	)		(4	)		(422	)		(419	)		(8	)
Interest		546			411			123			40			975			20
Income from loaned securities-net		409			142			225			28			1,089			—

		15,774			16,118			2,385			2,810			10,085			127


Expenses:
Management and advisory fees		5,176			6,565			1,656			924			4,345			119
Transfer agent fees		—	^(a)		—	^(a)		—	^(a)		—	^(a)		—	^(a)		—	^(a)
Printing and shareholder reports		3			3			1			2			3			11
Custody fees		364			1,003			55			149			160			31
Administration fees		108			118			36			17			109			2
Legal fees		14			17			5			2			16			1
Audit fees		21			50			20			20			21			19
Trustees fees		10			11			3			2			12			—	^(a)
Registration fees		5			3			3			6			5			3
Other		7			8			2			1			8			5

Total expenses		5,708			7,778			1,781			1,123			4,679			191

Less: Reimbursement of class expense		—			—			—			(26	)		—			(45	)

Net expenses		5,708			7,778			1,781			1,097			4,679			146


Net Investment Income (Loss)		10,066			8,340			604			1,713			5,406			(19	)

Net Realized Gain (Loss) from:
Investment securities		(118,835	)		49,551	^(e)		(26,260	)		(7,807	)		(20,288	)		(1,505	)
Foreign currency transactions		(2,199	)		(2,071	)		32			449			(693	)		(356	)

		(121,034	)		47,480			(26,228	)		(7,358	)		(20,981	)		(1,861	)


Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on:
Investment securities		(235,140	)		(381,554	) ^(f)		(84,639	)		(67,749	)		(232,785	)		(20,332	)
Translation of assets and liabilities denominated in foreign currencies		(86	)		128			—			(67	)		18			1,991

		(235,226	)		(381,426	)		(84,639	)		(67,816	)		(232,767	)		(18,341	)

Net Realized and Unrealized Loss		(356,260	)		(333,946	)		(110,867	)		(75,174	)		(253,748	)		(20,202	)

Net Decrease In Net Assets Resulting from Operations	$	(346,194	)	$	(325,606	)	$	(110,263	)	$	(73,461	)	$	(248,342	)	$	(20,221	)

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


Transamerica Funds		Annual Report 2008

Page 149

STATEMENTS OF OPERATIONS (continued)
For the year ended October 31, 2008
(all amounts in thousands)


							Transamerica						Transamerica
	Transamerica			Transamerica			Van Kampen			Transamerica			Van Kampen			Transamerica
	UBS Dynamic			UBS Large Cap			Emerging			Van Kampen			Small Company			WMC Emerging
	Alpha			Value			Markets Debt			Mid-Cap Growth			Growth			Markets^(g)
Investment Income:
Dividends	$	4,863		$	20,932		$	—		$	952		$	1,269		$	86
Less withholding taxes on foreign dividends		(253	)		—			—			(27	)		(4	)		(6	)
Interest		458			265			23,919			94			66			20
Income from loaned securities-net		124			308			116			342			1,257			—

		5,192			21,505			24,035			1,361			2,588			100


Expenses:
Management and advisory fees		2,850			6,146			3,210			1,023			1,287			74
Transfer agent fees		—	^(a)		—	^(a)		—	^(a)		1			—	^(a)		—	^(a)
Printing and shareholder reports		1			4			1			1			1			12
Custody fees		217			78			103			39			33			31
Administration fees		41			161			70			26			27			1
Legal fees		5			22			9			3			4			1
Audit fees		20			21			21			20			20			19
Trustees fees		3			15			5			2			2			—	^(a)
Registration fees		2			14			4			2			—			3
Other		4			12			5			2			2			5

Total expenses		3,143			6,473			3,428			1,119			1,376			146

Less: Reimbursement of class expense		—			—			—			—			—			(56	)

Net expenses		3,143			6,473			3,428			1,119			1,376			90


Net Investment Income		2,049			15,032			20,607			242			1,212			10

Net Realized Gain (Loss) from:
Investment securities		(19,836	)		(40,819	)		(9,517	)		(7,323	)		(13,081	)		(3,118	)
Futures contracts		32,974			—			(1,005	)		—			—			—
Swap agreements		4,789			—			—			—			—			—
Foreign currency transactions		(6,029	)		—			260			(51	)		3			784

		11,898			(40,819	)		(10,262	)		(7,374	)		(13,078	)		(2,334	)


Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on:
Investment securities		(74,745	)		(389,642	)		(95,184	)		(64,974	)		(53,280	)		(21,547	)
Futures contracts		18,480			—			(859	)		—			—			—
Swap agreements		(8,441	)		—			—			—			—			—
Translation of assets and liabilities denominated in foreign currencies		27,543			—			(343	)		—			—			491

		(37,163	)		(389,642	)		(96,386	)		(64,974	)		(53,280	)		(21,056	)


Net Realized and Unrealized Loss		(25,265	)		(430,461	)		(106,648	)		(72,348	)		(66,358	)		(23,390	)


Net Decrease In Net Assets Resulting from Operations	$	(23,216	)	$	(415,429	)	$	(86,041	)	$	(72,106	)	$	(65,146	)	$	(23,380	)


^(a)		Rounds to less than $1.

^(b)		Net of foreign capital gains tax of $42.

^(c)		Fund commenced operations on March 1, 2008.

^(d)		Fund commenced operations on September 15, 2008.

^(e)		Net of foreign capital gains tax of $411.

^(f)		Net of foreign capital gains tax $1.

^(g)		Fund commenced operations on September 30, 2008.



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

Transamerica Funds		Annual Report 2008

Page 150

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


	Transamerica AllianceBernstein						Transamerica Bjurman, Barry						Transamerica BlackRock Global
	International Value^(a)						Micro Emerging Growth^(a)						Allocation^(a)
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31, 2008			October 31, 2007			October 31, 2008			October 31, 2007			October 31, 2008			October 31, 2007
*Increase (Decrease) in Net Assets From:*
Operations:
Net investment income (loss)	$	12,435		$	7,819		$	(365	)	$	(436	)	$	11,108		$	9,575
Net realized gain (loss)		(38,030	)		34,359			(15,269	)		(2,867	)		31,728			26,235
Change in unrealized appreciation (depreciation)		(269,436	)		48,341			(38,825	)		16,767			(167,402	)		59,127

Net increase (decrease) in net assets resulting from operations		(295,031	)		90,519			(54,459	)		13,464			(124,566	)		94,937


Distributions to Shareholders:
From net investment income		(7,597	)		(4,552	)		—			—			(13,764	)		(8,774	)
From net realized gains		(33,605	)		(7,001	)		—			—			(22,930	)		(8,425	)

Capital Share Transactions:
Proceeds from shares sold		93,000			116,948			33,658			23,555			54,017			83,746
Dividends and distributions reinvested		41,202			11,553			—			—			36,694			17,198
Cost of shares redeemed		(68,849	)		(64,781	)		(4,909	)		(274	)		(72,154	)		(149,139	)

Net increase (decrease) in net assets resulting from capital shares transactions		65,353			63,720			28,749			23,281			18,557			(48,195	)


Net Increase (Decrease) in net assets		(270,880	)		142,686			(25,710	)		36,745			(142,703	)		29,543

Net Assets:
Beginning of year		519,217			376,531			92,126			55,381			520,484			490,941

End of year	$	248,337		$	519,217		$	66,416		$	92,126		$	377,781		$	520,484

Undistributed Net Investment Income (Loss)	$	12,245		$	7,564		$	—		$	—		$	21,295		$	11,560


Share Activity:
Shares issued		7,797			8,495			3,775			2,101			4,536			7,063
Shares issued-reinvested from distributions		3,133			912			—			—			2,993			1,536
Shares redeemed		(8,235	)		(4,982	)		(768	)		(26	)		(6,380	)		(12,992	)

Net increase (decrease) in shares outstanding		2,695			4,425			3,007			2,075			1,149			(4,393	)


	Transamerica BlackRock Large						Transamerica BlackRock Natural						Transamerica BNY Mellon Market
	Cap Value^(a)						Resources^(a)						Neutral Strategy^(a)
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31, 2008			October 31, 2007			October 31, 2008			October 31, 2007			October 31, 2008			October 31, 2007
*Increase (Decrease) in Net Assets From:*
Operations:
Net investment income	$	6,826		$	5,458		$	312		$	366		$	1,280		$	2,380
Net realized gain (loss)		(57,165	)		33,761			46			1,611			(1,772	)		(2,855	)
Change in unrealized appreciation (depreciation)		(211,987	)		22,176			(64,043	)		41,904			4,178			(1,976	)

Net increase (decrease) in net assets resulting from operations		(262,326	)		61,395			(63,685	)		43,881			3,686			(2,451	)


Distributions to Shareholders:
From net investment income		(4,474	)		(3,990	)		(323	)		—			(6,638	)		—
From net realized gains		(34,049	)		(15,598	)		(1,682	)		—			—			—

Capital Share Transactions:
Proceeds from shares sold		146,655			142,245			14,918			114,565			16,449			129,375
Dividends and distributions reinvested		38,523			19,589			2,005			—			6,638			—
Cost of shares redeemed		(32,648	)		(100,035	)		(20,760	)		(1,667	)		(11,181	)		(14,530	)

Net increase (decrease) in net assets resulting from capital shares transactions		152,530			61,799			(3,837	)		112,898			11,906			114,845


Net Increase (Decrease) in net assets		(148,319	)		103,606			(69,527	)		156,779			8,954			112,394


Net Assets:
Beginning of year		610,135			506,529			156,779			—			112,394			—

End of year	$	461,816		$	610,135		$	87,252		$	156,779		$	121,348		$	112,394

Undistributed Net Investment Income (Loss)	$	6,241		$	918		$	284		$	301		$	—		$	2,634


Share Activity:
Shares issued		15,062			11,483			1,162			11,251			1,742			12,975
Shares issued-reinvested from distributions		3,267			1,619			148			—			730			—
Shares redeemed		(4,257	)		(8,132	)		(1,671	)		(137	)		(1,193	)		(1,488	)

Net increase (decrease) in shares outstanding		14,072			4,970			(361	)		11,114			1,279			11,487



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

Transamerica Funds		Annual Report 2008

Page 151

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


	Transamerica Evergreen						Transamerica Federated Market						Transamerica JPMorgan
	International Small Cap^(a)						Opportunity^(a)						International Bond^(a)
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31, 2008			October 31, 2007			October 31, 2008			October 31, 2007			October 31, 2008			October 31, 2007
*Increase (Decrease) in Net Assets From:*
Operations:
Net investment income	$	3,219		$	4,717		$	801		$	1,330		$	20,478		$	18,991
Net realized gain (loss)		(92,581	)		68,262			8,608			(1,683	)		37,830			4,852
Change in unrealized appreciation (depreciation)	(231,063		)		85,310			(16,387	)		(541	)		(57,280	)		35,568

Net increase (decrease) in net assets resulting from
operations		(320,425	)		158,289			(6,978	)		(894	)		1,028			59,411


Distributions to Shareholders:
From net investment income		(4,384	)		(3,583	)		(769	)		(1,771	)		(30,789	)		(25,641	)
From net realized gains		(68,336	)		(65,360	)		–			–			–			–

Capital Share Transactions:
Proceeds from shares sold		20,000			85,683			29,847			36,953			65,402			53,956
Dividends and distributions reinvested	72,720				68,942			769			1,771			30,789			25,641
Cost of shares redeemed		(22,728	)		(75,714	)		(2,136	)		(65,500	)		(129,179	)		(33,794	)

Net increase (decrease) in net assets resulting from
capital shares transactions		69,992			78,911			28,480			(26,776	)		(32,988	)		45,803


Net Increase (Decrease) in net assets	(323,153)				168,257			20,733			(29,441	)		(62,749	)		79,573


Net Assets:
Beginning of year		639,892			471,635			53,747			83,188			761,827			682,254

End of year	$	316,739		$	639,892		$	74,480		$	53,747		$	699,078		$	761,827

Undistributed Net Investment Income (Loss)	$	5,618		$	4,384		$	849		$	68		$	31,840		$	11,652


Share Activity:
Shares issued		2,507			5,108			3,086			3,897			5,807			5,131
Shares issued-reinvested from distributions		4,659			4,640			81			184			2,798			2,444
Shares redeemed		(2,813	)		(4,885	)		(224	)		(6,888	)		(11,675	)		(3,215	)

Net increase (decrease) in shares outstanding		4,353			4,863			2,943			(2,807	)		(3,070	)		4,360


	Transamerica JPMorgan Mid Cap							Transamerica Loomis Sayles						Transamerica Marsico
	Value^(a)							Bond^(a)						International Growth^(a)
	Year Ended				Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31, 2008				October 31, 2007			October 31, 2008			October 31, 2007			October 31, 2008			October 31, 2007
*Increase (Decrease) in Net Assets From:*
Operations:
Net investment income	$	2,796			$	2,577		$	40,626		$	11,019		$	6,690		$	4,595
Net realized gain (loss)		(1,435	)			13,309			5,644			38			(110,239	)		62,840
Change in unrealized appreciation (depreciation)		(87,726	)			11,119			(223,926	)		5,416			(258,107	)		94,494

Net increase (decrease) in net assets resulting from operations		(86,365	)			27,005			(177,656	)		16,473			(361,656	)		161,929


Distributions to Shareholders:
From net investment income		(2,266	)			(2,282	)		(37,734	)		(7,508	)		(5,305	)		(1,069	)
From net realized gains		(13,316	)			(10,392	)		–			–			(62,587	)		(75,189	)

Capital Share Transactions:
Proceeds from shares sold		10,000				–			273,608			516,616			132,347			143,816
Dividends and distributions reinvested		15,582				12,674			37,734			7,508			67,892			76,258
Cost of shares redeemed		(46,524	)			(1,532	)		(31,833	)		(19,840	)		(114,662	)		(106,633	)
				��
Net increase (decrease) in net assets resulting from capital shares transactions		(20,942	)			11,142			279,509			504,284			85,577			113,441


Net Increase (Decrease) in net assets		(122,889	)			25,473			64,119			513,249			(343,971	)		199,112


Net Assets:
Beginning of year		270,661				245,188			513,249			–			627,738			428,626

End of year	$	147,772			$	270,661		$	577,368		$	513,249		$	283,767		$	627,738

Undistributed Net Investment Income (Loss)	$	2,731			$	2,209		$	8,371		$	3,662		$	5,230		$	4,343


Share Activity:
Shares issued		1,408				–			28,283			51,618			11,683			10,611
Shares issued-reinvested from distributions		1,389				1,104			3,970			755			4,846			6,189
Shares redeemed		(5,176	)			(127	)		(3,978	)		(1,997	)		(13,097	)		(8,494	)

Net increase (decrease) in shares outstanding		(2,379	)			977			28,275			50,376			3,432			8,306



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

Transamerica Funds		Annual Report 2008

Page 152

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


	Transamerica Neuberger Berman						Transamerica Oppenheimer						Transamerica Oppenheimer Small-
	International^(a)						Developing Markets^(a)						& Mid-Cap Value^(a)
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31, 2008			October 31, 2007			October 31, 2008			October 31, 2007			October 31, 2008			October 31, 2007
*Increase (Decrease) in Net Assets From:*
Operations:
Net investment income (loss)	$	10,066		$	6,113		$	8,340		$	4,194		$	604		$	(1	)
Net realized gain (loss)		(121,034	)		46,135			47,480			52,796			(26,228	)		12,932
Change in unrealized appreciation (depreciation)		(235,226	)		47,697			(381,426	)		166,835			(84,639	)		10,851

Net increase (decrease) in net assets resulting from operations		(346,194	)		99,945			(325,606	)		223,825			(110,263	)		23,782


Distributions to Shareholders:
From net investment income		(6,201	)		(5,043	)		(3,529	)		(1,858	)		(7	)		(154	)
From net realized gains		(46,627	)		(23,361	)		(53,093	)		(12,445	)		(13,315	)		(1,527	)

Capital Share Transactions:
Proceeds from shares sold		151,963			137,066			87,581			101,549			64,372			68,085
Dividends and distributions reinvested		52,828			28,404			56,622			14,303			13,322			1,681
Cost of shares redeemed		(94,276	)		(100,519	)		(118,563	)		(12,893	)		(9,349	)		(640	)

Net increase in net assets resulting from capital shares transactions		110,515			64,951			25,640			102,959			68,345			69,126


Net Increase (Decrease) in net assets		(288,507	)		136,492			(356,588	)		312,481			(55,240	)		91,227


Net Assets:
Beginning of year		596,488			459,996			674,561			362,080			183,126			91,899

End of year	$	307,981		$	596,488		$	317,973		$	674,561		$	127,886		$	183,126

Undistributed Net Investment Income (Loss)	$	8,208		$	5,390		$	6,339		$	3,521		$	474		$	–


Share Activity:
Shares issued		15,789			10,926			7,542			7,548			6,551			5,401
Shares issued-reinvested from distributions		4,574			2,409			3,762			1,219			1,142			147
Shares redeemed		(12,637	)		(8,500	)		(12,028	)		(972	)		(1,297	)		(51	)

Net increase (decrease) in shares outstanding		7,726			4,835			(724	)		7,795			6,396			5,497


	Transamerica									Transamerica
	Schroders									Thornburg
	International									International
	Small Cap^(a)			Transamerica Third Avenue Value ^(a)						Value^(a)			Transamerica UBS Dynamic Alpha ^(a)
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31, 2008			October 31, 2008			October 31, 2007			October 31, 2008			October 31, 2008			October 31, 2007
*Increase (Decrease) in Net Assets From:*
Operations:
Net investment income (loss)	$	1,713		$	5,406		$	3,253		$	(19	)	$	2,049		$	1,666
Net realized gain (loss)		(7,358	)		(20,981	)		8,914			(1,861	)		11,898			(8,010	)
Change in unrealized appreciation (depreciation)		(67,816	)		(232,767	)		9,026			(18,341	)		(37,163	)		2,871

Net increase (decrease) in net assets resulting from operations		(73,461	)		(248,342	)		21,193			(20,221	)		(23,216	)		(3,473	)


Distributions to Shareholders:
From net investment income		–			(9,916	)		–			–			(2,297	)		–
From net realized gains		–			(8,580	)		–			–			–			–

Capital Share Transactions:
Proceeds from shares sold		184,350			126,924			674,117			100,000			20,811			242,143
Dividends and distributions reinvested		–			18,496			–			–			2,297			–
Cost of shares redeemed		(2,234	)		(220,315	)		(16,732	)		(263	)		(41,329	)		(29,369	)

Net increase (decrease) in net assets resulting from capital shares transactions		182,116			(74,895	)		657,385			99,737			(18,221	)		212,774


Net Increase (Decrease) in net assets		108,655			(341,733	)		678,578			79,516			(43,734	)		209,301


Net Assets:
Beginning of year		–			678,578			–			–			209,301			–

End of year	$	108,655		$	336,845		$	678,578		$	79,516		$	165,567		$	209,301

Undistributed (Accumulated) Net Investment Income (Loss)	$	1,857		$	(41	)	$	3,567		$	–		$	–		$	1,994


Share Activity:
Shares issued		19,050			5,410			24,059			10,000			2,108			24,211
Shares issued-reinvested from distributions		–			693			–			–			237			–
Shares redeemed		(392	)		(9,666	)		(604	)		(35	)		(4,416	)		(2,911	)

Net increase (decrease) in shares outstanding		18,658			(3,563	)		23,455			9,965			(2,071	)		21,300



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

Transamerica Funds		Annual Report 2008

Page 153

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


	Transamerica UBS Large Cap						Transamerica Van Kampen						Transamerica Van Kampen Mid-
	Value^(a)						Emerging Markets Debt^(a)						Cap Growth^(a)
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31, 2008			October 31, 2007			October 31, 2008			October 31, 2007			October 31, 2008			October 31, 2007
*Increase (Decrease) in Net Assets From:*
Operations:
Net investment income	$	15,032		$	9,408		$	20,607		$	17,840		$	242		$	275
Net realized gain (loss)		(40,819	)		10,038			(10,262	)		15,056			(7,374	)		8,483
Change in unrealized appreciation (depreciation)		(389,642	)		50,757			(96,386	)		(1,349	)		(64,974	)		21,206

Net increase (decrease) in net assets resulting from operations		(415,429	)		70,203			(86,041	)		31,547			(72,106	)		29,964


Distributions to Shareholders:
From net investment income		(9,912	)		(2,770	)		(25,745	)		(19,139	)		(178	)		(138	)
From net realized gains		(10,449	)		(7,826	)		(10,119	)		(3,843	)		(7,668	)		—

Capital Share Transactions:
Proceeds from shares sold		301,727			633,004			102,612			18,121			66,567			36,521
Dividends and distributions reinvested		20,361			10,596			35,864			22,982			7,846			138
Cost of shares redeemed		(65,223	)		(49,067	)		(13,549	)		(158,066	)		(21,700	)		(16,197	)

Net increase (decrease) in net assets resulting from capital shares transactions		256,865			594,533			124,927			(116,963	)		52,713			20,462


Net Increase (Decrease) in net assets		(178,925	)		654,140			3,022			(108,398	)		(27,239	)		50,288


Net Assets:
Beginning of year		880,922			226,782			317,328			425,726			125,380			75,092

End of year	$	701,997		$	880,922		$	320,350		$	317,328		$	98,141		$	125,380

Undistributed Net Investment Income (Loss)	$	13,782		$	8,682		$	4,534		$	6,495		$	92		$	52


Share Activity:
Shares issued		29,211			49,000			9,937			1,632			5,898			3,047
Shares issued-reinvested from distributions		1,602			839			3,504			2,100			627			13
Shares redeemed		(7,465	)		(3,778	)		(1,551	)		(14,481	)		(2,163	)		(1,471	)

Net increase (decrease) in shares outstanding		23,348			46,061			11,890			(10,749	)		4,362			1,589


							Transamerica
	Transamerica Van Kampen Small						WMC Emerging
	Company Growth^(a)						Markets^(a)
	Year Ended			Year Ended			Year Ended
	October 31, 2008			October 31, 2007			October 31, 2008
*Increase (Decrease) in Net Assets From:*
Operations:
Net investment income	$	1,212		$	266		$	10
Net realized gain (loss)		(13,078	)		17,924			(2,334	)
Change in unrealized appreciation (depreciation)		(53,280	)		11,276			(21,056	)

Net increase (decrease) in net assets resulting from operations		(65,146	)		29,466			(23,380	)


Distributions to Shareholders:
From net investment income		(194	)		—			—
From net realized gains		(17,774	)		(11,508	)		—

Capital Share Transactions:
Proceeds from shares sold		22,945			24,254			100,000
Dividends and distributions reinvested		17,968			11,508			—
Cost of shares redeemed		(84,932	)		(167,022	)		(493	)

Net increase (decrease) in net assets resulting from capital shares transactions		(44,019	)		(131,260	)		99,507


Net Increase (Decrease) in net assets		(127,133	)		(113,302	)		76,127


Net Assets:
Beginning of year		188,347			301,649			—

End of year	$	61,214		$	188,347		$	76,127

Undistributed Net Investment Income (Loss)	$	1,203		$	314		$	—


Share Activity:
Shares issued		2,409			1,816			10,000
Shares issued-reinvested from distributions		1,533			898			—
Shares redeemed		(8,982	)		(12,992	)		(63	)

Net increase (decrease) in shares outstanding		(5,040	)		(10,278	)		9,937


^(a)		For a listing of commencement dates for the above Funds, see Note 1.



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

Transamerica Funds		Annual Report 2008

Page 154

FINANCIAL HIGHLIGHTS
For the years ended:
(all amounts in thousands)


	Transamerica AllianceBernstein International Value^(a)									Transamerica Bjurman, Barry Micro Emerging Growth^(a)
	October 31, 2008			October 31, 2007			October 31, 2006			October 31, 2008			October 31, 2007			October 31, 2006
Net Asset Value
Beginning of year	$	14.88		$	12.35		$	10.00		$	12.51		$	10.47		$	10.00


Investment Operations
Net Investment income (loss)^(b)		0.30			0.25			0.20			(0.04	)		(0.07	)		(0.02	)
Net realized and unrealized gain (loss) on investments		(7.43	)		2.65			2.16			(6.07	)		2.11			0.49

Total from investment operations		(7.13	)		2.90			2.36			(6.11	)		2.04			0.47


Distributions
Net investment income		(0.21	)		(0.15	)		(0.01	)		—			—			—
Net realized gains on investments		(0.93	)		(0.22	)		—			—			—			—

Total distributions		(1.14	)		(0.37	)		(0.01	)		—			—			—


Net Asset Value
End of year	$	6.61		$	14.88		$	12.35		$	6.40		$	12.51		$	10.47


Total Return^(c)		(51.72	%)		23.99	%		23.67	% ^(d)		(48.84	%)		19.48	%		4.70	% ^(d)


Net Assets End of Year	$	248,337		$	519,217		$	376,531		$	66,416		$	92,126		$	55,381


Ratio and Supplemental Data

Expenses to average net assets:
After reimbursement/fee waiver		0.94	%		0.93	%		0.99	% ^(e)		1.12	%		1.16	%^(h)		1.25	% ^(e)
Before reimbursement/fee waiver		0.94	%		0.93	%		0.99	% ^(e)		1.12	%		1.16	%^(h)		1.38	% ^(e)
Net investment income (loss), to average net assets		2.71	%		1.82	%		1.91	% ^(e)		(0.44	%)		(0.63	%)		(0.69	%) ^(e)
Portfolio turnover rate		33	%		36	%		22	% ^(d)		45	%		116	%		14	% ^(d)


	Transamerica BlackRock Global Allocation^(a)									Transamerica BlackRock Large Cap Value^(a)
	October 31, 2008			October 31, 2007			October 31, 2006			October 31, 2008			October 31, 2007			October 31, 2006
Net Asset Value
Beginning of year	$	13.23		$	11.23		$	10.00		$	13.08		$	12.15		$	10.47


Investment Operations
Net Investment income^(b)		0.27			0.24			0.19			0.13			0.12			0.07
Net realized and unrealized gain (loss) on investments		(3.25	)		2.15			1.06			(4.78	)		1.27			1.64

Total from investment operations		(2.98	)		2.39			1.25			(4.65	)		1.39			1.71


Distributions
Net investment income		(0.35	)		(0.20	)		(0.02	)		(0.09	)		(0.09	)		(0.03	)
Net realized gains on investments		(0.58	)		(0.19	)		—			(0.73	)		(0.37	)		—

Total distributions		(0.93	)		(0.39	)		(0.02	)		(0.82	)		(0.46	)		(0.03	)

Net Asset Value

End of year	$	9.32		$	13.23		$	11.23		$	7.61		$	13.08		$	12.15


Total Return^(c)		(24.23	%)		21.95	%		12.45	% ^(d)		(37.76	%)		11.80	%		16.36	% ^(d)


Net Assets End of Year	$	377,781		$	520,484		$	490,941		$	461,816		$	610,135		$	506,529


Ratio and Supplemental Data

Expenses to average net assets:
After reimbursement/fee waiver		0.88	%		0.85	%		0.90	% ^(e)		0.83	%		0.84	%		0.84	% ^(e)
Before reimbursement/fee waiver		0.88	%		0.85	%		0.90	% ^(e)		0.83	%		0.84	%		0.84	% ^(e)
Net investment income, to average net assets		2.25	%		2.04	%		2.02	% ^(e)		1.21	%		0.96	%		0.62	% ^(e)
Portfolio turnover rate		49	%		30	%		31	% ^(d)		71	%		69	%		56	% ^(d)



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

Transamerica Funds		Annual Report 2008

Page 155

FINANCIAL HIGHLIGHTS (continued)
For the years ended:
(all amounts in thousands)


	Transamerica BlackRock Natural Resources^(a)						Transamerica BNY Mellon Market Neutral Strategy^(a)
	October 31, 2008			October 31, 2007			October 31, 2008			October 31, 2007
Net Asset Value
Beginning of year	$	14.11		$	10.00		$	9.78		$	10.00


Investment Operations
Net Investment income^(b)		0.03			0.04			0.10			0.23
Net realized and unrealized gain (loss) on investments		(5.85	)		4.07			0.20			(0.45	)

Total from investment operations		(5.82	)		4.11			0.30			(0.22	)


Distributions
Net investment income		(0.03	)		—			(0.57	)		—
Net realized gains on investments		(0.15	)		—			—			—

Total distributions		(0.18	)		—			(0.57	)		—


Net Asset Value
End of year	$	8.11		$	14.11		$	9.51		$	9.78


Total Return^(c)		(41.77	%)		41.10	% ^(d)		3.30	%		(2.20	%) ^(d)


Net Assets End of Year	$	87,252		$	156,779		$	121,348		$	112,394


Ratio and Supplemental Data

Expenses to average net assets:
After reimbursement/fee waiver		0.86	%		0.89	% ^(e)		2.79	% ^(f)		3.05	% ^(e),(f)
Before reimbursement/fee waiver		0.86	%		0.89	% ^(e)		2.79	% ^(f)		3.05	% ^(e),(f)
Net investment income, to average net assets		0.21	%		0.39	% ^(e)		1.05	% ^(f)		2.77	% ^(e),(f)
Portfolio turnover rate		4	%		7	% ^(d)		192	%		119	% ^(d)


	Transamerica Evergreen International Small Cap^(a)
	October 31, 2008			October 31, 2007			October 31, 2006			October 31, 2005
Net Asset Value
Beginning of year	$	18.82		$	16.18		$	12.71		$	10.00


Investment Operations
Net Investment income^(b)		0.09			0.15			0.14			0.06
Net realized and unrealized gain (loss) on investments		(8.51	)		4.84			3.79			2.65

Total from investment operations		(8.42	)		4.99			3.93			2.71


Distributions
Net investment income		(0.13	)		(0.12	)		(0.03	)		—
Net realized gains on investments		(2.01	)		(2.23	)		(0.43	)		—

Total distributions		(2.14	)		(2.35	)		(0.46	)		—


Net Asset Value
End of year	$	8.26		$	18.82		$	16.18		$	12.71


Total Return^(c)		(50.10	%)		34.72	%		31.68	%		27.10	% ^(d)


Net Assets End of Year	$	316,739		$	639,892		$	471,635		$	204,413


Ratio and Supplemental Data

Expenses to average net assets:
After reimbursement/fee waiver		1.14	%		1.13	%		1.15	%		1.22	% ^(e)
Before reimbursement/fee waiver		1.14	%		1.13	%		1.15	%		1.22	% ^(e)
Net investment income, to average net assets		0.63	%		0.88	%		0.94	%		0.56	% ^(e)
Portfolio turnover rate		120	%		78	%		89	%		65	% ^(d)



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

Transamerica Funds		Annual Report 2008

Page 156

FINANCIAL HIGHLIGHTS (continued)
For the years ended:
(all amounts in thousands)


	Transamerica Federated Market Opportunity ^(a)									Transamerica JPMorgan International Bond^(a)
	October 31, 2008			October 31, 2007			October 31, 2006			October 31, 2008			October 31, 2007			October 31, 2006
Net Asset Value
Beginning of year	$	9.33		$	9.71		$	10.00		$	11.00		$	10.51		$	10.00


Investment Operations
Net Investment income^(b)		0.11			0.24			0.27			0.29			0.28			0.22
Net realized and unrealized gain (loss) on investments		(0.77	)		(0.34	)		(0.30	)		(0.29	)		0.59			0.49

Total from investment operations		(0.66	)		(0.10	)		(0.03	)		—	^(g)		0.87			0.71


Distributions
Net investment income		(0.11	)		(0.28	)		(0.26	)		(0.44	)		(0.38	)		(0.20	)

Total distributions		(0.11	)		(0.28	)		(0.26	)		(0.44	)		(0.38	)		(0.20	)


Net Asset Value
End of year	$	8.56		$	9.33		$	9.71		$	10.56		$	11.00		$	10.51


Total Return^(c)		(7.16	%)		(1.03	%)		(0.35	%) ^(d)		(0.14	%)		8.55	%		7.12	% ^(d)


Net Assets End of Year	$	74,480		$	53,747		$	83,188		$	699,078		$	761,827		$	682,254


Ratio and Supplemental Data

Expenses to average net assets:
After reimbursement/fee waiver		0.88	%		0.93	%		0.88	% ^(e)		0.61	%		0.61	%		0.64	% ^(e)
Before reimbursement/fee waiver		0.88	%		0.93	%		0.88	% ^(e)		0.61	%		0.61	%		0.64	% ^(e)
Net investment income, to average net assets		1.13	%		2.49	%		2.97	% ^(e)		2.55	%		2.68	%		2.34	% ^(e)
Portfolio turnover rate		195	%		97	%		72	% ^(d)		74	%		86	%		145	% ^(d)


	Transamerica JPMorgan Mid Cap Value^(a)									Transamerica Loomis Sayles Bond^(a)
	October 31, 2008			October 31, 2007			October 31, 2006			October 31, 2008			October 31, 2007
Net Asset Value
Beginning of year	$	12.32		$	11.67		$	10.09		$	10.19		$	10.00


Investment Operations
Net Investment income^(b)		0.13			0.13			0.11			0.60			0.45
Net realized and unrealized gain (loss) on investments		(4.20	)		1.13			1.57			(2.88	)		(0.01	)

Total from investment operations		(4.07	)		1.26			1.68			(2.28	)		0.44


Distributions
Net investment income		(0.10	)		(0.11	)		(0.05	)		(0.57	)		(0.25	)
Net realized gains on investments		(0.61	)		(0.50	)		(0.05	)		—			—

Total distributions		(0.71	)		(0.61	)		(0.10	)		(0.57	)		(0.25	)


Net Asset Value
End of year	$	7.54		$	12.32		$	11.67		$	7.34		$	10.19


Total Return^(c)		(34.92	%)		11.07	%		16.71	% ^(d)		(23.56	%)		4.50	% ^(d)


Net Assets End of Year	$	147,772		$	270,661		$	245,188		$	577,368		$	513,249


Ratio and Supplemental Data

Expenses to average net assets:
After reimbursement/fee waiver		0.87	%		0.87	%		0.88	% ^(e)		0.69	%		0.73	% ^(e)
Before reimbursement/fee waiver		0.87	%		0.87	%		0.88	% ^(e)		0.69	%		0.73	% ^(e)
Net investment income, to average net assets		1.22	%		0.98	%		1.10	% ^(e)		6.34	%		5.42	% ^(e)
Portfolio turnover rate		45	%		50	%		46	% ^(d)		24	%		18	% ^(d)



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

Transamerica Funds		Annual Report 2008

Page 157

FINANCIAL HIGHLIGHTS (continued)
For the years ended:
(all amounts in thousands)


	Transamerica Marsico International Growth^(a)
	October 31, 2008			October 31, 2007			October 31, 2006			October 31, 2005
Net Asset Value
Beginning of year	$	16.24		$	14.12		$	11.11		$	10.00


Investment Operations
Net Investment income^(b)		0.14			0.13			0.05			0.16
Net realized and unrealized gain (loss) on investments		(7.93	)		4.46			3.17			0.99

Total from investment operations		(7.79	)		4.59			3.22			1.15


Distributions
Net investment income		(0.13	)		(0.03	)		(0.12	)		(0.04	)
Net realized gains on investments		(1.58	)		(2.44	)		(0.09	)		—

Total distributions		(1.71	)		(2.47	)		(0.21	)		(0.04	)


Net Asset Value
End of year	$	6.74		$	16.24		$	14.12		$	11.11


Total Return^(c)		(53.42	%)		38.11	%		29.35	%		11.49	% ^(d)


Net Assets End of Year	$	283,767		$	627,738		$	428,626		$	281,692


Ratio and Supplemental Data

Expenses to average net assets:
After reimbursement/fee waiver		1.12	%		1.13	%		1.16	%		1.18	% ^(e)
Before reimbursement/fee waiver		1.12	%		1.13	%		1.16	%		1.18	% ^(e)
Net investment income, to average net assets		1.19	%		0.99	%		0.38	%		1.52	% ^(e)
Portfolio turnover rate		122	%		133	%		129	%		145	% ^(d)


	Transamerica Neuberger Berman International^(a)									Transamerica Oppenheimer Developing Markets^(a)
	October 31, 2008			October 31, 2007			October 31, 2006			October 31, 2008			October 31, 2007			October 31, 2006
Net Asset Value
Beginning of year	$	13.55		$	11.74		$	10.00		$	17.07		$	11.41		$	10.00


Investment Operations
Net Investment income^(b)		0.19			0.15			0.12			0.19			0.12			0.09
Net realized and unrealized gain (loss) on investments		(6.63	)		2.37			1.64			(7.65	)		5.99			1.37

Total from investment operations		(6.44	)		2.52			1.76			(7.46	)		6.11			1.46


Distributions
Net investment income		(0.13	)		(0.13	)		(0.02	)		(0.09	)		(0.06	)		(0.05	)
Net realized gains on investments		(1.03	)		(0.58	)		—			(1.32	)		(0.39	)		–

Total distributions		(1.16	)		(0.71	)		(0.02	)		(1.41	)		(0.45	)		(0.05	)


Net Asset Value
End of year	$	5.95		$	13.55		$	11.74		$	8.20		$	17.07		$	11.41


Total Return^(c)		(51.66	%)		22.37	%		17.61	% ^(d)		(47.48	%)		55.27	%		14.64	% ^(d)


Net Assets End of Year	$	307,981		$	596,488		$	459,996		$	317,973		$	674,561		$	362,080


Ratio and Supplemental Data

Expenses to average net assets:
After reimbursement/fee waiver		1.06	%		1.06	%		1.07	% ^(e)		1.32	%		1.34	%		1.45	% ^(e)
Before reimbursement/fee waiver		1.06	%		1.06	%		1.07	% ^(e)		1.32	%		1.34	%		1.45	% ^(e)
Net investment income, to average net assets		1.87	%		1.21	%		1.21	% ^(e)		1.42	%		0.87	%		0.89	% ^(e)
Portfolio turnover rate		72	%		57	%		52	% ^(d)		67	%		59	%		77	% ^(d)



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

Transamerica Funds		Annual Report 2008

Page 158

FINANCIAL HIGHLIGHTS (continued)
For the years ended:
(all amounts in thousands)


										Transamerica
										Schroders
	Transamerica Oppenheimer Small- & Mid-Cap									International			Transamerica Third Avenue
				Value^(a)						Small Cap^(a)			Value^(a)
	October 31, 2008			October 31, 2007			October 31, 2006			October 31, 2008			October 31, 2008			October 31, 2007
Net Asset Value
Beginning of year	$	13.18		$	10.94		$	10.00		$	10.00		$	28.93		$	28.01


Investment Operations
Net Investment income^(b)		0.04			—			0.02			0.12			0.24			0.14
Net realized and unrealized gain (loss) on investments		(5.98	)		2.44			0.92			(4.30	)		(11.45	)		0.78

Total from investment operations		(5.94	)		2.44			0.94			(4.18	)		(11.21	)		0.92


Distributions
Net investment income		—	^(g)		(0.02	)		—			—			(0.42	)		—
Net realized gains on investments		(0.94	)		(0.18	)		—			—			(0.37	)		—

Total distributions		(0.94	)		(0.20	)		—			—			(0.79	)		—


Net Asset Value
End of year	$	6.30		$	13.18		$	10.94		$	5.82		$	16.93		$	28.93


Total Return^(c)		(48.36	%)		22.57	%		9.40	% ^(d)		(41.80	)% ^(d)		(39.75	%)		3.28	% ^(d)


Net Assets End of Year	$	127,886		$	183,126		$	91,899		$	108,655		$	336,845		$	678,578


Ratio and Supplemental Data

Expenses to average net assets:
After reimbursement/fee waiver		1.00	%		1.03	%⁽ⁱ⁾		1.15	% ^(e)		1.27	% ^(e)		0.86	%		0.86	% ^(e)
Before reimbursement/fee waiver		1.00	%		1.03	%⁽ⁱ⁾		1.22	% ^(e)		1.30	% ^(e)		0.86	%		0.86	% ^(e)
Net investment income, to average net assets		0.34	%		—			0.74	% ^(e)		1.96	% ^(e)		1.00	%		0.98	% ^(e)
Portfolio turnover rate		102	%		118	%		33	% ^(d)		14	% ^(d)		29	%		11	% ^(d)


	Transamerica
	Thornburg
	International			Transamerica UBS Dynamic
	Value^(a)			Alpha^(a)
	October 31, 2008			October 31, 2008			October 31, 2007
Net Asset Value
Beginning of year	$	10.00		$	9.83		$	10.00


Investment Operations
Net Investment income^(b)		—	^(g)		0.18			0.09
Net realized and unrealized loss on investments		(2.02	)		(1.30	)		(0.26	)

Total from investment operations		(2.02	)		(1.12	)		(0.17	)


Distributions
Net investment income		—			(0.11	)		—

Total distributions		—			(0.11	)		—


Net Asset Value
End of year	$	7.98		$	8.60		$	9.83


Total Return^(c)		(20.20	)% ^(d)		(11.55	%)		(1.70	%) ^(d)


Net Assets End of Year	$	79,516		$	165,567		$	209,382


Ratio and Supplemental Data

Expenses to average net assets:
After reimbursement/fee waiver		1.35	% ^(e)		1.51	%		1.51	% ^(e)
Before reimbursement/fee waiver		1.76	% ^(e)		1.51	%		1.51	% ^(e)
Net investment income (loss), to average net assets		(0.18	%) ^(e)		1.81	%		1.16	% ^(e)
Portfolio turnover rate^(d)		5	% ^(d)		84	%		45	% ^(d)



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

Transamerica Funds		Annual Report 2008

Page 159

FINANCIAL HIGHLIGHTS (continued)
For the years ended:
(all amounts in thousands)


	Transamerica UBS Large Cap Value^(a)
	October 31, 2008			October 31, 2007			October 31, 2006			October 31, 2005
Net Asset Value
Beginning of year	$	13.79		$	12.73		$	10.95		$	10.00


Investment Operations
Net Investment income^(b)		0.21			0.19			0.14			0.12
Net realized and unrealized gain (loss) on investments		(5.64	)		1.36			1.92			0.84

Total from investment operations		(5.43	)		1.55			2.06			0.96


Distributions
Net investment income		(0.15	)		(0.13	)		(0.10	)		(0.01	)
Net realized gains on investments		(0.16	)		(0.36	)		(0.18	)		–

Total distributions		(0.31	)		(0.49	)		(0.28	)		(0.01	)


Net Asset Value
End of year	$	8.05		$	13.79		$	12.73		$	10.95


Total Return^(c)		(40.19	%)		12.48	%		19.19	%		9.60	% ^(d)


Net Assets End of Year	$	701,997		$	880,922		$	226,782		$	94,135


Ratio and Supplemental Data

Expenses to average net assets:
After reimbursement/fee waiver		0.80	%		0.81	%		0.88	%		0.92	% ^(e)
Before reimbursement/fee waiver		0.80	%		0.81	%		0.88	%		0.92	% ^(e)
Net investment income, to average net assets		1.86	%		1.41	%		1.21	%		1.14	% ^(e)
Portfolio turnover rate		47	%		27	%		32	%		43	% ^(d)


	Transamerica Van Kampen Emerging Markets Debt^(a)
	October 31, 2008			October 31, 2007			October 31, 2006			October 31, 2005
Net Asset Value
Beginning of year	$	11.23		$	10.91		$	10.45		$	10.00


Investment Operations
Net Investment income^(b)		0.61			0.59			0.55			0.49
Net realized and unrealized gain (loss) on investments		(2.72	)		0.46			0.52			0.45

Total from investment operations		(2.11	)		1.05			1.07			0.94


Distributions
Net investment income		(0.79	)		(0.63	)		(0.54	)		(0.49	)
Net realized gains on investments		(0.35	)		(0.10	)		(0.07	)		–

Total distributions		(1.14	)		(0.73	)		(0.61	)		(0.49	)


Net Asset Value
End of year	$	7.98		$	11.23		$	10.91		$	10.45


Total Return^(c)		(20.81	%)		9.94	%		10.61	%		9.36	% ^(d)


Net Assets End of Year	$	320,350		$	317,328		$	425,726		$	136,022


Ratio and Supplemental Data

Expenses to average net assets:
After reimbursement/fee waiver		0.98	%		1.03	%		1.03	%		1.07	% ^(e)
Before reimbursement/fee waiver		0.98	%		1.03	%		1.03	%		1.07	% ^(e)
Net investment income, to average net assets		5.92	%		5.36	%		5.24	%		4.91	% ^(e)
Portfolio turnover rate		81	%		79	%		79	%		67	% ^(d)



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

Transamerica Funds		Annual Report 2008

Page 160

FINANCIAL HIGHLIGHTS (continued)
For the years ended:
(all amounts in thousands)


	Transamerica Van Kampen Mid-Cap Growth^(a)
	October 31, 2008			October 31, 2007			October 31, 2006
Net Asset Value
Beginning of year	$	14.16		$	10.33		$	10.00


Investment Operations
Net Investment income^(b)		0.02			0.04			0.01
Net realized and unrealized gain (loss) on investments		(5.90	)		3.81			0.32

Total from investment operations		(5.88	)		3.85			0.33


Distributions
Net investment income		(0.02	)		(0.02	)		–
Net realized gains on investments		(0.84	)		–			–

Total distributions		(0.86	)		(0.02	)		–


Net Asset Value
End of year	$	7.42		$	14.16		$	10.33


Total Return^(c)		(43.99	%)		37.32	%		3.30	% ^(d)


Net Assets End of Year	$	98,141		$	125,380		$	75,092


Ratio and Supplemental Data

Expenses to average net assets:
After reimbursement/fee waiver		0.87	%		0.90	%		0.92	% ^(e)
Before reimbursement/fee waiver		0.87	%		0.90	%		0.92	% ^(e)
Net investment income, to average net assets		0.19	%		0.32	%		0.11	% ^(e)
Portfolio turnover rate		40	%		74	%		50	% ^(d)


													Transamerica
													WMC Emerging
	Transamerica Van Kampen Small Company Growth^(a)												Markets^(a)
	October 31, 2008			October 31, 2007			October 31, 2006			October 31, 2005			October 31, 2008
Net Asset Value
Beginning of year	$	14.14		$	12.78		$	11.29		$	10.00		$	10.00


Investment Operations
Net Investment income (loss)^(b)		0.10			0.02			(0.02	)		0.01			–	^(g)
Net realized and unrealized gain (loss) on investments		(5.50	)		1.81			1.69			1.28			(2.34	)

Total from investment operations		(5.40	)		1.83			1.67			1.29			(2.34	)


Distributions
Net investment income		(0.02	)		–			(0.01	)		–			–
Net realized gains on investments		(1.33	)		(0.47	)		(0.17	)		–			–

Total distributions		(1.35	)		(0.47	)		(0.18	)		–			–


Net Asset Value
End of year	$	7.39		$	14.14		$	12.78		$	11.29		$	7.66


Total Return^(c)		(41.72	%)		14.75	%		14.92	%		12.80	% ^(d)		(23.40	)% ^(d)


Net Assets End of Year	$	61,214		$	188,347		$	301,649		$	86,432		$	76,127


Ratio and Supplemental Data

Expenses to average net assets:
After reimbursement/fee waiver		1.02	%		1.01	%		1.01	%		1.07	% ^(e)		1.40	% ^(e)
Before reimbursement/fee waiver		1.02	%		1.01	%		1.01	%		1.07	% ^(e)		2.26	% ^(e)
Net investment income (loss), to average net assets		0.89	%		0.13	%		(0.19	%)		0.06	% ^(e)		0.15	% ^(e)
Portfolio turnover rate		44	%		71	%		67	%		75	% ^(d)		10	% ^(d)



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

Transamerica Funds		Annual Report 2008

Page 161

FINANCIAL HIGHLIGHTS (continued)
For the years ended:
(all amounts in thousands)


^(a)		For a listing of commencement dates for the above Funds, see Note 1.

^(b)		Calculation is 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 dividends on securities sold short (representing 1.56% and 1.30% of Average Net Assets for 2007 and 2008, respectively). ^(g) Rounds to less than $(0.01) or $0.01.

^(g)		Rounds to less than $(0.01) or $0.01.

^(h)		Includes recaptured expenses by the investment adviser. The impact of recaptured expenses was 0.02% (see Note 2).

⁽ⁱ⁾		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		Annual Report 2008

Page 162

NOTES TO FINANCIAL STATEMENTS
At October 31, 2008
(all amounts in thousands)

NOTE 1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Transamerica Funds 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 Bjurman, Barry Micro Emerging Growth, Transamerica BlackRock Global Allocation, Transamerica BlackRock Large Cap Value, Transamerica BlackRock Natural Resources, Transamerica BNY Mellon Market Neutral Strategy, Transamerica Evergreen International Small Cap, Transamerica Federated Market Opportunity, Transamerica JPMorgan International Bond, Transamerica JPMorgan Mid Cap Value, Transamerica Loomis Sayles Bond, Transamerica Marsico International Growth, 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 Dynamic Alpha, Transamerica UBS Large Cap Value, Transamerica Van Kampen Emerging Markets Debt, Transamerica Van Kampen Mid-Cap Growth, Transamerica Van Kampen Small Company Growth, and Transamerica WMC Emerging Markets (each a “Fund”, and collectively the “Funds”) are part of Transamerica Funds.


		Commencement of
Fund		Operations
Transamerica AllianceBernstein International Value		December 6, 2005
Transamerica Bjurman, Barry Micro Emerging Growth		August 1, 2006
Transamerica BlackRock Global Allocation		December 6, 2005
Transamerica BlackRock Large Cap Value		November 15, 2005
Transamerica BlackRock Natural Resources		January 3, 2007
Transamerica BNY Mellon Market Neutral Strategy		January 3, 2007
Transamerica Evergreen International Small Cap		November 8, 2004
Transamerica Federated Market Opportunity		December 6, 2005
Transamerica JPMorgan International Bond		December 6, 2005
Transamerica JPMorgan Mid Cap Value		November 15, 2005
Transamerica Loomis Sayles Bond		January 3, 2007
Transamerica Marsico International Growth		November 8, 2004
Transamerica Neuberger Berman International		December 6, 2005
Transamerica Oppenheimer Developing Markets		December 6, 2005
Transamerica Oppenheimer Small- & Mid-Cap Value		August 1, 2006
Transamerica Schroders International Small Cap		March 1, 2008
Transamerica Third Avenue Value		May 1, 2007
Transamerica Thornburg International Value		September 15, 2008
Transamerica UBS Dynamic Alpha		January 3, 2007
Transamerica UBS Large Cap Value		November 8, 2004
Transamerica Van Kampen Emerging Markets Debt		November 8, 2004
Transamerica Van Kampen Mid-Cap Growth		January 3, 2006
Transamerica Van Kampen Small Company Growth		November 8, 2004
Transamerica WMC Emerging Markets		September 30, 2008

Transamerica BlackRock Natural Resources, Transamerica JPMorgan International Bond, Transamerica Third Avenue Value, Transamerica UBS Dynamic Alpha, and Transamerica Van Kampen Emerging Markets Debt are “non-diversified” under the 1940 Act.

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

Class operations, income, and expenses: The Funds currently offer one class of shares, Class I shares, which are currently offered for investment primarily in certain affiliated asset allocation funds. Class I shares are also made available to other investors, including institutional investors such as foreign insurers, domestic insurance companies, and their separate accounts, and eligible retirement plans whose record keepers or financial service firm intermediaries have entered into agreements with Transamerica Funds or its agents. Income, non-class specific expenses and realized and unrealized gains and losses are allocated daily, based upon the value of shares outstanding method as permitted under Rule 18f-3 of the 1940 Act.

Security valuations: 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. Fund investments are valued at the last sale price or closing price on the day of valuation taken from the primary exchange where the security is principally traded.

Securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the last quoted bid price.

In September 2006, the Financial Accounting Standards Board (the “FASB”) issued its new Standard No. 157, “Fair Value


Transamerica Funds		Annual Report 2008

Page 163

NOTES TO FINANCIAL STATEMENTS (continued)
At October 31, 2008
(all amounts in thousands)

NOTE 1. (continued)

Measurements” (“FAS 157”). FAS 157 is designed to unify guidance for the measurement of fair value of all types of assets, including financial instruments, and certain liabilities, throughout a number of accounting standards. FAS 157 also establishes a hierarchy for measuring fair value in generally accepted accounting principles and expands financial statement disclosures about fair value measurements that are relevant to mutual funds. FAS 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007, and earlier application is permitted.

Short sales: Transamerica BNY Mellon Market Neutral Strategy and Transamerica UBS Dynamic Alpha may from time to time sell securities short. In the event that the sub-advisers anticipate that the price of securities will decline, they may sell the securities short and borrow the same securities from a broker or other institution to complete the sale. The Funds will incur a profit or a loss, depending upon whether the market price of the securities decreases or increases between the date of the short sale and the date on which the Funds must replace the borrowed securities. All short sales will be fully collateralized. 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. Dividends paid by the issuers of the securities sold short are paid by the Funds to the lenders, recorded on the ex-date of the dividends and recorded as expenses on the Statements of Operations.

Repurchase agreements: The Funds are authorized to enter into repurchase agreements. The Funds, through their custodian, State Street Bank & Trust Company (“State Street”), receive delivery of the underlying securities, the value of which at the time of purchase is required to be an amount equal to at least 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.

Recaptured commissions for the year ended October 31, 2008 are included in net realized gains in the Statements of Operations and are summarized as follows:


Fund	Commissions
Transamerica Bjurman, Barry Micro Emerging Growth	$	60
Transamerica Evergreen International Small Cap		22
Transamerica Federated Market Opportunity		22
Transamerica JPMorgan Mid Cap Value		15
Transamerica Marsico International Growth		16
Transamerica Third Avenue Value		28
Transamerica UBS Dynamic Alpha		10
Transamerica UBS Large Cap Value		117
Transamerica Van Kampen Small Company Growth		20

Securities lending: The Funds may lend securities to qualified borrowers, with State Street acting as the Funds’ lending agent. The Funds earn negotiated lenders’ fees. The Funds receive cash and/or securities as collateral against the loaned securities. Cash collateral received is invested in the State Street Navigator Securities Lending Trust — Prime Portfolio. The Funds monitor the market value of securities loaned on a daily basis and requires collateral in an amount at least equal to the value of the securities loaned. The value of loaned securities and related collateral outstanding at October 31, 2008 is shown in the Schedule of Investments and also in the Statement of Assets and Liabilities.

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

Loan participations/ assignments: The Funds may purchase participations/ assignments in commercial loans. Such indebtedness 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 may participate in such syndications, or can buy a portion of the loans, becoming 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


Transamerica Funds		Annual Report 2008

Page 164

NOTES TO FINANCIAL STATEMENTS (continued)
At October 31, 2008
(all amounts in thousands)

NOTE 1. (continued)

specified in the loan agreements. In addition, the agent banksare 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.

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.

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 is translated at the exchange rate in effect when the investments were acquired. Each Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

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 currency contracts at October 31, 2008 are listed in the Schedules of Investments.

Option contracts: The Funds may enter into option contracts to manage exposure to 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. When a Fund writes a covered call or put option, 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. Options are marked-to-market daily to reflect the current value of the option written.

The underlying face amounts of open option contracts at October 31, 2008 are listed in the Schedules of Investments. Transactions in written options were as follows:


Transamerica BlackRock
Global Allocation	Premium			Contracts *
Balance at October 31, 2007	$	2,496			6,129
Sales		3,149			6,997
Closing Buys		(1,198	)		(1,841	)
Expirations		(1,445	)		(4,701	)
Exercised		(706	)		(1,029	)
Balance at October 31, 2008	$	2,296			5,555


Transamerica Federated
Market Opportunity	Premium			Contracts *
Balance at October 31, 2007	$	—			—
Sales		1,347			840
Closing Buys		(1,175	)		(540	)
Expirations		—			—
Exercised		—			—
Balance at October 31, 2008	$	172			300


*		Contracts not in thousands.


Transamerica Funds		Annual Report 2008

Page 165

NOTES TO FINANCIAL STATEMENTS (continued)
At October 31, 2008
(all amounts in thousands)

NOTE 1. (continued)

Swap agreements: The Funds may enter into swap agreements to manage their exposure to interest rates and credit risk. Interest rate swap agreements are between two counterparties where one stream of future interest payments is exchanged for another based on a notional amount. Interest rate swaps often exchange a fixed payment for a floating payment that is linked to an interest rate. In a credit default swap, one party makes a stream of payments to another party in exchange for the right to receive a specified return in the event of a default by a third party, typically corporate issues or sovereign issues of an emerging country, on its obligation. The portfolios may use credit default swaps to provide a measure of protection against defaults of sovereign issuers (i.e., to reduce risk where the portfolios owns or has exposure to the sovereign issuer) or to take an active long or short position with respect to the likelihood of a particular issuer’s default. Entering into these agreements involves elements of credit, market and documentation risk in excess of the amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements, and that there may be unfavorable changes in interest rates.

Open swaps agreements at October 31, 2008 are listed in the Schedules of Investments.

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.

NOTE 2. RELATED PARTY TRANSACTIONS

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

The following schedule reflects the percentage of the Funds that are owned by affiliated investment companies at October 31, 2008:


Transamerica AllianceBernstein
International Value	Net Assets		% of Net Assets

Transamerica Asset Allocation-Conservative Portfolio	$	5,026		2.02	%
Transamerica Asset Allocation-Growth Portfolio		34,871		14.04
Transamerica Asset Allocation-Moderate Portfolio		17,083		6.88
Transamerica Asset Allocation-Moderate Growth Portfolio		41,223		16.60
Transamerica Multi-Manager International Portfolio		32,840		13.23
Transamerica Asset Allocation-Conservative VP		6,828		2.75
Transamerica Asset Allocation-Growth VP		12,386		4.99
Transamerica Asset Allocation-Moderate Growth VP		44,706		18.00
Transamerica Asset Allocation-Moderate VP		19,766		7.96
Transamerica International Moderate Growth VP		32,240		12.98
Total	$	246,969		99.45	%


Transamerica Bjurman, Barry Micro
Emerging Growth	Net Assets		% of Net Assets

Transamerica Asset Allocation-Conservative Portfolio	$	2,271		3.42	%
Transamerica Asset Allocation-Growth Portfolio		13,238		19.93
Transamerica Asset Allocation-Moderate Portfolio		981		1.48
Transamerica Asset Allocation-Moderate Growth Portfolio		13,393		20.16
Transamerica Multi-Manager Alternative Strategies Portfolio		5,120		7.71
Transamerica Asset Allocation-Conservative VP		1,497		2.25
Transamerica Asset Allocation-Growth VP		5,390		8.12
Transamerica Asset Allocation-Moderate Growth VP		16,553		24.92
Transamerica Asset Allocation-Moderate VP		7,695		11.59
Total	$	66,138		99.58	%


Transamerica BlackRock Global
Allocation	Net Assets		% of Net Assets

Transamerica Asset Allocation-Conservative Portfolio	$	14,127		3.74	%
Transamerica Asset Allocation-Growth Portfolio		47,261		12.51
Transamerica Asset Allocation-Moderate Portfolio		32,890		8.71
Transamerica Asset Allocation-Moderate Growth Portfolio		69,556		18.41
Transamerica Multi-Manager Alternative Strategies Portfolio		10,289		2.72
Transamerica Multi-Manager International Portfolio		16,125		4.27
Transamerica Asset Allocation-Conservative VP		16,939		4.48
Transamerica Asset Allocation-Growth VP		30,851		8.17
Transamerica Asset Allocation-Moderate Growth VP		110,966		29.37
Transamerica Asset Allocation-Moderate VP		27,282		7.22
Total	$	376,286		99.60	%


Transamerica BlackRock Large Cap Value	Net Assets		% of Net Assets

Transamerica Asset Allocation-Conservative Portfolio	$	26,135		5.66	%
Transamerica Asset Allocation-Growth Portfolio		176,221		38.16
Transamerica Asset Allocation-Moderate Portfolio		93,260		20.19
Transamerica Asset Allocation-Moderate Growth Portfolio		162,665		35.22
Total	$	458,281		99.23	%


Transamerica Funds		Annual Report 2008

Page 166

NOTES TO FINANCIAL STATEMENTS (continued)
At October 31, 2008
(all amounts in thousands)

NOTE 2. (continued)


Transamerica BlackRock Natural
Resources	Net Assets		% of Net Assets

Transamerica Asset Allocation-Conservative Portfolio	$	6,797		7.79	%
Transamerica Asset Allocation-Growth Portfolio		16,485		18.89
Transamerica Asset Allocation-Moderate Portfolio		11,003		12.61
Transamerica Asset Allocation-Moderate Growth Portfolio		28,711		32.91
Transamerica Multi-Manager Alternative Strategies Portfolio		13,145		15.06
Transamerica Asset Allocation-Growth VP		10,686		12.25
Total	$	86,827		99.51	%


Transamerica BNY Mellon Market Neutral
Strategy	Net Assets		% of Net Assets

Transamerica Asset Allocation-Conservative Portfolio	$	7,118		5.86	%
Transamerica Asset Allocation-Growth Portfolio		20,220		16.66
Transamerica Asset Allocation-Moderate Portfolio		24,497		20.19
Transamerica Asset Allocation-Moderate Growth Portfolio		33,603		27.69
Transamerica Multi-Manager Alternative Strategies Portfolio		22,118		18.23
Transamerica Asset Allocation-Growth VP		13,724		11.31
Total	$	121,280		99.94	%


Transamerica Evergreen International
Small Cap	Net Assets		% of Net Assets

Transamerica Asset Allocation-Conservative Portfolio	$	6,889		2.18	%
Transamerica Asset Allocation-Growth Portfolio		35,329		11.15
Transamerica Asset Allocation-Moderate Portfolio		18,422		5.82
Transamerica Asset Allocation-Moderate Growth Portfolio		80,131		25.30
Transamerica Multi-Manager Alternative Strategies Portfolio		1,524		0.48
Transamerica Multi-Manager International Portfolio		18,744		5.92
Transamerica Asset Allocation-Conservative VP		5,943		1.88
Transamerica Asset Allocation-Growth VP		36,699		11.59
Transamerica Asset Allocation-Moderate Growth VP		74,314		23.46
Transamerica Asset Allocation-Moderate VP		25,099		7.92
Transamerica International Moderate Growth VP		13,254		4.18
Total	$	316,348		99.88	%


Transamerica Federated Market
Opportunity	Net Assets		% of Net Assets

Transamerica Asset Allocation-Conservative Portfolio	$	7,657		10.28	%
Transamerica Asset Allocation-Growth Portfolio		10,678		14.34
Transamerica Asset Allocation-Moderate Portfolio		15,615		20.97
Transamerica Asset Allocation-Moderate Growth Portfolio		19,299		25.91
Transamerica Multi-Manager Alternative Strategies Portfolio		20,625		27.69
Total	$	73,874		99.19	%


Transamerica JPMorgan International
Bond	Net Assets		% of Net Assets

Transamerica Asset Allocation-Conservative Portfolio	$	60,221		8.61	%
Transamerica Asset Allocation-Moderate Portfolio		129,770		18.56
Transamerica Asset Allocation-Moderate Growth Portfolio		111,619		15.97
Transamerica Multi-Manager Alternative Strategies Portfolio		26,281		3.76
Transamerica Asset Allocation-Conservative VP		85,232		12.19
Transamerica Asset Allocation-Moderate Growth VP		133,624		19.12
Transamerica Asset Allocation-Moderate VP		149,311		21.36
Total	$	696,058		99.57	%


Transamerica JPMorgan Mid Cap Value	Net Assets		% of Net Assets

Transamerica Asset Allocation-Conservative Portfolio	$	7,106		4.81	%
Transamerica Asset Allocation-Growth Portfolio		43,157		29.20
Transamerica Asset Allocation-Moderate Portfolio		15,044		10.18
Transamerica Asset Allocation-Moderate Growth Portfolio		82,468		55.81
Total	$	147,775		100.00	%


Transamerica Loomis Sayles Bond	Net Assets		% of Net Assets

Transamerica Asset Allocation-Conservative Portfolio	$	51,705		8.95	%
Transamerica Asset Allocation-Moderate Portfolio		100,936		17.48
Transamerica Asset Allocation-Moderate Growth Portfolio		51,488		8.92
Transamerica Multi-Manager Alternative Strategies Portfolio		31,587		5.47
Transamerica Asset Allocation-Conservative VP		72,238		12.51
Transamerica Asset Allocation-Moderate Growth VP		120,840		20.93
Transamerica Asset Allocation-Moderate VP		132,268		22.91
Transamerica International Moderate Growth VP		13,562		2.35
Total	$	574,624		99.52	%


Transamerica Marsico International
Growth	Net Assets		% of Net Assets

Transamerica Asset Allocation-Conservative Portfolio	$	5,697		2.01	%
Transamerica Asset Allocation-Growth Portfolio		52,622		18.55
Transamerica Asset Allocation-Moderate Portfolio		10,082		3.55
Transamerica Asset Allocation-Moderate Growth Portfolio		46,207		16.28
Transamerica Multi-Manager International Portfolio		23,555		8.30
Transamerica Asset Allocation-Conservative VP		7,119		2.51
Transamerica Asset Allocation-Growth VP		25,715		9.06
Transamerica Asset Allocation-Moderate Growth VP		63,094		22.24
Transamerica Asset Allocation-Moderate VP		26,054		9.18
Transamerica International Moderate Growth VP		22,257		7.84
Total	$	282,402		99.52	%


Transamerica Neuberger Berman
International	Net Assets		% of Net Assets

Transamerica Asset Allocation-Conservative Portfolio	$	5,192		1.69	%
Transamerica Asset Allocation-Growth Portfolio		33,696		10.94
Transamerica Asset Allocation-Moderate Portfolio		23,045		7.48
Transamerica Asset Allocation-Moderate Growth Portfolio		69,254		22.49
Transamerica Multi-Manager International Portfolio		24,375		7.91
Transamerica Asset Allocation-Conservative VP		7,386		2.40
Transamerica Asset Allocation-Growth VP		27,918		9.06
Transamerica Asset Allocation-Moderate Growth VP		71,441		23.20
Transamerica Asset Allocation-Moderate VP		21,443		6.96
Transamerica International Moderate Growth VP		22,693		7.37
Total	$	306,443		99.50	%


Transamerica Oppenheimer Developing
Markets	Net Assets		% of Net Assets

Transamerica Asset Allocation-Conservative Portfolio	$	8,295		2.61	%
Transamerica Asset Allocation-Growth Portfolio		73,614		23.15
Transamerica Asset Allocation-Moderate Portfolio		14,784		4.65
Transamerica Asset Allocation-Moderate Growth Portfolio		34,785		10.94
Transamerica Multi-Manager Alternative Strategies Portfolio		3,916		1.23
Transamerica Multi-Manager International Portfolio		23,747		7.47


Transamerica Funds		Annual Report 2008

Page 167

NOTES TO FINANCIAL STATEMENTS (continued)
At October 31, 2008
(all amounts in thousands)

NOTE 2. (continued)


Transamerica Oppenheimer Developing
Markets	Net Assets		% of Net Assets

Transamerica Asset Allocation-Conservative VP	$	10,718		3.37	%
Transamerica Asset Allocation-Growth VP		33,813		10.63
Transamerica Asset Allocation-Moderate Growth VP		74,738		23.50
Transamerica Asset Allocation-Moderate VP		33,881		10.66
Transamerica International Moderate Growth VP		4,549		1.43
Total	$	316,840		99.64	%


Transamerica Oppenheimer Small- & Mid-
Cap Value	Net Assets		% of Net Assets

Transamerica Asset Allocation-Conservative Portfolio	$	4,111		3.22	%
Transamerica Asset Allocation-Growth Portfolio		16,144		12.63
Transamerica Asset Allocation-Moderate Portfolio		8,508		6.65
Transamerica Asset Allocation-Moderate Growth Portfolio		30,822		24.10
Transamerica Asset Allocation-Conservative VP		6,450		5.04
Transamerica Asset Allocation-Growth VP		8,159		6.38
Transamerica Asset Allocation-Moderate Growth VP		40,670		31.80
Transamerica Asset Allocation-Moderate VP		12,110		9.47
Total	$	126,974		99.29	%


Transamerica Schroders International
Small Cap	Net Assets		% of Net Assets

Transamerica Asset Allocation-Conservative Portfolio	$	3,478		3.20	%
Transamerica Asset Allocation-Growth Portfolio		5,513		5.07
Transamerica Asset Allocation-Moderate Portfolio		13,634		12.55
Transamerica Asset Allocation-Moderate Growth Portfolio		6,991		6.43
Transamerica Multi-Manager Alternative Strategies Portfolio		4,525		4.16
Transamerica Multi-Manager International Portfolio		22,033		20.28
Transamerica Asset Allocation-Conservative VP		12,008		11.05
Transamerica Asset Allocation-Growth VP		1,344		1.24
Transamerica Asset Allocation-Moderate Growth VP		10,502		9.67
Transamerica Asset Allocation-Moderate VP		11,032		10.15
Transamerica International Moderate Growth VP		16,035		14.76
Total	$	107,095		98.56	%


Transamerica Third Avenue Value	Net Assets		% of Net Assets

Transamerica Asset Allocation-Conservative Portfolio	$	8,439		2.51	%
Transamerica Asset Allocation-Growth Portfolio		25,614		7.60
Transamerica Asset Allocation-Moderate Portfolio		8,848		2.63
Transamerica Asset Allocation-Moderate Growth Portfolio		49,528		14.70
Transamerica Asset Allocation-Conservative VP		13,544		4.02
Transamerica Asset Allocation-Growth VP		47,747		14.17
Transamerica Asset Allocation-Moderate Growth VP		121,997		36.22
Transamerica Asset Allocation-Moderate VP		59,473		17.66
Total	$	335,190		99.51	%


Transamerica Thornburg International
Value	Net Assets		% of Net Assets

Transamerica Asset Allocation-Growth Portfolio		1,253		1.57
Transamerica Asset Allocation-Moderate Growth Portfolio		5,011		6.30
Transamerica Multi-Manager International Portfolio		45,204		56.85
Transamerica Asset Allocation-Moderate Growth VP		6,264		7.88
Transamerica International Moderate Growth VP		21,784		27.40
Total	$	79,516		100.00	%


Transamerica UBS Dynamic Alpha	Net Assets		% of Net Assets

Transamerica Asset Allocation-Conservative Portfolio	$	7,489		4.52	%
Transamerica Asset Allocation-Growth Portfolio		16,336		9.87
Transamerica Asset Allocation-Moderate Portfolio		33,892		20.47
Transamerica Asset Allocation-Moderate Growth Portfolio		66,264		40.02
Transamerica Multi-Manager Alternative Strategies Portfolio		22,572		13.63
Transamerica Asset Allocation-Growth VP		18,734		11.32
Total	$	165,287		99.83	%


Transamerica UBS Large Cap Value	Net Assets		% of Net Assets

Transamerica Asset Allocation-Conservative Portfolio	$	14,541		2.07	%
Transamerica Asset Allocation-Growth Portfolio		149,797		21.34
Transamerica Asset Allocation-Moderate Portfolio		66,748		9.51
Transamerica Asset Allocation-Moderate Growth Portfolio		133,455		19.01
Transamerica Asset Allocation-Conservative VP		23,185		3.30
Transamerica Asset Allocation-Growth VP		65,341		9.31
Transamerica Asset Allocation-Moderate Growth VP		172,233		24.53
Transamerica Asset Allocation-Moderate VP		74,168		10.57
Total	$	699,468		99.64	%


Transamerica Van Kampen Emerging
Markets Debt	Net Assets		% of Net Assets

Transamerica Asset Allocation-Conservative Portfolio	$	28,490		8.90	%
Transamerica Asset Allocation-Moderate Portfolio		42,983		13.42
Transamerica Asset Allocation-Moderate Growth Portfolio		52,467		16.39
Transamerica Asset Allocation-Conservative VP		42,769		13.36
Transamerica Asset Allocation-Moderate Growth VP		72,636		22.68
Transamerica Asset Allocation-Moderate VP		79,458		24.81
Total	$	318,803		99.56	%


Transamerica Van Kampen Mid-Cap
Growth	Net Assets		% of Net Assets

Transamerica Asset Allocation-Conservative Portfolio	$	3,592		3.66	%
Transamerica Asset Allocation-Growth Portfolio		27,726		28.25
Transamerica Asset Allocation-Moderate Portfolio		8,402		8.56
Transamerica Asset Allocation-Moderate Growth Portfolio		31,020		31.61
Transamerica Asset Allocation-Conservative VP		2,814		2.87
Transamerica Asset Allocation-Growth VP		1,659		1.69
Transamerica Asset Allocation-Moderate Growth VP		16,800		17.12
Transamerica Asset Allocation-Moderate VP		5,520		5.62
Total	$	97,533		99.38	%


Transamerica Van Kampen Small
Company Growth	Net Assets		% of Net Assets

Transamerica Asset Allocation-Conservative Portfolio	$	1,747		2.85	%
Transamerica Asset Allocation-Growth Portfolio		16,429		26.84
Transamerica Asset Allocation-Moderate Portfolio		4,133		6.75
Transamerica Asset Allocation-Moderate Growth Portfolio		8,126		13.27
Transamerica Asset Allocation-Conservative VP		813		1.33
Transamerica Asset Allocation-Growth VP		7,869		12.86
Transamerica Asset Allocation-Moderate Growth VP		18,274		29.85
Transamerica Asset Allocation-Moderate VP		3,517		5.75
Total	$	60,908		99.50	%


Transamerica WMC Emerging Markets	Net Assets		% of Net Assets

Transamerica Asset Allocation-Conservative Portfolio	$	2,297		3.02	%
Transamerica Asset Allocation-Growth Portfolio		1,532		2.01
Transamerica Asset Allocation-Moderate Portfolio		15,315		20.12


Transamerica Funds		Annual Report 2008

Page 168

NOTES TO FINANCIAL STATEMENTS (continued)
At October 31, 2008
(all amounts in thousands)

NOTE 2. (continued)


Transamerica WMC Emerging Markets	Net Assets		% of Net Assets

Transamerica Asset Allocation-Moderate Growth Portfolio		9,189		12.07
Transamerica Multi-Manager International Portfolio		17,511		23.00
Transamerica Asset Allocation-Conservative VP		1,509		1.99
Transamerica Asset Allocation-Growth VP		1,531		2.01
Transamerica Asset Allocation-Moderate Growth VP		13,018		17.10
Transamerica Asset Allocation-Moderate VP		14,192		18.64
Total	$	76,094		99.96	%

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 Bjurman, Barry Micro Emerging Growth
First $250 million	1.05	%
Over $250 million up to $500 million	1.00	%
Over $500 million	0.975	%
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 Evergreen International Small Cap
First $250 million	1.07	%
Over $250 million	1.00	%
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 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 Marsico International Growth
First $300 million	1.05	%
Over $300 million up to $400 million	1.01	%
Over $400 million up to $1 billion	0.96	%
Over $1 billion	0.91	%
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 Dynamic Alpha
First $150 million	1.40	%
Over $150 million up to $300 million	1.30	%
Over $300 million	1.20	%
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 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	%

TAM has contractually agreed to waive its advisory fee and will reimburse each Fund to the extent that operating expenses, excluding dividend expense on short sales, exceed the following stated annual limit:


Fund	Expense Limit
Transamerica AllianceBernstein International Value *		1.13	%
Transamerica Bjurman, Barry Micro Emerging Growth		1.25
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 Evergreen International Small Cap		1.32
Transamerica Federated Market Opportunity *		1.05
Transamerica JPMorgan International Bond *		0.75
Transamerica JPMorgan Mid Cap Value		1.05
Transamerica Loomis Sayles Bond		0.88
Transamerica Marsico International Growth		1.31
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 Dynamic Alpha		1.65
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.

There were no amounts recaptured at October 31, 2008.


Transamerica Funds		Annual Report 2008

Page 169

NOTES TO FINANCIAL STATEMENTS (continued)
At October 31, 2008
(all amounts in thousands)

NOTE 2. (continued)

The following amounts are available for recapture at October 31, 2008:


Transamerica
Schroders International	Reimbursement of	Available for
Small Cap	Class Expenses	Recapture Through

Fiscal Year 2008:	$26	10/31/2011


Transamerica Thornburg	Reimbursement of	Available for
International Value	Class Expenses	Recapture Through

Fiscal Year 2008:	$45	10/31/2011


Transamerica WMC	Reimbursement of	Available for
Emerging Markets	Class Expenses	Recapture Through

Fiscal Year 2008:	$56	10/31/2011

Transfer agent fees: The Funds pay TFS an annual per-account charge for each open and closed account. For the year ended October 31, 2008, the Funds paid TFS amounts that round to less than $1.

Trustee. Each Trustee who is a participant in the Plan may elect that the earnings, losses or gains credited to his or her deferred fee amounts be determined based on a deemed investment in Class A shares of any series of Transamerica Funds or investment options under Transamerica Partners Funds Group II, or funds of Transamerica Investors, Inc. The right of a participant to receive a distribution from the Plan of the deferred fees is an unsecured claim against the general assets of all series of Transamerica Funds. The pro rata liability to the Funds of all deferred fees in the Plan as of October 31, 2008, amounted to the following:


Fund	Deferred Fees
Transamerica AllianceBernstein International Value	$	15
Transamerica Bjurman, Barry Micro Emerging Growth		3
Transamerica BlackRock Global Allocation		16
Transamerica BlackRock Large Cap Value		19
Transamerica BlackRock Natural Resources		5
Transamerica BNY Mellon Market Neutral Strategy		4
Transamerica Evergreen International Small Cap		17
Transamerica Federated Market Opportunity		2
Transamerica JPMorgan International Bond		27
Transamerica JPMorgan Mid Cap Value		8
Transamerica Loomis Sayles Bond		21
Transamerica Marsico International Growth		19
Transamerica Neuberger Berman International		18
Transamerica Oppenheimer Developing Markets		20
Transamerica Oppenheimer Small- & Mid-Cap Value		6
Transamerica Schroders International Small Cap		4
Transamerica Third Avenue Value		18
Transamerica Thornburg International Value		3
Transamerica UBS Dynamic Alpha		7
Transamerica UBS Large Cap Value	$	27
Transamerica Van Kampen Emerging Markets Debt		12
Transamerica Van Kampen Mid-Cap Growth		4
Transamerica Van Kampen Small Company Growth		4
Transamerica WMC Emerging Markets		3

Such amounts shall 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 increase in the future, past accruals (and credits) will be adjusted upwards so that 50% of the Trustee’s current retainer is accrued and credited at all times. Upon death, disability or termination of service, other than removal for cause, amounts deferred become payable to an Emeritus Trustee (or his/her beneficiary). Upon the commencement of service as Trustee Emeritus, compensation will be paid on a quarterly basis during the time period that the Trustee Emeritus is allowed to serve as such.

At October 31, 2008, the Fund’s Liability related to the Emeritus Plan were as follows:


	Emeritus
Fund	Fees
Transamerica AllianceBernstein International Value	$	3
Transamerica BlackRock Global Allocation		4
Transamerica BlackRock Large Cap Value		6
Transamerica Evergreen International Small Cap		5
Transamerica Federated Market Opportunity		1
Transamerica JPMorgan International Bond		5
Transamerica JPMorgan Mid Cap Value		3
Transamerica Marsico International Growth		5
Transamerica Neuberger Berman International		5
Transamerica Oppenheimer Developing Markets		4
Transamerica Oppenheimer Small- & Mid-Cap Value		1
Transamerica UBS Large Cap Value		3
Transamerica Van Kampen Emerging Markets Debt		5
Transamerica Van Kampen Mid-Cap Growth		1
Transamerica Van Kampen Small Company Growth		4

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

Brokerage commissions: Brokerage commissions incurred on security transactions placed with affiliates of the adviser for the year ended October 31, 2008 were as follows:


Transamerica Funds		Annual Report 2008

Page 170

NOTES TO FINANCIAL STATEMENTS (continued)
At October 31, 2008
(all amounts in thousands)

NOTE 2. (continued)


	Brokerage
Fund	Commissions
Transamerica BlackRock Global Allocation	$	6
Transamerica BlackRock Natural Resources		2
Transamerica Neuberger Berman International		42
Transamerica Third Avenue Value		246
Transamerica UBS Dynamic Alpha		10
Transamerica UBS Large Cap Value		17
Transamerica Van Kampen Mid-Cap Growth		4

NOTE 3. INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the year ended October 31, 2008 were as follows:


					Proceeds from
	Purchases of				maturities and
	securities:				sales of securities:
			U.S.				U.S.
Fund	Long-term		Government		Long-term		Government
Transamerica AllianceBernstein International Value	$	194,413	$	—	$	151,078	$	—
Transamerica Bjurman, Barry Micro Emerging Growth		68,793		—		39,818		—
Transamerica BlackRock Global Allocation		263,395		4,956		230,328		28,459
Transamerica BlackRock Large Cap Value		530,889		—		408,465		—
Transamerica BlackRock Natural Resources		9,026		—		6,616		—
Transamerica BNY Mellon Market Neutral Strategy		483,334		—		447,037		—
Transamerica Evergreen International Small Cap		617,692		—		616,494		—
Transamerica Federated Market Opportunity		121,499		—		77,195		—
Transamerica JPMorgan International Bond		568,746		—		577,440		—
Transamerica JPMorgan Mid Cap Value		104,150		—		132,025		—
Transamerica Loomis Sayles Bond		361,462		—		90,045		55,316
Transamerica Marsico International Growth		679,681		—		664,510		—
Transamerica Neuberger Berman International		445,254		—		372,548		—
Transamerica Oppenheimer Developing Markets		397,218		—		379,653		—
Transamerica Oppenheimer Small- & Mid-Cap Value		241,125		—		182,949		—
Transamerica Schroders International Small Cap		200,931		—		18,341		—
Transamerica Third Avenue Value		148,305		—		191,663		—
Transamerica Thornburg International Value		98,616		—		4,215		—
Transamerica UBS Dynamic Alpha		180,533		—		164,131		—
Transamerica UBS Large Cap Value		650,597		—		385,222		—
Transamerica Van Kampen Emerging Markets Debt		363,755		—		273,926		—
Transamerica Van Kampen Mid-Cap Growth		97,686		—		51,584		—
Transamerica Van Kampen Small Company Growth		60,123		—		112,471		—
Transamerica WMC Emerging Markets		105,958		—		7,415		—

NOTE 4. FEDERAL INCOME TAX MATTERS


							Undistributed
	Shares of						(accumulated)
	beneficial						net realized
	interest,			Undistributed			gain (loss)
	unlimited			(accumulated) net			from
	shares			investment			investment
Fund	authorized			income (loss)			securities
Transamerica AllianceBernstein International Value	$	—		$	(157	)	$	157
Transamerica Bjurman, Barry Micro Emerging Growth		(361	)		365			(4	)
Transamerica BlackRock Global Allocation		(3	)		12,391			(12,388	)
Transamerica BlackRock Large Cap Value		—			(30	)		30
Transamerica BlackRock Natural Resources		(1	)		(6	)		7
Transamerica BNY Mellon Market Neutral Strategy		(2,712	)		2,724			(12	)
Transamerica Evergreen International Small Cap		—			2,399			(2,399	)
Transamerica Federated Market Opportunity		(11	)		749			(738	)
Transamerica JPMorgan International Bond		—			30,499			(30,499	)
Transamerica JPMorgan Mid Cap Value		57			(8	)		(49	)
Transamerica Loomis Sayles Bond		—			1,817			(1,817	)
Transamerica Marsico International Growth		—			(498	)		498
Transamerica Neuberger Berman International		—			(1,047	)		1,047
Transamerica Oppenheimer Developing Markets		—			(1,993	)		1,993
Transamerica Oppenheimer Small- & Mid-Cap Value		—			(123	)		123
Transamerica Schroders International Small Cap		—			144			(144	)
Transamerica Third Avenue Value		(817	)		902			(85	)
Transamerica Thornburg International Value		(450	)		19			431
Transamerica UBS Dynamic Alpha		—			(1,746	)		1,746


Transamerica Funds		Annual Report 2008

Page 171

NOTES TO FINANCIAL STATEMENTS (continued)
At October 31, 2008
(all amounts in thousands)

NOTE 4. (continued)


							Undistributed
	Shares of						(accumulated)
	beneficial						net realized
	interest,			Undistributed			gain (loss)
	unlimited			(accumulated) net			from
	shares			investment			investment
Fund	authorized			income (loss)			securities
Transamerica UBS Large Cap Value	$	—		$	(20	)	$	20
Transamerica Van Kampen Emerging Markets Debt		—			3,177			(3,177	)
Transamerica Van Kampen Mid-Cap Growth		—			(24	)		24
Transamerica Van Kampen Small Company Growth		—			(129	)		129
Transamerica WMC Emerging Markets		(449	)		(10	)		459

The capital loss carryforwards are available to offset future realized capital gains through the periods listed below. Funds not listed in the table below do not have capital loss carryforwards.


	Capital Loss
Fund	Carryforwards		Available Through
Transamerica AllianceBernstein International Value	$	38,050	October 31, 2016
Transamerica Bjurman, Barry Micro Emerging Growth		804	October 31, 2014
Transamerica Bjurman, Barry Micro Emerging Growth		2,870	October 31, 2015
Transamerica Bjurman, Barry Micro Emerging Growth		15,217	October 31, 2016
Transamerica BlackRock Large Cap Value		47,778	October 31, 2016
Transamerica BNY Mellon Market Neutral Strategy		1,569	October 31, 2016
Transamerica Evergreen International Small Cap		79,023	October 31, 2016
Transamerica Marsico International Growth		90,412	October 31, 2016
Transamerica Neuberger Berman International		110,404	October 31, 2016
Transamerica Oppenheimer Small- & Mid-Cap Value		21,464	October 31, 2016
Transamerica Schroders International Small Cap		7,464	October 31, 2016
Transamerica Third Avenue Value		21,046	October 31, 2016
Transamerica UBS Large Cap Value		27,348	October 31, 2016
Transamerica Van Kampen Emerging Markets Debt		9,789	October 31, 2016
Transamerica Van Kampen Mid-Cap Growth		7,046	October 31, 2016
Transamerica Van Kampen Small Company Growth		12,710	October 31, 2016
Transamerica WMC Emerging Markets		1,500	October 31, 2016

The capital loss carryforwards utilized during the year ended October 31, 2008 were as follows:


	Capital Loss Carryforwards
	Utilized During the Year Ended
Fund	October 31, 2008
Transamerica BNY Mellon Market Neutral Strategy	$	1,345
Transamerica Federated Market Opportunity		6,244
Transamerica JPMorgan International Bond		7,625
Transamerica Loomis Sayles Bond		98
Transamerica UBS Dynamic Alpha		15,823

The tax character of distributions paid may differ from the character of distributions shown in the Statements of Changes in Net Assets due to the short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2007 and 2008 was as follows:


	Distributions Paid From:				Distributions Paid From:
	2007				2008
			Long-term				Long-term
	Ordinary		Capital		Ordinary		Capital
	income		Gain		income		Gain
Transamerica AllianceBernstein International Value	$	11,180	$	373	$	15,225	$	25,977
Transamerica BlackRock Global Allocation		16,525		674		19,536		17,158
Transamerica BlackRock Large Cap Value		5,144		14,444		4,505		34,018
Transamerica BlackRock Natural Resources		—		—		2,002		3
Transamerica BNY Mellon Market Neutral Strategy		—		—		6,638		—
Transamerica Evergreen International Small Cap		27,958		40,985		24,066		48,654
Transamerica Federated Market Opportunity		1,771		—		769		—
Transamerica JPMorgan International Bond		25,641		—		30,789		—
Transamerica JPMorgan Mid Cap Value		8,551		4,123		2,266		13,316
Transamerica Loomis Sayles Bond		7,508		—		37,734		—
Transamerica Marsico International Growth		54,846		21,412		22,277		45,615
Transamerica Neuberger Berman International		28,404		—		10,894		41,934
Transamerica Oppenheimer Developing Markets		14,303		—		15,326		41,296
Transamerica Oppenheimer Small- & Mid-Cap Value		1,681		—		8,817		4,505
Transamerica Third Avenue Value		—		—		18,496		—
Transamerica UBS Dynamic Alpha		—		—		2,297		—
Transamerica UBS Large Cap Value		2,850		7,746		11,155		9,206
Transamerica Van Kampen Emerging Markets Debt		21,767		1,215		28,919		6,945
Transamerica Van Kampen Mid-Cap Growth		138		—		3,386		4,460
Transamerica Van Kampen Small Company Growth		6,744		4,764		2,169		15,799


Transamerica Funds		Annual Report 2008

Page 172

NOTES TO FINANCIAL STATEMENTS (continued)
At October 31, 2008
(all amounts in thousands)

NOTE 4. (continued)

The tax basis components of distributable earnings as of October 31, 2008 were as follows:


	Undistributed		Undistributed					Other			Net Unrealized
	Ordinary		Long-term		Capital Loss			Temporary			Appreciation
Fund	income		Capital Gain		Carryforward			Differences			(Depreciation) *
Transamerica AllianceBernstein International Value	$	12,245	$	—	$	(38,050	)	$	—		$	(185,008	)
Transamerica Bjurman, Barry Micro Emerging Growth		—		—		(18,891	)		—			(18,302	)
Transamerica BlackRock Global Allocation		23,074		19,361		—			—			(86,543	)
Transamerica BlackRock Large Cap Value		6,241		—		(47,778	)		—			(128,951	)
Transamerica BlackRock Natural Resources		332		—		—			—			(22,140	)
Transamerica BNY Mellon Market Neutral Strategy		—		—		(1,569	)		—			(1,122	)
Transamerica Evergreen International Small Cap		5,617		—		(79,023	)		—			(93,211	)
Transamerica Federated Market Opportunity		1,705		2,171		—			—			(16,750	)
Transamerica JPMorgan International Bond		31,840		6,154		—			—			(18,817	)
Transamerica JPMorgan Mid Cap Value		2,731		1,065		—			—			(54,136	)
Transamerica Loomis Sayles Bond		12,308		1,282		—			—			(220,015	)
Transamerica Marsico International Growth		5,232		—		(90,412	)		—			(133,522	)
Transamerica Neuberger Berman International		8,208		—		(110,404	)		—			(160,647	)
Transamerica Oppenheimer Developing Markets		6,339		57,434		—			—			(196,225	)
Transamerica Oppenheimer Small- & Mid-Cap Value		474		—		(21,464	)		—			(72,869	)
Transamerica Schroders International Small Cap		1,861		—		(7,464	)		—			(67,858	)
Transamerica Third Avenue Value		—		—		(21,046	)		—			(223,782	)
Transamerica Thornburg International Value		—		635		—			—			(20,406	)
Transamerica UBS Dynamic Alpha		12,553		29,768		—			—			(71,307	)
Transamerica UBS Large Cap Value		13,782		—		(27,348	)		—			(321,933	)
Transamerica Van Kampen Emerging Markets Debt		4,870		—		(9,789	)		(14	)		(87,597	)
Transamerica Van Kampen Mid-Cap Growth		92		—		(7,046	)		—			(42,808	)
Transamerica Van Kampen Small Company Growth		1,203		—		(12,710	)		—			(19,437	)
Transamerica WMC Emerging Markets	$	—	$	—	$	(1,500	)	$	—		$	(21,431	)


*		Amounts include unrealized gain/loss from foreign currency and derivative instruments, if applicable.

NOTE 5. ACCOUNTING PRONOUNCEMENTS


Transamerica Funds		Annual Report 2008

Page 173

Report of Independent Registered Certified Public Accounting Firm

To the Board of Trustees and Shareholders of Transamerica AllianceBernstein International Value, Transamerica Bjurman, Barry Micro Emerging Growth, Transamerica BlackRock Global Allocation, Transamerica BlackRock Large Cap Value, Transamerica BlackRock Natural Resources, Transamerica BNY Mellon Market Neutral Strategy, Transamerica Evergreen International Small Cap, Transamerica Federated Market Opportunity, Transamerica JPMorgan International Bond, Transamerica JPMorgan Mid Cap Value, Transamerica Loomis Sayles Bond, Transamerica Marsico International Growth, 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 Dynamic Alpha, Transamerica UBS Large Cap Value, Transamerica Van Kampen Emerging Markets Debt, Transamerica Van Kampen Mid Cap Growth, Transamerica Van Kampen Small Company Growth, and Transamerica WMC Emerging Markets:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in Transamerica AllianceBernstein International Value, Transamerica Bjurman, Barry Micro Emerging Growth, Transamerica BlackRock Global Allocation, Transamerica BlackRock Large Cap Value, Transamerica BlackRock Natural Resources, Transamerica BNY Mellon Market Neutral Strategy, Transamerica Evergreen International Small Cap, Transamerica Federated Market Opportunity, Transamerica JPMorgan International Bond, Transamerica JPMorgan Mid Cap Value, Transamerica Loomis Sayles Bond, Transamerica Marsico International Growth, 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 Dynamic Alpha, Transamerica UBS Large Cap Value, Transamerica Van Kampen Emerging Markets Debt, Transamerica Van Kampen Mid Cap Growth, Transamerica Van Kampen Small Company Growth, and Transamerica WMC Emerging Markets (individually a “Fund”, collectively the “Funds”) at October 31, 2008, and the results of each of their operations, the changes in each of their net assets and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2008 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

Tampa, Florida
December 29, 2008


Transamerica Funds		Annual Report 2008

Page 174

TRANSAMERICA THORNBURG INTERNATIONAL VALUE

APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS

(unaudited)

At a meeting of the Board of Trustees Transamerica Funds held on May 15, 2008, in approving a mandate to establish Transamerica Thornburg International Value of as a new series of Transamerica Funds, the Board reviewed and considered the proposed investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Thornburg International Value (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), as well as the proposed investment sub-advisory agreement of the Fund between TAM and Thornburg Investment Management, Inc. (the “Sub-Adviser”), to determine whether the agreements should be approved for an initial two-year period.

Following their review and consideration at this meeting, the Trustees determined that the proposed Investment Advisory Agreement and the proposed Sub-Advisory Agreement will enable shareholders of the Fund to obtain high quality services at a cost that is appropriate, fair, and in the best interests of its shareholders. The Board, including the independent members of the Board, unanimously approved the proposed Investment Advisory Agreement and Sub-Advisory Agreement. In reaching their decision, the Board requested and obtained from TAM and the investment Sub-Adviser such information as they deemed reasonably necessary to evaluate the proposed agreements, including, when applicable, information about fees and performance of comparable funds managed by the Sub-Adviser. In considering the proposed approval of the Investment Advisory Agreement and Sub-Advisory Agreement, the Board Members evaluated a number of considerations that they believed, in light of the legal advice furnished to them by Fund counsel and independent legal counsel and their own business judgment, to be relevant. They based their decisions on a variety of factors, including the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory services to be provided. The Board considered the nature and quality of the services expected to be provided by TAM and the Sub-Adviser. They concluded that TAM and the Sub-Adviser are capable of providing high quality services to the Fund, as indicated by the nature and quality of services provided in the past by TAM for other series within the fund complex and the Sub-Adviser’s management capabilities demonstrated with respect to other funds they manage and the experience, capability and integrity of TAM’s senior management, the financial resources of TAM and the Sub-Adviser, TAM’s management oversight process and the professional qualifications and experience of the Sub-Adviser’s portfolio management team (the Board reviewed carefully the qualifications of the prospective manager for the Fund). The Board Members determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Fund’s operations, the competitive landscape of the investment company business and investor needs.

The investment performance of the Fund. The Fund was not yet in existence and therefore had no historical performance for the Board to review at this time. However, the Board examined the performance of funds or other accounts managed by the Sub-Adviser of the Fund with investment objectives and strategies comparable to those of the Fund. The Board Members noted that those and other funds managed by the Sub-Adviser have generally performed well and have generated investor interest. 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 the Sub-Adviser, the Board Members concluded that TAM and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Fund’s proposed investment objective, policies and strategies and competitive with other similarly situated investment companies, and also determined that TAM’s and the Sub-Adviser’s performance record for other funds (or accounts) indicate that their management of the Fund is likely to benefit the Fund and its shareholders.

The cost of advisory services provided and the level of profitability. The Fund is not yet in existence and therefore no revenue, cost or profitability data is available for the Board to review. However, the Board 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 Fund and other funds within the fund complex. Based on such information and the proposed management and sub-advisory fees for the Fund, the Board Members determined that while the proposed management fees of the Fund started out above the median relative to peers, they were expected to be at median as a result of breakpoints with the addition of assets after the initial funds, and are appropriate in light of the services expected to be provided or procured, the management fees and the anticipated profitability of the relationship between the Fund, TAM and its affiliates, and the Sub-Adviser. The Board also took note of the costs involved in establishing a new fund and acknowledged that the Fund is being added as an investment option for the Asset Allocation funds only and that these funds’ assets will flow into the Fund. In making these observations and determinations, the Board reviewed, among other things, comparative information provided by Lipper, Inc. and Strategic Insight Simfund.

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

Benefits (such as soft dollars) to TAM, its affiliates, or the Sub-Adviser from their relationship with the Fund. The Board concluded that other benefits anticipated to be derived by TAM, its affiliates, and the Sub-Adviser from their relationships with the Fund, including “soft dollar” benefits (if any) in connection with brokerage transactions are expected to be consistent with industry practice and the best interests of the Fund and its shareholders. The Board Members noted that TAM would not realize soft dollar benefits from its relationship with the Fund, and that the Sub-Adviser had represented that it would engage in soft dollar arrangements consistent with applicable law and “best execution” requirements. It was also noted that the Sub-Adviser would be asked to participate in a brokerage commissions recapture program, which would limit the amount of soft dollar benefits which a sub-adviser may realize.

Other considerations. The Board considered the investment objective of the Fund and its investment strategy and determined that the Fund would enhance the investment options for the Asset Allocation funds. The Board noted that other asset allocation series of Transamerica Funds have generated considerable investor interest. The Board 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 Fund in a professional manner that is consistent with the best interests of the Fund and its shareholders. In this regard, the Board Members favorably considered the procedures and policies in place by TAM to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Board Members also determined that TAM has made a significant entrepreneurial commitment to the management and success of the Fund, reflected by TAM’s expense limitation and fee waiver arrangements with the Fund which may result in TAM waiving fees for the benefit of shareholders. In approving the Fund, the Board also considered the high quality of the Sub-Adviser’s portfolio management personnel who will manage the Fund under the Sub-Advisory Agreement, and their overall portfolio management capabilities. The Board determined that they, too, have made substantial commitments to the recruitment and retention of high quality personnel, and maintain the financial and operational resources reasonably necessary to manage the Fund.


Transamerica Funds		Annual Report 2008

Page 175

TRANSAMERICA WMC EMERGING MARKETS

APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS

(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds held on May 15, 2008; in approving a mandate to establish Transamerica WMC Emerging Markets as a new series of Transamerica Funds, the Board reviewed and considered the proposed investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica WMC Emerging Markets (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), as well as the proposed investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and Wellington Management Company, LLP (the “Sub-Adviser”), to determine whether the agreements should be approved for an initial two-year period.


Transamerica Funds		Annual Report 2008

Page 176

SUPPLEMENTAL INFORMATION (unaudited)

TAX INFORMATION

For dividends paid during the year ended October 31, 2008, the Funds designated the following as qualified dividend income:


	Qualified Dividend
Fund	Income
Transamerica AllianceBernstein International Value	$	12,349
Transamerica BlackRock Global Allocation		6,390
Transamerica BlackRock Large Cap Value		4,474
Transamerica BlackRock Natural Resources		355
Transamerica Evergreen International Small Cap		5,634
Transamerica Federated Market Opportunity		391
Transamerica JPMorgan Mid Cap Value		2,266
Transamerica Loomis Sayles Bond		931
Transamerica Marsico International Growth		6,193
Transamerica Neuberger Berman International		8,236
Transamerica Oppenheimer Developing Markets		6,812
Transamerica Oppenheimer Small- & Mid-Cap Value		481
Transamerica UBS Dynamic Alpha		2,297
Transamerica UBS Large Cap Value		11,135
Transamerica Van Kampen Mid-Cap Growth		218
Transamerica Van Kampen Small Company Growth		1,165

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


	Dividend Received
Fund	Deduction Percentage
Transamerica BlackRock Global Allocation		14.82	%
Transamerica BlackRock Large Cap Value		100.00
Transamerica BlackRock Natural Resources		17.74
Transamerica Federated Market Opportunity		9.73
Transamerica JPMorgan Mid Cap Value		100.00
Transamerica Loomis Sayles Bond		3.19
Transamerica Oppenheimer Small- & Mid-Cap Value		5.49
Transamerica UBS Dynamic Alpha		73.75
Transamerica UBS Large Cap Value		100.00
Transamerica Van Kampen Mid-Cap Growth		6.46
Transamerica Van Kampen Small Company Growth		34.74

For tax purposes, the Long-Term Capital Gain Designations for the year ended October 31, 2008 were as follows:


Fund	Long-Term Capital Designation
Transamerica AllianceBernstein International Value	$	25,977
Transamerica BlackRock Global Allocation		17,158
Transamerica BlackRock Large Cap Value		34,018
Transamerica BlackRock Natural Resources		3
Transamerica Evergreen International Small Cap		48,654
Transamerica JPMorgan Mid Cap Value		13,316
Transamerica Marsico International Growth		45,615
Transamerica Neuberger Berman International		41,934
Transamerica Oppenheimer Developing Markets		41,296
Transamerica Oppenheimer Small- & Mid-Cap Value		4,505
Transamerica UBS Large Cap Value		9,206
Transamerica Van Kampen Emerging Markets Debt		6,945
Transamerica Van Kampen Mid-Cap Growth		4,460
Transamerica Van Kampen Small Company Growth		15,799


Transamerica Funds		Annual Report 2008

Page 177

TRANSAMERICA FUNDS

Management of the Funds

Term of

Office

and

Number of

Length

Funds in

of Time

Principal Occupation(s) During

Complex

Other

Name and Age

Position

Served*

Past 5 Years

Overseen

Directorships

INTERESTED BOARD MEMBER**

John K. Carter (DOB: 4/24/61)

Chairman, Board Member, President, and Chief Executive Officer

2006 –
present

Chairman and Board Member (2008 – present), President (2007 – present), Chief Executive Officer (2006 – present), Vice President, Secretary and Chief Compliance Officer (2003 – 2006), TII; Chairman, Board Member, President and Chief Executive Officer, TPP, TPFG, TPFG II and TAAVF (2007 – present); Chairman (2007 – present), Board Member (2006 – present), President and Chief Executive Officer (2006 – present), Senior Vice President (1999 – 2006), Chief Compliance Officer, General Counsel and Secretary (1999 – 2006), Transamerica Funds and TST; Chairman (2007 – present), Board Member (2006 – present), President and Chief Executive Officer (2006 – present), Senior Vice President (2002 – 2006), General Counsel, Secretary and Chief Compliance Officer (2002 – 2006), TIS; President and Chief Executive Officer (2006 – present), Senior Vice President (1999 – 2006), Director (2000 – present), General Counsel and Secretary (2000 – 2006), Chief Compliance Officer (2004 – 2006), TAM; President and Chief Executive Officer (2006 – present), Senior Vice President (1999 – 2006), Director (2001 – present), General Counsel and Secretary (2001 – 2006), Transamerica Fund Services, Inc. (“TFS”); Vice President, AFSG Securities Corporation (2001 –present); Senior Vice President, General Counsel and Secretary, Transamerica Index Funds, Inc. (“TIF”) (2002 – 2004); and Vice President, Transamerica Investment Services, Inc. (“TISI”) (2003 – 2005) and TIM (2001 – 2005).

176

N/A



Transamerica Funds		Annual Report 2008

Page 178

Term of

Office

and

Number of

Length

Funds in

of Time

Principal Occupation(s) During

Complex

Other

Name and Age

Position

Served*

Past 5 Years

Overseen

Directorships

INDEPENDENT BOARD MEMBERS***

Sandra N. Bane (DOB: 6/13/52)

Board Member

2008 –
present

Retired, KPMG (1999 — present); and Board Member, TII (2003 — present), Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (March 2008 — present).

176

Big 5 Sporting Goods (2002 — present); AGL Resources, Inc. (energy services holding company) (2008 — present)

Leo J. Hill
(DOB: 3/27/56)

Board Member

2002 –
present

176

N/A

Neal M. Jewell
(DOB: 2/12/35)

Lead
Independent
Board Member

2007 –
present

176

N/A

Russell A. Kimball, Jr.
(DOB: 8/17/44)

Board Member

2002 –
present

176

N/A

Eugene M. Mannella
(DOB: 2/1/54)

Board Member

2007 –
present

Chief Executive Officer, Hedge Fund Services LLC (hedge fund administration) January 2008 — present); Self-employed consultant (2006 — present); President, ARAPAHO Partners LLC (limited purpose broker-dealer) (1998 — present); Board Member, TPP, TPFG, TPFG II and TAAVF (1994 — present); Board Member, Transamerica Funds, TIS and TST (2007 — present); Board Member, TII (February 2008 — present); and President, International Fund Services (alternative asset administration) (1993 — 2005).

176

N/A



Transamerica Funds		Annual Report 2008

Page 179

Term of

Office

and

Number of

Length

Funds in

of Time

Principal Occupation(s) During

Complex

Other

Name and Age

Position

Served*

Past 5 Years

Overseen

Directorships

Norm R. Nielsen (DOB: 5/11/39)

Board Member

2006 –
present

176

Buena Vista University Board of Trustees (2004 — present)

Joyce Galpern
Norden
(DOB: 6/1/39)

Board Member

2007 –
present

176

Board of Governors, Reconstructionist Rabbinical College (2007 - present)

Patricia L. Sawyer (DOB: 7/1/50)

Board Member

2007 –
present

176

N/A

John W. Waechter (DOB: 2/25/52)

Board Member

2005 –
present

176

N/A


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

**		May be deemed an “interested person” (as that term is defined in the 1940 Act) of the Trust because of his employment with TAM or an affiliate of TAM.

***		Independent Board Member means a Board Member who is not an “interested person” (as defined under the 1940 Act) of the Trust.



Transamerica Funds		Annual Report 2008

Page 180

OFFICERS


		Term of Office and
		Length of Time	Principal Occupation(s) or
Name and Age	Position	Served*	Employment During Past 5 Years
John K. Carter (DOB: 4/24/61)	Chairman, Board Member, President, and Chief Executive Officer	2006 — present	See the table above.

Dennis P. Gallagher (DOB: 12/19/70)	Vice President, General Counsel and Secretary	2006 — present	Vice President, General Counsel and Secretary, TII, Transamerica Funds, TST and TIS (2006 — present); Vice President, General Counsel and Secretary, TPP, TPFG, TPFG II and TAAVF (2007 — present); Director, Senior Vice President, General Counsel and Secretary, TAM and TFS (2006 — present); Assistant Vice President, TCI (2007 — present); and Director, Deutsche Asset Management (1998 — 2006).

Joseph P. Carusone (DOB: 9/8/65)	Vice President, Treasurer and Principal Financial Officer	2007 — present	Vice President, Treasurer and Principal Financial Officer, Transamerica Funds, TST, TIS and TII (2007 — present); Vice President (2007 — present), Treasurer and Principal Financial Officer (2001 — present), TPP, TPFG, TPFG II and TAAVF; Senior Vice President, TAM and TFS (2007 — present); Senior Vice President (January 2008 — present), Vice President (2001 — January 2008); Diversified Investment Advisors, Inc. (“DIA”); Director and President, Diversified Investors Securities Corp. (“DISC”) (2007 — present); Director, Transamerica Financial Life Insurance Company (“TFLIC”) (2004 — present); and Treasurer, Diversified Actuarial Services, Inc. (December 2002 — present).

Christopher A. Staples (DOB: 8/14/70)	Vice President and Chief Investment Officer	2005 — present	Vice President and Chief Investment Officer (2007 — present); Vice President — Investment Administration (2005 — 2007), TII; Vice President and Chief Investment Officer (2007 — present), Senior Vice President — Investment Management (2006 — 2007), Vice President – Investment Management (2005 — 2006), Transamerica Funds, TST and TIS; Vice President and Chief Investment Officer, TPP, TPFG, TPFG II and TAAVF (2007 — present); Director (2005 — present), Senior Vice President — Investment Management (2006 — present) and Chief Investment Officer (2007 — present), TAM; Director, TFS (2005 — present); and Assistant Vice President, Raymond James & Associates (1999 — 2004).



Transamerica Funds		Annual Report 2008

Page 181


		Term of Office and
		Length of Time	Principal Occupation(s) or
Name and Age	Position	Served*	Employment During Past 5 Years
Rick B. Resnik (DOB: 1/24/67)	Vice President, Chief Compliance Officer and Conflicts of Interest Officer	2008 — present	Chief Compliance Officer, TPP, TPFG, TPFG II and TAAVF (1998 — present); Chief Compliance Officer, Transamerica Funds, TST, TIS and TII (January 2008 — present); Vice President and Conflicts of Interest Officer, TPP, TPFG, TPFG II, TAAVF, Transamerica Funds, TST, TIS and TII (June 2008 — present); Senior Vice President and Chief Compliance Officer, TAM (January 2008 — present); Senior Vice President, TFS (January 2008 — present); Director (2000 — present), Vice President and Chief Compliance Officer (1997 — present), DISC; and Assistant Vice President, TFLIC (1999 — present).

Michael A. Masson (DOB: 1/21/71)	Assistant Treasurer	2005 — present	Assistant Treasurer (2007 — present), Assistant Vice President (2005 — 2007), Transamerica Funds, TST, TIS and TII; Assistant Treasurer, TPP, TPFG, TPFG II and TAAVF (2007 — present); Director of Financial Reporting (2007 — present); Assistant Vice President (2005 — 2007), TAM and TFS; and Assistant Vice President, JPMorgan Chase & Co. (1999 — 2005).

Suzanne Valerio-Montemurro (DOB: 8/13/64)	Assistant Treasurer	2007 — present	Assistant Treasurer, Transamerica Funds, TST, TIS, TII, TPP, TPFG, TPFG II and TAAVF (2007 — present); and Vice President, DIA (1998 — present).

Richard E. Shield, Jr. (DOB: 1/3/74)	Tax Officer	2008 — present	Tax Officer, Transamerica Funds, TST, TIS, TII, TPP, TPFG, TPFG II and TAAVF (June 2008 — present); Tax Manager, Jeffrey P. McClanathan, CPA (2006 — 2007) and Gregory, Sharer & Stuart (2005 — 2006); Tax Senior, Kirkland, Russ, Murphy & Tapp, P.A. (2003 — 2005); and Certified Public Accountant, Schultz, Chaipel & Co., LLP (1998 — 2003).


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

Additional information about the Fund’s Board Members can be found in the Statement of Additional Information available, without charge, upon request, by calling toll-free 1-888-233-4339 or on the Fund’s website at www.transamericafunds.com.



Transamerica Funds		Annual Report 2008

Page 182

PROXY VOTING POLICIES AND PROCEDURES AND QUARTERLY PORTFOLIO HOLDINGS

The Funds file their complete schedule of portfolios holdings with the SEC for the first and third quarter of each fiscal year on Form N-Q which is available on the Commission’s website at http://www.sec.gov. The Funds’ Form N-Q may be reviewed and copied at the Commission’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 Funds and the Trust.

Important Notice Regarding Delivery of Shareholder Documents

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



Transamerica Funds		Annual Report 2008

Page 183

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.

Item 2: Code of Ethics.

(a)		Registrant has adopted a code of ethics that applies to its principal executive officer, principal financial officer, and any other officers who serve a similar function.

(b)		Registrant’s code of ethics is reasonably designed as described in this Form N-CSR.

(c)		During the period covered by the report, no amendments were made to the provisions of this code of ethics.

(d)		During the period covered by the report, Registrant did not grant any waivers, including implicit waivers, from the provisions of this code of ethics.

(e)		Not Applicable

(f)		Registrant has filed this code of ethics as an exhibit pursuant to Item 12(a)(1) of Form N-CSR.

Item 3: Audit Committee Financial Experts.

Registrant’s Board of Trustees has determined that Sandra N. Bane, John W. Waechter and Eugene M. Mannella are “audit committee financial experts,” as such term is defined in Item 3 of Form N-CSR. Ms. Bane, Mr. Waechter and Mr. Mannella are “independent” under the standards set forth in Item 3 of Form N-CSR. The designation of Ms. Bane, Mr. Waechter and Mr. Mannella as “audit committee financial experts” pursuant to Item 3 of Form N-CSR does not (i) impose upon them any duties, obligations, or liabilities that are greater than the duties, obligations and liabilities imposed upon them as a member of the Registrant’s audit committee or Board of Trustees in the absence of such designation; or (ii) affect the duties, obligations or liabilities of any other member of the Registrant’s audit committee or Board of Trustees.

Item 4: Principal Accountant Fees and Services.


		Fiscal Year Ended 10/31
	(in thousands)	2007			2008
(a)	Audit Fees		785			816
(b)	Audit-related Fees		25			66
(c)	Tax Fees		451			484
(d)	All Other Fees		N/A			N/A
(e) (1)	Pre-approval policy * (see below)
(e) (2)	% of above that were pre-approved		0	%		0	%
(f)	If greater than 50%, disclose hours		N/A			N/A
(g)	Non-audit fees rendered to Adviser (or affiliate that provided services to Registrant)		N/A			N/A


		Fiscal Year Ended 10/31
	(in thousands)	2007	2008
(h)	Disclose whether the Audit Committee has considered whether the provisions of non-audit services rendered to the Adviser that were NOT pre-approved is compatible with maintaining the auditor’s independence.	Yes	Yes


* (e) (1)		The Audit Committee may delegate any portion of its authority, including the authority to grant pre-approvals of audit and permitted non-audit services, to one or more members or a subcommittee. Any decision of the subcommittee to grant pre-approvals shall be presented to the full Audit Committee at its next regularly scheduled meeting.

Item 5: Audit Committee of Listed Registrants.

The following individuals comprise the standing Audit Committee: Sandra N. Bane, Leo J. Hill, Neal M. Jewell, Russell A. Kimball, Jr., Eugene M. Mannella, Norm R. Nielsen, Joyce Galpern Norden, Patricia L. Sawyer and John W. Waechter.

Item 6: Schedule of Investments.

The schedules of investments are included in the annual report to shareholders filed under Item 1 of this Form N-CSR.

Item 7: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. Not applicable.

Item 8: Portfolio Managers of Closed-End Management Investment Companies. Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. Not applicable.

Item 10: Submission of Matters to a Vote of Security Holders

The Registrant’s Nominating Committee’s provisions with respect to nominations of Trustees to its Board are as follows:

A candidate for nomination as Trustee submitted by a shareholder will not be deemed to be properly submitted to the Committee for the Committee’s consideration unless the following requirements have been met and procedures followed:

	1.		Each eligible shareholder or shareholder group may submit no more than one nominee each calendar year.

	2.		The nominee must satisfy all qualifications provided herein and in the Funds’ organizational documents, including qualification as a possible Independent Trustee if the nominee is to serve in that capacity.

	-		The nominee may not be the nominating shareholder, a member of the nominating shareholder group or a member of the immediate family of the nominating shareholder or any member of the nominating shareholder group.¹

	-		Neither the nominee nor any member of the nominee’s immediate family may be currently employed or employed within the year prior to the nomination by any nominating shareholder entity or entity in a nominating shareholder group.

	-		Neither the nominee nor any immediate family member of the nominee is permitted to have accepted directly or indirectly, during the year of the election for which the nominee’s name was submitted, during the immediately preceding calendar year, or during the year when the nominee’s name was submitted, any consulting, advisory, or other compensatory fee from the nominating shareholder or any member of a nominating shareholder group.

	-		The nominee may not be an executive officer, director or person fulfilling similar functions of the nominating shareholder or any member of the nominating shareholder group, or of an affiliate of the nominating shareholder or any such member of the nominating shareholder group.

	-		The nominee may not control the nominating shareholder or any member of the nominating shareholder group (or, in the case of a holder or member that is a fund, an interested person of such holder or member as defined by Section 2(a)(19) of the 1940 Act).

	-		A shareholder or shareholder group may not submit for consideration a nominee which has previously been considered by the Committee.

In order for the Committee to consider shareholder submissions, the following requirements must be satisfied regarding the shareholder or shareholder group submitting the proposed nominee:

	-		Any shareholder or shareholder group submitting a proposed nominee must beneficially own, either individually or in the aggregate, more than 5% of a Fund’s (or a series thereof) securities that are eligible to vote both at the time of submission of the nominee and at the time of the Board member election. Each of the securities used for purposes of calculating this ownership must have been held continuously for at least two years as of the date of the nomination. In addition, such securities must continue to be held through the date of the meeting.

			The nominating shareholder or shareholder group must also bear the economic risk of the investment.

	-		The nominating shareholder or shareholder group must also submit a certification which provides the number of shares which the person or group has (a) sole power to vote or direct the vote; (b) shared power to vote or direct the vote; (c) sole power to dispose or direct the disposition of such shares; and (d) shared power to dispose or direct the disposition of such shares. In addition the certification shall provide that the shares have been held continuously for at least two years.

Shareholders or shareholder groups submitting proposed nominees must substantiate compliance with the above requirements at the time of submitting their proposed nominee as part of their written submission to the attention of the Funds’ Secretary, who will provide all submissions to the Committee. This submission to the Funds must include:


¹		Terms such as “immediate family member” and “control” shall be interpreted in accordance with the federal securities laws.

	-		the shareholder’s contact information;

	-		the nominee’s contact information and the number of applicable Fund shares owned by the proposed nominee;

	-		all information regarding the nominee that would be required to be disclosed in solicitations of proxies for elections of directors required by Regulation 14A under the Securities Exchange Act of 1934;

			and

	-		a notarized letter executed by the nominee, stating his or her intention to serve as a nominee and be named in a Fund’s proxy statement, if so designated by the Committee and the Funds’ Board.

The Committee will consider all submissions meeting the applicable requirements stated herein that are received by December 31 of the most recently completed calendar year.

Item 11: Controls and Procedures.

	(a)		The Registrant’s principal executive officer and principal financial officer evaluated the Registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are appropriately designed to ensure that information required to be disclosed by Registrant in the reports that it files on Form N-CSR (a) is accumulated and communicated to Registrant’s management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.

	(b)		The Registrant’s principal executive officer and principal financial officer are aware of no change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12: Exhibits.

(a)

(1) Registrant’s code of ethics (that is the subject of the disclosure required by Item 2(a)) is attached.

	(2)		Separate certifications for Registrant’s principal executive officer and principal financial officer, as required by Rule 30a-2(a) under the 1940 Act, are attached.

	(3)		Not applicable.

(b)

A certification for Registrant’s principal executive officer and principal financial officer, as required by Rule 30a-2(b) under the 1940 Act, is attached. The certification furnished pursuant to this paragraph is not deemed to be “filed” for purposes of Section 18 of the Securities Act of 1934, or otherwise subject to liability of that section. Such certification is not deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent that the Registrant specifically incorporates it by reference

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


	Transamerica Funds (Registrant)
	By:	/s/ John K. Carter
		John K. Carter
		Chief Executive Officer Date: January 8, 2009

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.


By:		/s/ John K. Carter

		John K. Carter
		Chief Executive Officer
		Date: January 8, 2009

By:		/s/ Joseph P. Carusone

		Joseph P. Carusone
		Principal Financial Officer
		Date: January 8, 2009

EXHIBIT INDEX


Exhibit No.		Description of Exhibit

12(a)(1)		Code of Ethics for Principal Executive and Senior Financial Officers

12(a)(2)(i)		Section 302 N-CSR Certification of Principal Executive Officer

12(a)(2)(ii)		Section 302 N-CSR Certification of Principal Financial Officer

12(b)		Section 906 N-CSR Certification of Principal Executive Officer and Principal Financial Officer

Transamerica

Reimbursement of

Available for

Equity

Class Expenses

Recapture Through

Fiscal Year 2008: