Transamerica Bond N14 Registration statement for investment companies business combination | IDITX 14 Nov 11

(17)(2)(iv) Annual Report to Shareholders for the year ended October 31, 2010

Fund of Funds

Annual Report
October 31, 2010

www.transamericafunds.com

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

Dear Fellow Shareholder,

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

This 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. During the past twelve months, markets have generally advanced, yet have exhibited periods of weakness in conjunction with investors’ concerns over the health of the economy and the labor market, and periods of strength in conjunction with investors’ optimism of recovery and improved economic data points. The equity markets exhibited weakness in February, advanced into late April, were weak during June, July, and August, and ended the period near their highs of the year. The period ended with positive twelve month returns for both the broad equity and bond markets. Given concerns over debt levels overseas, the US Dollar entered a period of strength versus the Euro and British Pound until the late spring and early summer of 2010, when US Dollar weakness resumed. The US Dollar has weakened to multi-year lows versus the Japanese Yen. Oil prices have remained volatile over the past year, hitting their lows in early summer and rebounding to end higher at the end of the year. The Federal Reserve has kept the federal funds rate to a range of 0-0.25% in an effort to stimulate the economy. The unemployment rate has been sluggish to recede, beginning the period at 10.2% and ending the period at 9.6%. Anticipation of economic recovery has led to strong gains for particular equity and fixed-income sectors, including small-cap and mid-cap stocks, emerging market stocks, and high yield bonds. Money market securities have lagged on a relative basis. For the twelve months ended October 31, 2010, the Dow Jones Industrial Average returned 17.62%, the Standard & Poor’s 500 Index returned 16.52%, and the Barclays Capital U.S. Aggregate Bond Index returned 8.01%. Please keep in mind it is important to maintain a diversified portfolio as investment returns have historically been difficult to predict.

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

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

Sincerely,


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

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 12-month period ended October 31, 2010 was characterized by some dramatic ups and downs in the financial markets, but it was a rising period overall. After the stock market’s initial powerful rebound in the spring and summer of 2009, it entered a more-sporadic phase that characterized most of this November 2009—October 2010 reporting period. In the spring, several developments raised the specter of a backsliding economy. The European debt crisis threatened that important region’s growth prospects, with consequences for the rest of the developed world, while U.S. unemployment and GDP estimates further fueled economic concerns. The stock market reacted with heavy losses in May and June, while safer havens like Treasuries and the U.S. dollar soared. Strong corporate earnings helped lift stocks during July’s earnings season, but once that support faded, so did July’s market gains. However, the period ended on a strongly positive jaunt; the Federal Reserve Board’s (“Fed”) announcement that it would pursue further quantitative easing sent the Standard & Poor’s 500 Composite Stock Index (“S&P 500”) up 8.92% in the month of September.

Through it all, the economy’s overall trend was one of gradual improvement. Unemployment dropped only slightly over the year and housing sales sank back into a malaise after the government’s homebuyer-credit program ended, but corporate earnings were clearly in recovery and GDP growth was consistently positive. Thus, by October 31st the S&P 500 had recorded a 16.52% gain for the 12-month period. Small-cap stocks rose even more sharply, with the Russell 2000^® Index up 26.58%. The strongest parts of the market tended to be the economically sensitive sectors, while defensive sectors lagged behind. On its own track, the financials sector posted only small gains after a huge run-up in 2009, hampered by uncertainty surrounding the new financial-industry reform.

For the 12-month period, international markets were substantially hindered by the European debt situation. The Morgan Stanley Capital International-Europe, Australasia, and Far East Index (“MSCI-EAFE Net”) rose only 6.84% in local-currency terms. The MSCI-EAFE Net returned a little extra in U.S. dollar terms—but even its 8.36% dollar-denominated return was only half the S&P 500’s gain. Emerging markets were much stronger, with the biggest gains coming out of Latin America. The Morgan Stanley Capital International Emerging Markets Index (“MSCI-EMI”) soared 23.89% over the period.

Bonds held their own, with their largest gains coming in the period’s nervous stretches. The broad Barclays Capital U.S. Aggregate Bond Index returned 8.01% overall. Mortgages were weaker, though still safely in the black. Long-duration bonds fared well, while paltry yields on the short end of the curve translated to miniscule returns for short-term issues. The strongest bonds were the credit-sensitive variety: The Barclays Capital U.S. Corporate High Yield Bond Index rose 19.35%.

PERFORMANCE

For the year ended October 31, 2010, Transamerica Asset Allocation-Conservative Portfolio, Class A returned 11.59%. By comparison, its primary and secondary benchmarks, the Barclays Capital U.S. Aggregate Bond Index and the Wilshire 5000 Total Market Index, returned 8.01% and 19.41%, respectively.

STRATEGY REVIEW

The portfolio is structured to provide a mix of approximately 35% equity and 65% fixed-income securities (including cash) under normal conditions. The equity side provides broad coverage of both domestic and international markets, across the entire range of investment styles. The fixed-income portion covers investment-grade and credit-sensitive holdings, as well as international bonds. The portfolio also includes Treasury Inflation-Protected Securities (“TIPS”), emerging-markets equity and debt, international bonds, global real estate, commodities, and alternative strategies. The goal is to provide investors one-stop participation in the broad financial market (with a fixed-income tilt), so the portfolio includes ample coverage of traditional core asset classes as well as limited exposure to less-traditional asset classes like those mentioned above. These various asset classes can be expected to outperform and underperform the market at different times. But by diversifying across all of them one can participate in the long-term performance of each. Under the surface we endeavor to find and use top-quality money funds specializing in each asset class and style. We vigorously monitor these underlying funds for performance or style problems, and adjust their weightings continuously both to stay near our asset-class targets and to reflect the funds’ relative merit.

Of the portfolio’s nine bond funds, the only one to lag the Barclays Capital U.S. Aggregate Bond Index during the period was Transamerica Short-Term Bond. All of the other underlying bond funds surpassed the index. Riskier types of bonds tended to be rewarded the most; the high-yield and emerging-markets debt funds posted returns of more than 17%. Two of the portfolio’s largest bond positions, Transamerica PIMCO Total Return and Transamerica Loomis Sayles Bond, both notched gains in the double digits. It also helped that as the European debt crisis unfolded in the spring, we sharply reduced our weighting in Transamerica JPMorgan International Bond (which primarily held European bonds), and shifted those assets to other investment-grade bond holdings.

The portfolio also benefited from its domestic small- and mid-cap equity exposure. Such stocks made up a little over a third of the domestic-equity part of the portfolio (or 8.7% of the total portfolio) at the end of the reporting period. The small-cap Russell 2000^® Index and the Russell Midcap^® Index each rose more than 26%, and several of our small- and mid-cap underlying funds posted similarly strong returns. As was the case in the bond market, the period favored riskier equities as well. So it is not surprising that the portfolio’s emerging-markets and real estate holdings, although small weightings, were also significant gainers.



Transamerica Funds		Annual Report 2010

Page 1

Transamerica Asset Allocation — Conservative Portfolio

(unaudited)

STRATEGY REVIEW (continued)

The major disappointment in the portfolio was the domestic large-cap funds. Of these five funds, only Transamerica Diversified Equity and Transamerica WMC Diversified Growth, managed to keep pace with the S&P 500’s 16.52% gain; and only the former beat its style-specific benchmark. We should note that in November 2010 we plan to add a sixth domestic large-cap fund to the mix (newly created Transamerica WMC Quality Value), which will complement the existing large-cap holdings well and also reduce the position sizes among the current five. Another drag on performance was Transamerica AllianceBernstein International Value, which has struggled at times over the past three years. Approval was recently received to replace AllianceBernstein, L.P. with Hansberger Global Investors, Inc. as sub-adviser on that fund subsequent to year end.

In early October 2010 we added a newly created absolute-return fund, Transamerica AQR Managed Futures Strategy, to the portfolio. It is a flexible long/short strategy that tactically manages exposure to equities, fixed income, commodities, and currencies through futures contracts. This addition bolsters the portfolio’s small basket of long-short strategies. Also in late September, Transamerica BlackRock Natural Resources, a natural-resources stock fund, was converted to a true commodities-futures fund by switching the sub-adviser from BlackRock Investment Management, LLC to Goldman Sachs Asset Management, L.P. The fund is now called Transamerica Goldman Sachs Commodity Strategy, and besides being a purer play on commodities, it is more diversified across the commodity landscape than the BlackRock version was.

During the period we eliminated small positions in Transamerica Convertible Securities and Transamerica Science & Technology. We concluded that owning convertible bonds, which are equity/bond hybrids, was an unnecessary complication in managing to our equity/bond mix within the portfolio. Meanwhile, we did not need a dedicated technology fund when the portfolio already has technology exposure through its growth funds.

Over the past two years, macroeconomic factors and government policy decisions have arguably been the main drivers of the world’s equity and fixed-income markets. In that environment, stock- and bond-picking skill has been less of a differentiator among investment managers. As the crisis psychology of 2008 and 2009 gradually fades, we believe we will see a return to a more fundamentals-driven market environment, which we believe will allow the talents of our underlying managers to contribute more significantly.

Jon Hale, CFA
Michael Stout, CFA
Dan McNeela, CFA
Hal Ratner

Co-Portfolio Managers
Morningstar Associates, LLC



Transamerica Funds		Annual Report 2010

Page 2

Transamerica Asset Allocation — Conservative Portfolio

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2010


							10 Years or
	1 Year			5 Years			Life of Portfolio			Inception Date

Class A (NAV)		11.59	%		4.96	%		5.63	%		03/01/2002
Class A (POP)		5.42	%		3.78	%		4.95	%		03/01/2002
Barclays Capital U.S. Aggregate Bond*		8.01	%		6.45	%		5.75	%		03/01/2002
Wilshire 5000*		19.41	%		2.59	%		4.02	%		03/01/2002

Class B (NAV)		10.82	%		4.28	%		4.99	%		03/01/2002
Class B (POP)		5.82	%		4.11	%		4.99	%		03/01/2002

Class C (NAV)		10.92	%		4.34	%		6.54	%		11/11/2002
Class C (POP)		9.92	%		4.34	%		6.54	%		11/11/2002

Class I (NAV)		N/A			N/A			9.39	%		11/30/2009

Class R (NAV)		11.23	%		N/A			4.48	%		06/15/2006

NOTES


^*		The Barclays Capital U.S. Aggregate Bond Index (“Barclays Capital U.S. Aggregate Bond”) and the Wilshire 5000 Total Market Index (“Wilshire 5000”) are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or Life of Portfolio calculation is based on the inception date of the Class A shares. 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 portfolio distributions or the redemption of portfolio 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. 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 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.

Performance figures may reflect fee waivers and/or expense reimbursements by the Investment Adviser. Without such waivers and/or reimbursements, the performance would be lower. Future waivers and/or reimbursements are at the discretion of the Investment Adviser.

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



Transamerica Funds		Annual Report 2010

Page 3

Transamerica Asset Allocation — Growth Portfolio

(unaudited)

MARKET ENVIRONMENT

The 12-month period ended October 31, 2010 was characterized by some dramatic ups and downs in the financial markets, but it was a rising period overall. After the stock market’s initial powerful rebound in the spring and summer of 2009, it entered a more-sporadic phase that characterized most of this November 2009—October 2010 reporting period. In the spring, several developments raised the specter of a backsliding economy. The European debt crisis threatened that important region’s growth prospects, with consequences for the rest of the developed world, while U.S. unemployment and GDP estimates further fueled economic concerns. The stock market reacted with heavy losses in May and June, while safer havens like Treasuries and the U.S. dollar soared. Strong corporate earnings helped lift stocks during July’s earnings season, but once that support faded, so did July’s market gains. But the period ended on a strongly positive jaunt; the Federal Reserve Board’s (“Fed”) announcement that it would pursue further quantitative easing sent the Standard & Poor’s 500 Composite Stock Index (“S&P 500”) up 8.92% in the month of September.

PERFORMANCE

For the year ended October 31, 2010, Transamerica Asset Allocation-Growth Portfolio, Class A returned 15.55%. By comparison, its benchmark, the Wilshire 5000 Total Market Index, returned 19.41%.

STRATEGY REVIEW

The portfolio is structured to provide broadly diversified coverage of the 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 participation in the broad equity market, so the portfolio includes ample coverage of traditional core asset classes as well as limited exposure to less-traditional asset classes like those mentioned above. These various asset classes can be expected to outperform and underperform the market at different times. But by diversifying across all of them one can participate in the long-term performance of each. Under the surface we endeavor to find and use top-quality money managers specializing in each equity style. We vigorously monitor these underlying managers for performance or style problems, and adjust their weightings continuously both to stay near our asset-class and style targets and to reflect the managers’ relative merit.

During the period, the portfolio benefited from its domestic small- and mid-cap equity exposure. Such stocks made up a third of the domestic-equity part of the portfolio (or 20.9% of the total portfolio) at the end of the reporting period. The small-cap Russell 2000^® Index and the Russell Midcap^® Index each rose more than 26%, and several of our small- and mid-cap underlying funds posted similarly strong returns, with Transamerica Morgan Stanley Mid-Cap Growth and Transamerica Growth Opportunities particularly outperforming. The period rewarded most of the riskier asset classes, so it is not surprising that the portfolio’s emerging-markets and real estate holdings, although modest weightings, were also significant gainers. On the international side of the portfolio generally, most of the funds topped the MSCI-EAFE owing to either emerging-markets or smaller-cap exposure.

The major disappointment in the portfolio was the domestic large-cap funds, which as core holdings are all sizable positions. Of these five funds only Transamerica Diversified Equity and Transamerica WMC Diversified Growth managed to keep pace with the S&P 500’s 16.52% gain; and only the former beat its style-specific benchmark. We should note that in November 2010 we plan to add a sixth domestic large-cap fund to the mix (newly created Transamerica WMC Quality Value), which will complement the existing large-cap holdings well and also reduce the large position sizes among the current five. Another drag on performance was the portfolio’s small position in absolute-return funds. We hold them to manage risk in the portfolio, but because they are not very correlated with stocks, they will lag the market in particularly sharp upturns like that of the third quarter. Finally, Transamerica AllianceBernstein International Value, which has struggled at times over the past three years, hindered returns. Approval was recently received to replace AllianceBernstein L.P with Hansberger Global Investors, Inc. as sub-adviser on that fund subsequent to year end.



Transamerica Funds		Annual Report 2010

Page 4

Transamerica Asset Allocation — Growth Portfolio

(unaudited)

STRATEGY REVIEW (continued)

During the period we eliminated a small position in Transamerica Science & Technology. We concluded that we didn’t need a dedicated technology fund when the portfolio already has technology exposure through its growth funds.

Over the past two years, macroeconomic factors and government policy decisions have arguably been the main drivers of the world’s equity markets. In that environment, stock-picking skill has been less of a differentiator among investment managers. As the crisis psychology of 2008 and 2009 gradually fades, we believe we will see a return to a more fundamentals-driven market environment, which we believe will allow the talents of our underlying managers to contribute more significantly.

Jon Hale, CFA
Michael Stout, CFA
Dan McNeela, CFA
Hal Ratner

Co-Portfolio Managers
Morningstar Associates, LLC



Transamerica Funds		Annual Report 2010

Page 5

Transamerica Asset Allocation — Growth Portfolio

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2010


							10 Years or
	1 Year			5 Years			Life of Portfolio			Inception Date

Class A (NAV)		15.55	%		2.05	%		3.52	%		03/01/2002
Class A (POP)		9.17	%		0.90	%		2.85	%		03/01/2002
Wilshire 5000*		19.41	%		2.59	%		4.02	%		03/01/2002

Class B (NAV)		14.65	%		1.35	%		2.89	%		03/01/2002
Class B (POP)		9.65	%		1.17	%		2.89	%		03/01/2002

Class C (NAV)		14.86	%		1.42	%		6.30	%		11/11/2002
Class C (POP)		13.86	%		1.42	%		6.30	%		11/11/2002

Class I (NAV)		N/A			N/A			11.57	%		11/30/2009

Class R (NAV)		15.35	%		N/A			0.64	%		06/15/2006

NOTES


^*		The Wilshire 5000 Total Market Index (“Wilshire 5000”) is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or Life of Portfolio calculation is based on the inception date of the Class A shares. 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 portfolio.



Transamerica Funds		Annual Report 2010

Page 6

Transamerica Asset Allocation — Moderate Growth Portfolio

(unaudited)

MARKET ENVIRONMENT

The 12-month period ended October 31, 2010 was characterized by some dramatic ups and downs, but it was a rising period overall. After the stock market’s initial powerful rebound in the spring and summer of 2009, it entered a more-sporadic phase that characterized most of this November 2009—October 2010 reporting period. In the spring, several developments raised the specter of a backsliding economy. The European debt crisis threatened that important region’s growth prospects, with consequences for the rest of the developed world, while U.S. unemployment and GDP estimates further fueled economic concerns. The stock market reacted with heavy losses in May and June, while safer havens like Treasuries and the U.S. dollar soared. Strong corporate earnings helped lift stocks during July’s earnings season, but once that support faded, so did July’s market gains. But the period ended on a strongly positive jaunt; the Federal Reserve Board’s (“Fed”) announcement that it would pursue further quantitative easing sent the Standard & Poor’s 500 Composite Stock Index (“S&P 500”) up 8.92% in the month of September.

PERFORMANCE

For the year ended October 31, 2010, Transamerica Asset Allocation-Moderate Growth Portfolio, Class A returned 14.35%. By comparison, its primary and secondary benchmarks, the Wilshire 5000 Total Market Index and the Barclays Capital U.S. Aggregate Bond Index, returned 19.41% and 8.01%, respectively.

STRATEGY REVIEW

The portfolio is structured to provide a mix of approximately 70% equity and 30% fixed-income securities (including cash) under normal conditions. The equity side provides broad coverage of both domestic and international markets, across the entire range of 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, commodities, and alternative strategies. The goal is to provide investors one-stop participation in the broad financial market, so the portfolio includes ample coverage of traditional core asset classes as well as limited exposure to less-traditional asset classes like those mentioned above. These various asset classes can be expected to outperform and underperform the market at different times. But by diversifying across all of them one can participate in the long-term performance of each. Under the surface we endeavor to find and use top-quality money managers specializing in each asset class and style. We vigorously monitor these underlying managers for performance or style problems, and adjust their weightings continuously both to stay near our asset-class targets and to reflect the managers’ relative merit.

During the period, the portfolio benefited from its domestic small- and mid-cap equity exposure. Such stocks made up about a third of the domestic-equity part of the portfolio (or 15.5% of the total portfolio) at the end of the reporting period. The small-cap Russell 2000^® Index and the Russell Midcap^® Index each rose more than 26%, and several of our small- and mid-cap underlying funds posted similarly strong returns, with Transamerica Morgan Stanley Mid-Cap Growth and Transamerica Growth Opportunities particularly outperforming. The period rewarded most of the riskier asset classes, so it’s not surprising that the portfolio’s emerging-markets and real estate holdings, although relatively small weightings, were also significant gainers.

Similarly, riskier asset classes tended to outperform in the bond slice of the portfolio as well. Of the portfolio’s nine bond funds, the only one to lag the Barclays Capital U.S. Aggregate Bond Index was Transamerica Short-Term Bond. All of the other underlying bond funds surpassed the index, and the high-yield and emerging-markets debt funds posted returns of more than 17%. Two of the portfolio’s large bond positions, Transamerica PIMCO Total Return and Transamerica Loomis Sayles Bond, both notched gains in the double digits.



Transamerica Funds		Annual Report 2010

Page 7

Transamerica Asset Allocation — Moderate Growth Portfolio

(unaudited)

STRATEGY REVIEW (continued)

The major disappointment in the portfolio was the domestic large-cap funds, which as core holdings are all sizable positions. Of these five funds, only Transamerica Diversified Equity and Transamerica WMC Diversified Growth, managed to keep pace with the S&P 500’s 16.52% gain; and only the former beat its style-specific benchmark. We should note that in November 2010 we plan to add a sixth domestic large-cap fund to the mix (newly created Transamerica WMC Quality Value), which will complement the existing large-cap holdings well and also reduce the large position sizes among the current five. Another drag on performance was Transamerica AllianceBernstein International Value, which has struggled at times over the past three years. Approval was recently received to replace AllianceBernstein, L.P. with Hansberger Global Investors, Inc. as sub-adviser on that fund subsequent to year end.

During the period we eliminated small positions in Transamerica Convertible Securities and Transamerica Science & Technology. We concluded that owning convertible bonds, which are equity/bond hybrids, was an unnecessary complication in managing our equity/bond mix within the portfolio. Meanwhile, we didn’t need a dedicated technology fund when the portfolio already has technology exposure through its growth funds.

Jon Hale, CFA
Michael Stout, CFA
Dan McNeela, CFA
Hal Ratner

Co-Portfolio Managers
Morningstar Associates, LLC



Transamerica Funds		Annual Report 2010

Page 8

Transamerica Asset Allocation — Moderate Growth Portfolio

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2010


							10 Years or
	1 Year			5 Years			Life of Portfolio			Inception Date

Class A (NAV)		14.35	%		3.60	%		4.53	%		03/01/2002
Class A (POP)		8.10	%		2.43	%		3.86	%		03/01/2002
Wilshire 5000*		19.41	%		2.59	%		4.02	%		03/01/2002
Barclays Capital U.S. Aggregate Bond*		8.01	%		6.45	%		5.75	%		03/01/2002

Class B (NAV)		13.57	%		2.89	%		3.89	%		03/01/2002
Class B (POP)		8.57	%		2.71	%		3.89	%		03/01/2002

Class C (NAV)		13.58	%		2.94	%		6.67	%		11/11/2002
Class C (POP)		12.58	%		2.94	%		6.67	%		11/11/2002

Class I (NAV)		N/A			N/A			11.07	%		11/30/2009

Class R (NAV)		14.08	%		N/A			2.48	%		06/15/2006

NOTES


^*		The Wilshire 5000 Total Market Index (“Wilshire 5000”) and the Barclays Capital U.S. Aggregate Bond Index (“Barclays Capital U.S. 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. The 10 Years or Life of portfolio calculation is based on the inception date of the Class A shares. 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 portfolio.



Transamerica Funds		Annual Report 2010

Page 9

Transamerica Asset Allocation — Moderate Portfolio

(unaudited)

MARKET ENVIRONMENT

PERFORMANCE

For the year ended October 31, 2010, Transamerica Asset Allocation-Moderate Portfolio, Class A returned 12.95%. By comparison, its primary and secondary benchmarks, the Wilshire 5000 Total Market Index and the Barclays Capital U.S. Aggregate Bond Index, returned 19.41% and 8.01%, respectively.

STRATEGY REVIEW

The portfolio is structured to provide a mix of approximately 50% equity and 50% fixed-income securities (including cash) under normal conditions. The equity side provides broad coverage of both domestic and international markets, across the entire range of 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, commodities, and alternative strategies. The goal is to provide investors one-stop participation in the broad financial market, so the portfolio includes ample coverage of traditional core asset classes as well as limited exposure to less-traditional asset classes like those mentioned above. These various asset classes can be expected to outperform and underperform the market at different times. But by diversifying across all of them one can participate in the long-term performance of each. Under the surface we endeavor to find and use top-quality money managers specializing in each asset class and style. We vigorously monitor these underlying managers for performance or style problems, and adjust their weightings continuously both to stay near our asset-class targets and to reflect the managers’ relative merit.

During the period, the portfolio benefited from its domestic small- and mid-cap equity exposure. Such stocks made up a little over a third of the domestic-equity part of the portfolio (or 11.9% of the total portfolio) at the end of the reporting period. The small-cap Russell 2000^® Index and the Russell Midcap^® Index each rose more than 26%, and several of our small- and mid-cap underlying funds posted similarly strong returns, with Transamerica Morgan Stanley Mid-Cap Growth and Transamerica Growth Opportunities particularly outperforming. The period rewarded most of the riskier asset classes, so it is not surprising that the portfolio’s emerging-markets and real estate holdings, although relatively small weightings, were also significant gainers.

Similarly, riskier asset classes tended to outperform on the bond side of the portfolio as well. Of the portfolio’s nine bond funds, the only one to lag the Barclays Capital U.S. Aggregate Bond Index was Transamerica Short-Term Bond. All of the other underlying bond funds surpassed the index, and the high-yield and emerging-markets debt funds posted returns of more than 17%. The portfolio’s largest bond positions, Transamerica PIMCO Total Return and Transamerica Loomis Sayles Bond, both notched gains in the double digits. It also helped that as the European debt crisis unfolded in the spring, we sharply reduced our weighting in Transamerica JPMorgan International Bond (which primarily held European bonds), and shifted those assets to other investment-grade bond holdings.



Transamerica Funds		Annual Report 2010

Page 10

Transamerica Asset Allocation — Moderate Portfolio

(unaudited)

STRATEGY REVIEW (continued)

The major disappointment in the portfolio was the domestic large-cap funds, which as core holdings are all sizable positions. Of these five funds only Transamerica Diversified Equity and Transamerica WMC Diversified Growth managed to keep pace with the S&P 500 16.52% gain; and only the former beat its style-specific benchmark. We should note that in November 2010 we plan to add a sixth domestic large-cap fund to the mix (newly created Transamerica WMC Quality Value), which will complement the existing large-cap holdings well and also reduce the large position sizes among the current five. Another drag on performance was Transamerica AllianceBernstein International Value, which has struggled at times over the past three years. Approval was recently received to replace AllianceBernstein L.P. with Hansberger Global Investors, Inc. as sub-adviser on that fund subsequent to year end.

Jon Hale, CFA
Michael Stout, CFA
Dan McNeela, CFA
Hal Ratner

Co-Portfolio Managers
Morningstar Associates, LLC



Transamerica Funds		Annual Report 2010

Page 11

Transamerica Asset Allocation — Moderate Portfolio

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2010


							10 Years or
	1 Year			5 Years			Life of Portfolio			Inception Date

Class A (NAV)		12.95	%		4.51	%		5.22	%		03/01/2002
Class A (POP)		6.72	%		3.33	%		4.54	%		03/01/2002
Wilshire 5000*		19.41	%		2.59	%		4.02	%		03/01/2002
Barclays Capital U.S. Aggregate Bond*		8.01	%		6.45	%		5.75	%		03/01/2002

Class B (NAV)		12.13	%		3.80	%		4.59	%		03/01/2002
Class B (POP)		7.13	%		3.63	%		4.59	%		03/01/2002

Class C (NAV)		12.22	%		3.85	%		6.80	%		11/11/2002
Class C (POP)		11.22	%		3.85	%		6.80	%		11/11/2002

Class I (NAV)		N/A			N/A			10.27	%		11/30/2009

Class R (NAV)		12.60	%		N/A			3.73	%		06/15/2006

NOTES


^*		The Wilshire 5000 Total Market Index (“Wilshire 5000”) and the Barclays Capital U.S. Aggregate Bond Index (“Barclays Capital U.S. 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. The 10 Years or Life of Portfolio calculation is based on the inception date of the Class A shares. 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 portfolio distributions or the redemption of portfolio 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. 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 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.

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



Transamerica Funds		Annual Report 2010

Page 12

Transamerica Multi-Manager Alternative Strategies Portfolio

(unaudited)

MARKET ENVIRONMENT

The 12-month period ended October 31, 2010 was characterized by some dramatic ups and downs, but it was a rising period overall. After the stock market’s initial powerful rebound in the spring and summer of 2009, it entered a more-sporadic phase that characterized most of this November 2009—October 2010 reporting period. It is true that this year’s third quarter marked the fifth consecutive quarter of real U.S. gross domestic product (“GDP”) growth, but economic concerns have never been far from the surface. In the spring, several developments raised the specter of a backsliding economy. The European debt crisis threatened that important region’s growth prospects, with consequences for the rest of the developed world, while an uptick in U.S. unemployment in April and a downward revision of the first quarter’s GDP estimate further fueled economic concerns. The stock market reacted with heavy losses in May and June, while safer havens like Treasuries and the U.S. dollar soared. Strong corporate earnings helped lift stocks during July’s earnings season, but once that support faded, so did July’s market gains. But the period ended on a strongly positive jaunt; the Federal Reserve Board’s (“Fed”) announcement that it would pursue further quantitative easing sent the Standard & Poor’s 500 Composite Stock Index (“S&P 500”) up 8.92% in the month of September.

For the 12-month period, International markets were substantially hindered by the European debt situation. The Morgan Stanley Capital International-Europe, Australasia, and Far East Index (“MSCI-EAFE Net”) rose only 6.84% in local-currency terms. Although the U.S. dollar first dramatically rose and then fell back, for the period as a whole it gained modestly against the Euro and British pound. The greenback weakened rather badly, however, against the Japanese yen and Australian dollar. The combined effect was that the MSCI-EAFE Net returned a little extra in U.S. dollar terms—but even its 8.36% dollar-denominated return was only half the S&P 500’s gain. Emerging markets were much stronger, with the biggest gains coming out of Latin America. The Morgan Stanley Capital International Emerging Markets Index (“MSCI-EMI”) soared 23.89% over the period.

PERFORMANCE

For the year ended October 31, 2010, Transamerica Multi-Manager Alternative Strategies Portfolio, Class A returned 7.83%. By comparison, its benchmark, the Bank of America Merrill Lynch 3-Month Treasury Bill +3% Wrap Index, returned 3.16%.

STRATEGY REVIEW

The Fund is meant to provide diversification against mainstream stocks and bonds by combining absolute-return, non-traditional equity, and lower-correlated fixed-income sleeves. Although replicating hedge-fund performance is not the Fund’s objective, we aim to provide a hedge-like performance profile in a mutual-fund format.

The portfolio’s holdings in non-traditional equity: Transamerica Oppenheimer Developing Markets; Transamerica Clarion Global Real Estate Securities; Transamerica Schroders International Small Cap; and Transamerica Third Avenue Value, contributed strong double-digit returns during the period. Meanwhile, the portfolio’s largest fixed-income position, Transamerica Loomis Sayles Bond, recorded a return that was competitive with the equity returns.

However, as a mark of our progress in reducing the portfolio’s equity sensitivity, the equity funds accounted for only 13.9% of assets at the end of the reporting period. The long-only bond funds, meanwhile, took up only 15.6%. Instead, the core absolute-return funds: Transamerica First Quadrant Global Macro; Transamerica BNY Mellon Market Neutral Strategy; and Transamerica AQR Managed Futures Strategy (a new addition discussed below), accounted for 38.0% of the portfolio, while the long-only tactical-allocation funds Transamerica BlackRock Global Allocation and Transamerica Federated Market Opportunity made up 23.8%. Most of these holdings delivered flatter returns than the equity and bond funds, and thus diluted the portfolio’s participation in the equity market’s rise. (As stated above, the S&P 500 gained 16.52% over the 12-month period.)

Despite the reduction in long-only equity holdings, the portfolio’s correlation with the equity market was high over the 12-month period, a function of the volatile equity market contributing most of the portfolio’s return variance.



Transamerica Funds		Annual Report 2010

Page 13

Transamerica Multi-Manager Alternative Strategies Portfolio

(unaudited)

STRATEGY REVIEW (continued)

Bearing in mind that we have progressively moved the portfolio toward a less equity-sensitive profile since its December 28, 2006 inception, this recent performance is in keeping with its long-term upside and downside capture ratios. Since inception the Fund’s upside capture relative to the S&P 500 (based on monthly returns beginning in January 2007, the Fund’s first full month) has been 51%, while its downside participation has been 41%. The Fund’s standard deviation since inception (a measure of monthly return volatility) is 10.72% annualized, versus the S&P 500’s 19.62% standard deviation over that same stretch. Given that the bond market’s standard deviation over that time (as represented by the Barclays Capital U.S. Aggregate Bond Index) has been a remarkably low 3.78%, we would have preferred an even lower standard deviation relative to equities.

We believe some adjustments we have made to the portfolio over the past year will be beneficial in this respect. For one thing, in early October 2010 we added a third absolute-return fund, the newly created Transamerica AQR Managed Futures Strategy. Run by Clifford Asness of AQR Capital Management, LLC, it is a historically successful long/short strategy that tactically manages exposure to equities, fixed income, commodities, and currencies through the use of futures contracts. Also in late September, the former Transamerica BlackRock Natural Resources—a natural-resources stock fund—was converted to a true commodities-futures fund by switching the sub-adviser from BlackRock Investment Management, LLC to Goldman Sachs Asset Management, L.P. The fund is now called Transamerica Goldman Sachs Commodity Strategy, and besides being a purer play on commodities, it is more diversified across the commodity landscape than was the energy-focused BlackRock version. Finally, we added the Treasury Inflation-Protected Securities fund Transamerica PIMCO Real Return TIPS in October, both for its inflation-hedging properties and for its beneficial effect on offsetting the portfolio’s equity volatility. As part of these recent changes—as well as over the course of the year—we eliminated one long-only international equity fund and reduced the position sizes of other equity funds. We also eliminated Transamerica JPMorgan International Bond as the spring European debt crisis unfolded, and subsequently reduced Transamerica Loomis Sayles Bond.

Since the Fund’s inception, both the equity and bond markets have experienced historically large, exaggerated swings as the markets have cycled through panic to near-euphoric relief. Over this period, macroeconomic factors and government policy decisions have arguably been the main drivers of the world’s markets. All of this has had the effect of raising correlations across asset classes and making many hedge funds more market-sensitive than is typical. These developments have affected the Fund as well. We have continually responded to this challenge and believe the portfolio enhancements we have made over the past year further improve the Fund’s risk/return characteristics. We also believe that as the crisis psychology of 2008 and 2009 gradually fades, we will see a return to a more fundamentals-driven market environment, which should allow the talents of our underlying managers to contribute more significantly.

Jon Hale, CFA
Michael Stout, CFA
Dan McNeela, CFA
Hal Ratner

Co-Portfolio Managers
Morningstar Associates, LLC



Transamerica Funds		Annual Report 2010

Page 14

Transamerica Multi-Manager Alternative Strategies Portfolio

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2010


				10 Years or
	1 Year			Life of Portfolio			Inception Date

Class A (NAV)		7.83	%		1.90	%		12/28/2006
Class A (POP)		1.94	%		0.42	%		12/28/2006
BofA Merrill Lynch 3-Month Treasury Bill *		3.16	%		5.01	%		12/28/2006

Class C (NAV)		7.12	%		1.25	%		12/28/2006
Class C (POP)		6.12	%		1.25	%		12/28/2006

Class I (NAV)		N/A			6.90	%		11/30/2009

NOTES


^*		The Bank of America Merrill Lynch 3-Month Treasury Bill + 3% Wrap Index (“BofA Merrill Lynch 3-Month Treasury Bill”) is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or Life of Portfolio calculation is based on the inception date of the Class A shares. 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 portfolio distributions or the redemption of portfolio 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. 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 or the maximum applicable contingent deferred sales charge and 1% (during the first 12 months) for Class C shares.

The portfolio may utilize strategies and hedging techniques in matched combinations that are designed to neutralize or offset the risks of each strategy employing these techniques separately. Some strategies include long/short and market neutral strategies; bear markets strategies; tactical investment strategies (debt and/or equity); foreign currency trading strategies; global real estate securities; commodities and/or natural resources and/or precious metals; and non-traditional investments (such as micro-cap stocks and emerging market stocks). There is no assurance that these strategies will protect against losses. Certain hedging techniques and leverage employed in the management of the portfolio may accelerate the velocity of possible losses. This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives and policies of this portfolio.



Transamerica Funds		Annual Report 2010

Page 15

Transamerica Multi-Manager International Portfolio

(unaudited)

MARKET ENVIRONMENT

Global equity markets rose over the 12-month period ending October 31, 2010, but the period was characterized by volatility as markets struggled to adjust to an anemic global economic recovery. The cautious optimism toward recovery that had helped fuel global stock-market gains during the last part of 2009 gave way to renewed concerns in the spring. The European debt crisis threatened that region’s growth prospects, with consequences for the rest of the developed world, while an uptick in U.S. unemployment in April and a downward revision of the first quarter’s gross domestic production (“GDP”) estimate fueled worries that the economy would fall back into recession. The European debt crisis was doubly bad for U.S.-based international investors, because not only did European equity markets fall, but the euro plunged against the dollar, sending dollar-denominated returns even lower in the spring. Things changed direction during the summer and, especially, early fall, reflecting an easing of concerns over Europe’s debt troubles and the threat of a double-dip recession. The dollar began to weaken against major currencies, a move that picked up steam in September when the Federal Reserve Board (“Fed”) indicated it was prepared to engage in another round of quantitative easing. As international markets rose during September and October, dollar-based investors gained even more. While emerging markets were affected over the course of the year by these same macro factors, on the whole they consistently outperformed developed markets; a reflection of their superior growth prospects and sound financial footing compared with many developed economies.

PERFORMANCE

For the year ended October 31, 2010, Transamerica Multi-Manager International Portfolio, Class A returned 16.80%. By comparison, its benchmark, the Morgan Stanley Capital International World ex-U.S. Index (“MSCIW ex USA”), returned 10.10%.

STRATEGY REVIEW

The portfolio is structured to provide broad coverage of international equity markets. Its nine underlying portfolio holdings cover a range of international investing styles, including: large-cap value; blend, and growth stocks; mid- and small-cap stocks; emerging markets; global real estate; and global tactical asset allocation. The portfolio targets approximately 75% of assets in developed-markets stocks and 25% in emerging markets. Large-cap stocks are targeted at 65% to 70% of the portfolio, with mid- and small-cap stocks comprising 30% to 35%. The portfolio also contains smaller positions of about 5% each in the underlying global real estate and global tactical asset allocation funds. Our objective 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. No one can predict with consistency which investment styles will outperform in any given quarter or year, but by diversifying across several of them, one can capture the long-term performance of each.

The portfolio easily outpaced MSCIW ex USA over the 12-month reporting period. Much of the outperformance is attributable to the portfolio’s emerging-markets exposure, which ranged between 25% and 30% of assets. The Morgan Stanley Capital International Emerging Markets Index (“MSCI-EMI”) gained 23.89% for the reporting period. But emerging markets are not included in the Fund’s MSCIW ex USA benchmark. Our primary emerging-markets holding, Transamerica Oppenheimer Developing Markets, gained 32.43% for the period, while Transamerica WMC Emerging Markets gained 21.08%. Additionally, several other underlying managers, particularly Transamerica Thornburg International Value, were helped by their own allocations to emerging markets. Indeed, the portfolio itself was overweight its normal emerging-markets target for most of the reporting period because of the decisions made by our core developed-markets underlying managers to devote more of their assets to developing markets.

We believe emerging economies will be the drivers of global economic growth in the coming years, as their expected GDP growth rates currently dwarf those of most developed markets. As a result, we expect to maintain a substantial allocation to emerging markets. Stronger economic growth is no guarantee of high equity returns, however, because growth expectations can be priced into markets in advance. Moreover, the Fed’s quantitative easing program threatens to flood emerging markets with too much foreign cash, which could lead these markets to disappoint in the short term.

We believe our portfolio is well positioned to benefit from longer-term growth in emerging markets, but also to mitigate short-term risk. At the overall portfolio level, we make adjustments if macroeconomic conditions warrant. At the underlying manager level, our emerging-markets exposure is diversified across active managers who use a variety of investment approaches. Not only do we have two dedicated emerging-markets managers, but several of our primarily developed-markets managers invest a portion of their portfolios in emerging markets, as does our tactical-allocation manager. Should emerging markets become less attractive than developed markets on a relative basis, these managers will tend to reduce their emerging-markets exposure.

Jon Hale, CFA
Michael Stout, CFA
Dan McNeela, CFA
Hal Ratner

Co-Portfolio Managers
Morningstar Associates, LLC



Transamerica Funds		Annual Report 2010

Page 16

Transamerica Multi-Manager International Portfolio

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2010


				10 Years or
	1 Year			Life of Portfolio			Inception Date

Class A (NAV)		16.80	%		1.99	%		03/01/2006
Class A (POP)		10.34	%		0.76	%		03/01/2006
MSCI World ex-US*		10.10	%		1.75	%		03/01/2006

Class B (NAV)		15.95	%		1.26	%		03/01/2006
Class B (POP)		10.95	%		1.06	%		03/01/2006

Class C (NAV)		16.10	%		1.31	%		03/01/2006
Class C (POP)		15.10	%		1.31	%		03/01/2006

Class I (NAV)		N/A			13.41	%		11/30/2009

NOTES


^*		The Morgan Stanley Capital International World ex-U.S. Index (“MSCI World ex-US”) is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or Life of Portfolio calculation is based on the inception date of the Class A shares. You cannot invest directly in an index.

Investments in global/international markets involve risks not associated with U.S. markets, such as currency fluctuations, adverse social and political developments, and the relatively small size and lesser liquidity of the markets. This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives and policies of this portfolio.



Transamerica Funds		Annual Report 2010

Page 17

Understanding Your Portfolios’ Expenses

(unaudited)

SHAREHOLDER EXPENSES

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

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

The examples are based on an investment of $1,000 invested at May 1, 2010 and held for the entire period until October 31, 2010.

ACTUAL EXPENSES

The information in the table under the heading “Actual Expenses” provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = $8.6), then multiply the result by the number in the appropriate column for your share class titled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. If your account is an IRA, your expenses could have included a $15 annual fee. The amount of any fee paid through your account would increase the estimate of expenses you paid during the period and decrease your ending account value.

HYPOTHETICAL EXAMPLES FOR COMPARISON PURPOSES

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

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

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


			Actual Expenses				Hypothetical Expenses (b)
	Beginning		Ending Account		Expenses Paid		Ending Account		Expenses Paid		Annualized
Portfolio Name	Account Value		Value		During Period (a)		Value		During Period (a)		Expense Ratio (c)

Transamerica Asset Allocation — Conservative Portfolio
Class A	$	1,000.00	$	1,038.20	$	3.29	$	1,021.98	$	3.26		0.64	%
Class B		1,000.00		1,034.00		6.51		1,018.80		6.46		1.27
Class C		1,000.00		1,035.40		6.26		1,019.06		6.21		1.22
Class I		1,000.00		1,039.90		1.44		1,023.79		1.43		0.28
Class R		1,000.00		1,037.10		4.26		1,021.02		4.23		0.83

Transamerica Asset Allocation — Growth Portfolio
Class A		1,000.00		1,025.30		3.52		1,021.73		3.52		0.69
Class B		1,000.00		1,021.20		6.98		1,018.30		6.97		1.37
Class C		1,000.00		1,022.10		6.57		1,018.70		6.56		1.29
Class I		1,000.00		1,027.00		1.53		1,023.69		1.53		0.30
Class R		1,000.00		1,024.50		3.98		1,021.27		3.97		0.78

Transamerica Asset Allocation — Moderate Growth Portfolio
Class A		1,000.00		1,034.80		3.23		1,022.03		3.21		0.63
Class B		1,000.00		1,031.30		6.71		1,018.60		6.67		1.31
Class C		1,000.00		1,031.40		6.40		1,018.90		6.36		1.25
Class I		1,000.00		1,036.60		1.49		1,023.74		1.48		0.29
Class R		1,000.00		1,033.20		3.95		1,021.32		3.92		0.77

Transamerica Asset Allocation — Moderate Portfolio
Class A		1,000.00		1,037.60		3.13		1,022.13		3.11		0.61
Class B		1,000.00		1,034.00		6.56		1,018.75		6.51		1.28
Class C		1,000.00		1,034.20		6.31		1,019.00		6.26		1.23
Class I		1,000.00		1,039.40		1.44		1,023.79		1.43		0.28
Class R		1,000.00		1,036.90		4.00		1,021.27		3.97		0.78



Transamerica Funds		Annual Report 2010

Page 18

Understanding Your Portfolios’ Expenses (continued)


			Actual Expenses				Hypothetical Expenses (b)
	Beginning		Ending Account		Expenses Paid		Ending Account		Expenses Paid		Annualized
Portfolio Name	Account Value		Value		During Period (a)		Value		During Period (a)		Expense Ratio (c)

Transamerica Multi-Manager Alternative Strategies Portfolio
Class A	$	1,000.00	$	1,029.40	$	4.25	$	1,021.02	$	4.23		0.83	%
Class C		1,000.00		1,025.30		7.50		1,017.80		7.48		1.47
Class I		1,000.00		1,031.40		2.56		1,022.68		2.55		0.50

Transamerica Multi-Manager International Portfolio
Class A		1,000.00		1,088.50		3.84		1,021.53		3.72		0.73
Class B		1,000.00		1,083.40		7.61		1,017.90		7.37		1.45
Class C		1,000.00		1,084.50		7.20		1,018.30		6.97		1.37
Class I		1,000.00		1,090.70		1.79		1,023.49		1.73		0.34


(a)		Expenses are calculated using the portfolios’ annualized expense ratios (as disclosed in the table), multiplied by the average account values for the period, multiplied by the number of days in the period (184 days), and divided by the number of days in the year (365 days).

(b)		5% return per year before expenses.

(c)		Expense ratios do not include expenses of the investment companies in which the portfolios invest.



Transamerica Funds		Annual Report 2010

Page 19

Schedules of Investments Composition

At October 31, 2010
(the following charts summarize the Schedules of Investments of the portfolios by asset type)
(unaudited)


Transamerica Asset Allocation - Conservative Portfolio
Bonds	42.8	%
U.S. Stocks	25.5
Tactical and Specialty	16.8
Inflation-Protected Securities	7.9
Global/International Stocks	6.5
Capital Preservation	0.5
Other Assets and Liabilities — Net	0.0	*

Total	100.0	%


Transamerica Asset Allocation - Growth Portfolio
U.S. Stocks	65.3	%
Global/International Stocks	21.9
Tactical and Specialty	12.9
Capital Preservation	0.0	*
Other Assets and Liabilities — Net	(0.1	)

Total	100.0	%


Transamerica Asset Allocation - Moderate Growth Portfolio
U.S. Stocks	46.4	%
Bonds	18.6
Global/International Stocks	16.5
Tactical and Specialty	16.1
Inflation-Protected Securities	2.4
Capital Preservation	0.1
Other Assets and Liabilities — Net	(0.1	)

Total	100.0	%


Transamerica Asset Allocation - Moderate Portfolio
U.S. Stocks	34.8	%
Bonds	31.1
Tactical and Specialty	18.1
Global/International Stocks	9.9
Inflation-Protected Securities	5.9
Capital Preservation	0.2
Other Assets and Liabilities — Net	(0.0)	*

Total	100.0	%


Transamerica Multi-Manager Alternative Strategies Portfolio
Tactical and Specialty	90.6	%
Global/International Stocks	5.4
Inflation-Protected Securities	1.9
Capital Preservation	1.8
U.S. Stock	0.1
Other Assets and Liabilities — Net	0.2

Total	100.0	%


Transamerica Multi-Manager International Portfolio
Global/International Stocks	89.7	%
Tactical and Specialty	10.4
Other Assets and Liabilities — Net	(0.1	)

Total	100.0	%


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



Transamerica Funds		Annual Report 2010

Page 20

Transamerica Asset Allocation — Conservative Portfolio

SCHEDULE OF INVESTMENTS
At October 31, 2010
(all amounts except share amounts in thousands)


	Shares		Value

INVESTMENT COMPANIES - 100.0% €
Bonds - 42.8%
Transamerica AEGON High Yield Bond		7,611,958	$	70,182
Transamerica Flexible Income		1,932,020		17,446
Transamerica JPMorgan Core Bond		7,768,447		82,035
Transamerica JPMorgan International Bond		1,345,090		16,249
Transamerica Morgan Stanley Emerging Markets Debt		2,992,873		33,790
Transamerica PIMCO Total Return		17,623,370		190,155
Transamerica Short-Term Bond		10,520,633		108,783
Capital Preservation - 0.5%
Transamerica Money Market		5,739,596		5,740
Global/International Stocks - 6.5%
Transamerica AllianceBernstein International Value		541,157		4,367
Transamerica MFS International Equity		1,435,797		13,080
Transamerica Neuberger Berman International		1,255,142		11,221
Transamerica Oppenheimer Developing Markets		864,050		11,518
Transamerica Schroders International Small Cap		1,719,761		16,613
Transamerica Thornburg International Value		1,603,771		17,834
Transamerica WMC Emerging Markets		346,500		4,948
Inflation-Protected Securities - 7.9%
Transamerica PIMCO Real Return TIPS		8,301,259		96,295
Tactical and Specialty - 16.8%
Transamerica AQR Managed Futures Strategy ‡		2,706,730		27,338
Transamerica BlackRock Global Allocation		1,978,608		21,587
Transamerica BNY Mellon Market Neutral Strategy ‡		1,255,612		10,447
Transamerica Clarion Global Real Estate Securities		1,202,290		14,764
Transamerica Federated Market Opportunity		1,263,064		11,027
Transamerica First Quadrant Global Macro ‡		1,775,230		10,864
Transamerica Goldman Sachs Commodity Strategy		1,141,635		12,832
Transamerica Loomis Sayles Bond		8,544,677		95,187
U.S. Stocks - 25.5%
Transamerica BlackRock Large Cap Value		7,633,183		63,661
Transamerica Diversified Equity		2,260,835		32,511
Transamerica Growth Opportunities ‡		1,039,587		10,635
Transamerica Jennison Growth		5,437,479		64,054
Transamerica JPMorgan Mid Cap Value		1,073,606		10,919
Transamerica Morgan Stanley Mid-Cap Growth		875,933		11,448
Transamerica Morgan Stanley Small Company Growth ‡		740,097		8,097
Transamerica Oppenheimer Small- & Mid- Cap Value		1,103,912		10,299
Transamerica Third Avenue Value		915,865		19,746
Transamerica UBS Large Cap Value		4,773,030		43,816
Transamerica WMC Diversified Growth		3,867,680		35,196

Total Investment Companies (cost $1,118,200) #				1,214,684
Other Assets and Liabilities - Net				591

Net Assets			$	1,215,275


NOTES TO SCHEDULE OF INVESTMENTS:

€		The portfolio invests its assets in the I2 share class of the affiliated Transamerica Funds.

‡		Non-income producing security.

#		Aggregate cost for federal income tax purposes is $1,123,249. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $105,291 and $13,856, respectively. Net unrealized appreciation for tax purposes is $91,435.

VALUATION SUMMARY:


	Level 1		Level 2		Level 3		Total
Investment Companies	$	1,214,684	$	—	$	—	$	1,214,684



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

Transamerica Funds		Annual Report 2010

Page 21

Transamerica Asset Allocation — Growth Portfolio

SCHEDULE OF INVESTMENTS
At October 31, 2010
(all amounts except share amounts in thousands)


	Shares		Value

INVESTMENT COMPANIES - 100.1% €
Capital Preservation - 0.0% ∞
Transamerica Money Market		60,228	$	60
Global/International Stocks - 21.9%
Transamerica AllianceBernstein International Value		4,142,851		33,433
Transamerica MFS International Equity		3,457,805		31,501
Transamerica Neuberger Berman International		8,140,946		72,780
Transamerica Oppenheimer Developing Markets		6,381,033		85,059
Transamerica Schroders International Small Cap		7,068,232		68,279
Transamerica Thornburg International Value		5,030,210		55,936
Transamerica WMC Emerging Markets		559,322		7,987
Tactical and Specialty - 12.9%
Transamerica AQR Managed Futures Strategy ‡		3,952,454		39,920
Transamerica BlackRock Global Allocation		4,376,969		47,752
Transamerica BNY Mellon Market Neutral Strategy ‡		1,153,222		9,595
Transamerica Clarion Global Real Estate Securities		6,859,489		84,234
Transamerica Federated Market Opportunity		1,370,514		11,965
Transamerica First Quadrant Global Macro ‡		2,377,249		14,549
Transamerica Goldman Sachs Commodity Strategy		56,332		633
U.S. Stocks - 65.3%
Transamerica BlackRock Large Cap Value		25,292,754		210,942
Transamerica Diversified Equity		6,857,508		98,611
Transamerica Growth Opportunities ‡		1,504,543		15,391
Transamerica Jennison Growth		20,222,806		238,225
Transamerica JPMorgan Mid Cap Value		3,694,551		37,574
Transamerica Morgan Stanley Mid-Cap Growth		3,068,119		40,100
Transamerica Morgan Stanley Small Company Growth ‡		2,269,486		24,828
Transamerica Oppenheimer Small- & Mid- Cap Value		3,954,586		36,896
Transamerica Third Avenue Value		2,499,703		53,894
Transamerica UBS Large Cap Value		21,224,876		194,844
Transamerica WMC Diversified Growth		11,851,265		107,847

Total Investment Companies (cost $1,518,718) #				1,622,835
Other Assets and Liabilities - Net				(1,325	)

Net Assets			$	1,621,510


NOTES TO SCHEDULE OF INVESTMENTS:

€		The portfolio invests its assets in the I2 share class of the affiliated Transamerica Funds.

‡		Non-income producing security.

∞		Amount rounds to less than 0.1%.

#		Aggregate cost for federal income tax purposes is $1,535,724. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $171,766 and $84,655, respectively. Net unrealized appreciation for tax purposes is $87,111.

VALUATION SUMMARY:


	Level 1		Level 2		Level 3		Total
Investment Companies	$	1,622,835	$	—	$	—	$	1,622,835



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

Transamerica Funds		Annual Report 2010

Page 22

Transamerica Asset Allocation — Moderate Growth Portfolio

SCHEDULE OF INVESTMENTS
At October 31, 2010
(all amounts except share amounts in thousands)


	Shares		Value

INVESTMENT COMPANIES - 100.1% €
Bonds - 18.6%
Transamerica AEGON High Yield Bond		10,754,333	$	99,155
Transamerica Flexible Income		2,570,764		23,214
Transamerica JPMorgan Core Bond		4,222,840		44,593
Transamerica JPMorgan International Bond		9,455,613		114,224
Transamerica Morgan Stanley Emerging Markets Debt		4,507,671		50,892
Transamerica PIMCO Total Return		18,831,699		203,193
Transamerica Short-Term Bond		6,098,408		63,058
Capital Preservation - 0.1%
Transamerica Money Market		2,196,063		2,196
Global/International Stocks - 16.5%
Transamerica AllianceBernstein International Value		5,919,323		47,769
Transamerica MFS International Equity		5,239,837		47,735
Transamerica Neuberger Berman International		12,334,958		110,275
Transamerica Oppenheimer Developing Markets		8,879,850		118,368
Transamerica Schroders International Small Cap		8,273,839		79,925
Transamerica Thornburg International Value		7,712,751		85,766
Transamerica WMC Emerging Markets		2,731,859		39,011
Inflation-Protected Securities - 2.4%
Transamerica PIMCO Real Return TIPS		6,674,410		77,423
Tactical and Specialty - 16.1%
Transamerica AQR Managed Futures Strategy ‡		9,486,579		95,814
Transamerica BlackRock Global Allocation		7,410,812		80,852
Transamerica BNY Mellon Market Neutral Strategy ‡		3,015,709		25,091
Transamerica Clarion Global Real Estate Securities		9,564,760		117,455
Transamerica Federated Market Opportunity		1,528,081		13,340
Transamerica First Quadrant Global Macro ‡		5,536,697		33,885
Transamerica Goldman Sachs Commodity Strategy		5,964,503		67,041
Transamerica Loomis Sayles Bond		7,642,818		85,141
U.S. Stocks - 46.4%
Transamerica BlackRock Large Cap Value		33,585,235		280,101
Transamerica Diversified Equity		10,604,419		152,492
Transamerica Growth Opportunities ‡		4,073,333		41,670
Transamerica Jennison Growth		21,835,816		257,226
Transamerica JPMorgan Mid Cap Value		7,397,495		75,233
Transamerica Morgan Stanley Mid-Cap Growth		4,366,186		57,066
Transamerica Morgan Stanley Small Company Growth ‡		2,274,864		24,887
Transamerica Oppenheimer Small- & Mid- Cap Value		6,175,938		57,621
Transamerica Third Avenue Value		4,013,332		86,527
Transamerica UBS Large Cap Value		31,911,812		292,951
Transamerica WMC Diversified Growth		18,116,459		164,860

Total Investment Companies (cost $3,005,913) #				3,216,050
Other Assets and Liabilities - Net				(2,170	)

Net Assets			$	3,213,880


NOTES TO THE SCHEDULE OF INVESTMENTS:

€		The portfolio invests its assets in the I2 share class of the affiliated Transamerica Funds.

‡		Non-income producing security.

#		Aggregate cost for federal income tax purposes is $3,034,004. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $303,473 and $121,427, respectively. Net unrealized appreciation for tax purposes is $182,046.

VALUATION SUMMARY:


	Level 1		Level 2		Level 3		Total
Investment Companies	$	3,216,050	$	—	$	—	$	3,216,050



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

Transamerica Funds		Annual Report 2010

Page 23

Transamerica Asset Allocation — Moderate Portfolio

SCHEDULE OF INVESTMENTS
At October 31, 2010
(all amounts except share amounts in thousands)


	Shares		Value
INVESTMENT COMPANIES - 100.0% €
Bonds - 31.1%
Transamerica AEGON High Yield Bond		11,866,631	$	109,410
Transamerica Flexible Income		5,859,147		52,908
Transamerica JPMorgan Core Bond		5,220,670		55,130
Transamerica JPMorgan International Bond		3,722,317		44,966
Transamerica Morgan Stanley Emerging Markets Debt		4,343,627		49,040
Transamerica PIMCO Total Return		24,015,702		259,129
Transamerica Short-Term Bond		12,302,135		127,204
Capital Preservation - 0.2%
Transamerica Money Market		4,540,168		4,540
Global/International Stocks - 9.9%
Transamerica AllianceBernstein International Value		2,016,844		16,276
Transamerica MFS International Equity		4,116,792		37,504
Transamerica Neuberger Berman International		3,709,903		33,167
Transamerica Oppenheimer Developing Markets		2,475,331		32,996
Transamerica Schroders International Small Cap		4,671,665		45,128
Transamerica Thornburg International Value		3,515,107		39,088
Transamerica WMC Emerging Markets		1,296,935		18,520
Inflation-Protected Securities - 5.9%
Transamerica PIMCO Real Return TIPS		11,367,860		131,867
Tactical and Specialty - 18.1%
Transamerica AQR Managed Futures Strategy ‡		6,600,807		66,668
Transamerica BlackRock Global Allocation		4,067,274		44,374
Transamerica BNY Mellon Market Neutral Strategy ‡		2,048,012		17,039
Transamerica Clarion Global Real Estate Securities		4,459,888		54,767
Transamerica Federated Market Opportunity		2,123,153		18,535
Transamerica First Quadrant Global Macro ‡		2,885,451		17,659
Transamerica Goldman Sachs Commodity Strategy		3,027,512		34,029
Transamerica Loomis Sayles Bond		13,789,320		153,614
U.S. Stocks - 34.8%
Transamerica BlackRock Large Cap Value		16,270,744		135,698
Transamerica Diversified Equity		4,801,665		69,048
Transamerica Growth Opportunities ‡		3,721,332		38,069
Transamerica Jennison Growth		12,843,434		151,296
Transamerica JPMorgan Mid Cap Value		3,918,156		39,848
Transamerica Morgan Stanley Mid-Cap Growth		2,366,863		30,935
Transamerica Morgan Stanley Small Company Growth ‡		1,396,938		15,283
Transamerica Oppenheimer Small- & Mid- Cap Value		3,363,261		31,379
Transamerica Third Avenue Value		1,948,584		42,011
Transamerica UBS Large Cap Value		13,773,703		126,443
Transamerica WMC Diversified Growth		10,879,995		99,008

Total Investment Companies (cost $2,078,863) #				2,242,576
Other Assets and Liabilities - Net				(289	)

Net Assets			$	2,242,287


NOTES TO THE SCHEDULE OF INVESTMENTS:

€		The portfolio invests its assets in the I2 share class of the affiliated Transamerica Funds.

‡		Non-income producing security.

#		Aggregate cost for federal income tax purposes is $2,088,408. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $213,103 and $58,935, respectively. Net unrealized appreciation for tax purposes is $154,168.

VALUATION SUMMARY:


	Level 1		Level 2		Level 3		Total
Investment Companies	$	2,242,576	$	—	$	—	$	2,242,576



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

Transamerica Funds		Annual Report 2010

Page 24

Transamerica Multi-Manager Alternative Strategies Portfolio

SCHEDULE OF INVESTMENTS
At October 31, 2010
(all amounts except share amounts in thousands)


	Shares		Value

INVESTMENT COMPANIES - 99.8% €
Capital Preservation - 1.8%
Transamerica Money Market		5,091,130	$	5,091
Global/International Stocks - 5.4%
Transamerica Oppenheimer Developing Markets		310,893		4,144
Transamerica Schroders International Small Cap		1,125,713		10,875
Inflation-Protected Securities - 1.9%
Transamerica PIMCO Real Return TIPS		457,255		5,304
Tactical and Specialty - 90.6%
Transamerica AQR Managed Futures Strategy ‡		2,641,120		26,675
Transamerica BlackRock Global Allocation		2,713,401		29,603
Transamerica BNY Mellon Market Neutral Strategy ‡		4,770,714		39,692
Transamerica Clarion Global Real Estate Securities		1,876,857		23,048
Transamerica Federated Market Opportunity		4,149,220		36,223
Transamerica First Quadrant Global Macro ‡		6,329,591		38,737
Transamerica Goldman Sachs Commodity Strategy		1,660,029		18,659
Transamerica Loomis Sayles Bond		3,404,412		37,925
U.S. Stock - 0.1%
Transamerica Third Avenue Value		16,845		363

Total Investment Companies (cost $275,903) #				276,339
Other Assets and Liabilities - Net				495

Net Assets			$	276,834


NOTES TO SCHEDULE OF INVESTMENTS:

€		The portfolio invests its assets in the I2 share class of the affiliated Transamerica Funds.

‡		Non-income producing security.

#		Aggregate cost for federal income tax purposes is $278,053. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $8,019 and $9,733, respectively. Net unrealized depreciation for tax purposes is $1,714.

VALUATION SUMMARY:


	Level 1		Level 2		Level 3		Total
Investment Companies	$	276,339	$	—	$	—	$	276,339



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

Transamerica Funds		Annual Report 2010

Page 25

Transamerica Multi-Manager International Portfolio

SCHEDULE OF INVESTMENTS
At October 31, 2010
(all amounts except share amounts in thousands)


	Shares		Value

INVESTMENT COMPANIES - 100.1% €
Global/International Stocks - 89.7%
Transamerica AllianceBernstein International Value		3,750,680	$	30,268
Transamerica MFS International Equity		5,700,445		51,931
Transamerica Neuberger Berman International		3,664,084		32,757
Transamerica Oppenheimer Developing Markets		3,349,444		44,648
Transamerica Schroders International Small Cap		4,066,624		39,284
Transamerica Thornburg International Value		5,463,143		60,750
Transamerica WMC Emerging Markets		2,342,214		33,447
Tactical and Specialty - 10.4%
Transamerica BlackRock Global Allocation		1,733,096		18,908
Transamerica Clarion Global Real Estate Securities		1,224,106		15,032

Total Investment Companies (cost $314,778) #				327,025
Other Assets and Liabilities - Net				(218	)

Net Assets			$	326,807


NOTES TO THE SCHEDULE OF INVESTMENTS:

€		The portfolio invests its assets in the I2 share class of the affiliated Transamerica Funds.

#		Aggregate cost for federal income tax purposes is $316,209. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $37,642 and $26,826, respectively. Net unrealized appreciation for tax purposes is $10,816.

VALUATION SUMMARY:


	Level 1		Level 2		Level 3		Total
Investment Companies	$	327,025	$	—	$	—	$	327,025



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

Transamerica Funds		Annual Report 2010

Page 26

STATEMENTS OF ASSETS AND LIABILITIES
At October 31, 2010
(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:
Investments in affiliated investment companies, at value	$	1,214,684		$	1,622,835		$	3,216,050		$	2,242,576		$	276,339		$	327,025
Cash		—			1			1			—			—			—
Receivables:
Investment securities sold		322			731			451			951			—			251
Shares of beneficial interest sold		3,383			2,704			5,290			4,271			2,180			731
Dividends		191			—			112			224			—			—
Prepaid expenses		8			10			20			14			2			2

	$	1,218,588		$	1,626,281		$	3,221,924		$	2,248,036		$	278,521		$	328,009

Liabilities:
Accounts payable and accrued liabilities:
Investment securities purchased	$	—		$	—		$	—		$	—		$	349		$	—
Shares of beneficial interest redeemed		2,296			3,347			5,271			3,861			1,105			937
Management and advisory fees		102			137			271			189			46			25
Distribution and service fees		750			1,004			2,039			1,405			134			179
Transfer agent fees		95			198			301			173			33			40
Administration fees		13			17			34			24			3			3
Due to custodian		—			—			—			2			—			—
Other		57			68			128			95			17			18

	$	3,313		$	4,771		$	8,044		$	5,749		$	1,687		$	1,202

Net assets	$	1,215,275		$	1,621,510		$	3,213,880		$	2,242,287		$	276,834		$	326,807


Net assets consist of:
Shares of beneficial interest, unlimited shares authorized, no par value		1,160,195			1,735,223			3,277,877			2,164,275			286,982			407,631
Undistributed net investment income		740			1,433			—			7,062			—			1,314
Accumulated net realized loss from investments in affiliated investment companies		(42,144	)		(219,263	)		(274,134	)		(92,763	)		(10,584	)		(94,385	)
Net unrealized appreciation on investments in affiliated investment companies		96,484			104,117			210,137			163,713			436			12,247

Net assets	$	1,215,275		$	1,621,510		$	3,213,880		$	2,242,287		$	276,834		$	326,807

Net assets by class:
Class A	$	485,473		$	645,459		$	1,202,885		$	857,469		$	128,041		$	135,479
Class B		114,303			184,263			383,062			220,658						18,432
Class C		601,625			774,914			1,606,227			1,142,029			114,662			144,849
Class I		10,813			13,112			16,293			17,853			34,131			28,047
Class R		3,061			3,762			5,413			4,278
Shares outstanding:
Class A		43,260			56,829			103,817			74,000			13,043			13,774
Class B		10,229			16,609			33,223			19,105						1,893
Class C		53,910			69,879			139,631			99,288			11,781			14,861
Class I		962			1,151			1,403			1,538			3,467			2,846
Class R		271			334			469			371
Net asset value per share:
Class A	$	11.22		$	11.36		$	11.59		$	11.59		$	9.82		$	9.84
Class B		11.17			11.09			11.53			11.55						9.74
Class C		11.16			11.09			11.50			11.50			9.73			9.75
Class I		11.24			11.39			11.61			11.61			9.84			9.86
Class R		11.29			11.27			11.53			11.53

Maximum offering price per share: ^(a)
Class A	$	11.87		$	12.02		$	12.26		$	12.26		$	10.39		$	10.41



Investments in affiliated investment companies, at cost	$	1,118,200		$	1,518,718		$	3,005,913		$	2,078,863		$	275,903		$	314,778


^(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.



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

Transamerica Funds		Annual Report 2010

Page 27

STATEMENTS OF OPERATIONS
For the year ended October 31, 2010
(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:
Dividend income from affiliated investment companies	$	43,118		$	18,141		$	75,584		$	71,349		$	5,359		$	4,896


Expenses:
Management and advisory		1,093			1,583			3,097			2,090			480			305
Distribution and service:
Class A		1,483			2,141			3,943			2,711			426			471
Class B		1,150			1,902			3,933			2,280						183
Class C		5,461			7,728			15,635			10,754			1,045			1,373
Class R		11			15			23			16
Transfer agent:
Class A		561			1,109			1,496			893			201			229
Class B		133			396			632			309						56
Class C		379			1,094			1,680			866			160			244
Class I		9			9			13			13			23			20
Class R		5			6			7			6
Printing and shareholder reports		101			214			355			206			75			95
Custody		39			51			90			65			12			13
Administration		137			198			387			261			30			38
Legal		38			55			107			72			8			11
Audit and tax		11			12			15			13			9			9
Trustees		23			33			64			44			5			6
Registration		135			137			183			159			70			78
Other		17			24			44			31			5			7

Total expenses		10,786			16,707			31,704			20,789			2,549			3,138

Net of reimbursement of class expenses
Class B		—			—			—			—			—			(7	)

Total reimbursed expenses		—			—			—			—			—			(7	)

Net expenses		10,786			16,707			31,704			20,789			2,549			3,131


Net investment income		32,332			1,434			43,880			50,560			2,810			1,765


Net realized and unrealized gain (loss) on investments in affiliated investment companies:
Realized loss from investments in affiliated investment companies		(2,543	)		(25,297	)		(28,771	)		(14,403	)		(4,040	)		(5,683	)
Realized gain distributions from investments in affiliated investment companies		598			39			966			1,209			187			164

		(1,945	)		(25,258	)		(27,805	)		(13,194	)		(3,853	)		(5,519	)

Increase in unrealized appreciation (depreciation) on investments in affiliated investment companies		86,682			244,132			381,444			207,046			18,654			49,428

Net realized and unrealized gain (loss) on investments in affiliated investment companies		84,737			218,874			353,639			193,852			14,801			43,909


Net increase in net assets resulting from operations	$	117,069		$	220,308		$	397,519		$	244,412		$	17,611		$	45,674



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

Transamerica Funds		Annual Report 2010

Page 28

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, 2010			October 31, 2009			October 31, 2010			October 31, 2009			October 31, 2010			October 31, 2009

From operations:
Net investment income	$	32,332		$	30,977		$	1,434		$	14,678		$	43,880		$	68,877
Net realized loss on investments in affiliated investment companies		(1,945	)		(37,718	)		(25,258	)		(186,967	)		(27,805	)		(233,911	)
Change in unrealized appreciation (depreciation) on investments in affiliated investment companies		86,682			167,509			244,132			351,453			381,444			575,877

Net increase in net assets resulting from operations		117,069			160,768			220,308			179,164			397,519			410,843


Distributions to shareholders:
From net investment income:
Class A		(14,142	)		(13,153	)		(5,402	)		(10,375	)		(23,955	)		(32,722	)
Class B		(3,351	)		(4,011	)		(552	)		(2,123	)		(6,248	)		(10,197	)
Class C		(15,609	)		(16,263	)		(2,866	)		(9,364	)		(25,214	)		(40,056	)
Class I		(117	)					(1	)					(1	)
Class R		(57	)		(57	)		(22	)		(40	)		(83	)		(73	)

		(33,276	)		(33,484	)		(8,843	)		(21,902	)		(55,501	)		(83,048	)

From return of capital:
Class A		—			—			—			—			(2,948	)		—
Class B		—			—			—			—			(1,092	)		—
Class C		—			—			—			—			(4,213	)		—
Class I		—						—						(1	)
Class R		—			—			—			—			(10	)		—

		—			—			—			—			(8,264	)		—

Total distributions to shareholders		(33,276	)		(33,484	)		(8,843	)		(21,902	)		(63,765	)		(83,048	)


Capital share transactions:
Proceeds from shares sold:
Class A		193,284			139,081			125,705			143,445			246,315			230,540
Class B		24,305			31,792			13,404			18,975			33,918			38,265
Class C		184,037			198,027			96,270			115,363			253,627			244,779
Class I		12,648						15,205						18,965
Class R		2,060			713			1,666			1,940			3,710			1,114

		416,334			369,613			252,250			279,723			556,535			514,698

Dividends and distributions reinvested:
Class A		12,789			11,691			5,055			9,389			25,110			30,081
Class B		2,696			3,265			492			1,861			6,616			9,051
Class C		11,411			11,336			2,339			7,303			22,934			29,851
Class I		22						1						2
Class R		48			46			18			19			74			45

		26,966			26,338			7,905			18,572			54,736			69,028

Cost of shares redeemed:
Class A		(119,079	)		(108,752	)		(149,631	)		(136,887	)		(250,198	)		(240,883	)
Class B		(27,891	)		(29,438	)		(39,788	)		(41,291	)		(80,243	)		(79,769	)
Class C		(123,816	)		(149,422	)		(189,424	)		(189,430	)		(351,422	)		(382,557	)
Class I		(2,389	)					(2,585	)					(3,478	)
Class R		(731	)		(569	)		(1,026	)		(1,136	)		(1,716	)		(579	)

		(273,906	)		(288,181	)		(382,454	)		(368,744	)		(687,057	)		(703,788	)

Redemption fees:
Class A		—			6			—			3			—			1
Class B		—			1			—			—			—			—
Class C		—			1			—			3			—			2


		—			8			—			6			—			3

Automatic conversions:
Class A		4,985			2,399			6,944			3,697			13,017			7,442
Class B		(4,985	)		(2,399	)		(6,944	)		(3,697	)		(13,017	)		(7,442	)

		—			—			—			—			—			—

Net increase (decrease) in net assets resulting from capital shares transactions		169,394			107,778			(122,299	)		(70,443	)		(75,786	)		(120,059	)



Net increase in net assets		253,187			235,062			89,166			86,819			257,968			207,736


Net assets:
Beginning of year	$	962,088		$	727,026		$	1,532,344		$	1,445,525		$	2,955,912		$	2,748,176

End of year	$	1,215,275		$	962,088		$	1,621,510		$	1,532,344		$	3,213,880		$	2,955,912

Undistributed (accumulated) net investment income (loss)	$	740		$	1,684		$	1,433		$	8,842		$	—		$	11,621



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

Transamerica Funds		Annual Report 2010

Page 29

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, 2010			October 31, 2009			October 31, 2010			October 31, 2009			October 31, 2010			October 31, 2009

Share activity:
Shares issued:
Class A		18,127			15,113			11,870			17,028			22,775			25,412
Class B		2,300			3,491			1,302			2,296			3,140			4,250
Class C		17,370			21,793			9,258			13,991			23,452			27,170
Class I		1,181						1,398						1,723
Class R		191			80			157			231			343			121

		39,169			40,477			23,985			33,546			51,433			56,953

Shares issued-reinvested from distributions:
Class A		1,215			1,344			488			1,182			2,378			3,594
Class B		258			379			49			239			626			1,080
Class C		1,092			1,315			230			938			2,176			3,571
Class I		2						—	^(a)					—	^(a)
Class R		4			5			2			2			7			5

		2,571			3,043			769			2,361			5,187			8,250

Shares redeemed:
Class A		(11,138	)		(11,999	)		(14,114	)		(16,568	)		(23,092	)		(27,351	)
Class B		(2,622	)		(3,248	)		(3,847	)		(5,088	)		(7,439	)		(9,088	)
Class C		(11,645	)		(16,669	)		(18,320	)		(23,261	)		(32,671	)		(43,805	)
Class I		(221	)					(247	)					(320	)
Class R		(68	)		(61	)		(99	)		(137	)		(158	)		(63	)

		(25,694	)		(31,977	)		(36,627	)		(45,054	)		(63,680	)		(80,307	)

Automatic conversions:
Class A		467			260			685			431			1,217			828
Class B		(469	)		(261	)		(700	)		(441	)		(1,221	)		(830	)

		(2	)		(1	)		(15	)		(10	)		(4	)		(2	)

Net increase (decrease) in shares outstanding:

Class A		8,671			4,718			(1,071	)		2,073			3,278			2,483
Class B		(533	)		361			(3,196	)		(2,994	)		(4,894	)		(4,588	)
Class C		6,817			6,439			(8,832	)		(8,332	)		(7,043	)		(13,064	)
Class I		962						1,151						1,403
Class R		127			24			60			96			192			63

		16,044			11,542			(11,888	)		(9,157	)		(7,064	)		(15,106	)



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

Transamerica Funds		Annual Report 2010

Page 30

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						International Portfolio
	October 31, 2010			October 31, 2009			October 31, 2010			October 31, 2009			October 31, 2010			October 31, 2009

From operations:
Net investment income	$	50,560		$	56,697		$	2,810		$	5,840		$	1,765		$	3,049
Net realized loss on investments in affiliated investment companies		(13,194	)		(71,447	)		(3,853	)		(6,274	)		(5,519	)		(51,030	)
Change in unrealized appreciation (depreciation) on investments in affiliated investment companies		207,046			312,983			18,654			28,291			49,428			108,676

Net increase in net assets resulting from operations		244,412			298,233			17,611			27,857			45,674			60,695


Distributions to shareholders:
From net investment income:
Class A		(24,791	)		(25,025	)		(1,911	)		(3,552	)		(1,770	)		(770	)
Class B		(6,406	)		(7,739	)								(109	)		—
Class C		(29,833	)		(32,988	)		(940	)		(2,751	)		(850	)		—
Class I		(2	)					—	^(b)					(1	)
Class R		(70	)		(61	)								—

		(61,102	)		(65,813	)		(2,851	)		(6,303	)		(2,730	)		(770	)

From return of capital:
Class A		—			—			(1,343	)		—			—			—
Class B		—			—									—			—
Class C		—			—			(1,086	)		—			—			—
Class I		—						(1	)					—
Class R		—			—									—

		—			—			(2,430	)		—			—			—

Total distributions to shareholders		(61,102	)		(65,813	)		(5,281	)		(6,303	)		(2,730	)		(770	)


Capital share transactions:
Proceeds from shares sold:
Class A		248,423			205,360			67,804			55,943			51,313			52,130
Class B		25,374			32,093									2,837			2,161
Class C		259,484			237,636			40,726			26,516			26,373			18,980
Class I		21,255						39,015						33,995
Class R		2,988			2,053									—

		557,524			477,142			147,545			82,459			114,518			73,271

Dividends and distributions reinvested:
Class A		22,613			22,442			2,646			2,810			1,359			603
Class B		5,572			6,569									90			—
Class C		22,219			23,369			1,636			2,055			629			—
Class I		2						1						1
Class R		46			46									—

		50,452			52,426			4,283			4,865			2,079			603

Cost of shares redeemed:
Class A		(187,717	)		(167,320	)		(68,188	)		(47,972	)		(71,349	)		(48,414	)
Class B		(48,268	)		(57,609	)								(4,354	)		(3,438	)
Class C		(230,064	)		(260,060	)		(29,264	)		(32,021	)		(34,194	)		(44,010	)
Class I		(4,349	)					(5,941	)					(8,375	)
Class R		(1,261	)		(1,135	)								—

		(471,659	)		(486,124	)		(103,393	)		(79,993	)		(118,272	)		(95,862	)

Redemption fees:
Class A		—			—			—			1			—			1
Class B		—			—									—			—
Class C		—			5			—			—			—			—


		—			5			—			1			—			1

Automatic conversions:
Class A		9,392			4,828			—			—			603			435
Class B		(9,392	)		(4,828	)								(603	)		(435	)

		—			—			—			—			—			—

Net increase (decrease) in net assets resulting from capital shares transactions		136,317			43,449			48,435			7,332			(1,675	)		(21,987	)



Net increase in net assets		319,627			275,869			60,765			28,886			41,269			37,938


Net assets:
Beginning of year	$	1,922,660		$	1,646,791		$	216,069		$	187,183		$	285,538		$	247,600

End of year	$	2,242,287		$	1,922,660		$	276,834		$	216,069		$	326,807		$	285,538

Undistributed (accumulated) net investment income (loss)	$	7,062		$	17,604		$	—		$	41		$	1,314		$	2,279



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

Transamerica Funds		Annual Report 2010

Page 31

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						International Portfolio
	October 31, 2010			October 31, 2009			October 31, 2010			October 31, 2009			October 31, 2010			October 31, 2009

Share activity:
Shares issued:
Class A		22,832			21,960			7,180			6,565			5,798			7,357
Class B		2,338			3,459									318			296
Class C		23,890			25,589			4,335			3,168			2,972			2,664
Class I		1,937						4,096						3,782
Class R		274			224

		51,271			51,232			15,611			9,733			12,870			10,317

Shares issued-reinvested from distributions:
Class A		2,131			2,606			286			359			156			96
Class B		524			761									11			—
Class C		2,098			2,717			177			264			72			—
Class I		—	^(a)					—	^(a)					—	^(a)
Class R		4			6

		4,757			6,090			463			623			239			96

Shares redeemed:
Class A		(17,210	)		(18,420	)		(7,223	)		(5,868	)		(8,051	)		(7,408	)
Class B		(4,436	)		(6,339	)								(496	)		(526	)
Class C		(21,246	)		(28,973	)		(3,122	)		(3,944	)		(3,890	)		(6,754	)
Class I		(399	)					(629	)					(936	)
Class R		(116	)		(124	)

		(43,407	)		(53,856	)		(10,974	)		(9,812	)		(13,373	)		(14,688	)

Automatic conversions:
Class A		865			524									70			65
Class B		(866	)		(525	)								(71	)		(65	)

		(1	)		(1	)		—			—			(1	)		—

Net increase (decrease) in shares outstanding:

Class A		8,618			6,670			243			1,056			(2,027	)		110
Class B		(2,440	)		(2,644	)								(238	)		(295	)
Class C		4,742			(667	)		1,390			(512	)		(846	)		(4,090	)
Class I		1,538						3,467						2,846
Class R		162			106

		12,620			3,465			5,100			544			(265	)		(4,275	)


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

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



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

Transamerica Funds		Annual Report 2010

Page 32

FINANCIAL HIGHLIGHTS

For the period or years ended:


	Transamerica Asset Allocation — Conservative Portfolio
	Class A
	October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2010			2009			2008			2007			2006

Net asset value
Beginning of year	$	10.42		$	8.99		$	12.40		$	11.76		$	11.35


Investment operations
From net investment income^(a),(b)		0.35			0.40			0.36			0.38			0.28
From net realized and unrealized gain (loss) on affiliated investments		0.83			1.46			(3.21	)		0.82			0.80

Total from investment operations		1.18			1.86			(2.85	)		1.20			1.08


Distributions
Net investment income		(0.38	)		(0.43	)		(0.32	)		(0.24	)		(0.35	)
Net realized gains on affiliated investments		—			—			(0.24	)		(0.32	)		(0.32	)

Total distributions		(0.38	)		(0.43	)		(0.56	)		(0.56	)		(0.67	)


Net asset value
End of year	$	11.22		$	10.42		$	8.99		$	12.40		$	11.76


Total return^(c)		11.59	%		21.76	%		(23.86	%)		12.06	%		9.90	%


Net assets end of year (000’s)	$	485,473		$	360,558		$	268,516		$	242,342		$	165,071


Ratio and supplemental data

Expenses to average net assets:^(d)
After reimbursement/fee waiver		0.63	%		0.65	%		0.62	%		0.62	%		0.60	%
Before reimbursement/fee waiver		0.63	%		0.65	%		0.62	%		0.62	%		0.60	%
Net investment income, to average net assets^(b),(e)		3.28	%		4.27	%		3.22	%		3.18	%		2.44	%
Portfolio turnover rate^(f)		16	%		27	%		10	%		32	%		29	%

	Transamerica Asset Allocation — Conservative Portfolio
	Class B
	October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2010			2009			2008			2007			2006

Net asset value
Beginning of year	$	10.38		$	8.97		$	12.36		$	11.73		$	11.32


Investment operations
From net investment income^(a),(b)		0.30			0.35			0.31			0.30			0.20
From net realized and unrealized gain (loss) on affiliated investments		0.80			1.45			(3.22	)		0.86			0.81

Total from investment operations		1.10			1.80			(2.91	)		1.16			1.01


Distributions
Net investment income		(0.31	)		(0.39	)		(0.24	)		(0.21	)		(0.28	)
Net realized gains on affiliated investments		—			—			(0.24	)		(0.32	)		(0.32	)

Total distributions		(0.31	)		(0.39	)		(0.48	)		(0.53	)		(0.60	)


Net asset value
End of year	$	11.17		$	10.38		$	8.97		$	12.36		$	11.73


Total return^(c)		10.82	%		21.01	%		(24.36	%)		11.34	%		9.19	%


Net assets end of year (000’s)	$	114,303		$	111,706		$	93,268		$	116,569		$	110,701


Ratio and supplemental data

Expenses to average net assets:^(d)
After reimbursement/fee waiver		1.26	%		1.28	%		1.24	%		1.25	%		1.26	%
Before reimbursement/fee waiver		1.26	%		1.28	%		1.24	%		1.25	%		1.26	%
Net investment income, to average net assets^(b),(e)		2.81	%		3.71	%		2.72	%		2.59	%		1.78	%
Portfolio turnover rate^(f)		16	%		27	%		10	%		32	%		29	%



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

Transamerica Funds		Annual Report 2010

Page 33

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:


	Transamerica Asset Allocation — Conservative Portfolio
	Class C
	October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2010			2009			2008			2007			2006

Net asset value
Beginning of year	$	10.37		$	8.96		$	12.35		$	11.73		$	11.32


Investment operations
From net investment income^(a),(b)		0.29			0.34			0.29			0.30			0.21
From net realized and unrealized gain (loss) on affiliated investments		0.82			1.46			(3.19	)		0.86			0.80

Total from investment operations		1.11			1.80			(2.90	)		1.16			1.01


Distributions
Net investment income		(0.32	)		(0.39	)		(0.25	)		(0.22	)		(0.28	)
Net realized gains on affiliated investments		—			—			(0.24	)		(0.32	)		(0.32	)

Total distributions		(0.32	)		(0.39	)		(0.49	)		(0.54	)		(0.60	)


Net asset value
End of year	$	11.16		$	10.37		$	8.96		$	12.35		$	11.73


Total return^(c)		10.92	%		21.09	%		(24.30	%)		11.31	%		9.25	%


Net assets end of year (000’s)	$	601,625		$	488,315		$	364,153		$	336,981		$	257,675


Ratio and supplemental data

Expenses to average net assets:^(d)
After reimbursement/fee waiver		1.22	%		1.23	%		1.22	%		1.22	%		1.23	%
Before reimbursement/fee waiver		1.22	%		1.23	%		1.22	%		1.22	%		1.23	%
Net investment income, to average net assets^(b),(e)		2.75	%		3.69	%		2.61	%		2.60	%		1.82	%
Portfolio turnover rate^(f)		16	%		27	%		10	%		32	%		29	%


	Transamerica
	Asset
	Allocation —
	Conservative
	Portfolio
	Class I
	October 31,
For a share outstanding throughout each period	2010 ^(g)

Net asset value
Beginning of period	$	10.69


Investment operations
From net investment income^(a),(b)		0.22
From net realized and unrealized gain on affiliated investments		0.75

Total from investment operations		0.97


Distributions
Net investment income		(0.42	)

Net asset value
End of year	$	11.24


Total return^(c)		9.39	%^(h)


Net assets end of year (000’s)	$	10,813


Ratio and supplemental data

Expenses to average net assets:^(d)
After reimbursement/fee waiver		0.28	%⁽ⁱ⁾
Before reimbursement/fee waiver		0.28	%⁽ⁱ⁾
Net investment income, to average net assets^(b)		2.24	%⁽ⁱ⁾
Portfolio turnover rate^(f)		16	%^(h)



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

Transamerica Funds		Annual Report 2010

Page 34

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:


	Transamerica Asset Allocation — Conservative Portfolio
	Class R
	October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2010			2009			2008			2007			2006 ^(j)

Net asset value
Beginning of period/year	$	10.49		$	9.05		$	12.47		$	11.84		$	11.30


Investment operations
From net investment income^(a),(b)		0.27			0.37			0.35			0.33			0.13
From net realized and unrealized gain (loss) on affiliated investments		0.88			1.49			(3.23	)		0.85			0.47

Total from investment operations		1.15			1.86			(2.88	)		1.18			0.60


Distributions
Net investment income		(0.35	)		(0.42	)		(0.30	)		(0.23	)		(0.06	)
Net realized gains on affiliated investments		—			—			(0.24	)		(0.32	)		—

Total distributions		(0.35	)		(0.42	)		(0.54	)		(0.55	)		(0.06	)


Net asset value
End of year	$	11.29		$	10.49		$	9.05		$	12.47		$	11.84


Total return^(c)		11.23	%		21.59	%		(23.98	%)		11.89	%		5.35	%^(h)


Net assets end of year (000’s)	$	3,061		$	1,509		$	1,089		$	645		$	53


Ratio and supplemental data

Expenses to average net assets:^(d)
After reimbursement/fee waiver		0.88	%		0.89	%		0.82	%		0.86	%		0.66	%⁽ⁱ⁾
Before reimbursement/fee waiver		0.88	%		0.89	%		0.82	%		0.86	%		0.66	%⁽ⁱ⁾
Net investment income, to average net assets^(b),(e)		2.56	%		3.97	%		3.14	%		2.71	%		3.03	%⁽ⁱ⁾
Portfolio turnover rate^(f)		16	%		27	%		10	%		32	%		29	%^(h)

	Transamerica Asset Allocation — Growth Portfolio
	Class A
	October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2010			2009			2008			2007			2006

Net asset value
Beginning of year	$	9.92		$	8.87		$	15.46		$	13.44		$	11.99


Investment operations
From net investment income^(a),(b)		0.05			0.12			0.15			0.23			0.03
From net realized and unrealized gain (loss) on affiliated investments		1.48			1.12			(6.29	)		2.53			1.89

Total from investment operations		1.53			1.24			(6.14	)		2.76			1.92


Distributions
Net investment income		(0.09	)		(0.19	)		(0.02	)		(0.29	)		(0.11	)
Net realized gains on affiliated investments		—			—			(0.43	)		(0.45	)		(0.36	)

Total distributions		(0.09	)		(0.19	)		(0.45	)		(0.74	)		(0.47	)


Net asset value
End of year	$	11.36		$	9.92		$	8.87		$	15.46		$	13.44


Total return^(c)		15.55	%		14.46	%		(40.75	%)		21.35	%		16.38	%


Net assets end of year (000’s)	$	645,459		$	574,500		$	495,257		$	781,872		$	502,488


Ratio and supplemental data

Expenses to average net assets:^(d)
After reimbursement/fee waiver		0.68	%		0.73	%		0.65	%		0.64	%		0.65	%
Before reimbursement/fee waiver		0.68	%		0.73	%		0.65	%		0.64	%		0.65	%
Net investment income, to average net assets^(b),(e)		0.45	%		1.41	%		1.20	%		1.62	%		0.22	%
Portfolio turnover rate^(f)		10	%		47	%		12	%		18	%		22	%



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

Transamerica Funds		Annual Report 2010

Page 35

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:


	Transamerica Asset Allocation — Growth Portfolio
	Class B
	October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2010			2009			2008			2007			2006

Net asset value
Beginning of year	$	9.70		$	8.63		$	15.13		$	13.17		$	11.77


Investment operations
From net investment income (loss)^(a),(b)		(0.02	)		0.07			0.08			0.14			(0.05	)
From net realized and unrealized gain (loss) on affiliated investments		1.44			1.10			(6.15	)		2.47			1.85

Total from investment operations		1.42			1.17			(6.07	)		2.61			1.80


Distributions
Net investment income		(0.03	)		(0.10	)		—			(0.20	)		(0.04	)
Net realized gains on affiliated investments		—			—			(0.43	)		(0.45	)		(0.36	)

Total distributions		(0.03	)		(0.10	)		(0.43	)		(0.65	)		(0.40	)


Net asset value
End of year	$	11.09		$	9.70		$	8.63		$	15.13		$	13.17


Total return^(c)		14.65	%		13.78	%		(41.15	%)		20.54	%		15.57	%


Net assets end of year (000’s)	$	184,263		$	192,054		$	196,817		$	368,186		$	288,719


Ratio and supplemental data

Expenses to average net assets:^(d)
After reimbursement/fee waiver		1.35	%		1.40	%		1.30	%		1.29	%		1.31	%
Before reimbursement/fee waiver		1.35	%		1.40	%		1.30	%		1.29	%		1.31	%
Net investment income (loss), to average net assets^(b),(e)		(0.18	%)		0.84	%		0.67	%		1.02	%		(0.42	%)
Portfolio turnover rate^(f)		10	%		47	%		12	%		18	%		22	%


	Transamerica Asset Allocation — Growth Portfolio
	Class C
	October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2010			2009			2008			2007			2006

Net asset value
Beginning of year	$	9.69		$	8.64		$	15.13		$	13.18		$	11.78


Investment operations
From net investment income (loss)^(a),(b)		(0.01	)		0.08			0.08			0.14			(0.05	)
From net realized and unrealized gain (loss) on affiliated investments		1.45			1.08			(6.14	)		2.48			1.85

Total from investment operations		1.44			1.16			(6.06	)		2.62			1.80


Distributions
Net investment income		(0.04	)		(0.11	)		—			(0.22	)		(0.04	)
Net realized gains on affiliated investments		—			—			(0.43	)		(0.45	)		(0.36	)

Total distributions		(0.04	)		(0.11	)		(0.43	)		(0.67	)		(0.40	)


Net asset value
End of year	$	11.09		$	9.69		$	8.64		$	15.13		$	13.18


Total return^(c)		14.86	%		13.72	%		(41.08	%)		20.60	%		15.61	%


Net assets end of year (000’s)	$	774,914		$	763,086		$	751,881		$	1,270,635		$	876,768


Ratio and supplemental data

Expenses to average net assets:^(d)
After reimbursement/fee waiver		1.29	%		1.33	%		1.26	%		1.25	%		1.26	%
Before reimbursement/fee waiver		1.29	%		1.33	%		1.26	%		1.25	%		1.26	%
Net investment income (loss), to average net assets^(b),(e)		(0.12	%)		0.90	%		0.62	%		1.03	%		(0.38	%)
Portfolio turnover rate^(f)		10	%		47	%		12	%		18	%		22	%



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

Transamerica Funds		Annual Report 2010

Page 36

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:


	Transamerica
	Asset
	Allocation —
	Growth
	Portfolio
	Class I
	October 31,
For a share outstanding throughout each period	2010 ^(g)

Net asset value
Beginning of period	$	10.35


Investment operations
From net investment loss^(a),(b)		(0.02	)
From net realized and unrealized gain on affiliated investments		1.20

Total from investment operations		1.18


Distributions
Net investment income		(0.14	)

Net asset value
End of year	$	11.39


Total return^(c)		11.57	%^(h)


Net assets end of year (000’s)	$	13,112


Ratio and supplemental data

Expenses to average net assets:^(d)
After reimbursement/fee waiver		0.30	%⁽ⁱ⁾
Before reimbursement/fee waiver		0.30	%⁽ⁱ⁾
Net investment loss, to average net assets^(b)		(0.15	%)⁽ⁱ⁾
Portfolio turnover rate^(f)		10	%^(h)


	Transamerica Asset Allocation — Growth Portfolio
	Class R
	October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2010			2009			2008			2007			2006 ^(j)

Net asset value
Beginning of period/year	$	9.85		$	8.84		$	15.40		$	13.43		$	12.36


Investment operations
From net investment income^(a),(b)		0.01			0.10			0.07			0.13			0.05
From net realized and unrealized gain (loss) on affiliated investments		1.49			1.12			(6.20	)		2.60			1.02

Total from investment operations		1.50			1.22			(6.13	)		2.73			1.07


Distributions
Net investment income		(0.08	)		(0.21	)		—			(0.31	)		—
Net realized gains on affiliated investments		—			—			(0.43	)		(0.45	)		—

Total distributions		(0.08	)		(0.21	)		(0.43	)		(0.76	)		—


Net asset value
End of year	$	11.27		$	9.85		$	8.84		$	15.40		$	13.43


Total return^(c)		15.35	%		14.35	%		(40.81	%)		21.20	%		8.66	%^(h)


Net assets end of year (000’s)	$	3,762		$	2,704		$	1,570		$	884		$	85


Ratio and supplemental data

Expenses to average net assets:^(d)
After reimbursement/fee waiver		0.84	%		0.85	%		0.83	%		0.68	%		0.67	%⁽ⁱ⁾
Before reimbursement/fee waiver		0.84	%		0.85	%		0.83	%		0.68	%		0.67	%⁽ⁱ⁾
Net investment income, to average net assets^(b),(e)		0.15	%		1.09	%		0.57	%		0.94	%		1.08	%⁽ⁱ⁾
Portfolio turnover rate^(f)		10	%		47	%		12	%		18	%		22	%^(h)



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

Transamerica Funds		Annual Report 2010

Page 37

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:


	Transamerica Asset Allocation — Moderate Growth Portfolio
	Class A
	October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2010			2009			2008			2007			2006

Net asset value
Beginning of year	$	10.39		$	9.20		$	14.58		$	13.05		$	11.88


Investment operations
From net investment income^(a),(b)		0.19			0.28			0.26			0.33			0.15
From net realized and unrealized gain (loss) on affiliated investments		1.27			1.25			(5.04	)		1.86			1.53

Total from investment operations		1.46			1.53			(4.78	)		2.19			1.68


Distributions
Net investment income		(0.23	)		(0.34	)		(0.19	)		(0.34	)		(0.20	)
Net realized gains on affiliated investments		—			—			(0.41	)		(0.32	)		(0.31	)
From return of capital		(0.03	)		—			—			—			—

Total distributions		(0.26	)		(0.34	)		(0.60	)		(0.66	)		(0.51	)


Net asset value
End of year	$	11.59		$	10.39		$	9.20		$	14.58		$	13.05


Total return^(c)		14.35	%		17.47	%		(34.01	%)		17.48	%		14.59	%


Net assets end of year (000’s)	$	1,202,885		$	1,044,810		$	901,766		$	1,295,568		$	914,835


Ratio and supplemental data

Expenses to average net assets:^(d)
After reimbursement/fee waiver		0.62	%		0.66	%		0.60	%		0.60	%		0.61	%
Before reimbursement/fee waiver		0.62	%		0.66	%		0.60	%		0.60	%		0.61	%
Net investment income, to average net assets^(b),(e)		1.80	%		2.99	%		2.12	%		2.42	%		1.17	%
Portfolio turnover rate^(f)		17	%		37	%		13	%		19	%		21	%

	Transamerica Asset Allocation — Moderate Growth Portfolio
	Class B
	October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2010			2009			2008			2007			2006

Net asset value
Beginning of year	$	10.34		$	9.12		$	14.45		$	12.94		$	11.80


Investment operations
From net investment income^(a),(b)		0.13			0.22			0.19			0.24			0.06
From net realized and unrealized gain (loss) on affiliated investments		1.25			1.24			(5.01	)		1.85			1.52

Total from investment operations		1.38			1.46			(4.82	)		2.09			1.58


Distributions
Net investment income		(0.16	)		(0.24	)		(0.10	)		(0.26	)		(0.13	)
Net realized gains on affiliated investments		—			—			(0.41	)		(0.32	)		(0.31	)
From return of capital		(0.03	)		—			—			—			—

Total distributions		(0.19	)		(0.24	)		(0.51	)		(0.58	)		(0.44	)


Net asset value
End of year	$	11.53		$	10.34		$	9.12		$	14.45		$	12.94


Total return^(c)		13.57	%		16.69	%		(34.44	%)		16.69	%		13.74	%


Net assets end of year (000’s)	$	383,062		$	394,275		$	389,429		$	651,359		$	549,040


Ratio and supplemental data

Expenses to average net assets:^(d)
After reimbursement/fee waiver		1.30	%		1.33	%		1.27	%		1.27	%		1.28	%
Before reimbursement/fee waiver		1.30	%		1.33	%		1.27	%		1.27	%		1.28	%
Net investment income, to average net assets^(b),(e)		1.19	%		2.39	%		1.54	%		1.78	%		0.51	%
Portfolio turnover rate^(f)		17	%		37	%		13	%		19	%		21	%



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

Transamerica Funds		Annual Report 2010

Page 38

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:


	Transamerica Asset Allocation — Moderate Growth Portfolio
	Class C
	October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2010			2009			2008			2007			2006

Net asset value
Beginning of year	$	10.32		$	9.11		$	14.45		$	12.95		$	11.80


Investment operations
From net investment income^(a),(b)		0.13			0.22			0.18			0.24			0.07
From net realized and unrealized gain (loss) on affiliated investments		1.25			1.25			(5.00	)		1.85			1.52

Total from investment operations		1.38			1.47			(4.82	)		2.09			1.59


Distributions
Net investment income		(0.17	)		(0.26	)		(0.11	)		(0.27	)		(0.13	)
Net realized gains on affiliated investments		—			—			(0.41	)		(0.32	)		(0.31	)
From return of capital		(0.03	)		—			—			—			—

Total distributions		(0.20	)		(0.26	)		(0.52	)		(0.59	)		(0.44	)


Net asset value
End of year	$	11.50		$	10.32		$	9.11		$	14.45		$	12.95


Total return^(c)		13.58	%		16.77	%		(34.44	%)		16.74	%		13.87	%


Net assets end of year (000’s)	$	1,606,227		$	1,513,954		$	1,455,012		$	2,098,087		$	1,520,489


Ratio and supplemental data

Expenses to average net assets:^(d)
After reimbursement/fee waiver		1.25	%		1.28	%		1.23	%		1.23	%		1.24	%
Before reimbursement/fee waiver		1.25	%		1.28	%		1.23	%		1.23	%		1.24	%
Net investment income, to average net assets^(b),(e)		1.20	%		2.43	%		1.49	%		1.79	%		0.55	%
Portfolio turnover rate^(f)		17	%		37	%		13	%		19	%		21	%


	Transamerica
	Asset
	Allocation —
	Moderate
	Growth
	Portfolio
	Class I
	October 31,
For a share outstanding throughout each period	2010 ^(g)

Net asset value
Beginning of period	$	10.76


Investment operations
From net investment income^(a),(b)		0.09
From net realized and unrealized gain on affiliated investments		1.07

Total from investment operations		1.16


Distributions
Net investment income		(0.28	)
From Return of capital		(0.03	)

Total distributions		(0.31	)


Net asset value
End of year	$	11.61


Total return^(c)		11.07	%^(h)


Net assets end of year (000’s)	$	16,293


Ratio and supplemental data

Expenses to average net assets:^(d)
After reimbursement/fee waiver		0.29	%⁽ⁱ⁾
Before reimbursement/fee waiver		0.29	%⁽ⁱ⁾
Net investment income, to average net assets^(b)		0.89	%⁽ⁱ⁾
Portfolio turnover rate^(f)		17	%^(h)



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

Transamerica Funds		Annual Report 2010

Page 39

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:


	Transamerica Asset Allocation — Moderate Growth Portfolio
	Class R
	October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2010			2009			2008			2007			2006 ^(j)

Net asset value
Beginning of period/year	$	10.36		$	9.18		$	14.54		$	13.05		$	12.13


Investment operations
From net investment income^(a),(b)		0.15			0.25			0.22			0.24			0.10
From net realized and unrealized gain (loss) on affiliated investments		1.28			1.26			(5.00	)		1.93			0.82

Total from investment operations		1.43			1.51			(4.78	)		2.17			0.92


Distributions
Net investment income		(0.23	)		(0.33	)		(0.17	)		(0.36	)		—
Net realized gains on affiliated investments		—			—			(0.41	)		(0.32	)		—
From return of capital		(0.03	)		—			—			—			—

Total distributions		(0.26	)		(0.33	)		(0.58	)		(0.68	)		—


Net asset value
End of year	$	11.53		$	10.36		$	9.18		$	14.54		$	13.05


Total return^(c)		14.08	%		17.29	%		(34.08	%)		17.31	%		7.58	%^(h)


Net assets end of year (000’s)	$	5,413		$	2,873		$	1,969		$	1,983		$	54


Ratio and supplemental data

Expenses to average net assets:^(d)
After reimbursement/fee waiver		0.79	%		0.82	%		0.76	%		0.67	%		0.66	%⁽ⁱ⁾
Before reimbursement/fee waiver		0.79	%		0.82	%		0.76	%		0.67	%		0.66	%⁽ⁱ⁾
Net investment income, to average net assets^(b),(e)		1.43	%		2.68	%		1.74	%		1.80	%		2.08	%⁽ⁱ⁾
Portfolio turnover rate^(f)		17	%		37	%		13	%		19	%		21	%^(h)

	Transamerica Asset Allocation — Moderate Portfolio
	Class A
	October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2010			2009			2008			2007			2006

Net asset value
Beginning of year	$	10.62		$	9.29		$	13.69		$	12.64		$	11.78


Investment operations
From net investment income^(a),(b)		0.30			0.36			0.33			0.36			0.24
From net realized and unrealized gain (loss) on affiliated investments		1.04			1.40			(4.05	)		1.40			1.15

Total from investment operations		1.34			1.76			(3.72	)		1.76			1.39


Distributions
Net investment income		(0.37	)		(0.43	)		(0.28	)		(0.37	)		(0.28	)
Net realized gains on affiliated investments		—			—			(0.40	)		(0.34	)		(0.25	)

Total distributions		(0.37	)		(0.43	)		(0.68	)		(0.71	)		(0.53	)


Net asset value
End of year	$	11.59		$	10.62		$	9.29		$	13.69		$	12.64


Total return^(c)		12.95	%		19.99	%		(28.41	%)		14.51	%		12.22	%


Net assets end of year (000’s)	$	857,469		$	694,532		$	545,646		$	665,013		$	471,902


Ratio and supplemental data

Expenses to average net assets:^(d)
After reimbursement/fee waiver		0.61	%		0.63	%		0.59	%		0.59	%		0.58	%
Before reimbursement/fee waiver		0.61	%		0.63	%		0.59	%		0.59	%		0.58	%
Net investment income, to average net assets^(b),(e)		2.78	%		3.76	%		2.79	%		2.83	%		1.98	%
Portfolio turnover rate^(f)		16	%		30	%		12	%		23	%		22	%



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

Transamerica Funds		Annual Report 2010

Page 40

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:


	Transamerica Asset Allocation — Moderate Portfolio
	Class B
	October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2010			2009			2008			2007			2006

Net asset value
Beginning of year	$	10.59		$	9.23		$	13.59		$	12.55		$	11.70


Investment operations
From net investment income^(a),(b)		0.24			0.30			0.27			0.28			0.16
From net realized and unrealized gain (loss) on affiliated investments		1.02			1.39			(4.05	)		1.39			1.15

Total from investment operations		1.26			1.69			(3.78	)		1.67			1.31


Distributions
Net investment income		(0.30	)		(0.33	)		(0.18	)		(0.28	)		(0.21	)
Net realized gains on affiliated investments		—			—			(0.40	)		(0.34	)		(0.25	)

Total distributions		(0.30	)		(0.33	)		(0.58	)		(0.62	)		(0.46	)


Net asset value
End of year	$	11.55		$	10.59		$	9.23		$	13.59		$	12.55


Total return^(c)		12.13	%		19.16	%		(28.87	%)		13.73	%		11.50	%


Net assets end of year (000’s)	$	220,658		$	228,151		$	223,209		$	357,175		$	336,385


Ratio and supplemental data

Expenses to average net assets:^(d)
After reimbursement/fee waiver		1.28	%		1.30	%		1.25	%		1.25	%		1.25	%
Before reimbursement/fee waiver		1.28	%		1.30	%		1.25	%		1.25	%		1.25	%
Net investment income, to average net assets^(b),(e)		2.24	%		3.23	%		2.26	%		2.21	%		1.31	%
Portfolio turnover rate^(f)		16	%		30	%		12	%		23	%		22	%

	Transamerica Asset Allocation — Moderate Portfolio
	Class C
	October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2010			2009			2008			2007			2006

Net asset value
Beginning of year	$	10.55		$	9.21		$	13.58		$	12.55		$	11.70


Investment operations
From net investment income^(a),(b)		0.24			0.30			0.26		��	0.28			0.16
From net realized and unrealized gain (loss) on affiliated investments		1.02			1.39			(4.03	)		1.39			1.14

Total from investment operations		1.26			1.69			(3.77	)		1.67			1.30


Distributions
Net investment income		(0.31	)		(0.35	)		(0.20	)		(0.30	)		(0.21	)
Net realized gains on affiliated investments		—			—			(0.40	)		(0.34	)		(0.25	)

Total distributions		(0.31	)		(0.35	)		(0.60	)		(0.64	)		(0.46	)


Net asset value
End of year	$	11.50		$	10.55		$	9.21		$	13.58		$	12.55


Total return^(c)		12.22	%		19.24	%		(28.87	%)		13.86	%		11.46	%


Net assets end of year (000’s)	$	1,142,029		$	997,766		$	876,977		$	1,159,220		$	905,061


Ratio and supplemental data

Expenses to average net assets:^(d)
After reimbursement/fee waiver		1.22	%		1.24	%		1.21	%		1.21	%		1.22	%
Before reimbursement/fee waiver		1.22	%		1.24	%		1.21	%		1.21	%		1.22	%
Net investment income, to average net assets^(b),(e)		2.21	%		3.25	%		2.21	%		2.22	%		1.35	%
Portfolio turnover rate^(f)		16	%		30	%		12	%		23	%		22	%



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

Transamerica Funds		Annual Report 2010

Page 41

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:


	Transamerica Asset
	Allocation —
	Moderate
	Portfolio
	Class I
	October 31,
For a share outstanding throughout each period	2010 ^(g)

Net asset value
Beginning of period	$	10.94


Investment operations
From net investment income^(a),(b)		0.17
From net realized and unrealized gain on affiliated investments		0.91

Total from investment operations		1.08


Distributions
Net investment income		(0.41	)

Net asset value
End of year	$	11.61


Total return^(c)		10.27	%^(h)


Net assets end of year (000’s)	$	17,853


Ratio and supplemental data

Expenses to average net assets:^(d)
After reimbursement/fee waiver		0.28	%⁽ⁱ⁾
Before reimbursement/fee waiver		0.28	%⁽ⁱ⁾
Net investment income, to average net assets^(b)		1.73	%⁽ⁱ⁾
Portfolio turnover rate^(f)		16	%^(h)


	Transamerica Asset Allocation — Moderate Portfolio
	Class R
	October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2010			2009			2008			2007			2006 ^(j)

Net asset value
Beginning of period/year	$	10.58		$	9.28		$	13.65		$	12.64		$	11.86


Investment operations
From net investment income^(a),(b)		0.24			0.32			0.28			0.31			0.13
From net realized and unrealized gain (loss) on affiliated investments		1.06			1.42			(4.02	)		1.42			0.65

Total from investment operations		1.30			1.74			(3.74	)		1.73			0.78


Distributions
Net investment income		(0.35	)		(0.44	)		(0.23	)		(0.38	)		—
Net realized gains on affiliated investments		—			—			(0.40	)		(0.34	)		—

Total distributions		(0.35	)		(0.44	)		(0.63	)		(0.72	)		—


Net asset value
End of year	$	11.53		$	10.58		$	9.28		$	13.65		$	12.64


Total return^(c)		12.60	%		19.81	%		(28.57	%)		14.31	%		6.58	%^(h)


Net assets end of year (000’s)	$	4,278		$	2,211		$	959		$	610		$	53


Ratio and supplemental data

Expenses to average net assets:^(d)
After reimbursement/fee waiver		0.83	%		0.86	%		0.87	%		0.72	%		0.66	%⁽ⁱ⁾
Before reimbursement/fee waiver		0.83	%		0.86	%		0.87	%		0.72	%		0.66	%⁽ⁱ⁾
Net investment income, to average net assets^(b),(e)		2.23	%		3.38	%		2.37	%		2.44	%		2.73	%⁽ⁱ⁾
Portfolio turnover rate^(f)		16	%		30	%		12	%		23	%		22	%^(h)



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

Transamerica Funds		Annual Report 2010

Page 42

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:


	Transamerica Multi-Manager Alternative Strategies Portfolio
	Class A
	October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2010			2009			2008			2007 ^(k)

Net asset value
Beginning of period/year	$	9.35		$	8.30		$	10.78		$	10.00


Investment operations
From net investment income^(a),(b)		0.14			0.29			0.20			0.05
From net realized and unrealized gain (loss) on affiliated investments		0.58			1.08			(2.43	)		0.73

Total from investment operations		0.72			1.37			(2.23	)		0.78


Distributions
Net investment income		(0.15	)		(0.32	)		(0.25	)		—
From return of capital		(0.10	)		—			—			—

Total distributions		(0.25	)		—			—			—


Net asset value
End of year	$	9.82		$	9.35		$	8.30		$	10.78


Total return^(c)		7.83	%		17.21	%		(21.08	%)		7.80	%^(h)


Net assets end of year (000’s)	$	128,041		$	119,693		$	97,482		$	38,870


Ratio and supplemental data

Expenses to average net assets:^(d)
After reimbursement/fee waiver		0.80	%		0.81	%		0.84	%⁽ⁿ⁾		0.90	%⁽ⁱ⁾
Before reimbursement/fee waiver		0.80	%		0.81	%		0.77	%⁽ⁿ⁾		1.29	%⁽ⁱ⁾
Net investment income, to average net assets^(b),(e)		1.51	%		3.43	%		1.98	%		0.58	%⁽ⁱ⁾
Portfolio turnover rate^(f)		35	%		18	%		5	%		—	%^(h),(l)

	Transamerica Multi-Manager Alternative Strategies Portfolio
	Class C
	October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2010			2009			2008			2007 ^(k)

Net asset value
Beginning of period/year	$	9.27		$	8.23		$	10.72		$	10.00


Investment operations
From net investment income (loss)^(a),(b)		0.08			0.24			0.15			(0.01	)
From net realized and unrealized gain (loss) on affiliated investments		0.57			1.06			(2.42	)		0.73

Total from investment operations		0.65			1.30			(2.27	)		0.72


Distributions
Net investment income		(0.09	)		(0.26	)		(0.22	)		—
From return of capital		(0.10	)		—			—			—

Total distributions		(0.19	)		—			—			—


Net asset value
End of year	$	9.73		$	9.27		$	8.23		$	10.72


Total return^(c)		7.12	%		16.37	%		(21.52	%)		7.20	%^(h)


Net assets end of year (000’s)	$	114,662		$	96,376		$	89,701		$	49,306


Ratio and supplemental data

Expenses to average net assets:^(d)
After reimbursement/fee waiver		1.44	%		1.45	%		1.52	%⁽ⁿ⁾		1.55	%⁽ⁱ⁾
Before reimbursement/fee waiver		1.44	%		1.45	%		1.43	%⁽ⁿ⁾		1.99	%⁽ⁱ⁾
Net investment income (loss), to average net assets^(b),(e)		0.82	%		2.92	%		1.53	%		(0.07	%)⁽ⁱ⁾
Portfolio turnover rate^(f)		35	%		18	%		5	%		—	%^(h),(l)

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


Transamerica Funds		Annual Report 2010

Page 43

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:


	Transamerica
	Multi-Manager
	Alternative
	Strategies
	Portfolio
	Class I
	October 31,
For a share outstanding throughout each period	2010 ^(g)

Net asset value
Beginning of period	$	9.49


Investment operations
From net investment income^(a),(b)		0.07
From net realized and unrealized gain on affiliated investments		0.57

Total from investment operations		0.64


Distributions
Net investment income		(0.19	)
From return of capital		(0.10	)

Total distributions		(0.29	)


Net asset value
End of year	$	9.84


Total return^(c)		6.90	%^(h)


Net assets end of year (000’s)	$	34,131


Ratio and supplemental data
Expenses to average net assets:^(d)
After reimbursement/fee waiver		0.50	%⁽ⁱ⁾
Before reimbursement/fee waiver		0.50	%⁽ⁱ⁾
Net investment income, to average net assets^(b)		0.82	%⁽ⁱ⁾
Portfolio turnover rate^(f)		35	%^(h)


	Transamerica Multi-Manager International Portfolio
	Class A
	October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2010			2009			2008			2007			2006 ^(m)

Net asset value
Beginning of period/year	$	8.53		$	6.57		$	13.24		$	10.63		$	10.00


Investment operations
From net investment income (loss)^(a),(b)		0.09			0.17			0.27			0.32			(0.04	)
From net realized and unrealized gain (loss) on affiliated investments		1.33			1.84			(6.53	)		2.87			0.67

Total from investment operations		1.42			2.01			(6.26	)		3.19			0.63


Distributions
Net investment income		(0.11	)		(0.05	)		(0.32	)		(0.58	)		—
Net realized gains on affiliated investments		—			—			(0.09	)		—			—

Total distributions		(0.11	)		(0.05	)		(0.41	)		(0.58	)		—


Net asset value
End of year	$	9.84		$	8.53		$	6.57		$	13.24		$	10.63


Total return^(c)		16.80	%		30.86	%		(48.61	%)		31.30	%		6.30	%^(h)


Net assets end of year (000’s)	$	135,479		$	134,751		$	103,077		$	178,422		$	58,142


Ratio and supplemental data

Expenses to average net assets:^(d)
After reimbursement/fee waiver		0.70	%		0.74	%		0.65	%		0.65	%		0.80	%⁽ⁱ⁾
Before reimbursement/fee waiver		0.70	%		0.74	%		0.65	%		0.65	%		0.88	%⁽ⁱ⁾
Net investment income (loss), to average net assets^(b),(e)		1.04	%		2.35	%		2.59	%		2.78	%		(0.67	%)⁽ⁱ⁾
Portfolio turnover rate^(f)		11	%		32	%		38	%		1	%		1	%^(h)

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


Transamerica Funds		Annual Report 2010

Page 44

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:


	Transamerica Multi-Manager International Portfolio
	Class B
	October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2010			2009			2008			2007			2006 ^(m)

Net asset value
Beginning of period/year	$	8.45		$	6.50		$	13.13		$	10.59		$	10.00


Investment operations
From net investment income (loss)^(a),(b)		0.02			0.01			0.21			0.23			(0.09	)
From net realized and unrealized gain (loss) on affiliated investments		1.32			1.94			(6.50	)		2.86			0.68

Total from investment operations		1.34			1.95			(6.29	)		3.09			0.59


Distributions
Net investment income		(0.05	)		—			(0.25	)		(0.55	)		—
Net realized gains on affiliated investments		—			—			(0.09	)		—			—

Total distributions		(0.05	)		—			(0.34	)		(0.55	)		—


Net asset value
End of year	$	9.74		$	8.45		$	6.50		$	13.13		$	10.59


Total return^(c)		15.95	%		30.00	%		(49.04	%)		30.32	%		5.90	%^(h)


Net assets end of year (000’s)	$	18,432		$	18,010		$	15,781		$	30,060		$	9,849


Ratio and supplemental data

Expenses to average net assets:^(d)
After reimbursement/fee waiver		1.45	%		1.45	%		1.42	%		1.43	%		1.45	%⁽ⁱ⁾
Before reimbursement/fee waiver		1.49	%		1.57	%		1.42	%		1.43	%		1.69	%⁽ⁱ⁾
Net investment income (loss), to average net assets^(b),(e)		0.19	%		0.08	%		1.95	%		1.98	%		(1.32	%)⁽ⁱ⁾
Portfolio turnover rate^(f)		11	%		32	%		38	%		1	%		1	%^(h)


	Transamerica Multi-Manager International Portfolio
	Class C
	October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2010			2009			2008			2007			2006 ^(m)

Net asset value
Beginning of period/year	$	8.45		$	6.50		$	13.13		$	10.58		$	10.00


Investment operations
From net investment income (loss)^(a),(b)		0.02			0.03			0.21			0.24			(0.09	)
From net realized and unrealized gain (loss) on affiliated investments		1.33			1.92			(6.49	)		2.86			0.67

Total from investment operations		1.35			1.95			(6.28	)		3.10			0.58


Distributions
Net investment income		(0.05	)		—			(0.26	)		(0.55	)		—
Net realized gains on affiliated investments		—			—			(0.09	)		—			—

Total distributions		(0.05	)		—			(0.35	)		(0.55	)		—


Net asset value
End of year	$	9.75		$	8.45		$	6.50		$	13.13		$	10.58


Total return^(c)		16.10	%		30.00	%		(48.98	%)		30.45	%		5.80	%^(h)


Net assets end of year (000’s)	$	144,849		$	132,777		$	128,742		$	250,419		$	76,650


Ratio and supplemental data

Expenses to average net assets:^(d)
After reimbursement/fee waiver		1.36	%		1.43	%		1.31	%		1.31	%		1.45	%⁽ⁱ⁾
Before reimbursement/fee waiver		1.36	%		1.43	%		1.31	%		1.31	%		1.53	%⁽ⁱ⁾
Net investment income (loss), to average net assets^(b),(e)		0.27	%		0.50	%		2.01	%		2.08	%		(1.32	%)⁽ⁱ⁾
Portfolio turnover rate^(f)		11	%		32	%		38	%		1	%		1	%^(h)

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


Transamerica Funds		Annual Report 2010

Page 45

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:


	Transamerica
	Multi-Manager
	International
	Portfolio
	Class I
	October 31,
For a share outstanding throughout each period	2010 ^(g)

Net asset value
Beginning of period	$	8.84


Investment operations
From net investment loss^(a),(b)		(0.02	)
From net realized and unrealized gain on affiliated investments		1.19

Total from investment operations		1.17


Distributions
Net investment income		(0.15	)

Net asset value
End of year	$	9.86


Total return^(c)		13.41	%^(h)


Net assets end of year (000’s)	$	28,047


Ratio and supplemental data

Expenses to average net assets:^(d)
After reimbursement/fee waiver		0.34	%⁽ⁱ⁾
Before reimbursement/fee waiver		0.34	%⁽ⁱ⁾
Net investment loss, to average net assets^(b)		(0.21	%)⁽ⁱ⁾
Portfolio turnover rate^(f)		11	%^(h)


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

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

^(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 portfolio invests.

^(e)		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. The Portfolios, effective March 1, 2009, no longer charges redemption fees.

^(f)		Does not include the portfolio activity of the underlying affiliated funds.

^(g)		Commenced operations on November 30, 2009.

^(h)		Not annualized.

⁽ⁱ⁾		Annualized.

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

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

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

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

⁽ⁿ⁾		Includes recaptured expenses by the investment adviser.

Note:		Prior to October 31,2009, all of the financial highlights were audited by another independent registered public accounting firm.

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


Transamerica Funds		Annual Report 2010

Page 46

NOTES TO FINANCIAL STATEMENTS
At October 31, 2010
(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 “Portfolio”; and collectively, the “Portfolios”) are part of Transamerica Funds.

The Portfolios, with the exception of Transamerica Multi-Manager Alternative Strategies Portfolio and Transamerica Multi—Manager International Portfolio, currently offer five classes of shares, Class A, Class B, Class C, Class I, and Class R. Transamerica Multi—Manager Alternative Strategies Portfolio currently offers three classes of shares, Class A, Class C, and Class I. Transamerica Multi—Manager International Portfolio currently offers four classes of shares, Class A, Class B, Class C, and Class I. Each class has a public offering price that reflects different sales charges, if any, and expense levels. Class B shares will convert to Class A shares eight years after purchase. Effective July 15, 2010, Class B shares were no longer offered for purchase.

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

This report should be read in conjunction with the Portfolios’ current prospectus, which contains more complete information about the Portfolios, including investment objectives and strategies.

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

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

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

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

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

Redemption fees: A short-term trading redemption fee may be assessed on any sales of Portfolio shares in a fund account during the first five (5) NYSE trading days following their purchase date. This redemption fee will equal 2% of the amount redeemed and shares held the longest will be treated as being redeemed first and shares held the shortest as being redeemed last. The redemption fees received are disclosed in the Portfolios’ Statements of Changes in Net Assets. Effective March 1, 2009, the Portfolios no longer charged redemption fees.

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

NOTE 2. SECURITY VALUATIONS

All investments in securities are recorded at their estimated fair value. The Portfolios value their investments at the close of the New York Stock Exchange (“NYSE”), normally 4 p.m. ET, each day the NYSE is open for business. The Portfolios utilize various methods to measure the fair value of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three Levels of inputs are:

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

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



Transamerica Funds		Annual Report 2010

Page 47

NOTES TO FINANCIAL STATEMENTS (continued)
At October 31, 2010
(all amounts in thousands)

NOTE 2. (continued)

Level 3—Unobservable inputs, to the extent that relevant observable inputs are not available, representing the Portfolios’ own assumptions about the assumptions a market participant would use in valuing the investment, based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety.

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

The hierarchy classification of inputs used to value the Portfolios’ investments at October 31, 2010 are disclosed at the end of the Portfolios’ Schedules of Investments. There were no transfers into or out of any Levels as described above during the year ended October 31, 2010.

NOTE 3. RELATED PARTY TRANSACTIONS

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

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

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

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

At the commencement of operations of each of these Portfolios and classes, TAM invested in each Portfolio. As of October 31, 2010, TAM had investments in the Portfolios as follows:


	Market		% of Portfolio’s
Portfolio Name	Value		Net Assets

Transamerica Asset Allocation-Conservative Portfolio
Class R	$	61		0.01	%
Transamerica Asset Allocation-Growth Portfolio
Class R		51		—	^(a)
Transamerica Asset Allocation-Moderate Growth Portfolio
Class R		56		—	^(a)
Transamerica Asset Allocation-Moderate Portfolio
Class R		59		—	^(a)
Transamerica Multi-Manager Alternative Strategies Portfolio
Class A		269		0.10
Class C		262		0.09


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



Transamerica Funds		Annual Report 2010

Page 48

NOTES TO FINANCIAL STATEMENTS (continued)
At October 31, 2010
(all amounts in thousands)

NOTE 3. (continued)

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


Transamerica Asset Allocation — Conservative Portfolio
ANA	0.10	%
Transamerica Asset Allocation — Growth Portfolio
ANA	0.10
Transamerica Asset Allocation — Moderate Growth Portfolio
ANA	0.10
Transamerica Asset Allocation — Moderate Portfolio
ANA	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
ANA	0.10

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


Portfolio Name	Expense Limit

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


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

If total Portfolio expenses, excluding 12b-1 fees and certain extraordinary expenses and acquired (i.e. underlying) portfolios’ fees and expenses, fall below the annual expense limitation agreement agreed to by the adviser within the succeeding 36 months, the Portfolios may be required to pay the adviser a portion or all of the previously waived advisory fees.

There were no amounts recaptured for the year ended October 31,2010.

The following amounts were available for recapture as of October 31, 2010:


Transamerica Multi-Manager International Portfolio	Reimbursement of Class Expenses		Available for Recapture Through

Fiscal Year 2009:
Class B	$	18		10/31/2012
Fiscal Year 2010:
Class B		7		10/31/2013

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

Underwriter commissions relate to front-end sales charges imposed for Class A shares and contingent deferred sales charges from Classes B, C, and certain A share redemptions. For the year ended October 31, 2010 the underwriter commissions paid to TCI were as follows:


Transamerica Asset Allocation — Conservative Portfolio
Received by Underwriter	$	3,481
Retained by Underwriter		585
Contingent Deferred Sales Charge		310

Transamerica Asset Allocation — Growth Portfolio
Received by Underwriter		2,641
Retained by Underwriter		402
Contingent Deferred Sales Charge		400

Transamerica Asset Allocation — Moderate Growth Portfolio
Received by Underwriter		6,364
Retained by Underwriter		994
Contingent Deferred Sales Charge		785

Transamerica Asset Allocation — Moderate Portfolio
Received by Underwriter		5,510
Retained by Underwriter		891
Contingent Deferred Sales Charge		464

Transamerica Multi-Manager Alternative Strategies Portfolio
Received by Underwriter		828
Retained by Underwriter		126
Contingent Deferred Sales Charge		24

Transamerica Multi-Manager International Portfolio
Received by Underwriter		302
Retained by Underwriter		47
Contingent Deferred Sales Charge		73



Transamerica Funds		Annual Report 2010

Page 49

NOTES TO FINANCIAL STATEMENTS (continued)
At October 31, 2010
(all amounts in thousands)

NOTE 3. (continued)

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

Transfer agent fees: Pursuant to a Transfer Agency Agreement, as amended, the Portfolios pay TFS a fee for providing transfer agency services. Fees paid and the amounts due to TFS for the year ended October 31, 2010 are as follows:


Portfolio Name	Fees Paid to TFS		Due to TFS

Transamerica Asset Allocation — Conservative Portfolio	$	1,043	$	91
Transamerica Asset Allocation — Growth Portfolio		2,558		190
Transamerica Asset Allocation — Moderate Growth Portfolio		3,738		288
Transamerica Asset Allocation — Moderate Portfolio		2,023		166
Transamerica Multi-Manager Alternative Strategies Portfolio		373		31
Transamerica Multi-Manager International Portfolio		544		38

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

NOTE 4. INVESTMENT TRANSACTIONS

The cost of affiliated investments purchased and proceeds from affiliated investments sold (excluding short-term securities) for the year ended October 31, 2010 were as follows:


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

Transamerica Asset Allocation — Conservative Portfolio	$	340,234	$	—		$	170,732	$	—
Transamerica Asset Allocation — Growth Portfolio		161,734		—			292,571		—
Transamerica Asset Allocation — Moderate Growth Portfolio		511,868		—			603,561		—
Transamerica Asset Allocation — Moderate Portfolio		463,784		—			335,991		—
Transamerica Multi-Manager Alternative Strategies Portfolio		131,328		—			85,448		—
Transamerica Multi-Manager International Portfolio		32,805		—			34,408		—

NOTE 5. FEDERAL INCOME TAX MATTERS

The Portfolios have not made any provision for federal income or excise taxes due to their policy to distribute all of their taxable income and capital gains to their shareholders and otherwise qualify as regulated investment companies under Subchapter M of the Internal Revenue Code. The Portfolios recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has evaluated the Portfolios’ tax positions taken for all open years (2007 — 2009), or expected to be taken in the Portfolios’ 2010 tax return, and has concluded that no provision for income tax is required in the Portfolios’ financial statements. If applicable, the portfolios recognize interest accrued related to unrecognized tax benefits in interest and penalties expense in Other on the Statements of Operations. The Portfolios identify their major tax jurisdictions as U.S. Federal, the state of Florida, and foreign jurisdictions where the Portfolios make significant investments; however the Portfolios are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to wash sales, net operating losses, capital loss carryforwards, and post-October loss deferrals.

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. There were no reclassifications for fiscal year ended October 31, 2010.



Transamerica Funds		Annual Report 2010

Page 50

NOTES TO FINANCIAL STATEMENTS (continued)
At October 31, 2010
(all amounts in thousands)

NOTE 5. (continued)

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


Fund	Capital Loss Carryforwards		Available Through

Transamerica Asset Allocation — Conservative Portfolio	$	35,255	October 31, 2017
Transamerica Asset Allocation — Conservative Portfolio		1,840	October 31, 2018
Transamerica Asset Allocation — Growth Portfolio		176,408	October 31, 2017
Transamerica Asset Allocation — Growth Portfolio		25,849	October 31, 2018
Transamerica Asset Allocation — Moderate Growth Portfolio		219,887	October 31, 2017
Transamerica Asset Allocation — Moderate Growth Portfolio		26,156	October 31, 2018
Transamerica Asset Allocation — Moderate Portfolio		69,947	October 31, 2017
Transamerica Asset Allocation — Moderate Portfolio		13,271	October 31, 2018
Transamerica Multi-Manager Alternative Strategies Portfolio		151	October 31, 2016
Transamerica Multi-Manager Alternative Strategies Portfolio		4,502	October 31, 2017
Transamerica Multi-Manager Alternative Strategies Portfolio		3,781	October 31, 2018
Transamerica Multi-Manager International Portfolio		36,280	October 31, 2016
Transamerica Multi-Manager International Portfolio		51,739	October 31, 2017
Transamerica Multi-Manager International Portfolio		4,935	October 31, 2018

There were no capital loss carryforwards utilized or expired during the year ended October 31, 2010.

The tax character of distributions paid may differ from the character of distributions shown in the Statements of Changes in Net Assets due to differences in book versus tax treatment. The tax character of distributions paid during 2009 and 2010 was as follows:


	2010 Distributions Paid From:						2009 Distributions Paid From:
	Ordinary		Long-term		Return		Ordinary		Long-term		Return
	income		Capital Gain		of Capital		income		Capital Gain		of Capital

Transamerica Asset Allocation — Conservative Portfolio	$	33,276	$	—	$	—	$	33,484	$	—	$	—
Transamerica Asset Allocation — Growth Portfolio		8,843		—		—		21,902		—		—
Transamerica Asset Allocation — Moderate Growth Portfolio		63,765		—		—		83,048		—		—
Transamerica Asset Allocation — Moderate Portfolio		61,102		—		—		65,813		—		—
Transamerica Multi-Manager Alternative Strategies Portfolio		5,281		—		—		6,303		—		—
Transamerica Multi-Manager International Portfolio		2,730		—		—		770		—		—

The tax basis components of distributable earnings as of October 31, 2010 are as follows:


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

Transamerica Asset Allocation — Conservative Portfolio	$	740	$	—	$	(37,095	)	$	—	$	91,435
Transamerica Asset Allocation — Growth Portfolio		1,433		—		(202,257	)		—		87,111
Transamerica Asset Allocation — Moderate Growth Portfolio		—		—		(246,043	)		—		182,045
Transamerica Asset Allocation — Moderate Portfolio		7,062		—		(83,218	)		—		154,169
Transamerica Multi-Manager Alternative Strategies Portfolio		—		—		(8,434	)		—		(1,714	)
Transamerica Multi-Manager International Portfolio		1,314		—		(92,954	)		—		10,816


^(a)		Rounds to less than $1.

*		Amounts include unrealized gain/loss from wash sales, if applicable.



Transamerica Funds		Annual Report 2010

Page 51

Change of Independent Registered Certified Public Accounting Firm

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

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

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

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

Transamerica Funds requested and PwC furnished a letter addressed to the Securities and Exchange Commission stating whether or not it agreed with the above statements. A copy of such letter was filed as Exhibit 77 to Form N-SAR for the period.



Transamerica Funds		Annual Report 2010

Page 52

Report of Independent Registered Public Accounting Firm

To the Board of Trustees & Shareholders of Transamerica Funds:

We have audited the accompanying statements of assets and liabilities of Transamerica Asset Allocation — Conservative Portfolio, Transamerica Asset Allocation — Growth Portfolio, Transamerica Asset Allocation — Moderate Growth Portfolio, Transamerica Asset Allocation — Moderate Portfolio, Transamerica Multi-Manager Alternative Strategies Portfolio, and Transamerica Multi-Manager International Portfolio, (the “Portfolios”) (six of the portfolios of the Transamerica Funds), including the schedules of investments, as of October 31, 2010, and the related statements of operations and changes in net assets for the year then ended, and financial highlights for the period then ended. These financial statements and financial highlights are the responsibility of the Portfolios’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The statement of changes in net assets for the year ended October 31, 2009 and the financial highlights for periods ended prior to November 1, 2009 were audited by another independent registered public accounting firm whose report, dated December 21, 2009, expressed an unqualified opinion on that statement of changes in net assets and those financial highlights.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Portfolios’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Portfolios’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2010, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the aforementioned six Portfolios of the Transamerica Funds at October 31, 2010, the results of their operations and the changes in their net assets for the year then ended, and the financial highlights for the period ended October 31, 2010, in conformity with U.S. generally accepted accounting principles.

Boston, Massachusetts
December 23, 2010



Transamerica Funds		Annual Report 2010

Page 53

TRANSAMERICA ASSET ALLOCATION — CONSERVATIVE PORTFOLIO (unaudited)

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

At a meeting of the Board of Trustees of Transamerica Funds (the “Board”) held on June 9-10, 2010, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Asset Allocation — Conservative Portfolio (the “Portfolio”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Portfolio between TAM and Morningstar Associates, LLC (the “Sub-Adviser”), to determine whether the agreements should be renewed.

Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement and the compensation to be received by TAM and the Sub-Adviser under the agreements is consistent with TAM’s fiduciary duty under applicable law. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2011. In reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements. The Trustees also considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Portfolio, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance information, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The investment performance of the Portfolio. The Board considered the short and longer-term performance of the Portfolio in light of its investment objective, policies and strategies, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2009. The Board noted that the Portfolio’s performance was above the median for its peer universe for the past 1- and 5-year periods and in line with the median for the past 3-year period. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board concluded that TAM and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Portfolio’s investment objectives, policies and strategies and competitive with other investment companies.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Portfolio and to Transamerica Funds as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Portfolio. The Trustees noted that the Portfolio’s contractual management fee was below the medians for its peer group and peer universe and that the total expenses of the Portfolio were above the medians for its peer group and peer universe. The Trustees noted the anticipated profitability of the relationship between the Portfolio, TAM and its affiliates, and the Sub-Adviser, as applicable, and determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the agreements are consistent with TAM’s fiduciary duty under applicable law. In making these observations and determinations, the Board reviewed, among other information, comparative information provided by Lipper and management.

Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Portfolio grows. The Trustees considered the economies of scale with respect to the management of the Portfolio, whether the Portfolio had appropriately benefited from any economies of scale, and whether there was potential for realization of any further economies of scale. The Trustees considered the management fee schedule and the existence of breakpoints, if any. The Trustees also concluded that they will have the opportunity to periodically reexamine whether the Portfolio has achieved economies of scale, and the appropriateness of management fees payable to TAM and fees paid to the Sub-Adviser, in the future.

Benefits to TAM, its affiliates, or the Sub-Adviser from their relationship with the Portfolio. The Board noted that management believes that other benefits anticipated to be derived by TAM, its affiliates, and the Sub-Adviser from their relationships with the Portfolio are expected to be consistent with industry practice and the best interests of the Portfolio and its shareholders. The Trustees also noted that TAM would not realize soft dollar benefits from its relationship with the Portfolio.

Other considerations. 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 Portfolio in a professional manner that is consistent with the best interests of the Portfolio and its shareholders. In this regard, the Trustees 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 Trustees also determined that TAM has made a significant entrepreneurial commitment to the management and success of the Portfolio, reflected by TAM’s expense limitation and fee waiver arrangements with the Portfolio, which may result in TAM waiving fees for the benefit of shareholders.

Conclusion. After consideration of the factors described above as well as other factors, the Trustees, including all of the independent members of the Board, concluded that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement and the compensation to be received by TAM and the Sub-Adviser is consistent with TAM’s fiduciary duty under applicable law and voted to approve the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement.



Transamerica Funds		Annual Report 2010

Page 54

TRANSAMERICA ASSET ALLOCATION — GROWTH PORTFOLIO (unaudited)

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

At a meeting of the Board of Trustees of Transamerica Funds (the “Board”) held on June 9-10, 2010, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Asset Allocation — Growth Portfolio (the “Portfolio”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Portfolio between TAM and Morningstar Associates, LLC (the “Sub-Adviser”), to determine whether the agreements should be renewed.

The investment performance of the Portfolio. The Board considered the short and longer-term performance of the Portfolio in light of its investment objective, policies and strategies, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2009. The Board noted that the Portfolio’s performance was below the median for its peer universe for the past 1-year period, in line with the median for the past 3-year period and above the median for the past 5-year period. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board concluded that TAM and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Portfolio’s investment objectives, policies and strategies and competitive with other investment companies.



Transamerica Funds		Annual Report 2010

Page 55

TRANSAMERICA ASSET ALLOCATION — MODERATE GROWTH PORTFOLIO (unaudited)

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

At a meeting of the Board of Trustees of Transamerica Funds (the “Board”) held on June 9-10, 2010, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Asset Allocation — Moderate Growth Portfolio (the “Portfolio”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Portfolio between TAM and Morningstar Associates, LLC (the “Sub-Adviser”), to determine whether the agreements should be renewed.

The investment performance of the Portfolio. The Board considered the short and longer-term performance of the Portfolio in light of its investment objective, policies and strategies, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2009. The Board noted that the Portfolio’s performance was in line with the median for its peer universe for the past 1- and 3-year periods and above the median for the past 5-year period. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board concluded that TAM and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Portfolio’s investment objectives, policies and strategies and competitive with other investment companies.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Portfolio and to Transamerica Funds as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Portfolio. The Trustees noted that the Portfolio’s contractual management fee was in line with the median for its peer group and below the median for its peer universe and that the total expenses of the Portfolio were above the medians for its peer group and peer universe. The Trustees noted the anticipated profitability of the relationship between the Portfolio, TAM and its affiliates, and the Sub-Adviser, as applicable, and determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the agreements are consistent with TAM’s fiduciary duty under applicable law. In making these observations and determinations, the Board reviewed, among other information, comparative information provided by Lipper and management.



Transamerica Funds		Annual Report 2010

Page 56

TRANSAMERICA ASSET ALLOCATION — MODERATE PORTFOLIO (unaudited)

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

At a meeting of the Board of Trustees of Transamerica Funds (the “Board”) held on June 9-10, 2010, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Asset Allocation — Moderate Portfolio (the “Portfolio”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Portfolio between TAM and Morningstar Associates, LLC (the “Sub-Adviser”), to determine whether the agreements should be renewed.

Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement and the compensation to be received by TAM and the Sub-Adviser under the agreements is consistent with TAM’s fiduciary duty under applicable law.. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2011. In reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements. The Trustees also considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Portfolio, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance information, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The investment performance of the Portfolio. The Board considered the short and longer-term performance of the Portfolio in light of its investment objective, policies and strategies, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2009. The Board noted that the Portfolio’s performance was above the median for its peer universe for the past 1-, 3- and 5-year periods. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board concluded that TAM and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Portfolio’s investment objectives, policies and strategies and competitive with other investment companies.



Transamerica Funds		Annual Report 2010

Page 57

TRANSAMERICA MULTI-MANAGER ALTERNATIVE STRATEGIES PORTFOLIO (unaudited)

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

At a meeting of the Board of Trustees of Transamerica Funds (the “Board”) held on June 9-10, 2010, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Multi-Manager Alternative Strategies Portfolio (the “Portfolio”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Portfolio between TAM and Morningstar Associates, LLC (the “Sub-Adviser”), to determine whether the agreements should be renewed.

The investment performance of the Portfolio. The Board considered the short and longer-term performance of the Portfolio in light of its investment objective, policies and strategies, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2009. The Board noted that the Portfolio’s performance was below the median for its peer universe for the past 1-year period and above the median for the past 3-year period. The Board noted the challenges of finding a truly comparable peer group given the Portfolio’s unique nature. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board concluded that TAM and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Portfolio’s investment objectives, policies and strategies and competitive with other investment companies.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Portfolio and to Transamerica Funds as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Portfolio. The Trustees noted that the Portfolio’s contractual management fee and total expenses were in line with the medians for its peer group and peer universe.. The Board noted the limited size of the Portfolio’s peer group due to the Portfolio’s unique nature. The Trustees noted the anticipated profitability of the relationship between the Portfolio, TAM and its affiliates, and the Sub-Adviser, as applicable, and determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the agreements are consistent with TAM’s fiduciary duty under applicable law. In making these observations and determinations, the Board reviewed, among other information, comparative information provided by Lipper and management.

Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Portfolio grows. The Trustees considered the economies of scale with respect to the management of the Portfolio, whether the Portfolio had appropriately benefited from any economies of scale, and whether there was potential for realization of any further economies of scale. In evaluating the extent to which the management fees payable under the Investment Advisory and Sub-Advisory Agreements reflect economies of scale or will permit economies of scale to be realized in the future, the Board noted that TAM and the Sub-Adviser offer breakpoints which benefit investors by passing on economies of scale in the form of lower management fees as the level of assets grows. The Trustees also concluded that they will have the opportunity to periodically reexamine whether the Portfolio has achieved economies of scale, and the appropriateness of management fees payable to TAM and fees paid to the Sub-Adviser, in the future.



Transamerica Funds		Annual Report 2010

Page 58

TRANSAMERICA MULTI-MANAGER INTERNATIONAL PORTFOLIO (unaudited)

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

At a meeting of the Board of Trustees of Transamerica Funds (the “Board”) held on June 9-10, 2010, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Multi-Manager International Portfolio (the “Portfolio”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Portfolio between TAM and Morningstar Associates, LLC (the “Sub-Adviser”), to determine whether the agreements should be renewed.

The nature, extent and quality of the advisory services to be provided. The Board considered the nature, extent and quality of the services provided by TAM and the Sub-Adviser to the Portfolio in the past, as well as the services anticipated to be provided in the future. The Trustees also considered the Sub-Adviser’s investment approach for the Portfolio. The Trustees noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for the Sub-Adviser and a comparison of trading results against a peer universe of managers. The Board also considered the 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 of the portfolio management team of the Sub-Adviser. The Trustees determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Portfolio’s operations, the competitive landscape of the investment company business and investor needs.

The investment performance of the Portfolio. The Board considered the short and longer-term performance of the Portfolio in light of its investment objective, policies and strategies, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2009. The Board noted that the Portfolio’s performance was above the median for its peer universe for the past 1-year period and in line with the median for the past 3-year period. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board concluded that TAM and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Portfolio’s investment objectives, policies and strategies and competitive with other investment companies.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Portfolio and to Transamerica Funds as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Portfolio. The Trustees noted that the Portfolio’s contractual management fee and total expenses were in line with the medians for its peer group and above the medians for its peer universe. The Board noted the limited size of the Portfolio’s peer group due to the Portfolio’s unique nature. The Trustees noted the anticipated profitability of the relationship between the Portfolio, TAM and its affiliates, and the Sub-Adviser, as applicable, and determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the agreements are consistent with TAM’s fiduciary duty under applicable law. In making these observations and determinations, the Board reviewed, among other information, comparative information provided by Lipper and management.



Transamerica Funds		Annual Report 2010

Page 59

SUPPLEMENTAL INFORMATION (unaudited)

TAX INFORMATION

For dividends paid during the year ended October 31, 2010, the Portfolios designated the following as qualified dividend income:


	Qualified Dividend
Portfolio	Income
Transamerica Asset Allocation — Conservative Portfolio	$	3,023
Transamerica Asset Allocation — Growth Portfolio		14,678
Transamerica Asset Allocation — Moderate Growth Portfolio		35,844
Transamerica Asset Allocation — Moderate Portfolio		14,288
Transamerica Multi-Manager Alternative Strategies Portfolio		1,485
Transamerica Multi-Manager International Portfolio		3,050

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


	Dividend Received
Portfolio	Deduction Percentage
Transamerica Asset Allocation — Conservative Portfolio		8.66	%
Transamerica Asset Allocation — Growth Portfolio		100.00	%
Transamerica Asset Allocation — Moderate Growth Portfolio		40.06	%
Transamerica Asset Allocation — Moderate Portfolio		19.72	%
Transamerica Multi-Manager Alternative Strategies Portfolio		15.40	%
Transamerica Multi-Manager International Portfolio		9.17	%

For tax purposes, there were no Long-Term Capital Gain Designations for the year ended October 31, 2010.

The information and distributions reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2010. Complete information will be computed and reported in conjunction with your 2010 Form 1099-DIV.



Transamerica Funds		Annual Report 2010

Page 60

TRANSAMERICA FUNDS

Management of the Funds
(unaudited)

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 Transamerica Asset Management, Inc. (“TAM”) (collectively, “Transamerica Asset Management Group”). Transamerica Asset Management Group (“TAMG”) consists of Transamerica Funds, Transamerica Series Trust (“TST”), 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”) and consists of 152 funds as of the date of this report.

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

Number of

Funds in

Term of

Complex

Office and

Overseen

Position(s) Held

Length of

Principal Occupation(s) During

by Board

Other

Name and Age

with Trust

Time Served*

Past 5 Years

Member

Directorships

INTERESTED BOARD MEMBER**

John K. Carter
(1961)

Chairman, Board Member, President, and Chief Executive Officer

Since 1999

Chairman and Board Member (2008 — 2010), President (2007 — 2010), Chief Executive Officer (2006 — 2010), Vice President, Secretary and Chief Compliance Officer (2003 — 2006), Transamerica Investors, Inc. (“TII”);

152

N/A

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;

Chairman, President and Chief Executive Officer (2006 — present), Director (2002 — present), Senior Vice President (1999 — 2006), General Counsel and Secretary (2000 — 2006), Chief Compliance Officer (2004 — 2006), TAM;

Chairman, President and Chief Executive Officer (2006 — present), Senior Vice President (1999 — 2006), Director (2002 — present), General Counsel and Secretary (2001 — 2006), Transamerica Fund Services, Inc. (“TFS”);



Transamerica Funds		Annual Report 2010

Page 61

Number of

Funds in

Term of

Complex

Office and

Overseen

Position(s) Held

Length of

Principal Occupation(s) During

by Board

Other

Name and Age

with Trust

Time Served*

Past 5 Years

Member

Directorships

Vice President, AFSG Securities Corporation (2001 — present);

Senior Vice President, General Counsel and Secretary, Transamerica Index Funds, Inc. (“TIF”) (2002 — 2004); and

Director, (2008 — present), Vice President, Transamerica Investment Services, Inc. (“TISI”) (2003 — 2005) and Transamerica Investment Management, LLC (“TIM”) (2001 — 2005).

INDEPENDENT BOARD MEMBERS***

Sandra N. Bane
(1952)

Board Member

Since 2008

Retired (1999 — present);

Partner, KPMG (1975 — 1999);

Board Member, TII (2003 — 2010); and

Board Member, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (2008 — present).

152

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

Leo J. Hill
(1956)

Lead Independent Board Member

Since 2002

Principal, Advisor Network Solutions, LLC (business consulting) (2006 — present);

152

N/A

Board Member, TST (2001 — present);

Board Member, Transamerica Funds and TIS (2002 — present);

Board Member, TPP, TPFG, TPFG II and TAAVF (2007 — present);

Board Member, TII (2008 — 2010);

President, L. J. Hill & Company (a holding company for privately-held assets) (1999 — present);

Market President, Nations Bank of Sun Coast Florida (1998 — 1999);

Chairman, President and Chief Executive Officer, Barnett Banks of Treasure Coast Florida (1994 — 1998);

Executive Vice President and Senior Credit Officer, Barnett Banks of Jacksonville, Florida (1991 — 1994); and

Senior Vice President and Senior Loan Administration Officer, Wachovia Bank of Georgia (1976 — 1991).



Transamerica Funds		Annual Report 2010

Page 62

Number of

Funds in

Term of

Complex

Office and

Overseen

Position(s) Held

Length of

Principal Occupation(s) During

by Board

Other

Name and Age

with Trust

Time Served*

Past 5 Years

Member

Directorships

David W. Jennings
(1946)

Board Member

Since 2009

Board Member, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (2009 — present);

152

N/A

Board Member, TII (2009 — 2010);

Principal, Maxam Capital Management, LLC (2006 — 2008); and

Principal, Cobble Creek Management LP (2004 — 2006).

Russell A. Kimball, Jr.
(1944)

Board Member

1986 — 1990 and Since 2002

General Manager, Sheraton Sand Key Resort (1975 — present);

152

N/A

Board Member, TST (1986 — present);

Board Member, Transamerica Funds, (1986 — 1990), (2002 — present);

Board Member, TIS (2002 — present);

Board Member, TPP, TPFG, TPFG II and TAAVF (2007 — present); and

Board Member, TII (2008 — 2010).

Eugene M. Mannella
(1954)

Board Member

Since 2007

Chief Executive Officer, HedgeServ Corporation (hedge fund administration) (2008 — present);

152

N/A

Self-employed consultant (2006 — present);

President, ARAPAHO Partners LLC (limited purpose broker-dealer) (1998 — 2008);

Board Member, TPP, TPFG, TPFG II and TAAVF (1993 — present);

Board Member, Transamerica Funds, TST and TIS (2007 — present);

Board Member, TII (2008 — 2010); and

President, International Fund Services (alternative asset administration) (1993 — 2005).



Transamerica Funds		Annual Report 2010

Page 63

Number of

Funds in

Term of

Complex

Office and

Overseen

Position(s) Held

Length of

Principal Occupation(s) During

by Board

Other

Name and Age

with Trust

Time Served*

Past 5 Years

Member

Directorships

Norman R. Nielsen, Ph.D.
(1939)

Board Member

Since 2006

Retired (2005 — present);

Board Member, Transamerica Funds, TST and TIS (2006 — present);

152

Buena Vista University Board of Trustees (2004 — present)

Board Member, TPP, TPFG, TPFG II and TAAVF (2007 — present);

Board Member, TII (2008 — 2010);

Director, Iowa Student Loan Service Corporation (2006 — present);

Director, League for Innovation in the Community Colleges (1985 — 2005);

Director, Iowa Health Systems (1994 — 2003);

Director, U.S. Bank (1985 — 2006); and

President, Kirkwood Community College (1985 — 2005).

Joyce G. Norden
(1939)

Board Member

Since 2007

Retired (2004 — present);

Board Member, TPFG, TPFG II and TAAVF (1993 — present);

Board Member, TPP (2002 — present);

152

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

Board Member, Transamerica Funds, TST and TIS (2007 — present);

Board Member, TII (2008 — 2010); and

Vice President, Institutional Advancement, Reconstructionist Rabbinical College (1996 — 2004).

Patricia L. Sawyer
(1950)

Board Member

Since 2007

Retired (2007 — present);

President/Founder, Smith & Sawyer LLC (management consulting) (1989 — 2007);

Board Member, Transamerica Funds, TST and TIS (2007 — present);

152

Honorary Trustee, Bryant University (1996 — present)

Board Member, TII (2008 — 2010);

Board Member, TPP, TPFG, TPFG II and TAAVF (1993 — present);

Trustee, Chair of Finance Committee and Chair of Nominating Committee (1987 — 1996), Bryant University;

Vice President, American Express (1987 — 1989);

Vice President, The Equitable (1986 — 1987); and

Strategy Consultant, Booz, Allen & Hamilton (1982 — 1986).



Transamerica Funds		Annual Report 2010

Page 64

Number of

Funds in

Term of

Complex

Office and

Overseen

Position(s) Held

Length of

Principal Occupation(s) During

by Board

Other

Name and Age

with Trust

Time Served*

Past 5 Years

Member

Directorships

John W. Waechter (1952)

Board Member

Since 2005

Attorney, Englander & Fischer, P.A. (2008 — present);

Retired (2004 — 2008);

Board Member, TST and TIS (2004 — present);

Board Member, Transamerica Funds (2005 — present);

152

Operation PAR, Inc. (2008 — present); West Central Florida Council — Boy Scouts of America (2008 — present)

Board Member, TPP, TPFG, TPFG II and TAAVF (2007 — present);

Board Member, TII (2008 — 2010);

Employee, RBC Dain Rauscher (securities dealer) (2004);

Executive Vice President, Chief Financial Officer and Chief Compliance Officer, William R. Hough & Co. (securities dealer) (1979 — 2004); and

Treasurer, The Hough Group of Funds (1993 — 2004).


*		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 2010

Page 65

OFFICERS

The mailing address of each officer is c/o Secretary, 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	Principal Occupation(s) or
Name and Age	Position	Time Served*	Employment During Past 5 Years
John K. Carter (1961)	Chairman, Board Member, President, and Chief Executive Officer	Since 1999	See the table above.

Dennis P. Gallagher (1970)	Vice President, General Counsel and Secretary	Since 2006	Vice President, General Counsel and Secretary, Transamerica Funds, TST and TIS (2006 — present);

			Vice President, General Counsel and Secretary, TII, (2006 — 2010);

			Vice President, General Counsel and Secretary, TPP, TPFG, TPFG II and TAAVF (2007 — present);

			Director, Senior Vice President, General Counsel, Operations, and Secretary, TAM and TFS (2006 — present);

			Assistant Vice President, TCI (2007 — present);

			Director, Deutsche Asset Management (1998 — 2006); and

			Corporate Associate, Ropes & Gray LLP (1995 — 1998).

Robert A. DeVault, Jr. (1965)	Vice President, Treasurer and Principal Financial Officer	Since 2009	Vice President, Treasurer and Principal Financial Officer, (March 2010 — present), Assistant Treasurer, (2009 — 2010), Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF;

			Vice President (March 2010 — present), Assistant Vice President (2007 — 2010) and Manager, Fund Administration, (2002 — 2007), TFS; and

			Vice President (March 2010 — present), TAM.

Christopher A. Staples (1970)	Vice President and Chief Investment Officer	Since 2005	Vice President and Chief Investment Officer (2007 — 2010); 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 2010

Page 66


		Term of Office
		and Length of	Principal Occupation(s) or
Name and Age	Position	Time Served*	Employment During Past 5 Years
Robert S. Lamont, Jr. (1973)	Vice President, Chief Compliance Officer and Conflicts of Interest Officer	Since 2010	Vice President, Chief Compliance Officer and Conflicts of Interest Officer, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (February 2010 — present);

			Vice President and Senior Counsel, TAM and TFS (2007 — present);

			Senior Counsel, United States Securities and Exchange Commission (2004 — 2007); and

			Associate, Dechert, LLP (1999 — 2004).

Bradley O. Ackerman (1966)	Anti-Money Laundering Officer	Since 2007	Anti-Money Laundering Officer, TPP, TPFG, TPFG II and TAAVF (2009 — present);

			Anti-Money Laundering Officer, Transamerica Funds (2007 — present);

			Senior Compliance Officer, TAM (2007 — present); and

			Director, Institutional Services, Rydex Investments (2002 — 2007).

Sarah L. Bertrand (1967)	Assistant Secretary	Since 2009	Assistant Secretary, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (2009 — present);

			Assistant Secretary, TII (2009 — 2010);

			Assistant Vice President and Director, Legal Administration, TAM and TFS (2007 — present);

			Assistant Secretary and Chief Compliance Officer, 40\|86 Series Trust and 40\|86 Strategic Income Fund (2000 — 2007); and

			Second Vice President and Assistant Secretary, Legal and Compliance, 40\|86 Capital Management, Inc. (1994 — 2007).

Timothy J. Bresnahan (1968)	Assistant Secretary	Since 2009	Assistant Secretary, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (2009 — present);

			Assistant Secretary, TII (2009 — 2010);

			Counsel, TAM (2008 — present);

			Counsel (contract), Massachusetts Financial Services, Inc. (2007);

			Assistant Counsel, BISYS Fund Services Ohio, Inc. (2005 — 2007); and

			Associate, Greenberg Traurig, P.A. (2004 — 2005).



Transamerica Funds		Annual Report 2010

Page 67


		Term of Office
		and Length of	Principal Occupation(s) or
Name and Age	Position	Time Served*	Employment During Past 5 Years
Margaret A. Cullem-Fiore (1957)	Assistant Secretary	Since 2010	Assistant Secretary, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (April 2010 — present);

			Assistant Vice President, TCI (2009 — present);

			Vice President and Senior Counsel, TAM and TFS (2006 — present);

			Vice President and Senior Counsel, Transamerica Financial Advisors, Inc. (2004 — 2007); and

			Vice President and Senior Counsel, Western Reserve Life Assurance Co. of Ohio (2006).

Richard E. Shield, Jr. (1974)	Tax Officer	Since 2008	Tax Officer, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (2008 — present);

			Tax Officer, TII (2008 — 2010);

			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).

Elizabeth Strouse (1974)	Assistant Treasurer	Since 2010	Assistant Treasurer, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (April 2010 — present);

			Director, Fund Financial Services (2009 — present), TFS;

			Director, Fund Administration, TIAA-CREF (2007 — 2009); and

			Manager (2006 — 2007) and Senior (2003 — 2006) Accounting and Assurance, PricewaterhouseCoopers, LLC.


*		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 Trust’s website at www.transamericafunds.com.



Transamerica Funds		Annual Report 2010

Page 68

PROXY VOTING POLICIES AND PROCEDURES AND QUARTERLY PORTFOLIO HOLDINGS
(unaudited)

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

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

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

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

Important Notice Regarding Delivery of Shareholder Documents

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



Transamerica Funds		Annual Report 2010

Page 69

NOTICE OF PRIVACY POLICY

(unaudited)

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

What Information We Collect and From Whom We Collect It

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

•

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

•

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

•

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

What Information We Disclose and To Whom We Disclose It

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

Our Security Procedures

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

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

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



Transamerica Funds		Annual Report 2010

Page 70

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, 2010

www.transamericafunds.com

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

Dear Fellow Shareholder,

We believe it is important to recognize and understand current market conditions in order to provide a context for reading this report. During the past twelve months, markets have generally advanced, yet have exhibited periods of weakness in conjunction with investors’ concerns over the health of the economy and the labor market, and periods of strength in conjunction with investors’ optimism of recovery and improved economic data points. The equity markets exhibited weakness in February, advanced into late April, were weak during June, July, and August, and ended the period near their highs of the year. The period ended with positive twelve month returns for both the broad equity and bond markets. Given concerns over debt levels overseas, the US Dollar entered a period of strength versus the Euro and British Pound until the late spring and early summer of 2010, when US Dollar weakness resumed. The US Dollar has weakened to multi-year lows versus the Japanese Yen. Oil prices have remained volatile over the past year, hitting their lows in early summer and rebounding to end higher at the end of the year. The Federal Reserve has kept the federal funds rate to a range of 0-0.25% in an effort to stimulate the economy. The unemployment rate has been sluggish to recede, beginning the year at 10.2% and ending the period at 9.6%. Anticipation of economic recovery has led to strong gains for particular equity and fixed-income sectors, including small-cap and mid-cap stocks, emerging market stocks, and high yield bonds. Money market securities have lagged on a relative basis. For the twelve months ended October 31, 2010, the Dow Jones Industrial Average returned 17.62%, the Standard & Poor’s 500 Index returned 16.52%, and the Barclays Capital U.S. Aggregate Bond Index returned 8.01%. 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 adviser if you have any questions about the contents of this report, and thanks again for the confidence you have placed in us.

Sincerely,


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

The views expressed in this report reflect those of the portfolio managers only and may not necessarily represent the views of the 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 the Transamerica Funds.

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

MARKET ENVIRONMENT

High Yield bonds historically perform well during the recovery years following a recession and the last 12 months were no exception. The Bank of America Merrill Lynch High Yield, Cash Pay Index returned 19.20% for the 12 months ended October 31, 2010.

The new issuance market set back-to-back annual records in a testament to the strength and liquidity of the High Yield market over the past 2 years. According to Barclays, US High Yield issuance in 2009 totaling $153 billion established a new mark which was surpassed by the $209 billion issued in 2010 through October. We anticipate the capital markets will remain robust in the near term as investors continue to seek out High Yield bonds, which offer attractive income relative to investment grade and government alternatives.

Investors will also continue to benefit from stability of cash flow in the coming quarters as a result of declining defaults. According to Moody’s, the current US trailing twelve month speculative grade default rate is slightly below 4.0%, the lowest reading since November 2008. Moody’s projects the base-case default rate for year-end 2010 will decline to 2.8% and fall further to 2.2% by mid-2011.

PERFORMANCE

For the year ended October 31, 2010, Transamerica AEGON High Yield Bond Class A returned 17.21%. By comparison its benchmark, the Bank of America Merrill Lynch U.S. High Yield, Cash Pay Index returned 19.20%.

STRATEGY REVIEW

Transamerica AEGON High Yield Bond (the “Fund”) underperformed the benchmark index for the fiscal year ended October 31, 2010. The underperformance is primarily attributable to financials, utilities and non-US domiciled issuers. Financials were a growing component of the high yield bond universe due to downgrades resulting from the credit crisis. Despite increasing the portfolio’s exposure to the sector we remained below-weight which resulted in underperformance as the group outperformed on the year. Utilities underperformed the benchmark while we maintained an over-allocation to the group. Lastly, the portfolio underperformed due to below-benchmark exposure to emerging markets which outperformed during the period. The underweight position is the result of a portfolio construction methodology that focuses primarily on US and developed country bonds.

The portfolio outperformed in the industrial areas of technology, consumer cyclicals and capital goods. Overweight positions in the technology sector, the gaming component of cyclicals and the building materials constituent of capital goods generated positive performance relative to the benchmark. The portfolio remains slightly overweight cyclical sectors such as technology, basic industry (including building materials and forestry/paper) and capital goods (including aerospace/defense and packaging). The portfolio is underweight telecommunications and energy as we believe they offer lower risk/reward opportunities and such defensive sectors will lag as the economy improves.

Recent economic reports indicate a slow to moderate economic expansion with expectations of low inflation. The tepid growth rate continues to cause concern regarding a potential double-dip scenario. The Federal Reserve Board is countering those fears with further quantitative easing in an effort to increase liquidity. Debt issuers have benefited from the low yield, high liquidity environment and we believe corporate fundamentals will continue to improve in the coming quarters. We also believe further monetary policy moves will benefit economically sensitive asset classes including high yield, as attractive yield producing alternatives diminish. The portfolio is positioned towards a view that we remain in a modest economic recovery and we believe the Fund will outperform in that environment.

Bradley J. Beman, CFA, CPA
Benjamin D. Miller, CFA
Kevin Bakker, CFA

Co-Portfolio Managers
AEGON USA Investment Management, LLC



Transamerica Funds				Annual Report 2010

Page 1

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

Average Annual Total Return for Periods Ended 10/31/2010


							10 Years or
	1 Year			5 Years			Life of Fund			Inception Date

Class A (NAV)		17.21	%		8.36	%		7.30	%		06/14/1985
Class A (POP)		11.66	%		7.30	%		6.78	%		06/14/1985
BofA Merrill Lynch U.S. High Yield, Cash Pay*		19.20	%		8.85	%		8.54	%		06/14/1985

Class B (NAV)		16.38	%		7.59	%		6.71	%		10/01/1995
Class B (POP)		11.38	%		7.44	%		6.71	%		10/01/1995

Class C (NAV)		16.54	%		7.66	%		8.36	%		11/11/2002
Class C (POP)		15.54	%		7.66	%		8.36	%		11/11/2002

Class I (NAV)		N/A			N/A			15.92	%^(a)		11/30/2009

Class I2 (NAV)		17.74	%		8.87	%		7.78	%		11/08/2004

Class P (NAV)		N/A			N/A			16.21	%^(a)		11/20/2009

NOTES


*		The Bank of America Merrill Lynch U.S. High Yield, Cash Pay Index (“BofA Merrill Lynch U.S. High Yield, Cash Pay”) is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or Life of Fund calculation is based on the previous 10 years. You cannot invest directly in an index.

^(a)		Not Annualized

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. 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 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 2010

Page 2

Transamerica Balanced
(unaudited)

MARKET ENVIRONMENT

The 12 months ended October 31, 2010, was a strong but at times volatile period in both the equity and fixed income markets. A broad trend toward global economic recovery and a return to more normal business activity in the U.S. were at times overshadowed by specific domestic and global events.

Economic recovery and investor confidence gained momentum early in the reporting period as the U.S. emerged from the worst recession in decades. Manufacturing showed signs of a revival, reflecting an uptick in new orders and some inventory replenishment. Although the unemployment rate remained high, jobless claims trended downward and leveled out, and temporary employment increased. However, the expiration of the first-time home buyer’s tax credit took some wind out of the housing recovery. Even though there were some signs of inflationary pressures, particularly among commodities prices, inflation remained benign.

By mid-spring, however, confidence eroded over concerns about slowing global and domestic growth. This, combined with the onset of a sovereign debt crisis in Europe, sparked a migration out of risky assets. Also weighing on U.S. markets was legislative action to increase regulation of the largest banks and financial institutions. U.S. and global investors sought the relative safety of U.S. Treasuries and, to a lesser extent, agency securities.

Investor confidence later firmed due to a stabilizing financial situation in Europe; an outlook for China of slower but still robust growth; the potential for large changes on Capitol Hill from mid-term elections; and the possibility for another round of quantitative easing from the Federal Reserve Board. U.S. economic indicators, though still mixed, generally pointed to very moderate growth as the period came to a close.

Against this backdrop, as investors anticipated economic and business environments to move toward a more normal trajectory, equity markets finished the period higher. All sectors of the fixed income markets performed well, and corporate bonds outperformed Treasuries as investors looked for yield advantages over Treasuries.

PERFORMANCE

For the year ended October 31, 2010, Transamerica Balanced Class A returned 23.08%. By comparison, its primary and secondary benchmarks, the S&P 500 Composite Stock Index and the Barclays Capital U.S. Aggregate Bond Index, returned 16.52% and 8.01%, respectively.

STRATEGY REVIEW

During the period, Transamerica Balanced outperformed its benchmarks. For the equity segment, strong relative outperformance is attributable to stock selection in the consumer discretionary (i.e., Netflix, Inc.) and technology (Apple, Inc.) sectors.

Netflix, Inc. continues to grow their subscriber base faster than expectations, while its digital service will rent more movies than its DVD rental service for the first time in company history next quarter. Apple, Inc. performed well throughout the period due to the launch of the iPad and the introduction of the iPhone 4, whose many new features include a video calling application. Performance detractors included stock selection in the financial services sector (i.e., Charles Schwab Corp.) and individual holding Jacobs Engineering Group, Inc. Although Charles Schwab Corp. has been gaining market share over its competitors, record low interest rates have the potential to impact their earnings. As a result, we have been reducing the position. Jacobs Engineering Group, Inc., an engineering and construction firm, experienced a slowdown in business due to delays in “shovel ready” projects (i.e., highway and bridge construction)—we sold the position.

On the fixed income side overweighting corporate bonds and underweighting agency mortgage backed securities (“MBS”) helped drive performance. Within the corporate sector, we trimmed fully valued, high-quality positions and less-liquid longer positions to reinvest in new opportunities, such as commodity-oriented companies in metals and mining, and bonds backed by hard assets, such as enhanced equipment trust certificates backed by aircraft. While underweight agency MBS, we increased our weighting to non-agency MBS through real estate mortgage investment conduits (“REMIC”) which performed well due to competitive yields and higher total-return opportunities. Our overweight positions in cell-phone tower commercial mortgage-backed securities also contributed to performance. Throughout the period, we maintained a shorter-than-index duration (i.e., sensitivity to interest rates) for the portfolio. At times, this was a detractor from performance as rates rallied. However, the impact of this positioning was more than offset by our sector exposures.

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

Co-Portfolio Managers
Transamerica Investment Management, LLC



Transamerica Funds				Annual Report 2010

Page 3

Transamerica Balanced
(unaudited)

Average Annual Total Return for Periods Ended 10/31/2010


							10 Years or
	1 Year			5 Years			Life of Fund			Inception Date

Class A (NAV)		23.08	%		4.80	%		3.25	%		12/02/1994
Class A (POP)		16.31	%		3.62	%		2.67	%		12/02/1994
S&P 500*		16.52	%		1.73	%		(0.02	)%		12/02/1994
Barclays Capital U.S. Aggregate Bond*		8.01	%		6.45	%		6.38	%		12/02/1994

Class B (NAV)		22.15	%		4.12	%		2.74	%		10/01/1995
Class B (POP)		17.09	%		3.94	%		2.74	%		10/01/1995

Class C (NAV)		22.43	%		4.22	%		5.40	%		11/11/2002
Class C (POP)		21.43	%		4.22	%		5.40	%		11/11/2002

Class I (NAV)		N/A			N/A			19.52	%^(a)		11/30/2009

Class P (NAV)		N/A			N/A			18.19	%^(a)		11/13/2009

NOTES


*		The S&P 500 Composite Stock Index (“S&P 500”) and the Barclays Capital U.S. Aggregate Bond Index (“Barclays Capital U.S. 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. The 10 Years or Life of Fund calculation is based on the previous 10 years. You cannot invest directly in an index.

^(a)		Not Annualized

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. 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 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 2010

Page 4

Transamerica Diversified Equity
(unaudited)

MARKET ENVIRONMENT

During the 12 months ended October 31, 2010, a broad trend toward global economic recovery and a return to more normal business activity in the U.S. was overshadowed by specific domestic and global events that negatively impacted investor confidence, causing tremendous volatility in equity markets.

Early in the period, positive data on U.S. gross domestic product, improvements in corporate earnings and the end of the worst recession in decades boosted investor confidence. Equity markets moved higher as the possibility of a sustained economic recovery prompted renewed business growth.

However, as the summer months approached, a perfect storm of global and domestic events provoked investor skepticism in equity markets, driving them lower. A sovereign debt crisis and fiscal austerity measures in Europe, coupled with tighter fiscal policies in China (to dampen growth), heightened investor concerns about whether the rate of global economic expansion was sustainable. Meanwhile, in the U.S., the impact of stubbornly high unemployment, the Gulf of Mexico oil spill and the unexpected “flash” crash in the equity markets would ultimately send global and domestic investors fleeing to the relative safety of U.S. Treasuries.

As the period came to a close, the realization that there would not be a liquidity event in Europe, the Federal Reserve Board’s promise to keep an easy monetary policy and the release of economic data in line with or only slightly below expectations, prompted a greater willingness to accept risk. As investors anticipated economic and business environments to move toward a more normal trajectory, equity markets finished the period higher.

PERFORMANCE

For the year ended October 31, 2010, Transamerica Diversified Equity Class P returned 19.31%. By comparison, its benchmark, the S&P 500 Composite Stock Index, returned 16.52%.

STRATEGY REVIEW

Throughout the period, we adhered to our bottom-up investment process: seeking companies with proven management; strong cash-flow characteristics; and sustainable competitive advantages. We positioned the portfolio for a positive economic outlook while staying true to our big-picture catalysts. Catalysts may be driven by company changes, such as a new product, or by industry changes, such as widespread adoption of smart phones, and will typically endure for years, contributing to performance over time.

Stock selection in the consumer discretionary, producer durables and technology (i.e., Apple, Inc. and Salesforce.com, Inc.) sectors, along with strong returns for BorgWarner Inc. were the primary contributors to relative outperformance during the period.

Apple, Inc. performed well throughout the period due to the launch of the iPad and the introduction of the iPhone 4, whose many new features include a video calling application. Salesforce.com, a provider of relationship management software, has shown strong growth compared to many of its competitors. BorgWarner, Inc., a manufacturer of turbo chargers in engines, continues to take market share as its products are improving fuel efficiency required to meet new environmental standards.

Detracting from relative performance was stock selection in the financial services sector (BlackRock, Inc.) and weak returns from individual holdings Palm, Inc. and Tetra Tech, Inc. Smart phone manufacturer Palm, Inc. struggled with its marketing strategies and potential cash flow issues; we eliminated the position early in the reporting period. BlackRock, Inc., a global leader in the investment business, performed well during the turmoil in the financial markets. However, their ability to improve margins coupled with slowing rates of growth into fixed income markets lowered investor confidence. We sold our position in BlackRock, Inc. Tetra Tech, Inc., a worldwide environmental engineering and construction firm, saw delays in government-funded projects causing a decrease in the backlog of projects for the company. Our position in Tetra Tech, Inc. was also sold.

Edward S. Han
Peter O. Lopez

Co-Portfolio Managers
Transamerica Investment Management, LLC



Transamerica Funds				Annual Report 2010

Page 5

Transamerica Diversified Equity
(unaudited)

Average Annual Total Return for Periods Ended 10/31/2010

10 Years or

1 Year

5 Years

Life of Fund

Inception Date

Class P (NAV)

19.31

3.30

2.11

04/01/1998

S&P 500*

16.52

1.73

(0.02

04/01/1998

Class A (NAV)

N/A

11.32

%^(a)

11/13/2009

Class A (POP)

N/A

5.20

%^(a)

11/13/2009

Class B (NAV)

N/A

10.68

%^(a)

11/13/2009

Class B (POP)

N/A

5.68

%^(a)

11/13/2009

Class C (NAV)

N/A

10.68

%^(a)

11/13/2009

Class C (POP)

N/A

9.68

%^(a)

11/13/2009

Class I (NAV)

N/A

14.16

%^(a)

11/30/2009

Class I2 (NAV)

N/A

12.12

%^(a)

11/13/2009

NOTES


*		The S&P 500 Composite Stock Index (“S&P 500”) 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. 10 Years or Life of Fund calculation is based on the previous 10 years. You cannot invest directly in an index.

^(a)		Not Annualized

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. 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 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 2010

Page 6

Transamerica Flexible Income
(unaudited)

MARKET ENVIRONMENT

The 12 months ended October 31, 2010, was a strong but at times volatile period in the fixed income markets. A broad trend toward global economic recovery and a return to more normal business activity in the U.S. were at times overshadowed by specific domestic and global events.

Investor confidence later firmed due to a stabilizing financial situation in Europe; an outlook for China of slower but still robust growth; and the potential for large changes on Capitol Hill from mid-term elections. U.S. economic indicators, though still mixed, generally pointed to very moderate growth as the period came to a close.

Against this backdrop, all sectors of the fixed income markets performed well. Demand for Treasury securities and non-existent inflationary pressures pushed yields to lows not seen since the financial crisis of 2008. Corporate bonds outperformed Treasuries as investors looked for yield advantages over Treasuries. Plagued by increasing refinancing and low initial yields, the agency mortgage sector generated weaker, though still attractive, returns. However, non-agency mortgage backed securities (“MBS”) performed very well given cheap initial valuations combined with a slowing rate of decline in the housing market.

PERFORMANCE

For the year ended October 31, 2010, Transamerica Flexible Income Class A returned 14.89%. By comparison, its benchmark, the Barclays Capital U.S. Aggregate Bond Index, returned 8.01%.

STRATEGY REVIEW

Transamerica Flexible Income achieved its objective of providing high total return through a combination of current income and capital appreciation by overweighting corporate securities, underweighting agency MBS and Treasuries.

In the corporate sector, we reduced our exposure to financials, particularly large money-center banks, finding select opportunities in regional banks, which may not be as impacted by financial regulatory reform. Additionally, we increased exposure to industrials, emphasizing mining, metals and materials, areas that stand to benefit from increased commodities demand from emerging markets.

Further, we found opportunities in bonds backed by hard assets, such as enhanced equipment trust certificates backed by aircraft; and cell-phone tower commercial mortgage-backed securities. We also found opportunities in sovereign debt of commodity rich countries, such as Chile, the number one exporter of copper in the world. We reduced our exposure to equities, believing the anemic growth in the economy will not favor equity returns.

Among mortgages, agency MBS faced hurdles throughout the period due to modestly high prepayments, poor initial valuations and rumors of a massive government-led agency mortgage refinancing program. Our mortgage investments in the period were to non-agency MBS through real estate mortgage investment conduits, which performed well due to competitive yields, a slowing rate of decline in the housing market and the implementation of the government’s Public-Private Investment Program.

Throughout the period, we maintained a shorter-than-index duration (i.e., sensitivity to interest rates) for the portfolio. At times, this was a detractor from performance as rates rallied. However, the impact of this positioning was more than offset by our sector exposure.

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

Co-Portfolio Managers
Transamerica Investment Management, LLC



Transamerica Funds				Annual Report 2010

Page 7

Transamerica Flexible Income
(unaudited)

Average Annual Total Return for Periods Ended 10/31/2010


							10 Years or
	1 Year			5 Years			Life of Fund			Inception Date

Class A (NAV)		14.89	%		4.81	%		5.38	%		06/29/1987
Class A (POP)		9.37	%		3.80	%		4.87	%		06/29/1987
Barclays Capital U.S. Aggregate Bond*		8.01	%		6.45	%		6.38	%		06/29/1987

Class B (NAV)		14.02	%		4.12	%		4.82	%		10/01/1995
Class B (POP)		9.02	%		3.95	%		4.82	%		10/01/1995

Class C (NAV)		14.15	%		4.19	%		3.84	%		11/11/2002
Class C (POP)		13.15	%		4.19	%		3.84	%		11/11/2002

Class I (NAV)		N/A			N/A			13.10	%^(a)		11/30/2009

Class I2 (NAV)		15.39	%		5.43	%		4.67	%		11/08/2004

NOTES


*		The Barclays Capital U.S. Aggregate Bond Index (“Barclays Capital U.S. Aggregate Bond“) is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or Life of Fund calculation is based on the previous 10 years. You cannot invest directly in an index.

^(a)		Not Annualized

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 2010

Page 8

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

MARKET ENVIRONMENT

As the period came to a close, the realization that there would not be a liquidity event in Europe, the Federal Reserve Board’s promise to keep an easy monetary policy, and the release of economic data in line with or only slightly below expectations prompted a greater willingness to accept risk. As investors anticipated economic and business environments to move toward a more normal trajectory, equity markets finished the period higher.

PERFORMANCE

For the year ended October 31, 2010, Transamerica Focus Class P returned 25.87%. By comparison, its benchmark, the S&P 500 Composite Stock Index returned, 16.52%.

STRATEGY REVIEW

Throughout the period, we adhered to our bottom-up investment process: seeking companies with proven management, strong cash-flow characteristics, and sustainable competitive advantages. We positioned the portfolio for a positive economic outlook while staying true to our big-picture catalysts. Catalysts may be driven by company changes, such as a new product, or by industry changes, such as widespread adoption of smart phones, and will typically endure for years, contributing to performance over time.

Stock selection in the consumer discretionary (i.e., priceline.com, Inc.), technology (i.e., Apple, Inc.) and producer durables sectors and strong returns for Alexion Pharmaceuticals, Inc. were the primary contributors to relative outperformance during the period.

We believe the international consumer will be an increasingly important factor in the global economy, part of our changing global consumer catalyst, and companies moving rapidly into international markets will benefit. On-line travel company priceline.com is benefiting from growth in Europe and is exploring new opportunities in Asia. Apple, Inc. performed well throughout the period due to the launch of the iPad and the introduction of the iPhone 4, whose many new features include a video calling application. Alexion Pharmaceuticals, Inc., a drug company serving a small patient population with rare blood diseases, has seen its drugs have clinical success in patient treatments.

Detracting from relative performance were weak returns from individual holdings Strayer Education, Inc., Palm, Inc., and Bank of America Corp. Strayer Education, Inc., an education services holding company, saw its stock price decline as scrutiny of for-profit education intensified going into election season, having a negative effect on student enrollment in the fall. Smart phone manufacturer Palm, Inc. struggled with its marketing strategies and potential cash flow issues; we eliminated the position early in the reporting period. In financials, investor concern about the possible impact of regulatory reform pressured stock prices of many companies, including Bank of America Corp. However, we feel the impact will be less severe than anticipated, since banks can now adjust their business models to the new set of rules.

Edward S. Han
Kirk J. Kim
Joshua D. Shaskan, CFA

Co-Portfolio Managers
Transamerica Investment Management, LLC



Transamerica Funds				Annual Report 2010

Page 9

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

Average Annual Total Return for Periods Ended 10/31/2010

10 Years or

1 Year

5 Years

Life of Fund

Inception Date

Class P (NAV)

25.87

5.27

(0.25

07/01/1997

S&P 500*

16.52

1.73

(0.02

07/01/1997

Russell 3000^®*

18.34

2.08

0.62

07/01/1997

Class A (NAV)

N/A

17.24

%^(a)

11/13/2009

Class A (POP)

N/A

10.74

%^(a)

11/13/2009

Class B (NAV)

N/A

16.51

%^(a)

11/13/2009

Class B (POP)

N/A

11.51

%^(a)

11/13/2009

Class C (NAV)

N/A

16.53

%^(a)

11/13/2009

Class C (POP)

N/A

15.53

%^(a)

11/13/2009

Class I (NAV)

N/A

19.58

%^(a)

11/30/2009

NOTES


*		The Russell 3000^® Index (“Russell 3000^®”) served as the benchmark for the fund prior to November 13, 2009, at which time it was replaced with the S&P 500 Composite Stock Index (“S&P 500”). The S&P 500 and Russell 3000^® 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. 10 Years or Life of Fund calculation is based on the previous 10 years. You cannot invest directly in an index.

^(a)		Not Annualized

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. 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 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.

The Fund is non-diversified. Investments in a “non-diversified” fund may be subject to specific risks such as susceptibility to single economic, political or regulatory events and may be subject to greater loss than investments in a diversified fund. 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 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 2010

Page 10

Transamerica Growth Opportunities
(unaudited)

MARKET ENVIRONMENT

PERFORMANCE

For the year ended October 31, 2010, Transamerica Growth Opportunities Class A returned 30.41%. By comparison, its benchmark, the Russell Midcap^® Growth Index, returned 28.03%.

STRATEGY REVIEW

Throughout the period, we adhered to our bottom-up investment process: seeking companies with proven management, strong cash-flow characteristics; and sustainable competitive advantages. We also positioned the portfolio for a positive economic outlook while staying true to our big-picture catalysts. Catalysts may be driven by company changes, such as a new product, or by industry changes, such as widespread adoption of smart phones, and will typically endure for years, contributing to performance over time.

Stock selection in the producer durables, technology (i.e., Salesforce.com) and consumer discretionary (i.e., priceline.com, Inc.) sectors and strong returns for Core Laboratories N.V. were the primary contributors to relative outperformance during the period.

We believe the international consumer will be an increasingly important factor in the global economy, part of our changing global consumer catalyst, and companies moving rapidly into international markets will benefit. On-line travel company, priceline.com, Inc., is benefiting from growth in Europe, where its value-price offering has been adopted by many small hotels for the first time. Additionally, the company is exploring new opportunities in Asia. Salesforce.com, a provider of relationship management software, has shown strong growth compared to many of its competitors and fits nicely into our productivity enhancement catalyst. Core Laboratories N.V., which provides research on reservoir description to the global petroleum industry, was not negatively impacted by the Gulf of Mexico oil spill. Additionally, we believe Core Laboratories N.V. will continue to benefit as the petroleum industry explores the globe for future oil and gas reserves.

Detracting from relative performance were weak returns from individual holdings Strayer Education, Inc. and Palm, Inc., and stock selection in the healthcare and materials and processing sectors. Strayer Education, Inc., an education services holding company, saw its stock price decline as scrutiny of for-profit education intensified going into election season, having a negative effect on student enrollment in the fall. Smart phone manufacturer Palm, Inc. struggled with its marketing strategies and potential cash flow issues; we eliminated our position in Palm, Inc. early in the reporting period.

Edward S. Han
John J. Huber, CFA

Co-Portfolio Managers
Transamerica Investment Management, LLC



Transamerica Funds				Annual Report 2010

Page 11

Transamerica Growth Opportunities
(unaudited)

Average Annual Total Return for Periods Ended 10/31/2010


							10 Years or
	1 Year			5 Years			Life of Fund			Inception Date

Class A (NAV)		30.41	%		4.58	%		1.22	%		03/01/2000
Class A (POP)		23.21	%		3.40	%		0.64	%		03/01/2000
Russell Midcap^® Growth*		28.03	%		4.28	%		0.20	%		03/01/2000

Class B (NAV)		29.47	%		3.88	%		0.57	%		03/01/2000
Class B (POP)		24.47	%		3.71	%		0.57	%		03/01/2000

Class C (NAV)		29.53	%		3.93	%		8.84	%		11/11/2002
Class C (POP)		28.53	%		3.93	%		8.84	%		11/11/2002

Class I (NAV)		N/A			N/A			26.74	%^(a)		11/30/2009

Class I2 (NAV)		31.49	%		N/A			5.11	%		11/15/2005

Class P (NAV)		N/A			N/A			22.97	%^(a)		11/13/2009

NOTES


*		The Russell Midcap^® Growth Index (“Russell Midcap^® Growth”) is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or Life of Fund calculation is based on the previous 10 years. You cannot invest directly in an index.

^(a)		Not Annualized

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. 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 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.

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 2010

Page 12

Transamerica Short—Term Bond
(unaudited)

MARKET ENVIRONMENT

PERFORMANCE

For the year ended October 31, 2010, Transamerica Short-Term Bond Class I2 returned 7.37%. By comparison, its benchmark, the Bank of America Merrill Lynch U.S. Corporate & Government 1-3 Years Index, returned 3.18%.

STRATEGY REVIEW

Transamerica Short-Term Bond maintained a higher yield and achieved a higher total return than the benchmark index due to overweighting corporate securities, cell-phone tower asset-backed securities, and non-agency mortgage real estate mortgage investment conduits (“REMICs”), and underweighting agency MBS.

In the corporate sector, we looked to trim fully valued, high-quality and less-liquid corporate bonds to reinvest in new opportunities. While reducing exposure to financials, particularly large money-center banks, we found select opportunities in regional banks, which may not be as impacted by financial regulatory reform. Additionally, we increased exposure to industrials, emphasizing mining, metals and materials, areas that stand to benefit from increased commodities demand from emerging markets.

Further, we found opportunities in bonds backed by hard assets, such as enhanced equipment trust certificates backed by aircraft, and in forgotten and unloved credits still healing from the credit crisis. Our overweight positions in cell-phone tower commercial mortgage-backed securities also contributed to outperformance.

Among mortgages, agency MBS faced hurdles throughout the period due to modestly high prepayments, poor initial valuations and rumors of a massive government-led agency mortgage refinancing program. While underweight agency MBS, we remained invested in seasoned, low-loan-balance MBS collateralized mortgage obligations that exhibited diminished prepayment risk. We increased our weighting to non-agency MBS through resecuritized-REMICs, which performed well due to competitive yields, a slowing rate of decline in the housing market and the implementation of the government’s Public-Private Investment Program.

Greg D. Haendel, CFA
Derek S. Brown, CFA

Co-Portfolio Managers
Transamerica Investment Management, LLC



Transamerica Funds				Annual Report 2010

Page 13

Transamerica Short—Term Bond
(unaudited)

Average Annual Total Return for Periods Ended 10/31/2010


							10 Years or
	1 Year			5 Years			Life of Fund			Inception Date

Class I2 (NAV)		7.37	%		5.83	%		4.94	%		11/08/2004
BofA Merrill Lynch U.S. Corporate & Government, 1-3 Yrs*		3.18	%		4.70	%		4.11	%		11/08/2004

Class A (NAV)		7.15	%		N/A			6.31	%		11/01/2007
Class A (POP)		4.50	%		N/A			5.40	%		11/01/2007

Class C (NAV)		6.32	%		N/A			5.54	%		11/01/2007
Class C (POP)		5.32	%		N/A			5.54	%		11/01/2007

Class I (NAV)		N/A			N/A			6.34	%^(a)		11/30/2009

NOTES


*		The Bank of America Merrill Lynch U.S. Corporate & Government, 1-3 Years Index (“BofA Merrill Lynch U.S. Corporate & Government, 1-3 Yrs”) 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. 10 Years or Life of Fund calculation is based on the inception date of Class I2 shares. You cannot invest directly in an index.

^(a)		Not Annualized

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. 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 2.5% for A shares or the maximum applicable contingent deferred sales charge and 1% (during the first 12 months) 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 2010

Page 14

Transamerica Small/Mid Cap Value
(unaudited)

MARKET ENVIRONMENT

PERFORMANCE

For the year ended October 31, 2010, Transamerica Small/Mid Cap Value Class A returned 28.33%. By comparison, its benchmark, the Russell 2500^® Value Index, returned 26.88%.

STRATEGY REVIEW

Throughout the period, we believed the market was in an acquisition cycle. Due to low financing costs, growth-challenged large-cap companies were finding growth opportunities in purchasing small-cap companies. In keeping with that view, we positioned the portfolio for a positive economic outlook while staying true to our intrinsic-value bottom-up process and big-picture catalysts. Catalysts may be driven by company changes, such as a new product, or by industry changes, such as widespread adoption of smart phones, and will typically endure for years, contributing to performance over time.

Stock selection in the producer durables and consumer discretionary sectors was the primary contributor to positive relative performance during the period. Top individual contributors included Sotheby’s, Continental Airlines Inc. and Kansas City Southern.

Sotheby’s, an international high-end auction company, benefited as global economies improved, driving an increase in emerging market wealth and a return to the auction markets. With a return of business discretionary spending, companies like United Continental Holdings, Inc. saw an increase in business travelers that positively impacted their bottom line. Kansas City Southern, a railroad company, benefits as transportation normalizes and products are moved throughout the country.

Detracting from relative performance was stock selection in the technology (Brocade Communications Systems, Inc.) and healthcare sectors. Brocade Communications Systems, Inc., a supplier of storage area networking solutions, was caught up in speculation of being a possible takeover target early in the reporting period. The rumored acquisition did not happen, resulting in a decline in the company’s stock price.

Also, individual holdings Office Depot, Inc. and General Cable Corp. were performance detractors. Office Depot, Inc. was added to the portfolio in anticipation of an improved employment landscape. We may have been a little premature with this particular catalyst, as unemployment numbers are still at elevated levels. However, as unemployment trends improve we believe Office Depot, Inc. will benefit. General Cable, a worldwide provider of copper, aluminum and fiber-optic wire and cable products had strong results amidst a huge rebound in prices for commodities, particularly copper. But with a decline in commercial construction, the company’s revenues have slowed and we sold the position to look for other investment opportunities.

Jeffrey J. Hoo, CFA
Thomas E. Larkin, III
Joshua D. Shaskan, CFA

Co-Portfolio Managers
Transamerica Investment Management, LLC



Transamerica Funds				Annual Report 2010

Page 15

Transamerica Small/Mid Cap Value
(unaudited)

Average Annual Total Return for Periods Ended 10/31/2010


							10 Years or
	1 Year			5 Years			Life of Fund			Inception Date

Class A (NAV)		28.33	%		7.63	%		10.98	%		04/02/2001
Class A (POP)		21.25	%		6.43	%		10.33	%		04/02/2001
Russell 2500^® Value *		26.88	%		2.77	%		8.11	%		04/02/2001

Class B (NAV)		27.47	%		6.94	%		10.36	%		04/02/2001
Class B (POP)		22.47	%		6.78	%		10.36	%		04/02/2001

Class C (NAV)		27.57	%		6.98	%		13.92	%		11/11/2002
Class C (POP)		26.57	%		6.98	%		13.92	%		11/11/2002

Class I (NAV)		N/A			N/A			24.03	%^(a)		11/30/2009

Class I2 (NAV)		29.00	%		N/A			8.08	%		11/15/2005

NOTES


*		The Russell 2500^® Value Index (“Russell 2500^® Value”) is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or Life of Fund calculation is based on the inception date of Class A shares. You cannot invest directly in an index.

^(a)		Not Annualized

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. 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 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 2010

Page 16

Transamerica WMC Diversified Growth
(formerly, Transamerica Equity)
(unaudited)

MARKET ENVIRONMENT

The market’s decline in the first part of the period reflected the lack of confidence from investors that the global economy would have sustainable growth in the future. The record government deficits continued to grow due to increased spending despite increased taxes. Equity markets rebounded to end the period reflecting the likelihood of a positive change in the direction of the US economy in 2011 due to less onerous regulation and an improvement in the relationship between business and Congress. Also, investors believed that the November elections would likely lead to a change in the leadership of Congress, which could result in a significant shift away from unsustainable trillion dollar deficits to a more pragmatic fiscal policy.

In this environment, six of the ten sectors in the Russell 1000^® Growth Index (+2.8%) posted positive returns during the period. The Telecommunication Services (+15%) and Consumer Discretionary (+8%) sectors increased the most, while the Utilities sector (-11%) declined the most.

PERFORMANCE

For the period ended October 31, 2010, Transamerica WMC Diversified Growth Class A returned 18.04%. By comparison, its benchmark, the Russell 1000^® Growth Index, returned 19.65%.

Effective April 9, 2010 Transamerica Equity changed its sub-adviser to Wellington Management Company, LLP and changed its name to Transamerica WMC Diversified Growth.

STRATEGY REVIEW

The fund’s investment process leverages the extensive research resources of Wellington Management and emphasizes a balance of growth, valuation, and quality criteria in selecting stocks. We utilize risk analysis tools to help maintain the Fund’s emphasis on stock selection and minimize other sources of relative risk. With this bottom-up approach incorporating diversified sources of alpha and effective risk analysis, our goal is to generate consistent outperformance over time.

During the period, strong selection in the Information Technology (“IT”) and Consumer Discretionary sectors was offset by weaker stock selection within Financials and Materials. The Fund’s underweight allocations to Consumer Staples and Materials weighed on relative performance during the period.

The fund’s largest contributors to relative performance during the period included NetApp, Inc., Altera Corp., and Las Vegas Sands Corp. Network storage equipment manufacturer NetApp, Inc. reported strong revenue growth as IT organizations used the firm’s low-cost, flexible and efficient storage infrastructure products to upgrade data centers. Shares of Altera Corp., a San Jose, California-based programmable logic semiconductor device manufacturer, rose after the company reported strong revenue growth and an increased operating margin. Casino owner and operator Las Vegas Sands Corp. shares performed well after the company beat expectations on strong performance both in its new Singapore resort and in Macau. Not owning weak performing benchmark stock Hewlett-Packard also contributed positively to benchmark relative performance.

The fund’s largest relative detractors during the period included Cisco Systems, Inc., ITT Educational Services, Inc., and Medtronic, Inc. California-based network equipment leader Cisco Systems, Inc. disappointed investors with a cautious outlook despite very strong results in the second quarter. Investors sold the stock aggressively thereafter. Shares of ITT Educational Services, Inc., a provider of post-secondary degree programs, were hurt by concerns about potential regulation of the for-profit education industry, slowing enrollment growth, and lower placement rates. Diversified medical device manufacturer Medtronic, Inc. experienced a broad-based slowdown in procedural volumes, which led to weakness in revenue growth. The fund’s position in insurance company Lincoln National Corp. also hurt relative and absolute performance results during the period.

Paul E. Marrkand, CFA

Portfolio Manager
Wellington Management Company, LLP



Transamerica Funds				Annual Report 2010

Page 17

Transamerica WMC Diversified Growth
(formerly, Transamerica Equity)
(unaudited)

Average Annual Total Return for Periods Ended 10/31/2010


							10 Years or
	1 Year			5 Years			Life of Fund			Inception Date

Class A (NAV)		18.04	%		0.23	%		(1.08	)%		03/01/2000
Class A (POP)		11.53	%		(0.91	)%		(1.63	)%		03/01/2000
Russell 1000^® Growth *		19.65	%		3.21	%		(2.52	)%		03/01/2000

Class B (NAV)		17.26	%		(0.48	)%		(1.67	)%		03/01/2000
Class B (POP)		12.26	%		(0.68	)%		(1.67	)%		03/01/2000

Class C (NAV)		17.33	%		(0.40	)%		6.06	%		11/11/2002
Class C (POP)		16.33	%		(0.40	)%		6.06	%		11/11/2002

Class I (NAV)		N/A			N/A			13.14	%^(a)		11/30/2009

Class I2 (NAV)		18.94	%		N/A			0.24	%		11/15/2005

Class P (NAV)		N/A			N/A			10.56	%^(a)		11/13/2009

Class T (NAV)		18.83	%		N/A			(1.87	)%		10/27/2006
Class T (POP)		8.74	%		N/A			(4.02	)%		10/27/2006

NOTES


*		The Russell 1000^® Growth Index (“Russell 1000^® Growth”) is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or Life of Fund calculation is based on the previous 10 years. You cannot invest directly in an index.

^(a)		Not Annualized

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

Performance figures may reflect fee waivers and/or expense reimbursements by he Investment Adviser. Without such waivers and/or reimbursements, the performance would be lower. Future waivers and/or reimbursements are at the discretion of the Investment Adviser.

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 2010

Page 18

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, 2010 and held for the entire period until October 31, 2010.

ACTUAL EXPENSES

The information in the table under the heading “Actual Expenses” provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = $8.60), then multiply the result by the number in the appropriate column for your share class titled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. If your account is an IRA, your expenses could have included a $15 annual fee. The amount of any fee paid through your account would increase the estimate of expenses you paid during the period and decrease your ending account value.

HYPOTHETICAL EXAMPLES FOR COMPARISON PURPOSES

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the information under the heading “Hypothetical Expenses” is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries or other financial institutions.

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


			Actual Expenses				Hypothetical Expenses (b)
	Beginning		Ending Account		Expenses Paid		Ending Account		Expenses Paid		Annualized
Fund Name	Account Value		Value		During Period (a)		Value		During Period (a)		Expense Ratio

Transamerica AEGON High Yield Bond
Class A	$	1,000.00	$	1,053.10	$	6.05	$	1,019.31	$	5.96		1.17	%
Class B		1,000.00		1,048.10		9.45		1,015.98		9.30		1.83
Class C		1,000.00		1,049.90		9.20		1,016.23		9.05		1.78
Class I		1,000.00		1,053.20		4.24		1,021.07		4.18		0.82
Class I2		1,000.00		1,054.90		3.47		1,021.83		3.41		0.67
Class P		1,000.00		1,052.70		4.66		1,020.67		4.58		0.90

Transamerica Balanced
Class A		1,000.00		1,072.50		8.10		1,017.39		7.88		1.55
Class B		1,000.00		1,068.70		11.63		1,013.96		11.32		2.23
Class C		1,000.00		1,069.60		10.95		1,014.62		10.66		2.11
Class I		1,000.00		1,073.50		7.63		1,017.85		7.43		1.46
Class P		1,000.00		1,075.10		5.81		1,019.61		5.65		1.11

Transamerica Diversified Equity
Class A		1,000.00		1,022.20		7.75		1,017.54		7.73		1.52
Class B		1,000.00		1,019.40		11.05		1,014.27		11.02		2.17
Class C		1,000.00		1,019.40		11.05		1,014.27		11.02		2.17
Class I		1,000.00		1,023.40		5.97		1,019.31		5.96		1.17
Class I2		1,000.00		1,025.70		4.14		1,021.12		4.13		0.81
Class P		1,000.00		1,024.30		5.87		1,019.41		5.85		1.15

Transamerica Flexible Income
Class A		1,000.00		1,050.50		4.96		1,020.37		4.89		0.96
Class B		1,000.00		1,046.20		9.44		1,015.98		9.30		1.83
Class C		1,000.00		1,047.40		8.77		1,016.64		8.64		1.70
Class I		1,000.00		1,052.00		3.83		1,021.48		3.77		0.74
Class I2		1,000.00		1,052.60		3.00		1,022.28		2.96		0.58



Transamerica Funds		Annual Report 2010

Page 19

Understanding Your Funds’ Expenses (continued)
(unaudited)


			Actual Expenses				Hypothetical Expenses (b)
	Beginning		Ending Account		Expenses Paid		Ending Account		Expenses Paid		Annualized
Fund Name	Account Value		Value		During Period (a)		Value		During Period (a)		Expense Ratio

Transamerica Focus
Class A	$	1,000.00	$	1,077.40	$	8.12	$	1,017.39	$	7.88		1.55	%
Class B		1,000.00		1,073.20		11.50		1,014.12		11.17		2.20
Class C		1,000.00		1,073.30		11.50		1,014.12		11.17		2.20
Class I		1,000.00		1,078.40		6.29		1,019.16		6.11		1.20
Class P		1,000.00		1,077.30		7.44		1,018.05		7.22		1.42

Transamerica Growth Opportunities
Class A		1,000.00		1,045.80		9.02		1,016.38		8.89		1.75
Class B		1,000.00		1,042.60		12.36		1,013.11		12.18		2.40
Class C		1,000.00		1,042.50		12.41		1,013.06		12.23		2.40
Class I		1,000.00		1,047.30		7.22		1,018.15		7.12		1.40
Class I2		1,000.00		1,050.30		4.55		1,020.77		4.48		0.88
Class P		1,000.00		1,047.90		7.17		1,018.20		7.07		1.39

Transamerica Money Market
Class A		1,000.00		1,000.00		1.31		1,023.89		1.33		0.26
Class B		1,000.00		1,000.00		1.31		1,023.89		1.33		0.26
Class C		1,000.00		1,000.00		1.31		1,023.89		1.33		0.26
Class I		1,000.00		1,000.10		1.26		1,023.95		1.28		0.25
Class I2		1,000.00		1,000.10		1.21		1,024.00		1.22		0.25
Class P		1,000.00		1,000.10		1.26		1,023.95		1.28		0.25

Transamerica Short-Term Bond
Class A		1,000.00		1,027.30		4.24		1,021.02		4.23		0.83
Class C		1,000.00		1,023.30		8.11		1,017.19		8.08		1.59
Class I		1,000.00		1,027.30		3.32		1,021.93		3.31		0.65
Class I2		1,000.00		1,027.90		2.76		1,022.48		2.75		0.53

Transamerica Small/Mid Cap Value
Class A		1,000.00		996.30		7.55		1,017.64		7.63		1.50
Class B		1,000.00		993.40		10.75		1,014.42		10.87		2.14
Class C		1,000.00		993.90		10.45		1,014.72		10.56		2.08
Class I		1,000.00		999.00		5.24		1,019.96		5.30		1.04
Class I2		1,000.00		999.50		4.54		1,020.67		4.58		0.90

Transamerica WMC Diversified Growth
Class A		1,000.00		1,021.80		7.80		1,017.49		7.78		1.52
Class B		1,000.00		1,018.60		11.04		1,014.27		11.02		2.17
Class C		1,000.00		1,018.50		11.04		1,014.27		11.02		2.17
Class I		1,000.00		1,024.60		5.72		1,019.56		5.70		1.12
Class I2		1,000.00		1,024.80		4.13		1,021.12		4.13		0.81
Class P		1,000.00		1,023.00		5.86		1,019.41		5.85		1.15
Class T		1,000.00		1,024.90		5.05		1,020.21		5.04		0.99


(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 (365 days).

(b)		5% return per year before expenses.



Transamerica Funds		Annual Report 2010

Page 20

Schedules of Investments Composition
At October 31, 2010
(The following charts summarize the Schedule of Investments of each fund by asset type)
(unaudited)


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

Corporate Debt Securities	90.7	%
Securities Lending Collateral	18.1
Repurchase Agreement	4.8
Common Stocks	1.4
Preferred Corporate Debt Securities	1.1
Preferred Stock	0.3
Other Assets and Liabilities — Net	(16.4	)

Total	100.0	%


Transamerica Balanced

Common Stocks	66.1	%
Corporate Debt Securities	16.8
Securities Lending Collateral	13.7
Mortgage-Backed Securities	5.8
U.S. Government Agency Obligations	3.3
Warrant	2.0
Asset-Backed Securities	2.0
Preferred Corporate Debt Securities	1.7
Repurchase Agreement	1.1
Municipal Government Obligations	0.5
U.S. Government Obligations	0.5
Other Assets and Liabilities — Net	(13.5	)

Total	100.0	%


Transamerica Diversified Equity

Common Stocks	98.5	%
Securities Lending Collateral	13.9
Repurchase Agreement	1.5
Other Assets and Liabilities — Net	(13.9	)

Total	100.0	%


Transamerica Flexible Income

Corporate Debt Securities	63.8	%
Securities Lending Collateral	10.2
Mortgage-Backed Securities	8.6
Preferred Corporate Debt Securities	5.8
Foreign Government Obligations	5.4
Asset-Backed Securities	5.4
Common Stocks	2.1
U.S. Government Obligations	1.6
Municipal Government Obligations	1.3
Preferred Stocks	1.1
Convertible Bonds	1.0
Warrant	0.9
Convertible Preferred Stock	0.8
U.S. Government Agency Obligation	0.5
Repurchase Agreement	0.2
Other Assets and Liabilities — Net^Ω	(8.7	)

Total	100.0	%


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

Common Stocks	97.4	%
Securities Lending Collateral	4.5
Repurchase Agreement	2.6
Other Assets and Liabilities — Net	(4.5	)

Total	100.0	%


Transamerica Growth Opportunities

Common Stocks	99.4	%
Securities Lending Collateral	25.7
Repurchase Agreement	0.6
Other Assets and Liabilities — Net	(25.7	)

Total	100.0	%


Transamerica Money Market

Commercial Paper	75.4	%
Repurchase Agreements	14.4
Short-Term U.S. Government Obligations	10.3
Other Assets and Liabilities — Net	(0.1	)

Total	100.0	%


Transamerica Short-Term Bond

Corporate Debt Securities	65.8	%
Mortgage-Backed Securities	20.5
Asset-Backed Securities	8.6
Preferred Corporate Debt Securities	1.4
Foreign Government Obligation	1.2
Municipal Government Obligation	0.6
U.S. Government Agency Obligations	0.5
Securities Lending Collateral	0.2
Repurchase Agreement	0.0	*
Other Assets and Liabilities — Net ^Ω	1.2

Total	100.0	%


Transamerica Small/Mid Cap Value

Common Stocks	99.0	%
Securities Lending Collateral	25.2
Repurchase Agreement	1.6
Other Assets and Liabilities — Net	(25.8	)

Total	100.0	%


Transamerica WMC Diversified Growth
(formerly, Transamerica Equity)

Common Stocks	100.0	%
Securities Lending Collateral	7.2
Repurchase Agreement	0.1
Other Assets and Liabilities — Net	(7.3	)

Total	100.0	%


^Ω		The Other Assets and Liabilities — Net category may include, but is not limited to, Forward Currency Contracts, Futures Contracts, Swap Agreements, Written Options and Swaptions, and Securities Sold Short.

*		Amount rounds to less than 0.1%.



Transamerica Funds		Annual Report 2010

Page 21

Transamerica AEGON High Yield Bond
(formerly, Transamerica High Yield Bond)
SCHEDULE OF INVESTMENTS
At October 31, 2010
(all amounts in thousands)


	Principal		Value

PREFERRED CORPORATE DEBT SECURITIES - 1.1%
Diversified Financial Services - 0.3%
JPMorgan Chase & Co. — Series 1
7.90%, 04/30/2018 * Ž	$	2,250	$	2,399
Insurance - 0.8%
Lincoln National Corp.
7.00%, 05/17/2066 *		5,650		5,508

Total Preferred Corporate Debt Securities (cost $5,717)				7,907

CORPORATE DEBT SECURITIES - 90.7%
Aerospace & Defense - 2.9%
Alliant Techsystems, Inc.
6.75%, 04/01/2016 ^		3,880		4,025
6.88%, 09/15/2020		1,050		1,105
BE Aerospace, Inc.
6.88%, 10/01/2020		3,100		3,294
8.50%, 07/01/2018		1,800		2,016
Bombardier, Inc.
7.50%, 03/15/2018 - 144A		450		492
7.75%, 03/15/2020 - 144A		1,300		1,443
Hexcel Corp.
6.75%, 02/01/2015 ^		3,850		3,917
Spirit Aerosystems, Inc.
7.50%, 10/01/2017		2,795		2,935
Triumph Group, Inc.
8.63%, 07/15/2018		1,500		1,650
Auto Components - 0.3%
Lear Corp.
7.88%, 03/15/2018		1,180		1,283
8.13%, 03/15/2020 ^		440		490
Automobiles - 0.1%
Motors Liquidation Co.
7.13%, 07/15/2013 Џ		450		158
7.20%, 01/15/2011 Џ		1,800		625
8.10%, 06/15/2024 Џ		575		196
Beverages - 1.6%
Constellation Brands, Inc.
7.25%, 09/01/2016 - 05/15/2017 ^		7,550		8,297
Cott Beverages, Inc.
8.13%, 09/01/2018 ^		1,145		1,239
8.38%, 11/15/2017		1,570		1,703
Building Products - 0.6%
Associated Materials LLC
9.13%, 11/01/2017 - 144A		1,050		1,103
Masco Corp.
7.75%, 08/01/2029 ^		2,950		2,865
Chemicals - 2.5%
Huntsman International LLC
5.50%, 06/30/2016 ^		2,575		2,559
7.38%, 01/01/2015 ^		2,900		2,976
8.63%, 03/15/2020 ^		1,150		1,258
Lyondell Chemical Co.
8.00%, 11/01/2017 - 144A		1,500		1,643
Nova Chemicals Corp.
3.75%, 11/15/2013 *		6,125		5,963
8.38%, 11/01/2016		1,100		1,202
8.63%, 11/01/2019 ^		1,850		2,054
Commercial Services & Supplies - 1.2%
Aramark Corp.
8.50%, 02/01/2015 ^		1,450		1,523
Ceridian Corp.
11.25%, 11/15/2015 ^		2,930		2,849
12.25%, 11/15/2015 Ώ		346		337
Koppers, Inc.
7.88%, 12/01/2019 ^		3,320		3,594
Computers & Peripherals - 0.7%
Seagate Technology HDD Holdings, Inc.
6.80%, 10/01/2016 ^		4,795		4,897
Construction Materials - 1.7%
AGY Holding Corp.
11.00%, 11/15/2014		600		551
Ply Gem Industries, Inc.
11.75%, 06/15/2013		7,120		7,645
13.13%, 07/15/2014 ^		3,700		3,954
Consumer Finance - 1.9%
American General Finance Corp.
5.38%, 10/01/2012		5,247		4,984
5.85%, 06/01/2013 ^		3,725		3,455
6.90%, 12/15/2017		5,750		4,787
Containers & Packaging - 2.2%
Ball Corp.
6.63%, 03/15/2018		1,500		1,556
6.75%, 09/15/2020 ^		1,150		1,265
Cascades, Inc.
7.75%, 12/15/2017		2,305		2,463
7.88%, 01/15/2020		750		805
Graphic Packaging International, Inc.
7.88%, 10/01/2018 ^		2,400		2,538
9.50%, 06/15/2017 ^		1,300		1,433
Jefferson Smurfit Corp. (Escrow Certificates)
8.25%, 10/01/2012 ‡		7,745		310
Owens-Brockway Glass Container, Inc.
6.75%, 12/01/2014		3,335		3,411
Sealed Air Corp.
6.88%, 07/15/2033 - 144A		2,100		1,979
Diversified Consumer Services - 1.7%
Ford Holdings LLC
9.30%, 03/01/2030 ^		5,225		6,532
Service Corp., International
6.75%, 04/01/2015		350		368
6.75%, 04/01/2016 ^		4,800		5,058
7.00%, 06/15/2017 ^		175		186
Diversified Financial Services - 7.1%
Ally Financial, Inc.
6.75%, 12/01/2014 ^		6,240		6,536
8.00%, 03/15/2020 - 144A		1,600		1,768
8.30%, 02/12/2015 - 144A		900		981
CIT Group, Inc.
7.00%, 05/01/2014 - 05/01/2017 ^		13,220		13,196
Ford Motor Credit Co., LLC
6.63%, 08/15/2017		700		783
7.00%, 04/15/2015 ^		4,000		4,421
9.88%, 08/10/2011 ^		4,500		4,770
Nuveen Investments, Inc.
10.50%, 11/15/2015 ^		8,360		8,735
Reynolds Group Issuer, Inc.
7.13%, 04/15/2019 - 144A ^		1,800		1,877
9.00%, 04/15/2019 - 144A		5,175		5,376
Umbrella Acquisition, Inc.
9.75%, 03/15/2015 - 144A ^Ώ		2,096		2,199

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



Transamerica Funds		Annual Report 2010

Page 22

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

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts in thousands)


	Principal		Value

Diversified Telecommunication Services - 4.4%
Frontier Communications Corp.
8.50%, 04/15/2020	$	220	$	254
9.00%, 08/15/2031		6,515		7,264
Intelsat Corp.
9.25%, 06/15/2016		1,465		1,568
Qwest Communications International, Inc.
7.50%, 02/15/2014		2,825		2,882
Qwest Communications International, Inc. — Series B
7.50%, 02/15/2014		2,615		2,667
Sprint Capital Corp.
8.75%, 03/15/2032		5,575		6,119
Windstream Corp.
7.88%, 11/01/2017		2,375		2,595
8.63%, 08/01/2016		7,100		7,543
Electric Utilities - 3.6%
AES Red Oak LLC — Series B
9.20%, 11/30/2029		2,225		2,228
Dynegy Holdings, Inc.
7.75%, 06/01/2019		13,190		9,003
Elwood Energy LLC
8.16%, 07/05/2026		3,849		3,618
Intergen NV
9.00%, 06/30/2017 - 144A		7,025		7,587
LSP Energy, LP
7.16%, 01/15/2014		2,367		2,005
8.16%, 07/15/2025		750		523
Energy Equipment & Services - 0.4%
Pride International, Inc.
6.88%, 08/15/2020		2,650		3,001
Food & Staples Retailing - 1.3%
Rite Aid Corp.
7.50%, 03/01/2017 ^		2,000		1,928
10.38%, 07/15/2016 ^		2,625		2,792
SUPERVALU, Inc.
7.50%, 11/15/2014		1,600		1,612
8.00%, 05/01/2016 ^		2,880		2,927
Food Products - 1.9%
Del Monte Corp.
6.75%, 02/15/2015 ^		1,075		1,107
7.50%, 10/15/2019		1,100		1,207
Dole Food Co., Inc.
8.00%, 10/01/2016 - 144A ^		5,370		5,705
Simmons Foods, Inc.
10.50%, 11/01/2017 - 144A		1,800		1,800
Tyson Foods, Inc.
7.00%, 05/01/2018		2,400		2,598
8.25%, 10/01/2011		700		739
Health Care Equipment & Supplies - 1.0%
Cooper Cos., Inc.
7.13%, 02/15/2015		6,725		6,977
Health Care Providers & Services - 4.0%
Community Health Systems, Inc.
8.88%, 07/15/2015		7,400		7,918
DaVita, Inc.
6.38%, 11/01/2018		400		409
6.63%, 11/01/2020 ^		375		386
HCA, Inc.
9.25%, 11/15/2016		10,275		11,122
Healthsouth Corp.
7.75%, 09/15/2022		1,600		1,690
LifePoint Hospitals, Inc.
6.63%, 10/01/2020 - 144A		1,100		1,158
U.S. Oncology, Inc.
9.13%, 08/15/2017		4,970		5,529
UHS Escrow Corp.
7.00%, 10/01/2018 - 144A		400		418
Hotels, Restaurants & Leisure - 7.4%
Firekeepers Development Authority
13.88%, 05/01/2015 - 144A		4,000		4,690
GWR Operating Partnership LLP
10.88%, 04/01/2017 - 144A		2,690		2,838
Harrah’s Operating Co., Inc.
10.00%, 12/15/2018 ^		4,225		3,665
12.75%, 04/15/2018 - 144A ^		4,150		4,109
Mashantucket Western Pequot Tribe
8.50%, 11/15/2015 - 144A Џ		6,600		924
MGM Resorts International
5.88%, 02/27/2014 ^		2,500		2,250
7.50%, 06/01/2016 ^		2,625		2,336
10.38%, 05/15/2014		500		563
11.38%, 03/01/2018 ^		4,300		4,461
Mohegan Tribal Gaming Authority
6.13%, 02/15/2013		60		53
7.13%, 08/15/2014 ^		3,275		2,243
Royal Caribbean Cruises, Ltd.
6.88%, 12/01/2013		1,600		1,720
7.00%, 06/15/2013		3,000		3,248
7.25%, 06/15/2016 ^		1,300		1,417
Seminole Hard Rock Entertainment, Inc.
2.79%, 03/15/2014 - 144A *		325		288
Seneca Gaming Corp.
7.25%, 05/01/2012		5,400		5,265
Sheraton Holding Corp.
7.38%, 11/15/2015 ^		1,400		1,573
Starwood Hotels & Resorts Worldwide, Inc.
6.75%, 05/15/2018 ^		1,600		1,772
7.15%, 12/01/2019 ^		2,500		2,819
WMG Acquisition Corp.
9.50%, 06/15/2016		2,400		2,586
Wynn Las Vegas LLC
7.75%, 08/15/2020 - 144A		3,215		3,488
Household Durables - 4.2%
Beazer Homes USA, Inc.
9.13%, 06/15/2018		2,325		2,261
12.00%, 10/15/2017 ^		3,225		3,739
D.R. Horton, Inc.
5.25%, 02/15/2015 ^		2,208		2,186
Jarden Corp.
7.50%, 01/15/2020		1,710		1,813
7.50%, 05/01/2017 ^		3,390		3,606
K. Hovnanian Enterprises, Inc.
10.63%, 10/15/2016 ^		3,000		3,053
KB Home
9.10%, 09/15/2017		4,250		4,419
Meritage Homes Corp.
6.25%, 03/15/2015		2,580		2,593
7.15%, 04/15/2020		1,650		1,601
Mohawk Industries, Inc.
6.88%, 01/15/2016 ^		3,475		3,714
Standard Pacific Corp.
8.38%, 05/15/2018 ^		675		699

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



Transamerica Funds		Annual Report 2010

Page 23

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

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts in thousands)


	Principal		Value

Independent Power Producers & Energy Traders - 3.1%
Calpine Corp.
7.50%, 02/15/2021 - 144A	$	1,725	$	1,766
7.88%, 07/31/2020 - 144A		3,475		3,640
Edison Mission Energy
7.00%, 05/15/2017 ^		4,800		3,540
7.20%, 05/15/2019		6,500		4,679
7.75%, 06/15/2016 ^		2,000		1,610
NRG Energy, Inc.
7.25%, 02/01/2014		3,520		3,604
7.38%, 01/15/2017 ^		2,250		2,346
8.25%, 09/01/2020 - 144A		900		954
Insurance - 1.0%
Genworth Financial, Inc.
6.15%, 11/15/2066 *^		2,000		1,590
Liberty Mutual Group, Inc.
10.75%, 06/15/2058 - 144A *		4,400		5,456
IT Services - 1.8%
SunGard Data Systems, Inc.
9.13%, 08/15/2013		6,035		6,178
Unisys Corp.
12.50%, 01/15/2016		1,250		1,400
12.75%, 10/15/2014 - 144A ^		991		1,194
14.25%, 09/15/2015 - 144A		3,503		4,221
Leisure Equipment & Products - 0.1%
Icon Health & Fitness
11.88%, 10/15/2016 - 144A		600		594
Machinery - 1.1%
Case New Holland, Inc.
7.88%, 12/01/2017 - 144A ^		950		1,062
Manitowoc Co., Inc.
8.50%, 11/01/2020 ^		2,400		2,505
Navistar International Corp.
8.25%, 11/01/2021 ^		3,610		3,957
Media - 4.8%
Cablevision Systems Corp.
7.75%, 04/15/2018		3,550		3,874
8.00%, 04/15/2020 ^		350		387
CCO Holdings LLC
7.25%, 10/30/2017 - 144A		1,750		1,807
7.88%, 04/30/2018 - 144A		1,450		1,541
Cengage Learning Acquisitions, Inc.
13.25%, 07/15/2015 - 144A *		600		635
Charter Communications Operating LLC
8.00%, 04/30/2012 - 144A		3,025		3,218
Clear Channel Communications, Inc.
10.75%, 08/01/2016 ^		1,000		773
Clear Channel Worldwide Holdings, Inc.
9.25%, 12/15/2017		3,550		3,872
CSC Holdings LLC
7.63%, 07/15/2018 ^		4,650		5,143
8.50%, 06/15/2015		925		1,019
DISH DBS Corp.
7.13%, 02/01/2016		1,000		1,060
7.75%, 05/31/2015		4,880		5,312
7.88%, 09/01/2019		1,700		1,864
Nexstar Broadcasting, Inc.
8.88%, 04/15/2017 - 144A		1,550		1,643
Univision Communications, Inc.
7.88%, 11/01/2020 - 144A		1,850		1,943
Metals & Mining - 1.0%
Steel Dynamics, Inc.
7.38%, 11/01/2012 ^		3,000		3,206
U.S. Steel Corp.
7.00%, 02/01/2018 ^		2,535		2,592
7.38%, 04/01/2020 ^		1,500		1,566
Multiline Retail - 2.2%
Bon-Ton Department Stores, Inc.
10.25%, 03/15/2014		5,925		6,044
JC Penney Corp., Inc.
7.13%, 11/15/2023 ^		1,575		1,646
7.40%, 04/01/2037 ^		3,750		3,459
Macy’s Retail Holdings, Inc.
7.45%, 07/15/2017		4,100		4,623
Oil, Gas & Consumable Fuels - 9.5%
Berry Petroleum Co.
6.75%, 11/01/2020		2,500		2,581
Chesapeake Energy Corp.
6.63%, 08/15/2020		6,200		6,564
7.25%, 12/15/2018 ^		930		1,016
7.63%, 07/15/2013		100		109
9.50%, 02/15/2015		1,400		1,624
Connacher Oil and Gas, Ltd.
10.25%, 12/15/2015 - 144A		2,680		2,673
Consol Energy, Inc.
8.00%, 04/01/2017 - 144A		750		821
8.25%, 04/01/2020 - 144A		2,125		2,369
Continental Resources, Inc.
7.13%, 04/01/2021 - 144A ^		1,600		1,728
8.25%, 10/01/2019 ^		1,840		2,047
El Paso Corp.
7.25%, 06/01/2018 ^		5,475		6,075
Energy Transfer Equity, LP
7.50%, 10/15/2020		4,625		5,041
Hilcorp Energy I, LP
8.00%, 02/15/2020 - 144A		900		950
Kinder Morgan Finance Co.
5.70%, 01/05/2016		3,560		3,671
Linn Energy LLC
7.75%, 02/01/2021 - 144A		2,740		2,829
Linn Energy LLC Finance Corp.
8.63%, 04/15/2020 - 144A		2,340		2,527
MarkWest Energy Partners LP
6.75%, 11/01/2020		2,075		2,122
Newfield Exploration Co.
6.63%, 09/01/2014 ^		2,175		2,224
6.88%, 02/01/2020		1,175		1,254
7.13%, 05/15/2018		295		316
OPTI Canada, Inc.
7.88%, 12/15/2014 ^		1,590		1,193
8.25%, 12/15/2014		3,600		2,727
9.00%, 12/15/2012 - 144A		900		918
Pioneer Natural Resources Co.
6.65%, 03/15/2017		5,825		6,289
Plains Exploration & Production Co.
7.00%, 03/15/2017 ^		1,400		1,449
7.75%, 06/15/2015 ^		3,000		3,165
Stallion Oilfield Holdings, Ltd.
10.50%, 02/15/2015 - 144A		400		420

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



Transamerica Funds		Annual Report 2010

Page 24

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

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts except share amounts in thousands)


	Principal		Value

Oil, Gas & Consumable Fuels (continued)
Tesoro Corp.
6.63%, 11/01/2015 ^	$	2,075	$	2,096
Paper & Forest Products - 3.5%
Georgia-Pacific LLC
7.00%, 01/15/2015 - 144A		3,825		3,992
7.13%, 01/15/2017 - 144A		1,153		1,239
Smurfit Kappa Funding PLC
7.75%, 04/01/2015 ^		1,000		1,028
Verso Paper Holdings LLC
11.50%, 07/01/2014 ^		595		663
Verso Paper Holdings LLC — Series B
11.38%, 08/01/2016 ^		5,525		5,318
Westvaco Corp.
8.20%, 01/15/2030		3,800		4,119
Weyerhaeuser Co.
7.38%, 03/15/2032 ^		7,300		7,403
Pharmaceuticals - 0.9%
Mylan, Inc.
7.63%, 07/15/2017 - 144A		1,800		1,980
7.88%, 07/15/2020 - 144A		2,300		2,565
Valeant Pharmaceuticals International, Inc.
6.75%, 10/01/2017 - 144A		600		626
7.00%, 10/01/2020 - 144A		900		945
Real Estate Investment Trusts - 2.0%
Host Hotels & Resorts, Inc.
6.00%, 11/01/2020 - 144A		2,480		2,480
Host Hotels & Resorts, LP
7.13%, 11/01/2013 ^		2,331		2,360
9.00%, 05/15/2017 ^		1,300		1,466
Host Hotels & Resorts, LP — Series Q
6.75%, 06/01/2016		1,150		1,195
iStar Financial, Inc.
5.88%, 03/15/2016 ^		3,150		2,607
8.63%, 06/01/2013		5,000		4,324
Real Estate Management & Development - 1.1%
First Industrial, LP
5.75%, 01/15/2016		2,000		1,800
Realogy Corp.
10.50%, 04/15/2014 ^		6,305		5,659
Road & Rail - 0.7%
Hertz Corp.
7.50%, 10/15/2018 - 144A		2,500		2,575
8.88%, 01/01/2014 ^		2,511		2,580
Semiconductors & Semiconductor Equipment - 1.4%
Freescale Semiconductor, Inc.
9.25%, 04/15/2018 - 144A		1,925		2,060
10.75%, 08/01/2020 - 144A ^		1,770		1,836
NXP BV
9.75%, 08/01/2018 - 144A		5,425		5,920
Software - 0.9%
First Data Corp.
9.88%, 09/24/2015 ^		7,286		6,157
Specialty Retail - 0.2%
Claire’s Stores, Inc.
9.63%, 06/01/2015 Ώ		800		735
10.50%, 06/01/2017 ^		600		533
Textiles, Apparel & Luxury Goods - 1.1%
Jones Group, Inc.
6.13%, 11/15/2034		3,985		3,257
Levi Strauss & Co.
7.63%, 05/15/2020 ^		2,360		2,484
8.88%, 04/01/2016 ^		1,200		1,272
Phillips-Van Heusen Corp.
7.38%, 05/15/2020 ^		1,000		1,084
Wireless Telecommunication Services - 1.6%
Nextel Communications, Inc. — Series D
7.38%, 08/01/2015 ^		1,925		1,932
Nextel Communications, Inc. — Series E
6.88%, 10/31/2013		6,270		6,317
Sprint Nextel Corp.
9.25%, 04/15/2022		2,750		3,025

Total Corporate Debt Securities (cost $599,583)				640,341


	Shares		Value

PREFERRED STOCK - 0.3%
Diversified Financial Services - 0.3%
Ally Financial, Inc., 7.91% - 144A ▲		2,228		2,005
Total Preferred Stock (cost $701)

COMMON STOCKS - 1.4%
Containers & Packaging - 0.8%
Smurfit-Stone Container Corp. ‡		245,580		5,649
Diversified Financial Services - 0.4%
CIT Group, Inc. ‡^		68,248		2,957
IT Services - 0.2%
Unisys Corp. ‡^		61,972		1,428

Total Common Stocks (cost $10,433)				10,034


SECURITIES LENDING COLLATERAL - 18.1%
State Street Navigator Securities Lending
Trust — Prime Portfolio, 0.35% ▲		128,069,863		128,070
Total Securities Lending Collateral (cost $128,070)

	Principal		Value

REPURCHASE AGREEMENT - 4.8%
State Street Bank & Trust Co. 0.01% ▲, dated 10/29/2010, to be repurchased at $34,189 on 11/01/2010. Collateralized by U.S. Government Agency Obligations, 4.00%, due 12/15/2017, and with a total value of $34,873.	$	34,189		34,189
Total Repurchase Agreement (cost $34,189)

Total Investment Securities (cost $778,693) #				822,546
Other Assets and Liabilities — Net				(115,992	)


Net Assets			$	706,554

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



Transamerica Funds		Annual Report 2010

Page 25

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

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts in thousands)

NOTES TO SCHEDULE OF INVESTMENTS:

*		Floating or variable rate note. Rate is listed as of 10/29/2010.

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

^		All or a portion of this security is on loan. The value of all securities on loan is $125,479.

Џ		In default.

Ώ		Payment in-kind. Securities pay interest or dividends in the form of additional bonds or preferred stock.

▲		Rate shown reflects the yield at 10/29/2010.

‡		Non-income producing security.

#		Aggregate cost for federal income tax purposes is $778,829. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $55,581 and $11,864, respectively. Net unrealized appreciation for tax purposes is $43,717.

DEFINITION:

144A

144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 10/31/2010, these securities aggregated $124,998, or 17.69%, of the fund’s net assets.

VALUATION SUMMARY:


Investment Securities	Level 1		Level 2		Level 3		Total

Common Stocks	$	10,034	$	—	$	—	$	10,034
Corporate Debt Securities		—		640,341		—		640,341
Preferred Corporate Debt Securities		—		7,907		—		7,907
Preferred Stocks		2,005		—		—		2,005
Repurchase Agreement		—		34,189		—		34,189
Securities Lending Collateral		128,070		—		—		128,070

Total	$	140,109	$	682,437	$	—	$	822,546

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



Transamerica Funds		Annual Report 2010

Page 26

Transamerica Balanced

SCHEDULE OF INVESTMENTS
At October 31, 2010
(all amounts in thousands)


	Principal		Value

U.S. GOVERNMENT OBLIGATIONS - 0.5%
U.S. Treasury Bond
4.38%, 11/15/2039 - 05/15/2040	$	1,455	$	1,550
Total U.S. Government Obligations (cost $1,526)

U.S. GOVERNMENT AGENCY OBLIGATIONS - 3.3%
Fannie Mae
5.00%, 05/01/2018 - 03/01/2036		1,531		1,670
5.50%, 07/01/2019 - 11/01/2038		7,525		8,143
6.00%, 08/01/2036 - 12/01/2037		425		465
Freddie Mac
5.00%, 04/01/2018		89		95
5.50%, 09/01/2018 - 11/01/2018		89		97
Freddie Mac, IO
5.00%, 08/01/2035		3,752		545

Total U.S. Government Agency Obligations (cost $10,744)				11,015


MORTGAGE-BACKED SECURITIES - 5.8%
American General Mortgage Loan Trust
Series 2009-1, Class A6
5.75%, 09/25/2048 - 144A *		925		964
American Tower Trust
Series 2007-1A, Class AFX
5.42%, 04/15/2037 - 144A		910		1,003
Series 2007-1A, Class C
5.62%, 04/15/2037 - 144A		405		431
BCAP LLC Trust
Series 2009-RR10, Class 2A1
3.08%, 08/26/2035 - 144A *		725		728
Series 2009-RR13, Class 13A3
5.25%, 03/26/2037 - 144A *		500		513
Series 2009-RR14, Class 1A1
6.00%, 05/26/2037 - 144A * Ə		801		813
Series 2009-RR3, Class 2A1
5.60%, 05/26/2037 - 144A *		363		377
Series 2009-RR6, Class 2A1
5.25%, 08/26/2035 - 144A *		523		508
Series 2010-RR1, Class 12A1
5.25%, 08/26/2036 - 144A *		857		896
Series 2010-RR6, Class 1A5
5.00%, 08/26/2022 - 144A *		448		462
Credit Suisse Mortgage Capital Certificates
Series 2009-16R, Class 11A1
7.00%, 08/26/2036 - 144A		507		541
Series 2010-15R, Class 2A1
3.50%, 05/26/2036 - 144A *		527		530
Series 2010-18R, Class 3A1
4.00%, 03/26/2037 - 144A Ə		700		704
Jefferies & Co., Inc.
Series 2009-R2, Class 2A
6.25%, 12/26/2037 - 144A *		505		526
Series 2009-R7, Class 10A3
6.00%, 12/26/2036 - 144A		432		460
Series 2009-R7, Class 12A1
5.29%, 08/26/2036 - 144A *		469		473
Series 2009-R7, Class 1A1
5.58%, 02/26/2036 - 144A *		730		753
Series 2009-R7, Class 4A1
3.06%, 09/26/2034 - 144A *		735		736
Series 2009-R9, Class 1A1
5.74%, 08/26/2046 - 144A *		478		483
Series 2010-R2, Class 1A1
6.00%, 05/26/2036 - 144A		742		783
Series 2010-R3, Class 1A1
5.52%, 03/21/2036 - 144A *		522		520
Series 2010-R6, Class 1A1
4.00%, 09/26/2037 - 144A		505		513
JP Morgan Re-REMIC
Series 2009-7, Class 8A1
5.66%, 01/27/2047 - 144A *		490		492
Series 2010-4, Class 7A1
4.32%, 08/26/2035 - 144A *		698		707
Series 2010-5, Class 2A2
4.50%, 07/26/2035 - 144A *		527		535
WaMu Mortgage Pass-Through Certificates
Series 2003-S9, Class A6
5.25%, 10/25/2033		1,640		1,670
Wells Fargo Mortgage Backed Securities Trust
Series 2003-G, Class A1
4.10%, 06/25/2033 *		804		821
Series 2003-L, Class 1A2
4.51%, 11/25/2033 *		732		758
Wells Fargo Mortgage Loan Trust
Series 2010-RR1, Class 2A1
0.37%, 08/27/2047 - 144A *		496		489

Total Mortgage-Backed Securities (cost $18,188)				19,189


ASSET-BACKED SECURITIES - 2.0%
America West Airlines Pass-Through Trust
Series 2001-1, Class G
8.06%, 07/02/2020		714		757
American Airlines Pass-Through Trust
Series 2001-2, Class A2
7.86%, 10/01/2011		710		743
Continental Airlines Pass-Through Trust
Series 2009-1
9.00%, 07/08/2016		494		573
Delta Air Lines, Inc.
Series 10-1A
6.20%, 07/02/2018 ^		1,060		1,134
Gazprom Via Gaz Capital SA
8.13%, 07/31/2014 - 144A		880		1,000
Northwest Airlines Pass-Through Trust
Series 2002-1, Class G2
6.26%, 11/20/2021		1,030		1,056
UAL Pass-Through Trust
Series 2009-1
10.40%, 11/01/2016		1,130		1,277

Total Asset-Backed Securities (cost $6,154)				6,540


MUNICIPAL GOVERNMENT OBLIGATIONS - 0.5%
Rhode Island Economic Development Corp.
6.00%, 11/01/2015 §		610		614
State of California
7.95%, 03/01/2036		1,130		1,188

Total Municipal Government Obligations (cost $1,741)				1,802


PREFERRED CORPORATE DEBT SECURITIES - 1.7%
Commercial Banks - 1.0%
Barclays Bank PLC
8.55%, 06/15/2011 - 144A * Ž ^		990		1,006

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



Transamerica Funds		Annual Report 2010

Page 27

Transamerica Balanced

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts in thousands)


	Principal		Value

Commercial Banks (continued)
PNC Financial Services Group, Inc.
8.25%, 05/21/2013 * Ž ^	$	290	$	304
Rabobank Nederland NV
11.00%, 06/30/2019 - 144A * Ž		790		1,055
Wells Fargo & Co.
Series K
7.98%, 03/15/2018 * Ž		950		998
Diversified Financial Services - 0.7%
JPMorgan Chase Capital XXV
Series Y
6.80%, 10/01/2037		710		706
ZFS Finance USA Trust II
6.45%, 06/15/2016 - 144A *		1,816		1,743

Total Preferred Corporate Debt Securities (cost $5,340)				5,812


CORPORATE DEBT SECURITIES - 16.8%
Auto Components - 0.2%
BorgWarner, Inc.
4.63%, 09/15/2020		560		585
Building Products - 0.2%
Voto-Votorantim Overseas Trading Operations NV
6.63%, 09/25/2019 - 144A		765		834
Chemicals - 0.2%
Nalco Co.
8.25%, 05/15/2017		470		523
Commercial Banks - 2.3%
Banco Santander Chile
3.75%, 09/22/2015 - 144A		610		616
Barclays Bank PLC
10.18%, 06/12/2021 - 144A		750		1,000
Fifth Third Bancorp
0.71%, 12/20/2016 *		1,095		986
M&I Marshall & Ilsley Bank
5.00%, 01/17/2017		1,015		960
Regions Bank
7.50%, 05/15/2018		300		320
Regions Financial Corp.
5.75%, 06/15/2015		865		892
Royal Bank of Scotland PLC
4.88%, 03/16/2015		460		495
Silicon Valley Bank
6.05%, 06/01/2017		1,280		1,353
Zions Bancorporation
7.75%, 09/23/2014		865		921
Consumer Finance - 0.2%
Block Financial LLC
7.88%, 01/15/2013 ^		745		770
Containers & Packaging - 0.4%
Graphic Packaging International, Inc.
9.50%, 06/15/2017		470		518
Rexam PLC
6.75%, 06/01/2013 - 144A		921		1,000
Diversified Financial Services - 3.2%
Aviation Capital Group
7.13%, 10/15/2020 - 144A		1,070		1,110
Glencore Funding LLC
6.00%, 04/15/2014 - 144A		995		1,038
GTP Towers Issuer LLC
4.44%, 02/15/2015 - 144A		1,435		1,530
International Lease Finance Corp.
6.50%, 09/01/2014 - 144A		980		1,058
Irish Life & Permanent Group Holdings PLC
3.60%, 01/14/2013 - 144A		990		928
Marina District Finance Co., Inc.
9.50%, 10/15/2015 - 144A ^		510		503
Oaktree Capital Management, LP
6.75%, 12/02/2019 - 144A		960		1,029
QHP Royalty Sub LLC
10.25%, 03/15/2015 - 144A		521		533
Selkirk Cogen Funding Corp.
Series A, Class
8.98%, 06/26/2012		772		812
TNK-BP Finance SA
6.25%, 02/02/2015 - 144A		490		520
7.50%, 03/13/2013 - 144A		485		526
Unison Ground Lease Funding LLC
6.39%, 04/15/2020 - 144A		1,260		1,343
Electric Utilities - 0.3%
KCP&L Greater Missouri Operations Co.
11.88%, 07/01/2012		852		980
Energy Equipment & Services - 0.4%
NGPL Pipeco LLC
6.51%, 12/15/2012 - 144A		840		906
Pride International, Inc.
6.88%, 08/15/2020		445		504
Food & Staples Retailing - 0.4%
Ingles Markets, Inc.
8.88%, 05/15/2017		790		873
Stater Brothers Holdings, Inc.
8.13%, 06/15/2012 ^		325		325
Food Products - 0.4%
Lorillard Tobacco Co.
8.13%, 06/23/2019		880		1,017
Michael Foods, Inc.
9.75%, 07/15/2018 - 144A		480		523
Hotels, Restaurants & Leisure - 0.1%
MGM Resorts International
6.75%, 09/01/2012		500		493
Insurance - 1.3%
Chubb Corp.
6.38%, 03/29/2067 *		680		698
Fidelity National Financial, Inc.
6.60%, 05/15/2017		520		536
HCC Insurance Holdings, Inc.
6.30%, 11/15/2019		930		1,007
Oil Insurance, Ltd.
7.56%, 06/30/2011 - 144A * Ž		490		440
Pacific Life Insurance Co.
9.25%, 06/15/2039 - 144A		430		524
Travelers Cos., Inc.
6.25%, 03/15/2037 *		1,030		1,072
Machinery - 0.4%
Kennametal, Inc.
7.20%, 06/15/2012		905		940
Metals & Mining - 0.3%
ArcelorMittal
5.25%, 08/05/2020		875		885
Multi-Utilities - 0.5%
Black Hills Corp.
5.88%, 07/15/2020		620		651
9.00%, 05/15/2014		790		936
Oil, Gas & Consumable Fuels - 0.6%
Lukoil International Finance BV
6.38%, 11/05/2014 - 144A ^		705		760
OPTI Canada, Inc.
8.25%, 12/15/2014		660		500

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



Transamerica Funds		Annual Report 2010

Page 28

Transamerica Balanced

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts except share amounts in thousands)


	Principal		Value

Oil, Gas & Consumable Fuels (continued)
Petroleum Co., of Trinidad & Tobago, Ltd.
9.75%, 08/14/2019 - 144A	$	420	$	524
Paper & Forest Products - 0.4%
Celulosa Arauco y Constitucion SA
5.00%, 01/21/2021 - 144A		720		742
Exopack Holding Corp.
11.25%, 02/01/2014		800		833
Real Estate Investment Trusts - 3.1%
BRE Properties, Inc.
5.20%, 03/15/2021		1,010		1,029
Dexus Property Group
7.13%, 10/15/2014 - 144A		1,027		1,167
Digital Realty Trust, LP
5.88%, 02/01/2020 - 144A		960		1,021
Duke Realty, LP
7.38%, 02/15/2015		820		942
Entertainment Properties Trust
7.75%, 07/15/2020 - 144A		880		913
Healthcare Realty Trust, Inc.
6.50%, 01/17/2017		875		961
Kilroy Realty, LP
6.63%, 06/01/2020 - 144A		950		971
PPF Funding, Inc.
5.35%, 04/15/2012 - 144A		1,007		1,033
Tanger Properties, LP
6.13%, 06/01/2020		300		331
6.15%, 11/15/2015		850		957
WEA Finance LLC
6.75%, 09/02/2019 - 144A		867		1,021
Real Estate Management & Development - 0.5%
Post Apartment Homes, LP
5.45%, 06/01/2012		620		644
6.30%, 06/01/2013		977		1,054
Trading Companies & Distributors - 0.2%
Noble Group, Ltd.
8.50%, 05/30/2013 - 144A		680		769
Wireless Telecommunication Services - 1.2%
Crown Castle Towers LLC
4.88%, 08/15/2020 - 144A		1,430		1,457
6.11%, 01/15/2020 - 144A		890		990
SBA Tower Trust
5.10%, 04/15/2017 - 144A		1,465		1,575

Total Corporate Debt Securities (cost $52,577)				56,207


	Shares		Value

COMMON STOCKS - 66.1%
Aerospace & Defense - 1.4%
Precision Castparts Corp. ^		33,270		4,544
Air Freight & Logistics - 2.6%
CH Robinson Worldwide, Inc. ^		70,241		4,950
Expeditors International of Washington, Inc. ^		72,381		3,573
Auto Components - 4.7%
BorgWarner, Inc. ‡^		163,296		9,163
Johnson Controls, Inc.		187,313		6,578
Capital Markets - 3.0%
Charles Schwab Corp.		273,166		4,207
T. Rowe Price Group, Inc. ^		101,348		5,601
Chemicals - 1.4%
Sigma-Aldrich Corp. ^		73,080		4,635
Commercial Banks - 0.6%
Marshall & Ilsley Corp. ^		358,377		2,118
Communications Equipment - 1.2%
QUALCOMM, Inc.		85,858		3,875
Computers & Peripherals - 3.3%
Apple, Inc. ‡		36,436		10,962
Diversified Financial Services - 2.0%
JPMorgan Chase & Co.		173,529		6,530
Electrical Equipment - 2.9%
Cooper Industries PLC — Class A		99,544		5,218
Emerson Electric Co.		85,480		4,693
Energy Equipment & Services - 1.7%
Core Laboratories NV ^		70,949		5,518
Food Products - 2.4%
Green Mountain Coffee Roasters, Inc. ‡^		239,954		7,916
Hotels, Restaurants & Leisure - 1.5%
Chipotle Mexican Grill, Inc. — Class A ‡ ^		23,602		4,961
Insurance - 0.9%
Berkshire Hathaway, Inc. — Class A ‡ ^		26		3,102
Internet & Catalog Retail - 8.2%
Amazon.com, Inc. ‡		70,950		11,717
NetFlix, Inc. ‡^		57,008		9,891
priceline.com, Inc. ‡		16,227		6,114
Internet Software & Services - 3.6%
Google, Inc. — Class A ‡		9,105		5,581
Rackspace Hosting, Inc. ‡^		253,722		6,333
Machinery - 7.8%
Caterpillar, Inc.		92,989		7,309
Deere & Co.		43,910		3,372
Kennametal, Inc. ^		214,486		7,323
PACCAR, Inc. ^		164,607		8,438
Metals & Mining - 1.6%
Vale SA — Class B ADR ‡^		161,376		5,186
Oil, Gas & Consumable Fuels - 2.6%
EOG Resources, Inc.		46,117		4,414
Petroleo Brasileiro SA ADR		130,057		4,438
Paper & Forest Products - 1.4%
Weyerhaeuser Co. ^		297,225		4,821
Pharmaceuticals - 2.1%
Perrigo Co. ^		45,741		3,013
Teva Pharmaceutical Industries, Ltd. ADR		75,465		3,917
Professional Services - 1.1%
Robert Half International, Inc. ^		134,431		3,644
Road & Rail - 2.0%
Union Pacific Corp.		74,632		6,544
Software - 6.1%
Citrix Systems, Inc. ‡		113,000		7,240
Microsoft Corp.		210,224		5,600
Oracle Corp.		262,295		7,712

Total Common Stocks (cost $165,203)				220,751


WARRANT - 2.0%
United States - 2.0%
Wells Fargo & Co. ‡
Expiration: 10/28/2018
Exercise Price: $34.01		802,985		6,625
Total Warrant (cost $6,326)

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



Transamerica Funds		Annual Report 2010

Page 29

Transamerica Balanced

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts except share amounts in thousands)


	Shares		Value

SECURITIES LENDING COLLATERAL - 13.7%
State Street Navigator Securities Lending Trust — Prime Portfolio, 0.35% ▲		45,695,627	$	45,696
Total Securities Lending Collateral (cost $45,696)

	Principal		Value

REPURCHASE AGREEMENT - 1.1%
State Street Bank & Trust Co. 0.01% ▲, dated 10/29/2010, to be repurchased at $3,564 on 11/01/2010. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 12/15/2017, and with a value of $3,636	$	3,564		3,564
Total Repurchase Agreement (cost $3,564)

Total Investment Securities (cost $317,059) #				378,751
Other Assets and Liabilities — Net				(45,150	)

Net Assets			$	333,601

NOTES TO SCHEDULE OF INVESTMENTS:

*		Floating or variable rate note. Rate is listed as of 10/29/2010.

Ə		Security fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. These securities had a total market value of $1,517, or 0.45%, of the fund’s net assets.

^		All or a portion of this security is on loan. The value of all securities on loan is $44,668.

§		Illiquid. This security had a value of $614, or 0.18%, of the fund’s net assets.

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

‡		Non-income producing security.

▲		Rate shown reflects the yield at 10/29/2010.

#		Aggregate cost for federal income tax purposes is $317,405. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $65,506 and $4,160, respectively. Net unrealized appreciation for tax purposes is $61,346.

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 10/31/2010, these securities aggregated $49,648, or 14.88%, of the fund’s net assets.

ADR		American Depositary Receipt

IO		Interest Only

REMIC		Real Estate Mortgage Investment Conduits (consist of a fixed pool of mortgages broken apart and marketed to investors as individual securities)

VALUATION SUMMARY:


Investment Securities	Level 1		Level 2		Level 3		Total

Asset-Backed Securities	$	—	$	6,540	$	—	$	6,540
Common Stocks		211,317		9,434		—		220,751
Corporate Debt Securities		—		56,207		—		56,207
Mortgage-Backed Securities		—		19,189		—		19,189
Municipal Government Obligations		—		1,802		—		1,802
Preferred Corporate Debt Securities		—		5,812		—		5,812
Repurchase Agreement		—		3,564		—		3,564
Securities Lending Collateral		45,696		—		—		45,696
U.S. Government Agency Obligations		—		11,015		—		11,015
U.S. Government Obligations		—		1,550		—		1,550
Warrants		6,625		—		—		6,625

Total	$	263,638	$	115,113	$	—	$	378,751

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



Transamerica Funds		Annual Report 2010

Page 30

Transamerica Diversified Equity

SCHEDULE OF INVESTMENTS
At October 31, 2010
(all amounts except share amounts in thousands)


	Shares		Value

COMMON STOCKS - 98.5%
Aerospace & Defense - 2.9%
Precision Castparts Corp.		164,741	$	22,500
Rolls-Royce Group PLC — Class C ‡ Ə		4,657,860		1
Air Freight & Logistics - 4.6%
CH Robinson Worldwide, Inc. ^{^}		257,050		18,117
Expeditors International of Washington, Inc.		375,656		18,542
Auto Components - 6.2%
BorgWarner, Inc. ‡ ^{^}		381,227		21,391
Johnson Controls, Inc.		784,726		27,559
Biotechnology - 2.9%
Amgen, Inc. ‡		191,280		10,939
Celgene Corp. ‡		201,265		12,493
Capital Markets - 1.0%
T. Rowe Price Group, Inc.		143,095		7,909
Chemicals - 6.0%
Ecolab, Inc.		171,678		8,467
Nalco Holding Co.		793,425		22,358
Sigma-Aldrich Corp. ^{^}		257,011		16,300
Commercial Banks - 4.9%
BB&T Corp.		631,750		14,789
City National Corp. ^{^}		192,860		9,946
Wells Fargo & Co.		522,525		13,627
Communications Equipment - 3.3%
Cisco Systems, Inc. ‡		721,826		16,479
QUALCOMM, Inc.		204,053		9,209
Computers & Peripherals - 4.0%
Apple, Inc. ‡		104,753		31,517
Construction & Engineering - 1.0%
Jacobs Engineering Group, Inc. ‡ ^{^}		196,612		7,591
Diversified Financial Services - 2.1%
Bank of America Corp.		565,166		6,465
JPMorgan Chase & Co.		274,520		10,331
Electrical Equipment - 2.3%
Hubbell, Inc. — Class B		331,695		17,918
Energy Equipment & Services - 3.4%
Core Laboratories NV ^{^}		173,560		13,498
Schlumberger, Ltd.		191,487		13,383
Food Products - 1.0%
Green Mountain Coffee Roasters, Inc. ‡ ^{^}		240,265		7,926
Health Care Equipment & Supplies - 1.0%
Covidien PLC		199,852		7,968
Hotels, Restaurants & Leisure - 7.6%
Chipotle Mexican Grill, Inc. — Class A ‡ ^{^}		43,095		9,059
Marriott International, Inc. — Class A ^{^}		624,675		23,144
McDonald’s Corp.		146,555		11,398
Starbucks Corp.		562,665		16,025
Insurance - 1.5%
Travelers Cos., Inc.		218,165		12,043
Internet & Catalog Retail - 2.8%
Amazon.com, Inc. ‡		135,378		22,356
Internet Software & Services - 2.2%
Google, Inc. — Class A ‡		28,251		17,318
IT Services - 1.5%
International Business Machines Corp.		84,987		12,204
Life Sciences Tools & Services - 1.9%
Covance, Inc. ‡ ^{^}		136,360		6,408
Illumina, Inc. ‡ ^{^}		155,795		8,461
Machinery - 7.7%
Caterpillar, Inc.		166,974		13,124
Donaldson Co., Inc. ^{^}		213,540		10,404
Kennametal, Inc. ^{^}		524,075		17,892
PACCAR, Inc. ^{^}		390,909		20,038
Media - 1.0%
Walt Disney Co.		220,976		7,979
Multiline Retail - 1.4%
Target Corp.		219,155		11,383
Oil, Gas & Consumable Fuels - 2.1%
EOG Resources, Inc.		171,870		16,451
Paper & Forest Products - 1.0%
Weyerhaeuser Co. ^{^}		490,603		7,958
Pharmaceuticals - 2.2%
Johnson & Johnson		113,505		7,227
Teva Pharmaceutical Industries, Ltd. ADR		188,795		9,798
Professional Services - 2.2%
Robert Half International, Inc. ^{^}		653,255		17,710
Road & Rail - 2.0%
Norfolk Southern Corp.		259,420		15,952
Semiconductors & Semiconductor Equipment - 1.9%
ARM Holdings PLC ADR ^{^}		202,890		3,587
Broadcom Corp. — Class A		286,505		11,672
Software - 4.6%
Citrix Systems, Inc. ‡		186,995		11,981
Oracle Corp.		566,805		16,664
Salesforce.com, Inc. ‡		66,060		7,668
Specialty Retail - 2.2%
CarMax, Inc. ‡ ^{^}		552,685		17,128
Textiles, Apparel & Luxury Goods - 2.1%
Nike, Inc. — Class B		199,933		16,283
Trading Companies & Distributors - 2.9%
WW Grainger, Inc. ^{^}		182,975		22,694
Wireless Telecommunication Services - 1.1%
American Tower Corp. — Class A ‡		168,095		8,675

Total Common Stocks (cost $668,862)				777,907


SECURITIES LENDING COLLATERAL - 13.9%
State Street Navigator Securities Lending Trust — Prime Portfolio, 0.35% ▲		109,461,771		109,462
Total Securities Lending Collateral (cost $109,462)


	Principal		Value

REPURCHASE AGREEMENT - 1.5%
State Street Bank & Trust Co. 0.01% ▲, dated 10/29/2010, to be repurchased at $11,754 on 11/01/2010. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 12/15/2017, and with a value of $11,992.	$	11,754		11,754
Total Repurchase Agreement (cost $11,754)

Total Investment Securities (cost $790,078) #				899,123
Other Assets and Liabilities — Net				(109,774	)


Net Assets			$	789,349

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



Transamerica Funds		Annual Report 2010

Page 31

Transamerica Diversified Equity

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts in thousands)


NOTES TO SCHEDULE OF INVESTMENTS:

Ə		Security fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. This security had a market value of $1, or less than 0.01%, of the fund’s net assets.

‡		Non-income producing security.

^{^}		All or a portion of this security is on loan. The value of all securities on loan is $106,976.

▲		Rate shown reflects the yield at 10/29/2010.

#		Aggregate cost for federal income tax purposes is $790,078. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $136,417 and $27,372, respectively. Net unrealized appreciation for tax purposes is $109,045.

DEFINITION:

ADR		American Depositary Receipt

VALUATION SUMMARY:


Investment Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	743,055	$	34,851	$	1	$	777,907
Repurchase Agreement		—		11,754		—		11,754
Securities Lending Collateral		109,462		—		—		109,462

Total	$	852,517	$	46,605	$	1	$	899,123

Level 3 Rollforward — Investment Securities


	Beginning													Ending
	Balance at		Net		Accrued		Total Realized		Change in Unrealized			Net Transfers		Balance at
Securities	10/31/2009		Purchases/(Sales)		Discounts/(Premiums)		Gain/(Loss)		(Depreciation)			In Level 3		10/31/2010
Common Stock	$	—	$	—	$	—	$	—	$	(7	)	$	8	$	1

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



Transamerica Funds		Annual Report 2010

Page 32

Transamerica Flexible Income

SCHEDULE OF INVESTMENTS
At October 31, 2010
(all amounts in thousands)


		Principal		Value

U.S. GOVERNMENT OBLIGATIONS - 1.6%
U.S. Treasury Inflation Indexed Bond
2.50%, 01/15/2029		$	2,135	$	2,626
U.S. Treasury Note
1.25%, 09/30/2015			1,400		1,407

Total U.S. Government Obligations (cost $3,658)					4,033


U.S. GOVERNMENT AGENCY OBLIGATION - 0.5%
Freddie Mac, IO
5.00%, 08/01/2035			9,379		1,362
Total U.S. Government Agency Obligation (cost $2,138)

FOREIGN GOVERNMENT OBLIGATIONS - 5.4%
Canada Housing Trust No. 1
3.15%, 06/15/2015	CAD		2,500		2,563
Canadian Government Bond
2.50%, 06/01/2015	CAD		2,500		2,519
Republic of Chile
5.50%, 08/05/2020	CLP		994,500		2,157
Republic of The Philippines
4.95%, 01/15/2021	PHP		90,000		2,222
United Mexican States
7.00%, 06/19/2014	MXN		18,000		1,540
7.50%, 06/21/2012	MXN		35,000		2,965

Total Foreign Government Obligations (cost $12,968)					13,966


MORTGAGE-BACKED SECURITIES - 8.6%
American General Mortgage Loan Trust
Series 2009-1, Class A6
5.75%, 09/25/2048 - 144A *		$	1,785		1,860
American Tower Trust
Series 2007-1A, Class C
5.62%, 04/15/2037 - 144A			2,090		2,225
Series 2007-1A, Class D
5.96%, 04/15/2037 - 144A			1,950		2,085
BCAP LLC Trust
Series 2009-RR3, Class 2A1
5.60%, 05/26/2037 - 144A *			434		450
Series 2009-RR6, Class 2A1
5.25%, 08/26/2035 - 144A *			1,320		1,281
Series 2009-RR10, Class 2A1
3.08%, 08/26/2035 - 144A *			883		886
Series 2009-RR13, Class 13A3
5.25%, 03/26/2037 - 144A *			1,435		1,472
Series 2009-RR14, Class 1A1
6.00%, 05/26/2037 - 144A * Ə			1,779		1,806
Series 2010-RR1, Class 12A1
5.25%, 08/26/2036 - 144A *			1,906		1,994
Jefferies & Co., Inc.
Series 2009-R2, Class 2A
6.25%, 12/26/2037 - 144A *			565		588
Series 2009-R7, Class 1A1
5.58%, 02/26/2036 - 144A *			896		924
Series 2009-R7, Class 4A1
3.06%, 09/26/2034 - 144A *			910		911
Series 2009-R7, Class 10A3
6.00%, 12/26/2036 - 144A			490		521
Series 2009-R7, Class 12A1
5.29%, 08/26/2036 - 144A *			538		543
Series 2009-R7, Class 16A1
5.59%, 12/26/2036 - 144A *			317		323
Series 2009-R9, Class 1A1
5.74%, 08/26/2046 - 144A *			887		897
JP Morgan Re-REMIC
Series 2009-7, Class 8A1
5.66%, 01/27/2047 - 144A *			1,026		1,030
WaMu Mortgage Pass-Through Certificates
Series 2003-S9, Class A6
5.25%, 10/25/2033			1,475		1,503
Wells Fargo Mortgage Backed Securities Trust
Series 2003-G, Class A1
4.10%, 06/25/2033 *			547		558
Series 2003-L, Class 1A2
4.51%, 11/25/2033 *			404		418

Total Mortgage-Backed Securities (cost $21,131)					22,275


ASSET-BACKED SECURITIES - 5.4%
America West Airlines Pass-Through Trust
Series 2001-1, Class G
8.06%, 07/02/2020			1,757		1,863
American Airlines Pass-Through Trust
Series 2001-2, Class A2
7.86%, 10/01/2011			2,700		2,825
Continental Airlines Pass-Through Trust
Series 1997-1, Class A
7.46%, 04/01/2015			1,718		1,791
Gazprom Via Gaz Capital SA
8.13%, 07/31/2014 - 144A			2,060		2,341
Northwest Airlines Pass-Through Trust
Series 2002-1, Class G2
6.26%, 11/20/2021			2,602		2,667
UAL Pass-Through Trust
Series 2009-1
10.40%, 11/01/2016			2,241		2,533

Total Asset-Backed Securities (cost $13,388)					14,020


MUNICIPAL GOVERNMENT OBLIGATIONS - 1.3%
Rhode Island Economic Development Corp.
6.00%, 11/01/2015 §			1,545		1,555
State of California
7.95%, 03/01/2036			1,820		1,913

Total Municipal Government Obligations (cost $3,367)					3,468


PREFERRED CORPORATE DEBT SECURITIES - 5.8%
Commercial Banks - 3.5%
PNC Financial Services Group, Inc.
8.25%, 05/21/2013 * Ž ^{^}			2,500		2,622
Rabobank Nederland NV
11.00%, 06/30/2019 - 144A * Ž			3,000		4,006
Wells Fargo & Co. — Series K
7.98%, 03/15/2018 * Ž ^{^}			2,400		2,520
Diversified Financial Services - 1.8%
JPMorgan Chase Capital XXV — Series Y
6.80%, 10/01/2037			1,500		1,491
ZFS Finance USA Trust II
6.45%, 06/15/2016 - 144A *			3,300		3,168
Insurance - 0.5%
Reinsurance Group of America, Inc. — Series A
6.75%, 12/15/2065 *			1,375		1,229

Total Preferred Corporate Debt Securities (cost $13,945)					15,036

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



Transamerica Funds		Annual Report 2010

Page 33

Transamerica Flexible Income

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts in thousands)


	Principal		Value

CORPORATE DEBT SECURITIES - 63.8%
Aerospace & Defense - 0.7%
Transdigm, Inc.
7.75%, 07/15/2014	$	2,000	$	2,054
Beverages - 0.6%
Beverages & More, Inc.
9.63%, 10/01/2014 - 144A		1,635		1,647
Building Products - 0.4%
Voto-Votorantim Overseas Trading Operations NV
6.63%, 09/25/2019 - 144A ^{^}		840		916
Capital Markets - 0.7%
E*Trade Financial Corp.
7.38%, 09/15/2013		1,900		1,888
Chemicals - 0.4%
Momentive Performance Materials, Inc.
9.75%, 12/01/2014		1,005		1,058
Commercial Banks - 6.8%
Barclays Bank PLC
7.38%, 06/29/2049		1,298		1,311
10.18%, 06/12/2021 - 144A		1,480		1,973
BBVA Bancomer SA
7.25%, 04/22/2020 - 144A		1,400		1,557
First Tennessee Bank NA
4.63%, 05/15/2013		1,300		1,305
M&I Marshall & Ilsley Bank
4.85%, 06/16/2015		2,900		2,756
5.00%, 01/17/2017		2,050		1,938
Regions Bank
7.50%, 05/15/2018 ^{^}		2,560		2,734
Scotland International Finance
6.50%, 02/15/2011 - 144A		1,440		1,430
Zions Bancorporation
7.75%, 09/23/2014 ^{^}		2,500		2,661
Commercial Services & Supplies - 0.8%
KAR Auction Services, Inc.
8.75%, 05/01/2014		1,890		1,963
Consumer Finance - 1.3%
Block Financial LLC
5.13%, 10/30/2014		1,300		1,252
Cardtronics, Inc.
8.25%, 09/01/2018		1,890		2,004
Containers & Packaging - 1.1%
Graphic Packaging International, Inc.
9.50%, 06/15/2017 ^{^}		2,625		2,894
Distributors - 0.5%
Edgen Murray Corp.
12.25%, 01/15/2015 ^{^}		1,500		1,219
Diversified Financial Services - 11.5%
Aviation Capital Group
7.13%, 10/15/2020 - 144A		2,700		2,799
Cemex Finance LLC
9.50%, 12/14/2016 - 144A ^{^}		2,555		2,581
CIT Group, Inc.
7.00%, 05/01/2014 ^{^}		1,575		1,583
Glencore Funding LLC
6.00%, 04/15/2014 - 144A		2,000		2,086
GTP Towers Issuer LLC
4.44%, 02/15/2015 - 144A		2,295		2,449
International Lease Finance Corp.
5.45%, 03/24/2011		1,170		1,176
6.50%, 09/01/2014 - 144A		2,360		2,549
Irish Life & Permanent Group Holdings PLC
3.60%, 01/14/2013 - 144A		2,500		2,342
Marina District Finance Co., Inc.
9.50%, 10/15/2015 - 144A ^{^}		1,955		1,928
9.88%, 08/15/2018 - 144A ^{^}		65		64
Oaktree Capital Management, LP
6.75%, 12/02/2019 - 144A		1,950		2,089
QHP Royalty Sub LLC
10.25%, 03/15/2015 - 144A		1,647		1,682
Selkirk Cogen Funding Corp. — Series A
8.98%, 06/26/2012		1,308		1,375
Sensus USA, Inc.
8.63%, 12/15/2013		500		508
TNK-BP Finance SA
7.50%, 03/13/2013 - 144A		1,345		1,458
Unison Ground Lease Funding LLC
6.39%, 04/15/2020 - 144A		2,615		2,789
Diversified Telecommunication Services - 0.5%
Sprint Capital Corp.
8.38%, 03/15/2012		1,300		1,389
Electric Utilities - 2.0%
Intergen NV
9.00%, 06/30/2017 - 144A		2,075		2,241
KCP&L Greater Missouri Operations Co.
11.88%, 07/01/2012		2,405		2,765
Electronic Equipment & Instruments - 0.9%
Anixter, Inc.
5.95%, 03/01/2015		2,300		2,289
Energy Equipment & Services - 2.0%
Enterprise Products Operating LLC — Series A
8.38%, 08/01/2066 *		1,150		1,213
MarkWest Energy Partners LP
6.88%, 11/01/2014		1,425		1,457
Pride International, Inc.
6.88%, 08/15/2020		1,040		1,178
Weatherford International, Ltd.
9.63%, 03/01/2019 ^{^}		945		1,248
Food & Staples Retailing - 2.0%
Ingles Markets, Inc.
8.88%, 05/15/2017 ^{^}		2,140		2,366
Stater Brothers Holdings, Inc.
8.13%, 06/15/2012 ^{^}		1,000		1,001
SUPERVALU, Inc.
7.50%, 11/15/2014		1,900		1,914
Food Products - 2.0%
C&S Group Enterprises LLC
8.38%, 05/01/2017 - 144A ^{^}		1,279		1,279
Lorillard Tobacco Co.
8.13%, 06/23/2019		2,150		2,484
Michael Foods, Inc.
9.75%, 07/15/2018 - 144A		1,200		1,308
Gas Utilities - 0.9%
EQT Corp.
8.13%, 06/01/2019		1,960		2,412
Health Care Providers & Services - 0.8%
Community Health Systems, Inc.
8.88%, 07/15/2015		1,900		2,033
Hotels, Restaurants & Leisure - 2.1%
Firekeepers Development Authority
13.88%, 05/01/2015 - 144A		1,075		1,260
MGM Resorts International
6.75%, 09/01/2012 ^{^}		1,600		1,578
8.38%, 02/01/2011 ^{^}		1,850		1,869
Pokagon Gaming Authority
10.38%, 06/15/2014 - 144A		650		676

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



Transamerica Funds		Annual Report 2010

Page 34

Transamerica Flexible Income

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts except share amounts in thousands)


	Principal		Value

Hotels, Restaurants & Leisure — (continued)
Station Casinos, Inc.
6.88%, 03/01/2016 Џ §	$	700	$	w
Household Durables - 1.1%
Lennar Corp.
12.25%, 06/01/2017 ^{^}		550		655
Sealy Mattress Co.
8.25%, 06/15/2014		2,125		2,151
Insurance - 3.9%
American Financial Group, Inc.
9.88%, 06/15/2019		1,100		1,347
Chubb Corp.
6.38%, 03/29/2067 *		2,300		2,360
Fidelity National Financial, Inc.
6.60%, 05/15/2017		2,580		2,662
Oil Insurance, Ltd.
7.56%, 06/30/2011 - 144A * Ž		1,245		1,118
Travelers Cos., Inc.
6.25%, 03/15/2037 *		2,385		2,480
Machinery - 0.2%
Polypore, Inc.
8.75%, 05/15/2012 ^{^}		550		556
Media - 0.4%
Lions Gate Entertainment, Inc.
10.25%, 11/01/2016 - 144A		1,010		1,040
Metals & Mining - 2.9%
Anglo American Capital PLC
9.38%, 04/08/2019 - 144A		1,740		2,372
FMG Resources Property, Ltd.
7.00%, 11/01/2015 - 144A		160		164
10.63%, 09/01/2016 - 144A		2,445		3,605
Rio Tinto Finance USA, Ltd.
9.00%, 05/01/2019		1,000		1,408
Multi-Utilities - 0.8%
Black Hills Corp.
5.88%, 07/15/2020		1,200		1,259
9.00%, 05/15/2014		690		818
Oil, Gas & Consumable Fuels - 4.7%
Berry Petroleum Co.
10.25%, 06/01/2014		1,575		1,817
Energy Transfer Equity, LP
7.50%, 10/15/2020		320		349
Lukoil International Finance BV
6.38%, 11/05/2014 - 144A ^{^}		1,280		1,381
OPTI Canada, Inc.
8.25%, 12/15/2014		2,655		2,011
Petrohawk Energy Corp.
7.25%, 08/15/2018 - 144A		2,050		2,127
Petroleum Co. of Trinidad & Tobago, Ltd.
9.75%, 08/14/2019 - 144A		776		967
Petroleum Development Corp.
12.00%, 02/15/2018		1,000		1,120
Ras Laffan Liquefied Natural Gas Co., Ltd. III
6.75%, 09/30/2019 - 144A		2,115		2,527
Paper & Forest Products - 2.1%
Ainsworth Lumber Co., Ltd.
11.00%, 07/29/2015 - 144A Ώ		3,083		2,638
Exopack Holding Corp.
11.25%, 02/01/2014 ^{^}		2,650		2,756
Real Estate Investment Trusts - 3.1%
Dexus Property Group
7.13%, 10/15/2014 - 144A		2,155		2,449
Entertainment Properties Trust
7.75%, 07/15/2020 - 144A		1,300		1,349
Kilroy Realty, LP
6.63%, 06/01/2020 - 144A		2,440		2,494
PPF Funding, Inc.
5.35%, 04/15/2012 - 144A		1,720		1,764
Real Estate Management & Development - 0.6%
Post Apartment Homes, LP
5.45%, 06/01/2012		1,600		1,661
Specialty Retail - 1.0%
Michaels Stores, Inc.
11.38%, 11/01/2016 ^{^}		1,200		1,323
Sally Holdings LLC
9.25%, 11/15/2014		1,250		1,314
Transportation Infrastructure - 0.8%
Martin Midstream Partners & Finance
8.88%, 04/01/2018 - 144A		1,900		1,976
Wireless Telecommunication Services - 4.2%
Crown Castle Towers LLC
4.88%, 08/15/2020 - 144A		3,350		3,413
6.11%, 01/15/2020 - 144A		2,300		2,558
Nextel Communications, Inc. — Series D
7.38%, 08/01/2015 ^{^}		2,200		2,208
SBA Tower Trust
5.10%, 04/15/2017 - 144A		2,365		2,544

Total Corporate Debt Securities (cost $154,072)				164,719


	Shares		Value

CONVERTIBLE PREFERRED STOCK - 0.8%
Diversified Financial Services - 0.8%
Vale Capital II 6.75%,		22,000		2,046
Total Convertible Preferred Stock (cost $1,657)

PREFERRED STOCKS - 1.1%
Commercial Banks - 0.4%
BB&T Capital Trust VI 9.60%		34,000		947
Diversified Telecommunication Services - 0.7%
Centaur Funding Corp. 9.08% - 144A		1,661		1,778

Total Preferred Stocks (cost $3,003)				2,725


COMMON STOCKS - 2.1%
Auto Components - 0.5%
Johnson Controls, Inc.		40,000		1,405
Diversified Telecommunication Services - 1.0%
Frontier Communications Corp. ^{^}		18,002		158
Verizon Communications, Inc. ^{^}		75,000		2,435
Internet & Catalog Retail - 0.6%
Amazon.com, Inc. ‡ ^{^}		9,000		1,486

Total Common Stocks (cost $4,922)				5,484


WARRANT - 0.9%
Commercial Banks - 0.9%
Wells Fargo & Co. ‡
Expiration: 10/28/2018
Exercise Price: $34.01		278,210		2,295
Total Warrant (cost $2,192)

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



Transamerica Funds		Annual Report 2010

Page 35

Transamerica Flexible Income

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts except share amounts in thousands)


	Principal		Value

CONVERTIBLE BONDS - 1.0%
Automobiles - 0.5%
Ford Motor Co.
4.25%, 11/15/2016	$	730	$	1,269
Energy Equipment & Services - 0.5%
Transocean, Inc.
1.63%, 12/15/2037 ^{^}		1,250		1,245

Total Convertible Bonds (cost $1,954)				2,514


	Shares		Value

SECURITIES LENDING COLLATERAL - 10.2%
State Street Navigator Securities Lending Trust — Prime Portfolio, 0.35% ▲		26,269,009		26,269
Total Securities Lending Collateral (cost $26,269)

	Principal		Value

REPURCHASE AGREEMENT - 0.2%
State Street Bank & Trust Co. 0.01% ▲, dated 10/29/2010, to be repurchased at $541 on 11/01/2010. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 12/15/2017, and with a value of $553.	$	541	$	541
Total Repurchase Agreement (cost $541)

Total Investment Securities (cost $265,205) #				280,753
Other Assets and Liabilities — Net				(22,354	)


Net Assets			$	258,399

FORWARD FOREIGN CURRENCY CONTRACTS:


						Amount in U.S.			Net Unrealized
				Settlement		Dollars Bought			Appreciation
Currency	Bought (Sold)			Date		(Sold)			(Depreciation)

Canadian Dollar		(2,300	)		01/28/2011	$	(2,247	)	$	(3	)


NOTES TO SCHEDULE OF INVESTMENTS:

*		Floating or variable rate note. Rate is listed as of 10/29/2010.

Ə		Security fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. This security had a market value of $1,806, or 0.70%, of the fund’s net assets.

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

^		All or a portion of this security is on loan. The value of all securities on loan is $25,728.

§		Illiquid. This security had a value of $1,555, or 0.60%, of the fund’s net assets.

Џ		In default.

w		Value and/or principal is less than $1.

Ώ		Payment in-kind. Securities pay interest or dividends in the form of additional bonds or preferred stock.

▲		Rate shown reflects the yield at 10/29/2010.

‡		Non-income producing security.

#		Aggregate cost for federal income tax purposes is $265,205. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $18,367 and $2,819, respectively. Net unrealized appreciation for tax purposes is $15,548.

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 10/31/2010, these securities aggregated $106,678, or 41.28%, of the fund’s net assets.

CAD		Canadian Dollar

CLP		Chilean Peso

IO		Interest Only

MXN		Mexican Peso

PHP		Philippines Peso

REMIC		Real Estate Mortgage Investment Conduits (consist of a fixed pool of mortgages broken apart and marketed to investors as individual securities)

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



Transamerica Funds		Annual Report 2010

Page 36

Transamerica Flexible Income

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts in thousands)

VALUATION SUMMARY:


Investment Securities	Level 1		Level 2		Level 3		Total
Asset-Backed Securities	$	—	$	14,020	$	—	$	14,020
Common Stocks		5,484		—		—		5,484
Convertible Bonds		—		2,514		—		2,514
Convertible Preferred Stocks		2,046		—		—		2,046
Corporate Debt Securities		—		164,719		—		164,719
Foreign Government Obligations		—		13,966		—		13,966
Mortgage-Backed Securities		—		22,275		—		22,275
Municipal Government Obligations		—		3,468		—		3,468
Preferred Corporate Debt Securities		—		15,036		—		15,036
Preferred Stocks		2,725		—		—		2,725
Repurchase Agreement		—		541		—		541
Securities Lending Collateral		26,269		—		—		26,269
U.S. Government Agency Obligations		—		1,362		—		1,362
U.S. Government Obligations		—		4,033		—		4,033
Warrants		2,295		—		—		2,295

Total	$	38,819	$	241,934	$	—	$	280,753


Other Financial Instruments*	Level 1		Level 2			Level 3		Total
Forward Foreign Currency Contracts — Depreciation	$	—	$	(3	)	$	—	$	(3	)


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

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



Transamerica Funds		Annual Report 2010

Page 37

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

SCHEDULE OF INVESTMENTS
At October 31, 2010
(all amounts except share amounts in thousands)


	Shares		Value

COMMON STOCKS - 97.4%
Air Freight & Logistics - 3.1%
CH Robinson Worldwide, Inc.		61,541	$	4,337
Biotechnology - 4.1%
Alexion Pharmaceuticals, Inc. ‡		86,608		5,915
Commercial Banks - 4.3%
PrivateBancorp, Inc. — Class A		245,076		2,889
SunTrust Banks, Inc.		132,723		3,321
Communications Equipment - 7.1%
QUALCOMM, Inc.		224,019		10,110
Computers & Peripherals - 8.8%
Apple, Inc. ‡		41,553		12,502
Diversified Consumer Services - 5.1%
K12, Inc. ‡		140,126		3,910
Strayer Education, Inc. ^{^}		23,511		3,288
Diversified Financial Services - 2.1%
Bank of America Corp.		255,425		2,922
Food Products - 1.8%
Green Mountain Coffee Roasters, Inc. ‡		76,195		2,514
Health Care Equipment & Supplies - 1.6%
Covidien PLC		55,721		2,222
Hotels, Restaurants & Leisure - 10.4%
Marriott International, Inc. — Class A		262,782		9,737
Peet’s Coffee & Tea, Inc. ‡		133,267		5,097
Internet & Catalog Retail - 13.4%
Amazon.com, Inc. ‡		57,631		9,517
NetFlix, Inc. ‡		12,130		2,105
priceline.com, Inc. ‡		19,727		7,433
Internet Software & Services - 9.8%
Google, Inc. — Class A ‡		10,892		6,676
QuinStreet, Inc. ‡ ^{^}		187,815		2,917
Rackspace Hosting, Inc. ‡ ^{^}		171,700		4,286
Machinery - 5.2%
Kennametal, Inc. ^{^}		77,083		2,632
PACCAR, Inc.		92,826		4,759
Media - 5.1%
IMAX Corp. ‡		336,365		7,282
Oil, Gas & Consumable Fuels - 0.6%
Rosetta Resources, Inc. ‡		36,845		881
Professional Services - 2.5%
Robert Half International, Inc. ^{^}		133,658		3,623
Road & Rail - 1.4%
Kansas City Southern ‡		46,078		2,019
Software - 7.8%
Citrix Systems, Inc. ‡		83,741		5,364
RealD, Inc. ‡		94,200		1,971
Rosetta Stone, Inc. ‡		104,650		2,423
Rovi Corp. ‡		25,997		1,317
Textiles, Apparel & Luxury Goods - 3.2%
Nike, Inc. — Class B		55,851		4,549

Total Common Stocks (cost $103,243)				138,518


SECURITIES LENDING COLLATERAL - 4.5%
State Street Navigator Securities Lending Trust — Prime Portfolio, 0.35% ▲		6,375,803		6,376
Total Securities Lending Collateral (cost $6,376)

	Principal		Value

REPURCHASE AGREEMENT - 2.6%
State Street Bank & Trust Co. 0.01% ▲, dated 10/29/2010, to be repurchased at $3,642 on 11/01/2010. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 12/15/2017, and with a value of $3,715.	$	3,642		3,642
Total Repurchase Agreement (cost $3,642)

Total Investment Securities (cost $113,261) #				148,536
Other Assets and Liabilities — Net				(6,446	)


Net Assets			$	142,090


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 $6,230.

▲		Rate shown reflects the yield at 10/29/2010.

w		Value is less than $1.

#		Aggregate cost for federal income tax purposes is $113,261. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $37,663 and $2,388, respectively. Net unrealized appreciation for tax purposes is $35,275.

VALUATION SUMMARY:


Investment Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	136,296	$	2,222	$	—	$	138,518
Repurchase Agreement		—		3,642		—		3,642
Securities Lending Collateral		6,376		—		—		6,376

Total	$	142,672	$	5,864	$	—	$	148,536

Level 3 Rollforward — Investment Securities

Beginning

Net Transfers

Ending

Balance at

Net

Accrued

Total Realized

Change in Unrealized

In/(Out) of

Balance at

Securities

10/31/2009

Purchases/(Sales)

Discounts/(Premiums)

Gain/(Loss)

Appreciation/(Depreciation)

Level 3

10/31/2010

Common Stock

)

—

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



Transamerica Funds		Annual Report 2010

Page 38

Transamerica Growth Opportunities

SCHEDULE OF INVESTMENTS
At October 31, 2010
(all amounts except share amounts in thousands)


	Shares		Value

COMMON STOCKS - 99.4%
Air Freight & Logistics - 6.6%
CH Robinson Worldwide, Inc. ^{^}		181,906	$	12,820
Expeditors International of Washington, Inc. ^{^}		137,025		6,764
Auto Components - 3.9%
BorgWarner, Inc. ‡ ^{^}		208,503		11,699
Biotechnology - 2.6%
BioMarin Pharmaceutical, Inc. ‡ ^{^}		98,747		2,583
Myriad Genetics, Inc. ‡ ^{^}		187,139		3,730
Onyx Pharmaceuticals, Inc. ‡ ^{^}		54,644		1,466
Capital Markets - 4.2%
Cohen & Steers, Inc. ^{^}		104,970		2,632
Greenhill & Co., Inc. ^{^}		85,401		6,633
T. Rowe Price Group, Inc. ^{^}		61,018		3,372
Chemicals - 1.4%
Ecolab, Inc. ^{^}		83,621		4,124
Commercial Banks - 5.2%
City National Corp. ^{^}		214,124		11,043
Marshall & Ilsley Corp. ^{^}		768,545		4,542
Communications Equipment - 1.7%
Juniper Networks, Inc. ‡ ^{^}		101,328		3,282
Polycom, Inc. ‡ ^{^}		54,187		1,830
Construction & Engineering - 0.8%
Jacobs Engineering Group, Inc. ‡ ^{^}		60,693		2,343
Construction Materials - 1.2%
Martin Marietta Materials, Inc. ^{^}		45,790		3,685
Consumer Finance - 1.4%
Green Dot Corp. — Class A ‡ ^{^}		81,306		4,130
Diversified Consumer Services - 1.2%
Strayer Education, Inc. ^{^}		26,396		3,691
Diversified Financial Services - 1.7%
MSCI, Inc. — Class A ‡ ^{^}		137,184		4,918
Electrical Equipment - 4.0%
Cooper Industries PLC — Class A ^{^}		184,499		9,672
Hubbell, Inc. — Class B		42,789		2,311
Energy Equipment & Services - 2.7%
Core Laboratories NV ^{^}		103,644		8,061
Food Products - 1.1%
Green Mountain Coffee Roasters, Inc. ‡ ^{^}		97,709		3,223
Health Care Equipment & Supplies - 3.5%
Idexx Laboratories, Inc. ‡ ^{^}		48,450		2,905
Intuitive Surgical, Inc. ‡		28,189		7,412
Hotels, Restaurants & Leisure - 2.4%
Wynn Resorts, Ltd. ^{^}		66,753		7,154
Internet & Catalog Retail - 3.8%
NetFlix, Inc. ‡ ^{^}		10,700		1,856
priceline.com, Inc. ‡ ^{^}		25,197		9,495
Internet Software & Services - 2.2%
Opentable, Inc. ‡ ^{^}		44,285		2,717
Rackspace Hosting, Inc. ‡ ^{^}		150,366		3,753
Life Sciences Tools & Services - 2.9%
Covance, Inc. ‡ ^{^}		68,787		3,232
Illumina, Inc. ‡ ^{^}		98,078		5,327
Machinery - 8.1%
Donaldson Co., Inc. ^{^}		42,448		2,068
Joy Global, Inc. ^{^}		91,455		6,489
Kennametal, Inc. ^{^}		314,786		10,747
PACCAR, Inc. ^{^}		92,547		4,744
Media - 4.5%
IMAX Corp. ‡ ^{^}		603,970		13,075
Metals & Mining - 3.1%
Allegheny Technologies, Inc. ^{^}		174,251		9,182
Oil, Gas & Consumable Fuels - 1.3%
Range Resources Corp. ^{^}		99,558		3,722
Pharmaceuticals - 0.6%
Allergan, Inc.		24,955		1,807
Professional Services - 1.4%
Robert Half International, Inc. ^{^}		158,051		4,285
Road & Rail - 4.2%
Kansas City Southern ‡ ^{^}		283,567		12,426
Semiconductors & Semiconductor Equipment - 2.8%
ARM Holdings PLC ADR ^{^}		186,590		3,299
Broadcom Corp. — Class A ^{^}		122,393		4,986
Software - 14.5%
Concur Technologies, Inc. ‡ ^{^}		45,420		2,345
Informatica Corp. ‡ ^{^}		140,254		5,707
Intuit, Inc. ‡		185,555		8,907
RealD, Inc. ‡ ^{^}		310,037		6,486
Rovi Corp. ‡ ^{^}		151,226		7,660
Salesforce.com, Inc. ‡ ^{^}		103,545		12,018
Specialty Retail - 1.8%
CarMax, Inc. ‡ ^{^}		97,511		3,022
Guess?, Inc. ^{^}		59,813		2,328
Textiles, Apparel & Luxury Goods - 1.1%
Under Armour, Inc. — Class A ‡ ^{^}		68,182		3,183
Trading Companies & Distributors - 1.5%
WW Grainger, Inc. ^{^}		37,044		4,595

Total Common Stocks (cost $222,910)				295,486


SECURITIES LENDING COLLATERAL - 25.7%
State Street Navigator Securities Lending Trust — Prime Portfolio, 0.35% ▲		76,542,802		76,543
Total Securities Lending Collateral (cost $76,543)


	Principal		Value

REPURCHASE AGREEMENT - 0.6%
State Street Bank & Trust Co. 0.01% ▲, dated 10/29/2010, to be repurchased at $1,862 on 11/01/2010. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 12/15/2017, and with a value of $1,903.	$	1,862		1,862
Total Repurchase Agreement (cost $1,862)

Total Investment Securities (cost $301,315) #				373,891
Other Assets and Liabilities — Net				(76,357	)


Net Assets			$	297,534

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



Transamerica Funds		Annual Report 2010

Page 39

Transamerica Growth Opportunities

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all 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 $74,833.

‡		Non-income producing security.

▲		Rate shown reflects the yield at 10/29/2010.

#		Aggregate cost for federal income tax purposes is $301,669. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $76,829 and $4,607, respectively. Net unrealized appreciation for tax purposes is $72,222.

VALUATION SUMMARY:


Investment Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	284,127	$	11,359	$	—	$	295,486
Repurchase Agreement		—		1,862		—		1,862
Securities Lending Collateral		76,543		—		—		76,543

Total	$	360,670	$	13,221	$	—	$	373,891

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



Transamerica Funds		Annual Report 2010

Page 40

Transamerica Money Market

SCHEDULE OF INVESTMENTS
At October 31, 2010
(all amounts in thousands)


	Principal		Value

COMMERCIAL PAPER - 75.4%
Capital Markets - 4.2%
State Street Corp.
0.24%, 11/09/2010	$	9,500	$	9,499
Commercial Banks - 13.5%
Barclays U.S. Funding Corp.
0.23%, 12/23/2010		1,000		1,000
Canadian Imperial Holdings, Inc.
0.25%, 12/03/2010 - 01/11/2011		11,500		11,495
Royal Bank of Scotland PLC
0.28%, 01/07/2011 - 01/10/2011		11,550		11,545
Toronto-Dominion Holdings USA, Inc.
0.25%, 12/07/2010 - 144A		6,700		6,698
Computers & Peripherals - 4.5%
Hewlett-Packard Co.
0.20%, 11/17/2010 - 11/18/2010 -144A		10,200		10,199
Consumer Finance - 5.0%
Toyota Motor Credit Corp.
0.26%, 11/04/2010 - 12/30/2010		4,000		4,000
0.28%, 12/06/2010 - 12/08/2010		4,600		4,598
0.30%, 01/27/2011		2,750		2,748
Diversified Financial Services - 46.1%
Alpine Securitization
0.24%, 11/12/2010 - 11/23/2010 -144A		8,600		8,599
0.25%, 12/06/2010 - 144A		2,800		2,799
American Honda Finance Corp.
0.24%, 12/23/2010		3,850		3,849
CAFCO LLC
0.28%, 01/21/2011 - 01/24/2011 -144A		4,000		3,998
0.29%, 01/25/2011 - 144A		2,300		2,298
Caterpillar Financial Services Corp.
0.23%, 11/19/2010		1,000		1,000
Ciesco LLC
0.36%, 11/08/2010 - 144A		4,600		4,600
General Electric Capital Corp.
0.23%, 11/02/2010 - 11/10/2010		11,900		11,900
Nestle Capital Corp.
0.23%, 12/16/2010 - 144A		5,500		5,498
Old Line Funding LLC
0.25%, 11/01/2010 - 11/15/2010 -144A		9,000		8,998
0.26%, 12/08/2010 - 144A		1,600		1,600
PACCAR Financial Corp.
0.26%, 12/13/2010 - 12/16/2010		6,500		6,498
0.28%, 12/01/2010		1,600		1,600
Rabobank USA Financial Corp.
0.27%, 02/08/2011		4,000		3,997
Sheffield Receivables Corp.
0.26%, 12/02/2010 - 01/10/2011 -144A		4,700		4,698
0.27%, 01/24/2011 - 01/25/2011 -144A		5,100		5,097
Straight-A Funding LLC
0.23%, 11/08/2010 - 144A		1,200		1,200
0.24%, 12/01/2010 - 144A		1,800		1,800
0.25%, 11/16/2010 - 12/21/2010 -144A		8,800		8,798
UBS Finance Delaware LLC
0.20%, 11/01/2010		3,500		3,500
0.21%, 11/26/2010 - 11/30/2010		6,800		6,798
Wal-Mart Funding Corp.
0.25%, 11/10/2010 - 144A		5,500		5,499
Food & Staples Retailing - 2.1%
Wal-Mart Stores, Inc.
0.20%, 11/15/2010 - 144A		4,800		4,800

Total Commercial Paper (cost $171,206)				171,206


SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 10.3%
Fannie Mae
0.20%, 12/13/2010 ▲		4,200		4,199
Freddie Mac
0.14%, 11/19/2010 ▲		2,000		2,000
0.17%, 11/05/2010 - 11/26/2010 ▲		13,200		13,199
0.19%, 11/30/2010 - 12/14/2010 ▲		3,900		3,900

Total Short-Term U.S. Government Obligations (cost $23,298)				23,298


REPURCHASE AGREEMENTS - 14.4%
Bank of America NA 0.23% ▲, dated 10/29/2010, to be repurchased at $32,501 on 11/01/2010. Collateralized by a U.S. Government Agency Obligation, 4.50%, due 10/20/2040, and with a value of $33,205.		32,500		32,500
State Street Bank & Trust Co. 0.01% ▲, dated 10/29/2010, to be repurchased at $160 on 11/01/2010. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 12/25/2038, and with a value of $166.		160		160

Total Repurchase Agreements (cost $32,660)				32,660

Total Investment Securities (cost $227,164) #				227,164
Other Assets and Liabilities — Net				(291	)


Net Assets			$	226,873


NOTES TO SCHEDULE OF INVESTMENTS:

▲		Rate shown reflects the yield at 10/29/2010.

#		Aggregate cost for federal income tax purposes is $227,164.

DEFINITION:

144A		144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 10/31/2010, these securities aggregated $87,179, or 38.43%, of the fund’s net assets.

VALUATION SUMMARY:


Investment Securities	Level 1		Level 2		Level 3		Total
Commercial Paper	$	—	$	171,206	$	—	$	171,206
Repurchase Agreements	$	—		32,660		—		32,660
Short-Term U.S. Government Obligations		—		23,298		—		23,298

Total	$	—	$	227,164	$	—	$	227,164

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



Transamerica Funds		Annual Report 2010

Page 41

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS
At October 31, 2010
(all amounts in thousands)


	Principal		Value

U.S. GOVERNMENT AGENCY OBLIGATIONS - 0.5%
Fannie Mae
4.50%, 09/25/2020	$	246	$	246
5.00%, 06/25/2034		2,314		2,460
Freddie Mac
2.73%, 06/01/2035 *		4,899		5,115
5.05%, 08/01/2037 *		938		979
5.43%, 02/01/2038 *		3,913		4,161
5.50%, 01/15/2029		386		386

Total U.S. Government Agency Obligations (cost $12,774)				13,347


FOREIGN GOVERNMENT OBLIGATION - 1.2%
United Mexican States
7.50%, 06/21/2012 MXN		402,000		34,066
Total Foreign Government Obligation (cost $32,781)

MORTGAGE-BACKED SECURITIES - 20.5%
American General Mortgage Loan Trust
Series 2009-1, Class A5
5.75%, 09/25/2048 - 144A *	$	13,311		13,983
Series 2009-1, Class A6
5.75%, 09/25/2048 - 144A *		13,000		13,546
American Tower Trust
Series 2007-1A, Class AFX
5.42%, 04/15/2037 - 144A		22,047		24,293
Series 2007-1A, Class B
5.54%, 04/15/2037 - 144A		4,750		5,078
Series 2007-1A, Class D
5.96%, 04/15/2037 - 144A		7,425		7,936
Banc of America Funding Corp.
Series 2010-R4, Class 1A1
5.50%, 07/26/2036 - 144A		9,851		10,035
Series 2010-R6, Class 4A1
3.25%, 07/26/2035 - 144A *		8,256		8,225
BCAP LLC Trust
Series 2009-RR10, Class 2A1
3.08%, 08/26/2035 - 144A *		4,605		4,623
Series 2009-RR13, Class 13A3
5.25%, 03/26/2037 - 144A *		9,513		9,758
Series 2009-RR13, Class 14A1
5.25%, 03/26/2037 - 144A *		4,624		4,733
Series 2009-RR13, Class 2A3
5.52%, 02/26/2036 - 144A * ə		7,471		7,508
Series 2009-RR13, Class 7A1
5.25%, 10/26/2036 - 144A *		2,895		2,948
Series 2009-RR14, Class 1A1
6.00%, 05/26/2037 - 144A * ə		10,591		10,750
Series 2009-RR2, Class A1
5.43%, 01/21/2038 - 144A *		24,131		24,360
Series 2009-RR3, Class 1A2
6.00%, 11/26/2036 - 144A *		3,164		3,351
Series 2009-RR3, Class 2A1
5.60%, 05/26/2037 - 144A *		11,421		11,855
Series 2009-RR6, Class 2A1
5.25%, 08/26/2035 - 144A *		12,368		11,996
Series 2010-RR1, Class 12A1
5.25%, 08/26/2036 - 144A *		11,397		11,917
Series 2010-RR6, Class 15A5
5.50%, 12/26/2036 - 144A * ə		8,723		8,723
Series 2010-RR6, Class 16A5
5.50%, 04/26/2036 - 144A * ə		4,248		4,291
Series 2010-RR6, Class 1A5
5.00%, 08/26/2022 - 144A *		16,372		16,865
Series 2010-RR6, Class 20A1
4.50%, 11/26/2035 - 144A *		4,833		4,882
Capmark Military Housing Trust
Series 2008-AMCW, Class A2
5.91%, 03/10/2015 - 144A		4,900		5,441
Credit Suisse Mortgage Capital Certificates
Series 2009-12R, Class 36A1
5.44%, 06/27/2036 - 144A *		11,307		11,853
Series 2009-16R, Class 11A1
7.00%, 08/26/2036 - 144A		8,807		9,396
Series 2010-12R, Class 10A1
4.50%, 11/26/2036 - 144A * ə		12,418		12,655
Series 2010-15R, Class 2A1
3.50%, 05/26/2036 - 144A *		14,638		14,712
Series 2010-15R, Class 6A1
3.50%, 10/26/2046 - 144A *		16,135		16,228
Series 2010-18R, Class 3A1
4.00%, 03/26/2037 - 144A ə		19,355		19,452
Global Tower Partners Acquisition Partners LLC
Series 2007-1A, Class AFL
0.46%, 05/15/2037 - 144A *		28,750		28,041
Series 2007-1A, Class B
5.52%, 05/15/2037 - 144A		8,880		9,263
Series 2007-1A, Class C
5.64%, 05/15/2037 - 144A		8,070		8,401
Series 2007-1A, Class E
6.22%, 05/15/2037 - 144A		7,870		8,143
GMAC Mortgage Corp., Loan Trust
Series 2010-1, Class A
4.25%, 07/25/2040 - 144A		10,898		10,879
Jefferies & Co., Inc.
Series 2009-R2, Class 2A
6.25%, 12/26/2037 - 144A *		3,276		3,414
Series 2009-R2, Class 3A
5.74%, 01/26/2047 - 144A *		4,043		4,116
Series 2009-R7, Class 10A3
6.00%, 12/26/2036 - 144A		2,866		3,049
Series 2009-R7, Class 11A1
5.05%, 03/26/2037 - 144A *		5,051		5,102
Series 2009-R7, Class 12A1
5.29%, 08/26/2036 - 144A *		3,255		3,284
Series 2009-R7, Class 16A1
5.59%, 12/26/2036 - 144A *		1,990		2,025
Series 2009-R7, Class 4A1
3.06%, 09/26/2034 - 144A *		3,819		3,826
Series 2009-R9, Class 1A1
5.74%, 08/26/2046 - 144A *		9,640		9,743
Series 2010-R2, Class 1A1
6.00%, 05/26/2036 - 144A		13,347		14,075
Series 2010-R3, Class 1A1
5.52%, 03/21/2036 - 144A *		10,868		10,825
Series 2010-R6, Class 1A1
4.00%, 09/26/2037 - 144A		15,852		16,110
JP Morgan Re-REMIC
Series 2009-5, Class 6A1
5.96%, 04/26/2037 - 144A *		6,029		6,234
Series 2009-7, Class 8A1
5.66%, 01/27/2047 - 144A *		5,329		5,351



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

Transamerica Funds		Annual Report 2010

Page 42

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts in thousands)


	Principal		Value

MORTGAGE-BACKED SECURITIES — (continued)
JP Morgan Re-REMIC (continued)
Series 2010-4, Class 7A1
4.32%, 08/26/2035 - 144A *	$	18,372	$	18,617
Series 2010-5, Class 2A2
4.50%, 07/26/2035 - 144A *		14,602		14,814
Series 2009-11, Class 1A1
5.75%, 02/26/2037 - 144A *		11,735		12,006
Mortgage Equity Conversion Asset Trust
Series 2010-1A, Class A
4.00%, 07/25/2060 - 144A		15,068		15,064
RBSSP Resecuritization Trust
Series 2009-1, Class 10A1
6.50%, 07/26/2037 - 144A		15,701		16,514
Station Place Securitization Trust
Series 2009-1, Class A
1.76%, 12/29/2010 - 144A *		18,555		18,540
Wells Fargo Mortgage Backed Securities Trust
Series 2003-G, Class A1
4.10%, 06/25/2033 *		2,818		2,877
Wells Fargo Mortgage Loan Trust
Series 2010-RR1, Class 2A1
0.37%, 08/27/2047 - 144A *		6,852		6,755
Series 2010-RR2, Class 1A1
5.21%, 09/27/2035 - 144A *		12,142		12,478
Series 2010-RR4, Class 1A1
5.52%, 12/27/2046 - 144A *		12,789		12,883

Total Mortgage-Backed Securities (cost $578,506)				593,822


ASSET-BACKED SECURITIES - 8.6%
America West Airlines Pass-Through Trust
Series 2001-1, Class G
8.06%, 07/02/2020		12,108		12,835
American Airlines Pass-Through Trust
Series 2001-2, Class A2
7.86%, 10/01/2011		24,030		25,140
Continental Airlines Pass-Through Trust
Series 1997-1, Class A
7.46%, 04/01/2015		18,935		19,740
Series 2001-1, Class A2
6.50%, 06/15/2011		3,230		3,311
Delta Air Lines, Inc.
Series 2000-1, Class A-2
7.57%, 11/18/2010		17,209		17,295
Series 2001-1, Class A-2
7.11%, 03/18/2013		7,590		7,951
Dominos Pizza Master Issuer LLC
Series 2007-1, Class A2
5.26%, 04/25/2037 - 144A		19,645		19,989
DT Auto Owner Trust
Series 2009-1, Class C
10.75%, 10/15/2015 - 144A		10,108		10,841
Gazprom Via Gaz Capital SA
8.13%, 07/31/2014 - 144A		12,400		14,090
Newmont Gold Co., Pass-Through Trust
Series 1994, Class A2
9.25%, 07/05/2012		1,842		1,980
Northwest Airlines Pass-Through Trust
Series 2001-1, Class A-2
6.84%, 04/01/2011		2,450		2,505
Series 2001-1, Class G1
1.10%, 05/20/2014 * ^		1,146		1,031
Oil and Gas Royalty Trust
Series 2005-1A, Class C
5.94%, 04/28/2013 - 144A		8,641		8,951
PF Export Receivables Master Trust
Series A
6.44%, 06/01/2015 - 144A		21,595		22,999
Tax Liens Securitization Trust
Series 2010-1A, Class 2A2
2.00%, 04/15/2018 - 144A		28,270		28,241
Trafigura Securitisation Finance PLC
Series 2007-1, Class A
0.50%, 12/15/2012 *		11,800		11,328
UAL Pass-Through Trust
Series 2009-1
10.40%, 11/01/2016		24,071		27,199
Vitol Master Trust
Series 2004-1, Class 1
0.65%, 07/15/2012 *		12,600		12,419

Total Asset-Backed Securities (cost $241,933)				247,845


MUNICIPAL GOVERNMENT OBLIGATION - 0.6%
Rhode Island Economic Development Corp.
6.00%, 11/01/2015 §		16,950		17,060
Total Municipal Government Obligation (cost $16,950)

PREFERRED CORPORATE DEBT SECURITIES - 1.4%
Capital Markets - 0.6%
State Street Capital Trust III
8.25%, 03/15/2011 * Ž		16,140		16,435
Diversified Financial Services - 0.8%
ZFS Finance USA Trust I
6.15%, 12/15/2065 - 144A *		23,845		23,517

Total Preferred Corporate Debt Securities (cost $39,498)				39,952


CORPORATE DEBT SECURITIES - 65.8%
Airlines - 0.5%
Southwest Airlines Co.
10.50%, 12/15/2011 - 144A		12,525		13,657
Capital Markets - 2.5%
Macquarie Group, Ltd.
7.30%, 08/01/2014 - 144A		20,590		23,272
Morgan Stanley
0.77%, 10/15/2015 *		19,060		17,521
2.88%, 05/14/2013 * ^		4,800		4,915
UBS AG
1.44%, 02/23/2012 *		8,000		8,063
2.25%, 08/12/2013 ^		17,165		17,537
Chemicals - 1.6%
Dow Chemical Co.
6.85%, 08/15/2013		5,400		5,977
Methanex Corp.
8.75%, 08/15/2012		17,216		18,335
Mosaic Co.
7.38%, 12/01/2014 - 144A		22,040		22,828

Commercial Banks - 8.5%
Banco Santander Chile
2.88%, 11/13/2012 - 144A		26,595		26,786
Bank of Scotland PLC
5.00%, 11/21/2011 - 144A		930		961
Fifth Third Bank
0.48%, 05/17/2013 *		27,365		26,226
First Tennessee Bank NA
4.63%, 05/15/2013		8,585		8,621
ICICI Bank, Ltd.
6.63%, 10/03/2012 - 144A		23,550		25,270



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

Transamerica Funds		Annual Report 2010

Page 43

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts in thousands)


	Principal		Value

Commercial Banks — (continued)
M&I Marshall & Ilsley Bank
5.30%, 09/08/2011	$	5,000	$	5,020
6.38%, 09/01/2011		12,095		12,356
Regions Financial Corp.
0.46%, 06/26/2012 *		7,750		7,418
4.88%, 04/26/2013		6,456		6,556
7.75%, 11/10/2014		13,000		14,226
Royal Bank of Scotland PLC
2.76%, 08/23/2013 *		26,415		27,049
Silicon Valley Bank
5.70%, 06/01/2012		4,315		4,490
SunTrust Banks, Inc.
5.25%, 11/05/2012		20,595		21,767
Wachovia Corp.
0.63%, 10/28/2015 *		22,400		20,663
Webster Bank NA
5.88%, 01/15/2013		7,338		7,514
Westpac Securities NZ, Ltd.
2.63%, 01/28/2013 - 144A		17,000		17,418
Zions Bancorporation
7.75%, 09/23/2014		12,900		13,730
Commercial Services & Supplies - 0.2%
Avery Dennison Corp.
4.88%, 01/15/2013		6,000		6,357
Computers & Peripherals - 0.5%
Seagate Technology International
10.00%, 05/01/2014 - 144A		12,715		15,512
Construction Materials - 2.2%
CRH America, Inc.
5.30%, 10/15/2013		4,600		4,951
Lafarge SA
5.50%, 07/09/2015 - 144A		10,000		10,633
6.15%, 07/15/2011		10,008		10,352
Lafarge North America, Inc.
6.88%, 07/15/2013		4,500		4,941
Martin Marietta Materials, Inc.
6.88%, 04/01/2011		8,000		8,161
Vulcan Materials Co.
6.30%, 06/15/2013		21,960		23,875
Consumer Finance - 0.7%
Block Financial LLC
7.88%, 01/15/2013		20,495		21,172
Containers & Packaging - 1.2%
Rexam PLC
6.75%, 06/01/2013 - 144A		26,424		28,690
Sonoco Products Co.
6.50%, 11/15/2013		4,940		5,541
Diversified Financial Services - 10.4%
American Honda Finance Corp.
2.38%, 03/18/2013 - 144A		7,000		7,178
Citigroup, Inc.
5.63%, 08/27/2012		20,589		21,777
6.00%, 12/13/2013 ^		6,000		6,637
FIA Card Services NA
7.13%, 11/15/2012		22,691		24,638
FMR LLC
4.75%, 03/01/2013 - 144A		17,560		18,618
General Electric Capital Corp.
0.42%, 11/01/2012 *		23,000		22,782
Glencore Funding LLC
6.00%, 04/15/2014 - 144A		13,925		14,521
GTP Towers Issuer LLC
4.44%, 02/15/2015 - 144A		10,000		10,671
Harley-Davidson Funding Corp.
5.00%, 12/15/2010 - 144A		12,230		12,256
5.25%, 12/15/2012 - 144A		16,935		17,857
International Lease Finance Corp.
6.50%, 09/01/2014 - 144A		26,000		28,081
Invesco, Ltd.
5.38%, 02/27/2013		17,640		18,832
Irish Life & Permanent Group Holdings PLC
3.60%, 01/14/2013 - 144A		24,885		23,315
JPMorgan Chase & Co.
5.75%, 01/02/2013		12,000		13,071
Marina District Finance Co., Inc.
9.50%, 10/15/2015 - 144A ^		13,930		13,738
Nissan Motor Acceptance Corp.
3.25%, 01/30/2013 - 144A		2,940		3,035
Pemex Finance, Ltd.
9.03%, 02/15/2011		4,316		4,367
Prime Property Funding II, Inc.
5.60%, 06/15/2011 - 144A		736		748
QHP Royalty Sub LLC
10.25%, 03/15/2015 - 144A		9,954		10,168
Selkirk Cogen Funding Corp. — Series A
8.98%, 06/26/2012		10,091		10,608
TNK-BP Finance SA
7.50%, 03/13/2013 - 144A		12,995		14,083
Woodside Finance, Ltd.
5.00%, 11/15/2013 - 144A		4,450		4,861
8.13%, 03/01/2014 - 144A		2,450		2,891
Diversified Telecommunication Services - 1.8%
Qwest Corp.
3.54%, 06/15/2013 *		26,220		27,465
Telefonica Emisiones SAU
0.62%, 02/04/2013 *		24,565		24,206
Electric Utilities - 0.9%
KCP&L Greater Missouri Operations Co.
11.88%, 07/01/2012		22,100		25,415
Electronic Equipment & Instruments - 0.5%
Tyco Electronics Group SA
6.00%, 10/01/2012		12,146		13,153
Energy Equipment & Services - 1.3%
Enterprise Products Operating LLC
7.63%, 02/15/2012		7,855		8,411
Gilroy Energy Center LLC
4.00%, 08/15/2011 - 144A		1,205		1,203
MarkWest Energy Partners LP
6.88%, 11/01/2014		1,450		1,483
NGPL Pipeco LLC
6.51%, 12/15/2012 - 144A		24,005		25,899
Food & Staples Retailing - 0.9%
Stater Brothers Holdings, Inc.
8.13%, 06/15/2012		4,400		4,406
SUPERVALU, Inc.
7.50%, 11/15/2014		13,400		13,500
Woolworths, Ltd.
5.25%, 11/15/2011 - 144A		7,000		7,283
Food Products - 0.2%
UST LLC
6.63%, 07/15/2012		6,460		6,999
Gas Utilities - 0.2%
EQT Corp.
5.15%, 11/15/2012		6,460		6,858



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

Transamerica Funds		Annual Report 2010

Page 44

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts in thousands)


	Principal		Value

Hotels, Restaurants & Leisure - 1.0%
Carrols Corp.
9.00%, 01/15/2013	$	7,000	$	7,070
Marriott International, Inc.
5.63%, 02/15/2013		10,725		11,619
4.63%, 06/15/2012		9,850		10,307
Household Durables - 0.4%
Whirlpool Corp.
8.00%, 05/01/2012		10,000		10,912
Industrial Conglomerates - 0.9%
Hutchison Whampoa International 03/13, Ltd.
6.50%, 02/13/2013 - 144A		22,810		25,165
Insurance - 1.7%
Fidelity National Financial, Inc.
5.25%, 03/15/2013		13,289		13,569
Liberty Mutual Group, Inc.
5.75%, 03/15/2014 - 144A		10,200		10,761
7.25%, 09/01/2012 - 144A		6,958		7,438
Reinsurance Group of America, Inc.
6.75%, 12/15/2011		15,490		16,147
Leisure Equipment & Products - 0.3%
Mattel, Inc.
5.63%, 03/15/2013		8,000		8,659
Machinery - 0.9%
Case New Holland, Inc.
7.75%, 09/01/2013		13,195		14,416
Kennametal, Inc.
7.20%, 06/15/2012		9,950		10,334
Metals & Mining - 3.1%
Anglo American Capital PLC
9.38%, 04/08/2014 - 144A		22,525		27,668
ArcelorMittal
5.38%, 06/01/2013		24,010		25,927
Freeport-McMoRan Corp.
8.75%, 06/01/2011		9,183		9,567
Steel Dynamics, Inc.
7.38%, 11/01/2012		4,770		5,098
Xstrata Canada Corp.
7.35%, 06/05/2012		18,796		20,302
Multi-Utilities - 0.5%
Black Hills Corp.
6.50%, 05/15/2013		9,290		10,124
9.00%, 05/15/2014		4,100		4,858
Oil, Gas & Consumable Fuels - 5.6%
Consol Energy, Inc.
7.88%, 03/01/2012		23,715		25,376
El Paso Corp.
7.00%, 05/15/2011		3,250		3,334
7.38%, 12/15/2012 ^		2,000		2,151
7.88%, 06/15/2012		2,945		3,144
Empresa Nacional del Petroleo
6.75%, 11/15/2012 - 144A		12,938		14,173
Energy Transfer Partners, LP
6.00%, 07/01/2013		21,736		23,983
Kinder Morgan, Inc.
6.50%, 09/01/2012		5,316		5,635
Kinder Morgan Energy Partners, LP
5.00%, 12/15/2013		13,826		15,146
Lukoil International Finance BV
6.38%, 11/05/2014 - 144A		12,980		14,002
Marathon Oil Corp.
8.38%, 05/01/2012		6,000		6,587
Murphy Oil Corp.
6.38%, 05/01/2012		8,240		8,802
Nustar Logistics, LP
6.05%, 03/15/2013		2,787		2,996
6.88%, 07/15/2012		8,115		8,740
Ras Laffan Liquefied Natural Gas Co., Ltd. III
4.50%, 09/30/2012 - 144A		11,915		12,485
5.83%, 09/30/2016 - 144A		12,196		13,268
Tengizchevroil Finance Co., SARL
6.12%, 11/15/2014 - 144A		1,440		1,516
Paper & Forest Products - 0.3%
Celulosa Arauco y Constitucion SA
5.13%, 07/09/2013		9,400		10,042
Real Estate Investment Trusts - 9.5%
AvalonBay Communities, Inc.
4.95%, 03/15/2013 ^		3,546		3,821
Boston Properties, LP
6.25%, 01/15/2013		10,000		11,003
BRE Properties, Inc.
7.45%, 01/15/2011		8,500		8,598
Dexus Property Group
7.13%, 10/15/2014 - 144A		15,325		17,417
Digital Realty Trust, LP
4.50%, 07/15/2015 - 144A		9,900		10,289
Duke Realty, LP
4.63%, 05/15/2013 ^		5,000		5,220
5.63%, 08/15/2011		2,000		2,044
5.88%, 08/15/2012		6,053		6,396
6.25%, 05/15/2013		6,386		6,927
ERP Operating, LP
5.20%, 04/01/2013		11,080		11,979
5.50%, 10/01/2012		8,205		8,796
HCP, Inc.
5.65%, 12/15/2013		26,605		29,095
Healthcare Realty Trust, Inc.
8.13%, 05/01/2011		14,330		14,814
Host Hotels & Resorts, LP
7.13%, 11/01/2013		7,145		7,234
Kilroy Realty, LP
5.00%, 11/03/2015		14,130		14,282
Kimco Realty Corp.
6.00%, 11/30/2012		3,860		4,180
Liberty Property, LP
6.38%, 08/15/2012		13,270		14,287
Pan Pacific Retail Properties, Inc.
6.13%, 01/15/2013		4,000		4,277
PPF Funding, Inc.
5.35%, 04/15/2012 - 144A		23,740		24,342
Shurgard Storage Centers LLC
5.88%, 03/15/2013		2,910		3,167
Tanger Properties, LP
6.15%, 11/15/2015		11,265		12,684
UDR, Inc.
5.13%, 01/15/2014		4,900		5,163
5.50%, 04/01/2014		5,500		5,870
United Dominion Realty Trust
5.00%, 01/15/2012		8,847		9,163
6.05%, 06/01/2013 ^		6,080		6,563
WEA Finance LLC
5.40%, 10/01/2012 - 144A		16,010		17,076
Weingarten Realty Investors
5.65%, 01/15/2013		4,965		5,201
Westfield Capital Corp., Ltd.
5.13%, 11/15/2014 - 144A		5,170		5,656



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

Transamerica Funds		Annual Report 2010

Page 45

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts except share amounts in thousands)


	Principal		Value

Real Estate Management & Development - 2.6%
Brookfield Asset Management, Inc.
7.13%, 06/15/2012	$	25,089	$	26,946
Post Apartment Homes, LP
5.45%, 06/01/2012		9,399		9,757
6.30%, 06/01/2013		12,926		13,955
7.70%, 12/20/2010 ^		5,000		5,038
Retail Property Trust
7.18%, 09/01/2013 - 144A		16,445		18,296
Semiconductors & Semiconductor Equipment - 0.9%
Maxim Integrated Products, Inc.
3.45%, 06/14/2013		25,000		25,804
Tobacco - 0.7%
Reynolds American, Inc.
7.25%, 06/01/2012		17,945		19,362
Trading Companies & Distributors - 1.5%
GATX Corp.
4.75%, 10/01/2012		16,950		17,805
Noble Group, Ltd.
8.50%, 05/30/2013 - 144A		24,175		27,346
Wireless Telecommunication Services - 1.8%
Crown Castle Towers LLC
3.21%, 08/15/2015 - 144A		12,000		12,275
4.52%, 01/15/2015 - 144A		11,870		12,703
Nextel Communications, Inc. — Series E
6.88%, 10/31/2013		13,890		13,995
SBA Tower Trust
4.25%, 04/15/2015 - 144A		12,380		13,223

Total Corporate Debt Securities (cost $1,844,636)				1,902,745



	Shares		Value

SECURITIES LENDING COLLATERAL - 0.2%
State Street Navigator Securities Lending Trust — Prime Portfolio, 0.35% ▲		4,714,520		4,715
Total Securities Lending Collateral (cost $4,715)


	Principal		Value

REPURCHASE AGREEMENT - 0.0% ∞
State Street Bank & Trust Co. 0.01% ▲, dated 10/29/2010, to be repurchased at $239 on 11/01/2010. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 12/15/2017, and with a value of $246.	$	239		239
Total Repurchase Agreement (cost $239)

Total Investment Securities (cost $2,772,032) #				2,853,791
Other Assets and Liabilities — Net				35,552


Net Assets			$	2,889,343



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

Transamerica Funds		Annual Report 2010

Page 46

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts in thousands)

FUTURES CONTRACTS: γ

Net Unrealized

Description

Type

Contracts ┌

Expiration Date

(Depreciation)

5-Year U.S. Treasury Note

Short

(1,060

)

12/31/2010

(1,743

)

NOTES TO SCHEDULE OF INVESTMENTS:


*		Floating or variable rate note. Rate is listed as of 10/29/2010.

ə		Security fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. These securities had a total market value of $63,379, or 2.19%, of the fund’s net assets.

^		All or a portion of this security is on loan. The value of all securities on loan is $4,615.

§		Illiquid. This security had a value of $17,060, or 0.59%, of the fund’s net assets.

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

▲		Rate shown reflects the yield at 10/29/2010.

∞		Percentage rounds to less than 0.1%.

#		Aggregate cost for federal income tax purposes is $2,772,032. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $86,108 and $4,349, respectively. Net unrealized appreciation for tax purposes is $81,759.

γ		Cash in the amount of $2,305 has been segregated as collateral with the broker to cover margin requirements for open future contracts.

┌		Contract amounts are not in thousands.

DEFINITIONS:



144A		144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 10/31/2010, these securities aggregated $1,406,105, or 48.67%, of the fund’s net assets.

MXN		Mexican Peso

REMIC		Real Estate Mortgage Investment Conduits (consist of a fixed pool of mortgages broken apart and marketed to investors as individual securities)

VALUATION SUMMARY:


Investment Securities	Level 1		Level 2		Level 3		Total
Asset-Backed Securities	$	—	$	247,845	$	—	$	247,845
Corporate Debt Securities		—		1,902,745		—		1,902,745
Foreign Government Obligations		—		34,066		—		34,066
Mortgage-Backed Securities		—		593,822		—		593,822
Municipal Government Obligations		—		17,060		—		17,060
Preferred Corporate Debt Securities		—		39,952		—		39,952
Repurchase Agreement		—		239		—		239
Securities Lending Collateral		4,715		—		—		4,715
U.S. Government Agency Obligations		—		13,347		—		13,347

Total	$	4,715	$	2,849,076	$	—	$	2,853,791


Other Financial Instruments*	Level 1			Level 2		Level 3		Total
Futures Contracts — Depreciation	$	(1,743	)	$	—	$	—	$	(1,743	)


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



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

Transamerica Funds		Annual Report 2010

Page 47

Transamerica Small/Mid Cap Value

SCHEDULE OF INVESTMENTS
At October 31, 2010
(all amounts except share amounts in thousands)


	Shares		Value

COMMON STOCKS - 99.0%
Aerospace & Defense - 1.9%
Hexcel Corp. ‡ ^		582,955	$	10,359
Airlines - 2.8%
United Continental Holdings, Inc. ‡ ^		523,954		15,216
Biotechnology - 2.0%
Martek Biosciences Corp. ‡ ^		499,960		10,974
Capital Markets - 2.0%
Raymond James Financial, Inc. ^		393,100		11,093
Chemicals - 2.8%
Intrepid Potash, Inc. ‡ ^		447,500		15,363
Commercial Banks - 8.8%
Cathay General Bancorp ^		612,375		8,328
City National Corp. ^		259,475		13,381
Marshall & Ilsley Corp. ^		1,486,275		8,784
PrivateBancorp, Inc. — Class A ^		913,910		10,775
SVB Financial Group ‡ ^		165,460		7,171
Commercial Services & Supplies - 1.4%
Steelcase, Inc. — Class A ^		881,100		7,410
Communications Equipment - 2.9%
Brocade Communications Systems, Inc. ‡ ^		1,173,055		7,414
Emulex Corp. ‡ ^		745,000		8,493
Construction & Engineering - 2.5%
Chicago Bridge & Iron Co. NV — NY Shares ‡		545,352		13,748
Diversified Consumer Services - 3.5%
Sotheby’s ^		435,525		19,093
Electric Utilities - 1.4%
Hawaiian Electric Industries, Inc. ^		345,580		7,789
Energy Equipment & Services - 3.8%
Oceaneering International, Inc. ‡ ^		198,500		12,281
Oil States International, Inc. ‡ ^		166,130		8,493
Health Care Equipment & Supplies - 4.5%
Cooper Cos., Inc. ^		279,900		13,811
Hologic, Inc. ‡ ^		689,035		11,038
Household Durables - 1.8%
Tupperware Brands Corp. ^		223,540		10,017
Insurance - 2.4%
HCC Insurance Holdings, Inc.		493,120		13,058
Internet Software & Services - 1.2%
Internet Brands, Inc. — Class A ‡ ^		477,000		6,315
Life Sciences Tools & Services - 1.8%
Charles River Laboratories International, Inc. ‡ ^		301,415		9,877
Machinery - 9.6%
AGCO Corp. ‡ ^		285,456		12,123
Navistar International Corp. ‡ ^		207,190		9,982
Robbins & Myers, Inc.		201,825		5,859
Titan International, Inc. ^		815,455		12,371
Watts Water Technologies, Inc. — Class A ^		347,536		12,224
Marine - 1.9%
Kirby Corp. ‡ ^		237,525		10,211
Media - 2.4%
Lamar Advertising Co. — Class A ‡ ^		379,205		12,889
Metals & Mining - 6.6%
Carpenter Technology Corp. ^		308,400		10,998
Globe Specialty Metals, Inc. ^		792,035		12,308
Thompson Creek Metals Co., Inc. ‡ ^		1,069,425		12,875
Multiline Retail - 2.4%
Saks, Inc. ‡ ^		1,160,325		12,926
Real Estate Investment Trusts - 9.4%
BioMed Realty Trust, Inc. ^		446,675		8,196
Capstead Mortgage Corp. ^		700,495		7,986
Douglas Emmett, Inc. ^		576,625		10,345
Dupont Fabros Technology, Inc. ^		379,215		9,518
Omega Healthcare Investors, Inc. ^		652,040		14,997
Real Estate Management & Development - 2.6%
Jones Lang Lasalle, Inc. ^		185,470		14,478
Road & Rail - 4.1%
Kansas City Southern ‡ ^		341,820		14,978
Ryder System, Inc. ^		174,300		7,626
Software - 2.5%
Aspen Technology, Inc. ‡ ^		794,588		8,899
THQ, Inc. ‡ ^		1,244,910		4,980
Specialty Retail - 1.5%
Office Depot, Inc. ‡ ^		1,887,325		8,474
Textiles, Apparel & Luxury Goods - 1.7%
Signet Jewelers, Ltd. ‡ ^		265,773		9,350
Trading Companies & Distributors - 4.9%
Beacon Roofing Supply, Inc. ‡ ^		553,400		8,168
United Rentals, Inc. ‡ ^		552,000		10,372
WESCO International, Inc. ‡ ^		198,225		8,488
Water Utilities - 1.9%
Aqua America, Inc. ^		466,760		10,050

Total Common Stocks (cost $430,223)				541,952


SECURITIES LENDING COLLATERAL - 25.2%
State Street Navigator Securities Lending Trust — Prime Portfolio, 0.35% ▲		138,081,130		138,081
Total Securities Lending Collateral (cost $138,081)


	Principal		Value

REPURCHASE AGREEMENT - 1.6%
State Street Bank & Trust Co. 0.01% ▲, dated 10/29/2010, to be repurchased at $8,966 on 11/01/2010. Collateralized by a U.S. Government Obligation, 2.50%, due 04/30/2015, and with a value of $9,147.	$	8,966		8,966
Total Repurchase Agreement (cost $8,966)

Total Investment Securities (cost $577,270) #				688,999
Other Assets and Liabilities — Net				(141,262	)


Net Assets			$	547,737



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

Transamerica Funds		Annual Report 2010

Page 48

Transamerica Small/Mid Cap Value

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all 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 $134,449.

‡		Non-income producing security.

▲		Rate shown reflects the yield at 10/29/2010.

#		Aggregate cost for federal income tax purposes is $577,390. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $123,775 and $12,166, respectively. Net unrealized appreciation for tax purposes is $111,609.

VALUATION SUMMARY:


Investment Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	528,204	$	13,748	$	—	$	541,952
Repurchase Agreement		—		8,966		—		8,966
Securities Lending Collateral		138,081		—		—		138,081

Total	$	666,285	$	22,714	$	—	$	688,999



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

Transamerica Funds		Annual Report 2010

Page 49

Transamerica WMC Diversified Growth
(formerly, Transamerica Equity)

SCHEDULE OF INVESTMENTS
At October 31, 2010
(all amounts except share amounts in thousands)


	Shares		Value

COMMON STOCKS - 100.0%
Aerospace & Defense - 2.4%
Boeing Co. ^		167,887	$	11,860
Honeywell International, Inc. ^		321,097		15,126
Air Freight & Logistics - 0.8%
CH Robinson Worldwide, Inc. ^		136,495		9,620
Airlines - 0.7%
Southwest Airlines Co.		614,680		8,458
Automobiles - 1.2%
Ford Motor Co. ‡ ^		960,175		13,567
Beverages - 0.8%
Anheuser-Busch InBev NV ADR		158,341		9,960
Capital Markets - 1.6%
Goldman Sachs Group, Inc. ^		110,058		17,713
Commercial Banks - 0.9%
Banco Santander Brasil SA ADR		158,438		2,282
Wells Fargo & Co.		311,158		8,115
Communications Equipment - 8.3%
Cisco Systems, Inc. ‡ ^		2,755,687		62,913
Emulex Corp. ‡ ^		769,954		8,777
Juniper Networks, Inc. ‡ ^		552,288		17,889
Riverbed Technology, Inc. ‡ ^		107,354		6,177
Computers & Peripherals - 13.4%
Apple, Inc. ‡		176,273		53,036
Dell, Inc. ‡ ^		735,361		10,574
EMC Corp. ‡ ^		2,025,102		42,548
NetApp, Inc. ‡ ^		648,259		34,521
QLogic Corp. ‡ ^		727,619		12,784
SanDisk Corp. ‡ ^		54,319		2,041
Consumer Finance — 0.9%
American Express Co. ^		260,650		10,807
Diversified Consumer Services — 0.6%
ITT Educational Services, Inc. ‡ ^		116,398		7,511
Electrical Equipment - 1.0%
Emerson Electric Co. ^		218,493		11,995
Energy Equipment & Services - 0.8%
Baker Hughes, Inc. ^		98,668		4,571
Oceaneering International, Inc. ‡ ^		81,788		5,061
Food Products - 0.4%
General Mills, Inc.		123,747		4,645
Health Care Equipment & Supplies - 2.1%
Hologic, Inc. ‡ ^		304,912		4,885
Intuitive Surgical, Inc. ‡ ^		4,914		1,292
Medtronic, Inc.		417,963		14,716
Stryker Corp. ^		71,686		3,548
Health Care Providers & Services - 1.7%
Laboratory Corp. of America Holdings ‡ ^		108,671		8,837
UnitedHealth Group, Inc.		286,655		10,334
Hotels, Restaurants & Leisure - 2.3%
Carnival Corp. ^		145,569		6,284
Ctrip.com International, Ltd. ADR ‡		44,853		2,335
Las Vegas Sands Corp. ‡ ^		196,484		9,015
Starbucks Corp. ^		320,935		9,141
Household Products - 0.5%
Clorox Co. ^		78,428		5,219
Industrial Conglomerates - 1.9%
General Electric Co. ^		1,403,792		22,489
Insurance - 1.2%
Lincoln National Corp. ^		569,880		13,951
Internet & Catalog Retail - 2.9%
Amazon.com, Inc. ‡ ^		82,901		13,690
Expedia, Inc. ^		415,889		12,040
priceline.com, Inc. ‡ ^		19,474		7,338
Internet Software & Services - 3.5%
eBay, Inc. ‡ ^		191,567		5,711
Google, Inc. — Class A ‡		56,049		34,357
IT Services - 5.8%
Cognizant Technology Solutions Corp. — Class A ‡		62,928		4,102
International Business Machines Corp. ^		434,500		62,394
Life Sciences Tools & Services - 1.1%
Waters Corp. ‡		173,272		12,845
Machinery - 8.9%
Caterpillar, Inc. ^		450,626		35,419
Cummins, Inc. ^		73,095		6,440
Dover Corp.		215,525		11,444
Illinois Tool Works, Inc.		195,213		8,921
Ingersoll-Rand PLC ^		225,292		8,856
Joy Global, Inc.		192,059		13,627
Parker Hannifin Corp. ^		220,869		16,908
Media - 2.1%
News Corp. — Class A ^		489,708		7,081
Omnicom Group, Inc. ^		386,369		16,985
Metals & Mining - 3.2%
Cliffs Natural Resources, Inc. ^		118,078		7,699
Nucor Corp. ^		273,442		10,451
Rio Tinto PLC ADR		87,624		5,706
Teck Resources, Ltd. — Class B		290,223		12,984
Oil, Gas & Consumable Fuels - 3.0%
Anadarko Petroleum Corp. ^		159,938		9,847
Exxon Mobil Corp. ^		45,915		3,052
Occidental Petroleum Corp. ^		127,248		10,006
Valero Energy Corp.		648,217		11,635
Semiconductors & Semiconductor Equipment - 9.2%
Altera Corp. ^		1,182,884		36,917
Analog Devices, Inc. ^		442,521		14,900
Broadcom Corp. — Class A ^		309,018		12,589
Intel Corp. ^		125,515		2,519
Intersil Corp. — Class A ^		1,007,308		13,186
Xilinx, Inc. ^		998,943		26,782
Software - 12.3%
Adobe Systems, Inc. ‡		257,882		7,259
Autodesk, Inc. ‡ ^		265,298		9,598
BMC Software, Inc. ‡		169,934		7,725
Check Point Software Technologies, Ltd. ‡ ^		291,970		12,482
Citrix Systems, Inc. ‡		105,097		6,734
Longtop Financial Technologies, Ltd. ADR ‡ ^		123,865		4,501
Microsoft Corp. ^		1,378,636		36,727
Oracle Corp.		1,378,047		40,515
Red Hat, Inc. ‡ ^		217,009		9,171
VMware, Inc. — Class A ‡ ^		102,070		7,804
Specialty Retail - 3.6%
Advance Auto Parts, Inc. ^		148,413		9,644
Aeropostale, Inc. ‡ ^		81,086		1,977
Buckle, Inc. ^		65,860		1,916
Home Depot, Inc. ^		278,198		8,591



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

Transamerica Funds		Annual Report 2010

Page 50

Transamerica WMC Diversified Growth
(formerly, Transamerica Equity)

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts except share amounts in thousands)


	Shares		Value

Specialty Retail - (continued)
Ross Stores, Inc. ^		195,716	$	11,544
TJX Cos., Inc. ^		195,511		8,972
Textiles, Apparel & Luxury Goods - 0.9%
Coach, Inc. ^		202,611		10,131

Total Common Stocks (cost $1,020,870)				1,156,319


SECURITIES LENDING COLLATERAL - 7.2%
State Street Navigator Securities Lending Trust — Prime Portfolio, 0.35% ▲		82,975,220		82,975
Total Securities Lending Collateral (cost $82,975)


	Principal		Value

REPURCHASE AGREEMENT - 0.1%
State Street Bank & Trust Co.
0.01% ▲, dated 10/29/2010, to be repurchased at $859 on 11/01/2010
Collateralized by a U.S. Government Agency
Obligation, 4.00%, due 12/15/2017, and with a value of $877	$	859		859
Total Repurchase Agreement (cost $859)


Total Investment Securities (cost $1,104,704) #				1,240,153
Other Assets and Liabilities — Net				(84,237	)


Net Assets			$	1,155,916

NOTES TO SCHEDULE OF INVESTMENTS:


^		All or a portion of this security is on loan. The value of all securities on loan is $81,038.

‡		Non-income producing security.

▲		Rate shown reflects the yield at 10/29/2010.

#		Aggregate cost for federal income tax purposes is $1,113,269. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $158,094 and $31,210, respectively. Net unrealized appreciation for tax purposes is $126,884.

DEFINITION:

ADR American Depositary Receipt

VALUATION SUMMARY:


Investment Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	1,119,315	$	37,004	$	—	$	1,156,319
Repurchase Agreement		—		859		—		859
Securities Lending Collateral		82,975		—		—		82,975

Total	$	1,202,290	$	37,863	$	—	$	1,240,153



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

Transamerica Funds		Annual Report 2010

Page 51

STATEMENTS OF ASSETS AND LIABILITIES
At October 31, 2010
(all amounts except per share amounts in thousands)


	Transamerica						Transamerica
	AEGON High			Transamerica			Diversified			Transamerica			Transamerica
	Yield Bond^(b)			Balanced			Equity			Flexible Income			Focus^(c)

Assets:
Investment securities, at value	$	788,357		$	375,187		$	887,369		$	280,212		$	144,894
Repurchase agreement, at value		34,189			3,564			11,754			541			3,642
Receivables:
Investment securities sold		5,037			850			—			1,106			—
Shares of beneficial interest sold		1,755			631			226			951			189
Interest		13,693			1,393			—			4,292			—
Securities lending income (net)		39			31			12			9			35
Dividends		—			121			259			78			11
Dividend reclaims		—			—			121			—			15
Prepaid expenses		4			2			5			2			1

	$	843,074		$	381,779		$	899,746		$	287,191		$	148,787

Liabilities:
Accounts payable and accrued liabilities:
Investment securities purchased		7,125			1,822			—			1,545			—
Shares of beneficial interest redeemed		790			255			338			780			156
Management and advisory fees		349			211			359			100			63
Distribution and service fees		108			101			111			55			47
Transfer agent fees		32			65			65			13			36
Administration fees		12			5			13			4			2
Other		34			23			49			23			17
Collateral for securities on loan		128,070			45,696			109,462			26,269			6,376
Unrealized depreciation on forward foreign currency contracts		—			—			—			3			—

		136,520			48,178			110,397			28,792			6,697

Net assets	$	706,554		$	333,601		$	789,349		$	258,399		$	142,090


Net assets consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	714,067		$	296,664		$	726,461		$	327,086		$	119,899
Undistributed net investment income		1,697			326			10,396			748			—
Undistributed (accumulated) net realized gain (loss) from investments		(53,063	)		(25,081	)		(56,563	)		(84,989	)		(13,084	)
Net unrealized appreciation (depreciation) on:
Investment securities		43,853			61,692			109,045			15,548			35,275
Translation of assets and liabilities denominated in foreign currencies		—			—			10			6			—

Net assets	$	706,554		$	333,601		$	789,349		$	258,399		$	142,090

Net assets by class:
Class A	$	193,332		$	95,258		$	83,766		$	55,103		$	48,547
Class B		13,887			14,658			7,735			10,614			9,916
Class C		41,810			24,194			15,013			36,264			12,814
Class I		27,057			265			421			9,787			434
Class I2^(a)		408,505						358,714			146,631
Class P		21,963			199,226			323,700						70,379
Shares outstanding:
Class A		21,114			4,451			5,861			6,127			3,523
Class B		1,517			687			544			1,180			778
Class C		4,581			1,141			1,056			4,049			1,006
Class I		2,940			12			29			1,085			31
Class I2^(a)		44,288						24,949			16,246
Class P		2,397			9,310			22,579						5,102
Net asset value per share:
Class A	$	9.16		$	21.40		$	14.29		$	8.99		$	13.78
Class B		9.15			21.34			14.22			9.00			12.75
Class C		9.13			21.20			14.22			8.96			12.74
Class I		9.20			21.46			14.41			9.02			13.89
Class I2^(a)		9.22						14.38			9.03
Class P		9.16			21.40			14.34						13.79
Maximum offering price per share ^(d)
Class A	$	9.62		$	22.65		$	15.12		$	9.44		$	14.58



Investment securities, at cost	$	744,504		$	313,495		$	778,324		$	264,664		$	109,619

Repurchase agreement, at cost	$	34,189		$	3,564		$	11,754		$	541		$	3,642

Securities loaned, at value	$	125,479		$	44,668		$	106,976		$	25,728		$	6,230



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

Transamerica Funds		Annual Report 2010

Page 52

STATEMENTS OF ASSETS AND LIABILITIES (continued)
At October 31, 2010
(all amounts except per share amounts in thousands)


	Transamerica					Transamerica			Transamerica			Transamerica
	Growth			Transamerica		Short-Term			Small/Mid Cap			WMC Diversified
	Opportunities			Money Market		Bond			Value			Growth^(e)

Assets:
Investment securities, at value	$	372,029		$	194,504	$	2,853,552		$	680,033		$	1,239,294
Repurchase agreement, at value		1,862			32,660		239			8,966			859
Cash on deposit with broker		—			—		2,305			—			—
Receivables:
Investment securities sold		720			—		51,770			2,282			4,594
Shares of beneficial interest sold		39			824		19,268			1,319			291
Interest		—			1		37,050			—			—
Securities lending income (net)		64			—		5			28			22
Dividends		5			—		—			297			555
Dividend reclaims		—			—		—			—			421
Money market waiver		—			79		—			—			—
Due from advisor		—			43		—			—			—
Prepaid expenses		2			2		19			3			7

	$	374,721		$	228,113	$	2,964,208		$	692,928		$	1,246,043

Liabilities:
Accounts payable and accrued liabilities:
Investment securities purchased		174			—		52,168			5,633			5,303
Shares of beneficial interest redeemed		133			1,069		9,420			733			727
Management and advisory fees		185			—		1,066			361			566
Distribution and service fees		60			101		951			255			199
Transfer agent fees		64			48		92			87			192
Administration fees		5			4		49			9			19
Distribution payable		—			1		4,516			—			—
Variation margin		—			—		1,739			—			—
Other		23			17		149			32			146
Collateral for securities on loan		76,543			—		4,715			138,081			82,975

		77,187			1,240		74,865			145,191			90,127

Net assets	$	297,534		$	226,873	$	2,889,343		$	547,737		$	1,155,916


Net assets consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	272,015		$	226,873	$	2,803,303		$	597,327		$	1,513,889
Accumulated net investment loss		—			—		(2,187	)		—			—
Undistributed (accumulated) net realized gain (loss) from investments		(47,057	)		—		8,186			(161,319	)		(493,515	)
Net unrealized appreciation (depreciation) on:
Investment securities		72,576			—		81,759			111,729			135,449
Futures contracts		—			—		(1,743	)		—			—
Translation of assets and liabilities denominated in foreign currencies		—			—		25			—			93

Net assets	$	297,534		$	226,873	$	2,889,343		$	547,737		$	1,155,916

Net assets by class:
Class A	$	59,685		$	119,744	$	856,959		$	283,240		$	303,912
Class B		12,406			19,442					38,355			29,958
Class C		12,781			33,800		834,859			169,903			36,135
Class I		815			55		198,461			40,346			2,903
Class I2^(a)		106,970			21,773		999,064			15,893			425,431
Class P		104,877			32,059								264,287
Class T													93,290
Shares outstanding:
Class A		6,078			119,744		81,407			14,994			34,146
Class B		1,372			19,441					2,125			3,643
Class C		1,407			33,795		79,454			9,514			4,375
Class I		80			55		19,176			2,107			317
Class I2^(a)		10,453			21,774		96,601			831			46,742
Class P		10,647			32,059								29,749
Class T													3,714
Net asset value per share:
Class A	$	9.82		$	1.00	$	10.53		$	18.89		$	8.90
Class B		9.05			1.00					18.05			8.22
Class C		9.08			1.00		10.51			17.86			8.26
Class I		10.19			1.00		10.35			19.15			9.14
Class I2^(a)		10.23			1.00		10.34			19.13			9.10
Class P		9.85			1.00								8.88
Class T													25.12
Maximum offering price per share ^(d)
Class A	$	10.39		$	1.00	$	10.80		$	19.99		$	9.42



Investment securities, at cost	$	299,453		$	194,504	$	2,771,793		$	568,304		$	1,103,845

Repurchase agreement, at cost	$	1,862		$	32,660	$	239		$	8,966		$	859

Securities loaned, at value	$	74,833		$	—	$	4,615		$	134,449		$	81,038



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

Transamerica Funds		Annual Report 2010

Page 53

STATEMENTS OF ASSETS AND LIABILITIES (continued)
At October 31, 2010
(all amounts except per share amounts in thousands)


^(a)		Effective November 30, 2009, all previously existing Class I shares were re-designated as Class I2 shares.

^(b)		Formerly, Transamerica High Yield Bond.

^(c)		Formerly, Transamerica Legg Mason Partners All Cap.

^(d)		Includes the maximum selling commission (represented as a percentage of offering price) which is reduced on certain levels of sales as set forth in the Prospectus. Net asset value per share for Classes B, C, I, I2, P, and T shares represents offering price. The redemption price for Classes B and C shares equals net asset value less any applicable contingent deferred sales charge.

^(e)		Formerly, Transamerica Equity.


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

Transamerica Funds		Annual Report 2010

Page 54

STATEMENTS OF OPERATIONS
For the year ended October 31, 2010
(all amounts in thousands)


	Transamerica						Transamerica
	AEGON High Yield			Transamerica			Diversified			Transamerica			Transamerica
	Bond^(a),(b),*			Balanced^*			Equity^(a),*			Flexible Income^(a),*			Focus^(c),*

Investment income:
Dividend income	$	133		$	5,969		$	18,964		$	634		$	914
Withholding taxes on foreign income		—			(28	)		(80	)		(22	)		—
Interest income		52,789			8,122			2			16,229			—
Securities lending income (net)		307			103			98			55			130

		53,229			14,166			18,984			16,896			1,044


Expenses:
Management and advisory		3,557			2,615			4,975			1,331			1,048
Distribution and service:
Class A		357			295			280			157			143
Class B		130			173			83			105			124
Class C		288			224			146			250			122
Class P		72			561			734			—			163
Transfer agent:
Class A		138			297			450			73			195
Class B		22			83			53			26			71
Class C		31			55			73			27			38
Class I		13			2			2			5			2
Class I2		10						9			4
Class P		48			530			968						144
Printing and shareholder reports		41			49			105			17			35
Custody		88			74			103			52			23
Administration		122			70			137			49			26
Legal		22			8			19			9			1
Audit and tax		13			17			45			19			32
Trustees		12			7			17			5			3
Registration		152			79			147			72			63
Other		20			38			13			24			19

Total expenses		5,136			5,177			8,359			2,225			2,252

Class expense recaptured or (reimbursed)/(waived):
Class A		—			—			(158	)		(35	)		(94	)
Class B		—			—			(23	)		—			(39	)
Class C		—			—			(20	)		—			(7	)
Class I		—			(1	)		(1	)		—			(1	)
Class P		(50	)		(499	)		(689	)		—			(7	)

Total expense recaptured or (reimbursed)/(waived)		(50	)		(500	)		(891	)		(35	)		(148	)

Net expenses		5,086			4,677			7,468			2,190			2,104


Net investment income (loss)		48,143			9,489			11,516			14,706			(1,060	)


Net realized gain (loss) on transactions from:
Investment securities		24,273			33,718			12,124			18,070			4,802
Foreign currency transactions		—			5			7			(101	)		—

		24,273			33,723			12,131			17,969			4,802


Net increase (decrease) in unrealized appreciation (depreciation) on:
Investment securities		30,571			19,340			75,150			1,889			22,155
Translation of assets and liabilities denominated in foreign currencies		—			(5	)		10			(8	)		—

Change in unrealized appreciation (depreciation)		30,571			19,335			75,160			1,881			22,155


Net realized and unrealized gain:		54,844			53,058			87,291			19,850			26,957

Net increase in net assets resulting from operations	$	102,987		$	62,547		$	99,807		$	34,556		$	25,897



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

Transamerica Funds		Annual Report 2010

Page 55

STATEMENTS OF OPERATIONS (continued)
For the year ended October 31, 2010
(all amounts in thousands)


	Transamerica									Transamerica			Transamerica WMC
	Growth			Transamerica			Transamerica			Small/Mid Cap			Diversified
	Opportunities ^(a),*			Money Market ^(a),*			Short-Term Bond^(a),*			Value^(a),*			Growth^(a),(d),*

Investment income:
Dividend income	$	3,244		$	—		$	—		$	6,041		$	15,291
Withholding taxes on foreign income		(17	)		—			—			—			(155	)
Interest income		1			576			108,752			2			1
Securities lending income (net)		367			—			15			208			340

		3,595			576			108,767			6,251			15,477

Expenses:
Management and advisory		2,388			1,036			11,128			3,762			8,764
Distribution and service:
Class A		191			453			2,159			870			1,043
Class B		132			265						383			343
Class C		119			386			5,917			1,477			363
Class P		237			—									800
Transfer agent:
Class A		410			435			301			616			1,253
Class B		70			81						92			178
Class C		63			63			363			285			156
Class I		2			1			114			34			6
Class I2		3			1			25			1			8
Class P		232			55									619
Class T														154
Printing and shareholder reports		41			29			191			90			225
Custody		50			43			247			53			174
Administration		60			52			435			94			246
Legal		8			15			72			16			38
Audit and tax		14			11			12			14			48
Trustees		6			5			48			10			23
Registration		70			97			181			80			138
Other		8			7			27			9			17

Total expenses		4,104			3,035			21,220			7,886			14,596

Fund expenses waived		—			(752	)		(855	)		—			—
Class expense recaptured or (reimbursed)/(waived):
Class A		(123	)		(876	)		(617	)		—			(121	)
Class B		(1	)		(344	)					—			(46	)
Class C		(1	)		(446	)		—			—			(18	)
Class I		—	^(e)		(1	)		—			—			—
Class I2		—			(1	)		—			—			—
Class P		—			(55	)								(250	)

Total expense recaptured or (reimbursed)/(waived)		(125	)		(2,475	)		(1,472	)		—			(435	)

Net expenses		3,979			560			19,748			7,886			14,161


Net investment income (loss)		(384	)		16			89,019			(1,635	)		1,316


Net realized gain (loss) on transactions from:
Investment securities		22,355			—			26,471			39,083			208,600
Futures contracts		—			—			(6,977	)		—			—
Foreign currency transactions		—			—			16			—			—

		22,355			—			19,510			39,083			208,600


Net increase (decrease) in unrealized appreciation (depreciation) on:
Investment securities		51,638			—			36,431			69,238			(14,945	)
Futures contracts		—			—			(942	)		—			—
Translation of assets and liabilities denominated in foreign currencies		—			—			28			—			17

Change in unrealized appreciation (depreciation)		51,638			—			35,517			69,238			(14,928	)


Net realized and unrealized gain:		73,993			—			55,027			108,321			193,672

Net increase in net assets resulting from operations	$	73,609		$	16		$	144,046		$	106,686		$	194,988


^(a)		Effective November 30, 2009, all previously existing Class I shares were re-designated as Class I2 shares.

^(b)		Formerly, Transamerica High Yield Bond.

^(c)		Formerly, Transamerica Legg Mason Partners All Cap.

^(d)		Formerly, Transamerica Equity.

^(e)		Rounds to less than $1.

*		The fund offered new classes of shares during the year ended October 31, 2010. For a list of new classes and commencement dates, refer to the notes to the financial statements.



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

Transamerica Funds		Annual Report 2010

Page 56

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


	Transamerica AEGON High Yield
	Bond ^(a),(g),*						Transamerica Balanced^*
	October 31, 2010			October 31, 2009			October 31, 2010			October 31, 2009

From operations:
Net investment income	$	48,143		$	45,134		$	9,489		$	1,314
Net realized gain (loss)^(b)		24,273			(55,912	)		33,723			(10,547	)
Change in unrealized appreciation (depreciation)^(c)		30,571			183,047			19,335			23,660

Net increase in net assets resulting from operations		102,987			172,269			62,547			14,427


Distributions to shareholders:
From net investment income:
Class A		(7,929	)		(3,588	)		(2,267	)		(1,014	)
Class B		(917	)		(873	)		(269	)		(251	)
Class C		(2,048	)		(961	)		(479	)		(226	)
Class I		(642	)					(5	)
Class I2		(35,273	)		(40,325	)
Class P		(2,091	)					(6,337	)

		(48,900	)		(45,747	)		(9,357	)		(1,491	)

From net realized gains:
Class A		—			—			—			(3,148	)
Class B		—			—			—			(1,819	)
Class C		—			—			—			(1,091	)


		—			—			—			(6,058	)

Total distributions to shareholders		(48,900	)		(45,747	)		(9,357	)		(7,549	)



Capital share transactions:
Proceeds from shares sold:
Class A		175,590			47,357			7,851			2,689
Class B		5,029			4,221			1,097			1,256
Class C		25,217			18,109			1,724			912
Class I		27,869						302
Class I2		16,456			33,691
Class P		43,121						25,698

		293,282			103,378			36,672			4,857

Issued from fund acquisition:
Class A		—			—			18,932			—
Class B		—			—			3,855			—
Class C		—			—			5,342			—
Class I2		42,041			—						—
Class P		51,472						281,788			—


		93,513			—			309,917			—

Dividends and distributions reinvested:
Class A		6,300			2,491			2,132			3,940
Class B		565			546			256			1,971
Class C		1,325			576			430			1,182
Class I		264						3
Class I2		35,273			40,325
Class P		2,035						6,308

		45,762			43,938			9,129			7,093

Cost of shares redeemed:
Class A		(67,766	)		(21,773	)		(16,364	)		(12,325	)
Class B		(2,899	)		(3,022	)		(3,595	)		(7,498	)
Class C		(6,669	)		(8,685	)		(4,123	)		(4,111	)
Class I		(1,970	)					(59	)
Class I2		(195,700	)		(126,635	)
Class P		(76,785	)					(146,174	)

		(351,789	)		(160,115	)		(170,315	)		(23,934	)


Automatic conversions:
Class A		1,788			1,995			7,711			11,140
Class B		(1,788	)		(1,995	)		(7,711	)		(11,140	)

		—			—			—			—

Fair fund settlement:
Class A		3			—			2			—
Class B		—	^(d)		—			—	^(d)		—
Class C		1			—			1			—
Class I		—	^(d)					—
Class I2		21			—			—	^(d)
Class P		2						6

		27			—			9			—

Net increase (decrease) in net assets resulting from capital shares transactions

		80,795			(12,799	)		185,412			(11,984	)



Net increase (decrease) in net assets		134,882			113,723			238,602			(5,106	)


Net assets:
Beginning of year	$	571,672		$	457,949		$	94,999		$	100,105

End of year	$	706,554		$	571,672		$	333,601		$	94,999

Undistributed net investment income	$	1,697		$	2,454		$	326		$	69



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

Transamerica Funds		Annual Report 2010

Page 57

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


	Transamerica AEGON High Yield
	Bond ^(a),(g),*						Transamerica Balanced^*
	October 31, 2010			October 31, 2009			October 31, 2010			October 31, 2009

Share activity:
Shares issued:
Class A		19,958			6,660			391			168
Class B		578			593			57			80
Class C		2,873			2,534			87			59
Class I		3,130						15
Class I2		1,868			4,433
Class P		4,932						1,305

		33,339			14,220			1,855			307

Shares issued on fund acquisition:
Class A		—			—			1,014			—
Class B		—			—			207			—
Class C		—			—			289			—
Class I2		4,928			—
Class P		6,070						15,093

		10,998			—			16,603			—

Shares issued-reinvested from distributions:
Class A		718			359			108			264
Class B		65			82			13			133
Class C		152			81			22			80
Class I		30						—	^(e)
Class I2		4,026			6,035
Class P		233						322

		5,224			6,557			465			477

Shares redeemed:
Class A		(7,735	)		(3,199	)		(842	)		(794	)
Class B		(331	)		(432	)		(186	)		(490	)
Class C		(765	)		(1,154	)		(214	)		(269	)
Class I		(220	)					(3	)
Class I2		(22,168	)		(20,679	)
Class P		(8,838	)					(7,410	)

		(40,057	)		(25,464	)		(8,655	)		(1,553	)


Automatic conversions:
Class A		205			271			403			704
Class B		(205	)		(271	)		(404	)		(707	)

		—			—			(1	)		(3	)

Net increase (decrease) in shares outstanding:
Class A		13,146			4,091			1,074			342
Class B		107			(28	)		(313	)		(984	)
Class C		2,260			1,461			184			(130	)
Class I		2,940						12
Class I2		(11,346	)		(10,211	)
Class P		2,397						9,310

		9,504			(4,687	)		10,267			(772	)



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

Transamerica Funds		Annual Report 2010

Page 58

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


	Transamerica Diversified Equity^(a),*
				10 Months			12 Months Ended
	October 31,			Ended October			December 31,
	2010⁽ⁱ⁾			31, 2009^(j)			2008^(j)

From operations:
Net investment income	$	11,516		$	485		$	915
Net realized gain (loss)^(b)		12,131			(24,478	)		(2,752	)
Change in unrealized appreciation (depreciation)^(c)		75,160			71,013			(127,173	)

Net increase in net assets resulting from operations		98,807			47,020			(129,010	)


Distributions to shareholders:
From net investment income:
Investor Class		(879	)		—			(430	)
Class A		(118	)
Class B		(5	)
Class C		(8	)
Class I		—	^(d)
Class I2		(144	)
Class P		(519	)

		(1,673	)		—			(430	)

From net realized gains:
Investor Class		—			—			(5,449	)

Total distributions to shareholders		(1,673	)		—			(5,879	)


Capital share transactions:
Proceeds from shares sold:
Investor Class		2,312			42,808			62,498
Class A		1,803
Class B		466
Class C		413
Class I		469
Class I2		273,045
Class P		46,384

		324,892			42,808			62,498

Issued from fund acquisition:
Class A		86,981
Class B		10,090
Class C		16,272
Class I2		63,778
Class P		276,775


		453,896

Dividends and distributions reinvested:
Investor Class		552			—			—
Class A		113			—			3,738
Class B		5
Class C		8
Class I		—	^(d)
Class I2		144
Class P		325

		1,147			—			3,738

Redeemed due to acquisition:
Investor Class		(276,775	)		—			—


Cost of shares redeemed:
Investor Class		(2,056	)		(24,454	)		(42,251	)
Class A		(15,911	)
Class B		(1,542	)
Class C		(3,183	)
Class I		(62	)
Class I2		(14,522	)
Class P		(34,102	)

		(71,378	)		(24,454	)		(42,251	)

Redemption fee:
Investor Class		—			3			6


Automatic conversions:
Class A		2,053
Class B		(2,053	)

		—

Fair fund settlement:
Class A		73			—			—
Class B		8
Class C		13
Class I		—	^(d)
Class I2		275
Class P		242

		611			—			—

Net increase in net assets resulting from capital shares transactions		432,393			18,357			23,991



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

Transamerica Funds		Annual Report 2010

Page 59

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


	Transamerica Diversified Equity^(a),*
				10 Months			12 Months Ended
	October 31,			Ended October			December 31,
	2010⁽ⁱ⁾			31, 2009^(j)			2008^(j)

Net increase in net assets	$	529,527		$	65,377		$	(110,898	)


Net assets:
Beginning of year	$	259,822		$	194,445		$	305,343

End of year	$	789,349		$	259,822		$	194,445

Undistributed net investment income	$	10,396		$	547		$	62


Share activity:
Shares issued:
Investor Class		139			4,116			4,769
Class A		135
Class B		36
Class C		31
Class I		33
Class I2		21,090
Class P		3,606

		25,070			4,116			4,769

Shares issued on fund acquisition:
Class A		6,767
Class B		785
Class C		1,266
Class I2		4,961
Class P		21,531

		35,310

Shares issued-reinvested from distributions:
Investor Class		43			—			388
Class A		9
Class B		—	^(e)
Class C		1
Class I		—	^(e)
Class I2		11
Class P		25

		89						388

Shares redeemed due to acquisition:
Investor Class		(21,531	)		—


Shares redeemed:
Investor Class		(166	)		(2,410	)		(3,147	)
Class A		(1,209	)
Class B		(118	)
Class C		(242	)
Class I		(4	)
Class I2		(1,113	)
Class P		(2,583	)

		(5,435	)		(2,410	)		(3,147	)

Automatic conversions:
Class A		159
Class B		(159	)

		—

Net increase (decrease) in shares outstanding:
Investor Class		(21,515	)		1,706			2,010
Class A		5,861
Class B		544
Class C		1,056
Class I		29
Class I2		24,949
Class P		22,579

		33,503			1,706			2,010



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

Transamerica Funds		Annual Report 2010

Page 60

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


	Transamerica Flexible Income^(a),*						Transamerica Focus^(h),*
										10 Months Ended			12 Months Ended
							October 31,			October 31,			December 31,
	October 31, 2010			October 31, 2009			2010^(k)			2009^(l)			2008^(l)

From operations:
Net investment income (loss)	$	14,706		$	9,228		$	(1,060	)	$	(378	)	$	(381	)
Net realized gain (loss)^(b)		17,969			(20,193	)		4,802			(5,643	)		(4,628	)
Change in unrealized appreciation (depreciation)^(c)		1,881			39,583			22,155			21,232			(32,976	)

Net increase in net assets resulting from operations		34,556			28,618			25,897			15,211			(37,985	)


Distributions to shareholders:
From net investment income:
Investor Class								—			—			—
Class A		(2,777	)		(941	)		(54	)
Class B		(566	)		(410	)		(10	)
Class C		(1,393	)		(384	)		(9	)
Class I		(209	)					—	^(d)
Class I2		(10,854	)		(7,215	)
Class P								(105	)

		(15,799	)		(8,950	)		(178	)

From net realized gains:
Investor Class								—			—			(2,249	)

Total distributions to shareholders		(15,799	)		(8,950	)		(178	)		—			(2,249	)


Capital share transactions:
Proceeds from shares sold:
Investor Class								127			6,437			5,204
Class A		40,020			10,176			2,879
Class B		4,135			2,774			764
Class C		34,689			16,525			631
Class I		10,503						429
Class I2		3,933			28,190
Class P								2,885

		93,280			57,665			7,715			6,437			5,204

Issued from fund acquisition:					—
Class A		13,041			—			39,661
Class B		2,469			—			18,628
Class C		5,997			—			13,950
Class I2		53,655
Class P					—			68,302

		75,162						140,541

Dividends and distributions reinvested:
Investor Class								—			—	^(d)		2,226
Class A		2,040			781			51
Class B		400			317			9
Class C		718			298			8
Class I		41						—	^(d)
Class I2		10,854			7,215
Class P								104

		14,053			8,611			172			—	^(d)		2,226

Redeemed due to acquisition:
Investor Class								(68,302	)		—			—


Cost of shares redeemed:
Investor Class								(166	)		(8,784	)		(11,740	)
Class A		(29,821	)		(4,781	)		(8,976	)
Class B		(3,008	)		(2,734	)		(3,226	)
Class C		(20,023	)		(11,057	)		(3,668	)
Class I		(1,014	)					(50	)
Class I2		(66,476	)		(45,960	)
Class P		—						(11,367	)


		(120,342	)		(64,532	)		(27,453	)		(8,784	)		(11,740	)

Redemption fee:
Investor Class								—			—	^(d)		6

Automatic conversions:
Class A		2,342			2,016			7,775
Class B		(2,342	)		(2,016	)		(7,775	)

		—			—			—

Net increase (decrease) in net assets resulting from capital shares transactions
		62,153			1,744			52,673			2,437			(4,304	)



Net increase in net assets		80,910			21,412			78,392			12,864			(44,538	)


Net assets:
Beginning of year	$	177,489		$	156,077		$	63,698		$	50,834		$	95,372

End of year	$	258,399		$	177,489		$	142,090		$	63,698		$	50,834

Undistributed net investment income	$	748		$	1,228		$	—		$	—		$	11



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

Transamerica Funds		Annual Report 2010

Page 61

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


	Transamerica Flexible Income^(a),*						Transamerica Focus^(h),*
										10 Months Ended			12 Months Ended
							October 31,			October 31,			December 31,
	October 31, 2010			October 31, 2009			2010^(k)			2009^(l)			2008^(l)

Share activity:
Shares issued:
Investor Class		—						8			442			274
Class A		4,626			1,330			232
Class B		479			382			67
Class C		4,015			2,105			54
Class I		1,195						35
Class I2		460			3,765
Class P								234

		10,775			7,582			630			442			274

Shares issued on fund acquisition:
Class A		1,554			—			3,369
Class B		294			—			1,700
Class C		717			—			1,275
Class I2		6,372			—
Class P								5,802

		8,937			—			12,146

Shares issued-reinvested from distributions:
Investor Class		—						—			—	^(e)		170
Class A		236			105			4
Class B		46			43			1
Class C		83			40			1
Class I		5						—	^(e)
Class I2		1,254			976
Class P								9

		1,624			1,164			15			—	^(e)		170

Shares redeemed due to acquisition:
Investor Class								(3,672	)


Shares redeemed:
Investor Class		—						(10	)		(597	)		(649	)
Class A		(3,460	)		(654	)		(734	)
Class B		(347	)		(370	)		(288	)
Class C		(2,327	)		(1,414	)		(324	)
Class I		(115	)					(4	)
Class I2		(7,637	)		(6,606	)
Class P								(943	)

		(13,886	)		(9,044	)		(2,303	)		(597	)		(649	)

Automatic conversions:
Class A		270			271			652
Class B		(270	)		(271	)		(702	)

		—			—			(50	)

Net increase (decrease) in shares outstanding:

Investor Class								(3,674	)		(155	)		(205	)
Class A		3,226			1,052			3,523
Class B		202			(216	)		778
Class C		2,488			731			1,006
Class I		1,085						31
Class I2		449			(1,865	)
Class P								5,102

		7,450			(298	)		6,766			(155	)		(205	)



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

Transamerica Funds		Annual Report 2010

Page 62

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


	Transamerica Growth
	Opportunities ^(a),*						Transamerica Money Market ^(a),*						Transamerica Short-Term Bond^(a),*
	October 31, 2010			October 31, 2009			October 31, 2010			October 31, 2009			October 31, 2010			October 31, 2009

From operations:
Net investment income (loss)	$	(384	)	$	(478	)	$	16		$	517		$	89,019		$	37,983
Net realized gain (loss)^(b)		22,355			(15,832	)		—			—			19,510			526
Change in unrealized appreciation (depreciation)^(c)		51,638			39,944			—			—			35,517			65,391

Net increase in net assets resulting from operations		73,609			23,634			16			517			144,046			103,900



Net equalization credit and charges		—			—			(84	)		—			—			—


Distributions to shareholders:
From net investment income:
Class A		—			—			(5	)		(307	)		(25,649	)		(4,009	)
Class B		—			—			(1	)		(32	)
Class C		—			—			(2	)		(44	)		(20,162	)		(3,980	)
Class I		—						—	^(d)					(4,071	)
Class I2		—			—			(3	)		(134	)		(39,448	)		(31,013	)
Class P		—						(4	)

Total distributions to shareholders		—			—			(15	)		(517	)		(89,330	)		(39,002	)


Capital share transactions:
Proceeds from shares sold:
Class A		2,816			4,051			87,174			143,852			868,148			307,854
Class B		1,026			1,387			7,885			27,049
Class C		1,364			1,126			20,292			52,405			578,716			316,772
Class I		772						55						274,807
Class I2		19,035			10,374			8,382			17,852			338,251			225,676
Class P		3,868						11,682

		28,881			16,938			135,470			241,158			2,059,922			850,302

Issued from fund acquisition:								��
Class P		96,199						43,668						—			—

Dividends and distributions reinvested:
Class A		—			—			4			415			18,561			2,350
Class B		—			—			1			50
Class C		—			—			1			62			13,088			2,129
Class I		—						—	^(d)					810
Class I2		—			—			4			159			39,349			29,359
Class P		—						4

		—			—			14			686			71,808			33,838

Cost of shares redeemed:
Class A		(10,186	)		(9,176	)		(119,147	)		(144,951	)		(335,135	)		(32,632	)
Class B		(2,202	)		(3,018	)		(18,940	)		(26,771	)
Class C		(2,378	)		(2,206	)		(32,675	)		(66,281	)		(88,854	)		(16,819	)
Class I		(33	)					—						(79,367	)
Class I2		(55,843	)		(14	)		(20,731	)		(13,219	)		(111,416	)		(87,178	)
Class P		(15,721	)					(23,294	)

		(86,363	)		(14,414	)		(214,787	)		(251,222	)		(614,772	)		(136,629	)

Net income equalization:
Class A		—			—			42			—			—			—
Class B		—			—			9			—
Class C		—			—			12			—			—			—
Class I		—						—	^(d)					—
Class I2		—			—			9			—			—			—
Class P		—						12

		—			—			84			—			—			—

Redemption fee:
Class A		—			1			—			—			—			1

Automatic conversions:
Class A		3,838			6,621			5,116			4,826
Class B		(3,838	)		(6,621	)		(5,116	)		(4,826	)

		—			—			—			—

Fair fund settlement:
Class A		31			—			1			—			—			—
Class B		9			—			—	^(d)		—
Class C		7			—			—	^(d)		—			—			—
Class I		—	^(d)					—	^(d)					—
Class I2		73			—			—	^(d)		—			—			—
Class P		57						—	^(d)

		177			—			1			—			—			—

Net increase (decrease) in net assets resulting from capital shares transactions

		38,894			2,525			(35,550	)		(9,378	)		1,516,958			747,512



Net increase (decrease) in net assets		112,503			26,159			(35,633	)		(9,378	)		1,571,674			812,410


Net assets:
Beginning of year	$	185,031		$	158,872		$	262,506		$	271,884		$	1,317,669		$	505,259

End of year	$	297,534		$	185,031		$	226,873		$	262,506		$	2,889,343		$	1,317,669

Undistributed (accumulated) net investment income (loss)	$	—		$	(16	)	$	—		$	83		$	(2,187	)	$	518



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

Transamerica Funds		Annual Report 2010

Page 63

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


	Transamerica Growth
	Opportunities ^(a),*						Transamerica Money Market ^(a),*						Transamerica Short-Term Bond^(a),*
	October 31, 2010			October 31, 2009			October 31, 2010			October 31, 2009			October 31, 2010			October 31, 2009

Share activity:
Shares issued:
Class A		325			608			87,173			143,852			83,747			30,676
Class B		129			240			7,884			27,049
Class C		169			186			20,292			52,405			55,769			31,668
Class I		84			—			55						26,816
Class I2		2,050			1,484			8,382			17,852			33,121			23,703
Class P		444			—			11,681

		3,201			2,518			135,467			241,158			199,453			86,047

Shares issued on fund acquisition:

Class P		12,010						43,668

Shares issued-reinvested from distributions:
Class A		—			—			4			415			1,783			233
Class B		—			—			1			50
Class C		—			—			1			62			1,260			212
Class I		—						—	^(e)					79
Class I2		—			—			4			159			3,852			3,042
Class P		—						4

		—			—			14			686			6,974			3,487

Shares redeemed:
Class A		(1,176	)		(1,404	)		(119,147	)		(144,951	)		(32,381	)		(3,251	)
Class B		(278	)		(517	)		(18,940	)		(26,771	)
Class C		(298	)		(374	)		(32,675	)		(66,281	)		(8,542	)		(1,683	)
Class I		(4	)					—						(7,719	)
Class I2		(5,908	)		(2	)		(20,731	)		(13,219	)		(10,852	)		(9,311	)
Class P		(1,807	)					(23,294	)

		(9,471	)		(2,297	)		(214,787	)		(251,222	)		(59,494	)		(14,245	)

Automatic conversions:
Class A		455			1,029			5,116			4,826			—			—
Class B		(492	)		(1,105	)		(5,116	)		(4,826	)

		(37	)		(76	)		—			—			—			—

Net increase (decrease) in shares outstanding:
Class A		(396	)		233			(26,854	)		4,142			53,149			27,658
Class B		(641	)		(1,382	)		(16,171	)		(4,498	)
Class C		(129	)		(188	)		(12,382	)		(13,814	)		48,487			30,196
Class I		80						55						19,176
Class I2		(3,858	)		1,482			(12,345	)		4,792			26,121			17,434
Class P		10,647						32,059

		5,703			145			(35,638	)		(9,378	)		146,933			75,289



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

Transamerica Funds		Annual Report 2010

Page 64

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


	Transamerica Small/Mid Cap						Transamerica WMC Diversified
	Value^(a),*						Growth^(a),(f),*
	October 31, 2010			October 31, 2009			October 31, 2010			October 31, 2009

From operations:
Net investment income (loss)	$	(1,635	)	$	(582	)	$	1,316		$	3,514
Net realized gain (loss)^(b)		39,083			(101,349	)		208,600			(229,461	)
Change in unrealized appreciation (depreciation)^(c)		69,238			110,124			(14,928	)		309,390

Net increase in net assets resulting from operations		106,686			8,193			194,988			83,443


Distributions to shareholders:
From net investment income:
Class A		—			(4,092	)		—			—
Class B		—			(531	)		—			—
Class C		—			(1,959	)		—			—
Class I		—						(45	)
Class I2		—			(1,434	)		(3,761	)		(2,946	)
Class P								(2,080	)
Class T								—			(9	)

Total distributions to shareholders		—			(8,016	)		(5,886	)		(2,955	)


Capital share transactions:
Proceeds from shares sold:
Class A		128,433			90,888			13,236			18,934
Class B		8,100			7,452			2,191			2,981
Class C		50,351			34,707			1,883			2,444
Class I		49,227						12,918
Class I2		2,506			25,014			40,492			157,215
Class P								26,286
Class T								3,704			920

		238,617			158,061			100,710			182,494

Issued from fund acquisition:
Class I2								80,466			—
Class P								459,628

		—			—			540,094			—

Dividends and distributions reinvested:
Class A		—			3,256			—			—
Class B		—			458			—			—
Class C		—			1,538			—			—
Class I		—						4
Class I2		—			1,434			3,733			2,946
Class P								2,040
Class T								—			9

		—			6,686			5,777			2,955

Cost of shares redeemed:
Class A		(112,530	)		(107,219	)		(63,192	)		(65,179	)
Class B		(6,385	)		(6,668	)		(6,687	)		(10,613	)
Class C		(29,483	)		(27,816	)		(8,859	)		(14,174	)
Class I		(11,419	)					(10,518	)
Class I2		(597	)		(201,385	)		(421,721	)		(67,722	)
Class P								(249,854	)
Class T								(13,273	)		(11,813	)

		(160,414	)		(343,088	)		(774,104	)		(169,501	)

Redemption fee:
Class A		—			6			—			—

Automatic conversions:
Class A		6,686			2,712			10,681			14,302
Class B		(6,686	)		(2,712	)		(10,681	)		(14,302	)

		—			—			—			—

Fair fund settlement:
Class A		—			—			1			—
Class B		—			—			—	^(d)		—
Class C		—			—			—	^(d)		—
Class I		—			—			—	^(d)
Class I2		—			—			1			—
Class P								1
Class T								—	^(d)		—

		—			—			3			—

Net increase (decrease) in net assets resulting from capital shares transactions

		78,203			(178,335	)		(127,520	)		15,948



Net increase (decrease) in net assets		184,889			(178,158	)		61,582			96,436


Net assets:
Beginning of year	$	362,848		$	541,006		$	1,094,334		$	997,898

End of year	$	547,737		$	362,848		$	1,155,916		$	1,094,334

Undistributed (accumulated) net investment income (loss)	$	—		$	(1	)	$	—		$	2,928



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

Transamerica Funds		Annual Report 2010

Page 65

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


	Transamerica Small/Mid Cap						Transamerica WMC Diversified
	Value^(a),*						Growth^(a),(f),*
	October 31, 2010			October 31, 2009			October 31, 2010			October 31, 2009

Share activity:
Shares issued:
Class A		7,470			6,850			1,615			2,948
Class B		493			585			288			506
Class C		3,065			2,683			248			414
Class I		2,756						1,551
Class I2		141			2,158			4,973			21,289
Class P								3,236
Class T								158			51

		13,925			12,276			12,069			25,208

Shares issued on fund acquisition:

Class I2		—						9,765			—
Class P								56,955

		—						66,720			—

Shares issued-reinvested from distributions:
Class A		—			287			—			—
Class B		—			42			—			—
Class C		—			142			—			—
Class I		—						—	^(e)
Class I2		—			126			459			458
Class P								256
Class T								—			1

		—			597			715			459

Shares redeemed:
Class A		(6,565	)		(9,340	)		(7,654	)		(10,073	)
Class B		(393	)		(572	)		(881	)		(1,764	)
Class C		(1,833	)		(2,456	)		(1,162	)		(2,369	)
Class I		(649	)					(1,234	)
Class I2		(35	)		(18,296	)		(51,333	)		(10,523	)
Class P								(30,698	)
Class T								(581	)		(664	)

		(9,475	)		(30,664	)		(93,543	)		(25,393	)

Automatic conversions:
Class A		400			207			1,325			2,192
Class B		(417	)		(215	)		(1,429	)		(2,349	)

		(17	)		(8	)		(104	)		(157	)

Net increase (decrease) in shares outstanding:
Class A		1,305			(1,996	)		(4,714	)		(4,933	)
Class B		(317	)		(161	)		(2,022	)		(3,607	)
Class C		1,232			369			(914	)		(1,955	)
Class I		2,107						317
Class I2		106			(16,011	)		(36,136	)		11,224
Class P								29,749
Class T								(423	)		(612	)

		4,433			(17,799	)		(14,143	)		117


^(a)		Effective November 30, 2009, all previously existing Class I shares were re-designated as Class I2 shares.

^(b)		Net realized gain (loss) includes all items as listed in the Statements of Operations.

^(c)		Change in unrealized appreciation (depreciation) includes all items as listed in the Statements of Operations.

^(d)		Rounds to less than $1.

^(e)		Rounds to less than 1 share.

^(f)		Formerly, Transamerica Equity.

^(g)		Formerly, Transamerica High Yield Bond.

^(h)		Formerly, Transamerica Legg Mason Partners All Cap.

⁽ⁱ⁾		For this period, information is based on 13 days as Transamerica Premier Diversified Equity and 352 days as Transamerica Diversified Equity. The 13 days represents Investor Class activity, which reflects activity of the predecessor’s fund.

^(j)		This period represents Transamerica Premier Diversified Equity.

^(k)		For this period, information is based on 13 days as Transamerica Premier Focus and 352 days as Transamerica Focus (formerly, Transamerica Legg Mason Partners All Cap). The 13 days represents Investor Class activity, which reflects activity of the predecessor’s portfolio.

^(l)		This period represents Transamerica Premier Focus.

^*		The fund offered new classes of shares during the year ended October 31, 2010. For a list of new classes and commencement dates, refer to the notes to the financial statements.



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

Transamerica Funds		Annual Report 2010

Page 66

FINANCIAL HIGHLIGHTS
For the period or years ended:


	Transamerica AEGON High Yield Bond^(a)
	Class A
	October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2010			2009			2008			2007			2006

Net asset value
Beginning of period/year	$	8.45		$	6.31		$	9.12		$	9.19		$	8.97


Investment operations
Net investment income^(b)		0.66			0.65			0.64			0.60			0.61
Net realized and unrealized gain (loss) on investments		0.73			2.14			(2.83	)		(0.07	)		0.19

Total from investment operations		1.39			2.79			(2.19	)		0.53			0.80


Distributions
Net investment income		(0.68	)		(0.66	)		(0.62	)		(0.60	)		(0.58	)

Total distributions		(0.68	)		(0.66	)		(0.62	)		(0.60	)		(0.58	)


Net asset value
End of year	$	9.16		$	8.45		$	6.31		$	9.12		$	9.19


Total return^(c)		17.21	%		47.58	%		(25.46	%)		5.90	%		9.27	%


Net assets end of year (000’s)	$	193,332		$	67,290		$	24,506		$	35,147		$	43,514


Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		1.15	%		1.19	%		1.16	%		1.15	%		1.16	%
Before reimbursement/fee waiver		1.15	%		1.19	%		1.16	%		1.15	%		1.16	%
Net investment income, to average net assets^(d)		7.52	%		9.08	%		7.65	%		6.45	%		6.77	%
Portfolio turnover rate		91	%		58	%		38	%		80	%		73	%


	Transamerica AEGON High Yield Bond^(a)
	Class B
	October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2010			2009			2008			2007			2006

Net asset value
Beginning of period/year	$	8.44		$	6.30		$	9.11		$	9.18		$	8.97


Investment operations
Net investment income^(b)		0.61			0.60			0.58			0.53			0.55
Net realized and unrealized gain (loss) on investments		0.72			2.15			(2.83	)		(0.06	)		0.19

Total from investment operations		1.33			2.75			(2.25	)		0.47			0.74


Distributions
Net investment income		(0.62	)		(0.61	)		(0.56	)		(0.54	)		(0.53	)

Total distributions		(0.62	)		(0.61	)		(0.56	)		(0.54	)		(0.53	)


Net asset value
End of year	$	9.15		$	8.44		$	6.30		$	9.11		$	9.18


Total return^(c)		16.38	%		46.69	%		(26.04	%)		5.19	%		8.53	%


Net assets end of year (000’s)	$	13,887		$	11,898		$	9,091		$	21,370		$	27,753


Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		1.83	%		1.91	%		1.85	%		1.83	%		1.83	%
Before reimbursement/fee waiver		1.83	%		1.91	%		1.85	%		1.83	%		1.83	%
Net investment income, to average net assets^(d)		6.93	%		8.56	%		6.83	%		5.77	%		6.12	%
Portfolio turnover rate		91	%		58	%		38	%		80	%		73	%



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

Transamerica Funds		Annual Report 2010

Page 67

FINANCIAL HIGHLIGHTS (continued)
For the period or years ended:


	Transamerica AEGON High Yield Bond^(a)
	Class C															Class I
	October 31,			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2010			2009			2008			2007			2006			2010 ^(e)

Net asset value
Beginning of period/year	$	8.42		$	6.30		$	9.10		$	9.17		$	8.96		$	8.55


Investment operations
Net investment income^(b)		0.61			0.60			0.58			0.53			0.55			0.63
Net realized and unrealized gain (loss) on investments		0.73			2.14			(2.82	)		(0.06	)		0.19			0.68

Total from investment operations		1.34			2.74			(2.24	)		0.47			0.74			1.31


Distributions
Net investment income		(0.63	)		(0.62	)		(0.56	)		(0.54	)		(0.53	)		(0.66	)

Total distributions		(0.63	)		(0.62	)		(0.56	)		(0.54	)		(0.53	)		(0.66	)


Net asset value
End of year	$	9.13		$	8.42		$	6.30		$	9.10		$	9.17		$	9.20


Total return^(c)		16.54	%		46.63	%		(25.89	%)		5.21	%		8.54	%		15.92	%^(f)


Net assets end of year (000’s)	$	41,810		$	19,548		$	5,429		$	10,160		$	11,317		$	27,057


Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		1.77	%		1.81	%		1.80	%		1.83	%		1.83	%		0.83	%^(g)
Before reimbursement/fee waiver		1.77	%		1.81	%		1.80	%		1.83	%		1.83	%		0.83	%^(g)
Net investment income, to average net assets^(d)		6.96	%		8.23	%		6.93	%		5.77	%		6.12	%		7.71	%^(g)
Portfolio turnover rate		91	%		58	%		38	%		80	%		73	%		91	%^(f)


	Transamerica AEGON High Yield Bond^(a)
	Class I2^(h)															Class P
	October 31,			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2010			2009			2008			2007			2006			2010 ⁽ⁱ⁾

Net asset value
Beginning of period/year	$	8.50		$	6.35		$	9.17		$	9.24		$	9.02		$	8.48


Investment operations
Net investment income^(b)		0.71			0.69			0.69			0.65			0.67			0.65
Net realized and unrealized gain (loss) on investments		0.73			2.16			(2.85	)		(0.07	)		0.18			0.67

Total from investment operations		1.44			2.85			(2.16	)		0.58			0.85			1.32


Distributions
Net investment income		(0.72	)		(0.70	)		(0.66	)		(0.65	)		(0.63	)		(0.64	)

Total distributions		(0.72	)		(0.70	)		(0.66	)		(0.65	)		(0.63	)		(0.64	)


Net asset value
End of year	$	9.22		$	8.50		$	6.35		$	9.17		$	9.24		$	9.16


Total return^(c)		17.74	%		48.39	%		(25.05	%)		6.39	%		9.81	%		16.21	%^(f)


Net assets end of year (000’s)	$	408,505		$	472,936		$	418,923		$	331,300		$	315,252		$	21,963


Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		0.66	%		0.67	%		0.65	%		0.65	%		0.66	%		0.90	%^(g)
Before reimbursement/fee waiver		0.66	%		0.67	%		0.65	%		0.65	%		0.66	%		1.07	%^(g)
Net investment income, to average net assets^(d)		8.11	%		9.96	%		8.34	%		6.96	%		7.29	%		7.90	%^(g)
Portfolio turnover rate		91	%		58	%		38	%		80	%		73	%		91	%^(f)



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

Transamerica Funds		Annual Report 2010

Page 68

FINANCIAL HIGHLIGHTS (continued)
For the period or years ended:


	Transamerica Balanced
	Class A
	October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2010			2009			2008			2007			2006

Net asset value
Beginning of year	$	17.85		$	16.44		$	25.70		$	22.05		$	19.90


Investment operations
Net investment income^(b)		0.52			0.28			0.28			0.17			0.12
Net realized and unrealized gain (loss) on investments		3.55			2.47			(8.64	)		3.62			2.12

Total from investment operations		4.07			2.75			(8.36	)		3.79			2.24


Distributions
Net investment income		(0.52	)		(0.31	)		(0.24	)		(0.14	)		(0.09	)
Net realized gains on investments		—			(1.03	)		(0.66	)		—			—

Total distributions		(0.52	)		(1.34	)		(0.90	)		(0.14	)		(0.09	)


Net asset value
End of year	$	21.40		$	17.85		$	16.44		$	25.70		$	22.05


Total return^(c)		23.08	%		18.43	%		(33.55	%)		17.28	%		11.27	%


Net assets end of year (000’s)	$	95,258		$	60,279		$	49,917		$	61,565		$	55,547


Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		1.56	%^(j)		1.73	%^(j)		1.52	%		1.56	%		1.58	%
Before reimbursement/fee waiver		1.56	%^(j)		1.73	%^(j)		1.52	%		1.56	%		1.58	%
Net investment income, to average net assets^(d)		2.67	%		1.72	%		1.27	%		0.73	%		0.57	%
Portfolio turnover rate		99	%		100	%		52	%		52	%		51	%


	Transamerica Balanced
	Class B
	October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2010			2009			2008			2007			2006

Net asset value
Beginning of year	$	17.79		$	16.37		$	25.58		$	21.98		$	19.88


Investment operations
Net investment income^(b)		0.33			0.16			0.13			0.04			—	^(k)
Net realized and unrealized gain (loss) on investments		3.58			2.45			(8.58	)		3.60			2.12

Total from investment operations		3.91			2.61			(8.45	)		3.64			2.12


Distributions
Net investment income		(0.36	)		(0.17	)		(0.10	)		(0.04	)		(0.02	)
Net realized gains on investments		—			(1.03	)		(0.66	)		—			—

Total distributions		(0.36	)		(1.20	)		(0.76	)		(0.04	)		(0.02	)


Net asset value
End of year	$	21.34		$	17.79		$	16.37		$	25.58		$	21.98


Total return^(c)		22.15	%		17.50	%		(33.95	%)		16.57	%		10.65	%


Net assets end of year (000’s)	$	14,658		$	17,787		$	32,469		$	96,573		$	118,286


Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		2.34	%^(j)		2.46	%^(j)		2.15	%		2.14	%		2.15	%
Before reimbursement/fee waiver		2.34	%^(j)		2.46	%^(j)		2.15	%		2.14	%		2.15	%
Net investment income, to average net assets^(d)		1.73	%		1.02	%		0.59	%		0.15	%		0.01	%
Portfolio turnover rate		99	%		100	%		52	%		52	%		51	%



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

Transamerica Funds		Annual Report 2010

Page 69

FINANCIAL HIGHLIGHTS (continued)
For the period or years ended:


	Transamerica Balanced
	Class C															Class I
	October 31,			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2010			2009			2008			2007			2006			2010 ^(e)

Net asset value
Beginning of period/year	$	17.69		$	16.30		$	25.50		$	21.91		$	19.82		$	18.49


Investment operations
Net investment income^(b)		0.40			0.18			0.15			0.04			0.01			0.57
Net realized and unrealized gain (loss) on investments		3.53			2.46			(8.56	)		3.59			2.10			2.98

Total from investment operations		3.93			2.64			(8.41	)		3.63			2.11			3.55


Distributions
Net investment income		(0.42	)		(0.22	)		(0.13	)		(0.04	)		(0.02	)		(0.58	)
Net realized gains on investments		—			(1.03	)		(0.66	)		—			—			—

Total distributions		(0.42	)		(1.25	)		(0.79	)		(0.04	)		(0.02	)		(0.58	)


Net asset value
End of year	$	21.20		$	17.69		$	16.30		$	25.50		$	21.91		$	21.46


Total return^(c)		22.43	%		17.80	%		(33.92	%)		16.61	%		10.64	%		19.52	%^(f)


Net assets end of year (000’s)	$	24,194		$	16,933		$	17,719		$	32,569		$	36,750		$	265


Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		2.11	%^(j)		2.27	%^(j)		2.08	%		2.11	%		2.12	%		1.46	%^(g)(u)
Before reimbursement/fee waiver		2.11	%^(j)		2.27	%^(j)		2.08	%		2.11	%		2.12	%		2.01	%^(g)(u)
Net investment income, to average net assets^(d)		2.09	%		1.15	%		0.69	%		0.18	%		0.03	%		3.15	%^(g)
Portfolio turnover rate		99	%		100	%		52	%		52	%		51	%		99	%^(f)


	Transamerica
	Balanced			Transamerica Diversified Equity
	Class P			Class A			Class B			Class C			Class I			Class I2^(h)
	October 31,			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2010 ^(l)			2010 ^(l)			2010 ^(l)			2010 ^(l)			2010 ^(e)			2010 ^(l)

Net asset value
Beginning of period/year	$	18.67		$	12.85		$	12.85		$	12.85		$	12.65		$	12.85


Investment operations
Net investment income^(b)		0.54			0.15			0.06			0.06			0.26			0.26
Net realized and unrealized gain on investments		2.80			1.31			1.32			1.32			1.53			1.30

Total from investment operations		3.34			1.46			1.38			1.38			1.79			1.56


Distributions
Net investment income		(0.61	)		(0.02	)		(0.01	)		(0.01	)		(0.03	)		(0.03	)

Total distributions		(0.61	)		(0.02	)		(0.01	)		(0.01	)		(0.03	)		(0.03	)


Net asset value
End of year	$	21.40		$	14.29		$	14.22		$	14.22		$	14.41		$	14.38


Total return^(c)		18.19	%^(f)		11.32	%^(f)		10.68	%^(f)		10.68	%^(f)		14.16	%^(f)		12.12	%^(f)


Net assets end of year (000’s)	$	199,226		$	83,766		$	7,735		$	15,013		$	421		$	358,714


Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		1.11	%^(g)(u)		1.52	%^(g)		2.17	%^(g)		2.17	%^(g)		1.17	%^(g)		0.81	%^(g)
Before reimbursement/fee waiver		1.33	%^(g)		1.72	%^(g)		2.44	%^(g)		2.31	%^(g)		1.81	%^(g)		0.81	%^(g)
Net investment income, to average net assets^(d)		2.88	%^(g)		1.14	%^(g)		0.40	%^(g)		0.48	%^(g)		2.14	%^(g)		2.02	%^(g)
Portfolio turnover rate		99	%^(f)		79	%^(f)		79	%^(f)		79	%^(f)		79	% ^(f)		79	%^(f)



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

Transamerica Funds		Annual Report 2010

Page 70

FINANCIAL HIGHLIGHTS (continued)
For the period or years ended:


	Transamerica Diversified Equity
	Class P ^(w)
				10 Months
	October 31,			Ended October			December 31,			December 31,			December 31,			December 31,
For a share outstanding throughout each period	2010			31, 2009			2008			2007			2006			2005

Net asset value
Beginning of year	$	12.08		$	9.82		$	17.15		$	14.84		$	13.69		$	12.70


Investment operations
Net investment income^(b)		0.21			0.02			0.05			0.01			0.01			0.02
Net realized and unrealized gain (loss) on investments		2.12			2.24			(7.08	)		2.77			1.28			0.99

Total from investment operations		2.33			2.26			(7.03	)		2.78			1.29			1.01


Distributions
Net investment income		(0.07	)		—			(0.02	)		—	^(k)		—			(0.02	)
Net realized gains on investments		—			—			(0.28	)		(0.47	)		(0.14	)		—

Total distributions		(0.07	)		—			(0.30	)		(0.47	)		(0.14	)		(0.02	)


Net asset value
End of year	$	14.34		$	12.08		$	9.82		$	17.15		$	14.84		$	13.69


Total return^(c)		19.31	%		23.01	%^(f)		(40.93	%)		18.68	%		9.42	%		7.93	%


Net assets end of year (000’s)	$	323,700		$	259,822		$	194,445		$	305,343		$	207,607		$	148,927


Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		1.15	%		1.15	%^(g)		1.15	%		1.15	%		1.15	%		1.10	%
Before reimbursement/fee waiver		1.38	%		1.32	%^(g)		1.29	%		1.15	%		1.15	%		1.31	%
Net investment income, to average net assets^(d)		1.56	%		0.27	%^(g)		0.35	%		0.08	%		0.04	%		0.13	%
Portfolio turnover rate		79	%		25	%^(f)		44	%		29	%		36	%		35	%


	Transamerica Flexible Income
	Class A
	October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2010			2009			2008			2007			2006

Net asset value
Beginning of year	$	8.33		$	7.22		$	9.14		$	9.38		$	9.31


Investment operations
Net investment income^(b)		0.50			0.46			0.44			0.48			0.43
Net realized and unrealized gain (loss) on investments		0.70			1.08			(1.89	)		(0.25	)		0.05

Total from investment operations		1.20			1.54			(1.45	)		0.23			0.48


Distributions
Net investment income		(0.54	)		(0.43	)		(0.47	)		(0.47	)		(0.41	)

Total distributions		(0.54	)		(0.43	)		(0.47	)		(0.47	)		(0.41	)


Net asset value
End of year	$	8.99		$	8.33		$	7.22		$	9.14		$	9.38


Total return^(c)		14.89	%		22.30	%		(16.57	%)		2.42	%		5.34	%


Net assets end of year (000’s)	$	55,103		$	24,173		$	13,360		$	15,409		$	17,005


Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		1.07	%^(u)		1.47	%		1.39	%		1.40	%		1.47	%
Before reimbursement/fee waiver		1.15	%^(u)		1.47	%		1.39	%		1.40	%		1.47	%
Net investment income, to average net assets^(d)		5.79	%		6.03	%		5.12	%		5.12	%		4.64	%
Portfolio turnover rate		120	%		169	%		98	%		108	%		110	%



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

Transamerica Funds		Annual Report 2010

Page 71

FINANCIAL HIGHLIGHTS (continued)
For the period or years ended:


	Transamerica Flexible Income
	Class B
	October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2010			2009			2008			2007			2006

Net asset value
Beginning of year	$	8.34		$	7.23		$	9.14		$	9.39		$	9.32


Investment operations
Net investment income^(b)		0.43			0.40			0.38			0.42			0.38
Net realized and unrealized gain (loss) on investments		0.71			1.09			(1.88	)		(0.26	)		0.06

Total from investment operations		1.14			1.49			(1.50	)		0.16			0.44


Distributions
Net investment income		(0.48	)		(0.38	)		(0.41	)		(0.41	)		(0.37	)

Total distributions		(0.48	)		(0.38	)		(0.41	)		(0.41	)		(0.37	)


Net asset value
End of year	$	9.00		$	8.34		$	7.23		$	9.14		$	9.39


Total return^(c)		14.02	%		21.39	%		(17.03	%)		1.66	%		4.81	%


Net assets end of year (000’s)	$	10,614		$	8,161		$	8,628		$	17,007		$	23,501


Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		1.88	%^(u)		2.16	%		2.05	%		2.04	%		2.08	%
Before reimbursement/fee waiver		1.88	%^(u)		2.16	%		2.05	%		2.04	%		2.08	%
Net investment income, to average net assets^(d)		4.97	%		5.36	%		4.42	%		4.48	%		4.08	%
Portfolio turnover rate		120	%		169	%		98	%		108	%		110	%


	Transamerica Flexible Income
	Class C															Class I
	October 31,			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2010			2009			2008			2007			2006			2010 ^(e)

Net asset value
Beginning of period/year	$	8.31		$	7.21		$	9.12		$	9.36		$	9.30		$	8.48


Investment operations
Net investment income^(b)		0.44			0.41			0.39			0.42			0.39			0.50
Net realized and unrealized gain (loss) on investments		0.70			1.08			(1.88	)		(0.25	)		0.04			0.57

Total from investment operations		1.14			1.49			(1.49	)		0.17			0.43			1.07


Distributions
Net investment income		(0.49	)		(0.39	)		(0.42	)		(0.41	)		(0.37	)		(0.53	)

Total distributions		(0.49	)		(0.39	)		(0.42	)		(0.41	)		(0.37	)		(0.53	)


Net asset value
End of year	$	8.96		$	8.31		$	7.21		$	9.12		$	9.36		$	9.02


Total return^(c)		14.15	%		21.50	%		(16.98	%)		1.81	%		4.74	%		13.10	%^(f)


Net assets end of year (000’s)	$	36,264		$	12,978		$	5,981		$	8,982		$	12,519		$	9,787


Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		1.74	%^(u)		2.06	%		1.97	%		2.00	%		2.07	%		0.76	%^(g)(u)
Before reimbursement/fee waiver		1.74	%^(u)		2.06	%		1.97	%		2.00	%		2.07	%		0.76	%^(g)(u)
Net investment income, to average net assets^(d)		5.14	%		5.43	%		4.52	%		4.51	%		4.15	%		6.25	%^(g)
Portfolio turnover rate		120	%		169	%		98	%		108	%		110	%		120	%^(f)



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

Transamerica Funds		Annual Report 2010

Page 72

FINANCIAL HIGHLIGHTS (continued)
For the period or years ended:


	Transamerica Flexible Income
	Class I2^(h)
	October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2010			2009			2008			2007			2006

Net asset value
Beginning of year	$	8.37		$	7.25		$	9.17		$	9.42		$	9.35


Investment operations
Net investment income (loss)^(b)		0.53			0.50			0.50			0.53			0.50
Net realized and unrealized gain (loss) on investments		0.71			1.10			(1.90	)		(0.26	)		0.05

Total from investment operations		1.24			1.60			(1.40	)		0.27			0.55


Distributions
Net investment income		(0.58	)		(0.48	)		(0.52	)		(0.52	)		(0.48	)

Total distributions		(0.58	)		(0.48	)		(0.52	)		(0.52	)		(0.48	)


Net asset value
End of year	$	9.03		$	8.37		$	7.25		$	9.17		$	9.42


Total return^(c)		15.39	%		23.16	%		(16.02	%)		2.93	%		6.04	%


Net assets end of year (000’s)	$	146,631		$	132,177		$	128,108		$	370,611		$	221,116


Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		0.64	%^(u)		0.85	%		0.77	%		0.80	%		0.86	%
Before reimbursement/fee waiver		0.64	%^(u)		0.85	%		0.77	%		0.80	%		0.86	%
Net investment income (loss), to average net assets^(d)		6.18	%		6.64	%		5.67	%		5.71	%		5.35	%
Portfolio turnover rate		120	%		169	%		98	%		108	%		110	%


				Transamerica Focus^(m)
	Class A			Class B			Class C			Class I
	October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2010 ^(l)			2010 ^(l)			2010 ^(l)			2010 ^(e)

Net asset value
Beginning of period/year	$	11.77		$	10.95		$	10.94		$	11.64


Investment operations
Net investment loss^(b)		(0.09	)		(0.15	)		(0.15	)		(0.06	)
Net realized and unrealized gain on investments		2.12			1.96			1.96			2.33

Total from investment operations		2.03			1.81			1.81			2.27


Distributions
Net investment income		(0.02	)		(0.01	)		(0.01	)		(0.02	)

Total distributions		(0.02	)		(0.01	)		(0.01	)		(0.02	)


Net asset value
End of year	$	13.78		$	12.75		$	12.74		$	13.89


Total return^(c)		17.24	%^(f)		16.51	%^(f)		16.53	%^(f)		19.58	% ^(f)


Net assets end of year (000’s)	$	48,547		$	9,916		$	12,814		$	434


Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		1.55	%^(g)		2.20	%^(g)		2.20	%^(g)		1.20	% ^(g)
Before reimbursement/fee waiver		1.78	%^(g)		2.51	%^(g)		2.26	%^(g)		1.85	% ^(g)
Net investment loss, to average net assets^(d)		(0.75	%)^(g)		(1.36	%)^(g)		(1.39	%)^(g)		(0.51	%) ^(g)
Portfolio turnover rate		57	%^(f)		57	%^(f)		57	%^(f)		57	% ^(f)



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

Transamerica Funds		Annual Report 2010

Page 73

FINANCIAL HIGHLIGHTS (continued)
For the period or years ended:


	Transamerica Focus^(m)
	Class P^(x)
				10 Months
	October 31,			Ended October			December 31,			December 31,			December 31,			December 31,
For a share outstanding throughout each period	2010			31, 2009			2008			2007			2006			2005

Net asset value
Beginning of year	$	17.34		$	13.28		$	23.64		$	19.65		$	18.59		$	16.01


Investment operations
Net investment loss^(b)		(0.08	)		(0.10	)		(0.10	)		(0.11	)		(0.11	)		(0.06	)
Net realized and unrealized gain (loss) on investments		(3.45	)		4.16			(9.65	)		4.11			1.17			2.64

Total from investment operations		(3.53	)		4.06			(9.75	)		4.00			1.06			2.58


Fund acquisition

Exchange Reduction		(6.83	)^(v)


Distributions
Net investment income		(0.02	)		—			—			—			—			—
Net realized gains on investments		—			—			(0.61	)		(0.01	)		—			—

Total distributions		(0.02	)		—			(0.61	)		(0.01	)		—			—


Net asset value
End of year	$	13.79		$	17.34		$	13.28		$	23.64		$	19.65		$	18.59


Total return^(c)		25.87	%		30.57	%^(f)		(41.19	%)		20.35	%		5.70	%		16.12	%


Net assets end of year (000’s)	$	70,379		$	63,698		$	50,834		$	95,372		$	87,200		$	111,705


Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		1.42	%⁽ⁿ⁾		1.45	%^(g)(n)		1.37	%		1.18	%		1.20	%		1.32	%
Before reimbursement/fee waiver		1.43	%⁽ⁿ⁾		1.56	%^(g)(n)		1.37	%		1.18	%		1.20	%		1.32	%
Net investment loss, to average net assets^(d)		(0.63	%)		(0.80	%)^(g)		(0.52	%)		(0.50	%)		(0.61	%)		(0.38	%)
Portfolio turnover rate		57	%		62	%^(f)		66	%		51	%		46	%		67	%


	Transamerica Growth Opportunities
	Class A
	October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2010			2009			2008			2007			2006

Net asset value
Beginning of year	$	7.54		$	6.57		$	11.40		$	8.36		$	7.85


Investment operations
Net investment loss^(b)		(0.05	)		(0.05	)		(0.06	)		(0.09	)		(0.07	)
Net realized and unrealized gain (loss) on investments		2.33			1.02			(4.77	)		3.13			0.58

Total from investment operations		2.28			0.97			(4.83	)		3.04			0.51


Net asset value
End of year	$	9.82		$	7.54		$	6.57		$	11.40		$	8.36


Total return^(c)		30.41	%		14.76	%		(42.37	%)		36.20	%		6.62	%


Net assets end of year (000’s)	$	59,685		$	48,788		$	41,005		$	64,825		$	56,588


Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		1.75	%		1.75	%		1.75	%		1.75	%		1.72	%
Before reimbursement/fee waiver		1.98	%		2.23	%		1.81	%		1.77	%		1.72	%
Net investment loss, to average net assets^(d)		(0.56	%)		(0.68	%)		(0.69	%)		(1.00	%)		(0.89	%)
Portfolio turnover rate		63	%		71	%		45	%		85	%		59	%



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

Transamerica Funds		Annual Report 2010

Page 74

FINANCIAL HIGHLIGHTS (continued)
For the period or years ended:


	Transamerica Growth Opportunities
	Class B
	October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2010			2009			2008			2007			2006

Net asset value
Beginning of year	$	6.99		$	6.13		$	10.72		$	7.92		$	7.48


Investment operations
Net investment loss^(b)		(0.10	)		(0.08	)		(0.12	)		(0.14	)		(0.13	)
Net realized and unrealized gain (loss) on investments		2.16			0.94			(4.47	)		2.94			0.57

Total from investment operations		2.06			0.86			(4.59	)		2.80			0.44


Net asset value
End of year	$	9.05		$	6.99		$	6.13		$	10.72		$	7.92


Total return^(c)		29.47	%		14.03	%		(42.82	%)		35.35	%		5.88	%


Net assets end of year (000’s)	$	12,406		$	14,067		$	20,823		$	65,123		$	66,098


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		2.41	%		2.71	%		2.46	%		2.45	%		2.46	%
Net investment loss, to average net assets^(d)		(1.21	%)		(1.25	%)		(1.39	%)		(1.66	%)		(1.57	%)
Portfolio turnover rate		63	%		71	%		45	%		85	%		59	%


	Transamerica Growth Opportunities
	Class C															Class I
	October 31,			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2010			2009			2008			2007			2006			2010 ^(e)

Net asset value
Beginning of period/year	$	7.01		$	6.16		$	10.74		$	7.94		$	7.49		$	8.04


Investment operations
Net investment loss^(b)		(0.10	)		(0.08	)		(0.11	)		(0.14	)		(0.12	)		(0.02	)
Net realized and unrealized gain (loss) on investments		2.17			0.93			(4.47	)		2.94			0.57			2.17

Total from investment operations		2.07			0.85			(4.58	)		2.80			0.45			2.15


Net asset value
End of year	$	9.08		$	7.01		$	6.16		$	10.74		$	7.94		$	10.19


Total return^(c)		29.53	%		13.80	%		(42.64	%)		35.26	%		6.01	%		26.74	%^(f)


Net assets end of year (000’s)	$	12,781		$	10,774		$	10,619		$	22,656		$	21,688		$	815


Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		2.40	%		2.40	%		2.34	%		2.36	%		2.38	%		1.40	%^(g)
Before reimbursement/fee waiver		2.41	%		2.62	%		2.34	%		2.36	%		2.38	%		1.48	%^(g)
Net investment loss, to average net assets^(d)		(1.21	%)		(1.31	%)		(1.29	%)		(1.61	%)		(1.54	%)		(0.23	%)^(g)
Portfolio turnover rate		63	%		71	%		45	%		85	%		59	%		63	%^(f)



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

Transamerica Funds		Annual Report 2010

Page 75

FINANCIAL HIGHLIGHTS (continued)
For the period or years ended:


	Transamerica Growth Opportunities
	Class I2^(h)															Class P
	October 31,			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2010			2009			2008			2007			2006 ^(o)			2010 ^(l)

Net asset value
Beginning of period/year	$	7.78		$	6.74		$	11.59		$	8.43		$	7.99		$	8.01


Investment operations
Net investment income (loss)^(b)		0.03			0.01			0.01			(0.01	)		—	^(k)		(0.02	)
Net realized and unrealized gain (loss) on investments		2.42			1.03			(4.86	)		3.17			0.44			1.86

Total from investment operations		2.45			1.04			(4.85	)		3.16			0.44			1.84


Net asset value
End of year	$	10.23		$	7.78		$	6.74		$	11.59		$	8.43		$	9.85


Total return^(c)		31.49	%		15.43	%		(41.85	%)		37.49	%		5.51	%^(f)		22.97	%^(f)


Net assets end of year (000’s)	$	106,970		$	111,402		$	86,425		$	206,863		$	214,775		$	104,877


Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		0.88	%		0.91	%		0.86	%		0.88	%		0.88	%^(g)		1.37	%^(g)
Before reimbursement/fee waiver		0.88	%		0.91	%		0.86	%		0.88	%		0.88	%^(g)		1.37	%^(g)
Net investment income (loss), to average net assets^(d)		0.32	%		0.15	%		0.15	%		(0.15	%)		(0.06	%)^(g)		(0.18	%)^(g)
Portfolio turnover rate		63	%		71	%		45	%		85	%		59	%^(f)		63	%^(f)


	Transamerica Money Market
	Class A
	October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2010			2009			2008			2007			2006

Net asset value
Beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00


Investment operations
Net investment income^(b)		—	^(k)		—	^(k)		0.02			0.05			0.04
Net realized and unrealized gain on investments		—	^(k)		—	^(k)		—	^(k)		—			—

Total from investment operations		—	^(k)		—	^(k)		0.02			0.05			0.04



Net equalization and credits		—	^(k)		—			—			—			—


Distributions
Net investment income		—	^(k)		—	^(k)		(0.02	)		(0.05	)		(0.04	)
Net realized gains on investments		—			—			—			—	^(k)		—

Total distributions		—	^(k)		—	^(k)		(0.02	)		(0.05	)		(0.04	)


Net asset value
End of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00


Total return^(c)		0.01	%		0.21	%		2.52	%		4.61	%		4.09	%


Net assets end of year (000’s)	$	119,744		$	146,598		$	142,456		$	95,766		$	78,716


Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		0.22	%^(p)		0.60	%^(p)		0.83	%		0.83	%		0.83	%
Before reimbursement/fee waiver		1.19	%		1.11	%		1.08	%		1.20	%		1.23	%
Net investment income, to average net assets^(d)		—	% ^(q)		0.20	%		2.40	%		4.54	%		3.98	%



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

Transamerica Funds		Annual Report 2010

Page 76

FINANCIAL HIGHLIGHTS (continued)
For the period or years ended:


	Transamerica Money Market
	Class B
	October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2010			2009			2008			2007			2006

Net asset value
Beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00


Investment operations
Net investment income^(b)		—	^(k)		—	^(k)		0.02			0.04			0.03
Net realized and unrealized gain on investments		—	^(k)		—	^(k)		—	^(k)		—			—

Total from investment operations		—	^(k)		—	^(k)		0.02			0.04			0.03



Net equalization and credits		—	^(k)		—			—			—			—


Distributions
Net investment income		—	^(k)		—	^(k)		(0.02	)		(0.04	)		(0.03	)
Net realized gains on investments		—			—			—			—	^(k)		—

Total distributions		—	^(k)		—	^(k)		(0.02	)		(0.04	)		(0.03	)


Net asset value
End of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00


Total return^(c)		0.01	%		0.08	%		1.83	%		3.92	%		3.41	%


Net assets end of year (000’s)	$	19,442		$	35,612		$	40,110		$	23,324		$	25,727


Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		0.21	% ^(p)		0.73	%^(p)		1.48	%		1.48	%		1.48	%
Before reimbursement/fee waiver		1.81	%		1.75	%		1.75	%		1.83	%		1.80	%
Net investment income, to average net assets^(d)		—	% ^(q)		0.08	%		1.75	%		3.87	%		3.50	%


	Transamerica Money Market
	Class C															Class I
	October 31,			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2010			2009			2008			2007			2006			2010 ^(e)

Net asset value
Beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00


Investment operations
Net investment income^(b)		—	^(k)		—	^(k)		0.02			0.04			0.03			—	^(k)
Net realized and unrealized gain on investments		—	^(k)		—	^(k)		—	^(k)		—			—			—	^(k)

Total from investment operations		—	^(k)		—	^(k)		0.02			0.04			0.03			—	^(k)



Net equalization and credits		—	^(k)		—			—			—			—			—	^(k)


Distributions
Net investment income		—	^(k)		—	^(k)		(0.02	)		(0.04	)		(0.03	)		—	^(k)
Net realized gains on investments		—			—			—			—	^(k)		—			—

Total distributions		—	^(k)		—	^(k)		(0.02	)		(0.04	)		(0.03	)		—	^(k)


Net asset value
End of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00


Total return^(c)		0.01	%		0.07	%		1.86	%		3.92	%		3.16	%		0.01	%^(f)


Net assets end of year (000’s)	$	33,800		$	46,177		$	59,991		$	19,638		$	17,286		$	55


Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		0.22	%^(p)		0.76	%^(p)		1.48	%		1.48	%		1.48	%		0.22	%^(g)(p)
Before reimbursement/fee waiver		1.66	%		1.64	%		1.67	%		1.73	%		1.82	%		3.16	%^(g)
Net investment income, to average net assets^(d)		—	%^(q)		0.07	%		1.65	%		3.88	%		3.40	%		0.01	%^(g)



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

Transamerica Funds		Annual Report 2010

Page 77

FINANCIAL HIGHLIGHTS (continued)
For the period or years ended:


	Transamerica Money Market
	Class I2^(h)															Class P
	October 31,			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2010			2009			2008			2007			2006 ^(o)			2010 ⁽ⁱ⁾

Net asset value
Beginning of period/year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00


Investment operations
Net investment income^(b)		—	^(k)		—	^(k)		0.03			0.05			0.04			—	^(k)
Net realized and unrealized gain on investments		—	^(k)		—	^(k)		—	^(k)		—			—			—	^(k)

Total from investment operations		—	^(k)		—	^(k)		0.03			0.05			0.04			—	^(k)



Net equalization and credits		—	^(k)		—			—			—			—			—	^(k)


Distributions
Net investment income		—	^(k)		—	^(k)		(0.03	)		(0.05	)		(0.04	)		—	^(k)
Net realized gains on investments		—			—			—			—	^(k)		—			—

Total distributions		—	^(k)		—	^(k)		(0.03	)		(0.05	)		(0.04	)		—	^(k)


Net asset value
End of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00


Total return^(c)		0.01	%		0.35	%		2.84	%		4.98	%		4.30	% ^(f)		0.01	%^(f)


Net assets end of year (000’s)	$	21,773		$	34,119		$	29,327		$	34,673		$	26,466		$	32,059


Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		0.21	%^(p)		0.45	%^(p)		0.48	%		0.48	%		0.48	%^(g)		0.21	%^(g)(p)
Before reimbursement/fee waiver		0.50	%		0.53	%		0.49	%		0.52	%		0.51	%^(g)		0.66	%^(g)
Net investment income, to average net assets^(d)		0.01	%		0.36	%		2.89	%		4.88	%		4.39	%^(g)		0.01	%^(g)


	Transamerica Short-Term Bond
	Class A									Class C
	October 31,			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2010			2009			2008^(r)			2010			2009			2008^(r)

Net asset value
Beginning of period/year	$	10.26		$	9.44		$	10.00		$	10.24		$	9.42		$	10.00


Investment operations
Net investment income^(b)		0.43			0.51			0.38			0.36			0.43			0.32
Net realized and unrealized gain (loss) on investments		0.29			0.78			(0.54	)		0.28			0.80			(0.55	)

Total from investment operations		0.72			1.29			(0.16	)		0.64			1.23			(0.23	)


Distributions
Net investment income		(0.45	)		(0.47	)		(0.40	)		(0.37	)		(0.41	)		(0.35	)

Total distributions		(0.45	)		(0.47	)		(0.40	)		(0.37	)		(0.41	)		(0.35	)


Net asset value
End of year	$	10.53		$	10.26		$	9.44		$	10.51		$	10.24		$	9.42


Total return^(c)		7.15	%		13.40	%		(1.70	%)^(f)		6.32	%		12.74	%		(2.43	%)^(f)


Net assets end of year (000’s)	$	856,959		$	289,879		$	5,663		$	834,859		$	317,130		$	7,263


Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		0.83	%		0.91	%		1.11	%^(g)		1.59	%		1.65	%		1.76	%^(g)
Before reimbursement/fee waiver		0.97	%		1.09	%		1.11	%^(g)		1.63	%		1.74	%		1.76	%^(g)
Net investment income, to average net assets^(d)		4.16	%		5.14	%		3.92	%^(g)		3.40	%		4.38	%		3.28	%^(g)
Portfolio turnover rate		54	%		77	%		67	%^(f)		54	%		77	%		67	%^(f)



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

Transamerica Funds		Annual Report 2010

Page 78

FINANCIAL HIGHLIGHTS (continued)
For the period or years ended:


	Transamerica Short-Term Bond
	Class I			Class I2^(h)
	October 31,			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2010 ^(e)			2010			2009			2008			2007			2006

Net asset value
Beginning of period/year	$	10.14		$	10.08		$	9.28		$	9.82		$	9.84		$	9.79


Investment operations
Net investment income^(b)		0.39			0.46			0.50			0.43			0.47			0.40
Net realized and unrealized gain (loss) on investments		0.24			0.27			0.80			(0.54	)		(0.04	)		0.05

Total from investment operations		0.63			0.73			1.30			(0.11	)		0.43			0.45


Distributions
Net investment income		(0.42	)		(0.47	)		(0.50	)		(0.43	)		(0.45	)		(0.40	)

Total distributions		(0.42	)		(0.47	)		(0.50	)		(0.43	)		(0.45	)		(0.40	)


Net asset value
End of year	$	10.35		$	10.34		$	10.08		$	9.28		$	9.82		$	9.84


Total return^(c)		6.34	%^(f)		7.37	%		14.44	%		(1.22	%)		4.45	%		4.72	%


Net assets end of year (000’s)	$	198,461		$	999,064		$	710,660		$	492,333		$	563,889		$	379,442


Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		0.65	%^(g)		0.53	%		0.63	%		0.68	%		0.67	%		0.70	%
Before reimbursement/fee waiver		0.67	%^(g)		0.58	%		0.69	%		0.68	%		0.67	%		0.70	%
Net investment income, to average net assets^(d)		4.17	%^(g)		4.52	%		5.14	%		4.38	%		4.81	%		4.10	%
Portfolio turnover rate		54	%^(f)		54	%		77	%		67	%		117	%		100	%


	Transamerica Small/Mid Cap Value
	Class A
	October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2010			2009			2008			2007			2006

Net asset value
Beginning of year	$	14.72		$	12.70		$	23.78		$	17.78		$	16.69


Investment operations
Net investment income (loss)^(b)		(0.02	)		—	^(k)		0.21			0.14			0.28
Net realized and unrealized gain (loss) on investments		4.19			2.33			(8.64	)		6.30			1.96

Total from investment operations		4.17			2.33			(8.43	)		6.44			2.24


Distributions
Net investment income		—			(0.31	)		(0.16	)		(0.13	)		(0.03	)
Net realized gains on investments		—			—			(2.49	)		(0.31	)		(1.12	)

Total distributions		—			(0.31	)		(2.65	)		(0.44	)		(1.15	)


Net asset value
End of year	$	18.89		$	14.72		$	12.70		$	23.78		$	17.78


Total return^(c)		28.33	%		19.12	%		(39.47	%)		36.99	%		13.97	%


Net assets end of year (000’s)	$	283,240		$	201,569		$	199,210		$	96,667		$	47,014


Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		1.47	%		1.59	%		1.41	%		1.41	%		1.39	%
Before reimbursement/fee waiver		1.47	%		1.59	%		1.41	%		1.41	%		1.39	%
Net investment income (loss), to average net assets^(d)		(0.12	%)		—	%^(q)		1.18	%		0.71	%		1.61	%
Portfolio turnover rate		57	%		101	%		48	%		22	%		21	%



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

Transamerica Funds				Annual Report 2010

Page 79

FINANCIAL HIGHLIGHTS (continued)
For the period or years ended:


	Transamerica Small/Mid Cap Value
	Class B
	October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2010			2009			2008			2007			2006

Net asset value
Beginning of year	$	14.16		$	12.19		$	22.89		$	17.12		$	16.21


Investment operations
Net investment income (loss)^(b)		(0.12	)		(0.08	)		0.06			0.02			(0.01	)
Net realized and unrealized gain (loss) on investments		4.01			2.26			(8.27	)		6.06			2.07

Total from investment operations		3.89			2.18			(8.21	)		6.08			2.06


Distributions
Net investment income		—			(0.21	)		—			—			(0.03	)
Net realized gains on investments		—			—			(2.49	)		(0.31	)		(1.12	)

Total distributions		—			(0.21	)		(2.49	)		(0.31	)		(1.15	)


Net asset value
End of year	$	18.05		$	14.16		$	12.19		$	22.89		$	17.12


Total return^(c)		27.47	%		18.37	%		(39.85	%)		36.09	%		13.21	%


Net assets end of year (000’s)	$	38,355		$	34,573		$	31,716		$	53,285		$	47,007


Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		2.12	%		2.24	%		2.07	%		2.07	%		2.10	%
Before reimbursement/fee waiver		2.12	%		2.24	%		2.07	%		2.07	%		2.10	%
Net investment income (loss), to average net assets^(d)		(0.74	%)		(0.66	%)		0.34	%		0.12	%		(0.06	%)
Portfolio turnover rate		57	%		101	%		48	%		22	%		21	%


	Transamerica Small/Mid Cap Value
	Class C															Class I
	October 31,			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2010			2009			2008			2007			2006			2010 ^(e)

Net asset value
Beginning of period/year	$	14.00		$	12.10		$	22.81		$	17.09		$	16.18		$	15.44


Investment operations
Net investment income (loss)^(b)		(0.12	)		(0.08	)		0.09			0.02			—	^(k)		(0.02	)
Net realized and unrealized gain (loss) on investments		3.98			2.23			(8.24	)		6.05			2.06			3.73

Total from investment operations		3.86			2.15			(8.15	)		6.07			2.06			3.71


Distributions
Net investment income		—			(0.25	)		(0.07	)		(0.04	)		(0.03	)		—
Net realized gains on investments		—			—			(2.49	)		(0.31	)		(1.12	)		—

Total distributions		—			(0.25	)		(2.56	)		(0.35	)		(1.15	)		—


Net asset value
End of year	$	17.86		$	14.00		$	12.10		$	22.81		$	17.09		$	19.15


Total return^(c)		27.57	%		18.42	%		(39.84	%)		36.16	%		13.23	%		24.03	%^(f)


Net assets end of year (000’s)	$	169,903		$	115,960		$	95,729		$	63,856		$	29,105		$	40,346


Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		2.07	%		2.20	%		2.04	%		2.04	%		2.08	%		1.04	%^(g)
Before reimbursement/fee waiver		2.07	%		2.20	%		2.04	%		2.04	%		2.08	%		1.04	%^(g)
Net investment income (loss), to average net assets^(d)		(0.73	%)		(0.63	%)		0.52	%		0.10	%		(0.03	%)		(0.11	%)^(g)
Portfolio turnover rate		57	%		101	%		48	%		22	%		21	%		57	%^(f)



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

Transamerica Funds				Annual Report 2010

Page 80

FINANCIAL HIGHLIGHTS (continued)
For the period or years ended:


	Transamerica Small/Mid Cap Value
	Class I2^(h)
	October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2010			2009			2008			2007			2006 ^(o)

Net asset value
Beginning of period/year	$	14.82		$	12.81		$	23.91		$	17.87		$	16.84


Investment operations
Net investment income^(b)		0.08			0.11			0.30			0.26			0.18
Net realized and unrealized gain (loss) on investments		4.23			2.31			(8.67	)		6.32			1.97

Total from investment operations		4.31			2.42			(8.37	)		6.58			2.15


Distributions
Net investment income		—			(0.41	)		(0.24	)		(0.23	)		—
Net realized gains on investments		—			—			(2.49	)		(0.31	)		(1.12	)

Total distributions		—			(0.41	)		(2.73	)		(0.54	)		(1.12	)


Net asset value
End of year	$	19.13		$	14.82		$	12.81		$	23.91		$	17.87


Total return^(c)		29.00	%		19.85	%		(39.11	%)		37.78	%		13.30	%^(f)


Net assets end of year (000’s)	$	15,893		$	10,746		$	214,351		$	487,605		$	478,728


Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		0.88	%		0.91	%		0.85	%		0.85	%		0.86	%^(g)
Before reimbursement/fee waiver		0.88	%		0.91	%		0.85	%		0.85	%		0.86	%^(g)
Net investment income, to average net assets^(d)		0.47	%		0.89	%		1.58	%		1.30	%		1.05	%^(g)
Portfolio turnover rate		57	%		101	%		48	%		22	%		21	%^(f)


	Transamerica WMC Diversified Growth^(s)
	Class A
	October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2010			2009			2008			2007			2006

Net asset value
Beginning of year	$	7.54		$	6.85		$	12.07		$	9.83		$	8.87


Investment operations
Net investment loss^(b)		(0.02	)		—	^(k)		(0.01	)		(0.05	)		(0.07	)
Net realized and unrealized gain (loss) on investments		1.38			0.69			(5.21	)		2.29			1.11

Total from investment operations		1.36			0.69			(5.22	)		2.24			1.04


Distributions
Net realized gains on investments		—			—			—			—			(0.08	)

Total distributions		—			—			—			—			(0.08	)


Net asset value
End of year	$	8.90		$	7.54		$	6.85		$	12.07		$	9.83


Total return^(c)		18.04	%		10.07	%		(43.25	%)		22.79	%		11.71	%


Net assets end of year (000’s)	$	303,912		$	292,838		$	300,140		$	532,251		$	500,483


Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		1.52	%		1.52	%		1.39	%		1.40	%		1.51	%
Before reimbursement/fee waiver		1.56	%		1.67	%		1.39	%		1.40	%		1.51	%
Net investment income (loss), to average net assets^(d)		(0.28	%)		0.06	%		(0.07	%)		(0.48	%)		(0.70	%)
Portfolio turnover rate		167	%		53	%		33	%		62	%		19	%



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

Transamerica Funds				Annual Report 2010

Page 81

FINANCIAL HIGHLIGHTS (continued)
For the period or years ended:


	Transamerica WMC Diversified Growth^(s)
	Class B
	October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2010			2009			2008			2007			2006

Net asset value
Beginning of year	$	7.01		$	6.42		$	11.39		$	9.35		$	8.49


Investment operations
Net investment loss^(b)		(0.07	)		(0.03	)		(0.08	)		(0.12	)		(0.12	)
Net realized and unrealized gain (loss) on investments		1.28			0.62			(4.89	)		2.16			1.06

Total from investment operations		1.21			0.59			(4.97	)		2.04			0.94


Distributions
Net realized gains on investments		—			—			—			—			(0.08	)

Total distributions		—			—			—			—			(0.08	)


Net asset value
End of year	$	8.22		$	7.01		$	6.42		$	11.39		$	9.35


Total return^(c)		17.26	%		9.19	%		(43.63	%)		21.82	%		11.06	%


Net assets end of year (000’s)	$	29,958		$	39,699		$	59,479		$	191,007		$	222,144


Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		2.17	%		2.17	%		2.17	%		2.17	%		2.17	%
Before reimbursement/fee waiver		2.30	%		2.50	%		2.21	%		2.21	%		2.34	%
Net investment loss, to average net assets^(d)		(0.92	%)		(0.53	%)		(0.87	%)		(1.25	%)		(1.34	%)
Portfolio turnover rate		167	%		53	%		33	%		62	%		19	%


	Transamerica WMC Diversified Growth^(s)
	Class C															Class I
	October 31,			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2010			2009			2008			2007			2006			2010 ^(e)

Net asset value
Beginning of period/year	$	7.04		$	6.44		$	11.42		$	9.37		$	8.50		$	8.12


Investment operations
Net investment loss^(b)		(0.07	)		(0.03	)		(0.07	)		(0.11	)		(0.12	)		—	^(k)
Net realized and unrealized gain (loss) on investments		1.29			0.63			(4.91	)		2.16			1.07			1.06

Total from investment operations		1.22			0.60			(4.98	)		2.05			0.95			1.06


Distributions
Net investment income		—			—			—			—			—			(0.04	)
Net realized gains on investments		—			—			—			—			(0.08	)		—

Total distributions		—			—			—			—			(0.08	)		(0.04	)


Net asset value
End of year	$	8.26		$	7.04		$	6.44		$	11.42		$	9.37		$	9.14


Total return^(c)		17.33	%		9.32	%		(43.61	%)		21.88	%		11.16	%		13.14	%^(f)


Net assets end of year (000’s)	$	36,135		$	37,225		$	46,676		$	101,226		$	97,047		$	2,903


Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		2.17	%		2.17	%		2.04	%		2.07	%		2.10	%		1.01	%^(g)
Before reimbursement/fee waiver		2.22	%		2.32	%		2.04	%		2.07	%		2.10	%		1.01	%^(g)
Net investment loss, to average net assets^(d)		(0.93	%)		(0.56	%)		(0.72	%)		(1.15	%)		(1.27	%)		(0.02	%)^(g)
Portfolio turnover rate		167	%		53	%		33	%		62	%		19	%		167	%^(f)



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

Transamerica Funds				Annual Report 2010

Page 82

FINANCIAL HIGHLIGHTS (continued)
For the period or years ended:


	Transamerica WMC Diversified Growth^(s)
	Class I2^(h)															Class P
	October 31,			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2010			2009			2008			2007			2006 ^(o)			2010 ^(l)

Net asset value
Beginning of period/year	$	7.69		$	6.99		$	12.23		$	9.90		$	9.17		$	8.07


Investment operations
Net investment income^(b)		0.04			0.05			0.06			0.01			—	^(k)		0.01
Net realized and unrealized gain (loss) on investments		1.41			0.69			(5.30	)		2.32			0.81			0.84

Total from investment operations		1.45			0.74			(5.24	)		2.33			0.81			0.85


Distributions
Net investment income		(0.04	)		(0.04	)		—			—			—			(0.04	)
Net realized gains on investments		—			—			—			—			(0.08	)		—

Total distributions		(0.04	)		(0.04	)		—			—			(0.08	)		(0.04	)


Net asset value
End of year	$	9.10		$	7.69		$	6.99		$	12.23		$	9.90		$	8.88


Total return^(c)		18.94	%		10.73	%		(42.85	%)		23.54	%		8.83	%^(f)		10.56	%^(f)


Net assets end of year (000’s)	$	425,431		$	637,103		$	500,722		$	888,019		$	714,803		$	264,287


Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		0.78	%		0.82	%^(t)		0.75	%		0.78	%		0.81	%^(g)		1.15	%^(g)
Before reimbursement/fee waiver		0.78	%		0.82	%^(t)		0.75	%		0.78	%		0.81	%^(g)		1.23	%^(g)
Net investment income, to average net assets^(d)		0.51	%		0.72	%		0.55	%		0.13	%		0.02	%^(g)		0.08	%^(g)
Portfolio turnover rate		167	%		53	%		33	%		62	%		19	%^(f)		167	%^(f)


	Transamerica WMC Diversified Growth^(s)
	Class T
	October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2010			2009			2008			2007			2006 ^(t)

Net asset value
Beginning of year	$	21.14		$	19.14		$	33.53		$	27.18		$	27.10


Investment operations
Net investment income^(b)		0.06			0.10			0.12			—			—	^(k)
Net realized and unrealized gain (loss) on investments		3.92			1.90			(14.51	)		6.35			0.08

Total from investment operations		3.98			2.00			(14.39	)		6.35			0.08


Distributions
Net investment income		—			—	^(k)		—			—			—

Total distributions		—			—	^(k)		—			—			—


Net asset value
End of year	$	25.12		$	21.14		$	19.14		$	33.53		$	27.18


Total return^(c)		18.83	%		10.46	%		(42.92	%)		23.36	%		0.30	%^(f)


Net assets end of year (000’s)	$	93,290		$	87,469		$	90,881		$	183,495		$	195,420


Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		0.96	%		1.03	%^(t)		0.89	%		0.91	%		0.84	%^(g)
Before reimbursement/fee waiver		0.96	%		1.03	%^(t)		0.89	%		0.91	%		0.84	%^(g)
Net investment income (loss), to average net assets^(d)		0.28	%		0.54	%		0.42	%		0.01	%		(0.21	%)^(g)
Portfolio turnover rate		167	%		53	%		33	%		62	%		19	%^(f)



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

Transamerica Funds				Annual Report 2010

Page 83

FINANCIAL HIGHLIGHTS (continued)
For the period or years ended:


^(a)		Formerly, Transamerica High Yield Bond.

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

^(c)		Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase.

^(d)		Includes Redemption Fees, if any. The impact of Redemption Fees is less than 0.01% for Class A, Class B, Class C, and Class I2, respectively.

^(e)		Commenced operations November 30, 2009.

^(f)		Not annualized.

^(g)		Annualized.

^(h)		Effective November 30, 2009, all previously existing Class I shares were re-designated as Class I2 Shares.

⁽ⁱ⁾		Commenced operations November 20, 2009.

^(j)		Includes extraordinary expenses. The impact of the expenses were 0.01% and 0.02% for 2010 and 2009, respectively.

^(k)		Rounds to less than $(0.01) or $0.01.

^(l)		Commenced operations November 13, 2009.

^(m)		Formerly, Transamerica Legg Mason Partners All Cap

⁽ⁿ⁾		Includes extraordinary expenses. The impact of the expenses were 0.02% and 0.05% for 2010 and 2009, respectively.

^(o)		Commenced operations November 15, 2005.

^(p)		Transamerica Asset Management, Inc. or any of its affiliates waive fees or reimburse expenses in order to avoid a negative yield. Refer to the notes to the financial statements for details.

^(q)		Rounds to less than (0.01%) or 0.01%.

^(r)		Commenced operations November 1, 2007.

^(s)		Formerly, Transamerica Equity.

^(t)		Commenced operations October 27, 2006.

^(u)		Includes extraordinary expenses. The impact of the expenses was 0.01%.

^(v)		Prior to the fund acquisition (see the notes to the financial statements for additional information), the accounting surviving funds’ Investor Class had a net asset value per share of $18.60. At the point of the acquisition, the Investor Class became Class P with a net asset value of $11.77.

^(w)		Prior to November 13, 2009, information provided in previous periods reflects Transamerica Premier Diversified Equity, which is the accounting survivor pursuant to a Plan of Reorganization.

^(x)		Prior to November 13, 2009, information provided in previous periods reflects Transamerica Premier Focus, which is the accounting survivor pursuant to a Plan of Reorganization.

Note: Prior to October 31, 2009, all of the financial highlights were audited by another independent registered public accounting firm, except for Transamerica Diversified Equity and Transamerica Focus.



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

Transamerica Funds				Annual Report 2010

Page 84

NOTES TO FINANCIAL STATEMENTS
At October 31, 2010
(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”). Effective November 6, 2009, Transamerica Legg Mason Partners All Cap changed its name to Transamerica Focus. Effective November 13, 2009, Transamerica High Yield Bond changed its name to Transamerica AEGON High Yield Bond. Effective November 13, 2009, Transamerica Diversified Equity was added to the Trust. Effective April 9, 2010, Transamerica Equity changed its name to Transamerica WMC Diversified Growth. Transamerica AEGON High Yield Bond, Transamerica Balanced, Transamerica Diversified Equity, Transamerica Flexible Income, Transamerica Focus, Transamerica Growth Opportunities, Transamerica Money Market, Transamerica Short-Term Bond, Transamerica Small/Mid Cap Value, and Transamerica WMC Diversified Growth (each, a “Fund”; collectively, the “Funds”) are part of Transamerica Funds.

Transamerica AEGON High Yield Bond, Transamerica Diversified Equity, Transamerica Growth Opportunities, and Transamerica Money Market, currently have six classes of shares; Class A, Class B, Class C, Class I, Class I2, and Class P. Transamerica Balanced and Transamerica Focus currently have five classes of shares; Class A, Class B, Class C, Class I, and Class P. Transamerica Flexible Income and Transamerica Small/Mid Cap Value currently have five classes of shares; Class A, Class B, Class C, Class I, and Class I2. Transamerica WMC Diversified Growth currently has seven classes of shares; Class A, Class B, Class C, Class I, Class I2, Class T, and Class P. Class T shares are not available to new investors. Transamerica Short-Term Bond currently has four classes of shares; Class A, Class C, Class I, and Class I2. Each of the above classes has a public offering price that reflects different sales charges, if any, and expense levels. Class B shares will convert to Class A shares eight years after purchase. Effective July 15, 2010, Class B shares of each Fund will no longer be offered for purchase.

The Funds offered new share classes during the year ended October 31, 2010. The commencement of operations’ dates for the share classes are as follows:


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

Transamerica Focus is “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 including investment objectives and strategies.

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

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



Transamerica Funds				Annual Report 2010

Page 85

NOTES TO FINANCIAL STATEMENTS (continued)
At October 31, 2010
(all amounts in thousands)

NOTE 1. (continued)

Repurchase agreements: Securities purchased subject to repurchase agreements are held at the Funds’ custodian and, pursuant to the terms of the repurchase agreements, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Funds will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Foreign currency denominated investments: The accounting records of the Funds are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the closing exchange rate each day. The cost of foreign securities is translated at the exchange rate in effect when the investment was acquired. Each Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

Net foreign currency gains and losses resulting from changes in exchange rates include: 1) foreign currency fluctuations between trade date and settlement date of investment security transactions; 2) gains and losses on forward foreign currency contracts; and 3) the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.

Foreign currency denominated assets may involve risks not typically associated with domestic transactions. These risks include revaluation of currencies, adverse fluctuations in foreign currency values and possible adverse political, social and economic developments, including those particular to a specific industry, country or region.

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.

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

Open forward foreign currency contracts at October, 31 2010 are listed in the Schedules of Investments.

Option and swaption contracts: The Funds are subject to equity price risk, interest rate risk, and foreign currency exchange rate risk in the normal course of pursuing their investment objectives. The Funds enter into option contracts to manage exposure to various market fluctuations. Options are valued at the average of the bid and ask (“Mean Quote”) established each day at the close of the board of trade or exchange on which they are traded. The primary risks associated with options are an imperfect correlation between the change in value of the securities held and the prices of the option contracts; the possibility of an illiquid market and an inability of the counterparty to meet the contract terms.

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

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

At October 31, 2010, the Funds did not hold any open option or swaption contracts.

Futures contracts: The Funds are subject to equity price risk, interest rate risk, and foreign currency exchange rate risk in the normal course of pursuing their investment objectives. Certain Funds use futures contracts to gain exposure to, or hedge against, changes in the value of equities, interest rates, or foreign currencies. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date. Upon entering into such contracts, the Funds are required to deposit with the broker either in cash or securities an initial margin in an amount equal to a certain percentage of the contract amount.



Transamerica Funds				Annual Report 2010

Page 86

NOTES TO FINANCIAL STATEMENTS (continued)
At October 31, 2010
(all amounts in thousands)

NOTE 1. (continued)

Subsequent payments (variation margin) are paid or received by the Funds each day, depending on the daily fluctuations in the value of the contracts, and are recorded for financial statement purposes as unrealized gains or losses by the Funds. Upon entering into such contracts, the Funds bear the risk of interest or exchange rates or securities prices moving unexpectedly, in which case, the Funds may not achieve the anticipated benefits of the futures contracts and may realize losses. With futures, there is minimal counterparty credit risk to the Funds since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

The open future contracts at October 31, 2010 are listed in the Schedules of Investments. The variation margin receivable or payable, as applicable, is included in the Statements of Assets and Liabilities.

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

The restricted and illiquid securities at October 31, 2010 are listed in the Schedules of Investments.

Payment in-kind securities (“PIK”): PIK’s give the issuer the option at each interest payment date of making interest payments in either cash or additional debt securities. Those additional debt securities usually have the same terms, including maturity dates and interest rates, and associated risks as the original bonds. The daily market quotations of the original bonds may include the accrued interest (referred to as a “dirty price”) and require a pro-rata adjustment from interest receivable to the unrealized appreciation or depreciation on investments on the Statements of Assets and Liabilities.

The payment in-kind securities at October 31, 2010 are listed in the Schedules of Investments.

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

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

Such income is reflected separately on the Statements of Operations. The value of loaned securities and related collateral outstanding at October 31, 2010 are shown in the Schedules of Investments and Statements of Assets and Liabilities.

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

Commission recapture: The sub-advisers of certain Funds, to the extent consistent with the best execution and usual commission rate policies and practices, have elected to place security transactions of the Funds with broker/dealers with which Transamerica Funds has established a Commission Recapture Program. A Commission Recapture Program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Funds. In no event will commissions paid by the Funds be used to pay expenses that would otherwise be borne by any other funds within Transamerica Funds, or by any other party.

Commissions recaptured for the year ended October 31, 2010, are included in net realized gain (loss) in the Statements of Operations and are summarized as follows:


Fund	Commissions
Transamerica Balanced	$	3
Transamerica Growth Opportunities		16
Transamerica Focus		5
Transamerica Small/Mid Cap Value		14
Transamerica Diversified Equity		24
Transamerica WMC Diversified Growth		56



Transamerica Funds				Annual Report 2010

Page 87

NOTES TO FINANCIAL STATEMENTS (continued)
At October 31, 2010
(all amounts in thousands)

NOTE 1. (continued)

Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the specific identification basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Funds are informed of the ex-dividend date. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.

Dividend income related to a Real Estate Investment Trust (“REIT”) is recorded at management’s estimate of the income included in distributions from the REIT investments. Distributions received in excess of the estimated amount are recorded as a reduction of the cost of investments. The actual amounts of income, return of capital and capital gains are only determined by each REIT after the fiscal year end and may differ from the estimated amounts.

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

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

The Funds follow the accounting practice known as “Equalization” by which a portion of the proceeds from sales and costs of reacquiring Fund shares, equivalent on a per share basis to the amount of distributable net investment income on the date of the transaction, is credited or charged to undistributed net investment income. As a result, undistributed net investment income per share is unaffected by sales or reacquisition of Fund shares. Amounts related to Equalization can be found on the Statements of Changes in Net Assets.

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

Redemption fees: Prior to March 1, 2009, a short-term trading redemption fee may be assessed on any sales of Fund shares in a fund account during the first five (5) NYSE trading days following their purchase date. This redemption fee will equal 2% of the amount redeemed and shares held the longest will be treated as being redeemed first and shares held the shortest as being redeemed last. Effective March 1, 2009, the Funds no longer charged redemption fees. The redemption fees received are disclosed in the Funds’ Statements of Changes in Net Assets.

Fair funds settlement: The Securities and Exchange Commission (“SEC”) had investigated several companies and found that there were some companies that conducted rapid in and out trading of mutual funds, known as market timing, through deceptive means. Through a SEC order the companies found to be market timing against mutual funds were required to pay amounts to compensate for the market timing activity. Amounts received as a result of the SEC order are noted on the Statements of Changes in Net Assets.

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

NOTE 2. SECURITY VALUATIONS

All investments in securities are recorded at their estimated fair value. The Funds value their investments at the close of the New York Stock Exchange (“NYSE”), normally 4 p.m. ET, each day the NYSE is open for business. The Funds utilize various methods to measure the fair value of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three Levels of inputs are:

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



Transamerica Funds				Annual Report 2010

Page 88

NOTES TO FINANCIAL STATEMENTS (continued)
At October 31, 2010
(all amounts in thousands)

NOTE 2. (continued)

Level 3—Unobservable inputs, to the extent that relevant observable inputs are not available, representing the Funds’ own assumptions about the assumptions a market participant would use in valuing the investment, based on the best information available.

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

Equity securities (common and preferred stock): Securities are stated at the last reported sales price or closing price on the day of valuation taken from the primary exchange where the security is principally traded. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy.

Foreign securities, in which their primary trading market closes at the same time or after the NYSE, are valued based on quotations from the primary market in which they are traded are categorized in Level 1. Because many foreign securities markets and exchanges close prior to the close of the NYSE, closing prices for foreign securities in those markets or on those exchanges do not reflect the events that occur after that close. Certain foreign securities may be fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts (“ADRs”), financial futures, Exchange Traded Funds, and the movement of the certain indices of securities based on a statistical analysis of their historical relationship; such valuations generally are categorized in Level 2.

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

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

Corporate bonds: The fair value of corporate bonds is estimated using various techniques, which consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, fundamental data relating to the issuer, and credit default swap spreads adjusted for any basis difference between cash and derivative instruments. While most corporate bonds are categorized in Level 2 of the fair value hierarchy, in instances where lower relative weight is placed on transaction prices, quotations, or similar observable inputs, they are categorized in Level 3.

Asset backed securities: The fair value of asset backed securities is estimated based on models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield, and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized as Level 3.

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

Government securities: Government securities are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued by principally using dealer quotations. Government securities generally are categorized in Level 2 of the fair value hierarchy.

U.S. government agency securities: U.S. government agency securities are comprised of two main categories consisting of agency issued debt and mortgage pass-throughs. Generally, agency issued debt securities are valued in a manner similar to U.S. government securities. Mortgage pass-throughs include to be announced (“TBA”) securities and mortgage pass-through certificates. Generally, TBA securities and mortgage pass-throughs are valued using TBA quotations. Depending on market activity levels and whether quotations or other observable data are used, these securities are typically categorized in Level 2 of the fair value hierarchy.

Restricted securities (equity and debt): Restricted securities for which quotations are not readily available are valued at fair value as determined in good faith by Transamerica Asset Management, Inc.’s (“TAM”) Valuation Committee under the supervision of the Funds’ Board of Trustees. Restricted securities issued by publicly traded companies are generally valued at a discount to similar publicly traded securities. Restricted securities issued by nonpublic entities may be valued by reference to comparable public entities and/or fundamental data relating to the issuer. Depending on the relative significance of valuation inputs, these instruments may be classified in either Level 2 or Level 3 of the fair value hierarchy.



Transamerica Funds				Annual Report 2010

Page 89

NOTES TO FINANCIAL STATEMENTS (continued)
At October 31, 2010
(all amounts in thousands)

NOTE 2. (continued)

Derivative instruments: Listed derivatives that are actively traded are valued based on quoted prices from the exchange and are categorized in Level 1 of the fair value hierarchy. Over the counter (“OTC”) derivative contracts include forward, swap, and option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices, or commodity prices. Depending on the product and the terms of the transaction, the fair value of the OTC derivative products are modeled taking into account the counterparties’ creditworthiness and using a series of techniques, including simulation models. Many pricing models do not entail material subjectivity because the methodologies employed do not necessitate significant judgments and the pricing inputs are observed from actively quoted markets, as is the case of interest rate swap and option contracts. A substantial majority of OTC derivative products valued by the Funds using pricing models fall into this category and are categorized within Level 2 of the fair value hierarchy.

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

The hierarchy classification of inputs used to value the Funds’ investments at October 31, 2010, as well as a reconciliation of assets for which significant unobservable inputs (Level 3) were used in determining value, are disclosed at the end of each Fund’s Schedule of Investments.

There were no significant transfers between Level 1 and Level 2 during the year ended October 31, 2010.

NOTE 3. RELATED PARTY TRANSACTIONS

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

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

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

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

Certain officers and trustees of the Funds are also officers of TAM, TIM, AUIM, TFS, and TCI.

At the commencement of the operations, TAM invested in the Funds. As of October 31, 2010, TAM had investments in each Fund as follows:


	Market		% of Fund’s
Fund Name	Value		Net Assets
Transamerica Balanced
Class I	$	60		0.02	%
Transamerica Diversified Equity
Class I		57		0.01
Transamerica Flexible Income
Class C		404		0.16
Transamerica Focus
Class I		59		0.04
Transamerica Growth Opportunities
Class I		63		0.02
Transamerica Money Market
Class I		50		0.02



Transamerica Funds				Annual Report 2010

Page 90

NOTES TO FINANCIAL STATEMENTS (continued)
At October 31, 2010
(all amounts in thousands)

NOTE 3. (continued)

The following schedule reflects the percentage of each Fund’s assets owned by affiliated investment companies at October 31, 2010:


			% of Net
Transamerica AEGON High Yield Bond	Market Value		Assets

Transamerica Asset Allocation-Conservative Portfolio	$	70,182		9.93	%
Transamerica Asset Allocation-Moderate Growth Portfolio		99,155		14.03
Transamerica Asset Allocation-Moderate Portfolio		109,410		15.49
Transamerica Asset Allocation-Conservative VP		18,110		2.56
Transamerica Asset Allocation-Moderate Growth VP		29,412		4.16
Transamerica Asset Allocation-Moderate VP		31,055		4.40

Total	$	357,324		50.57	%


			% of Net
Transamerica Diversified Equity	Market Value		Assets

Transamerica Asset Allocation-Conservative Portfolio	$	32,511		4.12	%
Transamerica Asset Allocation-Growth Portfolio		98,611		12.49
Transamerica Asset Allocation-Moderate Growth Portfolio		152,492		19.32
Transamerica Asset Allocation-Moderate Portfolio		69,048		8.75

Total	$	352,662		44.68	%


			% of Net
Transamerica Flexible Income	Market Value		Assets

Transamerica Asset Allocation-Conservative Portfolio	$	17,446		6.75	%
Transamerica Asset Allocation-Moderate Growth Portfolio		23,214		8.99
Transamerica Asset Allocation-Moderate Portfolio		52,908		20.48
Transamerica Asset Allocation-Conservative VP		12,309		4.76
Transamerica Asset Allocation-Moderate Growth VP		16,544		6.40
Transamerica Asset Allocation-Moderate VP		23,281		9.01

Total	$	145,702		56.39	%


			% of Net
Transamerica Growth Opportunities	Market Value		Assets

Transamerica Asset Allocation-Conservative Portfolio	$	10,635		3.57	%
Transamerica Asset Allocation-Growth Portfolio		15,391		5.17
Transamerica Asset Allocation-Moderate Growth Portfolio		41,670		14.01
Transamerica Asset Allocation-Moderate Portfolio		38,069		12.80

Total	$	105,765		35.55	%


			% of Net
Transamerica Money Market	Market Value		Assets

Transamerica Asset Allocation-Conservative Portfolio	$	5,740		2.53	%
Transamerica Asset Allocation-Growth Portfolio		60		0.03
Transamerica Asset Allocation-Moderate Growth Portfolio		2,196		0.97
Transamerica Asset Allocation-Moderate Portfolio		4,540		2.00
Transamerica Multi-Manager Alternative Strategies Portfolio		5,091		2.24

Total	$	17,627		7.77	%


			% of Net
Transamerica Short-Term Bond	Market Value		Assets

Transamerica Asset Allocation-Conservative Portfolio	$	108,783		3.77	%
Transamerica Asset Allocation-Moderate Growth Portfolio		63,058		2.18
Transamerica Asset Allocation-Moderate Portfolio		127,204		4.40
Transamerica Asset Allocation-Conservative VP		215,414		7.46
Transamerica Asset Allocation-Moderate Growth VP		199,074		6.89
Transamerica Asset Allocation-Moderate VP		252,376		8.73
Transamerica International Moderate Growth VP		25,209		0.87

Total	$	991,118		34.30	%


			% of Net
Transamerica WMC Diversified Growth	Market Value		Assets

Transamerica Asset Allocation-Conservative Portfolio	$	35,196		3.04	%
Transamerica Asset Allocation-Growth Portfolio		107,847		9.33
Transamerica Asset Allocation-Moderate Growth Portfolio		164,860		14.26
Transamerica Asset Allocation-Moderate Portfolio		99,008		8.57

Total	$	406,911		35.20	%



Transamerica Funds				Annual Report 2010

Page 91

NOTES TO FINANCIAL STATEMENTS (continued)
At October 31, 2010
(all amounts in thousands)

NOTE 3. (continued)

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


Transamerica AEGON High Yield Bond
First $400 million	0.59	%
Over $400 million up to $750 million	0.575	%
Over $750 million	0.55	%
Transamerica Balanced (Effective November 13, 2009)
First $500 million	0.75	%
Over $500 million up to $1 billion	0.65	%
Over $1 billion	0.60	%
Transamerica Balanced (Prior to November 13, 2009)
First $250 million	0.80	%
Over $250 million up to $500 million	0.75	%
Over $500 million up to $1.5 billion	0.70	%
Over $1.5 billion	0.625	%
Transamerica Diversified Equity
First $500 million	0.73	%
Over $500 million up to $2.5 billion	0.70	%
Over $2.5 billion	0.65	%
Transamerica Flexible Income (Effective February 1, 2010)
First $250 million	0.475	%
Over $250 million up to $350 million	0.425	%
Over $350 million	0.40	%
Transamerica Flexible Income (Prior to February 1, 2010)
First $250 million	0.725	%
Over $250 million up to $350 million	0.675	%
Over $350 million	0.625	%
Transamerica Focus
First $500 million	0.80	%
Over $500 million	0.675	%
Transamerica Growth Opportunities
First $250 million	0.80	%
Over $250 million up to $500 million	0.75	%
Over $500 million	0.70	%
Transamerica Money Market
ANA	0.40	%
Transamerica Short-Term Bond (Effective May 1, 2010)
First $250 million	0.55	%
Over $250 million up to $500 million	0.50	%
Over $500 million up to $1 billion	0.475	%
Over $1 billion	0.45	%
Transamerica Short-Term Bond (Prior to May 1, 2010) *
First $250 million	0.65	%
Over $250 million up to $500 million	0.60	%
Over $500 million up to $1 billion	0.575	%
Over $1 billion	0.55	%
Transamerica Small/Mid Cap Value
First $500 million	0.80	%
Over $500 million	0.75	%
Transamerica WMC Diversified Growth (Effective November 13, 2009)
First $500 million	0.73	%
Over $500 million up to $2.5 billion	0.70	%
Over $2.5 billion	0.65	%
Transamerica WMC Diversified Growth (Prior to November 13, 2009)
First $500 million	0.75	%
Over $500 million up to $2.5 billion	0.70	%
Over $2.5 billion	0.65	%

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


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


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

^φ		Effective March 1, 2010, Transamerica Flexible Income had an expense cap change to 1.35%. Prior to March 1, 2010, the expense cap was 1.50%.

^		Inclusive of 12b-1 fees.

*		Prior to May 1, 2010, the Investment Adviser agreed to reduce the Fund Operating Expenses by waiving 0.10% of its investment management fees payable to it by Transamerica Short-Term Bond through March 1, 2011, that are not available for recapture. This waiver was discontinued effective May 1, 2010.

+		The Investment Adviser has contractually agreed, through March 1, 2011, to waive 0.10% of the 0.35% 12b-1 fee on Class A shares that are not available for recapture.



Transamerica Funds				Annual Report 2010

Page 92

NOTES TO FINANCIAL STATEMENTS (continued)
At October 31, 2010
(all amounts in thousands)

NOTE 3. (continued)

If total Fund expenses, excluding 12b-1 fees and certain ordinary expenses, fall below the annual expense limitation agreement agreed to by the adviser within the succeeding 36 months, the Funds may be required to pay the adviser a portion or all of the previously reimbursed/waived class expenses.

There were no amounts recaptured during the year ended October 31, 2010.

The following amounts were available for recapture as of October 31, 2010:


	Reimbursement of			Available for
Fund	Class Expenses			Recapture Through
Transamerica AEGON High Yield Bond
Fiscal Year 2010:					10/31/2013
Class P	$	50
Transamerica Balanced
Fiscal Year 2010:					10/31/2013
Class I		1
Class P		499
Transamerica Diversified Equity
Fiscal Year 2008:					10/31/2011
Class P *		357
Fiscal Year 2009:					10/31/2012
Class P *		311
Fiscal Year 2010:					10/31/2013
Class A		158
Class B		23
Class C		20
Class I		1
Class P *		689
Transamerica Growth Opportunities
Fiscal Year 2008:					10/31/2011
Class A		31
Class B		27
Fiscal Year 2009:					10/31/2012
Class A		203
Class B		48
Class C		22
Fiscal Year 2010:					10/31/2013
Class A		123
Class B		1
Class C		1
Class I		—	^(a)

Transamerica Focus
Fiscal Year 2009:					10/31/2012
Class P **		50
Fiscal Year 2010:					10/31/2013
Class A		94
Class B		39
Class C		7
Class I		1
Class P **		7
Transamerica Money Market
Fiscal Year 2008:					10/31/2011
Class A		276
Class B		71
Class C		62
Class I2		2
Fiscal Year 2009:					10/31/2012
Class A		763
Class B		422
Class C		552
Class I2		30
Fiscal Year 2010:					10/31/2013
Fund Level		752
Class A		876
Class B		344
Class C		446
Class I		1
Class I2		1
Class P		55
Transamerica WMC Diversified Growth
Fiscal Year 2008:					10/31/2011
Class B		54
Fiscal Year 2009:					10/31/2012
Class A		418
Class B		145
Class C		58
Fiscal Year 2010:					10/31/2013
Class A		121
Class B		46
Class C		18
Class P		250


*		Formerly, Transamerica Premier Diversified Equity, Investor Class.

**		Formerly, Transamerica Premier Focus, Investor Class.

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

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


				2010 Amount Waived					2009 Amount Waived
Fund/Class	2010 Amount Waived ($)			(Basis Points)			2009 Amount Waived ($)		(Basis Points)
Fund	$	700			27		$	146		5
A		441			34			305		20
B		263			99			300		72
C		382			99			436		70
I2		—			—			3		1
P		—	^(a)		—	^(b)


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

^(b)		Amount rounds to less than 1 basis point.



Transamerica Funds				Annual Report 2010

Page 93

NOTES TO FINANCIAL STATEMENTS (continued)
At October 31, 2010
(all amounts in thousands)

NOTE 3. (continued)

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

Underwriter commissions relate to front-end sales charges imposed for Class A shares and contingent deferred sales charges from Class B, Class C, and certain Class A share redemptions. For the year ended October 31, 2010, the underwriter commissions were as follows:


Transamerica AEGON High Yield Bond
Received by Underwriter	$	548
Retained by Underwriter		100
Contingent Deferred Sales Charge		35

Transamerica Balanced
Received by Underwriter		76
Retained by Underwriter		12
Contingent Deferred Sales Charge		18

Transamerica Diversified Equity
Received by Underwriter		44
Retained by Underwriter		7
Contingent Deferred Sales Charge		9

Transamerica Flexible Income
Received by Underwriter		367
Retained by Underwriter		69
Contingent Deferred Sales Charge		17

Transamerica Focus
Received by Underwriter		34
Retained by Underwriter		5
Contingent Deferred Sales Charge		18

Transamerica Growth Opportunities
Received by Underwriter		66
Retained by Underwriter		10
Contingent Deferred Sales Charge		14

Transamerica Money Market
Received by Underwriter		—
Retained by Underwriter		—
Contingent Deferred Sales Charge		109

Transamerica Short-Term Bond
Received by Underwriter		3,358
Retained by Underwriter		682
Contingent Deferred Sales Charge		464

Transamerica Small/Mid Cap Value
Received by Underwriter		560
Retained by Underwriter		84
Contingent Deferred Sales Charge		115

Transamerica WMC Diversified Growth
Received by Underwriter		256
Retained by Underwriter		39
Contingent Deferred Sales Charge		40

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

Transfer agent fees: Pursuant to a Transfer Agency Agreement, as amended, the Funds pay TFS a fee for providing transfer agent services. Fees paid and the amounts due to TFS for the year ended October 31, 2010 are as follows:


Fund	Fees Paid to TFS		Due to TFS
Transamerica AEGON High Yield Bond	$	242	$	30
Transamerica Balanced		949		62
Transamerica Diversified Equity		1,455		62
Transamerica Flexible Income		126		12
Transamerica Focus		421		34
Transamerica Growth Opportunities		728		61
Transamerica Money Market		593		46
Transamerica Short-Term Bond		720		89
Transamerica Small/Mid Cap Value		995		83
Transamerica WMC Diversified Growth		2,259		184

Brokerage commissions: There were no brokerage commissions incurred on security transactions placed with affiliates of the advisers or sub-advisers for the year ended October 31, 2010.



Transamerica Funds				Annual Report 2010

Page 94

NOTES TO FINANCIAL STATEMENTS (continued)
At October 31, 2010
(all amounts in thousands)

NOTE 4. INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the year ended October 31, 2010 were as follows:


	Purchases of securities:				Proceeds from maturities and sales of securities:
Fund	Long-term		U.S. Government		Long-term		U.S. Government
Transamerica AEGON High Yield Bond	$	583,788	$	—	$	523,091	$	—
Transamerica Balanced		466,568		27,236		317,804		30,302
Transamerica Diversified Equity		956,461		—		538,988		—
Transamerica Flexible Income		305,093		38,756		250,146		40,919
Transamerica Focus		119,354		—		72,781		—
Transamerica Growth Opportunities		218,075		—		187,343		—
Transamerica Money Market		—		—		—		—
Transamerica Short-Term Bond		2,590,304		35,225		1,144,021		37,494
Transamerica Small/Mid Cap Value		352,724		—		258,815		—
Transamerica WMC Diversified Growth		1,996,619		—		2,159,322		—

NOTE 5. DERIVATIVE FINANCIAL INSTRUMENTS

Transamerica Flexible Income:

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

Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of October 31, 2010:

Derivatives not accounted for as hedging instruments


	Foreign exchange
Location	contracts
Liability derivatives
Unrealized depreciation on forward foreign currency contracts	$	(3	)

Effect of Derivative Instruments on the Statements of Operations for the Year Ended October 31, 2010:

Derivatives not accounted for as hedging instruments


Location	Foreign exchange contracts
Realized Gain / (Loss) on derivatives recognized in income
Net realized gain (loss) on transactions from forward foreign currency contracts		$(69	)
Change in Unrealized Appreciation / (Depreciation) on derivatives recognized in income
Net increase (decrease) in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies		(14	)

Total		$(83	)

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



Transamerica Funds				Annual Report 2010

Page 95

NOTES TO FINANCIAL STATEMENTS (continued)
At October 31, 2010
(all amounts in thousands)

NOTE 5. (continued)

Transamerica Short-Term Bond:

Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of October 31, 2010

Derivatives not accounted for as hedging instruments


Location		Interest rate contracts
Liability derivatives
Accounts payable and accrued liabilities, Net Assets — Unrealized depreciation		$(1,743)*


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

Effect of Derivative Instruments on the Statements of Operations for the year ended October 31, 2010

Derivatives not accounted for as hedging instruments


Location	Interest rate contracts
Realized Gain / (Loss) on derivatives recognized in income
Net realized (loss) on transactions from futures contracts		$(6,977	)
Change in Unrealized Appreciation / (Depreciation) on derivatives recognized in income
Net increase (decrease) in unrealized appreciation (depreciation) on futures contracts		(942	)

Total		$(7,919	)

NOTE 6. FEDERAL INCOME TAX MATTERS

The Funds have not made any provision for federal income or excise taxes due to their policy to distribute all of their taxable income and capital gains to their shareholders and otherwise qualify as regulated investment companies under Subchapter M of the Internal Revenue Code. The Funds recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has evaluated the Funds’ tax provisions taken for all open tax years (2007 — 2009), or expected to be taken in the Funds’ 2010 tax returns, and has concluded that no provision for income tax is required in the Funds’ financial statements. The Funds identify their major tax jurisdictions as U.S. Federal, the state of Florida, and foreign jurisdictions where the Funds make significant investments; however, the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatment for items including, but not limited to wash sales, structured notes, foreign bonds, swaps, net operating losses, distributions, passive foreign investment companies, capital loss carryforwards, and post-October loss deferrals.


							Undistributed
	Shares of beneficial			Undistributed			(accumulated) net realized
	interest, unlimited shares			(accumulated) net			gain (loss) from
Fund	authorized			investment income (loss)			investment securities
Transamerica AEGON High Yield Bond	$	10,582			—		$	(10,582	)
Transamerica Balanced		47,975			125			(48,100	)
Transamerica Diversified Equity		40,084			6			(40,090	)
Transamerica Flexible Income		34,322			613			(34,935	)
Transamerica Focus		6,364			1,238			(7,602	)
Transamerica Growth Opportunities		20,253			400			(20,653	)
Transamerica Short-Term Bond		—			(2,394	)		2,394
Transamerica Small/Mid Cap Value		(1,637	)		1,636			1
Transamerica WMC Diversified Growth		315,795			1,642			(317,437	)



Transamerica Funds				Annual Report 2010

Page 96

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2010
(all amounts in thousands)

NOTE 6. (continued)

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 any capital loss carryforwards.


Fund	Capital Loss Carryforwards			Available Through
Transamerica AEGON High Yield Bond	$	441		October 31, 2015
Transamerica AEGON High Yield Bond		6,194		October 31, 2016
Transamerica AEGON High Yield Bond		46,292		October 31, 2017
Transamerica Balanced		2,419		October 31, 2015
Transamerica Balanced		2,019		October 31, 2016
Transamerica Balanced		20,297		October 31, 2017
Transamerica Diversified Equity		21,679		October 31, 2016
Transamerica Diversified Equity		34,884		October 31, 2017
Transamerica Flexible Income		14,199		October 31, 2015
Transamerica Flexible Income		50,271		October 31, 2016
Transamerica Flexible Income		20,523		October 31, 2017
Transamerica Focus		2,379		October 31, 2016
Transamerica Focus		10,705		October 31, 2017
Transamerica Growth Opportunities		21,371		October 31, 2016
Transamerica Growth Opportunities		25,332		October 31, 2017
Transamerica Money Market		1		October 31, 2013
Transamerica Money Market		1		October 31, 2014
Transamerica Money Market		—	^(a)	October 31, 2015
Transamerica Money Market		1		October 31, 2017
Transamerica Small/Mid Cap Value		59,831		October 31, 2016
Transamerica Small/Mid Cap Value		101,368		October 31, 2017
Transamerica WMC Diversified Growth		58,264		October 31, 2016
Transamerica WMC Diversified Growth		426,686		October 31, 2017


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

The capital loss carryforwards utilized or expired during the year ended October 31, 2010 were as follows:


	Capital Loss Carryforwards
	Utilized/Expired During the
Fund	Year Ended October 31, 2010
Transamerica AEGON High Yield Bond	$	38,280
Transamerica Balanced		32,893
Transamerica Flexible Income		17,289
Transamerica Diversified Equity		65,744
Transamerica Focus		4,550
Transamerica Growth Opportunities		22,328
Transamerica Short-Term Bond		14,519
Transamerica Small/Mid Cap Value		39,080
Transamerica WMC Diversified Growth		185,469

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 2010 and 2009 were as follows:


	2010 Distributions Paid From:						2009 Distributions Paid From:
	Ordinary		Long-term				Ordinary		Long-term
	Income		Capital Gain		Return of Capital		Income		Capital Gain		Return of Capital
Transamerica AEGON High Yield Bond	$	48,900	$	—	$	—	$	45,747	$	—	$	—
Transamerica Balanced		9,357		—		—		1,491		6,058		—
Transamerica Diversified Equity		1,673		—		—		—		—		—
Transamerica Flexible Income		15,799		—		—		8,950		—		—
Transamerica Focus		178		—		—		595		—		—
Transamerica Money Market		15		—		—		517		—		—
Transamerica Short-Term Bond		89,330		—		—		39,002		—		—
Transamerica Small/Mid Cap Value		—		—		—		8,016		—		—
Transamerica WMC Diversified Growth		5,886		—		—		2,955		—		—



Transamerica Funds				Annual Report 2010

Page 97

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2010
(all amounts in thousands)

NOTE 6. (continued)

The tax basis components of distributable earnings as of October 31, 2010 were as follows:


			Undistributed						Other			Net Unrealized
	Undistributed		Long-term			Capital Loss			Temporary			Appreciation
Fund	Ordinary Income		Capital Gain			Carryforward			Differences			(Depreciation)*
Transamerica AEGON High Yield Bond	$	1,794	$	—	^(a)	$	(52,927	)	$	(97	)	$	43,717
Transamerica Balanced		326		—			(24,735	)		—			61,346
Transamerica Diversified Equity		10,396		—			(56,563	)		—			109,055
Transamerica Flexible Income		749		—			(84,993	)		—			15,557
Transamerica Focus		—		—			(13,084	)		—			35,275
Transamerica Growth Opportunities		—		—			(46,703	)		—			72,222
Transamerica Money Market		3		—			(3	)		—			—
Transamerica Short-Term Bond		2,329		6,442			—			(4,515	)		81,784
Transamerica Small/Mid Cap Value		—		—			(161,199	)		—			111,609
Transamerica WMC Diversified Growth		—		—			(484,950	)		—			126,977


(a)		Amount rounds to less than $1.

*		Amounts include unrealized gain/loss from wash sales, foreign currency, securities sold short, and derivative instruments, if applicable.

NOTE 7. REORGANIZATION

Transamerica AEGON High Yield Bond:

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

Transamerica Premier High Yield Bond Fund


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

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

Transamerica Premier High Yield Bond Fund


Classes	Exchange Ratio
I2		0.77
P		0.78

Assuming the reorganization had been completed on November 1, 2009, the beginning of the annual reporting period of the Fund, the Fund’s pro forma results of operations for the year ended October 31, 2010, are as follows:


Net investment income	$	48,578
Net realized and unrealized gain		55,331
Net increase in net assets resulting from operations		103,909

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



Transamerica Funds				Annual Report 2010

Page 98

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2010
(all amounts in thousands)

NOTE 7. (continued)

Transamerica Balanced:

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

Transamerica Value Balanced


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

Transamerica Premier Balanced Fund


Class	Shares		Amount
P		15,093	$	281,788

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

Transamerica Value Balanced


Classes	Exchange Ratio
A		0.54
B		0.54
C		0.54

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

Transamerica Premier Balanced Fund


Class	Exchange Ratio
P		1.11


Net investment income	$	9,768
Net realized and unrealized gain		66,502
Net increase in net assets resulting from operations		76,270

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



Transamerica Funds				Annual Report 2010

Page 99

NOTES TO FINANCIAL STATEMENTS (continued)
At October 31, 2010
(all amounts in thousands)

NOTE 7. (continued)

Transamerica Diversified Equity:

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

Transamerica Science & Technology


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

Transamerica Templeton Global


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

Transamerica Premier Diversified Equity Fund


Class	Shares		Amount
P		21,531	$	276,775

Transamerica Premier Institutional Diversified Equity Fund


Class	Shares		Amount
I2		165	$	2,115

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

Transamerica Science & Technology


Classes	Exchange Ratio
A		0.30
B		0.28
C		0.28
I2		0.31



Transamerica Funds		Annual Report 2010

Page 100

NOTES TO FINANCIAL STATEMENTS (continued)
At October 31, 2010
(all amounts in thousands)

NOTE 7. (continued)

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

Transamerica Templeton Global


Classes	Exchange Ratio
A		1.84
B		1.74
C		1.72

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

Transamerica Premier Diversified Equity Fund


Class	Exchange Ratio
P		1.00

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

Transamerica Premier Institutional Diversified Equity Fund


Class	Exchange Ratio
I2		0.76


Net investment income	$	11,471
Net realized and unrealized gain		98,761
Net increase in net assets resulting from operations		110,232

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

Transamerica Flexible Income:

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

Transamerica Convertible Securities


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



Transamerica Funds		Annual Report 2010

Page 101

NOTES TO FINANCIAL STATEMENTS (continued)
At October 31, 2010
(all amounts in thousands)

NOTE 7. (continued)

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

Transamerica Convertible Securities


Classes	Exchange Ratio
A		1.05
B		1.04
C		1.04
I2		1.05


Net investment income	$	14,761
Net realized and unrealized gain		23,352
Net increase in net assets resulting from operations		38,113

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

Transamerica Focus:

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

Transamerica Premier Focus Fund


Class	Shares		Amount
P		5,802	$	68,302

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


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

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

Transamerica Premier Focus Fund


Class	Exchange Ratio
P		1.58



Transamerica Funds		Annual Report 2010

Page 102

NOTES TO FINANCIAL STATEMENTS (continued)
At October 31, 2010
(all amounts in thousands)

NOTE 7. (continued)

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

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


Class	Exchange Ratio
A		1.00
B		1.00
C		1.00


Net investment loss	$	(1,091	)
Net realized and unrealized gain		31,363
Net increase in net assets resulting from operations		30,272

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

Transamerica Growth Opportunities:

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

Transamerica Premier Growth Opportunities Fund


Class	Shares		Amount
P		12,010	$	96,199

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

Transamerica Premier Growth Opportunities Fund


Class	Exchange Ratio
P		2.68


Net investment loss	$	(385	)
Net realized and unrealized gain		79,972
Net increase in net assets resulting from operations		79,587



Transamerica Funds		Annual Report 2010

Page 103

NOTES TO FINANCIAL STATEMENTS (continued)
At October 31, 2010
(all amounts in thousands)

NOTE 7. (continued)

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

Transamerica Money Market:

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

Transamerica Premier Cash Reserve Fund


Class	Shares		Amount
P		43,668	$	43,668

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

Transamerica Premier Cash Reserve Fund


Class	Exchange Ratio
P		1.00


Net investment income	$	12
Net realized and unrealized gain		1
Net increase in net assets resulting from operations		13

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

Transamerica WMC Diversified Growth:

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



Transamerica Funds		Annual Report 2010

Page 104

NOTES TO FINANCIAL STATEMENTS (continued)
At October 31, 2010
(all amounts in thousands)

NOTE 7. (continued)

Transamerica Premier Equity Fund


Class	Shares		Amount
P		56,955	$	459,628

Transamerica Premier Institutional Equity Fund


Class	Shares		Amount
I2		9,765	$	80,466

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

Transamerica Premier Equity Fund


Class	Exchange Ratio
P		2.20

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

Transamerica Premier Institutional Equity Fund


Class	Exchange Ratio
I2		1.15


Net investment income	$	1,405
Net realized and unrealized gain		260,518
Net increase in net assets resulting from operations		261,923

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



Transamerica Funds		Annual Report 2010

Page 105

Report of Independent Registered Public Accounting Firm

To the Board of Trustees & Shareholders of Transamerica Funds:

We have audited the accompanying statements of assets and liabilities of Transamerica AEGON High Yield Bond, Transamerica Balanced, Transamerica Flexible Income, Transamerica Growth Opportunities, Transamerica Money Market, Transamerica Short-Term Bond, Transamerica Small/Mid Cap Value, and Transamerica WMC Diversified Growth, including the schedules of investments, as of October 31, 2010, and the related statements of operations and changes in net assets for the year then ended, and the financial highlights for the period then ended. We have also audited the accompanying statements of assets and liabilities of Transamerica Diversified Equity and Transamerica Focus, including the schedules of investments, as of October 31, 2010, and the related statements of operations for the year then ended, and the statements of changes in net assets and financial highlights for the periods indicated therein. The aforementioned ten funds of the Transamerica Funds are hereafter referred to as the “Funds.” These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The statements of changes in net assets for the year ended October 31, 2009 and the financial highlights for periods ended prior to November 1, 2009 for Transamerica AEGON High Yield Bond, Transamerica Balanced, Transamerica Flexible Income, Transamerica Growth Opportunities, Transamerica Money Market, Transamerica Short-Term Bond, Transamerica Small/Mid Cap Value, and Transamerica WMC Diversified Growth were audited by another independent registered public accounting firm whose report, dated December 21, 2009, expressed an unqualified opinion on those statements of changes in net assets and financial highlights.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2010, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the aforementioned ten Funds of the Transamerica Funds at October 31, 2010, the results of their operations for the year then ended, and the changes in their net assets and the financial highlights for the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Boston, Massachusetts
December 23, 2010



Transamerica Funds		Annual Report 2010

Page 106

Change of Independent Registered Certified Public Accounting Firm

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

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



Transamerica Funds		Annual Report 2010

Page 107

TRANSAMERICA AEGON HIGH YIELD BOND
(FORMERLY TRANSAMERICA HIGH YIELD BOND)

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds (the “Board”) held on June 9-10, 2010, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica AEGON High Yield Bond (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and AEGON USA Investment Management, LLC (the “Sub-Adviser”), to determine whether the agreements should be renewed.

Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement and the compensation to be received by TAM and the Sub-Adviser under the agreements is consistent with TAM’s fiduciary duty under applicable law. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2011. In reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements. The Trustees also considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance information, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The investment performance of the Fund. The Board considered the short and longer-term performance of the Fund in light of its investment objective, policies and strategies, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2009. The Board noted that the Fund’s performance was above the median for its peer universe for the past 1- 3-, 5-, and 10-year periods. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board 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 investment objectives, policies and strategies and competitive with other investment companies.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Fund. The Trustees noted that the Fund’s contractual management fee was in line with the medians for its peer group and peer universe and that the total expenses of the Fund were above the medians for its peer group and peer universe. The Trustees noted the anticipated profitability of the relationship between the Fund, TAM and its affiliates, and the Sub-Adviser, as applicable, and determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the agreements are consistent with TAM’s fiduciary duty under applicable law. In making these observations and determinations, the Board reviewed, among other information, comparative information provided by Lipper and management.

Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Fund grows. The Trustees considered the economies of scale with respect to the management of the Fund, whether the Fund had appropriately benefited from any economies of scale, and whether there was potential for realization of any further economies of scale. In evaluating the extent to which the management fees payable under the Investment Advisory and Sub-Advisory Agreements reflect economies of scale or will permit economies of scale to be realized in the future, the Board noted that TAM and the Sub-Adviser offer breakpoints which benefit investors by passing on economies of scale in the form of lower management fees as the level of assets grows. The Trustees also concluded that they will have the opportunity to periodically reexamine whether the Fund has achieved economies of scale, and the appropriateness of management fees payable to TAM and fees paid to the Sub-Adviser, in the future.



Transamerica Funds		Annual Report 2010

Page 108

TRANSAMERICA AEGON HIGH YIELD BOND (continued)
(FORMERLY TRANSAMERICA HIGH YIELD BOND)

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

Other considerations. 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 Trustees 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 Trustees 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.



Transamerica Funds		Annual Report 2010

Page 109

TRANSAMERICA BALANCED

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds (the “Board”) held on June 9-10, 2010, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Balanced (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and Transamerica Investment Management, LLC (the “Sub-Adviser”), to determine whether the agreements should be renewed.

Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement and the compensation to be received by TAM and the Sub-Adviser under the agreements is consistent with TAM’s fiduciary duty under applicable law. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2011. In reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including composite information about fees and performance provided by the Sub-Adviser. The Trustees also considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance information, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory services to be provided. The Board considered the nature, extent and quality of the services provided by TAM and the Sub-Adviser to the Fund in the past, as well as the services anticipated to be provided in the future. The Trustees also considered the Sub-Adviser’s investment approach for the Fund. The Trustees noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for the Sub-Adviser and a comparison of trading results against a peer universe of managers. The Board also considered the 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 of the portfolio management team of the Sub-Adviser. The Trustees 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 Board considered the short and longer-term performance of the Fund in light of its investment objective, policies and strategies, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2009. The Board noted that the Fund’s performance was above the median for its peer universe for the past 1- and 3-year periods and in line with the median for its peer universe for the past 5- and 10-year periods. The Trustees also noted recent changes in the Fund’s portfolio management team. The Trustees agreed that they would monitor the portfolio manager transition and performance going forward. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board 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 investment objectives, policies and strategies and competitive with other investment companies.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Fund. The Trustees noted that the Fund’s contractual management fee and total expenses were above the medians for its peer group and peer universe. It was noted that the peer group was challenging due to varying asset allocations. The Trustees noted the anticipated profitability of the relationship between the Fund, TAM and its affiliates, and the Sub-Adviser, as applicable, and determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the agreements are consistent with TAM’s fiduciary duty under applicable law. In making these observations and determinations, the Board reviewed, among other information, comparative information provided by Lipper and management.



Transamerica Funds		Annual Report 2010

Page 110

TRANSAMERICA BALANCED (continued)

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

Benefits to TAM, its affiliates, or the Sub-Adviser from their relationship with the Fund. The Board noted that management believes that other benefits anticipated to be derived by TAM, its affiliates, and the Sub-Adviser from their relationships with the Fund are expected to be consistent with industry practice and the best interests of the Fund and its shareholders. The Trustees also noted that TAM would not realize soft dollar benefits from its relationship with the Fund. The Board also noted that the Sub-Adviser is participating in a brokerage program pursuant to which a portion of brokerage commissions paid by the Fund is recaptured for the benefit of the Fund and its shareholders, thus limiting the amount of soft dollar arrangements the Sub-Adviser may engage in with respect to the Fund’s brokerage transactions.

Other considerations. 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 Trustees 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 Trustees 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.



Transamerica Funds		Annual Report 2010

Page 111

TRANSAMERICA FLEXIBLE INCOME

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds (the “Board”) held on June 9-10, 2010, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Flexible Income (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and Transamerica Investment Management, LLC (the “Sub-Adviser”), to determine whether the agreements should be renewed.

Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement and the compensation to be received by TAM and the Sub-Adviser under the agreements is consistent with TAM’s fiduciary duty under applicable law. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2011. In reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including composite information about fees and performance provided by the Sub-Adviser. The Trustees also considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance information, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory services to be provided. The Board considered the nature, extent and quality of the services provided by TAM and the Sub-Adviser to the Fund in the past, as well as the services anticipated to be provided in the future. The Trustees also considered the Sub-Adviser’s investment approach for the Fund. The Trustees noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for the Sub-Adviser and a comparison of trading results against a peer universe of managers. The Board also considered the 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 of the portfolio management team of the Sub-Adviser. The Trustees 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 Board considered the short and longer-term performance of the Fund in light of its investment objective, policies and strategies, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2009. The Board noted that the Fund’s performance was above the median for its peer universe for the past 1-year period and below the median for the past 3-, 5- and 10-year periods. The Board discussed the reasons for the Fund’s underperformance with TAM. It was noted that performance has improved since the Fund’s new portfolio management team took over management of the Fund in October 2008. The Trustees agreed that they would continue to monitor the performance of the Fund. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board 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 investment objectives, policies and strategies and competitive with other investment companies.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Fund. The Trustees noted that the Fund’s contractual management fee was below the medians for its peer group and peer universe and that the total expenses of the Fund were above the medians for its peer group and peer universe. It was noted that TAM voluntarily lowered its management fee in 2007, 2008, and 2010. Management also noted that it expected total expenses to fall as a result of the recent fee reduction. The Trustees noted the anticipated profitability of the relationship between the Fund, TAM and its affiliates, and the Sub-Adviser, as applicable, and determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the agreements are consistent with TAM’s fiduciary duty under applicable law. In making these observations and determinations, the Board reviewed, among other information, comparative information provided by Lipper and management.



Transamerica Funds		Annual Report 2010

Page 112

TRANSAMERICA FLEXIBLE INCOME (continued)

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

Other considerations. 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 Trustees 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 Trustees 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.



Transamerica Funds		Annual Report 2010

Page 113

TRANSAMERICA FOCUS
(FORMERLY TRANSAMERICA LEGG MASON PARTNERS ALL CAP)

INVESTMENT ADVISORY AGREEMENT — CONTRACT RENEWAL

(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds (the “Board”) held on June 9-10, 2010, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Focus (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), to determine whether the agreement should be renewed.

Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the compensation to be received by TAM under the agreement is consistent with TAM’s fiduciary duty under applicable law. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement through June 30, 2011. In reaching their decision, the Trustees requested and received from TAM such information as they deemed reasonably necessary to evaluate the agreement. The Trustees also considered information they had previously received from TAM as part of their regular oversight of the Fund, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance information, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory Agreement, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decision on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decision:

The nature, extent and quality of the advisory services to be provided. The Board considered the nature, extent and quality of the services provided by TAM to the Fund in the past, as well as the services anticipated to be provided in the future. The Trustees also considered TAM’s investment approach for the Fund. The Board also considered the experience, capability and integrity of TAM’s senior management, the financial resources of TAM, and the professional qualifications of the portfolio management team of TAM. The Trustees determined that TAM 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 Board considered the short and longer-term performance of the Fund in light of its investment objective, policies and strategies, including relative performance against a peer universe of comparable funds as prepared by Lipper for various trailing periods ended December 31, 2009. The Board noted that the Fund’s performance was above the median for its peer universe for the past 1- and 10-year periods, below the median for the past 3-year period, and in line with the median for its past 5-year period. The Board also noted that the Fund’s performance reflected management by the Fund’s previous sub-adviser. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM, the Board concluded that TAM is capable of generating a level of investment performance that is appropriate in light of the Fund’s investment objectives, policies and strategies and competitive with other investment companies.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board reviewed the management fee for the Fund. The Trustees noted that the Fund’s contractual management fee was below the median for its peer group and above the median for its peer universe and that the total expenses of the Fund were above the medians for its peer group and peer universe. The Trustees noted the anticipated profitability of the relationship between the Fund, TAM and its affiliates, as applicable, and determined that the management fees to be received by TAM under the agreements are consistent with TAM’s fiduciary duty under applicable law. In making these observations and determinations, the Board reviewed, among other information, comparative information provided by Lipper and management.

Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Fund grows. The Trustees considered the economies of scale with respect to the management of the Fund, whether the Fund had appropriately benefited from any economies of scale, and whether there was potential for realization of any further economies of scale. In evaluating the extent to which the management fee payable under the Investment Advisory Agreement reflects economies of scale or will permit economies of scale to be realized in the future, the Board noted that TAM offers breakpoints which benefit investors by passing on economies of scale in the form of lower management fees as the level of assets grows. The Trustees also concluded that they will have the opportunity to periodically reexamine whether the Fund has achieved economies of scale, and the appropriateness of management fees payable to TAM, in the future.

Benefits to TAM and its affiliates from their relationship with the Fund. The Board noted that management believes that other benefits anticipated to be derived by TAM and its affiliates from their relationships with the Fund are expected to be consistent with industry practice and the best interests of the Fund and its shareholders. The Trustees also noted that TAM would not realize soft dollar benefits from its relationship with the Fund.

Other considerations. 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 Trustees favorably considered the procedures and policies in place by TAM to enforce compliance with applicable laws and regulations. The Trustees 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.



Transamerica Funds		Annual Report 2010

Page 114

TRANSAMERICA FOCUS (continued)
(FORMERLY TRANSAMERICA LEGG MASON PARTNERS ALL CAP)

INVESTMENT ADVISORY AGREEMENT — CONTRACT RENEWAL

(unaudited)

Conclusion. After consideration of the factors described above as well as other factors, the Trustees, including all of the independent members of the Board, concluded that the renewal of the Investment Advisory Agreement and the compensation to be received by TAM is consistent with TAM’s fiduciary duty under applicable law and voted to approve the renewal of the Investment Advisory Agreement.



Transamerica Funds		Annual Report 2010

Page 115

TRANSAMERICA GROWTH OPPORTUNITIES

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds (the “Board”) held on June 9-10, 2010, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Growth Opportunities (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and Transamerica Investment Management, LLC (the “Sub-Adviser”), to determine whether the agreements should be renewed.

Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement and the compensation to be received by TAM and the Sub-Adviser under the agreements is consistent with TAM’s fiduciary duty under applicable law. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2011. In reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including composite information about fees and performance provided by the Sub-Adviser. The Trustees also considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance information, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory services to be provided. The Board considered the nature, extent and quality of the services provided by TAM and the Sub-Adviser to the Fund in the past, as well as the services anticipated to be provided in the future. The Trustees also considered the Sub-Adviser’s investment approach for the Fund. The Trustees noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for the Sub-Adviser and a comparison of trading results against a peer universe of managers. The Board also considered the 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 of the portfolio management team of the Sub-Adviser. The Trustees 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 Board considered the short and longer-term performance of the Fund in light of its investment objective, policies and strategies, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2009. The Board noted that the Fund’s performance was below the median for its peer universe for the past 1-year period and above the median for the past 3- and 5-year periods. The Trustees also noted recent changes in the Fund’s portfolio management team. The Trustees agreed that they would monitor the portfolio manager transition and performance going forward. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board 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 investment objectives, policies and strategies and competitive with other investment companies.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Fund. The Trustees noted that the Fund’s contractual management fee was in line with the medians for its peer group and peer universe and that the total expenses of the Fund were above the medians for its peer group and peer universe. The Trustees noted the anticipated profitability of the relationship between the Fund, TAM and its affiliates, and the Sub-Adviser, as applicable, and determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the agreements are consistent with TAM’s fiduciary duty under applicable law. In making these observations and determinations, the Board reviewed, among other information, comparative information provided by Lipper and management.



Transamerica Funds		Annual Report 2010

Page 116

TRANSAMERICA GROWTH OPPORTUNITIES (continued)

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

Other considerations. 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 Trustees 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 Trustees 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.



Transamerica Funds		Annual Report 2010

Page 117

TRANSAMERICA MONEY MARKET

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds (the “Board”) held on June 9-10, 2010, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Money Market (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and Transamerica Investment Management, LLC (the “Sub-Adviser”), to determine whether the agreements should be renewed.

Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement and the compensation to be received by TAM and the Sub-Adviser under the agreements is consistent with TAM’s fiduciary duty under applicable law. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2011. In reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including composite information about fees and performance provided by the Sub-Adviser. The Trustees also considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance information, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The investment performance of the Fund. The Board considered the short and longer-term performance of the Fund in light of its investment objective, policies and strategies, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2009. The Board noted that the Fund’s performance was below the median for its peer universe for the past 1-, 3- and 5- year periods. The Board noted that performance in the Lipper Money Market category is largely driven by fee levels. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board 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 investment objectives, policies and strategies and competitive with other investment companies.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Fund. The Trustees noted that the Fund’s contractual management fee was in line with the median for its peer group and above the median for its peer universe and that the total expenses of the Fund were below the medians for its peer group and peer universe. The Trustees noted the anticipated profitability of the relationship between the Fund, TAM and its affiliates, and the Sub-Adviser, as applicable, and determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the agreements are consistent with TAM’s fiduciary duty under applicable law. In making these observations and determinations, the Board reviewed, among other information, comparative information provided by Lipper and management.



Transamerica Funds		Annual Report 2010

Page 118

TRANSAMERICA MONEY MARKET (continued)

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

Other considerations. 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 Trustees 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 Trustees 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.



Transamerica Funds		Annual Report 2010

Page 119

TRANSAMERICA SHORT-TERM BOND

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds (the “Board”) held on June 9-10, 2010, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Short-Term Bond (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and Transamerica Investment Management, LLC (the “Sub-Adviser”), to determine whether the agreements should be renewed.

Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement and the compensation to be received by TAM and the Sub-Adviser under the agreements is consistent with TAM’s fiduciary duty under applicable law. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2011. In reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including composite information about fees and performance provided by the Sub-Adviser. The Trustees also considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance information, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The investment performance of the Fund. The Board considered the short and longer-term performance of the Fund in light of its investment objective, policies and strategies, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2009. The Board noted that the Fund’s performance was above the median for its peer universe for the past 1-, 3- and 5-year periods. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board 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 investment objectives, policies and strategies and competitive with other investment companies.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Fund. The Trustees noted that the Fund’s contractual management fee was above the medians for its peer group and peer universe and that the total expenses of the Fund were in line with the medians for its peer group and peer universe. The Trustees noted the anticipated profitability of the relationship between the Fund, TAM and its affiliates, and the Sub-Adviser, as applicable, and determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the agreements are consistent with TAM’s fiduciary duty under applicable law. In making these observations and determinations, the Board reviewed, among other information, comparative information provided by Lipper and management.



Transamerica Funds		Annual Report 2010

Page 120

TRANSAMERICA SHORT-TERM BOND (continued)

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

Other considerations. 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 Trustees 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 Trustees 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.



Transamerica Funds		Annual Report 2010

Page 121

TRANSAMERICA SMALL/MID CAP VALUE

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds (the “Board”) held on June 9-10, 2010, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Small/Mid Cap Value (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and Transamerica Investment Management, LLC (the “Sub-Adviser”), to determine whether the agreements should be renewed.

Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement and the compensation to be received by TAM and the Sub-Adviser under the agreements is consistent with TAM’s fiduciary duty under applicable law. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2011. In reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including composite information about fees and performance provided by the Sub-Adviser. The Trustees also considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance information, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory services to be provided. The Board considered the nature, extent and quality of the services provided by TAM and the Sub-Adviser to the Fund in the past, as well as the services anticipated to be provided in the future. The Trustees also considered the Sub-Adviser’s investment approach for the Fund. The Trustees noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for the Sub-Adviser and a comparison of trading results against a peer universe of managers. The Board also considered the 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 of the portfolio management team of the Sub-Adviser. The Trustees 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 Board considered the short and longer-term performance of the Fund in light of its investment objective, policies and strategies, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2009. The Board noted that the Fund’s performance was above the median for its peer universe for the past 1-, 3- and 5-year periods. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board 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 investment objectives, policies and strategies and competitive with other investment companies.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Fund. The Trustees noted that the Fund’s contractual management fee was in line with the medians for its peer group and peer universe and that the total expenses of the Fund were above the medians for its peer group and peer universe. The Trustees noted the anticipated profitability of the relationship between the Fund, TAM and its affiliates, and the Sub-Adviser, as applicable, and determined that the management and sub- advisory fees to be received by TAM and the Sub-Adviser under the agreements are consistent with TAM’s fiduciary duty under applicable law. In making these observations and determinations, the Board reviewed, among other information, comparative information provided by Lipper and management.



Transamerica Funds		Annual Report 2010

Page 122

TRANSAMERICA SMALL/MID CAP VALUE (continued)

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

Other considerations. 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 Trustees 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 Trustees 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.



Transamerica Funds		Annual Report 2010

Page 123

TRANSAMERICA WMC DIVERSIFIED GROWTH
(FORMERLY TRANSAMERICA EQUITY)

INVESTMENT ADVISORY AGREEMENT — CONTRACT RENEWAL

(unaudited)

Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the compensation to be received by TAM under the agreements is consistent with TAM’s fiduciary duty under applicable law. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement through June 30, 2011. In reaching their decision, the Trustees requested and received from TAM such information as they deemed reasonably necessary to evaluate the agreement. The Trustees also considered information they had previously received from TAM as part of their regular oversight of the Fund, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance information, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory Agreement, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decision on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decision:

The investment performance of the Fund. The Board considered the short and longer-term performance of the Fund in light of its investment objective, policies and strategies, including relative performance against a peer universe of comparable funds as prepared by Lipper for various trailing periods ended December 31, 2009. The Board noted that the Fund’s performance was below the median for its peer universe for the past 1- and 3-year periods. The Board also noted that the Fund’s performance reflected the management of the Fund’s previous sub-adviser and the Board agreed to monitor the Fund’s performance going forward. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM, the Board concluded that TAM is capable of generating a level of investment performance that is appropriate in light of the Fund’s investment objectives, policies and strategies and competitive with other investment companies.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board reviewed the management fee for the Fund. The Trustees noted that the Fund’s contractual management fee was in line with the medians for its peer group and peer universe and that the total expenses of the Fund were below the medians for its peer group and peer universe. The Trustees noted the anticipated profitability of the relationship between the Fund, TAM and its affiliates, as applicable, and determined that the management fees to be received by TAM under the agreements are consistent with TAM’s fiduciary duty under applicable law. In making these observations and determinations, the Board reviewed, among other information, comparative information provided by Lipper and management.

Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Fund grows. The Trustees considered the economies of scale with respect to the management of the Fund, whether the Fund had appropriately benefited from any economies of scale, and whether there was potential for realization of any further economies of scale. In evaluating the extent to which the management fee payable under the Investment Advisory Agreement reflects economies of scale or will permit economies of scale to be realized in the future, the Board noted that TAM offers breakpoints which benefit investors by passing on economies of scale in the form of lower management fees as the level of assets grows. The Trustees also concluded that they will have the opportunity to periodically reexamine whether the Fund has achieved economies of scale, and the appropriateness of management fees payable to TAM, in the future.

Other considerations. 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 Trustees favorably considered the procedures and policies in place by TAM to enforce compliance with applicable laws and regulations. The Trustees 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.



Transamerica Funds		Annual Report 2010

Page 124

TRANSAMERICA WMC DIVERSIFIED GROWTH (continued)
(FORMERLY TRANSAMERICA EQUITY)

INVESTMENT ADVISORY AGREEMENT — CONTRACT RENEWAL

(unaudited)

Conclusion. After consideration of the factors described above as well as other factors, the Trustees, including all of the independent members of the Board, concluded that the renewal of the Investment Advisory Agreement and the compensation to be received by TAM is consistent with TAM��s fiduciary duty under applicable law and voted to approve the renewal of the Investment Advisory Agreement.



Transamerica Funds		Annual Report 2010

Page 125

SUPPLEMENTAL INFORMATION (unaudited)

TAX INFORMATION

For dividends paid during the year ended October 31, 2010, the Funds designated the following as qualified dividend income:


	Qualified Dividend
Fund	Income (000’s)
Transamerica AEGON High Yield Bond	$	97
Transamerica Balanced		5,671
Transamerica Diversified Equity		38
Transamerica Flexible Income		237
Transamerica Focus		246
Transamerica WMC Diversified Growth		3,552

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 AEGON High Yield Bond		0.21	%
Transamerica Balanced		52.96
Transamerica Diversified Equity		100.00
Transamerica Flexible Income		1.69
Transamerica Focus		100.00
Transamerica WMC Diversified Growth		100.00

For tax purposes, there were no Long-Term Capital Gain Designations for the year ended October 31, 2010.



Transamerica Funds		Annual Report 2010

Page 126

TRANSAMERICA FUNDS
Management of the Funds
(unaudited)

Number of

Funds in

Term of

Complex

Office and

Overseen

Position(s) Held

Length of

Principal Occupation(s) During

by Board

Other

Name and Age

with Trust

Time Served*

Past 5 Years

Member

Directorships

INTERESTED BOARD MEMBER**

John K. Carter
(1961)

Chairman, Board Member, President, and Chief Executive Officer

Since 1999

152

N/A

Chairman, Board Member, President and Chief Executive Officer, TPP, TPFG, TPFG II and TAAVF (2007 — present);



Transamerica Funds		Annual Report 2010

Page 127

Number of

Funds in

Term of

Complex

Office and

Overseen

Position(s) Held

Length of

Principal Occupation(s) During

by Board

Other

Name and Age

with Trust

Time Served*

Past 5 Years

Member

Directorships

Vice President, AFSG Securities Corporation (2001 —present);

Senior Vice President, General Counsel and Secretary, Transamerica Index Funds, Inc. (“TIF”) (2002 — 2004); and

Director, (2008 — present), Vice President, Transamerica Investment Services, Inc. (“TISI”) (2003 — 2005) and Transamerica Investment Management, LLC (“TIM”) (2001 — 2005).

INDEPENDENT BOARD MEMBERS***

Sandra N. Bane
(1952)

Board Member

Since 2008

Retired (1999 — present);

Partner, KPMG (1975 — 1999);

Board Member, TII (2003 — 2010); and

Board Member, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (2008 — present).

152

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

Leo J. Hill
(1956)

Lead
Independent
Board Member

Since 2002

Principal, Advisor Network Solutions, LLC (business consulting) (2006 — present);

Board Member, TST (2001 — present);

152

N/A

Board Member, Transamerica Funds and TIS (2002 — present);

Board Member, TPP, TPFG, TPFG II and TAAVF (2007 — present);

Board Member, TII (2008 — 2010);

President, L. J. Hill & Company (a holding company for privately-held assets) (1999 — present);

Market President, Nations Bank of Sun Coast Florida (1998 — 1999);

Chairman, President and Chief Executive Officer, Barnett Banks of Treasure Coast Florida (1994 — 1998);

Executive Vice President and Senior Credit Officer, Barnett Banks of Jacksonville, Florida (1991 — 1994); and

Senior Vice President and Senior Loan Administration Officer, Wachovia Bank of Georgia (1976 — 1991).



Transamerica Funds		Annual Report 2010

Page 128

Number of

Funds in

Term of

Complex

Office and

Overseen

Position(s) Held

Length of

Principal Occupation(s) During

by Board

Other

Name and Age

with Trust

Time Served*

Past 5 Years

Member

Directorships

David W. Jennings (1946)

Board Member

Since 2009

Board Member, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (2009 — present);

152

N/A

Board Member, TII (2009 — 2010);

Principal, Maxam Capital Management, LLC (2006 — 2008); and

Principal, Cobble Creek Management LP (2004 — 2006).

Russell A. Kimball, Jr. (1944)

Board Member

1986 — 1990 and Since 2002

General Manager, Sheraton Sand Key Resort (1975 — present);

Board Member, TST (1986 — present);

152

N/A

Board Member, Transamerica Funds, (1986 — 1990), (2002 — present);

Board Member, TIS (2002 — present);

Board Member, TPP, TPFG, TPFG II and TAAVF (2007 — present); and

Board Member, TII (2008 — 2010).

Eugene M. Mannella
(1954)

Board Member

Since 2007

Chief Executive Officer, HedgeServ Corporation (hedge fund administration) (2008 — present);

152

N/A

Self-employed consultant (2006 — present);

President, ARAPAHO Partners LLC (limited purpose broker-dealer) (1998 — 2008);

Board Member, TPP, TPFG, TPFG II and TAAVF (1993 — present);

Board Member, Transamerica Funds, TST and TIS (2007 — present);

Board Member, TII (2008 — 2010); and

President, International Fund Services (alternative asset administration) (1993 — 2005).



Transamerica Funds		Annual Report 2010

Page 129

Number of

Funds in

Term of

Complex

Office and

Overseen

Position(s) Held

Length of

Principal Occupation(s) During

by Board

Other

Name and Age

with Trust

Time Served*

Past 5 Years

Member

Directorships

Norman R. Nielsen, Ph.D.
(1939)

Board Member

Since 2006

Retired (2005 — present);

Board Member, Transamerica Funds, TST and TIS (2006 — present);

Board Member, TPP, TPFG, TPFG II and TAAVF (2007 — present);

152

Buena Vista University Board of Trustees (2004 — present)

Board Member, TII (2008 — 2010);

Director, Iowa Student Loan Service Corporation (2006 — present);

Director, League for Innovation in the Community Colleges (1985 — 2005);

Director, Iowa Health Systems (1994 — 2003);

Director, U.S. Bank (1985 — 2006); and President, Kirkwood Community College (1985 — 2005).

Joyce G. Norden (1939)

Board Member

Since 2007

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);

152

Board of Governors, Reconstruction -ist Rabbinical College (2007 — present)

Board Member, TII (2008 — 2010); and

Vice President, Institutional Advancement, Reconstructionist Rabbinical College (1996 — 2004).

Patricia L. Sawyer (1950)

Board Member

Since 2007

Retired (2007 — present);

President/Founder, Smith & Sawyer LLC (management consulting) (1989 — 2007);

Board Member, Transamerica Funds, TST and TIS (2007 — present);

Board Member, TII (2008 — 2010);

152

Honorary Trustee, Bryant University (1996 — present)

Board Member, TPP, TPFG, TPFG II and TAAVF (1993 — present);

Trustee, Chair of Finance Committee and Chair of Nominating Committee (1987 — 1996), Bryant University;

Vice President, American Express (1987 — 1989);

Vice President, The Equitable (1986 — 1987); and

Strategy Consultant, Booz, Allen & Hamilton (1982 — 1986).



Transamerica Funds		Annual Report 2010

Page 130

Number of

Funds in

Term of

Complex

Office and

Overseen

Position(s) Held

Length of

Principal Occupation(s) During

by Board

Other

Name and Age

with Trust

Time Served*

Past 5 Years

Member

Directorships

John W. Waechter (1952)

Board Member

Since 2005

Attorney, Englander & Fischer, P.A. (2008 — present);

Retired (2004 — 2008);

Board Member, TST and TIS (2004 — present);

Board Member, Transamerica Funds (2005 — present);

Board Member, TPP, TPFG, TPFG II and TAAVF (2007 — present);

152

Operation PAR, Inc. (2008 — present); West Central Florida Council — Boy Scouts of America (2008 — present)

Board Member, TII (2008 — 2010);

Employee, RBC Dain Rauscher (securities dealer) (2004);

Executive Vice President, Chief Financial Officer and Chief Compliance Officer, William R. Hough & Co. (securities dealer) (1979 — 2004); and

Treasurer, The Hough Group of Funds (1993 — 2004).


*		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 2010

Page 131

OFFICERS


		Term of
		Office and
		Length of	Principal Occupation(s) or
Name and Age	Position	Time Served*	Employment During Past 5 Years
John K. Carter (1961)	Chairman, Board Member, President, and Chief Executive Officer	Since 1999	See the table above.

Dennis P. Gallagher (1970)	Vice President, General Counsel and Secretary	Since 2006	Vice President, General Counsel and Secretary, Transamerica Funds, TST and TIS (2006 — present); Vice President, General Counsel and Secretary, TII, (2006 — 2010);

			Vice President, General Counsel and Secretary, TPP, TPFG, TPFG II and TAAVF (2007 — present);

			Director, Senior Vice President, General Counsel, Operations, and Secretary, TAM and TFS (2006 — present);

			Assistant Vice President, TCI (2007 — present); Director, Deutsche Asset Management (1998 — 2006); and

			Corporate Associate, Ropes & Gray LLP (1995 — 1998).

Robert A. DeVault, Jr. (1965)	Vice President, Treasurer and Principal Financial Officer	Since 2009	Vice President, Treasurer and Principal Financial Officer, (March 2010 — present), Assistant Treasurer, (2009 — 2010), Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF; Vice President (March 2010 — present), Assistant Vice President (2007 — 2010) and Manager, Fund Administration, (2002 — 2007), TFS; and

			Vice President (March 2010 — present), TAM.

Christopher A. Staples (1970)	Vice President and Chief Investment Officer	Since 2005	Vice President and Chief Investment Officer (2007 — 2010); 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 2010

Page 132


		Term of
		Office and
		Length of	Principal Occupation(s) or
Name and Age	Position	Time Served*	Employment During Past 5 Years
Robert S. Lamont, Jr. (1973)	Vice President, Chief Compliance Officer and Conflicts of Interest Officer	Since 2010	Vice President, Chief Compliance Officer and Conflicts of Interest Officer, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (February 2010 — present); Vice President and Senior Counsel, TAM and TFS (2007 — present);

			Senior Counsel, United States Securities and Exchange Commission (2004 — 2007); and

			Associate, Dechert, LLP (1999 — 2004).

Bradley O. Ackerman (1966)	Anti-Money Laundering Officer	Since 2007	Anti-Money Laundering Officer, TPP, TPFG, TPFG II and TAAVF (2009 — present);

			Anti-Money Laundering Officer, Transamerica Funds (2007 — present);

			Senior Compliance Officer, TAM (2007 — present); and

			Director, Institutional Services, Rydex Investments (2002 — 2007).

Sarah L. Bertrand (1967)	Assistant Secretary	Since 2009	Assistant Secretary, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (2009 — present);

			Assistant Secretary, TII (2009 — 2010);

			Assistant Vice President and Director, Legal Administration, TAM and TFS (2007 — present);

			Assistant Secretary and Chief Compliance Officer, 40\|86 Series Trust and 40\|86 Strategic Income Fund (2000 — 2007); and

			Second Vice President and Assistant Secretary, Legal and Compliance, 40\|86 Capital Management, Inc. (1994 — 2007).

Timothy J. Bresnahan (1968)	Assistant Secretary	Since 2009	Assistant Secretary, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (2009 — present);

			Assistant Secretary, TII (2009 — 2010);

			Counsel, TAM (2008 — present);

			Counsel (contract), Massachusetts Financial Services, Inc. (2007);

			Assistant Counsel, BISYS Fund Services Ohio, Inc. (2005 — 2007); and

			Associate, Greenberg Traurig, P.A. (2004 — 2005).



Transamerica Funds		Annual Report 2010

Page 133


		Term of
		Office and
		Length of	Principal Occupation(s) or
Name and Age	Position	Time Served*	Employment During Past 5 Years
Margaret A. Cullem-Fiore (1957)	Assistant Secretary	Since 2010	Assistant Secretary, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (April 2010 — present); Assistant Vice President, TCI (2009 — present);

			Vice President and Senior Counsel, TAM and TFS (2006 — present);

			Vice President and Senior Counsel, Transamerica Financial Advisors, Inc. (2004 — 2007); and

			Vice President and Senior Counsel, Western Reserve Life Assurance Co. of Ohio (2006).

Richard E. Shield, Jr. (1974)	Tax Officer	Since 2008	Tax Officer, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (2008 — present);

			Tax Officer, TII (2008 — 2010);

			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).

Elizabeth Strouse (1974)	Assistant Treasurer	Since 2010	Assistant Treasurer, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (April 2010 — present);

			Director, Fund Financial Services (2009 - present), TFS;

			Director, Fund Administration, TIAA-CREF (2007 — 2009); and

			Manager (2006 — 2007) and Senior (2003 — 2006) Accounting and Assurance, PricewaterhouseCoopers, LLC.


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



Transamerica Funds		Annual Report 2010

Page 134

PROXY VOTING POLICIES AND PROCEDURES AND QUARTERLY PORTFOLIO HOLDINGS
(unaudited)

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

Important Notice Regarding Delivery of Shareholder Documents



Transamerica Funds		Annual Report 2010

Page 135

NOTICE OF PRIVACY POLICY

(unaudited)

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

What Information We Collect and From Whom We Collect It

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

•

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

•

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

•

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

What Information We Disclose and To Whom We Disclose It

Our Security Procedures

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



Transamerica Funds		Annual Report 2010

Page 136

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

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

Class I2 Funds

Annual Report

October 31, 2010

www.transamericafunds.com

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

Dear Fellow Shareholder,

We believe it is important to recognize and understand current market conditions in order to provide a context for reading this report. During the past twelve months, markets have generally advanced, yet have exhibited periods of weakness in conjunction with investors’ concerns over the health of the economy and the labor market, and periods of strength in conjunction with investors’ optimism of recovery and improved economic data points. The equity markets exhibited weakness in February, advanced into late April, were weak during June, July, and August, and ended the period near their highs of the year. The period ended with positive twelve month returns for both the broad equity and bond markets. Given concerns over debt levels overseas, the U.S. Dollar entered a period of strength versus the Euro and British Pound until the late spring and early summer of 2010, when U.S. Dollar weakness resumed. The U.S. Dollar has weakened to multi-year lows versus the Japanese Yen. Oil prices have remained volatile over the past year, hitting their lows in early summer and rebounding to end higher at the end of the year. The Federal Reserve has kept the federal funds rate to a range of 0-0.25% in an effort to stimulate the economy. The unemployment rate has been sluggish to recede, beginning the period at 10.2% and ending the period at 9.6%. Anticipation of economic recovery has led to strong gains for particular equity and fixed-income sectors, including small-cap and mid-cap stocks, emerging market stocks, and high yield bonds. Money market securities have lagged on a relative basis. For the twelve months ended October 31, 2010, the Dow Jones Industrial Average returned 17.62%, the Standard & Poor’s 500 Index returned 16.52%, and the Barclays Capital U.S. Aggregate Bond Index returned 8.01%. 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 adviser if you have any questions about the contents of this report, and thanks again for the confidence you have placed in us.


Sincerely,

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

Transamerica AllianceBernstein International Value

(unaudited)

MARKET ENVIRONMENT

Equity markets were volatile during the twelve-month period ended October 31, 2010. The period started with mounting concerns about the sovereign debt crisis in Greece and potential contagion. The negative sentiment continued into the second quarter as investors feared the troubles in Europe may arrest the world’s economic recovery. The third quarter saw markets recoup some their losses of the second quarter. However, uncertainty prevailed as investors grappled with a host of unknowns and the concern of a double-dip recession. The Morgan Stanley Capital International-Europe, Australasia, Far East Index (“MSCI-EAFE”) ended the period up 8.82%.

Sector returns for the 12-month period were led by the industrial commodities, consumer and telecommunications sectors. Financial stocks declined; other laggards for the period were the technology and energy sectors, which rose but underperformed the market.

PERFORMANCE

For the year ended October 31, 2010, Transamerica AllianceBernstein International Value Class I2 returned 5.61%. By comparison, its benchmark, the MSCI-EAFE returned 8.82%.

STRATEGY REVIEW

Recent conditions in global markets have been particularly challenging for value investors. When stocks of all stripes trade in the same direction, it’s harder than normal for stock pickers to beat benchmarks. Rising stock correlation has been driven by a focus on macro-economic issues rather than company fundamentals. This adversely affects investors in the most attractively valued stocks, which are often among the most controversial. Given these circumstances, the portfolio underperformed its benchmark, the MSCI-EAFE, during the twelve-month period.

Detracting the most from returns was stock selection, particularly in the technology and consumer cyclical sectors. Detractors included Japan’s Toshiba, as concern about consumer spending and weaker pricing undermined holdings, while uncertainty about economic growth hurt Japan Tobacco. Both firms were also hurt by an appreciating yen. Other detractors included BP PLC and Banco Santander. BP suffered from the operational and political fallout of the explosion and subsequent oil spill at its Deepwater Horizon project in the Gulf of Mexico. Banco Santander fell due to sovereign concerns and increased regulation issues. We have since exited our position in Banco Santander.

After falling sharply in the second quarter, commodity stocks rallied in the third quarter as concern about Chinese economic growth diminished. Xstrata and Rio Tinto ranked among the top performers as they stood to benefit the most from Chinese demand for copper and iron ore. Rising demand in China also helped BMW’s sales. The German carmaker contributed to portfolio returns as it continued a strong run by beating analysts’ sales estimates. Also contributing to returns was our position in telecommunication holding, Vodafone Group PLC.

From a sector perspective, an underweight in the consumer staples and capital equipment sectors detracted from performance, while overweights in the telecommunications and consumer cyclical sectors contributed.

The portfolio’s country allocations are primarily a result of our bottom-up stock selection process. Overall security selection within countries was negative, detracting the most in France and the United Kingdom. Country selection was positive, contributing due to the portfolio’s underweight in Greece and overweights in Canada and Germany. Finally, currency selection in the portfolio was negative, due to an underweight in the Australian dollar and the U.S. dollar.

We are not deterred about recent performance. We believe the portfolio is well positioned to benefit from a rising market as stock valuations recover and the most attractively valued stocks still trade at a significant discount to the most expensive stocks. We believe these wide spreads will narrow as risk appetite increases and return to historical norms, creating considerable upside potential.

Additionally, the unusual degree to which equities are trading in the same direction is unlikely to continue. Eventually, as the market begins to pay closer attention to fundamentals, we believe stronger companies will be rewarded in kind.

When the market begins to focus on fundamentals again the portfolio should benefit, as holds underappreciated stocks across industries, including cyclical sectors such as technology and industrial commodities as well in more defensive sectors such as telecommunications and consumer staples. Since many stocks with strong fundamentals trade at depressed valuations, we do not need to take large sector overweights to capture the diverse opportunity.

The corporate environment going forward appears encouraging. Earnings reports are surprising analysts, while companies are underleveraged and generating strong cash flows. We believe that it is only a matter of time before this excess cash is used for increased capital spending and takeovers, or to reward investors with higher buybacks and dividends.

Our research shows that dividends and buybacks have been strong and reliable contributors to investor returns. These trends should boost returns because the portfolio includes more attractively valued stocks with greater cash flow generation potential than the market.

Sharon E. Fay, CFA
Kevin F. Simms, CPA
Henry S. D’Auria, CFA
Eric J. Franco, CFA

Co-Portfolio Managers
AllianceBernstein L.P.



Transamerica Funds		Annual Report 2010

Page 1

Transamerica AllianceBernstein International Value

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2010


				10 Years or
	1 Year			Life of Fund			Inception Date

Class I2 (NAV)		5.61	%		(0.55	)%		12/06/2005
MSCI-EAFE*		8.82	%		2.94	%		12/06/2005

NOTES


^*		The Morgan Stanley Capital International-Europe, Australasia, Far East Index (“MSCI-EAFE”) is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or Life of Fund calculation is based on the inception date of the fund. 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 only available in Class I2 shares, which are not available for direct investment by the public.



Transamerica Funds		Annual Report 2010

Page 2

Transamerica BlackRock Global Allocation

(unaudited)

MARKET ENVIRONMENT

For the period November 1, 2009 through October 31, 2010, global equities meaningfully outperformed global bond markets by a margin of two to one. Global equities, as measured by the Financial Times Stock Exchange World Index (“FTSE World”), returned 13.92%. Global bonds, as measured by the Citigroup World Government Bond Index, returned 6.35%. We believe the environment offers investment opportunities that, in the aggregate, are superior to those currently offered by long-duration government bonds and cash. However, we believe that a diversified approach will remain important, as global economic expansion unfolds at a slower pace in the developed markets versus the developing markets; and investors evaluate opportunities amidst uncertain global monetary policies, stubbornly high unemployment and high budget deficits.

PERFORMANCE

For the year ended October 31, 2010, Transamerica BlackRock Global Allocation Class I2 returned 11.40%. By comparison, its benchmark, the FTSE World, returned 13.92%.

STRATEGY REVIEW

For the twelve-month period ended October 31, 2010, Transamerica BlackRock Global Allocation returned 11.40%. Fund results lagged the 13.92% return of its broad-based all-equity benchmark, the FTSE World.

In absolute terms, the fund’s returns were aided by the recovery in global equity prices which occurred over the past twelve months. Looking at equities by sectors, sub allocation contributed modestly to performance primarily driven by an overweight in materials and an underweight to financials. Stock selection in financials, materials, information technology and utilities contributed positively to performance. From a country perspective on the equity portion of the fund, sub allocation was relatively flat while security selection contributed to performance. The largest contributors were underweights to Spain and Australia. Positive security selection in Canada and Taiwan contributed to performance as well. Looking at fixed income, security selection was modestly positive mostly around corporate spreads.

The fund has modestly overweight equities. Within equities from a regional perspective, the fund has an overweight position in Asian and Latin American stocks and an underweight position in European and U.S. stocks. The fund is also underweight in fixed income securities. Within fixed income, the fund has overweight convertible bonds as well as U.S. dollar denominated foreign securities with corresponding underweights in U.S. Treasuries and Japanese and German government bonds. The fund has overweight cash equivalents, partially due to our desire to keep the portfolio duration low.

The fund may use derivatives, including options, futures, indexed securities, inverse securities, swaps and forward contracts both to seek to increase the return of the fund and to hedge (or protect) the value of its assets against adverse movements in currency exchange rates, interest rates and movements in the securities markets. The use of options, futures, indexed securities, inverse securities, swaps and forward contracts can be effective in protecting or enhancing the value of the fund’s assets.

Dennis W. Stattman
Dan Chamby
Romualdo Roldan

Co-Portfolio Managers
BlackRock Investment Management, LLC



Transamerica Funds		Annual Report 2010

Page 3

Transamerica BlackRock Global Allocation

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2010


				10 Years or
	1 Year			Life of Fund			Inception Date

Class I2 (NAV)		11.40	%		7.05	%		12/06/2005
FTSE World *		13.92	%		3.08	%		12/06/2005

NOTES


^*		The Financial Times Stock Exchange World Index (“FTSE World”) is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or Life of Fund calculation is based on the inception date of the fund. You cannot invest directly in an index.



Transamerica Funds		Annual Report 2010

Page 4

Transamerica BlackRock Large Cap Value

(unaudited)

MARKET ENVIRONMENT

Toward the end of the fund’s prior fiscal year, massive policy stimulus was sufficient to break the downward spiral in asset values and economic activity. The speed and severity of the economic and financial meltdown was extraordinary and the lingering effects were not short-lived. It is hardly a surprise that the greatest destruction in wealth and the deepest recession since the 1930s dealt a powerful blow to business and consumer confidence. However, once an economic recovery process begins, it tends to continue barring some new shock or serious policy mistake. Equities performed well in the first half of the fiscal year against a favorable backdrop of improving corporate earnings and accommodative Federal Reserve Board policy.

The latter half of the fiscal year began with intensified fears among investors of a double-dip recession. The pace of improvement on the employment front was painfully slow. Unemployment levels typically have the largest impact on consumer confidence and along with low confidence levels, consumer spending, though relatively firm, was struggling. At the same time, the corporate sector remained resilient and business spending levels were increasing. Most central bankers around the world were hesitant to increase rates, recognizing that it would be counterproductive, and the economy continued to grind higher.

To close the fiscal year, the market has returned to the general upward trend seen in the first half as investors have renewed their focus on the cyclical economic recovery and the tailwind of attractive valuations. Looking out over the next three to six months, we see little reason to expect a pronounced acceleration in U.S. economic growth. At the same time, however, we do not believe growth will slow to the point that the economy will sink back into recession.

PERFORMANCE

For the year ended October 31, 2010, Transamerica BlackRock Large Cap Value Class I2 returned 8.16%. By comparison, its benchmark, the Russell 1000^® Value Index, returned 15.71%.

STRATEGY REVIEW

Over the year, we increased the fund’s exposure to pro-cyclical sectors on the notion that these sectors are most likely to deliver outperformance for the long term. During the year, we added to the fund’s holdings in the consumer discretionary and information technology (“IT”) sectors. In consumer discretionary, we favor retailers, where disciplined inventory management and promotional activity should be a driver for earnings. In IT, we favor names with hardware exposure that are positioned to benefit from the ongoing enterprise refresh cycle.

During the year, we decreased the fund’s exposure to the energy and health care sectors. In energy, we are most cautious about companies with exposure to natural gas as we continue to see excess supply issues. Though we have reduced exposure to health care, the fund remains overweight relative to the benchmark. We believe compressed valuations, relatively healthy earnings outlooks, and improving clarity related to health care reform bode well for the sector in the longer term. Still, we have slightly decreased our exposure to health care and we have used the proceeds to increase exposure to IT and consumer discretionary.

The financial sector continues to be the fund’s largest underweight. Low investment returns due to low interest rates and a flat yield curve creates an ongoing challenge for banks and insurance companies. Additionally, we expect regulatory uncertainties and business model questions to persist for some time.

On an individual security basis, the fund’s underweight exposure to Exxon Mobil Corp. was the largest contributor to relative performance during the period. Underweights in financial stocks JP Morgan Chase & Co. and Wells Fargo & Co. also had a positive impact. Holdings of Macy’s, Inc. and Smith International, Inc. added to returns.

The fund’s holdings in Bank of America Corp., Seagate Technology PLC, Goldman Sachs Group, Inc., and Genworth Financial, Inc. had a negative impact on returns. An underweight position in AT&T Inc. also detracted from relative performance.

Security selection within IT, particularly in the computers & peripherals industry, had a negative impact on performance. In financials, security selection hindered returns, most notably an underweight in real estate investment trusts. A general underweight and security selection in consumer discretionary also detracted from performance.

Contributing positively to performance was security selection in the health care and the energy sectors.

Robert C. Doll, Jr., CFA, CPA
Daniel Hanson, CFA
Peter Stournaras, CFA

Co-Portfolio Managers
BlackRock Investment Management, LLC



Transamerica Funds		Annual Report 2010

Page 5

Transamerica BlackRock Large Cap Value

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2010


				10 Years or
	1 Year			Life of Fund			Inception Date

Class I2 (NAV)		8.16	%		(1.77	)%		11/15/2005
Russell 1000® Value*		15.71	%		0.23	%		11/15/2005

NOTES


^*		The Russell 1000® Value Index (“Russell 1000® Value”) is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or Life of Fund calculation is based on the inception date of the fund. 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 only available in Class I2 shares, which are not available for direct investment by the public.



Transamerica Funds		Annual Report 2010

Page 6

Transamerica BNY Mellon Market Neutral Strategy

(unaudited)

MARKET ENVIRONMENT

During the past twelve months, we have witnessed significant reversals in the market from month-to-month and quarter-to-quarter. Upbeat sentiment in the fourth quarter of last year and the first quarter of this year, fueled by positive indicators in manufacturing and corporate earnings, drove the Standard & Poor’s 500 Composite Stock Index (“S&P 500”) to gains of approximately 5% in each quarter. Then, as concerns grew about continued economic weakness in the second quarter of this year, the S&P 500 retreated over 11%. Finally, during the third quarter, optimism returned, and the S&P 500 gained back the losses of the prior quarter.

This “risk on, risk off” environment, which resulted in higher than normal correlations among stocks, made it more difficult to maintain desired positioning in the portfolio and presented a challenge during the period.

PERFORMANCE

For the year ended October 31, 2010, Transamerica BNY Mellon Market Neutral Strategy Class I2 returned (1.30)%. By comparison, its benchmark, the Bank of America Merrill Lynch 3 Month Treasury Bill + 3% Wrap Fee Index, returned 3.16%.

STRATEGY REVIEW

The market neutral strategy is a long/short stock selection strategy based on our quantitative implementation of fundamental valuation concepts. Our daily investment process combines a highly diversified set of factors, or characteristics, including value-based metrics, behavioral/momentum metrics, and metrics based on earnings quality and sustainability. We blend these measures into a single composite rank for each stock using a dynamic weighting scheme. Then we construct long and short portfolios that are carefully controlled along several dimensions of risk. These include the requirement that the net of the long and short portfolios always be near neutral in terms of beta, sector/industry exposure, and capitalization, among other risk factors.

The portfolio underperformed its benchmark early in the period when quality was out of favor, but has outperformed in the latter half of the period. Our growth/momentum metrics added the most value, particularly those that are focused on share price behavior. Although some of the other factors also had positive impact, particularly in recent months, the portfolio’s performance was not as strong as it could have been due to the continuing rapid vacillation of investor sentiment regarding the prospects for recovery of the global economy. These macro drivers often led to share prices responding less to the corporate fundamentals of valuation, earnings growth and quality that we rely on than to alternating states of pessimism and optimism.

We do not make tactical changes in the implementation of the strategy based on market conditions, and continued to maintain an even blend of value, growth/momentum factors, and earnings sustainability factors. We do monitor and control risk exposures that develop in the market.

Overall, small cap holdings added more value than large cap holdings over the twelve month period. Specialty retailer Fossil, Inc. gained strongly during the period, and added the most value. The maker of watches, jewelry, handbags, and other accessories posted significant sales and profit increases during the year. Other outperforming long holdings include medical services provider Humana, Inc., consumer electronics maker Apple, Inc., and industrial parts maker Timken Co. Short holdings, which added value, included Comstock Resources, Inc., an underperforming oil and gas exploration company, and wireless carrier Leap Wireless International, Inc.

Specialty vehicle maker Oshkosh Corp., a long holding which added substantial value last year, declined this year amid concerns about decreases in defense spending, impacting orders for its armored vehicles. Other long holdings which detracted from performance included software maker Symantec Corp., wire and cable manufacturer General Cable, and Constellation Energy Group, Inc. On the short side, real estate management firm Jones Lang LaSalle, Inc. and Edwards Lifesciences Corp. detracted from performance as these short holdings increased in value.

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. Slight net long and short sector/industry positions had very minimal impact. Positive impacts, such as a contribution from our net long position in the consumer cyclical sector, largely offset negative impacts such as that of a small net underweight to the strongly performing telecommunications sector.

Michael F. Dunn, CFA
Oliver E. Buckley
Langton C. Garvin, CFA

Co-Portfolio Managers
Mellon Capital Management Corporation



Transamerica Funds		Annual Report 2010

Page 7

Transamerica BNY Mellon Market Neutral Strategy

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2010


				10 Years or
	1 Year			Life of Fund			Inception Date

Class I2 (NAV)		(1.30	)%		(2.87	)%		01/03/2007
BofA Merrill Lynch 3-Month Treasury Bill *		3.16	%		1.90	%		01/03/2007

NOTES


^*		The Bank of America Merrill Lynch 3-Month Treasury Bill + 3% Wrap Fee Index (“BofA Merrill Lynch 3-Month Treasury Bill”) is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or Life of Fund calculation is based on the inception date of the fund. You cannot invest directly in an index.



Transamerica Funds		Annual Report 2010

Page 8

Transamerica Federated Market Opportunity

(unaudited)

MARKET ENVIRONMENT

It was a volatile, but overall strong, reporting period for the stock market. The fiscal year started with equity markets continuing their historic rally from the March 2009 low, where the Standard & Poor’s 500 Composite Stock Index (“S&P 500”) returned approximately 70% by January, 2010. After an 8% decline into February, the S&P 500 rallied more than 15% and set the high for the fiscal year in April. A crisis over European sovereign debt, along with fading U.S. economic indicators, led to an abrupt 16% decline in the S&P 500 by early July. After sharp swings up and down in July and August, the S&P 500 completed the fiscal year with a further gain of 15% as concerns over Europe abated, growth in emerging economies remained strong, and market participants began to anticipate further monetary easing by the Federal Reserve Board (“Fed”) and political change in the U.S. The S&P 500 ended the reporting period with a total return of 16.52%.

The U.S. Dollar Index also was volatile during the reporting period. The U.S. Dollar Index increased nearly 20% from the November 2009 low to the June 2010 high as U.S. economic fundamentals improved and the European sovereign debt crisis pressured the Euro lower. The rally stopped abruptly as U.S. economic indicators started to roll over, investors anticipated further monetary easing by the Fed, and the European debt crisis abated. The U.S. Dollar Index fell 12.6% from its peak and ended the reporting period with a return of 1.3%.

PERFORMANCE

For the year ended October 31, 2010, Transamerica Federated Market Opportunity Class I2 returned (2.11)%. By comparison, its primary and secondary benchmarks, the Russell 3000^® Value Index and the Bank of America Merrill Lynch 3-Month Treasury Bill Index, returned 16.40% and 0.12%, respectively.

STRATEGY REVIEW

The fund is managed to provide absolute positive returns with low correlation to the U.S. equity market. The fund underperformed its benchmarks for the fiscal year as equity markets were extremely volatile ending the reporting period higher. The fund maintained a “net short” equity position using put options for most of the reporting period. The rationale for the strategy was that the history of stock market bubbles, and of stock market valuations in general, supported a highly risk-averse strategy. With economic and financial conditions still precarious in fund management’s assessment, there was substantial fundamental support for this strategy. Since stock prices continued to rise sharply into the end of the fiscal year; however, this negative (short) position relative to stock prices resulted in losses to the portfolio.

Throughout the reporting period the fund’s equity long exposure was concentrated in Healthcare, Japanese Stocks and Materials. Healthcare stocks performed particularly well, boosted by low valuations and the passage of healthcare reform legislation that removed much of the cloud over the group. Gold bullion continued to set record highs throughout the reporting period, which produced significant returns for gold stocks. Materials, Information Technology, Telecommunication Services, Energy and Consumer Staple stocks also yielded positive performance for the fund, while Consumer Discretionary and Utility stocks had negative returns for the reporting period. Commodity exchange-traded funds (“ETF”), International government debt holdings and U.S. Treasuries also added to the fund’s returns.

The fund’s currency exposure was positioned during most of the reporting period for an increase in the U.S. dollar verses currencies of emerging or commodity-producing economies. This strategy produced solid returns for the first half of the reporting period as the U.S. dollar rallied amid the European debt crisis. However, the U.S. dollar reversed nearly all of its gains in second half of the reporting period, as confidence in European fiscal and monetary policies increased, in contrast to developments in the U.S.

Among the positive contributors to the fund’s performance, the best was the Central Fund of Canada, a precious metals mutual fund. One of the largest losses came from the put options on the Consumer Discretionary ETFs. From a country perspective, Japanese stocks were the top contributors to the fund.

Steven J. Lehman, CFA
Dana L. Meissner, CFA

Co-Portfolio Managers
Federated Equity Management Company of Pennsylvania



Transamerica Funds		Annual Report 2010

Page 9

Transamerica Federated Market Opportunity

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2010


				10 Years or
	1 Year			Life of Fund			Inception Date

Class I2 (NAV)		(2.11	)%		0.26	%		12/06/2005
Russell 3000^® Value *		16.40	%		(0.16	)%		12/06/2005
BofA Merrill Lynch 3-Month Treasury Bill *		0.12	%		2.53	%		12/06/2005

NOTES


^*		The Russell 3000^® Value Index (“Russell 3000^® Value”) and the Bank of America Merrill Lynch 3-Month Treasury Bill Index (“BofA 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. The 10 Years or Life of Fund calculation is based on the inception date of the fund. You cannot invest directly in an index.



Transamerica Funds		Annual Report 2010

Page 10

Transamerica First Quadrant Global Macro
(formerly, Transamerica UBS Dynamic Alpha)

(unaudited)

MARKET ENVIRONMENT

At the end of 2009, economic news is certainly improving around the globe, and it is clear that the worst of the current recession is behind us. But the future remains uncertain. There is risk that the market is anticipating more recovery than the economy can actually deliver. There is also risk that the central banks, in an attempt to keep low rates from developing into a new speculative bubble, raise rates sooner than expected.

While falling volatility and broad asset class returns signal a potential return to normalcy across developed equity markets in the first quarter of 2010, bond returns were only modestly positive. The global market concerns about the debt of Greece and other small European countries in the European Monetary Union simmered through the beginning of the year, but came to a boil in the second half of April. While the U.S. economy has been giving evidence of improving, and Asia of moving ahead, Europe has been struggling with how to respond to their own crisis. The downgrades in Greek, and then Spanish debt, are accompanied by the grim outlook for Italy and Portugal. Negative reaction to the European response to the Greek crisis sent stock and commodity markets sharply down in May. The stock market suffered one of its worst reversals since February 2009. A late recovery reduced the size of the losses, but uncertainty remains. The VIX Index, which measures the implied volatility of Standard & Poor’s 500 Composite Stock Index options, also spiked during the month, to increase by more than 100% at one point. The VIX fell back to 30 by the end of May, but well above its low of about 15, set only the month before. Credit spreads likewise widened, showing that the markets remain nervous after the late month bounce. Developed market sovereign bond returns soared, and yields dropped, in a classic flight-to-quality response.

Global markets experienced three different environments over the third quarter. Investors risk appetite increased in July as they shook off the effects of the spike in volatility in the second quarter and enjoyed relatively strong second quarter earnings announcements. Next, the end of July brought results of the stress tests for European banks, which were lukewarm at best. Subsequently, investors remained somewhat uncertain in August, including renewed fears about the worldwide economic recovery with particular focus on the U.S. In September, government involvement was the topic of choice. For Japan and Switzerland, it was about whether or not they would intervene in the markets. For the U.S. and China, it was about the battle over the China’s control over the Yuan. Stocks and bonds were dominated by the prospects of a second round of “quantitative easing” by the Federal Reserve Board.

PERFORMANCE

For the year ended October 31, 2010, Transamerica First Quadrant Global Macro Class I2 returned 0.66%. By comparison, its benchmark, the Citigroup 1-Month Treasury Bill Index, returned 0.11%.

STRATEGY REVIEW

Currency selection and bond country selection were the main contributors to performance for the reporting period. Volatility management also contributed to results, albeit to a lesser extent. In contrast, global asset class selection and stock country selection detracted slightly from performance. Derivatives are an integral part in obtaining the fund’s performance.

The relative valuation model, which measures the relative attractiveness of each bond market, helped drive performance in bond country selection. The Portfolio benefited from long positions in the U.S., Canada, and Australia.

From a stock country selection perspective, our exposures in the UK, Japan and the U.S. helped returns, which were offset by the long positions in Italy and Spain. Value-based and currency risk strategies were successful for this sleeve.

In terms of currency selection, gains were led by our positions in the Euro and U.S. dollar in the second quarter of 2010. Our trade flow model, which targets currency flows caused by short-term price fluctuations in traded goods, helped drive performance in our currency positions.

Lastly, global asset class selection detracted mildly from overall results. During much of the review period, we favored global stocks over global bonds, with exception in May 2010. By the end of the period, we moved back to an overweight to global stocks. Asset class positioning extended in the third quarter and now robustly favors global stocks over global bonds. This results from a bullish combination of the long-horizon relative valuation strategy and shorter-term strategies driven by recent volatility trends.

Kenneth J. Ferguson
Dori Levanoni
Chuck Fannin, CFA

Co-Portfolio Managers
First Quadrant, L.P.



Transamerica Funds		Annual Report 2010

Page 11

Transamerica First Quadrant Global Macro
(formerly, Transamerica UBS Dynamic Alpha)

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2010


				10 Years or
	1 Year			Life of Fund			Inception Date

Class I2 (NAV)		0.66	%		(2.10	)%		01/03/2007
Citigroup 1-Month Treasury Bill*		0.11	%		1.58	%		01/03/2007
Consumer Price Index*		1.17	%		2.12	%		01/03/2007

NOTES


^*		Prior to November 1, 2009, the Consumer Price Index served as the primary benchmark for the fund, at which time, it was replaced with the Citigroup 1-Month Treasury Bill Index (“Citigroup 1-Month Treasury Bill“). The Citigroup 1-Month Treasury Bill and the Consumer Price 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 10 Years or Life of Fund calculation is based on the inception date of the fund. You cannot invest directly in an index.



Transamerica Funds		Annual Report 2010

Page 12

Transamerica JPMorgan Core Bond

(unaudited)

MARKET ENVIRONMENT

The year began with the economy showing signs of improvement following significant market dislocations, mass layoffs and unprecedented policy actions, but ended with concern that the global economy might experience a “double-dip” recession.

Unemployment continued to be an issue for the economy during the year. The amount of part-time workers on payrolls and the historically low workweek gave employers incentive to increase the hours of their existing employees rather than hiring members of the unemployed workforce. The unemployment rate continued to decline during the first half of 2010 from the peak of 10.1% in October 2009, primarily due to temporary hiring for the census; however, the average duration of unemployment continued to extend from historical norms and stood at 33.3 weeks as of September.

Housing remained a major concern in the market as excess supply of both new and existing homes continued to depress housing prices. Housing transaction volumes were higher in the middle of the year as homebuyers took advantage of a tax credit, but this later dropped off after the credit expired. Housing transaction volumes have declined broadly as homebuyers brought purchases forward this year to take advantage of the tax credit.

The sovereign debt crisis in the Eurozone plagued global markets during second quarter of 2010. Even after the announcement of a €750 billion bailout package, the European sovereign debt crisis left an overall bleak economic picture in Europe. These continued concerns, accompanied by disappointing economic news in the U.S., led to a flight to quality as Treasury yields fell across the board.

Finally, the Federal Reserve Board (“Fed”) views stable inflation expectations as a critical condition to ensure that monetary policy is transmitted efficiently to the real economy. With inflation running below its traditional comfort levels, the Fed may fear that inflation expectations could become unhinged to the downside. There is also the risk that increased quantitative easing and a perception of debt monetization could lead inflation expectations higher.

Treasury prices rallied for the year ended October 31, 2010, as investors continued to react to disappointing economic data and the potential for a “double-dip” recession. Specifically, the spread between the two- and five-year Treasury yields decreased to 83 basis points (bps) from 141 bps at the end of the October 2009. The yield of the two-year note declined 58 bps, ending at 0.34%, and the yield of the five-year note fell 116 bps to 1.17%.

PERFORMANCE

For the year ended October 31, 2010, Transamerica JPMorgan Core Bond Class I2 returned 8.16%. By comparison its benchmark, the Barclays Capital U.S. Aggregate Bond Index, returned 8.01%.

STRATEGY REVIEW

The portfolio remained overweight in seasoned AAA-rated mortgage-backed securities, with most of its exposure in seasoned collateralized mortgage obligations (“CMOs”). We continued to favor seasoned agency CMOs, along with select high-quality non-agency structures.

Corporate earnings remained at or above expectations on whole, with companies continuing to run lean balance sheets. A low-rate environment also contributed to record corporate debt issuance over the period, as investors’ willingness to lend to corporations remained strong. As such, the credit sector outperformed comparable-duration Treasuries by 311 basis points (“bps”), with financial names being among the best performers (Barclays Bank PLC).

The portfolio’s sector allocations did not change dramatically throughout the year. We remained overweight in mortgage securities, slightly overweight in agency debentures and modestly underweight in corporate bonds.

From a ratings perspective, lower credit-quality issues outperformed AAA issues, as investors looked to add incremental risk and yield to their portfolios. Specifically, A and BBB securities produced 224 and 501 bps of excess returns versus duration-neutral AAA issues (Barclays Bank PLC). The Portfolio’s underweight in the BBB segment of the market was a slight detractor from performance for the period.

The portfolio’s duration ended the year at 4.25 years compared to 4.40 years for the benchmark.

The portfolio does not hold non-cash derivatives (futures, options, swaps), therefore, there are no applicable comments pertaining to their performance.

Douglas S. Swanson

Portfolio Manager
J.P. Morgan Investment Management Inc.



Transamerica Funds		Annual Report 2010

Page 13

Transamerica JPMorgan Core Bond

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2010


				10 Years or
	1 Year			Life of Fund			Inception Date

Class I2 (NAV)		8.16	%		7.11	%		07/01/2009
Barclays Capital U.S. Aggregate Bond*		8.01	%		9.29	%		07/01/2009

NOTES


^*		The Barclays Capital U.S. Aggregate Bond Index (“Barclays Capital U.S. Aggregate Bond”) is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or Life of Fund calculation is based on the inception date of the fund. You cannot invest directly in an index.



Transamerica Funds		Annual Report 2010

Page 14

Transamerica JPMorgan International Bond

(unaudited)

MARKET ENVIRONMENT

The end of 2009 and beginning of 2010 showed a steady improvement in economic data and signs of corporate strength as evidenced by earnings and trends in credit-rating migration. November and December were both “taking risk on” months, and Treasuries sold off as a consequence. Nevertheless, market actors expressed concern about the economic outlook as the effects of fiscal stimulus began to fade.

In the first quarter and early second quarter, the solvency of Greece and other peripheral European sovereigns came under intense scrutiny, prompting the European Central Bank (“ECB”) to announce an emergency €750 billion rescue package jointly with the International Monetary Fund. However, this “shock and awe” tactic provided only temporary relief to the markets, with the spreads of peripheral European sovereign debt over German debt soon reaching new wides and other risky assets (high yield bonds, emerging market debt and equities) selling off in sympathy worldwide. At the same time, relatively riskless instruments, such as Treasuries and government bonds performed very strongly.

The effect of the sovereign stress became so severe that the ECB further announced it would publish the results of bank stress tests in July in an attempt to assuage fears about the health of European banks with large exposures to peripheral debt. Despite the skepticism of commentators about the methodology used, the markets responded positively to the news that all but a small handful of European banks were adequately capitalized and that even in the worst case, bail-out costs would be manageable in scale. This, plus ultra-loose monetary policy globally, not least the ongoing commitment of the ECB to purchase peripheral debt, allowed risk appetite to reappear in the third quarter.

An unusual situation emerged where both risky assets and relatively risk-free assets rallied simultaneously in response to the promise of ultra-loose monetary policy on an open-ended time horizon. Equity markets developed strongly, corporate bond spreads tightened, particularly in high yield, and at the same time, AAA-rated government bond yields descended to levels only previously seen at the nadir of the crisis in late 2008 to early 2009. This was enhanced by the expectation of further quantitative easing from the U.S. Federal Reserve Board. However, towards the end of the period, there were signs that the rally was running out of steam as the effect of this anticipation waned and renewed concerns about the lack of clear recovery set in.

PERFORMANCE

For the year ended October 31, 2010, Transamerica JPMorgan International Bond Class I2 returned 8.54%. By comparison its benchmark, the JPMorgan Government Bond ex-U.S. unhedged Index, returned 8.00%.

STRATEGY REVIEW

Transamerica JPMorgan International Bond outperformed its benchmark in the twelve months ended October 31, 2010. The portfolio was long on headline duration for much of the year, with the exception of a period during the summer. The portfolio was short on euro bonds throughout the second quarter, which greatly benefited the performance. Early in the year, we were short on the U.K. versus long E.U. in 10-year maturities, which contributed strongly to performance, owing to the extreme uncertainty at the time about U.K. public finances, growth outlook and sovereign credit rating. Late in the second quarter and into the third, the portfolio was long U.K. versus short E.U. on the basis of reduced gilt supply and the newly elected U.K. government’s far greater commitment to fiscal retrenchment. Despite the flight-to-quality bid for German bonds arising from peripheral weakness, this trade performed well, as U.K. growth figures proved stronger than expected. Returns were enhanced by adding an outright long U.K. duration position in the third quarter. We have introduced yield-curve flatteners in countries where rates will be on hold for the foreseeable future and investors; therefore, will roll up the curve in search of yield.

The portfolio maintained an overweight in investment-grade corporate credit, particularly in financials, throughout the twelve months. While there have been both “risk on” and “risk off” periods in the past year, the former has predominated and credit spreads have progressively tightened. The portfolio also benefited from its unhedged exposures to the Brazilian real, Mexican peso, Indonesian rupiah and South Korean won, all of which performed strongly versus the U.S. dollar over the year, supported by strong investor sentiment towards emerging market debt.

Jon B. Jonsson

Portfolio Manager
J.P. Morgan Investment Management Inc.



Transamerica Funds		Annual Report 2010

Page 15

Transamerica JPMorgan International Bond

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2010


				10 Years or
	1 Year			Life of Fund			Inception Date

Class I2 (NAV)		8.54	%		8.41	%		12/06/2005
JPMorgan Gov Bond ex US unhedged*		8.00	%		9.27	%		12/06/2005

NOTES


^*		The JPMorgan Government Bond Index ex-U.S. unhedged (“JPMorgan Gov Bond ex US unhedged”) is an unmanaged index used as a general measure of market performance. Calculations assumed dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or Life of Fund calculation is based on the inception date of the fund. You cannot invest directly in an index.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the education 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. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.



Transamerica Funds		Annual Report 2010

Page 16

Transamerica JPMorgan Mid Cap Value

(unaudited)

MARKET ENVIRONMENT

Despite economic and political uncertainty dominating the headlines, U.S. equity markets continued to post robust gains over the past twelve months. After a shaky start in October, stocks finished 2009 on a high note as solid third-quarter earnings results and increased earnings expectations for 2010 were key underpinnings of the continued strength in equities. Markets walked on shaky ground at the turn of the calendar, with most of the weakness attributable to events overseas as ongoing concerns about Greece’s inability to roll over maturing debt caused further investor anxiety. However, a contingent support plan for the Greek government, continued strength in U.S. corporate profits and the Federal Reserve Board (“Fed”) reiterating that interest rates will remain at very low levels for an extended period helped propel equity markets to double-digit gains through mid-April.

Fear returned to the U.S. equity markets in late April as a flood of negative news surrounding the sovereign debt situation in Europe and May’s “flash crash,” along with continued political and regulatory uncertainty, particularly within the financial sector, all contributed to increased market volatility. In addition, markets were further pressured by slowing growth in China as well as increased talk of a “double-dip” recession in the U.S. and Europe. While September and October historically have been difficult months for equity investors, markets rallied on additional statements from the Fed that it is prepared “to provide additional accommodation” if needed to further support the economic recovery.

PERFORMANCE

For the year ended October 31, 2010, Transamerica JPMorgan Mid Cap Value Class I2 returned 25.08%. By comparison, its benchmark, the Russell Midcap® Value Index, returned 27.49%.

STRATEGY REVIEW

Transamerica JPMorgan Mid Cap Value underperformed its benchmark, the Russell Midcap^® Value Index, for the year ended October 31, 2010, due mostly to stock selection in the healthcare and financial sectors. The portfolio’s stock selection in the industrials and information technology sector contributed to performance.

A top detractor from performance was Gannett Co., Inc. The company publishes 83 daily U.S. newspapers, including USA TODAY. Gannett Co., Inc. continues to see declines in publishing revenues. Despite this, the company has managed to increase operating margins through increased operating efficiencies and lower newsprint prices. Another detractor from performance was BancorpSouth, Inc., a bank holding company serving customers in the Southeastern United States. The company reported disappointing earnings results driven mostly by higher-than-anticipated loan losses. BancorpSouth, Inc. is viewed as one of the highest-quality banks in the region, given the company’s above-average tangible common equity ratio and continued growth in deposits.

On the upside, Albemarle Corp., a specialty chemical company, was a top contributor to performance. The company operates through three segments: polymer solutions, catalysts and fine chemicals. Shares advanced as all three business segments continued to recover from the global economic slowdown. Another top contributor to performance was Tyco Electronics Ltd., a global provider of engineered electronic components, network solutions, specialty products and undersea telecommunication systems. The company is executing on its aggressive restructuring initiatives undertaken during the downturn as volumes have recovered and profit margins have improved significantly.

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 returns with lower levels of volatility over the long term. We set out to accomplish this goal by investing in businesses with relatively lower levels of cyclicality that maximize the probability of consistent earnings and free cash-flow generation. 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.

Gloria Fu, CFA
Lawrence Playford, CFA, CPA
Jonathan K.L. Simon

Co-Portfolio Managers
J.P. Morgan Investment Management Inc.



Transamerica Funds		Annual Report 2010

Page 17

Transamerica JPMorgan Mid Cap Value

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2010


				10 Years or
	1 Year			Life of Fund			Inception Date

Class I2 (NAV)		25.08	%		3.69	%		11/15/2005
Russell Midcap® Value *		27.49	%		3.05	%		11/15/2005

NOTES


^*		The Russell Midcap® Value Index (“Russell Midcap® Value“) is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or Life of Fund calculation is based on the inception date of the fund. You cannot invest directly in an index.



Transamerica Funds		Annual Report 2010

Page 18

Transamerica Loomis Sayles Bond

(unaudited)

MARKET ENVIRONMENT

The recovery has paced along since the fall of last year and despite recurring pockets of volatility along the way a “double dip” recession was avoided. This year has favored supply, with demand remaining strong for new issues, helping to improve credit spreads among corporates, as businesses generally favored using funds for refinancing purposes. Interest rates have moved lower over the period, driven by consistent policy language by the Federal Reserve Board favoring continued easing. With interest rates on the short end of the yield curve anchored near zero, investors’ reach for yield has favored longer duration issues this year, a move which has aided the flattening of the curve. Riskier assets in general were favored by investors over the year and helped drive returns among corporates and Commerical Mortgage-Backed Securities (“CMBS”).

Emerging nations have and may continue to enjoy robust growth, especially those tethered to the China growth story, but many developed countries will rely on an appropriate mix of policy initiatives to continue growing. The U.S. faces multiple policy challenges, some of which are home grown and others which are shared with our global neighbors. Uncertainty over policy risk is currently a major theme in the capital markets.

For businesses, despite liquid balance sheets, strong profit growth and access to cheap capital, many businesses have been reluctant to hire and invest. Given pent up demand, successful policy initiatives that can unlock this potential spending represent an upside “risk” to our forecast.

For U.S. consumers, we believe policies regarding housing and taxation are critical. Consumers suffered a large drop in wealth from housing and the stock market during the recession. Home prices appear to be bottoming, but we do not see a significant rise in prices as we believe the market still has to absorb foreclosure supply. The outlook could improve if policies were enacted to help clear the pipeline. Consumers have been busy deleveraging throughout the year, but much of that has been done through defaults or by not taking on new debt.

With little worry that growth or inflation will suddenly spike up near term, we think bond yields in the U.S., Europe, Japan, and possibly elsewhere, will likely remain low for the next several quarters. Central banks are unlikely to hike short rates and the long end typically benefits from demand for yield in a world of savings gluts. We believe the general level of yields will remain low, but volatile on the perceived success or failure of various policy initiatives, including actions to address some aspects of the crisis in Europe. The upcoming elections in the U.S. may only add to the volatility.

PERFORMANCE

For the year ended October 31, 2010, Transamerica Loomis Sayles Bond Class I2 returned 18.69%. By comparison, its benchmark, the Barclays Capital U.S. Government Credit/Bond Index, returned 8.48%.

STRATEGY REVIEW

The portfolio experienced strong performance over the past year aided largely by strong security selection and positive sector allocation as the markets moved towards recovery. Our relative overweight in high yield credit contributed significantly to relative performance as investors reaching for yield amid an environment of continued low rates were drawn to riskier assets throughout much of the year. The portfolio’s out of benchmark allocation to non U.S. dollar denominated bonds also proved beneficial to performance. Growth has been robust over the past year in developing and commodity rich nations and our exposure to Mexico, Indonesia, Brazil and Canada have resulted in strong gains for the portfolio. Our underweight to U.S. Treasuries, Agencies, and AAA rated credit generally proved additive to relative performance as interest rates have remained low and the attraction of risk premiums have favored other investment classes.

Within high yield corporates, our propensity for lower coupon longer duration high yield holdings also provided a boost to excess return as low interest rates had many investors favoring the longer end of the yield curve. High yield issuers have taken advantage of strong demand in the primary markets over the past year to refinance, which has helped the default rate trend to the lower single digits.

CMBS has been a top performing sector this past year, as scarce supply was met with strong demand by investors seeking investment grade credits with yield. Spreads in the sector have tightened significantly and outlook has improved while the progression of underlying fundamentals has seen marginal gains but still has a ways to go. Our CMBS exposure remains skewed towards higher quality issues. The convertibles in the portfolio have performed well over the past year.

We maintain our overweight to corporate bonds relative to U.S. Treasuries as we believe strong relative value remains at an improved risk/reward relationship. Liquidity has improved throughout the year and along with a steady new issue market, we have been able to take advantage of selectively adding to the portfolio when opportunity has arisen as well as trimming exposure to credits that we believe have reached full value. Our non U.S. dollar exposure remains focused on commodity rich countries that we believe offer high relative value as global growth remains strong. With around 240 issues currently in the portfolio we remain well diversified in order to take advantage of both attractive price opportunities as they present themselves and longer term market trends going forward.

Kathleen C. Gaffney, CFA
Matthew J. Eagan, CFA
Daniel J. Fuss, CFA, CIC
Elaine M. Stokes

Co-Portfolio Managers
Loomis, Sayles & Company, L.P.



Transamerica Funds		Annual Report 2010

Page 19

Transamerica Loomis Sayles Bond

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2010


				10 Years or
	1 Year			Life of Fund			Inception Date

Class I2 (NAV)		18.69	%		8.95	%		01/03/2007
Barclays Capital U.S. Government/Credit Bond*		8.48	%		6.86	%		01/03/2007

NOTES


^*		The Barclays Capital U.S. Government/Credit Bond Index (“Barclays Capital U.S. Government/Credit Bond”) is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or Life of Fund calculation is based on the inception date of the fund. You cannot invest directly in an index.



Transamerica Funds		Annual Report 2010

Page 20

Transamerica Morgan Stanley Emerging Markets Debt
(formerly, Transamerica Van Kampen Emerging Markets Debt)

(unaudited)

MARKET ENVIRONMENT

Emerging market debt performance was supported by solid fundamentals toward the end of 2009. Economic recovery appeared to be underway and financial risks were removed from the system. This was a period of consolidation in the wake of the financial crises of 2008, not only from an economic point of view, but also from an asset performance point of view with a more “normal” rate of return (that is, single-digit or low double-digit annualized returns).

The first quarter of 2010 was a good period for fixed income assets, which were supported by a positive macro backdrop of generally benign economic data and unchanged monetary policy in the largest world economies. In addition, important policy decisions influenced global markets including the passage of health care reform in the U.S. and Europe’s coordinated response to fiscal crises in its peripheral markets. Against this backdrop, emerging market debt strongly outperformed developed fixed income markets in the first quarter. This trend we believe will continue given emerging economies’ more pronounced recovery and robust fundamentals. Flows into emerging market bonds reached record levels, bolstered by the outperformance of emerging market economies and by investors’ search for higher-yielding assets.

Financial markets were choppy during the second quarter of 2010, as investors focused on the unfolding crisis in peripheral Europe. Worries over a double-dip recession and banking sector struggles in the developed world, as well as tighter monetary policy in certain emerging market countries overshadowed the generally strong fundamentals in the U.S. and most of the emerging world. While we believed problems in the developed markets should have limited impact in the emerging markets, we also believed that lingering uncertainty in financial markets would be increasingly likely to have a measurable impact on global macroeconomic performance, particularly on growth. That said, we viewed the movement toward normalization of monetary policy by several emerging market central banks as highlighting the relative strength of most emerging economies.

During the third quarter of 2010, the performance of emerging market debt was driven primarily by economic and policy developments in the developed world, particularly expectation for policy responses (mainly quantitative easing) to continued economic uncertainty in developed economies. Emerging market central banks slowed the pace of interest rate hikes as growth softened from very robust levels and inflation remained stable. We think the risk that emerging market countries will adopt capital controls has risen. Brazil and Thailand raised taxes on capital inflows in the third quarter. However, emerging markets continued to benefit from strong portfolio inflows, a trend that we believe is likely to be longer lasting and structural than many previously thought.

PERFORMANCE

For the year ended October 31, 2010 Transamerica Morgan Stanley Emerging Markets Debt Class I2 returned 17.16%. By comparison, its benchmark, the JPMorgan Emerging Markets Bond Index Global, returned 17.72%.

STRATEGY REVIEW

The portfolio underperformed the JPMorgan Emerging Markets Bond Global Index, mainly due to below-benchmark exposure to the Philippines, Uruguay, Lebanon, Turkey, South Africa, and Malaysia. Yield curve posture in Brazil and Mexico also detracted from relative returns. Conversely, overweight positions in Indonesia, Peru, and Ukraine; local rates exposure to Brazil and Mexico; and security selection in Argentina aided returns.

We believe global growth will soften marginally in the second half of 2010 as higher growth in the euro zone could soften the impact of lower growth in the U.S. We assign a very low probability to a double-dip recession scenario in the developed world, but we also believe markets are likely to remain volatile until there is clearer evidence supporting that view. Our strategy remains predicated on a benign growth outlook for emerging markets in the second half of this year and in 2011. Policy rates will remain lower for longer in the developed world, in our view, reflecting softer growth prospects and limited inflationary pressures, particularly in the U.S. In contrast, we believe that most emerging markets will continue raising rates in the remainder of 2010 and in 2011, albeit at a slower pace.

The implementation of another round of quantitative easing (“QE2”) by the U.S. Federal Reserve Board could end up reducing real rates to close to zero in the longer end of the U.S. Treasury yield curve and could have an impact on inflation, inflation expectations, and economic activity in the U.S. However, it is also quite likely that some of the additional liquidity produced by QE2 will find its way into emerging markets, exerting additional pressure on exchange rates, yield curves, and equity prices. Additionally, emerging markets have the distinct advantage of higher growth rates and solid sovereign balance sheets, which may make the asset class a leading destination for capital. We believe macroeconomic fundamentals in the emerging world remain robust and are not under the same pressures as the developed world. Looking ahead, we believe that developments in Europe and the U.S. will continue to drive emerging debt markets; however, contagion of risks from developed to emerging markets through more fundamental channels (global capital and trade flows) remain less apparent at this point.

While the global backdrop remains supportive, our valuation models suggest that emerging market debt is near fair value. Many of the “good stories” in the emerging markets have been recognized by the market and are no longer undervalued by our measures. As such, we believe that some credits will remain constrained by stretched valuations. However, our models indicate that numerous lower credit quality countries experiencing positive rates of change still warrant an overweight position.

Eric J. Baurmeister
Federico L. Kaune

Co-Portfolio Managers
Morgan Stanley Investment Management Inc.



Transamerica Funds		Annual Report 2010

Page 21

Transamerica Morgan Stanley Emerging Markets Debt
(formerly, Transamerica Van Kampen Emerging Markets Debt)

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2010


							10 Years or
	1 Year			5 Years			Life of Fund			Inception Date

Class I2 (NAV)		17.16	%		8.99	%		9.08	%		11/08/2004
JPMorgan Emerging Markets Bond Global*		17.72	%		9.87	%		10.01	%		11/08/2004

NOTES


^*		The JPMorgan Emerging Markets Bond Index Global (“JPMorgan Emerging Markets Bond Global”) is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or Life of Fund calculation is based on the inception date of the fund. You cannot invest directly in an index.



Transamerica Funds		Annual Report 2010

Page 22

Transamerica Morgan Stanley Mid-Cap Growth
(formerly, Transamerica Van Kampen Mid-Cap Growth)

(unaudited)

MARKET ENVIRONMENT

Concerns about the pace of global economic growth dominated equity markets in the twelve months ended October 31, 2010. Continued weakness in jobs and real estate data in the U.S. and a potential sovereign debt crisis in several peripheral European countries ignited fears of a double-dip recession in the developed world. Investors fled risky assets for gold and Treasury securities, causing higher levels of volatility and more muted returns in the U.S. equity market than had been seen in 2009. However, beginning in September 2010, investor expectations shifted on the prospect of a second round of quantitative easing (a process of purchasing bonds on the open market to lower long-term borrowing costs) by the Federal Reserve Board. As the chances of a double-dip recession appeared to diminish, stocks rallied through the end of the period.

We have seen a lot of volatility in the marketplace in the past year, and the market’s future prospects remain unclear from both a top-down and bottom-up perspective. Nonetheless, as we enter the final months of the year we remain optimistic. We continue to focus on identifying high-quality companies with sustainable competitive advantages that are not linked to a specific macroeconomic forecast. We maintain our long-term perspective and look to capitalize on compelling opportunities within the marketplace to upgrade the portfolio.

PERFORMANCE

For the year ended October 31, 2010, Transamerica Morgan Stanley Mid-Cap Growth Class I2 returned 36.64%. By comparison its benchmark, the Russell Midcap® Growth Index, returned 28.03%.

STRATEGY REVIEW

The investment team looks for 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 profile. We find 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’s relative outperformance was driven by positive results from stock selection and an overweight in the consumer discretionary sector, where exposure to the leisure industry led performance. Stock selection in technology also contributed, although an underweight in the sector slightly detracted from relative gains. The computer services software and systems industry was the chief performance driver. Both stock selection and an underweight in utilities were advantageous to relative performance. Within the sector, the telecommunications industry was the most additive.

However, other investments had a negative effect on relative performance. Stock selection in energy was the largest detractor, despite the benefit of an overweight there. Within the sector, natural gas producers were the main area of weakness. Both stock selection and an overweight in financial services were detrimental to relative performance, with underperformance primarily in the diversified financial services industry. Although an overweight in the producer durables sector had a positive influence on relative performance, it was more than offset by unfavorable stock selection there, most notably in the commercial services segment.

Dennis P. Lynch
David S. Cohen
Sam G. Chainani
Alexander T. Norton
Jason C. Yeung
Armistead B. Nash

Co-Portfolio Managers
Morgan Stanley Investment Management Inc.



Transamerica Funds		Annual Report 2010

Page 23

Transamerica Morgan Stanley Mid-Cap Growth
(formerly, Transamerica Van Kampen Mid-Cap Growth)

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2010


				10 Years or
	1 Year			Life of Fund			Inception Date

Class I2 (NAV)		36.64	%		7.28	%		01/03/2006
Russell Midcap® Growth*		28.03	%		3.06	%		01/03/2006

NOTES


^*		The Russell Midcap® Growth Index (“Russell Midcap® Growth”) is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or Life of Fund calculation is based on the inception date of the fund. You cannot invest directly in an index.



Transamerica Funds		Annual Report 2010

Page 24

Transamerica Morgan Stanley Small Company Growth
(formerly, Transamerica Van Kampen Small Company Growth)

(unaudited)

MARKET ENVIRONMENT

We have seen a lot of volatility in the marketplace in the past year, especially in the small-cap segment, and the market’s future prospects remain unclear from both a top-down and bottom-up perspective. Nonetheless, as we enter the final months of the year we remain optimistic. We continue to focus on identifying high-quality companies with sustainable competitive advantages that are not linked to a specific macro economic forecast. We maintain our long-term perspective and look to capitalize on compelling opportunities within the marketplace to upgrade the portfolio.

PERFORMANCE

For the year ended October 31, 2010, Transamerica Morgan Stanley Small Company Growth Class I2 returned 24.04%. By comparison, its benchmark, the Russell 2000^® Growth Index, returned 28.67%.

STRATEGY REVIEW

The portfolio’s underperformance relative to the Russell 2000^® Growth Index was driven by stock selection and an underweight in the technology sector. Within the sector, performance lagged most significantly in the computer technology industry. Stock selection in health care also dampened relative performance, though it was slightly offset by relative gains from an underweight to the sector. The health care services industry was the sector’s leading detractor. Further relative losses came from the energy sector, where stock selection and underweight in the sector were disadvantageous. The portfolio’s exposure to natural gas producers was the main area of the weakness.

Despite the portfolio’s underperformance, there were sectors that contributed positively to relative returns during the period. Stock selection and an underweight in producer durables had the largest positive effect on relative performance, driven by the back office support, human resources, and consulting industry. In the materials and processing sector, both stock selection and an overweight there added to outperformance. The sector’s gain was supported largely by the diversified metals and minerals industry. Finally, although an overweight in the utilities sector was somewhat detrimental to relative performance, stock selection was favorable, with a positive contribution from the miscellaneous utilities industry.

Dennis P. Lynch
David S. Cohen
Sam G. Chainani
Alexander T. Norton
Jason C. Yeung
Armistead B. Nash

Co-Portfolio Managers
Morgan Stanley Investment Management Inc.



Transamerica Funds		Annual Report 2010

Page 25

Transamerica Morgan Stanley Small Company Growth
(formerly, Transamerica Van Kampen Small Company Growth)

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2010


							10 Years or
	1 Year			5 Years			Life of Fund			Inception Date

Class I2 (NAV)		24.04	%		3.17	%		4.74	%	11/08/2004
Russell 2000® Growth *		28.67	%		3.99	%		4.48	%	11/08/2004

NOTES


^*		The Russell 2000® Growth Index (“Russell 2000® Growth”) is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or Life of Fund calculation is based on the inception date of the fund. You cannot invest directly 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 I2 shares, which are not available for direct investment by the public.



Transamerica Funds		Annual Report 2010

Page 26

Transamerica Neuberger Berman International

(unaudited)

MARKET ENVIRONMENT

A strong final three months helped international markets, as measured by the Morgan Stanley Capital International-Europe, Australasia, Far East Index (“MSCI-EAFE”), to a solid gain for the twelve month period ended October 31, 2010. Gains were widespread, with nearly all sectors and countries posting positive returns. Singapore posted the strongest gains in the MSCI-EAFE, followed by Denmark, and Sweden. Greece was the worst performing country, followed by Ireland, Spain, Italy, and Portugal; these were the only countries to decline over the period. By sector, Materials, Consumer Discretionary, Industrials, and Consumer Staples were the best performers. Financials were the worst performing sector in the Index, posting a slightly negative return. For the fiscal year, the MSCI-EAFE underperformed both the Standard & Poor’s 500 Composite Stock Index and the Morgan Stanley Capital International Emerging Markets Index.

PERFORMANCE

For the year ended October 31, 2010, Transamerica Neuberger Berman International Class I2 returned 19.16%. By comparison, its benchmark, the MSCI-EAFE, returned 8.82%.

STRATEGY REVIEW

The fund significantly outperformed the MSCI-EAFE over the period.

The Financials sector was the strongest contributor, driven by strong stock selection. Materials and Information Technology holdings were also beneficial to the fund’s relative return. The Health Care and Consumer Staples sectors were the only two sector detractors from relative performance, with fund holdings underperforming the benchmark in each case. Stock selection in Utilities was also weak; however, this was offset by a significant underweight to the underperforming sector (the fund ended with no exposure to the sector).

From a country perspective, Canada was the strongest relative contributor, as the fund benefited from significant exposure to the country which is not part of the MSCI-EAFE. Japan and the United Kingdom (“UK”) also provided strong relative returns based on strong stock selection. Australia and Hong Kong were the two most significant detractors from fund performance.

The second largest position in the portfolio, Hyundai Mobis, a Korean automobile parts and equipment manufacturer was the strongest contributor over the period as the company continued to benefit from Hyundai and Kia Motor’s market share gains.

The third largest position in the portfolio, Canadian technology company MacDonald Dettwiler and Associates, Ltd. experienced strong growth in its Systems business, and provided the second biggest contribution to relative returns.

Pacific Rubiales, an international oil and gas company with operations in South America, was up on the back of strong production growth and continued exploration success in its Quifa field; there were also positive developments on enhanced oil recovery process negotiations with Ecopetrol, the Columbian state oil company.

The fund’s three largest individual detractors were Health Care companies Ipsen SA, iSoft Group, and Nobel Biocare.

Ipsen SA, a French specialty pharmaceuticals company, focused on oncology, neurology and endocrinology, announced a twelve to eighteen month delay on Taspoglutide (a diabetes drug) due to hypersensitivity reactions noted in Phase III clinical trials. The stock was under review at the end of the period.

iSoft Group, an Australian developer of software for the health care sector, declined when the company disclosed that the new UK leadership (resulting from the recent UK elections) would postpone implementation of a software rollout in England. We sold out of the position on concerns of the lack of cost visibility and increasing balance sheet risk.

Nobel Biocare is one of the two largest manufacturers of dental implants, alongside Straumann. We eliminated the position, as despite several management changes, the company was unable to combat declining growth rates and market share losses.

Benjamin Segal, CFA

Portfolio Manager
Neuberger Berman Management LLC



Transamerica Funds		Annual Report 2010

Page 27

Transamerica Neuberger Berman International

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2010


				10 Years or
	1 Year			Life of Fund			Inception Date

Class I2 (NAV)		19.16	%		1.67	%		12/06/2005
MSCI-EAFE*		8.82	%		2.94	%		12/06/2005

NOTES


^*		The Morgan Stanley Capital International — Europe, Australasia, Far East Index (“MSCI-EAFE”) is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or Life of Fund calculation is based on the inception date of the fund. You cannot invest directly in an index.



Transamerica Funds		Annual Report 2010

Page 28

Transamerica Oppenheimer Developing Markets

(unaudited)

MARKET ENVIRONMENT

Over the reporting period, we have seen a two speed recovery, with slow, sub-par growth in the developed world and continued rapid growth in the emerging economies. Growth rates in developed economies have been hampered by efforts to significantly reduce heavy debt burdens as a result of years of overuse of leverage by both consumers and governments. Unemployment figures remained stubbornly high and housing markets in many economies, most significantly in the United States, continued to struggle. Understandably, consumer confidence remained low. To add to the tumult, the Euro zone’s debt crisis sent markets sharply lower over the spring and summer, before rebounding in the last two months of the period. In contrast, emerging markets continued to witness very strong growth during the period. Indeed, growth was so strong that we saw a tightening of monetary policy in order to rein in growth to sustainable levels and to keep a lid on inflation. High inflation, particularly in food prices, can put great pressure on economic, political and market stability in developing nations.

PERFORMANCE

For the year ended October 31, 2010, Transamerica Oppenheimer Developing Markets Class I2 returned 32.43%. By comparison, its benchmark, the Morgan Stanley Capital International Emerging Markets Index (“MSCI-EMI”), returned 23.89%.

STRATEGY REVIEW

At period end, relative to the MSCI-EMI, the fund’s largest sector overweights were in consumer staples and information technology, which were also among the largest contributors to the fund’s outperformance during the reporting period. Within consumer staples, the major contributors to relative performance were Russian retailer Magnit OJSC and Chilean retailer Centros Comerciales Sudamericanos SA. In information technology, Indian business software and outsourcing giant Infosys Technologies, Ltd. was a major positive contributor to fund performance, as were Baidu, Inc., which gained market share in part due to Google’s difficulties in China, and High Tech Computer Corp. in Taiwan, which manufactures the Android phone.

The fund also performed well within the financials and energy sectors during the period. Within financials, the fund fared particularly well within the commercial banks subsector, where HDFC Bank Ltd. and BanColombia SA benefited performance. We gradually increased our weighting in the energy sector over the course of the reporting period and this was also a positive, as the fund substantially outperformed the MSCI-EMI in terms of stock selection, in part due to the solid performance of Russian gas producer NovaTek OAO.

During the reporting period, consumer discretionary, telecommunication services and materials detracted from performance. Within consumer discretionary, the fund’s underweight position in the automobiles and components subsector, which performed well for the MSCI-EMI, detracted from results, as did an overweight position in B2W Cia Global Do Varejo. The two laggards in telecommunication services, Orascom Telecom Holding in Egypt and Turkcell Iletisim Hizmetleri AS in Turkey, were sold during the period. The fund’s underweight position in materials, which performed well for the MSCI-EMI during the period, resulted in the underperformance within the sector.

At period end, the fund had overweight positions to the consumer staples, information technology, consumer discretionary and health care sectors; and underweight positions to the materials, financials, industrials, telecommunication services and energy sectors, and did not hold any securities within the utilities sector. On a country basis, the fund had its largest overweight positions to the United Kingdom, India, Mexico and Hong Kong, and its greatest underweight positions to Korea, China and Taiwan.

Justin Leverenz, CFA

Portfolio Manager
OppenheimerFunds, Inc.



Transamerica Funds		Annual Report 2010

Page 29

Transamerica Oppenheimer Developing Markets

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2010


				10 Years or
	1 Year			Life of Fund			Inception Date

Class I2 (NAV)		32.43	%		14.37	%		12/06/2005
MSCI-EMI *		23.89	%		13.23	%		12/06/2005

NOTES


^*		The Morgan Stanley Capital International Emerging Markets Index (“MSCI-EMI”) is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or Life of Fund calculation is based on the inception date of the fund. You cannot invest directly in an index.



Transamerica Funds		Annual Report 2010

Page 30

Transamerica Oppenheimer Small- & Mid-Cap Value

(unaudited)

MARKET ENVIRONMENT

During the first half of the reporting period, U.S. stocks generally continued to rally in response to an economic recovery that began early in 2009. Improving manufacturing activity and a rebound in corporate earnings helped bolster the confidence of consumers, businesses and investors, but the rebound proved more sluggish than most previous recoveries, due to stubbornly high unemployment and weakness in housing markets. Nonetheless, improving investor sentiment helped sustain a stock market rally through April 2010.

The investment climate changed significantly in May. A sovereign debt crisis arose in Europe, where Greece in particular struggled to finance its heavy debt load, focusing attention on the similar problems of European nations such as Ireland, Spain, Hungary and others. Robust economic growth in China seemed to spark local inflationary pressures, and investors worried that remedial measures might choke off a major engine of the global recovery.

PERFORMANCE

For the year ended October 31, 2010, Transamerica Oppenheimer Small- & Mid-Cap Value Class I2 returned 21.44%. By comparison, its benchmark, the

Russell 2500® Value Index (“Russell 2500® Value”), returned 26.88%.

STRATEGY REVIEW

For the twelve-month period ended October 31, 2010, the fund produced positive absolute returns with share class I2 returning 21.44%. On a relative basis, the fund underperformed the Russell 2500^® Value, which returned 26.88%. During the reporting period, the fund’s underperformance stemmed primarily from weaker relative stock selection within the financials and consumer staples sectors. The fund outperformed the Russell 2500^® Value within the industrials and health care sectors due to stronger relative stock selection.

While equities remained volatile in the third quarter of 2010, we began to see evidence that investors were placing greater emphasis on underlying business fundamentals. Equities closed out the period strongly, as the Standard & Poor’s 500 Composite Stock Index had one of its best September months on record, and continued to rally in October. Despite this late rally, we remain cautious regarding the complex financial and economic challenges that continue to confront investors, from concerns over European sovereign debt to the slow pace of economic growth in the developed world.

During the reporting period, the fund’s greatest relative performers on a sector basis were industrials and health care. In terms of industrials, the fund performed particularly well within the machinery subsector, as overweight positions in Wabco Holdings, Inc. and Navistar International Corp. produced strong results. The fund’s overweight position in aerospace and defense holding Goodrich Corp., which performed well during the period, also contributed positively to relative performance. Within the health care sector, an overweight position in Valeant Pharmaceuticals International, Inc. provided the bulk of the outperformance, as the stock posted a triple digit total return for the fund during the reporting period. Outside of industrials and health care, additional individual contributors to performance during the period included CMS Energy Corp., Brinker International, Inc., Intrepid Potash, Inc., Hospira, Inc. and Assurant, Inc.

During the reporting period, the greatest detractors from performance were the financials and consumer staples due to weaker relative stock selection. Within financials, the fund’s underweight position to Real Estate Investment Trusts, which performed well for the Index, was the greatest detractor to performance. The fund also underperformed within the investment banking and brokerage subsector, as overweight positions in Investment Technology Group, Inc. and E*TRADE Financial Corp. detracted from performance. The fund exited its position in Investment Technology Group by period end. In terms of consumer staples, overweight positions in Kroger Co, Molson Coors Brewing Co. and Dole Food Co., Inc. hurt relative performance.

At period end, while we remain cautious in our outlook in the near term, we are optimistic about the long-term outlook for the economy.

John Damian

Portfolio Manager
OppenheimerFunds, Inc.



Transamerica Funds		Annual Report 2010

Page 31

Transamerica Oppenheimer Small- & Mid-Cap Value

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2010


				10 Years or
	1 Year			Life of Fund			Inception Date

Class I2 (NAV)		21.44	%		0.79	%		08/01/2006
Russell 2500® Value *		26.88	%		0.89	%		08/01/2006

NOTES


^*		The Russell 2500® Value Index (“Russell 2500® Value”) is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or Life of Fund calculation is based on the inception date of the fund. You cannot invest directly in an index.



Transamerica Funds		Annual Report 2010

Page 32

Transamerica Schroders International Small Cap

(unaudited)

MARKET ENVIRONMENT

International equity markets continued to make progress over the twelve month period, with smaller companies leading the way in most regions. The Standard & Poor’s SmallCap EuroPacific Index was up 14.53% compared to a 9.7% rise in the Standard & Poor’s Large/Midcap EuroPacific Index. Currency moves have been a material factor over the period, with the Japanese yen continuing to strengthen versus the U.S. dollar, but the Euro generally weak due to well publicized concerns over the debt levels of some of the smaller European countries such as Greece, Ireland and Portugal.

Although smaller company stocks performed well overall, and were particularly strong versus larger peers in the United Kingdom and continental Europe, they lagged in Japan. The strongest sectors were materials, telecommunications and information technology, while financials, health care and utilities performed less well.

PERFORMANCE

For the year ended October 31, 2010, Transamerica Schroders International Small Cap Class I2 returned 18.29%. By comparison, its benchmark, the S&P SmallCap EuroPacific Index, returned 14.53%.

STRATEGY REVIEW

The market environment has been beneficial to the fund’s portfolio which registered a return of 18.29% over the period. Relative returns have also been strong, primarily thanks to strong stock selection in continental Europe, the United Kingdom and in Japan. In Europe, the main contribution was from stocks in the industrial, energy and consumer cyclical sectors, while in the United Kingdom selection was good in industrial, energy and consumer areas. In Japan, selection was strong, particularly in the industrial and materials sectors. Regional allocation has been a modest positive in the period due to our overweighting in the Pacific excluding Japan (even though stock selection was slightly behind in that region) and the underweight in Japan.

Our focus has continued to be upon identifying companies offering sustainable and relatively visible growth prospects, with sound balance sheets and strong management. We continue to identify many companies fitting these criteria across the different regions, and while many holdings have reached our assessment of fair value, we have found other opportunities to recycle the proceeds.

Regional allocations have changed modestly over the period. We remain relatively positive on smaller Asia excluding Japan and emerging markets, though we have switched some exposure from the former to the latter. Elsewhere, reductions in exposure to Japan and continental Europe have funded additions to the United Kingdom where we believed the prospect of fiscal retrenchment has been increasingly discounted and there have been encouraging signs of a revival in merger and acquisition activity.

Matthew Dobbs

Portfolio Manager
Schroder Investment Management North America Inc.



Transamerica Funds		Annual Report 2010

Page 33

Transamerica Schroders International Small Cap

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2010


				10 Years or
	1 Year			Life of Fund			Inception Date

Class I2 (NAV)		18.29	%		(0.44	)%		03/01/2008
S&P EPAC SmallCap*		14.53	%		(3.47	)%		03/01/2008

NOTES


^*		The S&P SmallCap EuroPacific Index (“S&P EPAC SmallCap”) is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or Life of Fund calculation is based on the inception date of the fund. You cannot invest directly in an index.



Transamerica Funds		Annual Report 2010

Page 34

Transamerica Third Avenue Value

(unaudited)

MARKET ENVIRONMENT

The fiscal year ended October 31, 2010, saw the lumpy and sporadic continuation of the global economy recovery reflected in most broad equity markets. Most equity indexes bottomed in March 2009 and continued upward for the remainder of the year. At the start of 2010, some doubts began to emerge about the strength and sustainability of the global recovery. The Federal Reserve Board maintained its extremely accommodative monetary policy while the U.S. government deployed proceeds from the American Recovery and Reinvestment Act of 2009. A worldwide debate between stimulus advocates and proponents of economic austerity became the prominent economic argument of the day. This argument is still being waged.

In April and May, a European debt crisis revealed itself with Greece being the first European Union country to come close to defaulting on its debt. Other European countries with debt problems included Portugal, Ireland, Italy and Spain. The European Union, with some help from the International Monetary Fund, organized a large regional stimulus program, coupled with austerity budgets in some nations with high debt to gross domestic production (“GDP”) ratios.

Throughout the year, the U.S. and Europe showed markedly high levels of unemployment and the U.S. savings rate climbed from nearly 0% before the financial crisis to over 5% today. Economic fundamentals in both the U.S. and Europe have been improving, with U.S. unemployment ticking down a bit and GDP growth positive and modestly accelerating. Equity markets recovered sharply in September and October 2010.

PERFORMANCE

For the year ended October 31, 2010, Transamerica Third Avenue Value Class I2 returned 18.53%. By comparison, its primary and secondary benchmarks, the Russell 3000^® Value Index and the Morgan Stanley Capital International World Index (“MSCI World”), returned 16.40% and 13.32%, respectively.

STRATEGY REVIEW

Third Avenue Value employs a disciplined, fundamental value approach to stock selection, seeking to invest in well-managed, well-capitalized companies trading at a discount to our conservative estimate of net asset value. For the fiscal year, Third Avenue Value outperformed both the Russell 3000^® Value and the MSCI World Indices.

The largest contributor to the fund’s performance was Cimarex Energy Co., up 96.9% for the year. Cimarex has had a strong year of improving operating results and growing cash flow that management has used to strengthen the company’s already solid balance sheet. Oil and gas reserves have grown more rapidly than many expected.

The second strongest contributor was Brookfield Asset Management, Inc., up 44.3% for the year. Brookfield is a well-financed, well-managed investment company with significant investments in real estate, power generation, and infrastructure. The company has opportunistically invested a substantial amount of capital in the past year-and-a-half, having participated in the reorganization of General Growth Properties (the largest U.S. real estate-related bankruptcy in history) and leading the $1.5 billion recapitalization of Babcock & Brown Infrastructure. In addition, Brookfield has gained a lot of traction within its asset management business, having raised nearly $10 billion of external capital over the past few years. We believe that Brookfield’s management team will continue to take advantage of market dislocations to create value by investing its capital alongside its partners in opportunistic investments, which should allow Brookfield to continue to increase the company’s Net Asset Value (“NAV”) for the foreseeable future.

The portfolio’s third strongest contributor was Hutchison Whampoa, Ltd., up 42.5%. Hutchison is a Hong Kong-based holding company that has a global telecommunications footprint, energy and infrastructure investments throughout the world (including substantial ownership of Canada’s Husky Energy) and is the operator of five of the world’s seven busiest container ports. Hutchison is 50% owned by Cheung Kong Holdings, which is also a portfolio holding and another of our strongest contributors for the year. In addition to its vast Hong Kong and Chinese real estate holdings, Cheung Kong has made major investments in China’s infrastructure, including a natural gas company. Chairman Li Ka-Shing has been increasing his stake in Cheung Kong, further aligning his interests with those of his shareholders.

The portfolio’s largest detractor was Investment Technology Group, Inc., down 33.9%. This New York City-based agency brokerage has struggled in 2010 due to weak global equity market volumes.

The second largest detractor from performance was The St. Joe Co, down 15.7%. In October, St. Joe was the subject of public criticism from a hedge fund manager, who claims to have been shorting the stock since 2006 and detailed his thesis in a long presentation at a New York investment conference. Our view of St. Joe is that the company has substantial real estate and cash assets, as well as attractive access to credit.

During the year we closed several positions in order to free up cash to pursue other opportunities. These sales included Brookfield Infrastructure, Derwent, Hang Lung Group, Hang Lung Properties, Montpelier Re, Power Corp., El Financial and Sapporo Holdings. During the year, we established positions in the following issuers: Cenovus Energy, KeyCorp, Resolution, Wheelock and Wilmington Trust. Cenovus, an integrated oil company, was received as a spin-off from existing position Encana. Resolution Ltd, a UK acquisition vehicle of life insurance businesses, had acquired Friends Provident and subsequently purchased the book of Axa Life. Resolution is well managed and well financed. We established toe-hold positions in regional bank and financial services companies KeyCorp and Wilmington Trust, at discounts to estimated net asset value. Although the near-term earnings outlooks were weak, we believed that future NAV growth could be achieved by expanding net interest margin, reducing loan losses and as loan demand normalized. The risks included further deterioration in the commercial real estate portfolios and the potential for dilutive equity raises. Credit quality has improved for Key; however, it has deteriorated for Wilmington, which is a now the subject of a proposed merger with M&T bank, at below our purchase price. Wheelock & Co. is a well-financed real estate investment company with valuable properties in Hong Kong in addition to some holdings in mainland China and Singapore in which we were able to establish a position at a significant discount to the NAV.

Yang Lie
Curtis R. Jensen
Kathleen K. Crawford

Co-Portfolio Managers
Third Avenue Management LLC



Transamerica Funds		Annual Report 2010

Page 35

Transamerica Third Avenue Value

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2010


				10 Years or
	1 Year			Life of Fund			Inception Date

Class I2 (NAV)		18.53	%		(6.06	)%		05/01/2007
Russell 3000® Value *		16.40	%		(6.87	)%		05/01/2007
MSCI World*		13.32	%		(4.45	)%		05/01/2007

NOTES


^*		The Russell 3000® Value Index (“Russell 3000® Value “) and the Morgan Stanley Capital International World Index (“MSCI World”) are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or Life of Fund calculation is based on the inception date of the fund. You cannot invest directly in an index.



Transamerica Funds		Annual Report 2010

Page 36

Transamerica Thornburg International Value

(unaudited)

MARKET ENVIRONMENT

The fiscal year ended October 31, 2010 was both challenging and satisfying. The subsidence of uncertainties surrounding the sovereign debt crisis in Europe and unsettling economic data here at home, along with accommodative global monetary policies, seemed to promote a renewed appetite for equity risk. This helped the late-staged turnaround in performance for our fiscal year, and culminated in the best September for the U.S. stock market in over 70 years. International markets responded as well. For U.S. investors, currency movements were an added plus, especially late in the period. Developing markets played a somewhat unusual role, experiencing slightly less volatility and more economic stability than developed regions, in the form of trade surpluses and broadly stable fiscal positions and currencies. These currency dynamics, coupled with outperformance of many emerging market stocks, played a role in the relative returns of the Morgan Stanley Capital International All Country World Index ex-U.S. (“MSCI ACWI ex-US”) vs. the Morgan Stanley Capital International-Europe, Australasia, and Far East Index, with the former returning 13.08% and the latter 8.82% during the period. A number of currencies appreciated versus the U.S. dollar, providing investors with excess returns over and above stock price appreciation. European currencies, while weak early on, have recently retraced much of the declines of earlier in the period, while the Australian and Canadian dollar now trade near parity with the U.S. dollar, a level not seen in years.

The unexpected recovery of markets in September was refreshing after a summer of economic debate and focus on the possibility of a double dip recession in the United States creating a drag on the global economy. There are still plenty of worries, not the least of which is continued consumer and financial institution deleveraging. Budget deficits in developed markets, the aftershock of accommodative monetary policies, and the lingering sovereign debt crisis in Europe have spurred contentious currency movements. In this challenging environment, many publicly traded corporate securities remain reasonably healthy. Liquidity is abundant, costs seem under control, profits are surprisingly good, and emerging market economies continue to expand. This generally favorable backdrop encourages our guarded optimism. We remain committed to finding investments with an embedded value proposition. If we do this well, our portfolio will have the potential to participate in a recovering market within the bounds of normal volatility.

PERFORMANCE

For the year ended October 31, 2010, Transamerica Thornburg International Value Class I2 returned 15.75%. By comparison, its benchmark, the MSCI ACWI ex-US, returned 13.08%.

STRATEGY REVIEW

The diversification of our holdings and the three basket approach served us well during the period, as we were able to perform reasonably well during periods of high volatility, resulting in superior aggregate performance over the period. Notably, our top ten performing stocks were spread amongst several distinct industries, propelled by company-specific dynamics, and domiciled in varying geographies.

Our consumer discretionary holdings staged notable rebounds and were the strongest contributor to our 12-month performance with LVMH Moët Hennessey Louis Vuitton SA up nearly 52%. Hennes & Mauritz AB was another strong performer, up nearly 25% during the period. We own these companies not due to our belief in the superfluous opening of wallets, but due to strong franchises in what was a depressed industry, healthy balance sheets, and cost discipline which allows for operating leverage as sales recover. We also had positive company-specific news flow in Novo Nordisk A/S, which benefited from the approval of a new diabetes drug Victoza, as well as delays in competitive products, and Potash Corp., of Saskatchewan, which received an offer from BHP Billiton, Ltd.

The area that proved to be most problematic for the portfolio was the financial sector. Returns here were negative on an absolute and relative basis. As one might suspect, it was primarily the European financials institutions that suffered the most but the portfolio’s two Japanese financial companies fared no better: both Dai-ichi Life Insurance Ltd. and Mitsubishi UFJ Financial Group Inc. traded down significantly during the period.

William V. Fries, CFA
Wendy Trevisani
Lei Wang, CFA

Co-Portfolio Managers
Thornburg Investment Management, Inc.



Transamerica Funds		Annual Report 2010

Page 37

Transamerica Thornburg International Value

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2010


				10 Years or
	1 Year			Life of Fund			Inception Date

Class I2 (NAV)		15.75	%		5.86	%		09/15/2008
MSCI ACWI ex-US*		13.08	%		4.04	%		09/15/2008

NOTES


^*		The Morgan Stanley Capital International All Country World Index ex-U.S. (“MSCI ACWI ex-US”) is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or Life of Fund calculation is based on the inception date of the fund. You cannot invest directly in an index.



Transamerica Funds		Annual Report 2010

Page 38

Transamerica UBS Large Cap Value

(unaudited)

MARKET ENVIRONMENT

While certain economic data moderated toward the end of the review period, the economy, overall, continued to expand. Economic growth was supported by the federal government’s $787 billion stimulus program, increased consumer spending and improved manufacturing activity, as companies moved to rebuild inventories amid rising demand.

Although the economy continued to expand, albeit at a slower pace, during the reporting period, the Federal Reserve Board (“Fed”) remained concerned about unemployment, which stood at 9.6% as last reported in September 2010. As a result, the Fed maintained its highly accommodative monetary policy, keeping the Fed funds rate within a range of 0.00% to 0.25%, a historic low. (The federal funds rate, or “fed funds” rate, is the rate that banks charge one another for funds they borrow on an overnight basis.) The Fed has now held short-term interest rates steady since December 2008.

During a speech in October 2010, Fed Chairman Bernanke expressed concerns regarding the current state of the overall economy. He also alluded to the possibility of another round of quantitative easing, saying that the Fed “is prepared to provide additional accommodation if needed to support the economic recovery and to return inflation over time to levels consistent with our mandate.” As expected, in November (after the reporting period ended), the Fed announced another round of quantitative easing to help stimulate the economy, which included the purchase of $600 billion of longer-term U.S. Treasury securities by the end of the second quarter of 2011.

The U.S. equity market continued its ascent that began in the spring of 2009, with the Standard & Poor’s 500 Composite Stock Index (“S&P 500”) posting positive returns during five of the first six months of the review period. Improving economic conditions, better-than-expected corporate profits and robust investor demand supported the market. However, in May and June, the market reversed course, and the S&P 500 declined 7.99% and 5.23%, respectively. The market’s weakness was triggered by a series of events, including the debt crisis in Europe, uncertainties regarding financial reform legislation and disappointing economic data. The market then regained its footing in July, but subsequently stumbled again in August, primarily due to fears of a double-dip recession. However, with the Fed indicating that it may take further actions to support the economy, the stock market again rallied in September and October, rising 8.92% and 3.80%, respectively. All told, the S&P 500 gained 16.52% during the 12 months ended October 31, 2010.

PERFORMANCE

For the year ended October 31, 2010, Transamerica UBS Large Cap Value Class I2 returned 10.09%. By comparison, its benchmark, the Russell 1000^® Value Index returned 15.71%.

STRATEGY REVIEW

While the portfolio produced a solid absolute return during the reporting period, it underperformed its benchmark, the Russell 1000^® Value Index. Stock selection was the main detractor from results over the period, but this was partially offset by sector allocation.

From a stock selection perspective, the portfolio’s holdings in the financials, utilities and information technology sectors were the largest detractors from results. In contrast, holdings in the consumer discretionary and materials sectors were positive for relative performance.

In terms of sector allocation, the largest contributors were an underweight to financials and overweights to consumer discretionary and industrials. This was partially offset by the negative impact of the portfolio’s overweights to the healthcare and utilities sectors, as well as an underweight to materials.

From an individual security perspective, the largest detractors from results were the portfolio’s exposure to Ultra Petroleum Corp., Covidien PLC, JPMorgan Chase & Co., FirstEnergy Corp. and Hewlett-Packard Co. In contrast, the portfolio’s exposure to Anadarko Petroleum Corp., Interpublic Group of Cos.,Inc., Carnival Corp., Comcast Corp. and Goldman Sachs Group, Inc. were the largest contributors to performance.

Thomas M. Cole
Thomas J. Digenan
John C. Leonard

Co-Portfolio Managers
UBS Global Asset Management (Americas) Inc.



Transamerica Funds		Annual Report 2010

Page 39

Transamerica UBS Large Cap Value

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2010


							10 Years or
	1 Year			5 Years			Life of Fund			Inception Date

Class I2 (NAV)		10.09	%		(1.03	)%		0.67	%		11/08/2004
Russell 1000® Value*		15.71	%		0.62	%		1.88	%		11/08/2004

NOTES


^*		The Russell 1000® Value Index (“Russell 1000® Value”) is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or Life of Fund calculation is based on the inception date of the fund. 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 fun 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. transmericafunds.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns included the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.



Transamerica Funds		Annual Report 2010

Page 40

Transamerica WMC Emerging Markets

(unaudited)

MARKET ENVIROMENT

For the year ended October 31, 2010, the Morgan Stanley Capital International Emerging Markets Index (“MSCI-EMI”) rose 23.9% as investors favored equities in regions with strong growth prospects and solid government fiscal positions. Regionally, Europe, the Middle East, and Africa (“EMEA”) rose 27.1%; Latin America rose 23.8%; and Asia rose 23.4%. Turkey (+55.3%) posted the largest return in the EMEA region, as the country benefited from increasing export growth. Within Latin America, Colombia (+74.4%) led the MSCI-EMI higher as the country continues to attract foreign investment amid export growth and government efforts to combat criminal activity. Brazil (+15.1%) rose, supported by healthy economic growth and rising commodity prices during the year; however, it lagged its peers as uncertainty over the pending presidential election and the Brazilian government’s decision to raise taxes on foreign purchases of local bonds twice during the month of October weighed on the market. Within Asia, India (+34.9%) climbed higher as its economy accelerated. India’s central bank has raised its policy rates five times this year to harness economic growth and high inflation. China (+11.3%) lagged its peers amid efforts by the Chinese government to contain lending and tighten monetary policy to prevent the economy from overheating. On a sector basis, Consumer Discretionary (+44.8%), Consumer Staples (+42.7%), and Health Care (+41.4%) led the MSCI-EMI higher as all ten sectors posted positive returns. Energy (+7.6%) and Utilities (+17.6%) lagged during the period.

PERFORMANCE

For the year ended October 31, 2010, Transamerica WMC Emerging Markets Class I2 returned 21.08%. By comparison, its benchmark, the MSCI-EMI, returned 23.89%.

STRATEGY REVIEW

For the twelve months ended October 31, 2010, the Transamerica WMC Emerging Markets underperformed the MSCI-EMI on a gross of fee basis by 162 basis points (“bps”). The fund also underperformed the Lipper Emerging Markets (peer group) Average by 563 bps.

The fund underperformed the MSCI-EMI during the twelve month period. Overall, country allocation hurt relative performance, primarily overweights to Egypt and Israel. Stock selection also detracted from results, particularly in South Korea and China.

On a sector basis, allocation contributed to relative performance, particularly an overweight in Health Care. Stock selection within sectors, such as Health Care, Consumer Discretionary, and Financials, hurt relative performance.

Positions in integrated Russian steel producer Evraz Group, leading electronics manufacturer Samsung Electronics Co., Ltd., and Teva Pharmaceutical Industries, Ltd., a global pharmaceutical company based in Israel that develops, produces, and markets generic drugs, were among leading detractors from relative performance.

Top relative performers included integrated oil and gas company Petrol Brasileiros, the leading fashion retailer in Brazil Lojas Renner, and India’s largest automobile company, Tata Motors.

There are some indications that the mid-cycle global slowdown phase may be coming to an end. Europe faces significant headwinds, especially in the peripheral European countries, as the region is experiencing a much tighter fiscal spending environment. In the U.S., the economy continues to be held back by high unemployment and a weak housing market. China has deftly curbed rising lending growth, which likely will lead to slower growth in certain areas such as property development. Macroeconomic fundamentals continue to be superior in emerging markets compared to developed markets. Fiscal policy is sounder, economic growth rates are higher, and wealth accrual has been faster than in the developed world.

One of the key themes we are following is the integration, both political and economic, of regions in different areas of the world and the potential boost this would provide to economic fundamentals and business growth and profitability. This trend is quite visible, for example, among the Association of Southeast Asian Nations (“ASEAN”). Within this region, we are overweight Thailand and Malaysia. We are also closely watching the integration of the Andean region, and have exposure through investments in Chile, Colombia, and Peru.

Similarly, we have exposure to companies in Egypt and Jordan, which are developing their businesses regionally in North Africa and the Middle East.

From a sector perspective, we are underweight Materials and Energy and continue to emphasize domestically-oriented sectors, including Healthcare and Consumer Discretionary.

Vera M. Trojan, CFA

Portfolio Manager
Wellington Management Company, LLP



Transamerica Funds		Annual Report 2010

Page 41

Transamerica WMC Emerging Markets

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2010


				10 Years or
	1 Year			Life of Fund			Inception Date

Class I2 (NAV)		21.08	%		19.88	%		09/30/2008
MSCI-EMI *		23.89	%		21.61	%		09/30/2008

NOTES


^*		The Morgan Stanley Capital International Emerging Markets Index (“MSCI-EMI”) is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 years of Life or Fund calculation is based on the inception date of the fund. You cannot invest directly in an index.



Transamerica Funds		Annual Report 2010

Page 42

Understanding Your Funds’ Expenses
(unaudited)

SHAREHOLDER EXPENSES

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

The examples are based on an investment of $1,000 invested at May 1, 2010 and held for the entire period until October 31, 2010.

ACTUAL EXPENSES

The information in the table under the heading “Actual Expenses” provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = $8.60), then multiply the result by the number in the appropriate column for your share class titled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLES FOR COMPARISON PURPOSES

The information in the table under the heading “Hypothetical Expenses” provides information about hypothetical account values and hypothetical expenses based on the funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the funds’ actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the funds versus other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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


			Actual Expenses				Hypothetical Expenses (b)
	Beginning		Ending Account		Expenses Paid		Ending Account		Expenses Paid		Annualized
Fund Name	Account Value		Value		During Period (a)		Value		During Period (a)		Expense Ratio

Transamerica AllianceBernstein International Value	$	1,000.00	$	1,045.30	$	5.10	$	1,020.21	$	5.04		0.99	%
Transamerica BlackRock Global Allocation		1,000.00		1,040.00		4.52		1,020.77		4.48		0.88
Transamerica BlackRock Large Cap Value		1,000.00		954.20		4.09		1,021.02		4.23		0.83
Transamerica BNY Mellon Market Neutral Strategy		1,000.00		1,002.40		14.43		1,010.79		14.50		2.86	(c)
Transamerica Federated Market Opportunity		1,000.00		1,022.40		4.64		1,020.62		4.63		0.91
Transamerica First Quadrant Global Macro		1,000.00		1,001.60		8.43		1,016.79		8.49		1.67
Transamerica JPMorgan Core Bond		1,000.00		1,058.50		2.59		1,022.68		2.55		0.50
Transamerica JPMorgan International Bond		1,000.00		1,131.80		3.39		1,022.03		3.21		0.63
Transamerica JPMorgan Mid Cap Value		1,000.00		1,008.90		4.56		1,020.67		4.58		0.90
Transamerica Loomis Sayles Bond		1,000.00		1,073.00		3.66		1,021.68		3.57		0.70
Transamerica Morgan Stanley Emerging Markets Debt		1,000.00		1,092.30		5.38		1,020.06		5.19		1.02
Transamerica Morgan Stanley Mid-Cap Growth		1,000.00		1,120.90		4.65		1,020.82		4.43		0.87
Transamerica Morgan Stanley Small Company Growth		1,000.00		1,064.20		5.36		1,020.01		5.24		1.03
Transamerica Neuberger Berman International		1,000.00		1,096.90		5.71		1,019.76		5.50		1.08
Transamerica Oppenheimer Developing Markets		1,000.00		1,153.10		7.22		1,018.50		6.77		1.33
Transamerica Oppenheimer Small- & Mid-Cap Value		1,000.00		1,014.10		4.92		1,020.32		4.94		0.97
Transamerica Schroders International Small Cap		1,000.00		1,099.00		6.35		1,019.16		6.11		1.20
Transamerica Third Avenue Value		1,000.00		1,037.00		4.47		1,020.82		4.43		0.87
Transamerica Thornburg International Value		1,000.00		1,093.40		5.80		1,019.66		5.60		1.10
Transamerica UBS Large Cap Value		1,000.00		966.30		3.92		1,021.22		4.02		0.79
Transamerica WMC Emerging Markets		1,000.00		1,086.80		7.36		1,018.15		7.12		1.40


(a)		Expenses are calculated using the fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days), and divided by the number of days in the year (365 days).

(b)		5% return per year before expenses.

(c)		Includes dividends and interest on securities sold short (representing 1.37% of average net assets).



Transamerica Funds		Annual Report 2010

Page 43

Schedules of Investments Composition

At October 31, 2010
(The following charts summarize the Schedules of Investments of the funds by asset type)
(unaudited)


Transamerica AllianceBernstein International Value

Common Stocks	96.8	%
Securities Lending Collateral	6.4
Repurchase Agreement	1.2
Other Assets and Liabilities — Net	(4.4	)^(a)

Total	100.0	%


Transamerica BlackRock Global Allocation

Common Stocks	56.9	%
U.S. Government Obligations	9.2
Foreign Government Obligations	7.9
Convertible Bonds	7.5
Short-Term U.S. Government Obligations	6.8
Corporate Debt Securities	4.5
Investment Companies	4.2
Securities Lending Collateral	1.4
Preferred Stocks	1.1
Convertible Preferred Stocks	0.3
Preferred Corporate Debt Security	0.2
Loan Assignment	0.1
Purchased Options	0.1
Warrants	0.1
Rights	0.0	*
Asset-Backed Securities	0.0	*
Repurchase Agreement	0.0	*
Other Assets and Liabilities — Net	(0.3	)^(a)

Total	100.0	%


Transamerica BlackRock Large Cap Value

Common Stocks	99.9	%
Securities Lending Collateral	0.1
Short-Term Investment Companies	0.1
Other Assets and Liabilities — Net	(0.1	)

Total	100.0	%


Transamerica BNY Mellon Market Neutral Strategy

Common Stocks	97.7	%
Repurchase Agreement	8.8
Other Assets and Liabilities — Net	(6.5	)^(a)

Total	100.0	%


Transamerica Federated Market Opportunity

Repurchase Agreement	54.1	%
Common Stocks	30.9
Investment Companies	6.6
U.S. Government Obligations	5.4
Purchased Options	3.5
Securities Lending Collateral	1.7
Other Assets and Liabilities — Net	(2.2	)^(a)

Total	100.0	%


Transamerica First Quadrant Global Macro
(formerly, Transamerica USB Dynamic Alpha)

Repurchase Agreement	82.8	%
Short-Term U.S. Government Obligations	18.2
Purchased Options	0.0	*
Other Assets and Liabilities — Net	(1.0	)^(a)

Total	100.0	%


Transamerica JPMorgan Core Bond

U.S. Government Agency Obligations	49.8	%
U.S. Government Obligations	25.1
Corporate Debt Securities	12.6
Mortgage-Backed Securities	10.2
Securities Lending Collateral	7.1
Asset-Backed Securities	1.7
Foreign Government Obligations	0.2
Municipal Government Obligations	0.1
Other Assets and Liabilities — Net	(6.8	)

Total	100.0	%


Transamerica JPMorgan International Bond

Foreign Government Obligations	66.3	%
Corporate Debt Securities	28.8
Structured Note Debts	1.2
Mortgage-Backed Securities	1.0
Short-Term Foreign Government Obligation	0.3
Asset-Backed Securities	0.0	*
Other Assets and Liabilities — Net	2.4	^(a)

Total	100.0	%


Transamerica JPMorgan Mid Cap Value

Common Stocks	98.1	%
Securities Lending Collateral	4.2
Repurchase Agreement	2.1
Other Assets and Liabilities — Net	(4.4	)

Total	100.0	%


Transamerica Loomis Sayles Bond

Corporate Debt Securities	46.0	%
Foreign Government Obligations	18.6
Convertible Bonds	9.3
Securities Lending Collateral	8.2
Mortgage-Backed Securities	7.2
U.S. Government Obligations	5.7
Asset-Backed Securities	4.5
Repurchase Agreement	2.0
Convertible Preferred Stocks	1.2
Structured Note Debts	1.0
Preferred Corporate Debt Security	1.0
Preferred Stocks	0.9
Loan Assignment	0.6
Common Stocks	0.1
Other Assets and Liabilities — Net	(6.3	)

Total	100.0	%


Transamerica Morgan Stanley Emerging Markets Debt
(formerly, Transamerica Van Kampen Emerging Markets Debt)

Foreign Government Obligations	73.5	%
Securities Lending Collateral	15.8
Corporate Debt Securities	15.0
Repurchase Agreement	5.3
Other Assets and Liabilities — Net	(9.6	)

Total	100.0	%


Transamerica Morgan Stanley Mid-Cap Growth
(formerly, Transamerica Van Kampen Mid-Cap Growth)

Common Stocks	98.7	%
Securities Lending Collateral	25.4
Repurchase Agreement	2.1
Other Assets and Liabilities — Net	(26.2	)

Total	100.0	%



Transamerica Funds		Annual Report 2010

Page 44

Schedules of Investments Composition (continued)

At October 31, 2010
(The following charts summarize the Schedules of Investments of the funds by asset type)
(unaudited)


Transamerica Morgan Stanley Small Company Growth
(formerly, Transamerica Van Kampen Small Company Growth)

Common Stocks	95.2	%
Securities Lending Collateral	15.5
Repurchase Agreement	3.3
Preferred Stocks	1.9
Other Assets and Liabilities — Net	(15.9	)

Total	100.0	%


Transamerica Neuberger Berman International

Common Stocks	98.5	%
Securities Lending Collateral	4.7
Repurchase Agreement	1.5
Warrants	0.0	*
Other Assets and Liabilities — Net	(4.7	)

Total	100.0	%


Transamerica Oppenheimer Developing Markets

Common Stocks	95.3	%
Securities Lending Collateral	4.5
Repurchase Agreement	3.6
Preferred Stocks	1.1
Other Assets and Liabilities — Net	(4.5	)

Total	100.0	%


Transamerica Oppenheimer Small- & Mid-Cap Value

Common Stocks	93.7	%
Repurchase Agreement	6.1
Securities Lending Collateral	1.3
Other Assets and Liabilities — Net	(1.1	)

Total	100.0	%


Transamerica Schroders International Small Cap

Common Stocks	96.6	%
Securities Lending Collateral	9.9
Repurchase Agreement	2.4
Rights	0.0	*
Other Assets and Liabilities — Net	(8.9	)

Total	100.0	%


Transamerica Third Avenue Value

Common Stocks	95.9	%
Securities Lending Collateral	17.8
Repurchase Agreement	3.9
Warrants	0.1
Other Assets and Liabilities — Net	(17.7	)

Total	100.0	%


Transamerica Thornburg International Value

Common Stocks	93.8	%
Securities Lending Collateral	6.8
Repurchase Agreement	5.6
Preferred Stocks	2.7
Rights	0.1
Other Assets and Liabilities — Net	(9.0	)^(a)

Total	100.0	%


Transamerica UBS Large Cap Value

Common Stocks	98.8	%
Investment Companies	0.8
Repurchase Agreement	0.2
Other Assets and Liabilities — Net	0.2

Total	100.0	%


Transamerica WMC Emerging Markets

Common Stocks	91.3	%
Investment Companies	4.9
Securities Lending Collateral	3.9
Repurchase Agreement	3.2
Preferred Stocks	1.4
Warrants	0.2
Rights	0.0	*
Other Assets and Liabilities — Net	(4.9	)^(a)

Total	100.0	%


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

*		Amount rounds to less than 0.1%.



Transamerica Funds		Annual Report 2010

Page 45

Transamerica AllianceBernstein International Value

SCHEDULE OF INVESTMENTS
At October 31, 2010
(all amounts except share amounts in thousands)


	Shares		Value

COMMON STOCKS - 96.8%
Australia - 4.2%
Australia & New Zealand Banking Group, Ltd.		97,900	$	2,379
BHP Billiton, Ltd.		23,700		973
Boral, Ltd. ^		163,760		704
Challenger Financial Services Group, Ltd.		268,400		1,209
Incitec Pivot, Ltd.		292,500		1,066
National Australia Bank, Ltd.		211,121		5,266
Telstra Corp., Ltd.		392,000		1,025
Austria - 0.7%
OMV AG		53,100		1,984
Belgium - 1.4%
Delhaize Group SA		40,383		2,821
KBC Groep NV ‡		31,600		1,375
Canada - 5.1%
Agrium, Inc.		34,100		3,016
Lundin Mining Corp. ‡		305,800		1,937
National Bank of Canada ^		39,800		2,619
Nexen, Inc. ^		191,898		4,084
Suncor Energy, Inc.		76,988		2,467
Toronto-Dominion Bank ^		17,200		1,239
Cayman Islands - 0.3%
Daphne International Holdings, Ltd.		674,000		756
Denmark - 1.1%
Danske Bank A/S — Class R ‡		121,700		3,237
France - 14.3%
Arkema SA		23,900		1,544
BNP Paribas		65,864		4,818
Bouygues SA		99,300		4,376
Capital Gemini SA		55,300		2,821
Cie Generale de Geophysique-Veritas ‡		53,100		1,238
EDF SA		51,700		2,369
France Telecom SA		130,400		3,133
Lagardere SCA		63,300		2,700
PPR SA		9,700		1,590
Renault SA ‡		44,700		2,484
Sanofi-Aventis SA		63,700		4,449
Societe Generale		61,144		3,662
Vallourec SA		26,682		2,769
Vivendi SA		168,490		4,806
Germany - 7.8%
Allianz SE		42,000		5,264
Bayer AG		56,400		4,209
Deutsche Bank AG		41,900		2,415
E.ON AG		162,200		5,079
Muenchener Rueckversicherungs AG		16,400		2,565
ThyssenKrupp AG		99,700		3,669
Hong Kong - 1.9%
Esprit Holdings, Ltd.		429,694		2,301
New World Development, Ltd.		1,113,000		2,194
Noble Group, Ltd.		905,636		1,301
Italy - 4.3%
ENI SpA		175,700		3,959
Telecom Italia SpA		2,218,800		3,404
Telecom Italia SpA — RSP		1,617,800		1,981
UniCredit SpA		1,325,745		3,456
Japan - 26.9%
AEON Co., Ltd. ^		102,200		1,204
Air Water, Inc.		43,000		502
Asahi Breweries, Ltd. ^		122,200		2,468
Asahi Glass Co., Ltd.		257,000		2,469
East Japan Railway Co.		17,900		1,107
Isuzu Motors, Ltd.		463,000		1,784
ITOCHU Corp.		218,800		1,920
Japan Tobacco, Inc.		1,165		3,624
JFE Holdings, Inc.		90,500		2,825
JX Holdings, Inc.		417,000		2,451
KDDI Corp.		372		2,004
Konami Corp.		45,400		800
Konica Minolta Holdings, Inc.		137,500		1,333
Mitsubishi Corp.		159,800		3,842
Mitsubishi Gas Chemical Co., Inc.		234,000		1,448
Mitsubishi Materials Corp. ‡ ^		819,000		2,565
Mitsubishi Tanabe Pharma Corp.		96,000		1,570
Mitsubishi UFJ Financial Group, Inc.		191,000		890
Mitsui & Co., Ltd.		204,900		3,220
Mitsui Fudosan Co., Ltd.		213,000		4,025
Namco Bandai Holdings, Inc.		50,300		464
NGK Spark Plug Co., Ltd.		102,000		1,422
Nippon Express Co., Ltd.		463,000		1,841
Nippon Telegraph & Telephone Corp.		79,800		3,625
Nissan Motor Co., Ltd.		369,600		3,261
ORIX Corp. ^		32,160		2,933
Sharp Corp. ^		408,000		4,031
Sony Corp.		139,100		4,649
Sumitomo Electric Industries, Ltd.		179,400		2,290
Sumitomo Mitsui Financial Group, Inc.		89,700		2,689
Sumitomo Realty & Development Co., Ltd. ^		98,000		2,136
Sumitomo Rubber Industries, Ltd.		35,800		386
Tokyo Electric Power Co., Inc.		148,300		3,548
Tokyo Gas Co., Ltd.		424,000		1,997
Toshiba Corp.		615,000		3,080
Kazakhstan - 0.3%
Eurasian Natural Resources Corp., PLC		73,500		1,025
Netherlands - 1.2%
Koninklijke Ahold NV		99,200		1,371
Randstad Holding NV ‡		46,076		2,193
New Zealand - 0.3%
Telecom Corp., of New Zealand, Ltd. ^		541,985		839
Norway - 0.4%
Petroleum Geo-Services ASA ‡		100,050		1,250
Spain - 1.0%
Telefonica SA		114,100		3,081
Switzerland - 2.3%
Novartis AG		98,380		5,703
UBS AG ‡		65,438		1,108
United Kingdom - 23.3%
AstraZeneca PLC		108,000		5,416
Aviva PLC		526,800		3,360
BAE Systems PLC		612,000		3,380
Barclays PLC		828,200		3,644
BP PLC		927,400		6,327
British American Tobacco PLC		38,400		1,464
Imperial Tobacco Group PLC		128,200		4,107
Informa PLC		348,200		2,433
Marks & Spencer Group PLC		573,700		3,929
Old Mutual PLC		1,588,100		3,306
Premier Foods PLC ‡		1,225,300		346
Rio Tinto PLC		110,300		7,133
Royal Dutch Shell PLC — Class A ^		292,630		9,491
Thomas Cook Group PLC		322,400		935
Travis Perkins PLC		95,300		1,265
TUI Travel PLC		406,500		1,375
Vodafone Group PLC		2,454,512		6,680
Xstrata PLC		261,734		5,073

Total Common Stocks (cost $298,360)				289,350


SECURITIES LENDING COLLATERAL — 6.4%
State Street Navigator Securities Lending Trust — Prime Portfolio, 0.35% ▲		18,983,228		18,983
Total Securities Lending Collateral (cost $18,983)

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


Transamerica Funds		Annual Report 2010

Page 46

Transamerica AllianceBernstein International Value

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts in thousands)


	Principal		Value

REPURCHASE AGREEMENT - 1.2%
State Street Bank & Trust Co. 0.01% ▲, dated 10/29/2010, to be repurchased at $3,575 on 11/01/2010. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 12/15/2017, and with a value of $3,649.	$	3,575	$	3,575
Total Repurchase Agreement (cost $3,575)

Total Investment Securities (cost $320,918) #				311,908
Other Assets and Liabilities — Net				(13,157	)


Net Assets			$	298,751

FORWARD FOREIGN CURRENCY CONTRACTS:


						Amount in U.S.			Net Unrealized
Currency	(Sold)			Settlement Date		Dollars (Sold)			Appreciation

Canadian Dollar		(6,538	)		01/18/2011	$	(6,420	)	$	21


	Percentage of
INVESTMENTS BY INDUSTRY (unaudited):	Total Investments			Value

Commercial Banks		11.3	%	$	35,274
Oil, Gas & Consumable Fuels		10.0			30,763
Metals & Mining		8.0			25,200
Pharmaceuticals		6.7			21,347
Diversified Telecommunication Services		5.5			17,088
Insurance		4.6			14,495
Trading Companies & Distributors		3.8			11,548
Electric Utilities		3.5			10,996
Media		3.2			9,939
Tobacco		3.0			9,195
Wireless Telecommunication Services		2.9			8,684
Household Durables		2.8			8,680
Real Estate Management & Development		2.7			8,355
Chemicals		2.4			7,576
Automobiles		2.4			7,529
Multiline Retail		1.8			5,519
Food & Staples Retailing		1.7			5,396
Construction & Engineering		1.4			4,376
Capital Markets		1.2			3,523
Aerospace & Defense		1.1			3,380
Computers & Peripherals		1.0			3,080
Road & Rail		0.9			2,948
Consumer Finance		0.9			2,933
IT Services		0.9			2,821
Machinery		0.9			2,769
Energy Equipment & Services		0.8			2,488
Building Products		0.8			2,469
Beverages		0.8			2,468
Hotels, Restaurants & Leisure		0.8			2,310
Specialty Retail		0.7			2,301
Electrical Equipment		0.7			2,290
Professional Services		0.7			2,193
Gas Utilities		0.6			1,997
Auto Components		0.6			1,808

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


Transamerica Funds		Annual Report 2010

Page 47

Transamerica AllianceBernstein International Value

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts in thousands)


	Percentage of
INVESTMENTS BY INDUSTRY (unaudited): (continued)	Total Investments			Value

Office Electronics		0.4	%	$	1,333
Diversified Financial Services		0.4			1,209
Software		0.3			800
Textiles, Apparel & Luxury Goods		0.2			756
Construction Materials		0.2			704
Leisure Equipment & Products		0.1			464
Food Products		0.1			346

Investment Securities, at Value		92.8			289,350
Short-Term Investments		7.2			22,558

Total Investments		100.0	%	$	311,908

NOTES TO SCHEDULE OF INVESTMENTS:


^		All or a portion of this security is on loan. The value of all securities on loan is $18,057.

‡		Non-income producing security.

▲		Rate shown reflects the yield at 10/29/2010.

♦		Value is less than $1.

#		Aggregate cost for federal income tax purposes is $322,646. Aggregate gross unrealized depreciation for all securities in which there is an excess of value over tax cost were $22,423 and $33,161, respectively. Net unrealized depreciation for tax purposes is $10,738.

DEFINITION:

RSP		Refers to Risparmio shares, which are savings shares on the Italian Stock Exchange

VALUATION SUMMARY:


Investment Securities	Level 1		Level 2		Level 3		Total

Common Stocks	$	16,118	$	273,232	$	—	$	289,350
Repurchase Agreement		—		3,575		—		3,575
Securities Lending Collateral		18,983		—		—		18,983

Total	$	35,101	$	276,807	$	—	$	311,908


Other Financial Instruments*	Level 1		Level 2		Level 3		Total

Forward Foreign Currency Contracts — Appreciation	$	—	$	21	$	—	$	21

Level 3 Rollforward — Investment Securities


	Beginning												Net Transfers		Ending
	Balance at		Net			Accrued		Total Realized			Change in Unrealized		In/(Out) of		Balance at
Securities	10/31/2009		Purchases/(Sales)			Discounts/(Premiums)		Gain/(Loss)			Appreciation/(Depreciation)		Level 3		10/31/2010

Common Stocks	$	40	$	(40	)	$	—	$	(♦	)	$	♦	$	—	$	—
Rights		♦		(♦	)		—		—			—		—		—

Total	$	40	$	(40	)	$	—	$	(♦	)	$	♦	$	—	$	—


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

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


Transamerica Funds		Annual Report 2010

Page 48

Transamerica BlackRock Global Allocation

SCHEDULE OF INVESTMENTS
At October 31, 2010
(all amounts in thousands)


		Principal		Value

U.S. GOVERNMENT OBLIGATIONS - 9.2%
United States - 9.2%
U.S. Treasury Inflation Indexed Bond
2.38%, 01/15/2027		$	972	$	1,167
U.S. Treasury Note
1.38%, 02/15/2013			2,050		2,095
2.13%, 11/30/2014			2,484		2,608
2.25%, 01/31/2015			3,136		3,308
2.38%, 02/28/2015			4,348		4,606
2.50%, 03/31/2015			4,027		4,291
2.63%, 12/31/2014 Y			4,245		4,542
2.63%, 02/29/2016 - 08/15/2020			10,886		10,970
3.50%, 05/15/2020			11,055		11,924

Total U.S. Government Obligations (cost $43,678)					45,511


FOREIGN GOVERNMENT OBLIGATIONS - 7.9%
Australia - 0.2%
Australia Government Bond
5.75%, 06/15/2011	AUD		1,145		1,130
Brazil - 1.6%
Brazil Notas do Tesouro Nacional
10.00%, 01/01/2017 - 01/01/2021	BRL		15,281		8,152
Canada - 0.3%
Canadian Government Bond
3.50%, 06/01/2020	CAD		736		762
4.00%, 06/01/2016	CAD		605		652
Germany - 2.3%
Bundesrepublik Deutschland
3.50%, 07/04/2019	EUR		1,480		2,231
4.00%, 01/04/2018	EUR		550		856
4.25%, 07/04/2017	EUR		1,550		2,443
Deutsche Bundesrepublik Inflation Linked
1.50%, 04/15/2016	EUR		380		560
Federal Republic of Germany
1.50%, 09/21/2012 - 144A		$	1,600		1,631
4.00%, 07/04/2016	EUR		2,470		3,821
Hong Kong - 0.4%
Hong Kong Government Bond
2.03%, 03/18/2013	HKD		10,650		1,424
4.13%, 02/22/2013	HKD		3,350		469
Korea, Republic of - 0.2%
Export-Import Bank of Korea
4.13%, 09/09/2015		$	875		920
Malaysia - 0.2%
Republic of Malaysia
3.46%, 07/31/2013	MYR		217		70
3.76%, 04/28/2011	MYR		3,400		1,098
Netherlands - 0.1%
Netherlands Government Bond
3.75%, 07/15/2014	EUR		250		376
New Zealand - 0.1%
Republic of New Zealand CPI Linked Bond
4.50%, 02/15/2016	NZD		400		469
Poland - 0.2%
Republic of Poland CPI Linked Bond
3.00%, 08/24/2016	PLN		2,131		759
Turkey - 0.4%
Republic of Turkey
4.00%, 04/01/2020	TRY		379		299
10.00%, 01/09/2013	TRY		273		200
10.50%, 01/15/2020	TRY		2,055		1,627
Ukraine - 0.1%
Republic of Ukraine
6.88%, 09/23/2015 - 144A		$	110	$	110
7.75%, 09/23/2020 - 144A			295		298
United Kingdom - 1.8%
United Kingdom Gilt
4.25%, 03/07/2011	GBP		1,835		2,979
4.75%, 03/07/2020	GBP		3,318		6,033
Vietnam - 0.0%¥
Socialist Republic of Vietnam
6.75%, 01/29/2020 - Reg S		$	100		114

Total Foreign Government Obligations (cost $36,531)					39,483


ASSET-BACKED SECURITY - 0.0%¥
Cayman Islands - 0.0%¥
Latitude CLO, Ltd.
Series 2005-1I, Class SUB
Zero Coupon, 12/15/2017			200		64
Total Asset-Backed Security (cost $177)

PREFERRED CORPORATE DEBT SECURITIES - 0.2%
Cayman Islands - 0.0%¥
DBS Capital Funding Corp.
7.66%, 03/15/2011 - Reg S * Ž			42		43
United Kingdom - 0.2%
Lloyds TSB Bank PLC
13.00%, 01/21/2029 Ž	GBP		500		977

Total Preferred Corporate Debt Securities (cost $936)					1,020


CORPORATE DEBT SECURITIES - 4.5%
Argentina - 0.0%¥
Empresa Distribuidora Y Comercializadora Norte
9.75%, 10/25/2022 - 144A		$	73		76
Bermuda - 0.1%
Intelsat Subsidiary Holding Co., SA
8.50%, 01/15/2013			259		262
8.88%, 01/15/2015			41		42
Brazil - 0.1%
Banco do Brasil SA
4.50%, 01/22/2015 - 144A			219		232
Banco Santander Brasil SA
4.50%, 04/06/2015 - 144A			165		173
Canada - 0.1%
Viterra, Inc.
5.95%, 08/01/2020 - 144A			370		366
Cayman Islands - 0.2%
Cosan Finance, Ltd.
7.00%, 02/01/2017 - 144A			90		97
CSN Islands XII Corp.
7.00%, 12/23/2049 - 144A			369		365
Hutchison Whampoa International 09, Ltd.
7.63%, 04/09/2019 - 144A			400		497
El Salvador - 0.1%
Telemovil Finance Co., Ltd.
8.00%, 10/01/2017 - 144A			295		306
Hong Kong - 0.2%
Hutchison Whampoa International 03/33, Ltd.
6.25%, 01/24/2014 - Reg S			200		224
Hutchison Whampoa International 09/16, Ltd.
4.63%, 09/11/2015 - 144A			242		262
4.63%, 09/11/2015 - Reg S			617		665

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


Transamerica Funds		Annual Report 2010

Page 49

Transamerica BlackRock Global Allocation

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts in thousands)


		Principal		Value

Ireland - 0.1%
Vimpel Communications Via VIP Finance
Ireland, Ltd. OJSC
9.13%, 04/30/2018 - 144A		$	638	$	723
Kazakhstan - 0.2%
KazMunaiGaz Finance Sub BV
7.00%, 05/05/2020 - 144A			369		392
9.13%, 07/02/2018 - 144A			504		607
Korea, Republic of - 0.6%
Hana Bank
4.50%, 10/30/2015 - 144A			134		142
Hyundai Motor Manufacturing Czech SRO
4.50%, 04/15/2015 - 144A			248		262
Korea Development Bank
4.38%, 08/10/2015			892		959
Korea Electric Power Corp.
5.13%, 04/23/2034 - Reg S			579		626
7.95%, 04/01/2096 *			448		338
Luxembourg - 0.3%
Evraz Group SA
8.88%, 04/24/2013 - 144A			160		171
9.50%, 04/24/2018 - 144A			225		254
TNK-BP Finance SA
6.63%, 03/20/2017 - 144A			552		587
7.50%, 07/18/2016 - 144A			200		222
7.88%, 03/13/2018 - 144A			197		222
Vimpel Communications OJSC Via UBS
Luxembourg SA
8.25%, 05/23/2016 - Reg S			200		219
Malaysia - 0.2%
Johor Corp.
1.00%, 07/31/2012 §	MYR		2,896		1,145
Mexico - 0.3%
BBVA Bancomer SA
7.25%, 04/22/2020 - 144A		$	367		408
Pemex Project Funding Master Trust
6.63%, 06/15/2035			368		408
Petroleos Mexicanos
6.00%, 03/05/2020			599		677
Singapore - 0.1%
Bumi Investment PTE, Ltd.
10.75%, 10/06/2017 - 144A			244		255
Yanlord Land Group, Ltd.
9.50%, 05/04/2017 - 144A			370		385
Supranational - 0.2%
European Investment Bank
3.63%, 10/15/2011	EUR		296		422
4.38%, 04/15/2013	EUR		400		597
Switzerland - 0.3%
UBS AG
4.88%, 08/04/2020		$	1,293		1,386
Trinidad and Tobago - 0.0%¥
Petroleum Co., of Trinidad & Tobago, Ltd.
9.75%, 08/14/2019 - 144A			185		231
United Arab Emirates - 0.0%¥
Abu Dhabi National Energy Co.
6.50%, 10/27/2036 - Reg S			100		102
United Kingdom - 0.0%¥
BP Capital Markets PLC
3.13%, 10/01/2015			207		212
United States - 1.4%
Advanced Micro Devices, Inc.
8.13%, 12/15/2017		$	140	$	151
Alberto-Culver Co.
5.15%, 06/01/2020			89		95
Building Materials Corp., of America
6.88%, 08/15/2018 - 144A			111		111
Calpine Corp.
7.50%, 02/15/2021 - 144A			73		75
7.88%, 07/31/2020 - 144A			177		185
Calpine Corp. Escrow
8.75%, 07/15/2013 Ə			2,142		♦
CF Industries Holdings, Inc.
7.13%, 05/01/2020			256		297
Clearwater Paper Corp.
7.13%, 11/01/2018 - 144A			37		39
Consol Energy, Inc.
8.00%, 04/01/2017 - 144A			575		629
Cott Beverages, Inc.
8.13%, 09/01/2018			74		80
DaVita, Inc.
6.38%, 11/01/2018			166		170
6.63%, 11/01/2020			148		152
DJO Finance LLC
9.75%, 10/15/2017 - 144A			74		77
Ford Motor Credit Co., LLC
6.63%, 08/15/2017			112		125
7.00%, 04/15/2015			100		111
8.00%, 12/15/2016			200		233
GCI, Inc.
7.25%, 02/15/2014			227		232
Hertz Corp.
7.50%, 10/15/2018 - 144A			189		195
Host Hotels & Resorts, LP
7.13%, 11/01/2013			26		26
Insight Communications Co., Inc.
9.38%, 07/15/2018 - 144A			89		97
Kraft Foods, Inc.
2.63%, 05/08/2013			311		323
4.13%, 02/09/2016			675		734
Linn Energy LLC
7.75%, 02/01/2021 - 144A			369		380
MetroPCS Wireless, Inc.
7.88%, 09/01/2018			22		24
Mylan, Inc.
7.63%, 07/15/2017 - 144A			181		199
NRG Energy, Inc.
8.25%, 09/01/2020 - 144A			110		117
Phibro Animal Health Corp.
9.25%, 07/01/2018 - 144A			52		54
Pinafore LLC
9.00%, 10/01/2018 - 144A			74		79
Reliance Holdings USA, Inc.
4.50%, 10/19/2020 - 144A			294		287
6.25%, 10/19/2040 - 144A			250		248
Reynolds Group Issuer, Inc.
9.00%, 04/15/2019 - 144A			185		192
SunGard Data Systems, Inc.
9.13%, 08/15/2013			111		114
Texas Industries, Inc.
9.25%, 08/15/2020 - 144A			292		307

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


Transamerica Funds		Annual Report 2010

Page 50

Transamerica BlackRock Global Allocation

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts except share amounts in thousands)


	Principal		Value

United States — (continued)
Thermo Fisher Scientific, Inc.
3.20%, 05/01/2015	$	171	$	181
Valeant Pharmaceuticals International, Inc.
6.75%, 10/01/2017 - 144A		148		154
7.00%, 10/01/2020 - 144A		222		233

Total Corporate Debt Securities (cost $20,130)				22,225


		Shares		Value

CONVERTIBLE PREFERRED STOCKS - 0.3%
Bermuda - 0.0%¥
Bunge, Ltd. 4.88%			1,390	$	126
United States - 0.3%
El Paso Corp. 4.99%			560		663
Mylan, Inc. 6.50%			513		610

Total Convertible Preferred Stocks (cost $1,053)					1,399


PREFERRED STOCKS - 1.1%
Brazil - 0.5%
Cia Brasileira de Distribuicao Grupo
Pao de Acucar — Class A 0.91% ▲			24,181		948
Cia Brasileira de Distribuicao Grupo Pao de
Acucar — Class B Ə			455		18
Itau Unibanco Holding SA 2.22% ▲			21,200		517
Usinas Siderurgicas de Minas Gerais
SA 2.86% ▲			10,800		135
Vale SA 1.96% ▲			26,600		747
France - 0.0%¥
Cie Generale des Etablissements
Michelin 1.74% ▲			1,513		240
Germany - 0.1%
Volkswagen AG 1.53% ▲			4,580		688
Switzerland - 0.0%¥
XL Group PLC — Switzerland GMBH
10.75%			4,470		133
United Kingdom - 0.1%
HSBC Holdings PLC 8.00%			14,400		398
United States - 0.4%
Apache Corp. 6.00%			5,400		314
Chesapeake Energy Corp. 5.75% - 144A			1,083		1,076
Citigroup Capital XIII 7.88% *			10,132		269
Omnicare Capital Trust II 4.00%			4,800		180

Total Preferred Stocks (cost $4,473)					5,663


COMMON STOCKS - 56.9%
Australia - 0.7%
BHP Billiton, Ltd.			46,989		1,929
CSL, Ltd.			17,854		574
Newcrest Mining, Ltd.			8,423		330
Rio Tinto, Ltd. ^			3,592		291
Telstra Corp., Ltd.			89,746		235
Austria - 0.0%¥
Telekom Austria AG			8,386		128
Belgium - 0.1%
RHJ International ‡			50,600		395
RHJ International - 144A ‡			17,100		133
Bermuda - 0.3%
Axis Capital Holdings, Ltd.			1,256		43
China Gas Holdings, Ltd.			68,600		39
China Resources Gas Group, Ltd.			84,000		125
Endurance Specialty Holdings, Ltd.			10,202		422
Platinum Underwriters Holdings, Ltd.			4,289		185
RenaissanceRe Holdings, Ltd.			4,312		260
Validus Holdings, Ltd.			6,461		183
VimpelCom, Ltd. ADR ‡			26,300		403
Brazil - 1.7%
All America Latina Logistica SA			24,130		230
Banco do Brasil SA			4,900		95
Banco Santander Brasil SA			18,100		257
Cia Energetica de Minas Gerais	ADR		7,663		137
Cosan, Ltd. — Class A			38,100		501
Cyrela Brazil Realty SA
Empreendimentos e Participacoes			47,600		658
Hypermarcas SA ‡			89,200		1,469
MRV Engenharia e Participacoes SA			51,300		501
Petroleo Brasileiro SA — Class A	ADR		95,652		2,983
SLC Agricola SA			38,200		494
VIVO Participacoes SA	ADR		31,800		911
Canada - 3.1%
Agrium, Inc. ■			9,100		805
Alamos Gold, Inc.			29,950		464
Barrick Gold Corp.			34,885		1,677
BCE, Inc.			1,400		47
Canadian Natural Resources, Ltd.			15,700		574
Canadian Pacific Railway, Ltd.			14,694		957
Cenovus Energy, Inc.			480		13
Daylight Energy, Ltd. ^			38,960		379
Eldorado Gold Corp.			53,627		908
Goldcorp, Inc.			40,459		1,803
Iamgold Corp.			89,325		1,632
Katanga Mining, Ltd. ‡ ^			67,782		97
Kinross Gold Corp.			99,434		1,788
Potash Corp., of Saskatchewan, Inc.			1,920		279
Research In Motion, Ltd. ‡			900		51
Rogers Communications, Inc. — Class B			10,500		383
Silver Wheaton Corp. ‡			25,200		725
Sino-Forest Corp. — Class A ‡ ^			29,200		577
Suncor Energy, Inc.			8,625		276
Talisman Energy, Inc.			7,070		128
Teck Resources, Ltd. — Class B			1,110		50
TELUS Corp.			3,970		176
Thomson Reuters Corp. ■			700		27
Viterra, Inc. ‡			12,200		117
Yamana Gold, Inc.			120,217		1,323
Cayman Islands - 0.0%¥
Mindray Medical International, Ltd.	ADR		2,900		84
Mongolian Mining Corp. ‡			127,800		138
Chile - 0.1%
Banco Santander Chile	ADR		3,200		297
Sociedad Quimica y Minera de Chile SA	ADR		4,700		243
China - 0.7%
China BlueChemical, Ltd.			295,300		234
China Communications Services Corp., Ltd. — Class H			5,000		3
China Life Insurance Co., Ltd.	ADR		5,302		348
China Life Insurance Co., Ltd. — Class H			75,900		332

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


Transamerica Funds		Annual Report 2010

Page 51

Transamerica BlackRock Global Allocation

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts except share amounts in thousands)


		Shares		Value

China (continued)
China Pacific Insurance Group Co., Ltd.			35,800	$	148
China Shenhua Energy Co., Ltd. — Class H			69,852		312
China Telecom Corp., Ltd.			386,000		200
CSR Corp., Ltd.			129,900		132
Dongfeng Motor Group Co., Ltd. — Class H			32,700		71
Guangshen Railway Co., Ltd.			522,700		210
Guangzhou Automobile Group Co., Ltd.			360,686		554
Jiangsu Expressway Co., Ltd. — Class H			44,700		53
Ping An Insurance Group Co., of China, Ltd. — Class H			22,738		244
Sinopharm Group Co. — Class H			55,700		218
Sohu.com, Inc. ‡			800		60
Xiamen International Port Co., Ltd. — Class H			494,200		93
Zhongsheng Group Holdings, Ltd. ‡			150,500		387
Cyprus - 0.0%¥
AFI Development PLC	GDR‡		47,100		55
AFI Development PLC — Class B ‡			47,100		53
Egypt - 0.1%
Telecom Egypt			126,368		388
Finland - 0.1%
Fortum OYJ			12,003		340
Nokia OYJ	ADR		3,800		41
France - 0.9%
AXA SA			12,978		236
AXA SA	ADR		500		9
BNP Paribas			8,100		592
Cie Generale D’optique Essilor International SA			12,171		813
France Telecom SA			28,417		683
Sanofi-Aventis SA			8,900		622
Sanofi-Aventis SA	ADR		1,261		44
Technip SA			1,300		109
Total SA			11,096		603
Total SA	ADR		14,000		763
Vivendi SA			5,400		154
Germany - 0.2%
Allianz SE			1,256		157
Bayer AG			4,371		326
Bayer AG	ADR		300		23
Bayerische Motoren Werke AG			1,900		136
Deutsche Telekom AG	ADR		3,000		43
Kabel Deutschland Holding AG ‡			8,000		361
Guernsey, Channel Islands - 0.0%¥
Amdocs, Ltd. ‡			1,536		47
Hong Kong - 1.6%
AIA Group, Ltd. ‡			65,800		196
Beijing Enterprises Holdings, Ltd.			213,420		1,458
Chaoda Modern Agriculture Holdings, Ltd.			813,890		663
Cheung Kong Holdings, Ltd.			27,500		420
Cheung Kong Infrastructure Holdings, Ltd.			50,900		213
China Dongxiang Group Co.			360,188		203
China Huiyuan Juice Group, Ltd.			63,000		42
China Mobile, Ltd.			135,300		1,378
China Unicom, Ltd.			139,100		198
Hutchison Whampoa, Ltd.			47,700		471
Link REIT			275,867		852
Noble Group, Ltd. ^			84,405		121
Ports Design, Ltd.			1,300		3
Shougang Concord International Enterprises Co., Ltd. ‡			529,400		89
Tianjin Development Holdings ‡			915,800		707
Tianjin Port Development Holdings, Ltd.			1,475,600		327
Wharf Holdings, Ltd.			63,525		417
India - 0.9%
Adani Enterprises, Ltd.			37,300		596
Adani Power, Ltd. ‡			110,201		321
Bharat Heavy Electricals, Ltd.			16,100		886
Container Corp., of India			3,530		105
Housing Development Finance Corp.			61,220		947
Larsen & Toubro, Ltd.			8,500		386
Reliance Industries, Ltd.			27,570		681
State Bank of India			10,870		772
Indonesia - 0.1%
Bumi Resources PT			983,901		245
Telekomunikasi Indonesia PT			469,600		478
Ireland - 0.3%
Accenture PLC - Class A			932		42
Covidien PLC			7,212		288
Ingersoll-Rand PLC			900		35
XL Group PLC - Class A			61,571		1,302
Israel - 0.2%
Check Point Software Technologies, Ltd. ‡			1,200		51
Teva Pharmaceutical Industries, Ltd.	ADR		14,980		778
Italy - 0.4%
Assicurazioni Generali SpA			3,800		83
ENI SpA			39,100		881
Intesa Sanpaolo SpA			108,900		383
Telecom Italia SpA			127,400		195
UniCredit SpA			262,000		684
Japan - 6.1%
Aisin Seiki Co., Ltd.			8,530		268
Astellas Pharma, Inc.			6,500		242
Bank of Kyoto, Ltd. ^			22,560		202
Bridgestone Corp.			11,100		199
Canon, Inc.			16,564		766
Coca-Cola Central Japan Co., Ltd.			5,749		73
Coca-Cola West Co., Ltd.			17,081		261
Daihatsu Motor Co., Ltd. ^			15,980		216
Daikin Industries, Ltd.			1,700		59
Dainippon Sumitomo Pharma Co., Ltd.			1,000		9
Daiwa House Industry Co., Ltd.			19,670		213
Denso Corp. ^			10,070		313
East Japan Railway Co.			22,726		1,405
Fanuc, Ltd.			2,150		312
Fuji Heavy Industries, Ltd.			68,420		474
Fujitsu, Ltd.			14,600		100
Futaba Industrial Co., Ltd. ‡ ^			19,400		103
Hitachi Chemical Co., Ltd.			15,100		281
Hokkaido Coca-Cola Bottling Co., Ltd.			6,800		34
Honda Motor Co., Ltd.			15,282		558
Hoya Corp.			25,589		598
INPEX Corp.			166		863
Japan Real Estate Investment Corp. REIT			9		87
Japan Retail Fund Investment Corp. REIT ^			19		30

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


Transamerica Funds		Annual Report 2010

Page 52

Transamerica BlackRock Global Allocation

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts except share amounts in thousands)


		Shares		Value

Japan (continued)
JGC Corp.			26,410	$	506
KDDI Corp.			181		975
Kinden Corp.			20,600		177
Kirin Holdings Co., Ltd.			36,500		501
Komatsu, Ltd.			10,300		252
Kubota Corp. ^			84,884		756
Kuraray Co., Ltd.			18,530		266
Kyowa Hakko Kirin Co., Ltd.			23,880		234
Mikuni Coca-Cola Bottling Co., Ltd.			14,400		123
Mitsubishi Corp.			57,120		1,373
Mitsubishi Tanabe Pharma Corp.			13,000		213
Mitsubishi UFJ Financial Group, Inc.			94,820		442
Mitsui & Co., Ltd.			66,832		1,051
Mitsui O.S.K. Lines, Ltd.			34,040		218
MS&AD Insurance Group Holdings			42,017		1,009
Murata Manufacturing Co., Ltd.			7,250		408
NGK Insulators, Ltd.			11,900		180
Nintendo Co., Ltd.			800		207
Nippon Building Fund, Inc. REIT			12		117
Nippon Electric Glass Co., Ltd.			9,800		126
Nippon Telegraph & Telephone Corp.			10,630		483
NKSJ Holdings, Inc. ‡			88,380		607
Nomura Holdings, Inc. ^			36,060		187
NTT DoCoMo, Inc.			849		1,430
NTT Urban Development Corp. ^			155		142
Okumura Corp.			69,300		242
Rinnai Corp. ^			4,180		255
ROHM Co., Ltd.			4,660		291
Sekisui House, Ltd.			55,900		525
Seven & I Holdings Co., Ltd.			25,457		593
Shin-Etsu Chemical Co., Ltd.			19,176		970
Shionogi & Co., Ltd.			15,120		263
Sony Corp.	ADR		800		27
Sony Financial Holdings, Inc. ^			49		170
Sumitomo Chemical Co., Ltd. ^			247,320		1,078
Sumitomo Electric Industries, Ltd.			18,100		231
Sumitomo Mitsui Financial Group, Inc.			10,780		323
Suzuki Motor Corp.			44,662		1,088
Tadano, Ltd. ^			7,000		31
TDK Corp.			4,120		235
Terumo Corp. ^			4,250		216
Toda Corp.			65,400		221
Toho Co., Ltd. ^			16,181		250
Tokio Marine Holdings, Inc.			47,000		1,325
Tokyo Gas Co., Ltd.			122,370		576
Toyota Industries Corp.			23,237		656
Toyota Motor Corp.			10,470		372
UBE Industries, Ltd.			118,900		291
West Japan Railway Co.			99		368
Jersey, Channel Islands - 0.0%¥
Shire PLC	ADR		500		35
Kazakhstan - 0.2%
KazMunaiGas Exploration Production	GDR		49,200		846
Korea, Republic of - 0.8%
Cheil Industries, Inc.			2,500		210
Korean Reinsurance Co.			4,365		49
KT Corp.			1,650		65
KT Corp.	ADR		24,940		516
KT&G Corp.			7,310		449
LG Corp.			3,100		222
LG Display Co., Ltd.			6,000		205
Mando Corp. ‡			600		69
Meritz Fire & Marine Insurance Co., Ltd.			4,463		31
Paradise Co., Ltd.			25,139		92
POSCO			800		328
POSCO	ADR		2,800		291
Samsung Electronics Co., Ltd.			1,350		893
Samsung Fine Chemicals Co., Ltd.			3,800		226
SK Telecom Co., Ltd.			2,960		449
Lithuania - 0.1%
Antofagasta PLC			22,100		468
Luxembourg - 0.0%¥
Millicom International Cellular SA			1,500		142
Malaysia - 0.4%
Axiata Group Bhd ‡			193,500		279
British American Tobacco Malaysia Bhd ‡			12,900		193
IOI Corp., Bhd			59,098		111
Plus Expressways Bhd			318,081		450
Telekom Malaysia Bhd			69,800		76
Tenaga Nasional Bhd			104,357		295
YTL Power International Bhd			809,305		608
Mexico - 0.2%
America Movil SAB de CV	ADR		13,200		756
Fomento Economico Mexicano SAB de CV	ADR		3,200		176
Netherlands - 0.2%
CNH Global NV ‡			1,300		52
Koninklijke KPN NV			17,491		292
Koninklijke Philips Electronics NV			8,800		265
Koninklijke Philips Electronics NV (NY Shares)			1,800		55
Unilever NV			3,900		116
Norway - 0.1%
DnB NOR ASA			21,000		288
Statoil ASA			20,100		439
Panama - 0.1%
McDermott International, Inc. ‡			34,742		536
Philippines - 0.1%
Philippine Long Distance Telephone Co.	ADR		4,100		255
Poland - 0.0%¥
Powszechny Zaklad Ubezpieczen SA			1,100		146
Russian Federation - 1.4%
Federal Hydrogenerating Co. ‡			1,050,759		54
Federal Hydrogenerating Co.	ADR ‡		222,046		1,149
Gazprom OAO	ADR		23,900		524
Kuzbassrazrezugol ‡			820,060		287
LSR Group - 144A	GDR ‡ Ə		78,700		640
Magnitogorsk Iron & Steel Works	GDR		17,200		215
MMC Norilsk Nickel	ADR ^		14,034		262
Novorossiysk Commercial Sea Port PJSC	GDR		5,700		588
Polyus Gold OJSC	ADR		33,100		984
Rosneft Oil Co.	GDR		74,000		516
Rushydro ‡ Ə			1,823,967		93

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


Transamerica Funds		Annual Report 2010

Page 53

Transamerica BlackRock Global Allocation

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts except share amounts in thousands)


		Shares		Value

Russian Federation (continued)
Sberbank of Russian Federation			438,000	$	1,452
Uralkali	GDR		1,400		35
Singapore - 0.9%
Capitaland, Ltd.			66,850		201
DBS Group Holdings, Ltd.			22,770		245
Fraser and Neave, Ltd.			102,000		492
Global Logistic Properties, Ltd. ‡			46,200		83
Keppel Corp., Ltd.			82,510		635
MobileOne, Ltd.			158,030		271
Oversea-Chinese Banking Corp.			96,190		670
Parkway Holdings, Ltd. Ə			162,830		497
Parkway Life REIT ‡			6,732		9
SembCorp Marine, Ltd. ^			54,510		194
Singapore Press Holdings, Ltd. ^			57,080		183
Singapore Telecommunications, Ltd.			256,450		612
United Overseas Bank, Ltd.			12,670		182
South Africa - 0.1%
Anglo Platinum, Ltd. ‡			1,435		141
AngloGold Ashanti, Ltd.	ADR		2,500		118
Impala Platinum Holdings, Ltd.			4,900		139
Life Healthcare Group Holdings, Ltd.			96,700		194
Sasol, Ltd.			1,700		77
Spain - 0.4%
Banco Bilbao Vizcaya Argentaria SA			22,300		293
Banco Santander SA			71,800		922
Telefonica SA			15,669		423
Telefonica SA	ADR		4,000		325
Switzerland - 1.2%
ACE, Ltd.			20,546		1,220
Credit Suisse Group AG			7,180		297
Credit Suisse Group AG	ADR		1,000		42
Garmin, Ltd.			1,373		45
Nestle SA			25,337		1,388
Noble Corp.			1,086		37
Novartis AG			11,788		683
Roche Holding AG			2,825		415
Transocean, Ltd. ‡			7,582		481
Tyco Electronics, Ltd.			3,932		125
Tyco International, Ltd.			3,859		148
UBS AG ‡			22,200		375
Weatherford International, Ltd. ‡			20,346		342
Zurich Financial Services AG			1,461		358
Taiwan - 0.9%
Asustek Computer, Inc.			15,617		127
Catcher Technology Co., Ltd.			28,100		75
Cheng Shin Rubber Industry Co., Ltd.			82,500		184
Chunghwa Telecom Co., Ltd.			146,396		342
Chunghwa Telecom Co., Ltd.	ADR		27,108		635
Compal Electronics, Inc.			64,242		82
Delta Electronics, Inc.			149,541		617
Far EasTone Telecommunications Co., Ltd.			181,000		260
High Tech Computer Corp.			35,262		795
Hon Hai Precision Industry Co., Ltd.			82,042		311
Mediatek, Inc.			13,025		164
Pegatron Corp. ‡			42,034		57
Taiwan Semiconductor Manufacturing Co., Ltd.			315,888		648
Thailand - 0.2%
Hana Microelectronics PCL			125,158		104
PTT PCL			38,097		385
PTT Chemical PCL			24,866		117
Siam Commercial Bank PCL			132,075		452
Turkey - 0.4%
Bim Birlesik Magazalar AS			10,800		371
Tupras Turkiye Petrol Rafinerileri AS			12,362		329
Turk Telekomunikasyon AS			70,080		327
Turkcell Iletisim Hizmet AS			30,147		216
Turkiye Garanti Bankasi AS			89,836		542
United Kingdom - 2.3%
Anglo American PLC			15,200		708
AstraZeneca PLC	ADR		1,100		55
BG Group PLC			56,300		1,097
BP PLC			99,069		676
BP PLC	ADR		20,400		833
British American Tobacco PLC			8,006		305
BT Group PLC — Class A			87,500		215
Diageo PLC	ADR		15,538		1,150
Ensco PLC	ADR		900		42
GlaxoSmithKline PLC	ADR		1,100		43
Guinness Peat Group PLC ^			431,377		237
HSBC Holdings PLC			137,128		1,425
International Power PLC			50,500		338
Lloyds TSB Group PLC ‡			424,116		469
National Grid PLC			102,900		973
Prudential PLC			11,000		111
Royal Dutch Shell PLC — Class A	ADR		8,031		521
Standard Chartered PLC			9,800		284
Unilever PLC			8,586		248
Unilever PLC	ADR		4,600		133
Vodafone Group PLC			326,122		888
Vodafone Group PLC	ADR		22,361		615
United States - 29.3%
3M Co.			8,700		733
Abbott Laboratories			22,227		1,141
Adobe Systems, Inc. ‡			5,500		155
Advance Auto Parts, Inc.			763		49
Advanced Micro Devices, Inc. ‡			40,500		297
AES Corp. ‡			24,997		299
Aetna, Inc.			25,160		751
Agilent Technologies, Inc. ‡			9,700		338
Allergan, Inc.			2,900		210
Alliance Resource Partners, LP			4,173		246
Allstate Corp.			5,616		171
Altera Corp.			1,600		50
Altria Group, Inc.			21,462		546
American Commercial Lines, Inc. ‡			10,577		351
American Electric Power Co., Inc.			11,672		437
American Tower Corp. — Class A ‡			9,450		488
American Water Works Co., Inc.			10,772		257
AmerisourceBergen Corp. — Class A			8,834		290
Amgen, Inc. ‡			10,616		607
Amphenol Corp. — Class A ^			1,518		76
Anadarko Petroleum Corp.			12,993		800
Analog Devices, Inc.			2,646		89
AOL, Inc. ‡			603		16

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


Transamerica Funds		Annual Report 2010

Page 54

Transamerica BlackRock Global Allocation

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts except share amounts in thousands)


	Shares		Value

United States (continued)
Apache Corp.		7,833	$	791
Apple, Inc. ‡ ■		16,501		4,965
Arch Capital Group, Ltd. ‡		3,500		302
Ascent Media Corp. ‡		50		1
AT&T, Inc.		102,092		2,909
Autodesk, Inc. ‡		1,300		47
Babcock & Wilcox Co. ‡		17,371		396
Bank of America Corp.		133,119		1,523
Bank of New York Mellon Corp.		39,918		1,000
Biogen Idec, Inc. ‡		808		51
BMC Software, Inc. ‡		1,669		76
Boeing Co.		14,498		1,024
Boston Scientific Corp. ‡		3,904		25
Bristol-Myers Squibb Co.		122,360		3,290
Broadcom Corp. - Class A		4,938		201
Bunge, Ltd.		6,943		417
CA, Inc.		36,260		842
Cablevision Systems Corp. - Class A		1,378		37
Capital One Financial Corp.		800		30
Cardinal Health, Inc.		1,259		44
CareFusion Corp. ‡		1,235		30
Celgene Corp. ‡		4,500		279
CenturyLink, Inc.		6,633		274
Cephalon, Inc. ‡ ^		500		33
CF Industries Holdings, Inc. ■		10,621		1,301
Charter Communications, Inc. ‡		1,900		62
Chesapeake Energy Corp.		9,546		207
Chevron Corp.		36,066		2,979
Chubb Corp.		9,110		529
CIGNA Corp.		10,210		359
Cimarex Energy Co.		600		46
Cisco Systems, Inc. ‡		61,198		1,397
Citigroup, Inc. ‡		315,764		1,317
CMS Energy Corp.		12,273		226
CAN Financial Corp. ‡		1,500		42
Coca-Cola Co.		6,468		396
Cognizant Technology Solutions Corp. - Class A ‡		2,604		170
Colgate-Palmolive Co.		10,424		804
Comcast Corp. - Class A		64,668		1,332
Complete Production Services, Inc. ‡		10,845		254
Computer Sciences Corp.		2,188		107
Comverse Technology, Inc. ‡		28,819		231
ConAgra Foods, Inc.		6,760		152
ConocoPhillips		29,040		1,725
Consol Energy, Inc.		40,370		1,484
Constellation Brands, Inc. - Class A ‡		4,710		93
Constellation Energy Group, Inc.		900		27
Corning, Inc. ■		68,210		1,247
Crown Holdings, Inc. ‡		7,086		228
CVS Caremark Corp.		18,068		544
Darden Restaurants, Inc.		800		37
DaVita, Inc. ‡		6,549		470
Dell, Inc. ‡ ■		76,281		1,097
Devon Energy Corp.		12,269		798
DIRECTV - Class A ‡		15		1
Discovery Communications, Inc. - Class A ‡		382		17
Discovery Communications, Inc. - Class C ‡		500		19
DISH Network Corp. - Class A		7,080		141
Dollar Tree, Inc. ‡		1,050		54
Domtar Corp. ■		3,800		302
Dow Chemical Co.		24,692		761
Dr. Pepper Snapple Group, Inc.		4,737		173
E.I. du Pont de Nemours & Co.		17,032		805
Eastman Chemical Co.		1,000		79
Eaton Corp.		518		46
eBay, Inc. ‡		12,509		373
El Paso Corp.		85,863		1,139
Electronic Arts, Inc. ‡		23,430		371
Eli Lilly & Co.		7,335		258
EMC Corp. ‡		29,591		622
Endo Pharmaceuticals Holdings, Inc. ‡		2,177		80
Energizer Holdings, Inc. ‡		600		45
Entergy Corp.		6,542		488
Exco Resources, Inc.		52,874		784
Exelon Corp.		14,137		577
Expedia, Inc.		1,570		46
Exxon Mobil Corp.		79,620		5,292
Fidelity National Financial, Inc. - Class A		43,180		578
Fidelity National Information Services, Inc.		1,367		37
FMC Corp.		17,977		1,315
Ford Motor Co. ‡		35,800		506
Forest Laboratories, Inc. ‡		3,194		106
Freeport-McMoRan Copper & Gold, Inc.		7,588		718
Gap, Inc.		2,250		43
General Communication, Inc. - Class A ‡		3,024		32
General Electric Co.		181,030		2,900
General Mills, Inc.		11,328		425
Genzyme Corp. ‡		9,271		669
Gilead Sciences, Inc. ‡		15,291		607
Global Industries, Ltd. ‡ ^		56,763		329
Goldman Sachs Group, Inc.		8,740		1,407
Google, Inc. - Class A ‡		2,836		1,738
Halliburton Co.		22,542		718
Harris Corp.		1,179		53
Healthsouth Corp. ‡ ^		12,005		217
Hess Corp.		9,161		577
Hewlett-Packard Co. ■		36,975		1,555
HJ Heinz Co.		4,594		226
Hologic, Inc. ‡		46,316		742
Hospira, Inc. ‡		1,600		95
Humana, Inc. ‡		9,246		539
Intel Corp.		56,465		1,132
International Business Machines Corp.		24,187		3,473
International Game Technology		20,247		316
International Paper Co.		6,110		154
Intuit, Inc. ‡		1,000		48
Johnson & Johnson		49,761		3,168
JPMorgan Chase & Co.		67,210		2,529
KBR, Inc.		12,082		307
Kimberly-Clark Corp.		500		32
King Pharmaceuticals, Inc. ‡		3,274		46
Kraft Foods, Inc. - Class A		34,046		1,098
L-3 Communications Holdings, Inc.		800		58

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


Transamerica Funds		Annual Report 2010

Page 55

Transamerica BlackRock Global Allocation

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts except share amounts in thousands)


	Shares		Value

United States (continued)
Lexmark International, Inc. - Class A ‡		9,494	$	361
Liberty Global, Inc. ‡		1,400		53
Liberty Media Corp. - Capital ‡		4		♦
Liberty Media Corp. - Interactive ‡		567		8
Liberty Media Corp. - Starz ‡		1		♦
Life Technologies Corp. ‡		7,267		365
Limited Brands, Inc.		1,517		45
Lincoln National Corp.		1,600		39
Lockheed Martin Corp.		10,373		739
Lorillard, Inc.		2,485		212
Lubrizol Corp.		406		42
Macy’s, Inc.		1,900		45
Marathon Oil Corp.		26,575		945
Mattel, Inc.		16,807		392
McDonald’s Corp.		7,217		561
McGraw-Hill Cos., Inc.		1,500		56
McKesson Corp.		8,058		532
Mead Johnson Nutrition Co. - Class A		15,144		891
MeadWestvaco Corp.		1,529		39
Medco Health Solutions, Inc. ‡		11,811		620
Medtronic, Inc.		27,378		963
Merck & Co., Inc.		55,343		2,008
MetLife, Inc.		13,628		550
Mettler-Toledo International, Inc. ‡		1,455		190
Micron Technology, Inc. ‡		4,300		36
Microsoft Corp.		155,972		4,155
Molson Coors Brewing Co. - Class B		900		43
Morgan Stanley		31,293		778
Motorola, Inc. ‡		53,367		435
Murphy Oil Corp.		3,031		197
Mylan, Inc. ‡		1,598		32
Nabors Industries, Ltd. ‡		3,564		74
National Oilwell Varco, Inc.		17,059		917
National Semiconductor Corp.		2,182		30
Newmont Mining Corp.		28,155		1,714
News Corp. - Class A		24,780		358
Nextera Energy, Inc.		14,054		774
NII Holdings, Inc. ‡		1,000		42
Northern Trust Corp.		17,516		869
Northrop Grumman Corp.		7,841		496
NRG Energy, Inc. ‡		5,580		111
Occidental Petroleum Corp.		15,806		1,243
Oracle Corp.		56,270		1,654
Pall Corp.		2,303		98
Parker Hannifin Corp.		600		46
PartnerRe, Ltd.		2,019		160
PerkinElmer, Inc.		7,767		182
Perrigo Co.		6,800		448
Pfizer, Inc.		137,159		2,387
PG&E Corp.		6,397		306
PharMerica Corp. ‡ ^		283		3
Philip Morris International, Inc.		13,391		783
Pitney Bowes, Inc.		1,357		30
Polo Ralph Lauren Corp. - Class A		400		39
Polycom, Inc. ‡		17,045		576
PPG Industries, Inc.		900		69
PPL Corp.		19,200		516
Praxair, Inc.		3,037		277
Precision Castparts Corp.		3,420		467
Pride International, Inc. ‡		1,000		30
Principal Financial Group, Inc.		5,146		138
Procter & Gamble Co.		29,356		1,866
Progressive Corp.		12,040		255
QUALCOMM, Inc.		44,597		2,012
Qwest Communications International, Inc.		102,289		675
R.R. Donnelley & Sons Co.		1,913		35
Ralcorp Holdings, Inc. ‡		1,024		64
Raytheon Co.		5,231		241
Ross Stores, Inc.		708		42
Ryder System, Inc.		855		37
Safeway, Inc. ^		1,370		31
SanDisk Corp. ‡		1,094		41
Sara Lee Corp.		49,898		715
Schlumberger, Ltd.		19,680		1,376
Seagate Technology PLC ‡		2,100		31
Sears Holdings Corp. ‡		400		29
Sempra Energy		900		48
Simon Property Group, Inc. REIT		3,100		298
SM Energy Co.		11,001		459
Southern Co.		6,550		248
Southwest Airlines Co.		3,200		44
Spirit Aerosystems Holdings, Inc. - Class A ‡		28,411		615
Sprint Nextel Corp. ‡		40,066		165
St. Joe Co. ‡		13,653		276
State Street Corp.		12,088		505
Stryker Corp.		700		35
SUPERVALU, Inc.		2,749		30
Symantec Corp. ‡ ■		32,072		519
Target Corp.		700		36
Teradata Corp. ‡		1,941		76
Texas Instruments, Inc.		27,118		802
Thermo Fisher Scientific, Inc. ‡		10,174		523
Time Warner Cable, Inc.		3,273		189
Time Warner, Inc.		6,603		215
TJX Cos., Inc.		1,000		46
Total System Services, Inc. ^		2,932		46
Transatlantic Holdings, Inc.		2,420		127
Travelers Cos., Inc.		18,925		1,044
U.S. Bancorp		44,539		1,077
Union Pacific Corp.		21,787		1,911
United Technologies Corp. ■		12,584		941
UnitedHealth Group, Inc.		21,220		765
Unum Group		1,502		34
URS Corp. ‡		700		27
Valero Energy Corp.		17,109		307
VeriSign, Inc. ‡		1,468		51
Verizon Communications, Inc.		58,873		1,912
Viacom, Inc. - Class B		26,001		1,003
Wal-Mart Stores, Inc.		31,618		1,713
Waters Corp. ‡		5,351		397
WellPoint, Inc. ‡		18,012		979
Wells Fargo & Co.		89,724		2,340
Western Digital Corp. ‡		3,218		103

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


Transamerica Funds		Annual Report 2010

Page 56

Transamerica BlackRock Global Allocation

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts except share amounts in thousands)


	Shares		Value

United States (continued)
Whirlpool Corp.		400	$	30
Williams Cos., Inc.		2,000		43
Windstream Corp.		5,904		75
Wisconsin Energy Corp.		593		35
Wyndham Worldwide Corp.		1,500		43
Xerox Corp.		60,025		702
Xilinx, Inc.		1,290		35

Total Common Stocks (cost $256,192)				283,509


INVESTMENT COMPANIES - 4.2%
United States - 4.1%
Consumer Staples Select Sector SPDR Fund		15,861		456
Energy Select Sector SPDR Fund		48,185		2,853
Financial Select Sector SPDR Fund ^		47,010		684
Health Care Select Sector SPDR Fund		15,879		494
iShares Dow Jones U.S. Telecommunications Sector Index Fund		8,925		197
iShares MSCI Brazil Index Fund		3,800		293
iShares Silver Trust ^		44,600		1,078
Market Vectors - Gold Miners ETF		53,673		3,073
SPDR Gold Shares		64,282		8,527
SPDR KBW Regional Banking Trust ETF		10,207		231
Technology Select Sector SPDR Fund		44,400		1,081
Utilities Select Sector SPDR Fund		42,200		1,340
Vanguard Telecommunication Services ETF		400		25
Vietnam - 0.1%
Dragon Capital - Vietnam Enterprise Investments, Ltd. Ə		51,468		113
Vinaland, Ltd.		243,300		203

Total Investment Companies (cost $16,038)				20,648


RIGHTS - 0.0%¥
Spain - 0.0%¥
Banco Santander SA ‡ ^		71,800		12
United Kingdom - 0.0%¥
Standard Chartered PLC ‡		1,225		10

Total Rights (cost $12)				22


	Notional
	Amount		Value

PURCHASED OPTIONS - 0.1%
Call Options - 0.1%
CIT SW Taiwan Taiex Index	$	3	$	59
Call Strike $7531.94
Expires 12/21/2011
American Commercial Lines Inc.		1		4
Call Strike $30.00
Expires 12/18/2010
Deutsche Bank MSCI Europe Excluding
United Kingdom Index		49		170
Call Strike $96.02
Expires 09/01/2011
Google, Inc. Class A		1		25
Call Strike $620.00
Expires 12/18/2010
Put Options - 0.0%¥
KOSPI 200 Index		3,300		46
Put Strike $230.71
Expires 12/08/2011

Total Purchased Options (cost $75)				304


		Principal		Value

CONVERTIBLE BONDS - 7.5%
Bermuda - 0.0%¥
Celestial Nutrifoods, Ltd.
Zero Coupon, 06/12/2011 §	SGD		1,400		216
Canada - 0.4%
Daylight Energy, Ltd.
6.25%, 12/31/2014	CAD		223		234
Petrobakken Energy, Ltd.
3.13%, 02/08/2016 - Reg S		$	900		864
Sino-Forest Corp.
5.00%, 08/01/2013 - 144A §			775		942
Cayman Islands - 0.5%
China Milk Products Group, Ltd.
Zero Coupon, 01/05/2012			600		252
FU JI Food and Catering Services Holdings, Ltd.
Zero Coupon, 10/18/2010 Џ	CNY		2,700		77
Pyrus, Ltd.
7.50%, 12/20/2015		$	500		533
Subsea 7, Inc.
2.80%, 06/06/2011			400		402
Zeus Cayman
Zero Coupon, 08/19/2013	JPY		92,000		1,141
China - 0.2%
China Petroleum & Chemical Corp.
Zero Coupon, 04/24/2014	HKD		5,240		764
Germany - 0.3%
Kreditanstalt fuer Wiederaufbau
3.25%, 06/27/2013	EUR		900		1,314
Hong Kong - 0.0%¥
Hongkong Land CB 2005, Ltd.
2.75%, 12/21/2012 - Reg S		$	100		179
Hungary - 0.0%¥
Magyar Nemzeti Vagyonkezel Zrt
4.40%, 09/25/2014	EUR		100		143
India - 1.0%
Gujarat NRE Coke, Ltd.
Zero Coupon, 04/12/2011		$	100		136
Jaiprakash Associates, Ltd.
Zero Coupon, 09/12/2012			102		135
Ranbaxy Laboratories, Ltd.
Zero Coupon, 03/18/2011			227		284
REI Agro, Ltd.
5.50%, 11/13/2014 - 144A §			640		653
Reliance Communications, Ltd.
Zero Coupon, 05/10/2011			475		590
Zero Coupon, 03/06/2012			1,300		1,560
Suzlon Energy, Ltd.
Zero Coupon, 06/12/2012 - 10/11/2012			775		782
Zero Coupon, 07/25/2014 ∆			592		521

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


Transamerica Funds		Annual Report 2010

Page 57

Transamerica BlackRock Global Allocation

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts in thousands)


		Principal		Value

India (continued)
Tata Steel, Ltd.
1.00%, 09/05/2012		$	300	$	364
Japan - 0.0%¥
Nagoya Railroad Co., Ltd.
Zero Coupon, 03/30/2012	JPY		3,000		37
Jersey, Channel Islands - 0.7%
Aldar Funding, Ltd.
5.77%, 11/10/2011		$	225		221
Dana Gas Sukuk, Ltd.
7.50%, 10/31/2012			2,640		2,529
Fresenius Finance Jersey, Ltd.
5.63%, 08/14/2011	EUR		200		348
Shire PLC
2.75%, 05/09/2014		$	427		434
Luxembourg - 0.1%
Acergy SA
2.25%, 10/11/2013			100		112
Actelion Finance SCA
Zero Coupon, 11/22/2011	CHF		320		350
Malaysia - 0.6%
Berjaya Land Bhd
8.00%, 08/15/2011	MYR		1,240		412
Cherating Capital, Ltd.
2.00%, 07/05/2012 *		$	500		632
IOI Capital Bhd
Zero Coupon, 12/18/2011			445		642
Paka Capital, Ltd.
Zero Coupon, 03/12/2013			200		208
Rafflesia Capital, Ltd.
1.25%, 10/04/2011 *			800		1,089
Singapore - 1.1%
Capitaland, Ltd.
2.10%, 11/15/2016	SGD		750		577
2.95%, 06/20/2022	SGD		1,750		1,264
3.13%, 03/05/2018	SGD		1,750		1,406
Keppel Land, Ltd.
2.50%, 06/23/2013	SGD		200		162
Olam International, Ltd.
6.00%, 10/15/2016		$	400		545
Wilmar International, Ltd.
Zero Coupon, 12/18/2012			300		416
Yanlord Land Group, Ltd.
5.85%, 07/13/2014	SGD		750		607
Ying Li International Real Estate Ltd
4.00%, 03/03/2015	SGD		750		490
Spain - 0.1%
Telvent GIT SA
5.50%, 04/15/2015 - 144A		$	339		364
United Kingdom - 0.0%¥
Anglo American PLC
4.00%, 05/07/2014 - Reg S			100		178
United States - 2.5%
Advanced Micro Devices, Inc.
6.00%, 05/01/2015			1,491		1,481
Amylin Pharmaceuticals, Inc.
3.00%, 06/15/2014			560		483
Central European Distribution Corp.
3.00%, 03/15/2013			61		57
Chesapeake Energy Corp.
2.50%, 05/15/2037			1,186		1,022
Gilead Sciences, Inc.
0.50%, 05/01/2011			183		196
0.63%, 05/01/2013			610		710
1.63%, 05/01/2016 - 144A			148		164
Helix Energy Solutions Group, Inc.
3.25%, 12/15/2025			200		191
Hologic, Inc.
2.00%, 12/15/2037 *			1,841		1,735
Intel Corp.
2.95%, 12/15/2035			577		580
3.25%, 08/01/2039			1,046		1,241
Kinetic Concepts, Inc.
3.25%, 04/15/2015 - 144A			110		113
King Pharmaceuticals, Inc.
1.25%, 04/01/2026			194		193
LifePoint Hospitals, Inc.
3.25%, 08/15/2025			348		345
3.50%, 05/15/2014			82		81
McMoRan Exploration Co.
5.25%, 10/06/2011			170		202
Mylan, Inc.
1.25%, 03/15/2012 ^			778		826
Omnicare, Inc.
3.25%, 12/15/2035			346		308
SanDisk Corp.
1.00%, 05/15/2013			1,348		1,265
SBA Communications Corp.
1.88%, 05/01/2013			251		278
4.00%, 10/01/2014			213		309
SM Energy Co.
3.50%, 04/01/2027			439		468
Sonosite, Inc.
3.75%, 07/15/2014			108		118

Total Convertible Bonds (cost $32,900)					37,475


LOAN ASSIGNMENT - 0.1%
Metals & Mining - 0.1%
Multi Daerah Bersaing PT
7.29%, 04/13/2012 § ∆			429		427
Total Loan Assignment (cost $424)

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


Transamerica Funds		Annual Report 2010

Page 58

Transamerica BlackRock Global Allocation

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts in thousands)


	Principal			Value

SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 6.8%
U.S. Treasury Bill
0.11%, 01/06/2011 ▲	$	2,740		$	2,739
0.12%, 12/09/2010 ▲		16,964			16,962
0.13%, 12/02/2010 ▲		3,667			3,667
0.13%, 11/26/2010 ▲		6,870			6,869
0.14%, 12/16/2010 ▲		100			100
0.15%, 12/23/2010 ▲		3,500			3,499

Total Short-Term U.S. Government Obligations (cost $33,836)					33,836


	Shares			Value

WARRANTS - 0.1%
United States - 0.1%
Bank of America Corp. ‡
Expiration: 01/16/2019
Exercise Price: $13.30		22,336			131
Ford Motor Co. ‡
Expiration: 01/01/2013
Exercise Price: $9.20		43,117			245
Canada - 0.0%∞
Kinross Gold Corp. ‡
Expiration: 09/03/2013
Exercise Price: 32.00 CAD		9,602			22

Total Warrants (cost $422)					398


SECURITIES LENDING COLLATERAL - 1.4%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.35%▲		6,896,350			6,896

Total Securities Lending Collateral (cost $6,896)

	Principal			Value

REPURCHASE AGREEMENT - 0.0%∞
State Street Bank & Trust Co. 0.01% ▲, dated 10/29/2010, to be repurchased at $24 on 11/01/2010. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 12/15/2017, and with a value of $28.	$	24			24
Total Repurchase Agreement (cost $24)


Total Investment Securities (cost $453,797) #					498,904
Other Assets and Liabilities - Net					(1,599	)


Net Assets				$	497,305


	Notional
	Amount			Value

WRITTEN OPTIONS - (0.1%)
Put Options - 0.0%
American Commercial Lines Inc.	$	(1	)		♦
Put Strike $25.00
Expires 12/18/2010
CIT SW Taiwan Taiex Index		(3	)		♦
Put Strike 6,228.91 TWD
Expires 12/21/2011
Deutsche Bank MSCI Europe
Excluding United Kingdom Index		(31	)		♦
Put Strike $90.74
Expires 09/01/2011
General Mills, Inc.		(3	)		(2	)
Put Strike $33.00
Expires 04/16/2011
General Mills, Inc.		(3	)		(3	)
Put Strike $34.00
Expires 04/16/2011
Google, Inc. Class A		(1	)		(16	)
Put Strike $590.00
Expires 12/18/2010
Mead Johnson Nutrition Co.		(2	)		♦
Put Strike $45.00
Expires 01/22/2011
SPX Index		(1	)		(34	)
Put Strike $988.57
Expires 12/08/2011
Call Options - (0.1%)
Agrium, Inc.		(4	)		(54	)
Call Strike $75.00
Expires 01/22/2011
Agrium, Inc.		(1	)		(27	)
Call Strike $70.00
Expires 01/22/2011
Agrium, Inc.		(4	)		(94	)
Call Strike $65.00
Expires 01/22/2011
Apple, Inc.		♦			(4	)
Call Strike $320.00
Expires 01/22/2011
CF Industries Holdings, Inc.		(4	)		(58	)
Call Strike $115.00
Expires 01/22/2011
CF Industries Holdings, Inc.		(4	)		(89	)
Call Strike $105.00
Expires 01/22/2011
CF Industries Holdings, Inc.		(3	)		(82	)
Call Strike $95.00
Expires 01/22/2011
Corning, Inc.		(23	)		(21	)
Call Strike $19.00
Expires 01/22/2011
Dell, Inc.		(9	)		(17	)
Call Strike $15.00
Expires 01/21/2012
Dell, Inc.		(11	)		(7	)
Call Strike $15.00
Expires 01/22/2011
Domtar Corp.		(4	)		(60	)
Call Strike $65.00
Expires 01/22/2011
Google, Inc. Class A		(1	)		(6	)
Call Strike $650.00
Expires 12/18/2010
Google, Inc. Class A		(1	)		(5	)
Call Strike $660.00
Expires 12/18/2010
Hewlett Packard Co.		(6	)		(15	)
Call Strike $50.00
Expires 01/21/2012



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

Transamerica Funds		Annual Report 2010

Page 59

Transamerica BlackRock Global Allocation

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts in thousands)


	Notional
	Amount			Value

Call Options (continued)
Symantec Corp.	$	(19	)	$	(36	)
Call Strike $17.50
Expires 01/21/2012
Thomson Reuters Corp.		(1	)		♦
Call Strike $39.00
Expires 11/20/2010
United Technologies Corp.		(7	)		(32	)
Call Strike $80.00
Expires 01/21/2012

Total Written Options (Premiums: $355)				$	(662	)

FUTURES CONTRACTS:


							Net Unrealized
							Appreciation
Description	Type	Contracts Г			Expiration Date		(Depreciation)

ASX SPI 200 Index	Long		1			12/16/2010	$	(1	)
DAX Index	Long		9			12/17/2010		108
DJ Euro Stoxx 50 Index	Long		96			12/17/2010		100
FTSE 100 Index	Long		9			12/17/2010		20
Hang Seng China Enterprises Index	Short		(1	)		11/29/2010		1
Hang Seng Index	Short		(1	)		11/29/2010		1
Nikkei 225 Index	Long		13			12/09/2010		(16	)
S&P 500 Index	Long		2			12/16/2010		27
S&P TSE 60 Index	Short		(1	)		12/16/2010		♦

							$	240

FORWARD FOREIGN CURRENCY CONTRACTS:


						Amount in U.S.			Net Unrealized
				Settlement		Dollars Bought			Appreciation
Currency	Bought (Sold)			Date		(Sold)			(Depreciation)

Canadian Dollar		1,163			12/03/2010	$	1,135		$	4
Canadian Dollar		208			12/03/2010		203			1
Euro		732			11/05/2010		1,021			(1	)
Euro		732			11/05/2010		1,026			(7	)
Euro		1,466			11/12/2010		2,045			(5	)
Euro		739			11/18/2010		1,027			1
Euro		651			11/18/2010		900			6
Euro		370			11/19/2010		511			4
Euro		1,099			11/19/2010		1,531			(3	)
Euro		717			11/19/2010		998			(1	)
Euro		370			11/19/2010		511			4
Euro		225			12/02/2010		311			1
Japanese Yen		78,173			11/18/2010		956			16
Japanese Yen		207,995			11/18/2010		2,547			39
Pound Sterling		(332	)		11/12/2010		(526	)		(5	)
Republic of Korea Won		1,276,910			11/08/2010		1,132			3
Republic of Korea Won		228,010			11/08/2010		202			♦
South African Rand		(2,157	)		11/12/2010		(314	)		7
South African Rand		(3,327	)		11/12/2010		(479	)		5
Swiss Franc		2,130			11/18/2010		2,190			(25	)
Swiss Franc		1,690			12/03/2010		1,713			4

									$	48



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

Transamerica Funds		Annual Report 2010

Page 60

Transamerica BlackRock Global Allocation

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts in thousands)

FORWARD FOREIGN CROSS CURRENCY CONTRACTS:


							Net Unrealized
					Settlement		Appreciation
Bought/Sold	Currency	Amount			Date		(Depreciation)

Buy	Swiss Franc		1,746			11/05/2010	$	(45	)
Sell	Euro		(1,305	)		11/05/2010		3
Buy	Swiss Franc		923			11/05/2010		(25	)
Sell	Euro		(690	)		11/05/2010		3
Buy	Swiss Franc		1,666			11/04/2010		(32	)
Sell	Euro		(1,247	)		11/04/2010		(10	)
Buy	Swiss Franc		1,209			11/04/2010		(24	)
Sell	Euro		(904	)		11/04/2010		(6	)

							$	(136	)


	Percentage of
INVESTMENTS BY INDUSTRY (unaudited):	Total Investments			Value

Oil, Gas & Consumable Fuels		10.1	%	$	47,612
U.S. Government Obligation		9.1			45,511
Foreign Government Obligation		7.9			39,483
Capital Markets		4.8			25,032
Metals & Mining		4.8			22,843
Commercial Banks		4.6			20,892
Pharmaceuticals		4.0			20,364
Diversified Financial Services		2.8			14,301
Diversified Telecommunication Services		2.8			13,901
Wireless Telecommunication Services		2.6			13,652
Insurance		2.6			13,276
Computers & Peripherals		2.3			11,277
Food Products		2.2			10,845
Industrial Conglomerates		2.2			10,665
Chemicals		1.9			9,490
Real Estate Management & Development		1.7			8,440
Software		1.7			8,172
Semiconductors & Semiconductor Equipment		1.6			8,121
Health Care Providers & Services		1.4			7,316
Electric Utilities		1.4			7,004
Health Care Equipment & Supplies		1.2			5,682
Road & Rail		1.1			5,455
Energy Equipment & Services		1.0			5,414
Automobiles		1.0			5,170
Communications Equipment		1.0			4,796
Food & Staples Retailing		1.0			4,793
Electronic Equipment & Instruments		0.9			4,746
Biotechnology		0.9			4,723
Aerospace & Defense		0.9			4,581
Media		0.9			4,556
IT Services		0.9			4,353
Beverages		0.6			3,202
Trading Companies & Distributors		0.6			3,141
Electrical Equipment		0.6			2,816
Household Products		0.5			2,747
Tobacco		0.5			2,488
Machinery		0.4			2,259
Internet Software & Services		0.4			2,238
Paper & Forest Products		0.4			2,053
Auto Components		0.4			2,032
Construction & Engineering		0.3			1,866
Life Sciences Tools & Services		0.3			1,838
Multi-Utilities		0.3			1,655
Personal Products		0.3			1,564



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

Transamerica Funds		Annual Report 2010

Page 61

Transamerica BlackRock Global Allocation

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts in thousands)


	Percentage of
INVESTMENTS BY INDUSTRY (unaudited) (continued):	Total Investments			Value

Household Durables		0.3	%	$	1,540
Hotels, Restaurants & Leisure		0.3			1,538
Transportation Infrastructure		0.3			1,511
Independent Power Producers & Energy Traders		0.3			1,473
Office Electronics		0.3			1,468
Real Estate Investment Trusts		0.3			1,419
Construction Materials		0.2			1,058
Thrifts & Mortgage Finance		0.1			947
Gas Utilities		0.1			615
Specialty Retail		0.1			612
Marine		0.1			569
Building Products		0.1			549
Textiles, Apparel & Luxury Goods		0.1			455
Leisure Equipment & Products		0.1			392
Water Utilities		0.0	∞		257
Containers & Packaging		0.0	∞		228
Multiline Retail		0.0	∞		164
Commercial Services & Supplies		0.0	∞		65
Asset-Backed Security		0.0	∞		64
Internet & Catalog Retail		0.0	∞		54
Airlines		0.0	∞		44
Consumer Finance		0.0	∞		30

Investment Securities, at Value		91.6			457,417
Index Based Purchased Options		0.0			59
Short-Term Investments		8.4			41,428

Total Investments		100.0	%	$	498,904

NOTES TO SCHEDULE OF INVESTMENTS:


∞		Percentage rounds to less than 0.01%.

*		Floating or variable rate note. Rate is listed as of 10/29/2010.

Ə		Securities fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. These securities had a total market value of $1,361, or 0.27% of the fund’s net assets.

§		Illiquid. These securities aggregated to $3,383, or 0.68%, of the fund’s net assets.

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

▲		Rate shown reflects the yield at 10/29/2010.

‡		Non-income producing security.

^		All or a portion of this security is on loan. The value of all securities on loan is $6,593.

♦		Value and/or notional amount is less than $1.

Џ		In default.

Y		All or a portion of this security in the amount of $1,391 have been segregated as collateral with the broker to cover margin requirements for open futures contracts.

■		All or a portion of these securities in the amount of $4,065, and cash in the amount of $696, have been segregated as collateral with the broker to cover margin requirements for open written options contracts.

Г		Contract amounts are not in thousands.

Δ		Restricted Security. At 10/31/2010, the fund owned the following securities which were restricted as to public resale. These securities aggregated a total value of $948, or 0.43%, of net assets.

Date of

Description

Acquisition

Principal

Cost

Value

Price¥

Suzlon Energy Limited

07/21/2009

592

611

521

0.88

Multi Daerah Bersiang PT

04/13/2010

429

424

427

1.00

¥ Price not rounded to thousands.



#		Aggregate cost for federal income tax purposes is $455,779. Aggregate gross unrealized appreciation for all securities in which there is an excess of value over tax cost were $61,992 and $18,867, respectively. Net unrealized appreciation for tax purposes is $43,125.



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

Transamerica Funds		Annual Report 2010

Page 62

Transamerica BlackRock Global Allocation

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all 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 10/31/2010, these securities aggregated $17,017, or 3.42%, of the fund’s net assets.

ADR		American Depositary Receipt

AUD		Australian Dollar

BRL		Brazilian Real

CAD		Canadian Dollar

CHF		Swiss Franc

CNY		Chinese Yuan

ETF		Exchange-Traded Fund

EUR		Euro

GBP		Pound Sterling

GDR		Global Depositary Receipt

HKD		Hong Kong Dollar

JPY		Japanese Yen

MYR		Malaysian Riggit

NOK		Norwegian Krone

NZD		New Zealand Dollar

OJSC		Open Joint Stock Company

PJSC		Public Joint Stock Company

PLN		Polish Zloty

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

SGD		Singapore Dollar

SPDR		Standard & Poor’s Depositary Receipt

TRY		Turkish New Lira

TWD		Taiwan New Dollar

VALUATION SUMMARY:


Investment Securities	Level 1			Level 2			Level 3		Total

Asset-Backed Securities	$	—		$	64		$	—	$	64
Common Stocks		173,481			110,028			—		283,509
Convertible Bonds		—			37,475			—		37,475
Convertible Preferred Stocks		1,399			—			—		1,399
Corporate Debt Securities		—			22,225			♦		22,225
Foreign Government Obligations		—			39,483			—		39,483
Investment Companies		20,332			316			—		20,648
Loan Assignments		—			427			—		427
Preferred Corporate Debt Securities		—			1,020			—		1,020
Preferred Stocks		4,185			1,478			—		5,663
Purchased Options		304			—			—		304
Repurchase Agreement		—			24			—		24
Rights		—			22			—		22
Securities Lending Collateral		6,896			—			—		6,896
Short-Term U.S. Government Obligations		—			33,836			—		33,836
U.S. Government Obligations		—			45,511			—		45,511
Warrants		398			—			—		398

Total	$	206,995		$	291,909		$	♦	$	498,904


Other Financial Instruments	Level 1			Level 2			Level 3		Total

Written Options	$	—		$	(662	)	$	—	$	(662	)

Other Financial Instruments*	Level 1			Level 2			Level 3		Total

Futures Contracts - Appreciation	$	257		$	—		$	—	$	257
Futures Contracts - Depreciation		(17	)		—			—		(17	)
Forward Foreign Currency Contracts - Appreciation		—			101			—		101
Forward Foreign Currency Contracts - Depreciation		—			(189	)		—		(189	)

Total	$	240		$	(88	)	$	—	$	152

Level 3 Rollforward - Investment Securities


	Beginning											Net Transfers		Ending
	Balance at		Net		Accrued		Total Realized		Change in Unrealized			In/(Out) of		Balance at
Securities	10/31/2009		Purchases/(Sales)		Discounts/(Premiums)		Gain/(Loss)		Appreciation/(Depreciation)			Level 3		10/31/2010

Corporate Debt Security	$	—	$	♦	$	—	$	—	$	—		$	—	$	♦
Rights		1		—		—		—		(1	)		—		—

Total	$	1	$	♦	$	—	$	—	$	(1	)	$	—	$	♦


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



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

Transamerica Funds		Annual Report 2010

Page 63

Transamerica BlackRock Large Cap Value

SCHEDULE OF INVESTMENTS
At October 31, 2010
(all amounts except share amounts in thousands)


	Shares		Value

COMMON STOCKS - 99.9%
Aerospace & Defense - 2.2%
L-3 Communications Holdings, Inc.		92,000	$	6,641
Raytheon Co.		193,000		8,894
Auto Components - 0.5%
Autoliv, Inc.		54,000		3,850
Beverages - 0.8%
Constellation Brands, Inc. - Class A ‡		297,000		5,860
Biotechnology - 1.7%
Amgen, Inc. ‡		204,000		11,667
Chemicals - 1.4%
Ashland, Inc.		22,000		1,136
Huntsman Corp.		87,000		1,205
Lubrizol Corp.		20,100		2,060
RPM International, Inc.		77,000		1,595
Valspar Corp.		128,000		4,108
Commercial Banks - 4.2%
CapitalSource, Inc.		377,000		2,303
Fifth Third Bancorp		673,000		8,452
KeyCorp		330,000		2,703
Regions Financial Corp.		1,149,000		7,239
SunTrust Banks, Inc.		329,000		8,232
Wells Fargo & Co.		28,000		730
Commercial Services & Supplies - 1.0%
Avery Dennison Corp.		137,000		4,980
Cintas Corp.		19,000		522
R.R. Donnelley & Sons Co.		74,000		1,365
Communications Equipment - 1.4%
Motorola, Inc. ‡		1,176,000		9,584
Computers & Peripherals - 4.0%
Lexmark International, Inc. - Class A ‡		175,000		6,655
SanDisk Corp. ‡		148,000		5,562
Seagate Technology PLC ‡		504,000		7,384
Western Digital Corp. ‡		253,000		8,102
Construction & Engineering - 0.3%
KBR, Inc.		72,000		1,829
Consumer Finance - 2.4%
Capital One Financial Corp.		234,000		8,721
Discover Financial Services		168,000		2,965
SLM Corp. ‡		425,000		5,058
Diversified Consumer Services - 0.1%
Service Corp., International		122,000		1,010
Diversified Financial Services - 3.2%
Bank of America Corp.		1,644,000		18,808
JPMorgan Chase & Co.		91,000		3,424
Diversified Telecommunication Services - 5.1%
AT&T, Inc.		212,000		6,042
Frontier Communications Corp.		408,000		3,582
Qwest Communications International, Inc.		1,292,000		8,527
Verizon Communications, Inc.		551,000		17,892
Electric Utilities - 1.3%
Edison International		245,000		9,041
Electronic Equipment & Instruments - 1.5%
Corning, Inc.		566,000		10,346
Energy Equipment & Services - 3.1%
Nabors Industries, Ltd. ‡		382,000		7,984
Oil States International, Inc. ‡		42,700		2,183
Rowan Cos., Inc. ‡		241,000		7,929
Unit Corp. ‡		88,000		3,452
Food & Staples Retailing - 2.3%
Kroger Co.		71,000		1,562
Safeway, Inc.		363,000		8,313
SUPERVALU, Inc.		590,000		6,366
Food Products - 3.8%
ConAgra Foods, Inc.		355,000		7,984
Del Monte Foods Co.		360,000		5,162
Sara Lee Corp.		462,000		6,620
Tyson Foods, Inc. - Class A		438,000		6,811
Gas Utilities - 1.7%
Atmos Energy Corp.		99,100		2,918
Energen Corp.		113,000		5,045
UGI Corp.		126,000		3,791
Health Care Providers & Services - 9.2%
Aetna, Inc.		275,000		8,212
AmerisourceBergen Corp. - Class A		219,000		7,188
Cardinal Health, Inc.		59,800		2,074
CIGNA Corp.		232,000		8,164
Coventry Health Care, Inc. ‡		272,300		6,377
Humana, Inc. ‡		144,000		8,394
Lincare Holdings, Inc.		77,700		2,037
Tenet Healthcare Corp. ‡		323,000		1,408
UnitedHealth Group, Inc.		323,000		11,645
WellPoint, Inc. ‡		169,000		9,183
Hotels, Restaurants & Leisure - 1.6%
Brinker International, Inc.		187,000		3,467
Wyndham Worldwide Corp.		273,000		7,849
Household Durables - 1.3%
Newell Rubbermaid, Inc.		128,000		2,259
Whirlpool Corp.		87,000		6,597
Household Products - 0.9%
Procter & Gamble Co.		94,000		5,976
Independent Power Producers & Energy Traders - 2.9%
AES Corp. ‡		653,000		7,796
Constellation Energy Group, Inc.		143,000		4,324
Mirant Corp. ‡		388,000		4,117
NRG Energy, Inc. ‡		247,800		4,934
Industrial Conglomerates - 3.2%
General Electric Co.		1,401,000		22,444
Insurance - 6.9%
American Financial Group, Inc.		133,800		4,092
Assurant, Inc.		46,000		1,819
Axis Capital Holdings, Ltd.		24,000		816
Berkshire Hathaway, Inc. - Class B ‡		39,000		3,103
Endurance Specialty Holdings, Ltd.		117,200		4,852
Genworth Financial, Inc. - Class A ‡		575,000		6,521
HCC Insurance Holdings, Inc.		217,600		5,762
Prudential Financial, Inc.		73,000		3,838
Unitrin, Inc.		78,000		1,895
Unum Group		351,000		7,869
XL Group PLC - Class A		362,000		7,656
IT Services - 1.1%
Computer Sciences Corp.		112,000		5,494
Convergys Corp. ‡		216,000		2,445
Machinery - 1.8%
AGCO Corp. ‡		46,000		1,954
Oshkosh Corp. ‡		73,000		2,154
Timken Co.		61,200		2,535
Trinity Industries, Inc.		276,000		6,273



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

Transamerica Funds		Annual Report 2010

Page 64

Transamerica BlackRock Large Cap Value

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts except share amounts in thousands)


	Shares			Value

Media - 5.8%
CBS Corp. - Class B		474,000		$	8,025
Comcast Corp. - Class A		716,000			14,736
News Corp. - Class A		742,000			10,729
Time Warner Cable, Inc.		115,000			6,655
Multiline Retail - 1.2%
Macy’s, Inc.		364,000			8,605
Multi-Utilities - 1.0%
CMS Energy Corp.		108,000			1,985
Integrys Energy Group, Inc. ^Λ		90,000			4,787
Oil, Gas & Consumable Fuels - 5.3%
Chevron Corp.		62,000			5,122
Marathon Oil Corp.		259,000			9,212
Southern Union Co.		177,600			4,463
Teekay Corp.		67,300			2,140
Valero Energy Corp.		467,000			8,383
Williams Cos., Inc.		373,000			8,027
Paper & Forest Products - 1.9%
Domtar Corp.		34,000			2,698
International Paper Co.		310,000			7,837
MeadWestvaco Corp.		107,600			2,769
Pharmaceuticals - 5.6%
Bristol-Myers Squibb Co.		464,000			12,483
Eli Lilly & Co.		296,000			10,419
Endo Pharmaceuticals Holdings, Inc. ‡		61,200			2,248
Forest Laboratories, Inc. ‡		246,000			8,130
Johnson & Johnson		54,000			3,438
Pfizer, Inc.		153,000			2,662
Road & Rail - 0.2%
Ryder System, Inc.		33,400			1,461
Semiconductors & Semiconductor Equipment - 3.0%
Intel Corp.		584,000			11,721
Micron Technology, Inc. ‡		893,000			7,385
Novellus Systems, Inc. ‡		67,000			1,957
Software - 1.2%
Amdocs, Ltd. ‡		128,000			3,927
CA, Inc.		207,600			4,818
Specialty Retail - 2.0%
GameStop Corp. - Class A ‡		349,000			6,861
Gap, Inc.		368,000			6,996
Wireless Telecommunication Services - 1.8%
NII Holdings, Inc. ‡		31,000			1,296
Sprint Nextel Corp. ‡		1,902,000			7,836
Telephone & Data Systems, Inc.		101,000			3,518
			��
Total Common Stocks (cost $659,438)					701,046


SHORT-TERM INVESTMENT COMPANY - 0.1%
Capital Markets 0.1%
BlackRock Provident TempFund 24		839,839			840
Total Short-Term Investment Company (cost $840)

SECURITIES LENDING COLLATERAL - 0.1%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.35% ▲		894,618			895
Total Securities Lending Collateral (cost $895)


Total Investment Securities (cost $661,173) #					702,781
Other Assets and Liabilities - Net					(576	)


Net Assets				$	702,205

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 $873.

▲		Rate shown reflects the yield at 10/29/2010.

#		Aggregate cost for federal income tax purposes is $671,288. Aggregate gross unrealized appreciation for all securities in which there is an excess of value over tax cost were $63,118 and $31,625, respectively. Net unrealized appreciation for tax purposes is $31,493.

VALUATION SUMMARY:


Investment Securities	Level 1		Level 2		Level 3		Total

Common Stocks	$	689,463	$	11,583	$	—	$	701,046
Securities Lending Collateral		895		—		—		895
Short-Term Investment Companies		840		—		—		840

Total	$	691,198	$	11,583	$	—	$	702,781



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

Transamerica Funds		Annual Report 2010

Page 65

Transamerica BNY Mellon Market Neutral Strategy

SCHEDULE OF INVESTMENTS
At October 31, 2010
(all amounts except share amounts in thousands)


	Shares		Value

COMMON STOCKS - 97.7%
Aerospace & Defense - 3.0%
Astronics Corp. ‡		5,000	$	104
Ceradyne, Inc. ‡		2,000		48
Cubic Corp.		2,100		91
Ducommun, Inc.		5,400		116
GenCorp, Inc. ‡		13,500		66
General Dynamics Corp.		5,900		402
Herley Industries, Inc. ‡		6,100		101
L-3 Communications Holdings, Inc.		10,600		766
LMI Aerospace, Inc. ‡		6,800		111
Moog, Inc. - Class A ‡		1,600		60
Northrop Grumman Corp.		9,800		619
Raytheon Co.		15,300		705
Teledyne Technologies, Inc. ‡		2,400		100
Air Freight & Logistics - 0.7%
Atlas Air Worldwide Holdings, Inc. ‡		2,200		115
Dynamex, Inc. ‡		4,800		101
Pacer International, Inc. ‡		13,400		75
United Parcel Service, Inc. - Class B		6,500		438
Airlines - 1.5%
Alaska Air Group, Inc. ‡		13,100		692
JetBlue Airways Corp. ‡		7,200		50
Southwest Airlines Co.		36,900		508
United Continental Holdings, Inc. ‡		12,100		351
US Airways Group, Inc. ‡		4,400		52
Auto Components - 0.9%
American Axle & Manufacturing Holdings, Inc. ‡		10,100		93
Autoliv, Inc.		9,400		671
Cooper Tire & Rubber Co.		3,200		63
Dana Holding Corp. ‡		3,800		54
Shiloh Industries, Inc. ‡		5,000		50
Spartan Motors, Inc.		4,000		20
Beverages - 1.2%
Boston Beer Co., Inc. - Class A ‡		700		50
Dr. Pepper Snapple Group, Inc.		33,200		1,214
MGP Ingredients, Inc.		2,800		25
Building Products - 1.0%
Griffon Corp. ‡		8,100		95
Owens Corning, Inc. ‡		31,600		855
Quanex Building Products Corp.		6,200		112
Capital Markets - 1.3%
BGC Partners, Inc. - Class A		5,500		38
Eaton Vance Corp.		9,400		270
Federated Investors, Inc. - Class B		20,900		521
GFI Group, Inc.		5,600		27
Raymond James Financial, Inc.		16,900		477
Waddell & Reed Financial, Inc. - Class A		4,300		125
Chemicals - 2.8%
American Vanguard Corp.		16,100		119
Cabot Corp.		12,800		435
Cytec Industries, Inc.		9,800		485
Ferro Corp. ‡		9,400		129
Huntsman Corp.		30,100		417
Lubrizol Corp.		11,100		1,138
PolyOne Corp. ‡		7,100		92
Scotts Miracle-Gro Co. - Class A		2,800		150
WR Grace & Co. ‡		1,200		38
Commercial Banks - 3.2%
Bank of Hawaii Corp.		8,700		376
Bok Financial Corp.		6,900		319
City National Corp.		8,700		449
Commerce Bancshares, Inc.		11,900		438
First Citizens BancShares, Inc. - Class A		500		93
First Horizon National Corp.		38,509		389
Fulton Financial Corp.		46,000		430
International Bancshares Corp.		26,900		460
Old National Bancorp		4,700		44
Republic Bancorp, Inc. - Class A		1,400		29
S&T Bancorp, Inc.		2,200		43
Stellarone Corp.		3,500		45
Trustmark Corp.		3,200		71
Webster Financial Corp.		8,300		142
West Bancorporation, Inc. ‡		4,300		28
Commercial Services & Supplies - 1.0%
ABM Industries, Inc.		2,300		52
ACCO Brands Corp. ‡		7,800		49
Avery Dennison Corp.		14,900		542
Consolidated Graphics, Inc. ‡		2,500		116
G&K Services, Inc. - Class A		2,000		49
M&F Worldwide Corp. ‡		3,100		83
Tetra Tech, Inc. ‡		5,300		112
Viad Corp.		1,900		38
Communications Equipment - 1.5%
Arris Group, Inc. ‡		11,800		110
Blue Coat Systems, Inc. ‡		2,700		73
Comtech Telecommunications Corp.		4,000		123
CPI International, Inc. ‡		2,500		35
Harris Corp.		19,300		872
Loral Space & Communications, Inc. ‡		1,700		95
Oplink Communications, Inc. ‡		1,100		19
Plantronics, Inc.		7,000		251
Computers & Peripherals - 1.5%
Electronics for Imaging, Inc. ‡		6,700		92
Hutchinson Technology, Inc. ‡		14,700		50
Imation Corp. ‡		4,700		46
Lexmark International, Inc. - Class A ‡		15,800		601
SanDisk Corp. ‡		19,100		717
Synaptics, Inc. ‡		1,900		51
Xyratex, Ltd. ‡		2,500		39
Construction & Engineering - 0.7%
Argan, Inc. ‡		2,200		19
Englobal Corp. ‡		14,600		42
Great Lakes Dredge & Dock Corp.		17,700		110
Insituform Technologies, Inc. - Class A ‡		1,900		41
URS Corp. ‡		14,700		572
Construction Materials - 0.0%∞
U.S. Lime & Minerals, Inc. ‡		600		24
Consumer Finance - 0.1%
Advance America Cash Advance Centers, Inc.		6,000		30
Ezcorp, Inc. - Class A ‡		1,200		26
World Acceptance Corp. ‡		600		26
Containers & Packaging - 0.6%
Crown Holdings, Inc. ‡		7,700		248
Sealed Air Corp.		15,500		359



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

Transamerica Funds		Annual Report 2010

Page 66

Transamerica BNY Mellon Market Neutral Strategy

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts except share amounts in thousands)


	Shares		Value

Diversified Consumer Services - 1.9%
Career Education Corp. ‡		24,700	$	433
CPI Corp.		2,900		72
DeVry, Inc.		5,500		263
ITT Educational Services, Inc. ‡		7,000		452
Lincoln Educational Services Corp. ‡		4,300		54
Pre-Paid Legal Services, Inc. ‡		1,600		96
Regis Corp.		2,100		43
Sotheby’s		13,600		595
Universal Technical Institute, Inc.		5,300		103
Diversified Financial Services - 1.0%
Cash America International, Inc.		700		25
Euronet Worldwide, Inc. ‡		3,600		65
JPMorgan Chase & Co.		6,000		226
Moody’s Corp.		14,300		386
SEI Investments Co.		17,100		379
Diversified Telecommunication Services - 0.7%
AT&T, Inc.		20,300		579
Cbeyond, Inc. ‡		6,400		87
Neutral Tandem, Inc. ‡		3,300		48
Electric Utilities - 3.4%
DPL, Inc.		45,600		1,191
IDACORP, Inc.		10,700		394
NV Energy, Inc.		65,900		900
Pinnacle West Capital Corp.		10,400		428
Unisource Energy Corp.		2,800		98
Wisconsin Energy Corp.		10,600		631
Electrical Equipment - 0.9%
AO Smith Corp.		1,300		73
AZZ, Inc.		1,000		37
Brady Corp. - Class A		1,600		49
Woodward Governor Co.		24,300		762
Electronic Equipment & Instruments - 3.2%
Anixter International, Inc.		2,200		118
Benchmark Electronics, Inc. ‡		4,000		66
Checkpoint Systems, Inc. ‡		4,100		90
Coherent, Inc. ‡		700		29
Corning, Inc.		44,900		821
Faro Technologies, Inc. ‡		2,600		63
Greatbatch, Inc. ‡		1,700		37
Ingram Micro, Inc. - Class A ‡		11,400		201
Insight Enterprises, Inc. ‡		6,700		101
Measurement Specialties, Inc. ‡		3,100		69
Newport Corp. ‡		3,000		44
Power-One, Inc. ‡		11,000		115
Richardson Electronics, Ltd.		2,600		28
SYNNEX Corp. ‡		1,000		29
Tech Data Corp. ‡		11,600		499
Tessco Technologies, Inc.		6,800		103
Viasystems Group, Inc.		3,600		57
Vishay Intertechnology, Inc. ‡		89,300		1,008
Energy Equipment & Services - 2.9%
Bristow Group, Inc. ‡		2,000		78
Exterran Holdings, Inc. ‡		27,300		687
Helmerich & Payne, Inc.		8,900		381
Nabors Industries, Ltd. ‡		30,800		644
National Oilwell Varco, Inc.		7,400		398
Natural Gas Services Group, Inc. ‡		6,500		102
Oceaneering International, Inc. ‡		7,700		476
OYO Geospace Corp. ‡		1,600		97
Tesco Corp. ‡		9,500		120
TETRA Technologies, Inc. ‡		12,100		118
Food & Staples Retailing - 1.0%
Andersons, Inc.		500		20
Costco Wholesale Corp.		7,400		464
Ruddick Corp.		2,400		84
Safeway, Inc.		20,500		469
Food Products - 2.7%
Archer-Daniels-Midland Co.		13,800		460
Cal-Maine Foods, Inc.		2,900		84
Dole Food Co., Inc. ‡		2,200		20
Hormel Foods Corp.		14,800		680
Lancaster Colony Corp.		13,800		689
Sanderson Farms, Inc.		1,200		50
Sara Lee Corp.		29,500		423
Seneca Foods Corp. - Class A ‡		1,100		25
Tyson Foods, Inc. - Class A		33,000		513
Gas Utilities - 0.6%
Nicor, Inc.		900		43
Oneok, Inc.		3,700		184
Southwest Gas Corp.		3,300		115
WGL Holdings, Inc.		8,700		335
Health Care Equipment & Supplies - 2.6%
Analogic Corp.		2,500		114
Angiodynamics, Inc. ‡		5,700		81
Cooper Cos., Inc.		2,400		118
CryoLife, Inc. ‡		10,100		65
Haemonetics Corp. ‡		1,900		104
Hologic, Inc. ‡		31,300		501
Immucor, Inc. ‡		12,000		209
Integra LifeSciences Holdings Corp. ‡		2,200		95
Invacare Corp.		2,600		70
Kinetic Concepts, Inc. ‡		26,400		1,004
Medical Action Industries, Inc. ‡		9,200		91
Nutraceutical International Corp. ‡		2,900		47
Sirona Dental Systems, Inc. ‡		2,800		105
Staar Surgical Co. ‡		4,500		24
STERIS Corp.		3,000		103
Symmetry Medical, Inc. ‡		2,300		20
Wright Medical Group, Inc. ‡		7,100		95
Health Care Providers & Services - 1.9%
AMERIGROUP Corp. ‡		2,700		113
Amsurg Corp. - Class A ‡		3,100		56
Five Star Quality Care, Inc. ‡		19,300		105
Gentiva Health Services, Inc. ‡		4,300		100
Humana, Inc. ‡		20,400		1,188
Kindred Healthcare, Inc. ‡		14,800		203
Magellan Health Services, Inc. ‡		2,100		101
Providence Service Corp. ‡		5,400		89
U.S. Physical Therapy, Inc. ‡		4,300		81
Universal American Corp.		3,600		58
Health Care Technology - 0.1%
Omnicell, Inc. ‡		8,200		115
Hotels, Restaurants & Leisure - 3.1%
Biglari Holdings, Inc. ‡		160		53
Bob Evans Farms, Inc.		2,400		69
Cheesecake Factory, Inc. ‡		15,300		446



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

Transamerica Funds		Annual Report 2010

Page 67

Transamerica BNY Mellon Market Neutral Strategy

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts except share amounts in thousands)


	Shares		Value

Hotels, Restaurants & Leisure (continued)
Cracker Barrel Old Country Store, Inc.		1,900	$	102
Domino’s Pizza, Inc. ‡		7,700		114
International Speedway Corp. - Class A		24,700		564
Papa John’s International, Inc. ‡		2,700		70
Red Robin Gourmet Burgers, Inc. ‡		3,400		69
Starbucks Corp.		33,100		943
Wyndham Worldwide Corp.		35,100		1,009
Household Durables - 2.2%
American Greetings Corp. - Class A		24,900		482
Harman International Industries, Inc. ‡		18,000		605
Helen of Troy, Ltd. ‡		2,000		51
iRobot Corp. ‡		4,900		102
Kid Brands, Inc. ‡		2,100		20
Leggett & Platt, Inc.		10,800		220
Lifetime Brands, Inc. ‡		4,000		51
Newell Rubbermaid, Inc.		25,000		441
Standard Pacific Corp. ‡		10,900		40
Whirlpool Corp.		5,600		425
Household Products - 0.7%
Central Garden & Pet Co. - Class A ‡		4,600		48
Colgate-Palmolive Co.		4,300		332
Energizer Holdings, Inc. ‡		3,000		224
Oil-Dri Corp., of America		4,600		101
Independent Power Producers & Energy Traders - 0.9%
Constellation Energy Group, Inc.		32,700		989
Industrial Conglomerates - 0.3%
Standex International Corp.		3,400		92
Textron, Inc.		10,500		218
Insurance - 2.9%
American Safety Insurance Holdings, Ltd. ‡		2,900		54
Aspen Insurance Holdings, Ltd.		17,300		491
Endurance Specialty Holdings, Ltd.		7,800		323
Everest RE Group, Ltd.		3,500		295
Hallmark Financial Services, Inc. ‡		5,400		48
HCC Insurance Holdings, Inc.		7,400		196
Infinity Property & Casualty Corp.		1,600		83
Mercer Insurance Group, Inc.		2,600		48
Montpelier Re Holdings, Ltd.		2,700		49
Platinum Underwriters Holdings, Ltd.		1,200		52
Reinsurance Group of America, Inc. - Class A		12,600		631
State Auto Financial Corp.		2,900		45
Torchmark Corp.		5,200		298
United Fire & Casualty Co.		2,300		46
Unitrin, Inc.		18,900		459
Internet Software & Services - 0.2%
Constant Contact, Inc. ‡		3,000		69
Internap Network Services Corp. ‡		14,600		73
Websense, Inc. ‡		5,200		105
IT Services - 2.4%
Broadridge Financial Solutions, Inc.		9,300		205
CACI International, Inc. - Class A ‡		1,200		60
Ciber, Inc. ‡		8,400		31
Convergys Corp. ‡		13,400		152
CSG Systems International, Inc. ‡		5,800		113
DST Systems, Inc.		15,100		653
Lionbridge Technologies, Inc. ‡		20,200		101
ManTech International Corp. - Class A ‡		1,200		47
Mastercard, Inc. - Class A		1,700		408
MAXIMUS, Inc.		1,700		103
SRA International, Inc. - Class A ‡		2,600		52
Teletech Holdings, Inc. ‡		3,300		50
Unisys Corp. ‡		3,300		76
VeriFone Holdings, Inc. ‡		3,400		115
Visa, Inc. - Class A		5,300		414
Leisure Equipment & Products - 0.3%
Jakks Pacific, Inc. ‡		5,500		104
Leapfrog Enterprises, Inc. - Class A ‡		4,300		24
Multimedia Games, Inc. ‡		26,100		102
Sturm Ruger & Co., Inc.		3,900		61
Life Sciences Tools & Services - 0.5%
Bruker Corp. ‡		3,900		58
Cambrex Corp. ‡		10,200		46
Parexel International Corp. ‡		5,000		108
Thermo Fisher Scientific, Inc. ‡		5,500		283
Machinery - 4.8%
Alamo Group, Inc.		5,000		120
ArvinMeritor, Inc. ‡		6,300		104
Astec Industries, Inc. ‡		2,200		65
Blount International, Inc. ‡		4,100		62
Briggs & Stratton Corp.		5,900		104
Deere & Co.		3,200		246
Donaldson Co., Inc.		8,900		434
Gorman-Rupp Co.		1,800		54
ITT Corp.		11,100		524
Joy Global, Inc.		5,400		383
Kadant, Inc. ‡		4,000		79
Kaydon Corp.		2,900		101
Manitowoc Co., Inc.		63,800		711
Miller Industries, Inc.		7,300		98
Mueller Water Products, Inc. - Class A		9,600		29
Oshkosh Corp. ‡		30,000		884
Tennant Co.		3,300		111
Timken Co.		20,600		852
Trinity Industries, Inc.		13,700		311
Watts Water Technologies, Inc. - Class A		1,400		49
Media - 1.6%
APAC Customer Services, Inc. ‡		17,200		104
Arbitron, Inc.		1,700		43
Courier Corp.		1,700		25
Dolan Co. ‡		5,700		61
Entercom Communications Corp. - Class A ‡		6,600		55
EW Scripps Co. - Class A ‡		3,600		31
Gannett Co., Inc.		7,900		94
Lodgenet Interactive Corp. ‡		9,100		23
News Corp. - Class A		33,900		491
Outdoor Channel Holdings, Inc. ‡		6,400		34
Scholastic Corp.		8,200		241
Sinclair Broadcast Group, Inc. - Class A ‡		6,200		50
Viacom, Inc. - Class B		12,000		464
World Wrestling Entertainment, Inc. - Class A		2,200		30
Metals & Mining - 0.7%
Northwest Pipe Co. ‡		2,700		51
Titanium Metals Corp. ‡		16,900		332
Worthington Industries, Inc.		27,700		427



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

Transamerica Funds		Annual Report 2010

Page 68

Transamerica BNY Mellon Market Neutral Strategy

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts except share amounts in thousands)


	Shares		Value

Multiline Retail - 0.7%
Big Lots, Inc. ‡		7,200	$	226
Dillard’s, Inc. - Class A		1,800		46
Dollar Tree, Inc. ‡		8,750		449
Multi-Utilities - 1.0%
DTE Energy Co.		9,300		435
Integrys Energy Group, Inc.		13,000		691
Oil, Gas & Consumable Fuels - 10.0%
Arch Coal, Inc.		3,800		93
Bill Barrett Corp. ‡		11,700		442
Chesapeake Energy Corp.		8,900		193
Chevron Corp.		6,100		504
Cimarex Energy Co.		16,200		1,244
Cloud Peak Energy, Inc. ‡		6,500		113
ConocoPhillips		9,600		570
Energy Partners, Ltd. ‡		8,000		89
Exco Resources, Inc.		17,300		257
Forest Oil Corp. ‡		39,000		1,199
Gran Tierra Energy, Inc. ‡		8,500		63
Hess Corp.		9,600		605
International Coal Group, Inc. ‡		7,900		44
Murphy Oil Corp.		1,800		117
Panhandle Oil and Gas, Inc. - Class A		800		20
Peabody Energy Corp.		3,600		190
Penn Virginia Corp.		6,000		89
PetroQuest Energy, Inc. ‡		9,500		53
Pioneer Natural Resources Co.		11,100		775
Southern Union Co.		24,900		626
Stone Energy Corp. ‡		2,900		45
Sunoco, Inc.		24,300		911
W&T Offshore, Inc.		5,600		61
Walter Energy, Inc.		10,600		932
Warren Resources, Inc. ‡		14,600		61
Whiting Petroleum Corp. ‡		2,700		271
Williams Cos., Inc.		61,500		1,324
Paper & Forest Products - 1.1%
International Paper Co.		28,500		720
MeadWestvaco Corp.		18,500		476
Personal Products - 0.6%
Elizabeth Arden, Inc. ‡		6,000		123
Estee Lauder Cos., Inc. - Class A		6,400		455
Inter Parfums, Inc.		4,100		72
Nu Skin Enterprises, Inc. - Class A		1,700		52
Pharmaceuticals - 2.6%
Eli Lilly & Co.		15,500		546
Hi-Tech Pharmacal Co., Inc. ‡		2,900		63
Impax Laboratories, Inc. ‡		4,800		90
Johnson & Johnson		2,200		140
King Pharmaceuticals, Inc. ‡		29,500		417
Medicis Pharmaceutical Corp. - Class A		21,600		643
Mylan, Inc. ‡		33,400		678
Obagi Medical Products, Inc. ‡		6,100		70
Par Pharmaceutical Cos., Inc. ‡		3,700		120
Professional Services - 0.7%
CBIZ, Inc. ‡		4,200		25
FTI Consulting, Inc. ‡		13,100		465
ICF International, Inc. ‡		2,900		74
Navigant Consulting, Inc. ‡		8,300		76
VSE Corp.		2,700		95
Real Estate Investment Trusts - 0.0%∞
Retail Opportunity Investments Corp.		5,200		50
Real Estate Management & Development - 0.4%
Jones Lang Lasalle, Inc.		6,000		468
Road & Rail - 1.1%
Amerco, Inc. ‡		900		74
CSX Corp.		4,500		277
Kansas City Southern ‡		3,700		162
Ryder System, Inc.		15,500		678
Semiconductors & Semiconductor Equipment - 4.0%
Applied Materials, Inc.		18,500		229
ATMI, Inc. ‡		4,200		74
Brooks Automation, Inc. ‡		3,700		25
Cypress Semiconductor Corp. ‡		41,300		582
DSP Group, Inc. ‡		3,900		28
Fairchild Semiconductor International, Inc. - Class A ‡		31,300		353
FEI Co. ‡		3,900		85
Lattice Semiconductor Corp. ‡		19,100		93
Marvell Technology Group, Ltd. ‡		22,700		438
Micrel, Inc.		8,600		102
Micron Technology, Inc. ‡		96,700		800
MKS Instruments, Inc. ‡		5,600		116
Novellus Systems, Inc. ‡		4,000		117
RF Micro Devices, Inc. ‡		112,300		819
Silicon Laboratories, Inc. ‡		2,700		108
Standard Microsystems Corp. ‡		4,200		101
Supertex, Inc. ‡		900		21
TriQuint Semiconductor, Inc. ‡		10,600		109
Veeco Instruments, Inc. ‡		2,100		88
Software - 4.3%
ACI Worldwide, Inc. ‡		16,500		402
Amdocs, Ltd. ‡		10,500		322
BMC Software, Inc. ‡		14,300		651
CA, Inc.		27,600		641
Deltek, Inc. ‡		6,200		49
Epicor Software Corp. ‡		9,700		91
Guidance Software, Inc. ‡		6,900		45
Manhattan Associates, Inc. ‡		4,000		123
Microsoft Corp.		21,300		567
Netscout Systems, Inc. ‡		3,000		70
Progress Software Corp. ‡		2,500		93
QAD, Inc.		8,700		37
Solarwinds, Inc. ‡		5,700		103
Symantec Corp. ‡		63,200		1,024
Synchronoss Technologies, Inc. ‡		2,000		43
Synopsys, Inc. ‡		18,900		483
Specialty Retail - 2.5%
Childrens Place Retail Stores, Inc. ‡		2,300		101
Collective Brands, Inc. ‡		3,400		52
DSW, Inc. - Class A ‡		2,300		77
Finish Line, Inc. - Class A		3,800		58
Genesco, Inc. ‡		1,900		62
Haverty Furniture Cos., Inc.		3,200		34
Hibbett Sports, Inc. ‡		4,200		113
J. Crew Group, Inc. ‡		8,000		256
Jo-Ann Stores, Inc. ‡		1,100		48
Shoe Carnival, Inc. ‡		4,600		105
Stage Stores, Inc.		2,800		37



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

Transamerica Funds		Annual Report 2010

Page 69

Transamerica BNY Mellon Market Neutral Strategy

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts except share amounts in thousands)


	Shares		Value

Specialty Retail (continued)
TJX Cos., Inc.		11,600	$	532
Williams-Sonoma, Inc.		37,500		1,215
Textiles, Apparel & Luxury Goods - 2.1%
Carter’s, Inc. ‡		1,200		30
Columbia Sportswear Co.		900		47
Deckers Outdoor Corp. ‡		1,900		110
Delta Apparel, Inc. ‡		4,200		54
Fossil, Inc. ‡		12,300		727
Hanesbrands, Inc. ‡		25,900		642
Signet Jewelers, Ltd. ‡		3,200		113
Timberland Co. - Class A ‡		14,500		304
Unifi, Inc. ‡		13,200		62
Unifirst Corp.		2,200		101
Warnaco Group, Inc. ‡		1,000		53
Thrifts & Mortgage Finance - 0.0%∞
Abington Bancorp, Inc.		1,900		20
Trading Companies & Distributors - 0.2%
Applied Industrial Technologies, Inc.		3,700		113
DXP Enterprises, Inc. ‡		5,800		110
Wireless Telecommunication Services - 1.9%
MetroPCS Communications, Inc. ‡		72,100		751
Telephone & Data Systems, Inc.		36,200		1,260
USA Mobility, Inc.		4,800		81

Total Common Stocks (cost $93,146)				105,898


	Principal		Value

REPURCHASE AGREEMENT - 8.8%
State Street Bank & Trust Co. 0.01% ▲, dated 10/29/2010, to be repurchased at $9,539 on 11/01/2010. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 12/15/2017, and with a value of $9,732.	$	9,539		9,539
Total Repurchase Agreement (cost $9,539)

Total Investment Securities (cost $102,685) #				115,437
Other Assets and Liabilities - Net				(7,095	)


Net Assets			$	108,342


	Shares			Value

SECURITIES SOLD SHORT (97.6%) µ
COMMON STOCKS (97.6%)
Aerospace & Defense (3.2%)
AAR Corp. ‡		(900	)	$	(20	)
Aerovironment, Inc. ‡		(2,100	)		(49	)
American Science & Engineering, Inc.		(800	)		(66	)
Applied Signal Technology, Inc.		(3,700	)		(124	)
Boeing Co.		(6,000	)		(424	)
Goodrich Corp.		(4,100	)		(336	)
Hexcel Corp. ‡		(4,800	)		(85	)
Orbital Sciences Corp. ‡		(6,300	)		(102	)
Precision Castparts Corp.		(6,000	)		(819	)
TASER International, Inc. ‡		(26,600	)		(105	)
Transdigm Group, Inc. ‡		(18,500	)		(1,227	)
Triumph Group, Inc.		(1,200	)		(100	)
Air Freight & Logistics (0.5%)
FedEx Corp.		(5,900	)		(518	)
Hub Group, Inc. - Class A ‡		(1,600	)		(52	)
Airlines (0.1%)
Skywest, Inc.		(4,200	)		(64	)
Auto Components (0.8%)
Amerigon, Inc. ‡		(7,700	)		(83	)
BorgWarner, Inc. ‡		(8,500	)		(477	)
Exide Technologies ‡		(18,000	)		(106	)
Stoneridge, Inc. ‡		(8,800	)		(97	)
Superior Industries International, Inc.		(5,400	)		(97	)
Automobiles (0.5%)
Harley-Davidson, Inc.		(17,600	)		(540	)
Beverages (1.4%)
Coca-Cola Co.		(9,700	)		(595	)
PepsiCo, Inc.		(14,200	)		(927	)
Biotechnology (0.2%)
Cepheid, Inc. ‡		(4,800	)		(101	)
Codexis, Inc. ‡		(5,700	)		(58	)
Pharmasset, Inc. ‡		(2,700	)		(102	)
Building Products (0.6%)
Armstrong World Industries, Inc. ‡		(14,100	)		(589	)
NCI Building Systems, Inc. ‡		(11,500	)		(114	)
Capital Markets (1.3%)
Charles Schwab Corp.		(25,500	)		(393	)
Evercore Partners, Inc.		(1,300	)		(39	)
Greenhill & Co., Inc.		(5,700	)		(443	)
optionsXpress Holdings, Inc. ‡		(3,200	)		(51	)
State Street Corp.		(10,400	)		(434	)
Teton Advisors, Inc. - Class B ‡ Ə		(3	)		(♦	)
Westwood Holdings Group, Inc.		(1,300	)		(47	)
Chemicals (2.4%)
Dow Chemical Co.		(24,800	)		(764	)
FMC Corp.		(5,800	)		(424	)
LSB Industries, Inc. ‡		(4,300	)		(96	)
Monsanto Co.		(9,400	)		(559	)
Mosaic Co.		(9,700	)		(710	)
Quaker Chemical Corp.		(2,800	)		(102	)
Commercial Banks (2.4%)
Associated Banc-Corp.		(33,300	)		(423	)
BancorpSouth, Inc.		(12,200	)		(161	)
BB&T Corp.		(16,100	)		(377	)
Dime Community Bancshares, Inc.		(1,400	)		(20	)
FNB Corp.		(5,900	)		(50	)
Metro Bancorp, Inc. ‡		(4,500	)		(45	)
PrivateBancorp, Inc. - Class A		(7,800	)		(92	)
Sterling Bancshares, Inc.		(3,800	)		(20	)
TCF Financial Corp.		(27,700	)		(365	)
Texas Capital Bancshares, Inc. ‡		(2,800	)		(51	)
Washington Trust Bancorp, Inc.		(2,600	)		(52	)
Wells Fargo & Co.		(11,200	)		(292	)
Whitney Holding Corp.		(45,400	)		(376	)
Wilmington Trust Corp.		(36,300	)		(258	)
Commercial Services & Supplies (0.7%)
Casella Waste Systems, Inc. - Class A ‡		(9,200	)		(45	)
Clean Harbors, Inc. ‡		(1,400	)		(99	)
Deluxe Corp.		(2,400	)		(49	)
Electro Rent Corp.		(6,800	)		(101	)
Herman Miller, Inc.		(4,600	)		(88	)
Innerworkings, Inc. ‡		(14,800	)		(102	)
McGrath Rentcorp		(2,800	)		(71	)
Mobile Mini, Inc. ‡		(5,900	)		(103	)
Sykes Enterprises, Inc. ‡		(7,200	)		(120	)



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

Transamerica Funds		Annual Report 2010

Page 70

Transamerica BNY Mellon Market Neutral Strategy

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts except share amounts in thousands)


	Shares				Value

Communications Equipment (2.4%)
Acme Packet, Inc. ‡		(2,100	)		$	(83	)
Adtran, Inc.		(36,300	)			(1,171	)
Emulex Corp. ‡		(5,500	)			(63	)
Infinera Corp. ‡		(10,900	)			(89	)
Ixia ‡		(4,600	)			(72	)
Juniper Networks, Inc. ‡		(10,600	)			(343	)
KVH Industries, Inc. ‡		(3,700	)			(52	)
Network Equipment Technologies, Inc. ‡		(9,400	)			(30	)
Polycom, Inc. ‡		(11,500	)			(388	)
Riverbed Technology, Inc. ‡		(2,200	)			(127	)
Sycamore Networks, Inc.		(3,200	)			(98	)
Viasat, Inc. ‡		(2,900	)			(119	)
Computers & Peripherals (1.3%)
Avid Technology, Inc. ‡		(7,400	)			(93	)
Intermec, Inc. ‡		(9,500	)			(111	)
NCR Corp. ‡		(31,700	)			(435	)
NetApp, Inc. ‡		(13,100	)			(698	)
Stratasys, Inc. ‡		(900	)			(28	)
Construction & Engineering (1.8%)
Fluor Corp.		(20,600	)			(993	)
Granite Construction, Inc.		(8,600	)			(208	)
MYR Group, Inc. ‡		(5,500	)			(86	)
Orion Marine Group, Inc. ‡		(9,100	)			(114	)
Pike Electric Corp. ‡		(3,500	)			(26	)
Quanta Services, Inc. ‡		(28,100	)			(552	)
Containers & Packaging (2.3%)
AEP Industries, Inc. ‡		(4,200	)			(102	)
Bemis Co., Inc.		(27,100	)			(861	)
Greif, Inc. -Class A		(10,200	)			(599	)
Packaging Corp., of America		(36,500	)			(892	)
Distributors (0.4%)
LKQ Corp. ‡		(19,300	)			(420	)
Diversified Consumer Services (0.9%)
Cambium Learning Group, Inc. ‡		(16,000	)			(49	)
Hillenbrand, Inc.		(42,800	)			(920	)
Diversified Financial Services (1.6%)
Bank of America Corp.		(22,600	)			(259	)
Interactive Brokers Group, Inc. - Class A ‡		(26,300	)			(492	)
MSCI, Inc. - Class A ‡		(15,800	)			(566	)
NYSE Euronext		(15,200	)			(466	)
Diversified Telecommunication Services (2.1%)
AboveNet, Inc. ‡		(1,500	)			(85	)
Atlantic Tele-Network, Inc.		(2,000	)			(85	)
CenturyLink, Inc.		(22,200	)			(919	)
General Communication, Inc. - Class A ‡		(4,800	)			(50	)
Hughes Communications, Inc. ‡		(1,100	)			(31	)
Windstream Corp.		(81,100	)			(1,027	)
Electric Utilities (1.4%)
CH Energy Group, Inc.		(2,200	)			(100	)
Empire District Electric Co.		(4,400	)			(93	)
ITC Holdings Corp.		(7,300	)			(457	)
Southern Co.		(19,100	)			(723	)
Unitil Corp.		(4,500	)			(98	)
Electrical Equipment (1.0%)
Acuity Brands, Inc.		(2,000	)			(100	)
AMETEK, Inc.		(6,600	)			(357	)
Emerson Electric Co.		(7,000	)			(384	)
Encore Wire Corp.		(3,600	)			(75	)
GrafTech International, Ltd. ‡		(5,400	)			(89	)
PowerSecure International, Inc. ‡		(10,600	)			(100	)
Electronic Equipment & Instruments (1.2%)
Agilent Technologies, Inc. ‡		(11,000	)			(383	)
Cognex Corp.		(3,400	)			(91	)
FLIR Systems, Inc. ‡		(15,200	)			(422	)
Mercury Computer Systems, Inc. ‡		(6,600	)			(105	)
Plexus Corp. ‡		(3,100	)			(94	)
ScanSource, Inc. ‡		(2,300	)			(69	)
TTM Technologies, Inc. ‡		(10,100	)			(106	)
Energy Equipment & Services (3.4%)
Carbo Ceramics, Inc.		(1,100	)			(92	)
Global Industries, Ltd. ‡		(19,800	)			(115	)
Helix Energy Solutions Group, Inc. ‡		(71,200	)			(904	)
Lufkin Industries, Inc.		(2,100	)			(103	)
Patterson-UTI Energy, Inc.		(32,500	)			(631	)
Pride International, Inc. ‡		(19,600	)			(594	)
Spectra Energy Corp.		(8,200	)			(195	)
Tidewater, Inc.		(21,900	)			(1,009	)
Food & Staples Retailing (0.4%)
Pantry, Inc. ‡		(4,400	)			(86	)
Susser Holdings Corp. ‡		(3,800	)			(52	)
Sysco Corp.		(6,100	)			(179	)
United Natural Foods, Inc. ‡		(1,400	)			(50	)
Winn-Dixie Stores, Inc. ‡		(3,400	)			(23	)
Food Products (3.0%)
Bunge, Ltd.		(7,700	)			(463	)
Darling International, Inc. ‡		(6,600	)			(66	)
Diamond Foods, Inc.		(1,200	)			(53	)
Green Mountain Coffee Roasters, Inc. ‡		(31,500	)			(1,038	)
Griffin Land & Nurseries, Inc.		(1,900	)			(47	)
Harbinger Group, Inc. ‡		(10,000	)			(52	)
Imperial Sugar Co.		(1,900	)			(24	)
Kraft Foods, Inc. - Class A		(20,100	)			(649	)
Lance, Inc.		(4,500	)			(102	)
Ralcorp Holdings, Inc. ‡		(11,000	)			(683	)
Schiff Nutrition International, Inc.		(12,300	)			(99	)
TreeHouse Foods, Inc. ‡		(2,200	)			(103	)
Gas Utilities (1.1%)
EQT Corp.		(12,000	)			(449	)
National Fuel Gas Co.		(13,500	)			(745	)
Health Care Equipment & Supplies (2.3%)
Accuray, Inc. ‡		(5,400	)	��		(36	)
Cutera, Inc. ‡		(13,800	)			(100	)
Dexcom, Inc. ‡		(6,500	)			(89	)
Edwards Lifesciences Corp. ‡		(15,900	)			(1,015	)
Gen-Probe, Inc. ‡		(6,500	)			(315	)
HeartWare International, Inc. ‡		(600	)			(41	)
ICU Medical, Inc. ‡		(2,500	)			(91	)
Iris International, Inc. ‡		(2,500	)			(23	)
Masimo Corp.		(3,200	)			(97	)
Natus Medical, Inc. ‡		(3,900	)			(51	)
Neogen Corp. ‡		(2,900	)			(97	)
Orthovita, Inc. ‡		(10,600	)			(23	)
Palomar Medical Technologies, Inc. ‡		(9,600	)			(102	)
Quidel Corp. ‡		(8,500	)			(98	)
Rochester Medical Corp. ‡		(3,300	)			(36	)
Syneron Medical, Ltd. ‡		(9,500	)			(100	)
Volcano Corp. ‡		(4,100	)			(100	)
Zoll Medical Corp. ‡		(1,500	)			(49	)



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

Transamerica Funds		Annual Report 2010

Page 71

Transamerica BNY Mellon Market Neutral Strategy

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts except share amounts in thousands)


	Shares			Value

Health Care Providers & Services (1.8%)
Air Methods Corp. ‡		(2,900	)	$	(119	)
Alliance Healthcare Services, Inc. ‡		(11,100	)		(44	)
BioScrip, Inc. ‡		(21,500	)		(121	)
Catalyst Health Solutions, Inc. ‡		(1,300	)		(49	)
Centene Corp. ‡		(3,200	)		(71	)
Ensign Group, Inc.		(1,800	)		(34	)
Genoptix, Inc. ‡		(5,900	)		(100	)
Hanger Orthopedic Group, Inc. ‡		(1,100	)		(21	)
HMS Holdings Corp. ‡		(2,000	)		(120	)
Landauer, Inc.		(1,700	)		(104	)
RehabCare Group, Inc. ‡		(4,800	)		(107	)
Rural/Metro Corp. ‡		(7,700	)		(66	)
Transcend Services, Inc. ‡		(7,500	)		(131	)
Universal Health Services, Inc. - Class B		(13,800	)		(569	)
VCA Antech, Inc. ‡		(11,600	)		(240	)
Health Care Technology (0.1%)
Computer Programs & Systems, Inc.		(2,400	)		(109	)
MedAssets, Inc. ‡		(2,300	)		(43	)
Hotels, Restaurants & Leisure (2.8%)
Ambassadors Group, Inc.		(8,800	)		(98	)
Bally Technologies, Inc. ‡		(2,300	)		(83	)
Buffalo Wild Wings, Inc. ‡		(2,100	)		(99	)
Churchill Downs, Inc.		(3,100	)		(112	)
Einstein Noah Restaurant Group, Inc. ‡		(4,500	)		(50	)
Isle of Capri Casinos, Inc. ‡		(6,400	)		(51	)
Krispy Kreme Doughnuts, Inc. ‡		(21,200	)		(119	)
McDonald’s Corp.		(3,900	)		(303	)
Penn National Gaming, Inc. ‡		(20,300	)		(675	)
Royal Caribbean Cruises, Ltd. ‡		(3,100	)		(123	)
Scientific Games Corp. - Class A ‡		(40,100	)		(317	)
Shuffle Master, Inc. ‡		(9,700	)		(91	)
Sonic Corp. ‡		(6,200	)		(55	)
Starwood Hotels & Resorts Worldwide, Inc.		(2,500	)		(135	)
Vail Resorts, Inc. ‡		(2,200	)		(89	)
WMS Industries, Inc. ‡		(15,300	)		(668	)
Household Durables (3.9%)
Fortune Brands, Inc.		(5,900	)		(319	)
Interface, Inc. - Class A		(3,500	)		(50	)
Jarden Corp.		(32,800	)		(1,051	)
MDC Holdings, Inc.		(31,700	)		(816	)
Meritage Homes Corp. ‡		(3,800	)		(70	)
National Presto Industries, Inc.		(800	)		(90	)
Stanley Black & Decker, Inc.		(16,500	)		(1,023	)
Toll Brothers, Inc. ‡		(41,300	)		(741	)
Household Products (0.5%)
Clorox Co.		(5,800	)		(386	)
Spectrum Brands Holdings, Inc. ‡		(3,800	)		(108	)
Independent Power Producers & Energy Traders (0.7%)
Calpine Corp. ‡		(60,100	)		(751	)
Insurance (3.2%)
AON Corp.		(5,400	)		(215	)
Arthur J. Gallagher & Co.		(18,100	)		(510	)
Assured Guaranty, Ltd.		(30,600	)		(583	)
Brown & Brown, Inc.		(23,200	)		(517	)
Enstar Group, Ltd. ‡		(700	)		(56	)
Erie Indemnity Co. - Class A		(9,800	)		(560	)
Fidelity National Financial, Inc. - Class A		(19,600	)		(262	)
FPIC Insurance Group, Inc. ‡		(1,400	)		(50	)
Hilltop Holdings, Inc. ‡		(3,800	)		(38	)
Old Republic International Corp.		(24,300	)		(321	)
PartnerRe, Ltd.		(3,200	)		(254	)
Progressive Corp.		(5,100	)		(108	)
Internet Software & Services (0.3%)
Dealertrack Holdings, Inc. ‡		(3,200	)		(62	)
Savvis, Inc. ‡		(5,300	)		(127	)
support.com, Inc. ‡		(18,300	)		(104	)
IT Services (0.9%)
Cass Information Systems, Inc.		(2,400	)		(83	)
Hackett Group, Inc. ‡		(25,200	)		(98	)
iGate Corp.		(2,700	)		(55	)
Integral Systems, Inc. ‡		(10,600	)		(90	)
Paychex, Inc.		(13,100	)		(364	)
RightNow Technologies, Inc. ‡		(4,300	)		(112	)
Sapient Corp.		(6,900	)		(91	)
Syntel, Inc.		(1,000	)		(49	)
Virtusa Corp. ‡		(5,700	)		(81	)
Leisure Equipment & Products (0.8%)
Hasbro, Inc.		(14,700	)		(680	)
Marine Products Corp. ‡		(9,300	)		(58	)
RC2 Corp. ‡		(3,900	)		(82	)
Life Sciences Tools & Services (0.8%)
AMAG Pharmaceuticals, Inc. ‡		(1,100	)		(18	)
Dionex Corp. ‡		(600	)		(54	)
Illumina, Inc. ‡		(14,600	)		(792	)
Machinery (2.7%)
Badger Meter, Inc.		(2,400	)		(100	)
Bucyrus International, Inc. - Class A		(7,100	)		(484	)
Chart Industries, Inc. ‡		(5,500	)		(128	)
Douglas Dynamics, Inc.		(1,600	)		(23	)
Dynamic Materials Corp.		(4,200	)		(65	)
Force Protection, Inc. ‡		(16,600	)		(93	)
John Bean Technologies Corp.		(5,800	)		(99	)
Middleby Corp. ‡		(1,400	)		(105	)
Mueller Industries, Inc.		(3,100	)		(91	)
PACCAR, Inc.		(7,400	)		(379	)
Sun Hydraulics Corp.		(2,900	)		(90	)
Terex Corp. ‡		(49,700	)		(1,116	)
Wabash National Corp. ‡		(12,400	)		(100	)
Marine (0.1%)
Hornbeck Offshore Services, Inc. ‡		(3,400	)		(76	)
Media (1.3%)
CKX, Inc. ‡		(18,600	)		(76	)
Dreamworks Animation SKG, Inc. - Class A ‡		(19,800	)		(698	)
Fisher Communications, Inc. ‡		(2,400	)		(44	)
Lamar Advertising Co. - Class A ‡		(2,800	)		(95	)
Rentrak Corp. ‡		(2,900	)		(79	)
Scripps Networks Interactive, Inc. - Class A		(4,800	)		(244	)
Walt Disney Co.		(5,500	)		(199	)
Metals & Mining (2.0%)
Allegheny Technologies, Inc.		(16,700	)		(879	)
Compass Minerals International, Inc.		(10,000	)		(789	)
Horsehead Holdings Corp. ‡		(10,300	)		(113	)
Nucor Corp.		(7,800	)		(298	)
RTI International Metals, Inc. ‡		(2,500	)		(78	)
Multiline Retail (0.5%)
JC Penney Co., Inc.		(9,000	)		(281	)
PriceSmart, Inc.		(1,500	)		(44	)
Stein Mart, Inc. ‡		(10,900	)		(102	)
Tuesday Morning Corp. ‡		(17,800	)		(85	)



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

Transamerica Funds		Annual Report 2010

Page 72

Transamerica BNY Mellon Market Neutral Strategy

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts except share amounts in thousands)


	Shares			Value

Multi-Utilities (2.9%)
Alliant Energy Corp.		(8,700	)	$	(318	)
Black Hills Corp.		(13,400	)		(427	)
Dominion Resources, Inc.		(16,700	)		(726	)
NorthWestern Corp.		(3,500	)		(104	)
PG&E Corp.		(8,200	)		(392	)
Public Service Enterprise Group, Inc.		(26,900	)		(870	)
Vectren Corp.		(12,600	)		(345	)
Oil, Gas & Consumable Fuels (7.8%)
Cabot Oil & Gas Corp.		(30,200	)		(875	)
Carrizo Oil & Gas, Inc. ‡		(5,200	)		(123	)
Comstock Resources, Inc. ‡		(17,100	)		(382	)
Consol Energy, Inc.		(26,400	)		(970	)
Denbury Resources, Inc. ‡		(59,200	)		(1,008	)
EOG Resources, Inc.		(9,100	)		(871	)
Goodrich Petroleum Corp. ‡		(1,600	)		(22	)
James River Coal Co. ‡		(5,500	)		(95	)
Magnum Hunter Resources Corp. ‡		(5,400	)		(26	)
Massey Energy Co.		(9,500	)		(400	)
Northern Oil and Gas Inc. ‡		(3,700	)		(73	)
Overseas Shipholding Group, Inc.		(22,300	)		(745	)
Patriot Coal Corp. ‡		(19,200	)		(259	)
Petrohawk Energy Corp. ‡		(24,500	)		(417	)
Plains Exploration & Production Co. ‡		(41,200	)		(1,149	)
Rex Energy Corp. ‡		(9,500	)		(117	)
Rosetta Resources, Inc. ‡		(4,600	)		(110	)
South Jersey Industries, Inc.		(700	)		(35	)
Tesoro Corp.		(56,300	)		(730	)
Venoco, Inc. ‡		(3,000	)		(46	)
Paper & Forest Products (0.1%)
Deltic Timber Corp.		(2,400	)		(112	)
Pharmaceuticals (1.6%)
Merck & Co., Inc.		(12,100	)		(439	)
Pain Therapeutics, Inc. ‡		(15,900	)		(122	)
Pfizer, Inc.		(11,600	)		(202	)
Salix Pharmaceuticals, Ltd. ‡		(2,600	)		(98	)
Sucampo Pharmaceuticals, Inc. - Class A ‡		(15,100	)		(51	)
Warner Chilcott PLC -Class A		(5,300	)		(127	)
Watson Pharmaceuticals, Inc. ‡		(14,200	)		(663	)
Professional Services (3.2%)
Acacia Research - Acacia Technologies ‡		(2,400	)		(64	)
Corporate Executive Board Co.		(3,300	)		(103	)
CoStar Group, Inc. ‡		(2,000	)		(99	)
Equifax, Inc.		(7,800	)		(258	)
Franklin Covey Co. ‡		(4,000	)		(34	)
IHS, Inc. - Class A ‡		(8,500	)		(614	)
Korn/Ferry International ‡		(5,800	)		(102	)
Monster Worldwide, Inc. ‡		(51,200	)		(924	)
Resources Connection, Inc.		(5,600	)		(91	)
Robert Half International, Inc.		(20,600	)		(558	)
Towers Watson & Co. - Class A		(12,600	)		(648	)
Real Estate Management & Development (0.1%)
Forestar Group, Inc. ‡		(5,200	)		(89	)
Tejon Ranch Co. ‡		(900	)		(20	)
Road & Rail (1.1%)
Arkansas Best Corp.		(4,000	)		(101	)
Avis Budget Group, Inc. ‡		(8,900	)		(103	)
Hertz Global Holdings, Inc. ‡		(73,300	)		(830	)
Knight Transportation, Inc.		(3,900	)		(70	)
Marten Transport, Ltd.		(4,700	)		(100	)
Semiconductors & Semiconductor Equipment (5.4%)
Advanced Energy Industries, Inc. ‡		(6,600	)		(95	)
Ceva, Inc. ‡		(7,400	)		(137	)
Cree, Inc. ‡		(14,500	)		(744	)
Entropic Communications, Inc. ‡		(2,700	)		(23	)
FormFactor, Inc. ‡		(8,600	)		(84	)
International Rectifier Corp. ‡		(34,800	)		(808	)
Intersil Corp. - Class A		(42,800	)		(560	)
Maxim Integrated Products, Inc.		(17,500	)		(379	)
Memc Electronic Materials, Inc. ‡		(86,900	)		(1,114	)
Mips Technologies, Inc. - Class A ‡		(8,400	)		(123	)
Netlogic Microsystems, Inc. ‡		(4,300	)		(129	)
NVIDIA Corp. ‡		(29,700	)		(357	)
Semtech Corp. ‡		(5,800	)		(124	)
Tessera Technologies, Inc. ‡		(5,300	)		(105	)
Texas Instruments, Inc.		(31,600	)		(934	)
Xilinx, Inc.		(4,100	)		(110	)
Software (3.8%)
Adobe Systems, Inc. ‡		(26,100	)		(735	)
Concur Technologies, Inc. ‡		(1,500	)		(77	)
DemandTec, Inc. ‡		(11,700	)		(124	)
Electronic Arts, Inc. ‡		(57,200	)		(907	)
JDA Software Group, Inc. ‡		(4,000	)		(101	)
PROS Holdings, Inc. ‡		(3,100	)		(32	)
Red Hat, Inc. ‡		(21,500	)		(908	)
Salesforce.com, Inc. ‡		(8,500	)		(986	)
Successfactors, Inc. ‡		(2,500	)		(68	)
Taleo Corp. - Class A ‡		(1,100	)		(32	)
Tivo, Inc. ‡		(8,700	)		(97	)
Tyler Technologies, Inc. ‡		(4,600	)		(94	)
Specialty Retail (3.4%)
Abercrombie & Fitch Co. - Class A		(16,000	)		(686	)
Bebe Stores, Inc.		(7,700	)		(51	)
Hot Topic, Inc.		(18,100	)		(104	)
Lithia Motors, Inc. - Class A		(6,500	)		(71	)
Lowe’s Cos., Inc.		(19,400	)		(414	)
Lumber Liquidators Holdings, Inc. ‡		(4,100	)		(99	)
O’Reilly Automotive, Inc. ‡		(12,500	)		(730	)
Penske Automotive Group, Inc. ‡		(3,800	)		(51	)
RadioShack Corp.		(38,600	)		(776	)
Rue21, Inc. ‡		(1,900	)		(51	)
Rush Enterprises, Inc. - Class A ‡		(2,100	)		(33	)
Systemax, Inc.		(3,900	)		(51	)
Urban Outfitters, Inc. ‡		(14,000	)		(431	)
Wet Seal, Inc. - Class A ‡		(13,300	)		(47	)
Zumiez, Inc. ‡		(4,700	)		(123	)
Textiles, Apparel & Luxury Goods (1.1%)
Iconix Brand Group, Inc. ‡		(4,800	)		(84	)
K-Swiss, Inc. - Class A ‡		(3,900	)		(47	)
Phillips-Van Heusen Corp.		(15,400	)		(945	)
Steven Madden, Ltd. ‡		(2,150	)		(91	)
Volcom, Inc. ‡		(3,400	)		(58	)
Thrifts & Mortgage Finance (0.9%)
ESSA Bancorp, Inc.		(5,100	)		(65	)
Hudson City Bancorp, Inc.		(24,600	)		(287	)
New York Community Bancorp, Inc.		(27,200	)		(459	)
PMI Group, Inc. ‡		(21,700	)		(73	)
Provident New York Bancorp		(5,300	)		(47	)



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

Transamerica Funds		Annual Report 2010

Page 73

Transamerica BNY Mellon Market Neutral Strategy

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts in thousands)


	Shares			Value

Trading Companies & Distributors (1.3%)
Aceto Corp.		(5,300	)	$	(39	)
Houston Wire & Cable Co.		(6,800	)		(78	)
MSC Industrial Direct Co. - Class A		(9,000	)		(512	)
RSC Holdings, Inc. ‡		(12,700	)		(103	)
Titan Machinery, Inc. ‡		(5,900	)		(115	)
United Rentals, Inc. ‡		(29,700	)		(558	)
Transportation Infrastructure (0.0%)
Quality Distribution, Inc. ‡		(5,400	)		(39	)
Water Utilities (0.6%)
Aqua America, Inc.		(28,300	)		(610	)
Connecticut Water Service, Inc.		(3,500	)		(85	)
Wireless Telecommunication Services (1.2%)
Leap Wireless International, Inc. ‡		(41,700	)		(476	)
SBA Communications Corp. - Class A ‡		(22,100	)		(867	)
Total Common Stocks (proceeds $95,530)					(105,764	)


Total Securities Sold Short (proceeds $95,530)				$	(105,764	)

NOTES TO SCHEDULE OF INVESTMENTS:


‡		Non-income producing security.

µ		Cash in the amount of $98,819 is segregated with the broker to cover margin requirements for open securities sold short transactions.

∞		Percentage rounds to less than 0.1%.

Ə		Security fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. This security had a market value of less than $1, or less than 0.1%, of the fund’s net assets.

♦		Value is less than $1 or $(1).

▲		Rate shown reflects the yield at 10/29/2010.

#		Aggregate cost for federal income tax purposes is $103,260. Aggregate gross unrealized appreciation for all securities in which there is an excess of value over tax cost were $14,515 and $2,338, respectively. Net unrealized appreciation for tax purposes is $12,177.

VALUATION SUMMARY:


Investment Securities	Level 1		Level 2		Level 3		Total

Common Stocks	$	105,576	$	322	$	—	$	105,898
Repurchase Agreement		—		9,539		—		9,539

Total	$	105,576	$	9,861	$	—	$	115,437


Securities Sold Short	Level 1			Level 2			Level 3		Total

Common Stocks	$	(105,418	)	$	(346	)	$	—	$	(105,764	)

Level 3 Rollforward - Securities Sold Short

Beginning

Net Transfers

Ending

Balance at

Net

Accrued

Total Realized

Change in Unrealized

(In)/Out of

Balance at

Securities

10/31/2009

(Purchases)/Sales

Discounts/(Premiums)

Gain/(Loss)

Appreciation/(Depreciation)

Level 3

10/31/2010

Common Stock

(♦

)

(♦

)

—

♦

—

♦

—



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

Transamerica Funds		Annual Report 2010

Page 74

Transamerica Federated Market Opportunity
SCHEDULE OF INVESTMENTS
At October 31, 2010
(all amounts except share amounts in thousands)


	Principal		Value

U.S. GOVERNMENT OBLIGATION - 5.4%
United States - 5.4%
U.S. Treasury Note 0.63%, 07/31/2012	$	5,000	$	5,026
Total U.S. Government Obligation (cost$5,010)


	Shares		Value

COMMON STOCKS - 30.9%
Australia - 0.9%
Telstra Corp., Ltd.		325,000		850
Canada - 0.2%
Yamana Gold, Inc.		18,000		198
Japan - 6.4%
KDDI Corp.		160		862
Mitsumi Electric Co., Ltd.		36,000		613
NTT DoCoMo, Inc.		660		1,112
Sankyo Co., Ltd.		18,000		960
Secom Co., Ltd.		19,000		863
Toyo Suisan Kaisha, Ltd.		32,000		686
Yamato Holdings Co., Ltd.		65,000		819
Switzerland - 3.2%
Actelion, Ltd. ‡		22,000		1,098
Nobel Biocare Holding AG		57,000		942
Noble Corp.		26,000		898
United Kingdom - 1.4%
AstraZeneca PLC		12,000		602
Ensco PLC ADR		15,000		695
United States - 18.8%
American Eagle Outfitters, Inc.		33,000		528
Amgen, Inc. ‡		19,000		1,086
AT&T, Inc.		22,000		627
Baxter International, Inc.		13,000		662
Becton, Dickinson and Co.		8,000		604
Cephalon, Inc. ‡ ^Λ		13,000		864
Chico’s FAS, Inc.		54,000		525
Computer Sciences Corp.		15,000		736
Constellation Energy Group, Inc.		23,000		696
Exelon Corp.		17,000		694
Gilead Sciences, Inc. ‡		43,000		1,705
Itron, Inc. ‡		14,000		851
Microsoft Corp.		42,000		1,119
Nabors Industries, Ltd. ‡		45,000		941
Quest Diagnostics, Inc.		15,000		737
Royal Gold, Inc.		14,000		693
SUPERVALU, Inc.		78,000		842
Tidewater, Inc. ^Λ		25,000		1,153
Ultra Petroleum Corp. ‡		16,000		658
Unit Corp. ‡		23,000		902
Zimmer Holdings, Inc. ‡		15,000		711

Total Common Stocks (cost $26,742)				28,532

INVESTMENT COMPANIES - 6.6%
Canada - 4.8%
Central Fund of Canada, Ltd. — Class A ^Λ		250,000		4,425
United States - 1.8%
PowerShares DB Agriculture Fund		56,000		1,664

Total Investment Companies (cost $4,596)				6,089


	Notional
	Amount		Value

PURCHASED OPTIONS - 3.5%
Put Options - 3.5%
Financial Select Sector SPDR Fund	$	220	$	167
Put Strike $15.00
Expires 12/18/2010
iShares MSCI Emerging Market Index Fund		260		260
Put Strike $44.00
Expires 12/18/2010
iShares Russell 2000 Index Fund		160		286
Put Strike $66.00
Expires 12/31/2010
iShares Russell 2000 Index Fund		30		34
Put Strike $63.00
Expires 12/31/2010
iShares Russell 2000 Index Fund		110		507
Put Strike $72.00
Expires 01/22/2011
SPDR S&P 500 ETF Trust		90		254
Put Strike $115.00
Expires 12/31/2010
SPDR S&P 500 ETF Trust		170		939
Put Strike $120.00
Expires 01/22/2011
SPDR S&P Midcap 400 ETF Trust		70		466
Put Strike $150.00
Expires 01/22/2011
SPDR S&P Retail ETF		180		115
Put Strike $40.00
Expires 12/18/2010
SPDR S&P Retail ETF		120		144
Put Strike $42.00
Expires 12/18/2010
SPDR S&P Retail ETF		30		95
Put Strike $45.00
Expires 01/22/2011

Total Purchased Options (cost $6,422)				3,267


	Shares		Value

SECURITIES LENDING COLLATERAL - 1.7%
State Street Navigator Securities Lending
Trust — Prime Portfolio, 0.35% ▲		1,537,638		1,538
Total Securities Lending Collateral (cost $1,538)


	Principal		Value

REPURCHASE AGREEMENT - 54.1%
State Street Bank & Trust Co. 0.01% ▲, dated 10/29/2010, to be repurchased at $50,045 on 11/01/2010. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 12/15/2017, and with a value of $51,049.	$	50,045		50,045
Total Repurchase Agreement (cost $50,045)


Total Investment Securities (cost $94,353) #				94,497
Other Assets and Liabilities — Net				(2,025	)


Net Assets			$	92,472

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



Transamerica Funds		Annual Report 2010

Page 75

Transamerica Federated Market Opportunity

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts in thousands)

FORWARD FOREIGN CURRENCY CONTRACTS:


						Amount in U.S.			Net Unrealized
				Settlement		Dollars Bought			Appreciation
Currency	Bought (Sold)			Date		(Sold)			(Depreciation)

Australian Dollar		(1,800	)		12/22/2010	$	(1,643	)	$	(109	)
Australian Dollar		(1,000	)		12/22/2010		(913	)		(60	)
Brazilian Real		2,285			12/02/2010		1,317			19
Brazilian Real		(2,285	)		12/02/2010		(1,278	)		(58	)
Canadian Dollar		(4,200	)		12/03/2010		(4,073	)		(41	)
Euro		(1,100	)		12/15/2010		(1,501	)		(29	)
Hungarian Forint		(268,870	)		01/21/2011		(1,343	)		(22	)
Japanese Yen		(159,129	)		12/27/2010		(1,902	)		(76	)
Japanese Yen		(289,754	)		12/27/2010		(3,462	)		(140	)
Mexican Peso		(23,100	)		12/17/2010		(1,834	)		(31	)
Mexican Peso		23,100			12/17/2010		1,751			113
New Zealand Dollar		(1,400	)		12/22/2010		(1,038	)		(25	)
New Zealand Dollar		(1,750	)		12/22/2010		(1,260	)		(68	)
Peruvian Sol		(607	)		04/11/2011		(214	)		(3	)
Peruvian Sol		607			04/11/2011		212			4
Polish Zloty		(4,200	)		12/17/2010		(1,385	)		(84	)
Polish Zloty		4,200			12/17/2010		1,345			123
Polish Zloty		(3,300	)		01/21/2011		(1,146	)		(5	)
Pound Sterling		(700	)		11/18/2010		(1,065	)		(56	)
Pound Sterling		575			11/18/2010		894			27
Pound Sterling		(800	)		11/18/2010		(1,276	)		(6	)
Pound Sterling		(300	)		11/18/2010		(456	)		(24	)
Republic of Korea Won		(390,150	)		03/23/2011		(317	)		(32	)
Republic of Korea Won		390,149			03/23/2011		340			9
Singapore Dollar		(1,695	)		12/02/2010		(1,267	)		(43	)
Singapore Dollar		1,695			12/02/2010		1,251			58
South African Rand		(9,659	)		11/30/2010		(1,241	)		(132	)
South African Rand		5,675			11/30/2010		810			(3	)
South African Rand		3,300			11/30/2010		471			(2	)
South African Rand		(9,500	)		11/30/2010		(1,273	)		(77	)
Swedish Krona		(8,800	)		12/21/2010		(1,283	)		(32	)
Swedish Krona		(3,000	)		12/21/2010		(446	)		(2	)
Swiss Franc		(810	)		11/10/2010		(798	)		(25	)
Swiss Franc		(1,500	)		11/10/2010		(1,447	)		(78	)
Swiss Franc		(1,067	)		11/10/2010		(1,026	)		(58	)
Turkish Lira		(2,400	)		12/30/2010		(1,684	)		28

									$	(940	)

FORWARD FOREIGN CROSS CURRENCY CONTRACTS:


							Unrealized
					Settlement		Appreciation
Bought/Sold	Currency	Amount			Date		(Depreciation)

Buy	Australian Dollar		1,450			11/02/2010	$	207
Sell	Swiss Franc		(1,281	)		11/02/2010		(88	)
Buy	Australian Dollar		1,900			11/02/2010		230
Sell	Japanese Yen		(141,588	)		11/02/2010		(129	)
Buy	Australian Dollar		1,217			11/15/2010		(9	)
Sell	Turkish Lira		(1,700	)		11/15/2010		17
Buy	Canadian Dollar		1,123			12/30/2010		5
Sell	New Zealand Dollar		(1,500	)		12/30/2010		(43	)
Buy	Euro		994			12/17/2010		108
Sell	New Zealand Dollar		(1,800	)		12/17/2010		(91	)
Buy	Euro		992			12/15/2010		104
Sell	Swiss Franc		(1,300	)		12/15/2010		(46	)
Buy	Euro		800			12/30/2010		70
Sell	South African Rand		(7,502	)		12/30/2010		(19	)
Buy	Japanese Yen		146,693			11/02/2010		195
Sell	Australian Dollar		(1,900	)		11/02/2010		(233	)
Buy	Japanese Yen		114,170			11/11/2010		86
Sell	Swedish Krona		(9,450	)		11/11/2010		(81	)

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



Transamerica Funds		Annual Report 2010

Page 76

Transamerica Federated Market Opportunity
SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts in thousands)

FORWARD FOREIGN CROSS CURRENCY CONTRACTS (continued):


							Unrealized
					Settlement		Appreciation
Bought/Sold	Currency	Amount			Date		(Depreciation)

Buy	New Zealand Dollar		1,800			12/17/2010	$	40
Sell	Euro		(970	)		12/17/2010		(23	)
Buy	New Zealand Dollar		1,500			12/30/2010		11
Sell	Canadian Dollar		(1,146	)		12/30/2010		4
Buy	New Zealand Dollar		1,750			12/01/2010		114
Sell	Swiss Franc		(1,244	)		12/01/2010		(47	)
Buy	Norwegian Krone		7,931			12/17/2010		63
Sell	Swiss Franc		(1,300	)		12/17/2010		(33	)
Buy	Polish Zloty		4,050			12/17/2010		108
Sell	Swiss Franc		(1,320	)		12/17/2010		(34	)
Buy	Pound Sterling		820			12/01/2010		79
Sell	South African Rand		(9,737	)		12/01/2010		(149	)
Buy	Pound Sterling		800			12/08/2010		31
Sell	Swiss Franc		(1,241	)		12/08/2010		(11	)
Buy	Pound Sterling		730			01/19/2011		18
Sell	New Zealand Dollar		(1,549	)		01/19/2011		(22	)
Buy	Singapore Dollar		2,544			01/19/2011		3
Sell	Australian Dollar		(2,000	)		01/19/2011		23
Buy	South African Rand		8,984			12/01/2010		(27	)
Sell	Pound Sterling		(820	)		12/01/2010		(10	)
Buy	South African Rand		7,677			12/30/2010		(12	)
Sell	Euro		(800	)		12/30/2010		(15	)
Buy	Swedish Krona		9,450			11/11/2010		135
Sell	Japanese Yen		(111,980	)		11/11/2010		(113	)
Buy	Swiss Franc		1,320			12/17/2010		(26	)
Sell	Polish Zloty		(3,916	)		12/17/2010		(2	)
Buy	Swiss Franc		1,214			12/08/2010		(25	)
Sell	Pound Sterling		(800	)		12/08/2010		(22	)
Buy	Swiss Franc		1,372			11/02/2010		160
Sell	Australian Dollar		(1,450	)		11/02/2010		(186	)
Buy	Swiss Franc		1,300			12/17/2010		16
Sell	Norwegian Krone		(7,923	)		12/17/2010		(43	)
Buy	Swiss Franc		1,292			12/01/2010		122
Sell	New Zealand Dollar		(1,750	)		12/01/2010		(140	)
Buy	Swiss Franc		1,300			12/15/2010		(14	)
Sell	Euro		(978	)		12/15/2010		(25	)
Buy	Turkish Lira		1,700			11/15/2010		46
Sell	Australian Dollar		(1,213	)		11/15/2010		(50	)

							$	227


	Percentage of
INVESTMENTS BY INDUSTRY (unaudited):	Total Investments			Value

Capital Markets		6.4	%	$	6,089
U.S. Government Obligation		5.3			5,026
Biotechnology		5.0			4,753
Energy Equipment & Services		4.9			4,589
Health Care Equipment & Supplies		3.1			2,919
Wireless Telecommunication Services		2.2			1,974
Diversified Telecommunication Services		1.6			1,477
Electronic Equipment & Instruments		1.5			1,464
Software		1.2			1,119
Specialty Retail		1.1			1,053
Leisure Equipment & Products		1.0			960
Metals & Mining		0.9			891
Commercial Services & Supplies		0.9			863
Food & Staples Retailing		0.9			842
Air Freight & Logistics		0.9			819
Health Care Providers & Services		0.8			737
IT Services		0.8			736

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



Transamerica Funds		Annual Report 2010

Page 77

Transamerica Federated Market Opportunity

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts in thousands)


	Percentage of
INVESTMENTS BY INDUSTRY (unaudited) (continued):	Total Investments			Value

Independent Power Producers & Energy Traders		0.7	%	$	696
Electric Utilities		0.7			694
Food Products		0.7			686
Oil, Gas & Consumable Fuels		0.7			658
Pharmaceuticals		0.6			602

Investment Securities, at Value		41.9			39,647
Short-Term Investments		58.1			54,850

Total Investments		100.0	%	$	94,497


NOTES TO SCHEDULE OF INVESTMENTS:

‡		Non-income producing security.

^Λ		All or a portion of this security is on loan. The value of all securities on loan is $1,496.

▲		Rate shown reflects the yield at 10/29/2010.

#		Aggregate cost for federal income tax purposes is $94,556. Aggregate gross unrealized depreciation for all securities in which there is an excess of value over tax cost were $3,224 and $3,283, respectively. Net unrealized depreciation for tax purposes is $59.

DEFINITIONS:

ADR		American Depositary Receipt

ETF		Exchange-Traded Fund

SPDR		Standard & Poor’s Depositary Receipt

VALUATION SUMMARY:


Investment Securities	Level 1		Level 2			Level 3		Total

Common Stocks	$	17,532	$	11,000		$	—	$	28,532
Investment Companies		6,089		—			—		6,089
Purchased Options		3,267		—			—		3,267
Repurchase Agreement		—		50,045			—		50,045
Securities Lending Collateral		1,538		—			—		1,538
U.S. Government Obligations		—		5,026			—		5,026

Total	$	28,426	$	66,071		$	—	$	94,497


Other Financial Instruments*	Level 1		Level 2			Level 3		Total

Forward Foreign Currency Contracts — Appreciation	$	—	$	2,376		$	—	$	2,376
Forward Foreign Currency Contracts — Depreciation		—		(3,089	)		—		(3,089	)

Total	$	—		($713	)	$	—		($713	)


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

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



Transamerica Funds		Annual Report 2010

Page 78

Transamerica First Quadrant Global Macro
(formerly, Transamerica UBS Dynamic Alpha)

SCHEDULE OF INVESTMENTS
At October 31, 2010
(all amounts in thousands)


	Notional
	Amount		Value

PURCHASED OPTIONS - 0.0% ∞
Call Options - 0.0% ∞
CBOE SPX Volitility Index	$	18	$	4
Call Strike $32.50
Expires 11/17/2010
CBOE SPX Volitility Index		15		10
Call Strike $25.00
Expires 11/17/2010
S&P 500 Index		12		15
Call Strike $1,350.00
Expires 01/22/2011
Put Options - 0.0% ∞
S&P 500 Index		19		10
Put Strike $825.00
Expires 12/18/2010

Total Purchased Options (cost $97)				39


	Principal		Value

SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 18.2%
United States - 18.2%
U.S. Treasury Bill
0.11%, 11/12/2010 ▲ ■	$	3,000		3,000
0.11%, 11/18/2010 ▲ ■ ☼		3,000		3,000
0.12%, 11/04/2010 ▲ Y ☼		10,000		9,999
0.14%, 12/16/2010 ▲		1,000		1,000
0.14%, 12/30/2010 ▲ ☼		6,000		5,999

Total Short-Term U.S. Government Obligations (cost $22,998)				22,998


REPURCHASE AGREEMENT - 82.8%
State Street Bank & Trust Co. 0.01% ▲, dated 10/29/2010, to be repurchased at $104,395 on 11/01/2010. Collateralized by U.S. Government Agency Obligations, 4.00%, due 12/15/2017, and with a total value of$106,483.		104,395		104,395
Total Repurchase Agreement (cost $104,395)

Total Investment Securities (cost $127,490) #				127,432
Other Assets and Liabilities — Net				(1,290	)


Net Assets			$	126,142


	Notional
	Amount			Value

WRITTEN OPTIONS — (0.2%)
Put Options — (0.1%)
S&P 500 Index	$	(10	)	$	(77	)
Put Strike $1,075.00
Expires 12/18/2010
Call Options — (0.1%)
CBOE SPX Volitility Index		(15	)		(5	)
Call Strike $30.00
Expires 11/17/2010
S&P 500 Index		(12	)		(167	)
Call Strike $1,250.00
Expires 01/22/2011

Total Written Options (Premiums: $427)				$	(249	)

FUTURES CONTRACTS:


							Net Unrealized
							Appreciation
Description	Type	Contracts Γ			Expiration Date		(Depreciation)

10-Year Australian Treasury Bond	Short		(356	)		12/15/2010	$	179
10-Year Canada Government Bond	Short		(434	)		12/20/2010		(286	)
10-Year Mini Japan Government Bond	Long		230			12/08/2010		473
10-Year U.S. Treasury Note	Long		391			12/21/2010		14
AEX Index	Long		21			11/19/2010		(10	)
ASX SPI 200 Index	Short		(10	)		12/16/2010		1
CAC 40 Index	Long		55			11/19/2010		13
DAX Index	Long		11			12/17/2010		133

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



Transamerica Funds		Annual Report 2010

Page 79

Transamerica First Quadrant Global Macro
(formerly, Transamerica UBS Dynamic Alpha)

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts in thousands)

FUTURES CONTRACTS (continued):


							Net Unrealized
							Appreciation
Description	Type	Contracts Γ			Expiration Date		(Depreciation)

FTSE 100 Index	Long		37			12/17/2010	$	61
FTSE MIB Index	Long		26			12/17/2010		122
German Euro Bund	Long		186			12/08/2010		(173	)
Hang Seng Index	Short		(12	)		11/29/2010		27
IBEX 35 Index	Long		28			11/19/2010		76
S&P 500 E-Mini Index	Long		64			12/17/2010		163
S&P TSE 60 Index	Short		(5	)		12/16/2010		(20	)
TOPIX Index	Long		25			12/10/2010		(51	)
United Kingdom Long Gilt Bond	Short		(272	)		12/29/2010		679

							$	1,401

FORWARD FOREIGN CURRENCY CONTRACTS:


						Amount in U.S.			Net Unrealized
				Settlement		Dollars Bought			Appreciation
Currency	Bought (Sold)			Date		(Sold)			(Depreciation)

Australian Dollar		2,985			12/15/2010	$	2,826		$	81
Australian Dollar		1,310			12/15/2010		1,184			92
Australian Dollar		263			12/15/2010		256			1
Australian Dollar		(4,230	)		12/15/2010		(4,064	)		(56	)
Australian Dollar		(1,867	)		12/15/2010		(1,822	)		3
Australian Dollar		(31,493	)		12/15/2010		(28,548	)		(2,130	)
Australian Dollar		516			12/15/2010		495			8
Australian Dollar		(4,583	)		12/15/2010		(4,535	)		71
Australian Dollar		1,350			12/15/2010		1,249			67
Australian Dollar		1,138			12/15/2010		1,064			44
Australian Dollar		(3,748	)		12/15/2010		(3,637	)		(14	)
Australian Dollar		1,744			12/15/2010		1,611			88
Australian Dollar		3,124			12/15/2010		2,943			100
Australian Dollar		1,706			12/15/2010		1,622			40
Australian Dollar		2,489			12/15/2010		2,327			98
Australian Dollar		2,498			12/15/2010		2,365			68
Australian Dollar		3,251			12/15/2010		3,174			(7	)
Canadian Dollar		763			12/15/2010		762			(14	)
Canadian Dollar		(23,810	)		12/15/2010		(22,845	)		(477	)
Canadian Dollar		(967	)		12/15/2010		(948	)		1
Canadian Dollar		(2,307	)		12/15/2010		(2,198	)		(62	)
Canadian Dollar		423			12/15/2010		410			4
Canadian Dollar		3,743			12/15/2010		3,621			45
Canadian Dollar		(590	)		12/15/2010		(574	)		(3	)
Canadian Dollar		(2,048	)		12/15/2010		(1,984	)		(21	)
Canadian Dollar		1,221			12/15/2010		1,192			4
Canadian Dollar		(2,198	)		12/15/2010		(2,125	)		(28	)
Canadian Dollar		1,632			12/15/2010		1,609			(11	)
Canadian Dollar		(1,957	)		12/15/2010		(1,892	)		(25	)
Canadian Dollar		2,672			12/15/2010		2,626			(9	)
Canadian Dollar		(1,591	)		12/15/2010		(1,542	)		(17	)
Canadian Dollar		(928	)		12/15/2010		(899	)		(10	)
Canadian Dollar		1,379			12/15/2010		1,352			(1	)
Euro		(9,459	)		12/15/2010		(12,168	)		(988	)
Euro		1,234			12/15/2010		1,717			♦
Euro		835			12/15/2010		1,092			70
Euro		2,522			12/15/2010		3,302			206
Euro		2,087			12/15/2010		2,709			194
Euro		1,241			12/15/2010		1,686			41
Euro		1,678			12/15/2010		2,278			56
Euro		1,045			12/15/2010		1,438			16
Euro		1,997			12/15/2010		2,573			206

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



Transamerica Funds		Annual Report 2010

Page 80

Transamerica First Quadrant Global Macro
(formerly, Transamerica UBS Dynamic Alpha)

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all 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		1,284			12/15/2010	$	1,682		$	104
Euro		3,060			12/15/2010		4,255			1
Euro		(1,601	)		12/15/2010		(2,185	)		(42	)
Euro		(2,032	)		12/15/2010		(2,827	)		♦
Euro		2,501			12/15/2010		3,476			2
Euro		(828	)		12/15/2010		(1,103	)		(48	)
Euro		(1,277	)		12/15/2010		(1,709	)		(67	)
Euro		(2,638	)		12/15/2010		(3,400	)		(269	)
Euro		(1,345	)		12/15/2010		(1,872	)		1
Euro		(1,596	)		12/15/2010		(2,207	)		(13	)
Euro		2,173			12/15/2010		2,777			245
Japanese Yen		(45,648	)		12/15/2010		(558	)		(10	)
Japanese Yen		204,749			12/15/2010		2,523			22
Japanese Yen		1,143,307			12/15/2010		13,483			731
Japanese Yen		(159,110	)		12/15/2010		(1,949	)		(29	)
Japanese Yen		(45,908	)		12/15/2010		(558	)		(13	)
Japanese Yen		(213,564	)		12/15/2010		(2,557	)		(98	)
Japanese Yen		198,224			12/15/2010		2,333			132
Japanese Yen		(191,175	)		12/15/2010		(2,367	)		(10	)
Japanese Yen		(218,304	)		12/15/2010		(2,608	)		(106	)
Japanese Yen		(240,122	)		12/15/2010		(2,803	)		(183	)
Japanese Yen		(94,798	)		12/15/2010		(1,168	)		(11	)
Japanese Yen		(234,574	)		12/15/2010		(2,822	)		(94	)
Japanese Yen		(52,704	)		12/15/2010		(636	)		(19	)
Japanese Yen		(41,218	)		12/15/2010		(490	)		(22	)
Japanese Yen		(183,434	)		12/15/2010		(2,176	)		(104	)
Japanese Yen		(71,587	)		12/15/2010		(837	)		(53	)
Japanese Yen		(143,346	)		12/15/2010		(1,762	)		(20	)
Japanese Yen		(94,283	)		12/15/2010		(1,161	)		(11	)
Japanese Yen		(246,712	)		12/15/2010		(2,937	)		(131	)
Japanese Yen		(162,944	)		12/15/2010		(2,003	)		(23	)
Japanese Yen		(297,056	)		12/15/2010		(3,566	)		(127	)
New Zealand Dollar		363			12/15/2010		263			13
New Zealand Dollar		3,105			12/15/2010		2,228			130
New Zealand Dollar		(1,454	)		12/15/2010		(1,085	)		(19	)
New Zealand Dollar		(739	)		12/15/2010		(529	)		(32	)
New Zealand Dollar		(2,405	)		12/15/2010		(1,728	)		(99	)
New Zealand Dollar		1,226			12/15/2010		914			17
New Zealand Dollar		4,108			12/15/2010		3,082			38
New Zealand Dollar		(2,958	)		12/15/2010		(2,138	)		(108	)
New Zealand Dollar		2,868			12/15/2010		2,149			29
New Zealand Dollar		(960	)		12/15/2010		(694	)		(35	)
New Zealand Dollar		(5,135	)		12/15/2010		(3,672	)		(228	)
New Zealand Dollar		2,891			12/15/2010		2,073			123
New Zealand Dollar		(3,876	)		12/15/2010		(2,808	)		(136	)
New Zealand Dollar		63			12/15/2010		47			1
New Zealand Dollar		(4,607	)		12/15/2010		(3,493	)		(6	)
New Zealand Dollar		(2,036	)		12/15/2010		(1,488	)		(58	)
New Zealand Dollar		(1,064	)		12/15/2010		(778	)		(30	)
New Zealand Dollar		2,100			12/15/2010		1,576			19
New Zealand Dollar		(3,172	)		12/15/2010		(2,310	)		(99	)
Pound Sterling		(103	)		12/15/2010		(158	)		(6	)
Pound Sterling		744			12/15/2010		1,176			16
Pound Sterling		(1,398	)		12/15/2010		(2,207	)		(32	)
Pound Sterling		(1,077	)		12/15/2010		(1,691	)		(34	)
Pound Sterling		(706	)		12/15/2010		(1,084	)		(46	)
Pound Sterling		(1,638	)		12/15/2010		(2,567	)		(58	)
Pound Sterling		(1,146	)		12/15/2010		(1,821	)		(16	)
Pound Sterling		1,060			12/15/2010		1,675			22
Pound Sterling		(1,354	)		12/15/2010		(2,110	)		(59	)
Pound Sterling		179			12/15/2010		284			2
Pound Sterling		20,483			12/15/2010		31,593			1,215

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



Transamerica Funds		Annual Report 2010

Page 81

Transamerica First Quadrant Global Macro
(formerly, Transamerica UBS Dynamic Alpha)

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts in thousands)

FORWARD FOREIGN CURRENCY CONTRACTS (continued):


						Amount in U.S.			Net Unrealized
				Settlement		Dollars Bought			Appreciation
Currency	Bought (Sold)			Date		(Sold)			(Depreciation)

Pound Sterling		1,292			12/15/2010	$	2,046		$	23
Pound Sterling		1,037			12/15/2010		1,614			47
Swedish Krona		7,076			12/15/2010		999			59
Swedish Krona		6,630			12/15/2010		988			3
Swedish Krona		17,576			12/15/2010		2,638			(11	)
Swedish Krona		(18,147	)		12/15/2010		(2,716	)		3
Swedish Krona		13,149			12/15/2010		1,821			145
Swedish Krona		56,780			12/15/2010		7,834			654
Swedish Krona		13,754			12/15/2010		2,024			32
Swedish Krona		(2,622	)		12/15/2010		(376	)		(16	)
Swedish Krona		18,010			12/15/2010		2,702			(9	)
Swedish Krona		9,295			12/15/2010		1,302			87
Swedish Krona		15,466			12/15/2010		2,354			(42	)
Swedish Krona		(16,553	)		12/15/2010		(2,407	)		(67	)
Swedish Krona		21,167			12/15/2010		3,090			75
Swedish Krona		(31,535	)		12/15/2010		(4,551	)		(164	)
Swedish Krona		19,782			12/15/2010		2,943			15
Swedish Krona		13,156			12/15/2010		1,806			161
Swedish Krona		(6,890	)		12/15/2010		(1,002	)		(28	)
Swiss Franc		(2,751	)		12/15/2010		(2,721	)		(76	)
Swiss Franc		(2,239	)		12/15/2010		(2,245	)		(31	)
Swiss Franc		(622	)		12/15/2010		(617	)		(15	)
Swiss Franc		(861	)		12/15/2010		(873	)		(3	)
Swiss Franc		(1,837	)		12/15/2010		(1,922	)		55
Swiss Franc		(2,714	)		12/15/2010		(2,791	)		32
Swiss Franc		1,866			12/15/2010		1,899			(2	)
Swiss Franc		2,429			12/15/2010		2,465			4
Swiss Franc		155			12/15/2010		160			(3	)
Swiss Franc		2,017			12/15/2010		2,016			34
Swiss Franc		(1,499	)		12/15/2010		(1,530	)		5
Swiss Franc		(1,633	)		12/15/2010		(1,709	)		49
Swiss Franc		2,363			12/15/2010		2,445			(42	)
Swiss Franc		1,269			12/15/2010		1,333			(44	)
Swiss Franc		(8,929	)		12/15/2010		(8,745	)		(332	)
Swiss Franc		(1,511	)		12/15/2010		(1,564	)		28
Swiss Franc		4,003			12/15/2010		3,941			129
Swiss Franc		4,683			12/15/2010		4,622			139
Swiss Franc		(2,360	)		12/15/2010		(2,414	)		15
Swiss Franc		2,204			12/15/2010		2,188			53

									$	(1,048	)


NOTES TO SCHEDULE OF INVESTMENTS:

∞		Percentage rounds to less than 0.1%.

▲		Rate shown reflects the yield at 10/29/2010.

♦		Net unrealized appreciation (depreciation) is less than $1 or $(1).

■		All or a portion of these securities, in the amount of $4,700, have been segregated as collateral with the broker to cover margin requirements for open written options.

Y		All or a portion of this security, in the amount of $6,999, has been segregated as collateral with the broker to cover margin requirements for open futures contracts.

☼		All or a portion of these securities, in the amount of $8,109, have been segregated as collateral with the broker to cover margin requirements for open forward contracts.

Γ		Contract amounts are not in thousands.

#		Aggregate cost for federal income tax purposes is $127,490. Aggregate gross unrealized depreciation for all securities in which there is an excess of value over tax cost were $3 and $61, respectively. Net unrealized depreciation for tax purposes is $58.

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



Transamerica Funds		Annual Report 2010

Page 82

Transamerica First Quadrant Global Macro
(formerly, Transamerica UBS Dynamic Alpha)

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts in thousands)

VALUATION SUMMARY:


Investment Securities	Level 1		Level 2		Level 3		Total

Purchased Options	$	39	$	—	$	—	$	39
Repurchase Agreement		—		104,395		—		104,395
Short-Term U.S. Government Obligations		—		22,998		—		22,998

Total	$	39	$	127,393	$	—	$	127,432


Other Financial Instruments	Level 1		Level 2			Level 3		Total

Written Options	$	—	$	(249	)	$	—	$	(249	)


Other Financial Instruments*	Level 1			Level 2			Level 3		Total

Futures Contracts — Appreciation	$	1,941		$	—		$	—	$	1,941
Futures Contracts — Depreciation		(540	)		—			—		(540	)
Forward Foreign Currency Contracts — Appreciation		—			6,314			—		6,314
Forward Foreign Currency Contracts — Depreciation		—			(7,362	)		—		(7,362	)

Total	$	1,401		$	(1,048	)	$	—	$	353

Level 3 Rollforward — Investment Securities


	Beginning												Net Transfers		Ending
	Balance at		Net			Accrued		Total Realized			Change in Unrealized		In/(Out) of		Balance at
Securities	10/31/2009		Purchases/(Sales)			Discounts/(Premiums)		Gain/(Loss)			Appreciation/(Depreciation)		Level 3		10/31/2010

Common Stock	$	6	$	(1	)	$	—	$	(283	)	$	278	$	—	$	—


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

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



Transamerica Funds		Annual Report 2010

Page 83

Transamerica JPMorgan Core Bond

SCHEDULE OF INVESTMENTS
At October 31, 2010
(all amounts in thousands)


	Principal		Value

U.S. GOVERNMENT OBLIGATIONS - 25.1%
U.S. Treasury Bond
4.50%, 02/15/2036^Λ	$	100	$	110
5.38%, 02/15/2031		300		373
5.50%, 08/15/2028		800		1,007
6.00%, 02/15/2026		200		264
6.13%, 11/15/2027		350		470
6.38%, 08/15/2027		50		69
6.50%, 11/15/2026		600		833
6.63%, 02/15/2027		150		211
6.75%, 08/15/2026^Λ		250		355
7.25%, 05/15/2016		1,075		1,413
7.50%, 11/15/2016		12,450		16,695
8.13%, 08/15/2019		9,783		14,253
8.50%, 02/15/2020^Λ		50		75
8.75%, 05/15/2017^Λ		3,620		5,342
8.75%, 08/15/2020		2,505		3,607
8.88%, 08/15/2017		32,029		46,489
8.88%, 02/15/2019^Λ		5,913		9,014
9.00%, 11/15/2018		1,000		1,509
9.25%, 02/15/2016		5,700		8,033
U.S. Treasury Inflation Indexed Bond
2.50%, 01/15/2029^Λ		1,017		1,251
U.S. Treasury Inflation Indexed Note
2.38%, 04/15/2011		18,697		18,901
3.50%, 01/15/2011		2,509		2,526
U.S. Treasury Note
1.75%, 04/15/2013		1,000		1,033
2.38%, 02/28/2015 - 03/31/2016		3,300		3,479
2.63%, 12/31/2014 - 04/30/2016		16,025		17,126
3.00%, 09/30/2016		1,000		1,083
3.13%, 10/31/2016		3,200		4,224
3.13%, 04/30/2017 ^Λ		16,500		17,159
3.25%, 12/31/2016 - 03/31/2017		28,950		31,689
3.88%, 05/15/2018		3,330		3,754
4.13%, 05/15/2015		3,100		3,527
4.25%, 11/15/2017^Λ		1,250		1,443
4.50%, 05/15/2017		6,180		7,226
U.S. Treasury STRIPS
0.67%, 02/15/2014 ▲ ^Λ		4,500		4,401
0.75%, 05/15/2014 ▲ ^Λ		5,400		5,258
0.85%, 08/15/2014 ▲		4,000		3,870
1.03%, 02/15/2015 ▲		5,100		4,880
1.47%, 05/15/2016 ▲		200		184
1.72%, 11/15/2016 ▲ ^Λ		150		135
1.81%, 02/15/2017 ▲		3,960		3,530
1.98%, 08/15/2017 ▲		300		262
2.05%, 11/15/2017 ▲ ^Λ		3,625		3,134
2.16%, 02/15/2018 ▲		2,100		1,792
2.28%, 08/15/2018 ▲		550		460
2.55%, 05/15/2019 ▲ ^Λ		3,090		2,484
2.65%, 08/15/2019 ▲		2,550		2,020
2.87%, 05/15/2020 ▲ ^Λ		3,400		2,587
2.94%, 08/15/2020 ▲		950		714
2.95%, 11/15/2020 ▲		700		520
3.11%, 08/15/2021 ▲		400		286
3.20%, 02/15/2022 ▲		400		279
3.52%, 02/15/2024 ▲		75		47
3.55%, 05/15/2024 ▲		300		186
3.59%, 08/15/2024 ▲		475		290
3.62%, 11/15/2024 ▲		1,600		963
3.66%, 02/15/2025 ▲		1,150		682
3.70%, 05/15/2025 ▲		700		409
3.73%, 08/15/2025 ▲		400		231
3.83%, 05/15/2026 ▲ ^Λ		600		331
3.90%, 02/15/2027 ▲		200		106
3.94%, 08/15/2027 ▲		100		52
3.97%, 11/15/2027 ▲		350		178
3.99%, 02/15/2028 ▲ ^Λ		850		427
4.01%, 05/15/2028 ▲ ^Λ		100		50
4.06%, 02/15/2029 ▲		1,950		929
4.09%, 05/15/2029 ▲		100		47
4.10%, 08/15/2029 ▲		500		232
4.14%, 02/15/2030 ▲		50		23
4.23%, 11/15/2031 ▲		100		41
4.24%, 02/15/2032 ▲		50		20
4.42%, 05/15/2036 ▲		100		32

Total U.S. Government Obligations (cost $249,060)				266,615


U.S. GOVERNMENT AGENCY OBLIGATIONS - 49.8%
Fannie Mae PO
04/25/2019 - 01/25/2040		10,434		9,521
Fannie Mae
0.46%, 10/27/2037 *		2,000		1,996
0.48%, 02/25/2036 - 03/25/2045 *		819		814
0.50%, 10/25/2046 *		781		780
0.51%, 06/27/2036 *		3,319		3,296
0.52%, 11/25/2046 *		1,692		1,691
0.56%, 03/25/2036 *		585		585
0.66%, 06/25/2037 - 05/25/2042 *		1,517		1,514
0.71%, 07/25/2034 *		1,002		1,001
1.34%, 07/05/2014 ▲		4,000		3,797
2.29%, 06/01/2017 ▲		800		678
3.40%, 03/01/2036 *		1,465		1,541
3.50%, 12/25/2018		3,000		3,172
4.00%, 12/25/2039		1,671		1,770
4.18%, 03/01/2036 *		589		620
4.50%, 12/25/2017 - 10/25/2039		11,991		12,996
4.55%, 06/25/2043		416		442
4.75%, 09/25/2018		1,000		1,087
5.00%, 04/25/2016 - 08/01/2040		31,204		35,069
5.38%, 06/12/2017^Λ		20,000		24,130
5.43%, 11/01/2037 *		437		464
5.50%, 01/01/2018 - 10/25/2040		45,124		49,328
5.51%, 07/01/2037 *		306		325
5.59%, 12/01/2036 *		639		677
5.61%, 01/25/2032 *		391		390
5.69%, 11/01/2036- 04/01/2037 *		354		376
5.71%, 09/01/2036 *		190		201
5.74%, 08/01/2037 *		487		518
5.75%, 08/25/2034		1,000		1,084
5.83%, 12/01/2036 *		312		331
5.86%, 11/01/2036 *		753		800
5.90%, 02/25/2015		520		523
5.92%, 04/01/2036 *		647		691
5.93%, 09/01/2037 *		43		46
5.95%, 07/01/2037 *		292		310

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



Transamerica Funds		Annual Report 2010

Page 84

Transamerica JPMorgan Core Bond

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts in thousands)


	Principal		Value

U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Fannie Mae (continued)
5.95%, 06/25/2040	$	884	$	914
5.96%, 09/01/2037 *		375		403
5.98%, 05/01/2036 *		759		798
6.00%, 03/01/2019 - 12/25/2049		39,641		43,788
6.00%, 02/01/2037 *		224		239
6.11%, 07/01/2037 *		366		390
6.13%, 02/25/2040 *		1,072		1,197
6.14%, 11/01/2037 *		390		415
6.18%, 08/01/2036 *		155		168
6.21%, 06/01/2036 *		451		476
6.24%, 10/01/2036 *		299		318
6.25%, 09/25/2038 *		966		1,068
6.30%, 09/01/2036 *		472		501
6.33%, 02/01/2037 *		432		461
6.43%, 03/25/2040		916		1,009
6.50%, 05/25/2017 - 07/25/2042		25,649		28,513
6.61%, 09/01/2036 *		181		193
6.75%, 04/25/2037		1,240		1,414
7.00%, 12/25/2033 - 02/25/2044		6,330		7,295
7.36%, 12/25/2042 *		278		326
7.50%, 05/17/2024 - 12/25/2045		4,533		5,285
8.00%, 02/25/2023 - 10/01/2031		3,156		3,779
8.71%, 11/25/2037 *		1,564		1,932
12.15%, 03/25/2040 *		1,450		1,728
15.69%, 01/25/2034 *		197		241
16.23%, 08/25/2035 - 10/25/2035 *		669		805
17.17%, 09/25/2024 *		573		770
19.43%, 05/25/2035 *		994		1,301
21.81%, 04/25/2037 *		641		913
23.63%, 11/25/2035 *		499		710
Fannie Mae IO
0.64%, 10/25/2016 *		1,147		14
4.00%, 10/25/2014		3,165		224
4.18%, 11/25/2040 *		4,995		409
4.74%, 07/25/2040 *		5,901		581
5.00%, 07/25/2039		806		135
5.64%, 10/25/2039 *		1,375		124
5.74%, 02/25/2038 *		1,379		171
5.92%, 12/25/2039 *		367		37
5.99%, 01/25/2040 *		4,869		499
6.09%, 12/25/2037 *		5,705		590
6.14%, 07/25/2037 - 05/25/2040 *		10,033		1,143
6.16%, 04/25/2040 *		2,666		273
6.19%, 10/25/2037 - 12/25/2037 *		2,558		340
6.36%, 07/25/2037 *		4,175		531
6.39%, 10/25/2026 - 03/25/2039 *		7,930		946
6.46%, 01/25/2038 *		464		32
6.73%, 03/25/2038 *		1,475		204
6.84%, 02/25/2040 *		1,783		303
Fannie Mae STRIPS
3.74%, 11/15/2021		1,000		660
Federal Farm Credit Bank
5.13%, 11/15/2018		2,000		2,348
Financing Corp. STRIPS
3.30%, 09/26/2019 ▲		500		381
Freddie Mac
0.51%, 08/15/2023		1,378		1,377
0.56%, 04/15/2035 - 03/15/2036 *		1,388		1,387
1.46%, 07/15/2039 *		1,234		1,254
4.00%, 01/15/2018		758		810
4.17%, 03/01/2036 *		1,185		1,242
4.25%, 10/15/2030		905		924
4.50%, 07/01/2014 - 07/15/2039		16,593		17,920
4.78%, 10/25/2037 *		1,115		1,161
5.00%, 10/01/2018 - 08/01/2040		16,678		18,286
5.13%, 11/17/2017^Λ		33,430		40,018
5.23%, 05/25/2043		2,012		2,199
5.30%, 06/15/2012		637		667
5.31%, 05/01/2038 *		264		280
5.32%, 05/01/2037 *		358		380
5.50%, 08/23/2017 - 01/15/2039		28,170		31,128
5.69%, 04/01/2037 *		176		188
5.73%, 06/01/2037 *		528		567
5.75%, 10/15/2035		2,211		2,384
5.76%, 05/01/2037 *		1,053		1,118
5.79%, 05/01/2037 *		311		332
5.82%, 11/01/2036 *		389		413
5.84%, 05/01/2036 *		336		353
5.86%, 04/01/2037 *		285		303
5.93%, 04/01/2037 *		170		182
5.94%, 11/01/2036 *		118		125
5.96%, 03/01/2037 *		772		820
6.00%, 08/15/2021 - 02/25/2043		16,499		18,257
6.00%, 06/15/2038 *		575		618
6.05%, 10/01/2037 *		416		442
6.13%, 05/01/2037 *		321		343
6.17%, 12/01/2036 *		796		845
6.24%, 09/01/2037 *		427		456
6.25%, 10/15/2023		1,293		1,379
6.30%, 10/01/2036 *		429		455
6.34%, 12/01/2036 *		920		980
6.36%, 10/01/2037 *		799		857
6.41%, 02/01/2037 *		406		436
6.50%, 02/15/2026 - 02/25/2043		15,349		17,074
6.50%, 09/25/2043 *		274		312
6.82%, 11/15/2021 *		1,775		1,968
7.00%, 12/15/2036 - 07/25/2043		3,682		4,137
7.15%, 11/15/2046 *		2,926		3,252
7.50%, 11/15/2036 - 09/25/2043		5,710		6,442
8.50%, 09/01/2015		204		225
8.62%, 11/15/2033 *		72		71
8.69%, 11/15/2033 *		403		402
8.77%, 10/15/2033 *		311		311
9.18%, 12/15/2028 *		485		529
10.00%, 03/17/2026 - 10/01/2030		1,598		1,893
11.00%, 02/17/2021		711		790
14.38%, 06/15/2033 *		331		379
15.80%, 10/15/2033 *		171		186
15.94%, 10/15/2033 *		426		467
16.65%, 02/15/2040 *		500		724
16.81%, 02/15/2038 *		154		184
19.45%, 07/15/2035 *		154		197
20.26%, 08/15/2031 *		264		350
20.98%, 05/15/2035 *		159		215
23.60%, 06/15/2035 *		134		220

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



Transamerica Funds		Annual Report 2010

Page 85

Transamerica JPMorgan Core Bond

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts in thousands)


	Principal		Value

U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Freddie Mac IO
1.00%, 10/15/2040 - 10/15/2040 *	$	4,500	$	608
5.00%, 04/15/2032 - 08/15/2040		4,911		699
5.50%, 07/15/2037		820		113
5.74%, 11/15/2037 *		1,709		153
5.79%, 05/15/2038 *		4,752		503
5.84%, 05/15/2039 *		3,459		377
5.99%, 12/15/2039 *		3,746		449
6.08%, 12/15/2039 *		2,403		533
6.14%, 01/15/2037 *		1,732		241
6.19%, 11/15/2037 *		267		35
6.44%, 01/15/2019 *		2,023		161
6.54%, 09/15/2039 *		1,552		269
7.44%, 08/15/2036 *		7,909		1,307
Freddie Mac PO
03/15/2019 - 10/15/2039		10,520		9,605
Freddie Mac Re-REMIC
6.00%, 05/15/2036		2,996		3,431
Ginnie Mae PO
12/20/2032 - 11/16/2037		4,065		3,740
Ginnie Mae IO
5.57%, 02/20/2038 *		578		52
5.69%, 02/20/2039 - 06/20/2039 *		2,078		210
5.74%, 02/20/2038 *		5,328		622
5.78%, 02/20/2039 *		695		69
5.79%, 08/16/2039 *		4,091		389
5.84%, 11/20/2034 - 08/20/2039 *		11,844		1,284
5.89%, 07/20/2038 *		3,682		358
5.94%, 03/20/2037 - 06/20/2038 *		8,929		939
6.04%, 03/20/2039 *		771		69
6.14%, 12/20/2038 - 11/16/2039 *		3,533		335
6.27%, 12/20/2037 *		282		32
6.29%, 11/16/2033 - 11/20/2037 *		779		116
6.50%, 03/20/2039		391		45
7.34%, 09/20/2038 *		354		42
7.44%, 04/16/2038 *		210		27
Ginnie Mae
0.46%, 04/16/2037 *		252		251
5.50%, 05/16/2019 - 09/20/2039		6,372		7,180
5.75%, 02/20/2036 - 08/20/2036		3,938		4,251
5.86%, 10/20/2033 *		926		1,028
6.00%, 04/20/2020 - 12/20/2039		4,408		4,892
6.50%, 04/20/2028 - 12/15/2035		4,985		5,544
7.00%, 09/15/2031 - 10/16/2040		4,229		4,813
7.00%, 09/20/2034 *		92		93
7.38%, 03/17/2033 *		370		380
7.50%, 12/20/2029 - 10/15/2037		2,330		2,681
8.74%, 04/20/2034 *		460		483
14.23%, 11/17/2032 *		150		181
16.76%, 02/20/2034 *		73		93
Tennessee Valley Authority
5.25%, 09/15/2039		40		45
Tennessee Valley Authority Generic STRIPS
2.97%, 05/01/2019 ▲		500		379

Total U.S. Government Agency Obligations (cost $518,395)				530,180


FOREIGN GOVERNMENT OBLIGATIONS - 0.2%
Province of Manitoba Canada
2.13%, 04/22/2013		100		103
Province of Ontario Canada
2.70%, 06/16/2015		700		736
2.95%, 02/05/2015 ^Λ		515		547
Province of Quebec Canada
6.35%, 01/30/2026		285		380

Total Foreign Government Obligations (cost $1,670)				1,766


MORTGAGE-BACKED SECURITIES - 10.2%
American General Mortgage Loan Trust
Series 2006-1, Class A5
5.75%, 12/25/2035 - 144A *		421		456
Series 2009-1, Class A4
5.75%, 09/25/2048 - 144A *		1,650		1,721
Series 2009-1, Class A5
5.75%, 09/25/2048 - 144A *		1,100		1,156
Series 2009-1, Class A7
5.75%, 09/25/2048 - 144A *		1,900		1,909
ASG Resecuritization Trust
Series 2009-1, Class A60
5.43%, 06/26/2037 - 144A *		228		232
Series 2009-2, Class A55
5.51%, 05/24/2036 - 144A *		403		418
Series 2009-3, Class A65
5.43%, 03/26/2037 - 144A *		1,395		1,404
Series 2009-4, Class A60
6.00%, 06/28/2037 - 144A		318		335
Series 2010-3, Class 2A22
0.42%, 10/28/2036 - 144A *		1,326		1,303
Series 2010-4, Class 2A20
0.40%, 11/28/2036 - 144A *		784		760
Banc of America Alternative Loan Trust
Series 2003-11, Class 1A1
6.00%, 01/25/2034		200		208
Series 2003-11, Class 2A1
6.00%, 01/25/2034		262		274
Series 2003-7, Class 2A4
5.00%, 09/25/2018		662		685
Series 2003-9, Class 1CB2
5.50%, 11/25/2033		325		333
Series 2004-1, Class 5A1
5.50%, 02/25/2019		123		124
Series 2004-6, Class 3A2
6.00%, 07/25/2034		440		451
Series 2004-8, Class 3A1
5.50%, 09/25/2019		159		166
Banc of America Commercial Mortgage, Inc.
Series 2005-3, Class A4
4.67%, 07/10/2043		300		316
Series 2005-3, Class AM
4.73%, 07/10/2043		800		740
Series 2005-5, Class A4
5.12%, 10/10/2045 *		200		220
Series 2006-3, Class A4
5.89%, 07/10/2044 *		600		657
Series 2006-4, Class A4
5.63%, 07/10/2046		500		540
Series 2006-5, Class A4
5.41%, 09/10/2047		150		160
Banc of America Funding Corp.
Series 2004-3, Class 1A1
5.50%, 10/25/2034		908		939

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



Transamerica Funds		Annual Report 2010

Page 86

Transamerica JPMorgan Core Bond

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts in thousands)


	Principal		Value

MORTGAGE-BACKED SECURITIES (continued)
Banc of America Funding Corp. (continued)
Series 2004-3, Class 1A7
5.50%, 10/25/2034	$	142	$	145
Series 2004-C, Class 1A1
5.03%, 12/20/2034 *		373		386
Series 2010-R4, Class 5A1
0.41%, 07/26/2036 - 144A *		529		511
Series 2010-R5, Class 5A6
0.56%, 05/26/2037 - 144A *		2,861		2,816
Series 2010-R7, Class A1
0.44%, 06/25/2046 - 144A *		1,108		1,088
Banc of America Mortgage Securities, Inc.
Series 2003-3, Class 2A1
0.81%, 05/25/2018 *		196		190
Series 2003-6, Class 2A1
0.71%, 08/25/2018 *		340		333
Series 2003-C, Class 3A1
3.02%, 04/25/2033 *		447		460
Series 2003-E, Class 2A2
2.87%, 06/25/2033 *		611		584
Series 2004-3, Class 1A23
4.50%, 04/25/2034		110		110
Series 2004-3, Class 1A26
5.50%, 04/25/2034		1,300		1,382
Series 2004-3, Class 3A1
5.00%, 04/25/2019		269		277
Series 2004-5, Class 4A1
4.75%, 06/25/2019		214		219
Series 2004-C, Class 2A2
3.01%, 04/25/2034 *		1,212		1,213
BCAP LLC Trust
Series 2009-RR10, Class 17A1
5.75%, 06/26/2037 - 144A		303		321
Series 2009-RR14, Class 3A2
2.91%, 08/26/2035 - 144A *		500		471
Series 2009-RR5, Class 8A1
5.50%, 11/26/2034 - 144A		874		902
Series 2010-RR5, Class 2A5
5.18%, 04/26/2037 - 144A *		1,000		919
Series 2010-RR6, Class 22A3
5.38%, 06/26/2036 - 144A *		973		1,022
Series 2010-RR6, Class 5A1
5.50%, 11/26/2037 - 144A *		706		714
Series 2010-RR7, Class 15A1
1.06%, 01/26/2036 - 144A *		1,294		1,210
Series 2010-RR7, Class 16A1
1.05%, 02/26/2047 - 144A *		926		897
Series 2010-RR7, Class 1A5
5.03%, 04/26/2035 - 144A *		2,340		2,436
Series 2010-RR7, Class 2A1
5.66%, 07/26/2045 - 144A *		2,316		2,363
Series 2010-RR8, Class 3A3
5.10%, 05/26/2035 - 144A *		829		857
Bear Stearns Adjustable Rate Mortgage Trust
Series 2003-4, Class 3A1
5.01%, 07/25/2033 *		349		360
Series 2004-2, Class 14A
5.15%, 05/25/2034 *		446		461
Series 2005-5, Class A1
2.34%, 08/25/2035 *		481		461
Bear Stearns Commercial Mortgage Securities
Series 2006-PW11, Class A4
5.46%, 03/11/2039 *		200		220
Chase Mortgage Finance Corp.
Series 2003-S2, Class A1
5.00%, 03/25/2018		539		554
Series 2007-A1, Class 2A1
2.89%, 02/25/2037 *		864		874
Series 2007-A1, Class 7A1
2.93%, 02/25/2037 *		772		783
Series 2007-A1, Class 9A1
4.20%, 02/25/2037 *		346		352
Series 2007-A2, Class 1A1
2.90%, 07/25/2037 *		167		166
Chase Mortgage Finance Corp., PO
Series 2003-S9, Class AP
10/25/2018		140		121
Citicorp Mortgage Securities, Inc.
Series 2003-6, Class 1A2
4.50%, 05/25/2033		191		195
Citigroup Commercial Mortgage Trust
Series 2005-C3, Class AM
4.83%, 05/15/2043 *		440		444
Citigroup Mortgage Loan Trust, Inc.
Series 2008-AR4, Class 1A1A
5.47%, 11/25/2038 * θ		1,560		1,572
Citigroup Mortgage Loan Trust, Inc.
Series 2009-10, Class 1A1
2.71%, 09/25/2033 - 144A *		1,282		1,280
Series 2010-7, Class 10A1
2.87%, 02/25/2035 - 144A *		584		581
Commercial Mortgage Asset Trust
Series 1999-C1, Class D
7.35%, 01/17/2032 *		1,000		1,101
Countrywide Alternative Loan Trust, PO
Series 2002-7, Class
08/25/2032		181		125
Countrywide Home Loan Mortgage Pass-Through Trust
Series 2003-34, Class A6
5.25%, 09/25/2033		250		258
Series 2003-39, Class A6
5.00%, 10/25/2033		715		731
Series 2003-J13, Class 1A7
5.25%, 01/25/2034		1,437		1,481
Series 2004-5, Class 1A4
5.50%, 06/25/2034		1,075		1,135
Series 2004-8, Class 2A1
4.50%, 06/25/2019		189		194
Series 2004-J4, Class 2A1
5.00%, 05/25/2019		343		353
Credit Suisse First Boston Mortgage Securities Corp.
Series 2003-27, Class 5A3
5.25%, 11/25/2033		718		736
Series 2003-27, Class 5A4
5.25%, 11/25/2033		815		850
Series 2003-29, Class 5A1
7.00%, 12/25/2033		322		335
Series 2003-29, Class 8A1
6.00%, 11/25/2018		177		183
Series 2003-AR15, Class 3A1
2.81%, 06/25/2033 *		460		457

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



Transamerica Funds		Annual Report 2010

Page 87

Transamerica JPMorgan Core Bond

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts in thousands)


	Principal		Value

MORTGAGE-BACKED SECURITIES (continued)
Credit Suisse First Boston Mortgage Securities Corp. (continued)
Series 2004-8, Class 3A5
5.50%, 12/25/2034	$	845	$	872
Credit Suisse Mortgage Capital Certificates
Series 2006-C2, Class A3
5.66%, 03/15/2039 *		600		650
Series 2009-3R, Class 19A3
6.00%, 01/27/2038 - 144A		573		611
Series 2010-11R, Class A1
1.26%, 06/28/2047 - 144A *		1,238		1,242
Series 2010-15R, Class 7A1
5.34%, 10/26/2037 - 144A *		666		675
CW Capital Cobalt, Ltd.
Series 2006-C1, Class A4
5.22%, 08/15/2048		600		627
Deutsche ALT-A Securities, Inc., Alternate Loan Trust
Series 2005-1, Class 2A1
5.59%, 02/25/2020 *		384		388
Deutsche Mortgage Securities, Inc.
Series 2010-RS2, Class A1
1.51%, 06/28/2047 - 144A *		868		868
First Horizon Asset Securities, Inc.
Series 2003-8, Class 2A1
4.50%, 09/25/2018		273		284
GMAC Mortgage Corp., Loan Trust
Series 2003-AR1, Class A4
3.41%, 10/19/2033 *		289		289
Series 2003-AR2, Class 2A4
3.50%, 12/19/2033 *		1,579		1,564
Series 2004-J2, Class A2
0.76%, 06/25/2034 *		260		251
Series 2004-J5, Class A7
6.50%, 01/25/2035		633		652
Series 2004-J6, Class 1A1
5.00%, 01/25/2020		423		437
Series 2010-1, Class A
4.25%, 07/25/2040 - 144A		747		746
Greenwich Capital Commercial Funding Corp.
Series 2005-GG3, Class AJ
4.86%, 08/10/2042 *		220		216
GSR Mortgage Loan Trust
Series 2003-7F, Class 1A4
5.25%, 06/25/2033		1,462		1,489
Series 2004-8F, Class 2A3
6.00%, 09/25/2034		664		704
Series 2005-5F, Class 2A3
5.50%, 06/25/2035		596		603
Series 2005-5F, Class 8A3
0.76%, 06/25/2035 *		646		583
Impac Secured Assets CMN Owner Trust
Series 2003-2, Class A1
5.50%, 08/25/2033		178		186
JP Morgan Re-REMIC
Series 2010-4, Class 7A1
4.32%, 08/26/2035 - 144A *		836		847
JPMorgan Chase Commercial Mortgage Securities Corp.
Series 2005-CB13, Class A4
5.28%, 01/12/2043 *		385		412
JPMorgan Mortgage Trust
Series 2004-A3, Class 4A1
4.30%, 07/25/2034 *		244		244
Series 2004-A4, Class 1A1
4.55%, 09/25/2034 *		325		334
Series 2004-S1, Class 1A7
5.00%, 09/25/2034		163		170
Series 2005-A1, Class 3A4
5.01%, 02/25/2035 *		688		694
Series 2005-A1, Class 5A1
4.48%, 02/25/2035 *		529		544
Series 2006-A2, Class 4A1
2.93%, 08/25/2034 *		705		703
Series 2006-A3, Class 6A1
2.99%, 08/25/2034 *		187		175
LB-UBS Commercial Mortgage Trust
Series 2006-C1, Class A4
5.16%, 02/15/2031		150		163
Series 2006-C4, Class A4
5.88%, 06/15/2038 *		400		440
LVII Resecuritization Trust
Series 2009-1, Class A1
5.95%, 11/27/2037 - 144A *		420		428
Series 2009-2, Class A3
3.00%, 09/27/2037 - 144A *		1,000		998
Series 2009-2, Class A4
3.00%, 09/27/2037 - 144A *		1,000		1,000
MASTR Adjustable Rate Mortgages Trust
Series 2004-13, Class 3A6
2.90%, 11/21/2034 *		222		223
MASTR Alternative Loans Trust
Series 2003-9, Class 2A1
6.00%, 12/25/2033		283		292
MASTR Asset Securitization Trust
Series 2003-2, Class 1A1
5.00%, 03/25/2018		219		225
Series 2003-3, Class 3A18
5.50%, 04/25/2033		595		595
Series 2003-7, Class 4A1
4.25%, 09/25/2033		227		227
Series 2004-P7, Class A6
5.50%, 12/27/2033 - 144A		865		913
MASTR Resecuritization Trust, PO
Series 2005, Class 3
05/28/2035 - 144A		418		267
Merrill Lynch Mortgage Investors, Inc.
Series 2003-A4, Class 2A
2.89%, 07/25/2033 *		238		244
Series 2003-A5, Class 2A6
2.57%, 08/25/2033 *		238		230
Series 2004-A4, Class A2
2.79%, 08/25/2034 *		376		378
Merrill Lynch Mortgage Trust
Series 2005-LC1, Class AJ
5.33%, 01/12/2044 *		500		476
Series 2006-C1, Class A4
5.65%, 05/12/2039 *		730		801
MLCC Mortgage Investors, Inc.
Series 2004-D, Class A2
0.89%, 08/25/2029 *		505		471
Morgan Stanley Capital I
Series 2006-T21, Class A4
5.16%, 10/12/2052 *		200		219
Series 2007-T27, Class A4
5.65%, 06/11/2042 *		200		222

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



Transamerica Funds		Annual Report 2010

Page 88

Transamerica JPMorgan Core Bond

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts in thousands)


	Principal		Value

MORTGAGE-BACKED SECURITIES (continued)
Prime Mortgage Trust, PO
Series 2004-CL1, Class 1
02/25/2034	$	42	$	32
Prime Mortgage Trust
Series 2004-CL1, Class 1A1
6.00%, 02/25/2034		400		417
RBSSP Resecuritization Trust
Series 2009-1, Class 1A1
6.50%, 02/26/2036 - 144A		737		787
Series 2010-4, Class 12A1
4.50%, 03/26/2021 - 144A		975		965
Residential Accredit Loans, Inc.
Series 2003-QS1, Class A6
4.25%, 01/25/2033		250		253
Series 2003-QS13, Class A5
0.91%, 07/25/2033 *		614		489
Series 2003-QS15, Class A7
5.50%, 08/25/2033		1,185		1,208
Series 2003-QS18, Class A1
5.00%, 09/25/2018		237		242
Series 2004-QS7, Class A4
5.50%, 05/25/2034		356		303
Residential Asset Securitization Trust
Series 2002-A13, Class A4
5.25%, 12/25/2017		182		184
Residential Funding Mortgage Securities I
Series 2003-S20, Class 2A1
4.75%, 12/25/2018		232		239
Series 2003-S4, Class A4
5.75%, 03/25/2033		1,080		1,137
Salomon Brothers Mortgage Securities VII, Inc.
Series 2003-HYB1, Class A
3.22%, 09/25/2033 *		780		782
Salomon Brothers Mortgage Securities VII, Inc.
Series 2003-UP1, Class A
3.95%, 04/25/2032 - 144A *		73		63
Structured Asset Securities Corp.
Series 2003-16, Class A3
0.76%, 06/25/2033 *		230		211
Series 2003-32, Class 1A1
5.08%, 11/25/2033 *		299		304
Series 2003-33H, Class 1A1
5.50%, 10/25/2033		244		245
Series 2003-35, Class 3A1
0.76%, 12/25/2033 *		876		830
Series 2003-37A, Class 2A
4.99%, 12/25/2033 *		421		439
Series 2004-4XS, Class 1A5
5.49%, 02/25/2034 *		838		843
Series 2004-5H, Class A4
5.54%, 12/25/2033		1,000		1,029
Thornburg Mortgage Securities Trust
Series 2004-1, Class II2A
2.12%, 03/25/2044 *		276		267
TIAA Seasoned Commercial Mortgage Trust
Series 2007-C4, Class A3
6.04%, 08/15/2039 *		650		725
Vendee Mortgage Trust
Series 1993-1, Class ZB
7.25%, 02/15/2023		514		594
Series 1998-2, Class 1G
6.75%, 06/15/2028		863		1,011
WaMu Mortgage Pass-Through Certificates
Series 2003-AR6, Class A1
2.70%, 06/25/2033 *		257		254
Series 2003-AR7, Class A7
2.67%, 08/25/2033 *		503		493
Series 2003-AR8, Class A
2.72%, 08/25/2033 *		165		167
Series 2003-AR9, Class 1A6
2.71%, 09/25/2033 *		840		812
Series 2003-S4, Class 2A10
16.76%, 06/25/2033 *		80		90
Series 2003-S8, Class A4
4.50%, 09/25/2018		513		527
Series 2003-S9, Class A8
5.25%, 10/25/2033		580		577
Series 2004-AR3, Class A1
2.71%, 06/25/2034 *		114		110
Series 2004-AR3, Class A2
2.71%, 06/25/2034 *		1,178		1,174
Series 2004-CB2, Class 7A
5.50%, 08/25/2019		272		283
Series 2004-CB3, Class 4A
6.00%, 10/25/2019		784		819
Series 2004-S1, Class 1A3
0.66%, 03/25/2034 *		394		390
Series 2004-S2, Class 2A4
5.50%, 06/25/2034		569		590
WaMu MSC Mortgage Pass-Through Certificates
Series 2004-RA2, Class 2A
7.00%, 07/25/2033		246		255
Washington Mutual MSC Mortgage Pass-Through Certificates
Series 2003-MS2, Class 1A1
5.75%, 02/25/2033		951		979
Wells Fargo Mortgage Backed Securities Trust
Series 2003-15, Class 1A1
4.75%, 12/25/2018		364		379
Series 2003-J, Class 2A5
4.44%, 10/25/2033 *		50		51
Series 2003-K, Class 1A1
4.46%, 11/25/2033 *		129		129
Series 2004-4, Class A9
5.50%, 05/25/2034		846		887
Series 2004-7, Class 2A2
5.00%, 07/25/2019		580		606
Series 2004-E, Class A8
4.85%, 05/25/2034 *		345		349
Series 2004-EE, Class 2A1
2.86%, 12/25/2034 *		645		633
Series 2004-EE, Class 2A2
2.86%, 12/25/2034 *		161		160
Series 2004-EE, Class 3A1
3.00%, 12/25/2034 *		151		149
Series 2004-EE, Class 3A2
3.00%, 12/25/2034 *		226		228
Series 2004-I, Class 1A1
3.04%, 07/25/2034 *		185		186
Series 2004-U, Class A1
3.01%, 10/25/2034 *		1,905		1,845
Series 2004-V, Class 1A1
2.90%, 10/25/2034 *		378		377

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



Transamerica Funds		Annual Report 2010

Page 89

Transamerica JPMorgan Core Bond

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts in thousands)


	Principal		Value

MORTGAGE-BACKED SECURITIES (continued)
Wells Fargo Mortgage Backed Securities Trust (continued)
Series 2004-V, Class 1A2
2.90%, 10/25/2034 *	$	169	$	170
Series 2005-13, Class A1
5.00%, 11/25/2020		378		395
Series 2005-AR8, Class 2A1
2.92%, 06/25/2035 *		285		279

Total Mortgage-Backed Securities (cost $105,896)				108,510


ASSET-BACKED SECURITIES - 1.7%
AH Mortgage Advance Trust
Series 2010-ADV1, Class A1
3.97%, 08/15/2022 - 144A		530		537
Ally Auto Receivables Trust
Series 2009-A, Class A3
2.33%, 06/17/2013 - 144A		100		102
Series 2010-1, Class A3
1.45%, 05/15/2014		330		334
Series 2010-3, Class A3
1.11%, 10/15/2014		920		928
Series 2010-3, Class A4
1.55%, 08/17/2015		357		359
AmeriCredit Automobile Receivables Trust
Series 2010-1, Class A2
0.97%, 01/15/2013		111		111
Series 2010-1, Class A3
1.66%, 03/17/2014		95		96
Series 2010-3, Class A3
1.14%, 04/08/2015		535		537
Bank of America Auto Trust
Series 2009-2A, Class A3
2.13%, 09/15/2013 - 144A		100		101
Series 2009-3A, Class A3
1.67%, 12/16/2013 - 144A		105		106
Series 2010-1A, Class A3
1.39%, 03/15/2014 - 144A		260		262
Series 2010-1A, Class A4
2.18%, 02/15/2017 - 144A		185		190
Series 2010-2, Class A2
0.91%, 10/15/2012		540		541
Series 2010-2, Class A3
1.31%, 07/15/2014		310		313
Series 2010-2, Class A4
1.94%, 06/15/2017		510		523
CarMax Auto Owner Trust
Series 2010-1, Class A3
1.56%, 07/15/2014		200		202
Chase Funding Mortgage Loan Asset-Backed
Certificates
Series 2003-2, Class 2A2
0.82%, 02/25/2033 *		647		582
Series 2003-5, Class 1A4
4.40%, 02/25/2030		392		392
Series 2003-6, Class 1A4
4.50%, 11/25/2034		550		546
Series 2003-6, Class 1A5
5.35%, 11/25/2034 *		500		446
Chrysler Financial Auto Securitization Trust
Series 2010-A, Class A3
0.91%, 08/08/2013		1,000		1,003
Citibank Credit Card Issuance Trust
Series 2007-A7, Class A7
0.61%, 08/20/2014 *		1,000		1,002
CNH Equipment Trust
Series 2009-C, Class A3
1.85%, 12/16/2013		25		25
Series 2010-A, Class A3
1.54%, 07/15/2014		635		643
GE Capital Credit Card Master Note Trust
Series 2009-2, Class A
3.69%, 07/15/2015		600		626
HSBC Home Equity Loan Trust
Series 2005-2, Class A1
0.53%, 01/20/2035 *		104		95
Series 2006-1, Class A1
0.42%, 01/20/2036 *		191		173
Series 2007-1, Class A2F
5.60%, 03/20/2036 *		200		207
Series 2007-1, Class AS
0.46%, 03/20/2036 *		203		189
Series 2007-3, Class APT
1.46%, 11/20/2036 *		148		135
Hyundai Auto Receivables Trust
Series 2010-B, Class A3
0.97%, 04/15/2015		340		342
Series 2010-B, Class A4
1.63%, 03/15/2017		375		379
Mercedes-Benz Auto Receivables Trust
Series 2010-1, Class A1
0.31%, 05/13/2011		911		911
Series 2010-1, Class A3
1.42%, 08/15/2014		250		253
Morgan Stanley ABS Capital I
Series 2004-WMC3, Class M1
1.01%, 01/25/2035 *		74		72
Nissan Auto Receivables Owner Trust
Series 2010-A, Class A3
0.87%, 07/15/2014		455		457
Series 2010-A, Class A4
1.31%, 09/15/2016		300		302
PennyMac Loan Trust
Series 2010-NPL1, Class A
4.25%, 05/25/2050 - 144A *		546		544
Residential Asset Mortgage Products, Inc.
Series 2004-RS6, Class AI4
5.46%, 05/25/2032 *		569		587
Structured Asset Investment Loan Trust
Series 2005-5, Class A9
0.53%, 06/25/2035 *		400		370
Structured Asset Securities Corp.
Series 2002-AL1, Class A2
3.45%, 02/25/2032		330		315
Series 2004-6XS, Class A5A
5.53%, 03/25/2034 *		654		637
Series 2005-NC1, Class A11
4.69%, 02/25/2035 *		1,120		1,147
Toyota Auto Receivables Owner Trust
Series 2010-C, Class A3
0.77%, 04/15/2014		70		70
USAA Auto Owner Trust
Series 2009-2, Class A3
1.54%, 10/15/2012		115		116
Series 2009-2, Class A4
2.53%, 06/17/2013		115		119

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



Transamerica Funds		Annual Report 2010

Page 90

Transamerica JPMorgan Core Bond

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts in thousands)


	Principal		Value

ASSET-BACKED SECURITIES (continued)
World Omni Auto Receivables Trust
Series 2010-A, Class A4
2.21%, 05/15/2015	$	275	$	283

Total Asset-Backed Securities (cost $17,992)				18,210


MUNICIPAL GOVERNMENT OBLIGATIONS - 0.1%
Port Authority of New York & New Jersey
5.65%, 11/01/2040		485		480
State of Illinois
5.10%, 06/01/2033		85		68

Total Municipal Government Obligations (cost $565)				548


CORPORATE DEBT SECURITIES - 12.6%
Aerospace & Defense - 0.1%
BAE Systems Holdings, Inc.
5.20%, 08/15/2015 - 144A		380		420
Lockheed Martin Corp.
4.25%, 11/15/2019		150		162
5.72%, 06/01/2040 - 144A		108		116
United Technologies Corp.
8.88%, 11/15/2019		250		354
Automobiles - 0.1%
Daimler Finance North America LLC
6.50%, 11/15/2013		80		92
7.30%, 01/15/2012		460		493
Beverages - 0.1%
Anheuser-Busch InBev Worldwide, Inc.
7.20%, 01/15/2014 - 144A		60		70
7.75%, 01/15/2019 - 144A		650		841
PepsiCo, Inc.
7.90%, 11/01/2018		100		134
SABMiller PLC
5.50%, 08/15/2013 - 144A		180		198
Biotechnology - 0.1%
Amgen, Inc.
3.45%, 10/01/2020		400		400
4.50%, 03/15/2020		56		62
5.75%, 03/15/2040 ^{^}		165		179
Capital Markets - 1.5%
Bank of New York Mellon Corp.
2.95%, 06/18/2015 ^{^}		675		707
4.60%, 01/15/2020 ^{^}		40		43
BlackRock, Inc.
6.25%, 09/15/2017 ^{^}		635		748
BP Capital Markets PLC
3.88%, 03/10/2015		675		714
Charles Schwab Corp.
4.95%, 06/01/2014		100		112
Credit Suisse
4.38%, 08/05/2020 ^{^}		316		325
5.30%, 08/13/2019		600		666
6.00%, 02/15/2018		400		449
Credit Suisse USA, Inc.
5.13%, 08/15/2015 ^{^}		170		192
Deutsche Bank AG
2.38%, 01/11/2013		250		257
3.88%, 08/18/2014		100		107
Goldman Sachs Group, Inc.
3.70%, 08/01/2015		563		583
5.25%, 10/15/2013 ^{^}		225		246
5.38%, 03/15/2020		390		413
6.00%, 06/15/2020 ^{^}		122		136
6.15%, 04/01/2018		200		224
6.25%, 09/01/2017 ^{^}		650		735
6.75%, 10/01/2037		200		210
7.50%, 02/15/2019		2,050		2,469
Jefferies Group, Inc.
6.25%, 01/15/2036		260		238
6.45%, 06/08/2027 ^{^}		180		175
8.50%, 07/15/2019		575		679
Morgan Stanley — Series F
5.55%, 04/27/2017		170		181
Morgan Stanley
4.00%, 07/24/2015		333		343
4.20%, 11/20/2014		156		162
5.45%, 01/09/2017		500		531
5.63%, 09/23/2019		610		641
6.25%, 08/28/2017 ^{^}		450		496
6.63%, 04/01/2018		200		225
7.30%, 05/13/2019		1,000		1,153
Nomura Holdings, Inc.
5.00%, 03/04/2015		350		379
6.70%, 03/04/2020		263		299
UBS AG
2.25%, 08/12/2013		250		255
3.88%, 01/15/2015 ^{^}		600		628
4.88%, 08/04/2020 ^{^}		525		563
5.88%, 12/20/2017 ^{^}		110		126
Chemicals - 0.2%
Dow Chemical Co.
4.85%, 08/15/2012		190		202
8.55%, 05/15/2019		350		450
E.I. du Pont de Nemours & Co.
1.95%, 01/15/2016		173		174
4.90%, 01/15/2041 ^{^}		125		123
PPG Industries, Inc.
5.75%, 03/15/2013		120		131
7.40%, 08/15/2019		300		360
9.00%, 05/01/2021		310		427
Praxair, Inc.
4.38%, 03/31/2014		375		413
5.20%, 03/15/2017		150		173
Commercial Banks - 2.2%
ANZ National International, Ltd.
2.38%, 12/21/2012 - 144A		105		107
Bank of Nova Scotia
1.65%, 10/29/2015 - 144A		359		352
3.40%, 01/22/2015		205		220
Bank of Tokyo-Mitsubishi UFJ, Ltd.
3.85%, 01/22/2015 - 144A		227		244
Barclays Bank PLC
2.50%, 09/21/2015 - 144A		510		514
2.50%, 01/23/2013		150		154
3.90%, 04/07/2015 ^{^}		170		182
5.00%, 09/22/2016 ^{^}		100		111
5.13%, 01/08/2020 ^{^}		350		379
5.20%, 07/10/2014		125		139
6.75%, 05/22/2019 ^{^}		400		475

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



Transamerica Funds		Annual Report 2010

Page 91

Transamerica JPMorgan Core Bond

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts in thousands)


	Principal		Value

Commercial Banks (continued)
BB&T Corp.
3.38%, 09/25/2013 ^{^}	$	195	$	207
3.85%, 07/27/2012		485		509
3.95%, 04/29/2016		515		550
4.90%, 06/30/2017		550		585
5.25%, 11/01/2019		90		97
6.85%, 04/30/2019		250		304
Canadian Imperial Bank of Commerce
2.60%, 07/02/2015 - 144A		1,750		1,830
Comerica, Inc.
3.00%, 09/16/2015 ^{^}		150		153
DnB NOR Boligkreditt
2.10%, 10/14/2015 - 144A		757		758
HSBC Bank PLC
3.50%, 06/28/2015 - 144A		1,175		1,244
4.13%, 08/12/2020 - 144A ^{^}		275		280
KeyBank NA
5.70%, 11/01/2017		245		260
5.80%, 07/01/2014 ^{^}		250		274
M&T Bank Corp.
5.38%, 05/24/2012		80		85
National Australia Bank, Ltd.
2.50%, 01/08/2013 - 144A		400		410
2.75%, 09/28/2015 - 144A		280		284
3.75%, 03/02/2015 - 144A ^{^}		280		298
National City Corp.
4.90%, 01/15/2015		165		182
Nordea Bank AB
1.75%, 10/04/2013		200		201
PNC Funding Corp.
3.00%, 05/19/2014 ^{^}		180		187
4.38%, 08/11/2020		433		439
5.13%, 02/08/2020 ^{^}		250		271
5.25%, 11/15/2015		130		145
5.63%, 02/01/2017		130		142
6.70%, 06/10/2019		150		179
Rabobank Nederland NV
2.13%, 10/13/2015		105		106
3.20%, 03/11/2015 - 144A		500		526
Stadshypotek AB
1.45%, 09/30/2013 - 144A		1,394		1,410
Toronto-Dominion Bank
2.20%, 07/29/2015 - 144A		295		300
U.S. Bancorp
2.00%, 06/14/2013 ^{^}		540		556
2.88%, 11/20/2014		121		127
Wachovia Bank NA
0.62%, 03/15/2016 * ^{^}		450		415
5.00%, 08/15/2015		500		552
6.00%, 11/15/2017		2,000		2,275
Wachovia Corp.
5.50%, 05/01/2013		420		462
5.75%, 06/15/2017 - 02/01/2018 ^{^}		2,170		2,472
Wells Fargo & Co.
3.75%, 10/01/2014 ^{^}		390		417
5.63%, 12/11/2017 ^{^}		100		113
Westpac Banking Corp.
4.88%, 11/19/2019 ^{^}		750		815
Commercial Services & Supplies - 0.0% ∞
Browning-Ferris Industries, Inc.
9.25%, 05/01/2021		105		135
Waste Management, Inc.
4.75%, 06/30/2020 ^{^}		319		343
Communications Equipment - 0.0% ∞
Cisco Systems, Inc.
4.45%, 01/15/2020		150		166
5.50%, 01/15/2040		50		53
5.90%, 02/15/2039		100		112
Computers & Peripherals - 0.2%
Dell, Inc.
2.30%, 09/10/2015 ^{^}		371		373
5.65%, 04/15/2018		90		102
HP Enterprise Services LLC
7.45%, 10/15/2029 ^{^}		500		654
Consumer Finance - 0.2%
American Express Co.
7.00%, 03/19/2018		400		480
American Express Credit Corp.
7.30%, 08/20/2013		200		229
Capital One Financial Corp.
6.75%, 09/15/2017		180		217
7.38%, 05/23/2014		75		88
HSBC Finance Corp.
4.75%, 07/15/2013 ^{^}		165		176
5.00%, 06/30/2015 ^{^}		455		497
5.50%, 01/19/2016		260		289
Toyota Motor Credit Corp.
3.20%, 06/17/2015		385		412
Diversified Financial Services - 2.6%
Allstate Life Global Funding Trust
5.38%, 04/30/2013		200		221
Associates Corp.
6.95%, 11/01/2018		700		791
Bank of America Corp. — Series L
7.38%, 05/15/2014		650		737
Bank of America Corp.
5.63%, 07/01/2020 ^{^}		1,340		1,388
5.65%, 05/01/2018		700		737
5.75%, 12/01/2017		220		233
6.50%, 08/01/2016		500		558
Blackstone Holdings Finance Co., LLC
5.88%, 03/15/2021 - 144A		1,205		1,215
Capital One Bank USA NA
8.80%, 07/15/2019		900		1,142
Caterpillar Financial Services Corp.
7.15%, 02/15/2019 ^{^}		100		128
Caterpillar Financial Services Corp. — Series F
5.85%, 09/01/2017		150		176
7.05%, 10/01/2018 ^{^}		150		189
Citigroup, Inc.
4.75%, 05/19/2015		62		66
5.38%, 08/09/2020 ^{^}		355		374
6.00%, 12/13/2013 - 08/15/2017 ^{^}		2,115		2,333
6.01%, 01/15/2015		175		194
6.13%, 11/21/2017		345		384
6.38%, 08/12/2014		310		348
6.50%, 08/19/2013		110		123
8.13%, 07/15/2039		100		126
8.50%, 05/22/2019		550		691

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



Transamerica Funds		Annual Report 2010

Page 92

Transamerica JPMorgan Core Bond

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts in thousands)


	Principal		Value

Diversified Financial Services (continued)
CME Group, Inc.
5.75%, 02/15/2014	$	196	$	223
Countrywide Financial Corp.
6.25%, 05/15/2016		550		587
Diageo Capital PLC
4.83%, 07/15/2020		90		101
5.75%, 10/23/2017		230		272
Diageo Finance BV
5.50%, 04/01/2013		290		321
General Electric Capital Corp.
4.38%, 09/16/2020		600		605
5.40%, 02/15/2017 ^{^}		400		442
5.50%, 06/04/2014 ^{^}		685		768
5.50%, 01/08/2020 ^{^}		1,140		1,255
5.63%, 05/01/2018		2,000		2,234
5.63%, 09/15/2017		1,500		1,681
6.00%, 08/07/2019		1,420		1,603
Goldman Sachs Group, LP
8.00%, 03/01/2013 - 144A		325		367
International Lease Finance Corp.
5.25%, 01/10/2013 ^{^}		100		101
John Deere Capital Corp.
5.75%, 09/10/2018		100		118
MassMutual Global Funding II
2.88%, 04/21/2014 - 144A		100		106
3.63%, 07/16/2012 - 144A		600		626
Merrill Lynch & Co., Inc.
5.00%, 01/15/2015		650		683
5.45%, 02/05/2013		390		415
6.88%, 04/25/2018		100		112
Merrill Lynch & Co., Inc. — Series C
6.40%, 08/28/2017		850		926
National Rural Utilities Cooperative Finance Corp.
2.63%, 09/16/2012		25		26
10.38%, 11/01/2018		250		357
Tyco International Finance SA
8.50%, 01/15/2019		100		132
Volkswagen International Finance NV
1.63%, 08/12/2013 - 144A		116		117
Diversified Telecommunication Services - 0.8%
AT&T Corp.
8.00%, 11/15/2031		27		35
AT&T, Inc.
5.35%, 09/01/2040 - 144A		898		881
5.50%, 02/01/2018		300		349
5.88%, 02/01/2012		400		425
6.30%, 01/15/2038		500		550
BellSouth Telecommunications, Inc.
6.30%, 12/15/2015		163		178
7.00%, 10/01/2025		300		339
British Telecommunications PLC
5.95%, 01/15/2018		200		223
COX Enterprises, Inc.
7.38%, 07/15/2027 - 144A		200		230
Deutsche Telekom International Finance BV
6.00%, 07/08/2019 ^{^}		395		473
France Telecom SA
8.50%, 03/01/2031		130		183
GTE Corp.
6.84%, 04/15/2018		1,500		1,781
8.75%, 11/01/2021		250		352
Telecom Italia Capital SA
4.95%, 09/30/2014		250		270
7.00%, 06/04/2018		250		297
Telefonica Emisiones SAU
6.22%, 07/03/2017 ^{^}		150		176
Verizon Communications, Inc.
6.10%, 04/15/2018		411		489
Verizon Global Funding Corp.
5.85%, 09/15/2035 ^{^}		175		186
7.75%, 12/01/2030		300		379
Verizon Maryland, Inc.
7.15%, 05/01/2023		600		639
Verizon Pennsylvania, Inc.
8.35%, 12/15/2030		240		275
Electric Utilities - 0.9%
Alabama Power Co.
5.88%, 12/01/2022		370		441
Appalachian Power Co.
5.95%, 05/15/2033		50		51
Carolina Power & Light Co.
5.30%, 01/15/2019		80		93
Cleveland Electric Illuminating Co.
7.88%, 11/01/2017		180		224
Consolidated Edison Co., of New York, Inc.
5.70%, 06/15/2040 ^{^}		154		167
Consumers Energy Co.
6.70%, 09/15/2019		100		124
Duke Energy Carolinas LLC
4.30%, 06/15/2020		156		170
Duke Energy Indiana, Inc.
3.75%, 07/15/2020		200		206
Enel Finance International SA
5.13%, 10/07/2019 - 144A		200		217
Exelon Generation Co., LLC
4.00%, 10/01/2020		600		596
5.75%, 10/01/2041		86		84
Florida Power & Light Co.
5.95%, 10/01/2033		150		167
Georgia Power Co.
4.75%, 09/01/2040		77		72
Indiana Michigan Power Co.
7.00%, 03/15/2019 ^{^}		338		413
Jersey Central Power & Light Co.
7.35%, 02/01/2019		330		408
Massachusetts Electric Co.
5.90%, 11/15/2039 - 144A		55		60
MidAmerican Energy, Co.
5.30%, 03/15/2018 ^{^}		500		570
Nevada Power Co. — Series V
7.13%, 03/15/2019		100		124
Nevada Power Co.
5.38%, 09/15/2040 ^{^}		52		52
6.50%, 08/01/2018		50		60
Niagara Mohawk Power Corp.
4.88%, 08/15/2019 - 144A		50		55
NiSource Finance Corp.
6.80%, 01/15/2019		200		237
10.75%, 03/15/2016		485		649

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



Transamerica Funds		Annual Report 2010

Page 93

Transamerica JPMorgan Core Bond

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts in thousands)


	Principal		Value

Electric Utilities (continued)
Northern States Power Co.
5.35%, 11/01/2039	$	19	$	20
6.25%, 06/01/2036		100		118
Oncor Electric Delivery Co., LLC
6.80%, 09/01/2018		375		458
Pacific Gas & Electric Co.
5.40%, 01/15/2040 ^{^}		42		44
6.05%, 03/01/2034		60		67
8.25%, 10/15/2018 ^{^}		150		202
PacifiCorp
5.65%, 07/15/2018		100		119
6.25%, 10/15/2037		200		234
Progress Energy, Inc.
4.88%, 12/01/2019		200		220
6.00%, 12/01/2039		50		55
PSEG Power LLC
5.13%, 04/15/2020		151		165
5.32%, 09/15/2016		800		898
5.50%, 12/01/2015		100		114
Public Service Co., of Oklahoma
5.15%, 12/01/2019		33		36
Public Service Electric & Gas Co.
2.70%, 05/01/2015		150		157
5.38%, 11/01/2039		28		30
Southern California Edison Co.
5.50%, 03/15/2040 ^{^}		130		140
Southwestern Public Service Co. — Series G
8.75%, 12/01/2018		405		520
Electronic Equipment & Instruments - 0.1%
Arrow Electronics, Inc.
3.38%, 11/01/2015		35		35
6.00%, 04/01/2020		385		413
6.88%, 07/01/2013 - 06/01/2018		292		328
Energy Equipment & Services - 0.3%
ANR Pipeline Co.
9.63%, 11/01/2021		200		292
CenterPoint Energy Resources Corp.
5.95%, 01/15/2014		150		168
7.88%, 04/01/2013		60		69
Halliburton Co.
6.15%, 09/15/2019 ^{^}		70		84
Spectra Energy Capital LLC
6.20%, 04/15/2018		325		375
8.00%, 10/01/2019 ^{^}		490		619
TransCanada PipeLines, Ltd
7.13%, 01/15/2019 ^{^}		400		512
TransCanada Pipelines, Ltd.
6.50%, 08/15/2018		175		215
Transocean, Inc.
6.50%, 11/15/2020		500		557
Food & Staples Retailing - 0.0% ∞
CVS Caremark Corp.
6.13%, 09/15/2039		150		161
Kroger Co.
5.40%, 07/15/2040		51		51
7.50%, 04/01/2031		100		126
Food Products - 0.3%
Bunge, Ltd. Finance Corp.
5.88%, 05/15/2013		400		433
8.50%, 06/15/2019		110		134
Cargill, Inc.
6.00%, 11/27/2017 - 144A		220		260
7.35%, 03/06/2019 - 144A		250		314
Kraft Foods, Inc.
5.38%, 02/10/2020		609		683
6.13%, 08/23/2018		225		266
6.50%, 08/11/2017		875		1,053
Gas Utilities - 0.1%
AGL Capital Corp.
4.45%, 04/15/2013		300		321
5.25%, 08/15/2019		100		110
Atmos Energy Corp.
4.95%, 10/15/2014		200		221
Health Care Providers & Services - 0.0% ∞
Medco Health Solutions, Inc.
2.75%, 09/15/2015		140		144
Household Durables - 0.0% ∞
Newell Rubbermaid, Inc.
4.70%, 08/15/2020 ^{^}		183		190
Independent Power Producers & Energy Traders - 0.0% ∞
Tennessee Valley Authority
4.63%, 09/15/2060		236		237
Industrial Conglomerates - 0.1%
Koninklijke Philips Electronics NV
7.20%, 06/01/2026		500		619
Insurance - 0.6%
ACE INA Holdings, Inc.
5.60%, 05/15/2015		425		484
Aflac, Inc.
6.45%, 08/15/2040		108		110
Allstate Corp.
5.00%, 08/15/2014		70		78
AON Corp.
3.50%, 09/30/2015 ^{^}		46		47
6.25%, 09/30/2040		83		84
Berkshire Hathaway Finance Corp.
5.40%, 05/15/2018 ^{^}		200		228
5.75%, 01/15/2040		100		105
I Financial Corp.
5.85%, 12/15/2014		200		215
5.88%, 08/15/2020		282		288
Jackson National Life Global Funding
5.38%, 05/08/2013 - 144A		950		1,032
Metropolitan Life Global Funding I
2.50%, 01/11/2013 - 144A		670		688
2.88%, 09/17/2012 - 144A		200		206
5.13%, 06/10/2014 - 144A		300		334
New York Life Global Funding
3.00%, 05/04/2015 - 144A		600		635
4.65%, 05/09/2013 - 144A		150		163
Pacific Life Global Funding
5.00%, 05/15/2017 - 144A		100		107
5.15%, 04/15/2013 - 144A ^{^}		280		303
Principal Life Income Funding Trusts
5.10%, 04/15/2014		385		422
5.30%, 04/24/2013		250		274
5.30%, 12/14/2012		260		283
Travelers Property Casualty Corp.
7.75%, 04/15/2026		450		568
IT Services - 0.0% ∞
International Business Machines Corp.
8.00%, 10/15/2038		100		141

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



Transamerica Funds		Annual Report 2010

Page 94

Transamerica JPMorgan Core Bond

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts in thousands)


	Principal		Value
Machinery - 0.0% ∞
Caterpillar, Inc.
7.90%, 12/15/2018 ^{^}	$	250	$	332
Media - 0.7%
CBS Corp.
5.75%, 04/15/2020 ^{^}		63		70
7.88%, 07/30/2030		130		153
8.88%, 05/15/2019		100		130
Comcast Cable Holdings LLC
10.13%, 04/15/2022		414		593
Comcast Corp.
5.85%, 11/15/2015		300		351
COX Communications, Inc.
5.45%, 12/15/2014		50		57
DIRECTV Holdings LLC
4.60%, 02/15/2021 ^{^}		400		414
6.00%, 08/15/2040		700		713
Historic TW, Inc.
9.15%, 02/01/2023		200		272
NBC Universal, Inc.
5.95%, 04/01/2041 - 144A		210		214
News America Holdings, Inc.
8.88%, 04/26/2023		200		275
News America, Inc.
6.20%, 12/15/2034		250		265
7.25%, 05/18/2018 ^{^}		155		193
7.30%, 04/30/2028		130		147
TCI Communications, Inc.
7.13%, 02/15/2028		100		115
8.75%, 08/01/2015		700		890
Thomson Reuters Corp.
4.70%, 10/15/2019		75		81
Time Warner Cable, Inc.
6.75%, 07/01/2018		40		48
7.30%, 07/01/2038		90		109
8.25%, 02/14/2014		400		478
8.25%, 04/01/2019 ^{^}		530		690
8.75%, 02/14/2019		230		306
Time Warner Entertainment Co., LP
8.38%, 07/15/2033		250		316
Time Warner, Inc.
6.20%, 03/15/2040		100		108
7.63%, 04/15/2031		300		365
Viacom, Inc.
6.25%, 04/30/2016		300		355
Metals & Mining - 0.1%
BHP Billiton Finance USA, Ltd.
6.50%, 04/01/2019 ^{^}		270		335
Rio Tinto Finance USA, Ltd.
3.70%, 10/31/2020 θ		80		79
8.95%, 05/01/2014		400		500
Multiline Retail - 0.0% ∞
Target Corp.
7.00%, 01/15/2038		140		175
Multi-Utilities - 0.1%
Dominion Resources, Inc.
6.00%, 11/30/2017		450		530
6.40%, 06/15/2018		170		205
Sempra Energy
6.00%, 10/15/2039		150		164
8.90%, 11/15/2013		180		216
9.80%, 02/15/2019		140		195
Xcel Energy, Inc.
4.70%, 05/15/2020		50		55
Office Electronics - 0.0% ∞
Xerox Corp.
6.75%, 02/01/2017 ^{^}		330		392
8.25%, 05/15/2014		90		108
Oil, Gas & Consumable Fuels - 0.6%
Alberta Energy Co., Ltd.
7.38%, 11/01/2031		500		604
Anadarko Petroleum Corp.
7.63%, 03/15/2014		400		455
8.70%, 03/15/2019 ^{^}		150		186
ConocoPhillips
6.00%, 01/15/2020		105		129
6.65%, 07/15/2018 ^{^}		350		437
EnCana Corp.
6.50%, 05/15/2019 ^{^}		150		185
ENI SpA
5.70%, 10/01/2040 - 144A		900		923
Marathon Oil Corp.
7.50%, 02/15/2019		220		283
Petro-Canada
6.05%, 05/15/2018		312		368
Shell International Finance BV
3.10%, 06/28/2015		478		507
4.30%, 09/22/2019		300		329
4.38%, 03/25/2020 ^{^}		410		451
Statoil ASA
3.13%, 08/17/2017		200		205
Suncor Energy, Inc.
6.10%, 06/01/2018		250		296
Talisman Energy, Inc.
7.75%, 06/01/2019		385		498
Tosco Corp.
7.80%, 01/01/2027		160		199
8.13%, 02/15/2030		230		305
Union Pacific Resources Group, Inc.
7.15%, 05/15/2028 ^{^}		52		52
XTO Energy, Inc.
4.63%, 06/15/2013		60		66
6.25%, 08/01/2017		105		129
Pharmaceuticals - 0.0% ∞
Pharmacia Corp.
6.50%, 12/01/2018		260		322
Real Estate Investment Trusts - 0.2%
Commonwealth
5.88%, 09/15/2020		400		400
6.25%, 08/15/2016		100		106
6.65%, 01/15/2018		215		233
ERP Operating, LP
5.75%, 06/15/2017		120		135
Simon Property Group, LP
4.38%, 03/01/2021		60		61
5.65%, 02/01/2020 ^{^}		247		279
6.13%, 05/30/2018		280		324
6.75%, 05/15/2014 ^{^}		50		58
10.35%, 04/01/2019		120		170
WEA Finance LLC
6.75%, 09/02/2019 - 144A		180		212
7.13%, 04/15/2018 - 144A		60		71

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



Transamerica Funds		Annual Report 2010

Page 95

Transamerica JPMorgan Core Bond

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts except share amounts in thousands)


	Principal		Value
Road & Rail - 0.3%
Burlington Northern Santa Fe LLC
3.60%, 09/01/2020 ^{^}	$	125	$	126
4.70%, 10/01/2019		75		82
5.65%, 05/01/2017		150		173
5.75%, 03/15/2018 ^{^}		500		580
7.29%, 06/01/2036 ^{^}		90		112
Canadian National Railway Co.
5.85%, 11/15/2017		180		212
CSX Corp.
6.25%, 04/01/2015		125		147
6.25%, 03/15/2018 ^{^}		160		190
7.38%, 02/01/2019		350		440
Ryder System, Inc.
3.60%, 03/01/2016		132		135
Union Pacific Corp.
5.78%, 07/15/2040 - 144A		300		315
7.00%, 02/01/2016		150		184
Software - 0.1%
Intuit, Inc.
5.75%, 03/15/2017		70		79
Microsoft Corp.
1.63%, 09/25/2015		390		391
4.50%, 10/01/2040		70		67
Oracle Corp.
5.00%, 07/08/2019 ^{^}		100		114
5.38%, 07/15/2040 - 144A		123		129
6.50%, 04/15/2038		200		241
Specialty Retail - 0.0% ∞
Lowe’s Cos., Inc.
7.11%, 05/15/2037		120		152
Staples, Inc.
9.75%, 01/15/2014		80		99
Transportation Infrastructure - 0.0% ∞
United Parcel Service of America, Inc.
8.38%, 04/01/2030 *		200		267
8.38%, 04/01/2020		60		84
Water Utilities - 0.0% ∞
American Water Capital Corp.
6.09%, 10/15/2017		400		463
Wireless Telecommunication Services - 0.0% ∞
Vodafone Group PLC
5.45%, 06/10/2019 ^{^}		75		88

Total Corporate Debt Securities (cost $128,167)				134,513


	Shares		Value
SECURITIES LENDING COLLATERAL - 7.1%
State Street Navigator Securities Lending
Trust — Prime Portfolio, 0.35% ▲		75,683,745		75,684
Total Securities Lending Collateral (cost $75,684)


Total Investment Securities (cost $1,097,429) #				1,136,026
Other Assets and Liabilities — Net				(72,568	)


Net Assets			$	1,063,458

NOTES TO SCHEDULE OF INVESTMENTS:



^{^}		All or a portion of this security is on loan. The value of all securities on loan is $74,165.

*		Floating or variable rate note. Rate is listed as of 10/29/2010.

Ә		Security fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. This security had a market value of $1,651, or 0.16%, of the fund’s net assets.

∞		Percentage rounds to less than 0.1%.

▲		Rate shown reflects the yield at 10/29/2010.

#		Aggregate cost for federal income tax purposes is $1,097,429. Aggregate gross unrealized appreciation for all securities in which there is an excess of value over tax cost were $40,822 and $2,225, respectively. Net unrealized appreciation for tax purposes is $38,597.

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 10/31/2010, these securities aggregated $60,316, or 5.67%, of the fund’s net assets.

IO		Interest Only

PO		Principal Only

REMIC		Real Estate Mortgage Investment Conduits (consist of a fixed pool of mortgages broken apart and marketed to investors as individual securities)

STRIPS		Separate Trading of Registered Interest and Principal of Securities

VALUATION SUMMARY:


Investment Securities	Level 1		Level 2		Level 3		Total

Asset-Backed Securities	$	—	$	18,210	$	—	$	18,210
Corporate Debt Securities		—		134,513		—		134,513
Foreign Government Obligations		—		1,766		—		1,766
Mortgage-Backed Securities		—		108,510		—		108,510
Municipal Government Obligations		—		548		—		548
Securities Lending Collateral		75,684		—		—		75,684
U.S. Government Agency Obligations		—		530,180		—		530,180
U.S. Government Obligations		—		266,615		—		266,615

Total	$	75,684	$	1,060,342	$	—	$	1,136,026

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



Transamerica Funds		Annual Report 2010

Page 96

Transamerica JPMorgan International Bond

SCHEDULE OF INVESTMENTS
At October 31, 2010
(all amounts in thousands)

Principal

Value

FOREIGN GOVERNMENT OBLIGATIONS - 66.3%

Australia - 0.7%

New South Wales Treasury Corp.

5.50%, 03/01/2017

AUD

3,100

3,036

Belgium - 3.2%

Belgium Government Bond

4.00%, 03/28/2018

EUR

9,600

14,296

Brazil - 0.7%

Brazil Notas do Tesouro Nacional

10.00%, 01/01/2013

BRL

5,480

3,110

Canada - 1.5%

Canadian Government Bond

2.50%, 06/01/2015

CAD

3,800

3,828

5.00%, 06/01/2037

CAD

890

1,107

5.75%, 06/01/2033

CAD

1,413

1,889

Denmark - 1.3%

Denmark Government Bond

4.00%, 11/15/2019

DKK

10,150

2,114

5.00%, 11/15/2013

DKK

19,000

3,914

France - 4.0%

Caisse d’Amortissement de la Dette Sociale

3.75%, 10/25/2020

EUR

3,020

4,453

France Government Bond

5.75%, 10/25/2032

EUR

6,950

13,254

Germany - 1.8%

Bundesrepublik Deutschland

3.50%, 07/04/2019

EUR

1,800

2,714

4.75%, 07/04/2034

EUR

2,930

5,195

Indonesia - 0.6%

Indonesia Treasury Bond

11.50%, 09/15/2019

IDR

20,500,000

2,899

Italy - 11.0%

Italy Buoni Poliennali del Tesoro

4.00%, 09/01/2020 - 02/01/2037

EUR

7,750

10,556

4.25%, 08/01/2014

EUR

8,000

11,792

5.00%, 08/01/2034

EUR

5,360

7,794

5.25%, 08/01/2017

EUR

12,300

19,145

Japan - 24.5%

Japan Government Bond

1.30%, 03/20/2015

JPY

3,950,000

51,246

1.50%, 09/20/2018

JPY

920,000

12,208

1.90%, 06/20/2025

JPY

170,000

2,231

2.10%, 09/20/2024 - 09/20/2028

JPY

2,505,000

33,133

2.20%, 09/20/2039

JPY

780,000

10,166

Korea, Republic of - 1.5%

Korea Treasury Bond

4.00%, 06/10/2012

KRW

4,600,000

4,148

Republic of Korea

5.75%, 09/10/2013

KRW

2,900,000

2,727

Mexico - 1.5%

Mexican Bonos

8.00%, 12/19/2013

MXN

76,200

6,690

Netherlands - 2.5%

Netherlands Government Bond

3.75%, 01/15/2042

EUR

2,870

4,495

4.25%, 07/15/2013

EUR

4,400

6,616

Norway - 1.0%

Kommunalbanken AS

4.88%, 12/10/2012

GBP

2,500

4,277

Philippines - 1.0%

Republic of The Philippines

8.75%, 03/03/2013

PHP

185,000

4,685

South Africa - 1.2%

Republic of South Africa

7.00%, 02/28/2031

ZAR

43,800

5,581

Spain - 4.2%

Spain Government Bond

4.25%, 01/31/2014

EUR

7,100

10,366

4.60%, 07/30/2019

EUR

3,240

4,682

4.90%, 07/30/2040

EUR

2,580

3,540

Sweden - 1.0%

Sweden Government Bond

4.50%, 08/12/2015

SEK

28,000

4,603

United Kingdom - 3.1%

United Kingdom Gilt

4.25%, 06/07/2032

GBP

3,600

5,924

4.50%, 12/07/2042

GBP

4,620

7,837

Total Foreign Government Obligations (cost $267,396)

296,251

MORTGAGE-BACKED SECURITY - 1.0%

Spain - 1.0%

Union de Creditos Inmobiliarios

Series 15, Class A

1.02%, 12/18/2048 § *

EUR

3,939

4,310

Total Mortgage-Backed Security (cost $5,314)

ASSET-BACKED SECURITY - 0.0% ∞

Spain - 0.0% ∞

Fondo de Titulizacion de Activos Santander Auto

Series 1, Class A

0.95%, 11/25/2021 § *

EUR

119

163

Total Asset-Backed Security (cost $151)

CORPORATE DEBT SECURITIES - 28.8%

Australia - 0.5%

Suncorp-Metway, Ltd.

4.00%, 01/16/2014

GBP

1,290

2,210

Denmark - 0.7%

Spar Nord Bank A/S

2.50%, 07/10/2012

EUR

2,280

3,216

France - 2.1%

Cie de Financement Foncier

1.25%, 12/01/2011

JPY

750,000

9,365

Germany - 8.4%

Bayerische Landesbank

1.40%, 04/22/2013

JPY

1,008,000

12,756

Eurohypo AG

3.75%, 04/11/2011

EUR

8,800

12,377

IKB Deutsche Industriebank AG

2.63%, 03/13/2012

EUR

3,419

4,848

Kreditanstalt fuer Wiederaufbau

2.60%, 06/20/2037

JPY

170,000

2,358

5.50%, 12/07/2015

GBP

2,150

3,986

Landwirtschaftliche Rentenbank

1.38%, 04/25/2013

JPY

101,000

1,288

Ireland - 1.2%

Ulster Bank Finance PLC

0.97%, 03/29/2011 *

EUR

4,000

5,530

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



Transamerica Funds		Annual Report 2010

Page 97

Transamerica JPMorgan International Bond

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts in thousands)

Principal

Value

Netherlands - 2.7%

Fortis Bank Nederland NV

3.38%, 05/19/2014

EUR

3,200

4,675

LeasePlan Corp. NV

3.25%, 05/22/2014

EUR

4,950

7,190

Spain - 4.2%

AyT Cedulas Cajas VII Fondo de Titulizacion de Activos

4.00%, 06/23/2011

EUR

9,200

12,844

La Caja de Ahorros y Pensiones de Barcelona

3.25%, 10/05/2015

EUR

2,400

3,228

Santander Central Hispano Issuances, Ltd.

6.80%, 11/29/2010

GBP

1,790

2,877

Supranational - 4.8%

European Investment Bank

1.40%, 06/20/2017

JPY

946,000

12,408

4.25%, 10/15/2014

EUR

5,900

8,962

Sweden - 1.1%

Swedbank AB

3.13%, 02/02/2012

EUR

3,500

4,977

United Kingdom - 3.1%

Bank of Scotland PLC

3.25%, 01/25/2013

EUR

3,200

4,519

Lloyds TSB Bank PLC

3.75%, 11/17/2011

EUR

3,285

4,693

Royal Bank of Scotland Group PLC

3.75%, 11/14/2011

EUR

3,130

4,462

Total Corporate Debt Securities (cost $110,270)

128,769

STRUCTURED NOTE DEBT - 1.2%

United Kingdom - 1.2%

Barclays Bank PLC

1.18%, 04/20/2016 *

EUR

4,000

5,487

Total Structured Note Debt (cost $5,045)

SHORT-TERM FOREIGN GOVERNMENT OBLIGATION - 0.3%

France Treasury Bill BTF

0.73%, 03/10/2011 ▲ Υ

1,003

1,393

Total Short-Term Foreign Government Obligation (cost $1,297)

Total Investment Securities (cost $389,473) #

436,373

Other Assets and Liabilities — Net

10,768

Net Assets

447,141


	Percentage of
INVESTMENTS BY INDUSTRY (unaudited):	Total Investments			Value

Foreign Government Obligation		67.9	%	$	296,251
Commercial Banks		22.8			99,635
Diversified Financial Services		4.6			20,034
Thrifts & Mortgage Finance		2.8			12,377
Mortgage-Backed Security		1.0			4,310
Insurance		0.5			2,210
Asset-Backed Security		0.0			163

Investment Securities, at Value		99.7			434,980
Short-Term Investments		0.3			1,393

Total Investments		100.0	%	$	436,373

FUTURES CONTRACTS:


							Net Unrealized
							Appreciation
Description	Type	Contracts ^┌			Expiration Date		(Depreciation)

10-Year Canada Government Bond	Long		23			12/20/2010	$	(10	)
10-Year Japan Government Bond	Long		23			12/09/2010		511
3-Year Australian Treasury Bond	Long		4			12/15/2010		(2	)
German Euro BOBL	Short		(287	)		12/08/2010		468
German Euro BUND	Long		49			12/08/2010		(87	)
German Euro SCHATZ	Short		(10	)		12/08/2010		8
United Kingdom Long Gilt Bond	Long		157			12/29/2010		(169	)

							$	719

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



Transamerica Funds		Annual Report 2010

Page 98

Transamerica JPMorgan International Bond

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts in thousands)

FORWARD FOREIGN CROSS CURRENCY CONTRACTS:


						Net Unrealized
					Settlement	Appreciation
Bought/Sold	Currency	Amount			Date	(Depreciation)

Buy	Australian Dollar		3,273		12/08/2010	$	(28	)
Sell	Euro		(2,302	)	12/08/2010		16
Buy	Euro		2,972		12/08/2010		36
Sell	Pound Sterling		(2,613	)	12/08/2010		(88	)
Buy	Japanese Yen		165,427		12/08/2010		65
Sell	Euro		(1,438	)	12/08/2010		(9	)
Buy	Japanese Yen		74,143		12/08/2010		8
Sell	Pound Sterling		(583	)	12/08/2010		(20	)
Buy	Norwegian Krone		19,830		12/08/2010		13
Sell	Swedish Krona		(22,633	)	12/08/2010		(18	)
Buy	Norwegian Krone		13,828		12/08/2010		3
Sell	Pound Sterling		(1,491	)	12/08/2010		(35	)
Buy	Norwegian Krone		13,215		12/08/2010		(5	)
Sell	Pound Sterling		(1,426	)	12/08/2010		(28	)
Buy	Norwegian Krone		13,720		12/08/2010		(3	)
Sell	Pound Sterling		(1,473	)	12/08/2010		(18	)
Buy	Pound Sterling		2,114		12/08/2010		27
Sell	Norwegian Krone		(19,476	)	12/08/2010		40
Buy	Pound Sterling		2,893		12/08/2010		33
Sell	Norwegian Krone		(27,082	)	12/08/2010		(14	)
Buy	Pound Sterling		560		12/08/2010		13
Sell	Japanese Yen		(72,064	)	12/08/2010		(12	)
Buy	South African Rand		3,719		12/08/2010		(13	)
Sell	Euro		(386	)	12/08/2010		3
Buy	Swedish Krona		10,758		12/08/2010		3
Sell	Norwegian Krone		(9,414	)	12/08/2010		2

						$	(29	)

FORWARD FOREIGN CURRENCY CONTRACTS:


					Amount in U.S.			Net Unrealized
				Settlement	Dollars Bought			Appreciation
Currency	Bought (Sold)			Date	(Sold)			(Depreciation)

Australian Dollar		(461	)	12/08/2010		(446	)	$	(3	)
Australian Dollar		3,353		12/08/2010		3,197			72
Canadian Dollar		4,514		12/08/2010		4,414			8
Canadian Dollar		2,900		12/08/2010		2,863			(22	)
Danish Krone		(10,561	)	12/08/2010		(1,952	)		(19	)
Euro		(37,072	)	12/08/2010		(51,053	)		(520	)
Euro		(2,642	)	12/08/2010		(3,687	)		12
Euro		(489	)	12/08/2010		(676	)		(4	)
Euro		3,000		12/08/2010		4,083			90
Euro		(1,468	)	12/08/2010		(2,045	)		2
Euro		1,600		12/08/2010		2,224			2
Euro		1,000		12/08/2010		1,389			2
Japanese Yen		(168,107	)	12/08/2010		(2,073	)		(17	)
Japanese Yen		150,000		12/08/2010		1,862			3
Japanese Yen		(36,397	)	12/08/2010		(451	)		(2	)
Japanese Yen		3,542,447		12/08/2010		42,535			1,502
Japanese Yen		40,000		12/08/2010		479			18
Norwegian Krone		27,061		12/08/2010		4,616			(4	)
Pound Sterling		400		12/08/2010		632			9
Pound Sterling		1,850		12/08/2010		2,929			35
Pound Sterling		2,472		12/08/2010		3,926			33
Pound Sterling		(521	)	12/08/2010		(825	)		(10	)
South African Rand		(40,148	)	12/08/2010		(5,683	)		(14	)
Swedish Krona		(6,319	)	12/08/2010		(940	)		(5	)
Swiss Franc		193		12/08/2010		200			(3	)

								$	1,165

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



Transamerica Funds		Annual Report 2010

Page 99

Transamerica JPMorgan International Bond

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts in thousands)

NOTES TO SCHEDULE OF INVESTMENTS:


*		Floating or variable rate note. Rate is listed as of 10/29/2010.

∞		Percentage rounds to less than 0.1%.

§		Illiquid. These securities aggregated to $4,473, or 1.00%, of the fund’s net assets.

#		Aggregate cost for federal income tax purposes is $389,682. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $50,732 and $4,041, respectively. Net unrealized appreciation for tax purposes is $46,691.

^┌		Contract amounts are not in thousands.

Υ		A portion of this security has been segregated as collateral with the broker, in the amount of $1,261, to cover margin requirements for open futures contracts.

DEFINITIONS:

AUD		Australian Dollar

BRL		Brazilian Real

CAD		Canadian Dollar

DKK		Danish Krone

EUR		Euro

GBP		Pound Sterling

IDR		Indonesian Rupiah

JPY		Japanese Yen

KRW		South Korean Won

MXN		Mexican Peso

PHP		Philippines Peso

SEK		Swedish Krona

ZAR		South African Rand

VALUATION SUMMARY:


Investment Securities	Level 1		Level 2		Level 3		Total

Asset-Backed Securities	$	—	$	163	$	—	$	163
Corporate Debt Securities		—		128,769		—		128,769
Foreign Government Obligations		—		296,251		—		296,251
Mortgage-Backed Securities		—		4,310		—		4,310
Short-Term Foreign Government Obligations		—		1,393		—		1,393
Structured Note Debts		—		5,487		—		5,487

Total	$	—	$	436,373	$	—	$	436,373


Other Financial Instruments*	Level 1			Level 2			Level 3		Total

Futures Contracts — Appreciation	$	987		$	—		$	—	$	987
Futures Contracts — Depreciation		(268	)		—			—		(268	)
Forward Foreign Currency Contracts — Appreciation		—			2,050			—		2,050
Forward Foreign Currency Contracts — Depreciation		—			(914	)		—		(914	)

Total	$	719		$	1,136		$	—	$	1,855


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

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



Transamerica Funds		Annual Report 2010

Page 100

Transamerica JPMorgan Mid Cap Value

SCHEDULE OF INVESTMENTS
At October 31, 2010
(all amounts except share amounts in thousands)


	Shares		Value

COMMON STOCKS - 98.1%
Aerospace & Defense - 1.7%
Alliant Techsystems, Inc. ‡		18,100	$	1,380
L-3 Communications Holdings, Inc.		20,500		1,480
Auto Components - 0.7%
WABCO Holdings, Inc. ‡		24,600		1,142
Beverages - 0.8%
Brown-Forman Corp. — Class B		22,225		1,352
Capital Markets - 2.9%
Affiliated Managers Group, Inc. ‡		8,350		715
Ameriprise Financial, Inc.		26,200		1,354
Northern Trust Corp.		22,600		1,122
T. Rowe Price Group, Inc.		28,200		1,558
Chemicals - 3.5%
Albemarle Corp.		39,072		1,959
PPG Industries, Inc.		26,000		1,994
Sigma-Aldrich Corp.		28,200		1,788
Commercial Banks - 5.7%
BancorpSouth, Inc.		63,400		836
BB&T Corp.		36,800		861
City National Corp.		17,000		877
Cullen/Frost Bankers, Inc. ^Λ		16,600		871
Fifth Third Bancorp		97,400		1,223
M&T Bank Corp. ^Λ		19,800		1,481
SunTrust Banks, Inc.		54,400		1,361
TCF Financial Corp. ^Λ		54,900		722
Wilmington Trust Corp.		55,500		395
Zions Bancorporation		34,500		713
Commercial Services & Supplies - 1.8%
Republic Services, Inc. — Class A		96,900		2,889
Containers & Packaging - 1.5%
Ball Corp.		38,300		2,465
Distributors - 1.0%
Genuine Parts Co.		32,600		1,560
Diversified Consumer Services - 0.2%
H&R Block, Inc.		32,600		384
Diversified Telecommunication Services - 1.4%
CenturyLink, Inc. ^Λ		40,200		1,663
Windstream Corp.		52,554		665
Electric Utilities - 2.9%
Northeast Utilities		15,900		497
Westar Energy, Inc.		84,300		2,133
Wisconsin Energy Corp.		36,400		2,167
Electrical Equipment - 2.4%
AMETEK, Inc.		21,500		1,162
Cooper Industries PLC — Class A		24,400		1,279
Roper Industries, Inc.		21,700		1,507
Electronic Equipment & Instruments - 3.5%
Amphenol Corp. — Class A		29,700		1,489
Arrow Electronics, Inc. ‡		41,800		1,238
Tyco Electronics, Ltd.		91,000		2,882
44Food & Staples Retailing - 1.4%
Safeway, Inc.		98,600		2,257
Food Products - 2.4%
JM Smucker Co.		49,300		3,168
Ralcorp Holdings, Inc. ‡		9,500		590
Gas Utilities - 3.8%
Energen Corp.		55,432		2,474
EQT Corp.		47,800		1,790
Oneok, Inc.		40,100		1,998
Health Care Equipment & Supplies - 1.6%
Becton, Dickinson and Co.		34,285		2,589
Health Care Providers & Services - 4.6%
AmerisourceBergen Corp. — Class A		25,400		834
Community Health Systems, Inc. ‡		47,800		1,438
Coventry Health Care, Inc. ‡		82,850		1,940
Lincare Holdings, Inc.		97,524		2,558
VCA Antech, Inc. ‡		36,500		754
Hotels, Restaurants & Leisure - 2.2%
Darden Restaurants, Inc.		20,580		941
Marriott International, Inc. — Class A		34,955		1,295
Yum! Brands, Inc.		29,000		1,437
Household Durables - 3.2%
Fortune Brands, Inc. ^Λ		42,500		2,296
Jarden Corp. ^Λ		34,300		1,100
Snap-On, Inc.		36,600		1,867
Household Products - 1.0%
Clorox Co.		8,600		572
Energizer Holdings, Inc. ‡		14,900		1,115
Industrial Conglomerates - 0.9%
Carlisle Cos., Inc.		41,700		1,462
Insurance - 11.9%
AON Corp.		28,700		1,141
Arch Capital Group, Ltd. ‡		4,700		406
Assurant, Inc.		31,000		1,226
Cincinnati Financial Corp.		85,155		2,507
Loews Corp.		87,300		3,447
Old Republic International Corp. ^Λ		171,850		2,268
OneBeacon Insurance Group, Ltd. — Class A		65,465		922
Principal Financial Group, Inc.		50,000		1,342
Symetra Financial Corp.		34,800		385
Transatlantic Holdings, Inc.		46,200		2,430
WR Berkley Corp. ^Λ		79,000		2,174
XL Group PLC — Class A		51,300		1,085
Internet & Catalog Retail - 0.8%
Expedia, Inc.		46,200		1,337
Media - 4.0%
Cablevision Systems Corp. — Class A		27,800		743
Clear Channel Outdoor Holdings, Inc. — Class A ‡		85,673		1,018
DISH Network Corp. — Class A		56,300		1,118
Gannett Co., Inc.		106,800		1,266
Omnicom Group, Inc.		20,300		892
Scripps Networks Interactive, Inc. — Class A		15,200		774
Washington Post Co. — Class B		1,755		706
Multiline Retail - 0.9%
Macy’s, Inc.		59,600		1,409
Multi-Utilities - 4.3%
CMS Energy Corp.		153,900		2,828
NSTAR ^Λ		39,200		1,635
Xcel Energy, Inc.		105,100		2,508
Oil, Gas & Consumable Fuels - 7.5%
CVR Energy, Inc. ‡		81,500		776
Devon Energy Corp.		33,500		2,178
El Paso Corp.		115,800		1,536
Kinder Morgan Management LLC		17,389		1,072
Newfield Exploration Co. ‡		28,900		1,723
Teekay Corp.		54,800		1,743
Williams Cos., Inc.		151,200		3,253

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



Transamerica Funds		Annual Report 2010

Page 101

Transamerica JPMorgan Mid Cap Value

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts except share amounts in thousands)


	Shares		Value

Real Estate Investment Trusts - 3.4%
Kimco Realty Corp.		44,500	$	767
Public Storage		6,700		665
Regency Centers Corp. ^Λ		40,200		1,696
Ventas, Inc.		11,700		627
Vornado Realty Trust		20,656		1,804
Real Estate Management & Development - 1.0%
Brookfield Properties Corp.		95,850		1,667
Software - 2.0%
Jack Henry & Associates, Inc. ^Λ		61,000		1,657
Synopsys, Inc. ‡		64,900		1,660
Specialty Retail - 7.4%
AutoZone, Inc. ‡		5,300		1,259
Bed Bath & Beyond, Inc. ‡		42,400		1,861
Gap, Inc.		153,700		2,923
Sherwin-Williams Co.		26,200		1,912
Staples, Inc.		27,300		559
Tiffany & Co.		35,900		1,903
TJX Cos., Inc.		36,200		1,661
Textiles, Apparel & Luxury Goods - 0.9%
Phillips-Van Heusen Corp.		25,300		1,552
Thrifts & Mortgage Finance - 1.0%
People’s United Financial, Inc.		129,900		1,599
Tobacco - 0.3%
Lorillard, Inc.		6,500		555
Water Utilities - 0.5%
American Water Works Co., Inc.		34,200		817
Wireless Telecommunication Services - 1.1%
Telephone & Data Systems, Inc. (Special Shares) — Class L		59,960		1,789

Total Common Stocks (cost $133,596)				160,420


SECURITIES LENDING COLLATERAL - 4.2%
State Street Navigator Securities Lending Trust — Prime Portfolio, 0.35% ▲		6,817,966		6,818
Total Securities Lending Collateral (cost $6,818)


	Principal		Value

REPURCHASE AGREEMENT - 2.1%
State Street Bank & Trust Co. 0.01% ▲, dated 10/29/2010, to be repurchased at $3,504 on 11/01/2010. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 12/15/2017, and with a value of $3,578.	$	3,504		3,504
Total Repurchase Agreement (cost $3,504)


Total Investment Securities (cost $143,918) #				170,742
Other Assets and Liabilities — Net				(7,130	)


Net Assets			$	163,612

NOTES TO SCHEDULE OF INVESTMENTS:


‡		Non-income producing security.

Λ		All or a portion of this security is on loan. The value of all securities on loan is $6,663.

▲		Rate shown reflects the yield at 10/29/2010.

#		Aggregate cost for federal income tax purposes is $146,519. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $30,302 and $6,079, respectively. Net unrealized appreciation for tax purposes is $24,223.

VALUATION SUMMARY:


Investment Securities	Level 1		Level 2		Level 3		Total

Common Stocks	$	156,453	$	3,967	$	—	$	160,420
Repurchase Agreement		—		3,504		—		3,504
Securities Lending Collateral		6,818		—		—		6,818

Total	$	163,271	$	7,471	$	—	$	170,742

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



Transamerica Funds		Annual Report 2010

Page 102

Transamerica Loomis Sayles Bond

SCHEDULE OF INVESTMENTS
At October 31, 2010
(all amounts in thousands)


		Principal		Value

U.S. GOVERNMENT OBLIGATIONS - 5.7%
United States - 5.7%
U.S. Treasury Note
0.38%, 09/30/2012 ^Λ		$	14,765	$	14,775
1.38%, 03/15/2013			12,940		13,233
2.50%, 04/30/2015 ^Λ			5,345		5,695

Total U.S. Government Obligations (cost $33,052)					33,703


FOREIGN GOVERNMENT OBLIGATIONS - 18.6%
Australia - 2.0%
New South Wales Treasury Corp.
6.00%, 05/01/2012	AUD		4,340		4,310
7.00%, 12/01/2010	AUD		2,960		2,904
Queensland Treasury Corp.
7.13%, 09/18/2017 - 144A	NZD		5,865		4,847
Brazil - 1.8%
Republic of Brazil
10.25%, 01/10/2028	BRL		16,750		10,664
Canada - 5.6%
Canada Housing Trust No. 1
3.55%, 09/15/2013	CAD		1,825		1,880
Canadian Government Bond
3.00%, 12/01/2015	CAD		17,160		17,645
3.75%, 06/01/2012	CAD		6,690		6,807
5.25%, 06/01/2012	CAD		5,115		5,322
Province of Ontario Canada
4.20%, 03/08/2018	CAD		150		158
Province of Quebec Canada
6.75%, 11/09/2015	NZD		2,825		2,295
Colombia - 0.5%
Republic of Colombia
9.85%, 06/28/2027	COP		665,000		540
12.00%, 10/22/2015	COP		3,500,000		2,561
Korea, Republic of - 3.6%
Export-Import Bank of Korea
5.10%, 10/29/2013 - 144A	KRW		184,600		4,135
Korea Treasury Bond
5.00%, 09/10/2014	KRW		18,384,830		17,126
Malaysia - 0.5%
Republic of Malaysia
3.21%, 05/31/2013	MYR		9,370		3,008
Mexico - 3.3%
United Mexican States
8.00%, 12/07/2023	MXN		207,000		19,399
Philippines - 0.2%
Republic of The Philippines
4.95%, 01/15/2021	PHP		50,000		1,235
Supranational - 1.1%
Inter-American Development Bank
2.50%, 03/11/2013	INR		291,000		6,303

Total Foreign Government Obligations (cost $98,229)					111,139


MORTGAGE-BACKED SECURITIES - 7.2%
United States - 7.2%
Banc of America Commercial Mortgage, Inc.
Series 2007-2, Class A4
5.69%, 04/10/2049 *			500		524
Banc of America Funding Corp.
Series 2005-5, Class 1A11
5.50%, 09/25/2035			1,490		1,406
Series 2006-I, Class 1A1
2.87%, 12/20/2036 *			177		169
Banc of America Mortgage Securities, Inc.
Series 2005-F, Class 2A2
2.94%, 07/25/2035 *			442		398
Bear Stearns Commercial Mortgage Securities
Series 2007-PW15, Class A4
5.33%, 02/11/2044			1,300		1,353
Series 2007-PW16, Class A4
5.72%, 06/11/2040 *			700		758
Commercial Mortgage Pass-Through Certificates
Series 2007-C9, Class A4
5.81%, 12/10/2049 *			1,050		1,136
Countrywide Home Loan Mortgage Pass-Through Trust
Series 2004-22, Class A1
3.17%, 11/25/2034 *			1,295		1,123
Credit Suisse Mortgage Capital Certificates
Series 2007-C3, Class A4
5.72%, 06/15/2039 *			2,410		2,501
Series 2007-C4, Class A4
5.80%, 09/15/2039 *			1,200		1,245
Series 2007-C5, Class A4
5.70%, 09/15/2040 *			4,785		4,971
Series 2008-C1, Class A3
6.21%, 02/15/2041 *			1,540		1,650
Greenwich Capital Commercial Funding Corp.
Series 2007-GG11, Class A4
5.74%, 12/10/2049			3,100		3,271
Series 2007-GG9, Class A4
5.44%, 03/10/2039			3,000		3,207
JPMorgan Chase Commercial Mortgage Securities Corp.
Series 2007-CB19, Class A4
5.74%, 02/12/2049 *			740		787
Series 2007-LD11, Class A4
5.82%, 06/15/2049 *			5,310		5,637
Series 2007-LDPX, Class A3
5.42%, 01/15/2049			3,250		3,403
JPMorgan Mortgage Trust
Series 2007-A1, Class 4A2
2.97%, 07/25/2035 *			428		417
MASTR Adjustable Rate Mortgages Trust
Series 2004-15, Class 4A1
3.18%, 12/25/2034 *			2,012		1,773
Series 2005-2, Class 5A1
3.01%, 03/25/2035 *			1,269		1,106

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



Transamerica Funds		Annual Report 2010

Page 103

Transamerica Loomis Sayles Bond

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts in thousands)


		Principal		Value

United States — (continued)
MLCC Mortgage Investors, Inc.
Series 2004-1, Class 2A1
2.31%, 12/25/2034 *		$	429	$	413
Morgan Stanley Re-REMIC Trust
Series 2009-GG10, Class A4B
5.81%, 08/12/2045 - 144A *			2,900		2,836
Wells Fargo Mortgage Backed Securities Trust
Series 2005-AR2, Class 2A2
2.86%, 03/25/2035 *			1,161		1,081
Series 2005-AR4, Class 2A2
2.95%, 04/25/2035 *			1,472		1,413

Total Mortgage-Backed Securities (cost $33,258)					42,578


ASSET-BACKED SECURITIES - 4.5%
United States - 4.5%
American Airlines Pass-Through Trust
Series 2001-2, Class A2
7.86%, 10/01/2011			2,965		3,102
Series 2009-1A
10.38%, 07/02/2019			981		1,173
Chesapeake Funding LLC
Series 2009-2A, Class B
2.01%, 09/15/2021 - 144A *			1,000		955
Series 2009-2A, Class C
2.01%, 09/15/2021 - 144A *			1,200		1,112
Continental Airlines Pass-Through Trust
Series 2001-1
6.70%, 06/15/2021			771		810
Countrywide Asset-Backed Certificates
Series 2004-13, Class AF5B
5.10%, 05/25/2035 *			625		487
Series 2004-4, Class M1
0.98%, 07/25/2034 *			450		298
CVS Pass-Through Trust
6.94%, 01/10/2030			1,248		1,385
Delta Air Lines, Inc. Pass-Through Trust
Series 2007-1, Class A
6.82%, 08/10/2022			2,442		2,637
Series 2007-1, Class B
8.02%, 08/10/2022			2,272		2,340
Diamond Resorts Owner Trust
Series 2009-1, Class A
9.31%, 03/20/2026 - 144A			1,064		1,077
JP Morgan Mortgage Acquisition Corp.
Series 2005-OPT1, Class M2
0.73%, 06/25/2035 *			650		458
Merrill Lynch Mortgage Investors, Inc.
Series 2005-HE1, Class M1
0.69%, 02/25/2036 *			675		509
Option One Mortgage Loan Trust
Series 2004-3, Class M2
0.83%, 11/25/2034 *			775		599
Park Place Securities, Inc.
Series 2004-WCW2, Class M2
0.91%, 10/25/2034 *			1,275		965
Sierra Receivables Funding Co.
Series 2009-3A, Class A1
7.62%, 07/20/2026 - 144A			1,711		1,734
UAL Pass-Through Trust
Series 2007-1, Class A
6.64%, 07/02/2022			6,773		6,941

Total Asset-Backed Securities (cost $25,241)					26,582


PREFERRED CORPORATE DEBT SECURITIES - 1.0%
United States - 1.0%
Bank of America Corp.
8.00%, 01/30/2018 * Ž			215		217
Hercules, Inc.
6.50%, 06/30/2029			1,260		1,040
NGC Corp., Capital Trust I
8.32%, 06/01/2027 §			200		89
Xerox Capital Trust I
8.00%, 02/01/2027			4,347		4,458

Total Preferred Corporate Debt Securities (cost $5,183)					5,804


CORPORATE DEBT SECURITIES - 46.0%
Australia - 0.3%
General Electric Capital Australia Funding, Ltd.
8.00%, 02/13/2012	AUD		1,635		1,641
Canada - 0.3%
Bell Canada
6.10%, 03/16/2035 - 144A	CAD		475		484
Bombardier, Inc.
7.45%, 05/01/2034 - 144A		$	800		784
Nortel Networks, Ltd.
6.88%, 09/01/2023 Џ			410		111
Nortel Networks Capital Corp.
7.88%, 06/15/2026 ^Λ Џ			300		207
Luxembourg - 0.9%
ArcelorMittal
5.25%, 08/05/2020			1,265		1,280
7.00%, 10/15/2039			1,280		1,288
Telecom Italia Capital SA
6.00%, 09/30/2034			2,760		2,653
Mexico - 0.2%
America Movil SAB de CV
8.46%, 12/18/2036	MXN		12,000		1,004
Supranational - 2.1%
European Investment Bank
Zero Coupon, 04/24/2013 - 144A	IDR		118,809,000		11,706
7.00%, 01/18/2012	NZD		1,580		1,248
United Arab Emirates - 1.4%
DP World, Ltd.
6.85%, 07/02/2037 - 144A		$	6,410		6,032
Dubai Electricity & Water Authority
7.38%, 10/21/2020 - 144A			2,100		2,065
United States - 40.8%
Advanced Micro Devices, Inc.
7.75%, 08/01/2020 - 144A ^Λ			715		758

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



Transamerica Funds		Annual Report 2010

Page 104

Transamerica Loomis Sayles Bond

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts in thousands)


		Principal		Value

United States — (continued)
Alcatel-Lucent USA, Inc.
6.45%, 03/15/2029 ^Λ		$	6,210	$	5,186
6.50%, 01/15/2028			1,275		1,061
Alcoa, Inc.
5.95%, 02/01/2037 ^Λ			4,850		4,592
6.75%, 01/15/2028 ^Λ			1,395		1,420
Ally Financial, Inc.
8.30%, 02/12/2015 - 144A			2,665		2,905
American General Finance Corp.
6.90%, 12/15/2017			6,260		5,212
Associates Corp.
6.95%, 11/01/2018			1,645		1,859
AT&T Corp.
6.50%, 03/15/2029			200		216
Bruce Mansfield Unit
6.85%, 06/01/2034 §			2,757		3,043
Calpine Corp.
7.50%, 02/15/2021 - 144A			2,740		2,805
CenturyLink, Inc.
7.60%, 09/15/2039			1,425		1,425
CIT Group, Inc.
7.00%, 05/01/2016 - 05/01/2017 ^Λ			2,830		2,818
Citigroup, Inc.
5.38%, 08/09/2020 ^Λ			4,420		4,652
5.50%, 02/15/2017 ^Λ			2,200		2,323
5.88%, 02/22/2033			180		171
6.00%, 10/31/2033			1,280		1,232
6.13%, 08/25/2036			760		735
Corning, Inc.
5.75%, 08/15/2040			3,260		3,297
Developers Diversified Realty Corp.
7.88%, 09/01/2020 ^Λ			1,585		1,720
Dillard’s, Inc.
7.13%, 08/01/2018			990		983
Dynegy Holdings, Inc.
7.63%, 10/15/2026			450		270
7.75%, 06/01/2019			625		427
El Paso Corp.
7.42%, 02/15/2037			1,235		1,210
Energy Future Holdings Corp.
5.55%, 11/15/2014 ^Λ			6,735		4,294
6.50%, 11/15/2024 ^Λ			1,110		438
6.55%, 11/15/2034			305		119
Equifax, Inc.
7.00%, 07/01/2037			400		450
Ford Motor Co.
6.50%, 08/01/2018 ^Λ			100		106
6.63%, 02/15/2028			4,788		4,979
7.45%, 07/16/2031 ^Λ			2,875		3,263
7.50%, 08/01/2026			115		123
Fortune Brands, Inc.
5.88%, 01/15/2036			2,060		1,881
Frontier Communications Corp.
7.88%, 01/15/2027 ^Λ			2,160		2,257
General Electric Capital Corp.
2.96%, 05/18/2012	SGD		2,500		1,957
3.49%, 03/08/2012	SGD		2,400		1,888
4.38%, 09/21/2015 ^Λ		$	10,955		11,966
7.63%, 12/10/2014	NZD		320		258
Harley-Davidson Funding Corp.
6.80%, 06/15/2018 - 144A			3,865		4,203
Hasbro, Inc.
6.60%, 07/15/2028			4,730		4,864
HCA, Inc.
7.05%, 12/01/2027			55		49
7.19%, 11/15/2015			2,555		2,517
7.50%, 12/15/2023			3,200		2,944
7.58%, 09/15/2025			755		725
7.69%, 06/15/2025			1,545		1,452
7.75%, 07/15/2036			125		115
8.36%, 04/15/2024			190		187
Highwoods Properties, Inc. REIT
5.85%, 03/15/2017			1,175		1,236
International Lease Finance Corp.
5.65%, 06/01/2014 ^Λ			300		300
6.50%, 09/01/2014 - 144A			3,905		4,217
6.63%, 11/15/2013			555		572
8.75%, 03/15/2017 - 144A			1,150		1,308
JC Penney Corp., Inc.
7.63%, 03/01/2097			430		388
Joy Global, Inc.
6.63%, 11/15/2036			2,780		2,830
Level 3 Financing, Inc.
8.75%, 02/15/2017 ^Λ			4,045		3,706
9.25%, 11/01/2014 ^Λ			445		436
Mackinaw Power LLC
6.30%, 10/31/2023 - 144A			1,550		1,681
Macy’s Retail Holdings, Inc.
6.79%, 07/15/2027			1,065		1,035
Masco Corp.
5.85%, 03/15/2017			2,440		2,460
6.13%, 10/03/2016 ^Λ			3,505		3,589
6.50%, 08/15/2032 ^Λ			485		428
7.13%, 03/15/2020 ^Λ			1,505		1,580
7.75%, 08/01/2029			200		194
Merrill Lynch & Co., Inc.
5.70%, 05/02/2017			300		308
6.05%, 06/01/2034			820		810
6.11%, 01/29/2037			3,810		3,627
Midwest Generation LLC
8.56%, 01/02/2016			736		738
Morgan Stanley
5.50%, 07/24/2020			2,560		2,664
Mosaic Global Holdings, Inc.
7.30%, 01/15/2028			420		483
Motorola, Inc.
6.50%, 09/01/2025 ^Λ			3,175		3,318
6.63%, 11/15/2037 ^Λ			712		741
New Albertsons, Inc.
6.63%, 06/01/2028			4,210		3,126
7.45%, 08/01/2029			1,305		1,057
7.75%, 06/15/2026			680		564
8.00%, 05/01/2031			905		735
NLV Financial Corp.
7.50%, 08/15/2033 - 144A			190		185
Northwest Airlines, Inc. Pass-Through Trust Class A
7.03%, 11/01/2019			6,463		6,802

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



Transamerica Funds		Annual Report 2010

Page 105

Transamerica Loomis Sayles Bond

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts except share amounts in thousands)


		Principal		Value

United States — (continued)
Owens & Minor, Inc.
6.35%, 04/15/2016 §		$	835	$	857
Owens Corning, Inc.
7.00%, 12/01/2036			4,585		4,667
Parker Drilling Co.
9.13%, 04/01/2018			325		341
Plains All American Pipeline, LP
6.70%, 05/15/2036			930		989
Pride International, Inc.
6.88%, 08/15/2020			5,000		5,663
ProLogis REIT
5.63%, 11/15/2015 - 11/15/2016			1,825		1,927
5.75%, 04/01/2016			1,435		1,527
6.63%, 05/15/2018			525		564
6.88%, 03/15/2020			2,970		3,227
Pulte Group, Inc.
6.00%, 02/15/2035			110		86
6.38%, 05/15/2033			1,780		1,420
7.88%, 06/15/2032			1,500		1,373
Qwest Capital Funding, Inc.
6.50%, 11/15/2018			965		992
6.88%, 07/15/2028			1,510		1,459
7.63%, 08/03/2021			1,000		1,045
Qwest Corp.
6.88%, 09/15/2033 ^Λ			2,770		2,784
7.20%, 11/10/2026			895		902
7.25%, 09/15/2025			1,705		1,836
7.50%, 06/15/2023 ^Λ			1,670		1,678
Ralcorp Holdings, Inc.
6.63%, 08/15/2039 ^Λ			3,060		3,276
Realty Income Corp. REIT
6.75%, 08/15/2019 ^Λ			3,795		4,391
Reynolds American, Inc.
7.25%, 06/15/2037			880		916
SLM Corp.
5.00%, 04/15/2015 ^Λ			2,284		2,186
5.63%, 08/01/2033			779		600
8.45%, 06/15/2018			4,030		4,221
Sprint Capital Corp.
6.88%, 11/15/2028			10,035		9,459
8.75%, 03/15/2032			245		269
Toro Co.
6.63%, 05/01/2037 §			2,500		2,388
Toys “R” Us, Inc.
7.38%, 10/15/2018			6,440		6,247
USG Corp.
6.30%, 11/15/2016 ^Λ			4,585		4,104
9.50%, 01/15/2018			1,070		1,054
Valero Energy Corp.
6.63%, 06/15/2037 ^Λ			4,225		4,270
Verizon Maryland, Inc.
5.13%, 06/15/2033 ^Λ			200		176
Westvaco Corp.
7.95%, 02/15/2031			1,135		1,207
8.20%, 01/15/2030			2,985		3,235
Weyerhaeuser Co.
6.88%, 12/15/2033			4,740		4,372
7.38%, 03/15/2032			855		867
Wyndham Worldwide Corp.
6.00%, 12/01/2016			2,010		2,147
7.38%, 03/01/2020			1,835		2,035

Total Corporate Debt Securities (cost $255,786)					273,733


STRUCTURED NOTES DEBT - 1.0%
United States - 1.0%
JPMorgan Chase & Co.
Zero Coupon, 09/10/2012 - 144A	IDR		37,004,100		3,720
Zero Coupon, 04/12/2012 - 144A	IDR		21,967,355		2,278

Total Structure Notes Debt (cost $5,303)					5,998


	Shares		Value

CONVERTIBLE PREFERRED STOCKS - 1.2%
United States - 1.2%
AES Trust III
6.75% ^Λ		10,950		531
Bank of America Corp.
7.25%		805		762
El Paso Energy Capital Trust I
4.75% ^Λ		6,300		250
Ford Motor Co., Capital Trust II
6.50%		2,100		104
Lucent Technologies Capital Trust I
7.75%		4,900		4,288
Newell Financial Trust I
5.25% ^Λ		10,000		420
Sovereign Capital Trust IV
4.38% ^Λ		7,350		298
Wells Fargo & Co.
7.50%		190		190

Total Convertible Preferred Stocks (cost $6,330)				6,843


PREFERRED STOCKS - 0.9%
United States - 0.9%
Ally Financial, Inc.
7.00% - 144A		1,675		1,508
Countrywide Capital IV
6.75%		88,375		2,030
SLM Corp.
6.00%		78,825		1,547

Total Preferred Stocks (cost $3,514)				5,085


COMMON STOCKS - 0.1%
United States - 0.1%
Dex One Corp. ‡ ^Λ		1,218		9
Owens-Illinois, Inc. ‡ ^Λ		10,796		302

Total Common Stocks (cost $728)				311


	Principal		Value

LOAN ASSIGNMENT - 0.6%
United States - 0.6%
Level 3 Financing, Inc.
11.50%, 03/13/2014 *	$	3,250		3,510
Total Loan Assignment (cost $3,228)

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



Transamerica Funds		Annual Report 2010

Page 106

Transamerica Loomis Sayles Bond

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts except share amounts in thousands)


	Principal		Value

CONVERTIBLE BONDS - 9.3%
Canada - 0.4%
Nortel Networks Corp.
1.75%, 04/15/2012 Џ	$	450	$	360
2.13%, 04/15/2014 Џ		2,870		2,296
United States - 8.9%
Ciena Corp.
0.25%, 05/01/2013 ^Λ		125		114
0.88%, 06/15/2017 ^Λ		2,695		1,937
3.75%, 10/15/2018 - 144A		445		427
Ford Motor Co.
4.25%, 11/15/2016		3,715		6,455
Hologic, Inc.
2.00%, 12/15/2037 *		3,130		2,950
Human Genome Sciences, Inc.
2.25%, 08/15/2012		1,170		1,982
Intel Corp.
2.95%, 12/15/2035		2,740		2,754
3.25%, 08/01/2039 ^Λ		10,315		12,235
Level 3 Communications, Inc.
3.50%, 06/15/2012		1,365		1,271
7.00%, 03/15/2015 - 144A §		2,110		1,941
Liberty Media LLC
3.50%, 01/15/2031		122		66
Micron Technology, Inc.
1.88%, 06/01/2014		495		474
Nektar Therapeutics
3.25%, 09/28/2012		1,960		2,007
Omnicare, Inc.
3.25%, 12/15/2035		4,545		4,051
Owens-Brockway Glass Container, Inc.
3.00%, 06/01/2015 - 144A		2,390		2,387
Peabody Energy Corp.
4.75%, 12/15/2041 ^Λ		1,325		1,575
Trinity Industries, Inc.
3.88%, 06/01/2036		2,785		2,594
Valeant Pharmaceuticals International
4.00%, 11/15/2013 ^Λ		1,300		2,733
Vertex Pharmaceuticals, Inc.
3.35%, 10/01/2015		5,100		5,355

Total Convertible Bonds (cost $46,986)				55,964


	Shares		Value
SECURITIES LENDING COLLATERAL - 8.2%
State Street Navigator Securities Lending Trust — Prime Portfolio, 0.35% ▲		48,432,594	$	48,433
Total Securities Lending Collateral (cost $48,433)


	Principal		Value

REPURCHASE AGREEMENT - 2.0%
State Street Bank & Trust Co. 0.01% ▲, dated 10/29/2010, to be repurchased at $12,109 on 11/01/2010. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 12/15/2017, and with a value of $12,351.	$	12,109		12,109
Total Repurchase Agreement (cost $12,109)


Total Investment Securities (cost $577,380) #				631,792
Other Assets and Liabilities — Net				(37,572	)


Net Assets			$	594,220

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



Transamerica Funds		Annual Report 2010

Page 107

Transamerica Loomis Sayles Bond

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts in thousands)


	Percentage of
INVESTMENTS BY INDUSTRY (unaudited):	Total Investments			Value

Foreign Government Obligation		17.6	%	$	111,139
Diversified Financial Services		9.5			60,265
Diversified Telecommunication Services		6.8			42,787
Mortgage-Backed Security		6.7			42,578
U.S. Government Obligation		5.3			33,703
Asset-Backed Security		4.2			26,582
Building Products		2.9			18,076
Semiconductors & Semiconductor Equipment		2.6			16,221
Communications Equipment		2.5			15,758
Automobiles		2.4			15,030
Real Estate Investment Trusts		2.3			14,592
Consumer Finance		2.2			13,766
Commercial Banks		2.1			13,144
Health Care Providers & Services		2.0			12,897
Paper & Forest Products		1.5			9,681
Metals & Mining		1.4			8,580
Electric Utilities		1.3			8,056
Machinery		1.2			7,812
Biotechnology		1.2			7,337
Oil, Gas & Consumable Fuels		1.2			7,305
Energy Equipment & Services		1.1			6,993
Specialty Retail		1.1			6,982
Airlines		1.1			6,802
Independent Power Producers & Energy Traders		1.0			6,379
Transportation Infrastructure		1.0			6,032
Household Durables		0.8			5,180
Leisure Equipment & Products		0.8			4,864
Food & Staples Retailing		0.8			4,747
Office Electronics		0.7			4,458
Hotels, Restaurants & Leisure		0.7			4,182
Electronic Equipment & Instruments		0.5			3,297
Food Products		0.5			3,276
Health Care Equipment & Supplies		0.5			2,950
Pharmaceuticals		0.4			2,733
Containers & Packaging		0.4			2,689
Capital Markets		0.4			2,664
Multiline Retail		0.4			2,406
Multi-Utilities		0.3			2,065
Life Sciences Tools & Services		0.3			2,007
Chemicals		0.2			1,523
Wireless Telecommunication Services		0.2			1,004
Tobacco		0.1			916
Aerospace & Defense		0.1			784
Professional Services		0.1			450
Thrifts & Mortgage Finance		0.0			298
Insurance		0.0			185
Media		0.0			75

Investment Securities, at Value		90.4			571,250
Short-Term Investments		9.6			60,542

Total Investments		100.0	%	$	631,792

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



Transamerica Funds		Annual Report 2010

Page 108

Transamerica Loomis Sayles Bond

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts in thousands)

NOTES TO SCHEDULE OF INVESTMENTS:


Λ		All or a portion of this security is on loan. The value of all securities on loan is $47,443.

*		Floating or variable rate note. Rate is listed as of 10/29/2010.

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

Џ		In default.

‡		Non-income producing security.

▲		Rate shown reflects the yield at 10/29/2010.

§		Illiquid. These securities aggregated to $8,318, or 1.40%, of the fund’s net assets.

#		Aggregate cost for federal income tax purposes is $577,380. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $61,929 and $7,517, respectively. Net unrealized appreciation for tax purposes is $54,412.

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 10/31/2010, these securities aggregated $68,090, or 11.46%, of the fund’s net assets.

AUD		Australian Dollar

BRL		Brazilian Real

CAD		Canadian Dollar

COP		Columbian Peso

IDR		Indonesian Rupiah

INR		Indian Rupee

KRW		South Korean Won

MXN		Mexican Peso

MYR		Malaysian Riggit

NZD		New Zealand Dollar

PHP		Philippines Peso

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

SGD		Singapore Dollar

VALUATION SUMMARY:


Investment Securities	Level 1		Level 2		Level 3		Total

Asset-Backed Securities	$	—	$	26,582	$	—	$	26,582
Common Stocks		311		—		—		311
Convertible Bonds		—		55,964		—		55,964
Convertible Preferred Stocks		6,843		—		—		6,843
Corporate Debt Securities		—		273,733		—		273,733
Foreign Government Obligations		—		111,139		—		111,139
Loan Assignments		—		3,510		—		3,510
Mortgage-Backed Securities		—		42,578		—		42,578
Preferred Corporate Debt Securities		—		5,804		—		5,804
Preferred Stocks		5,085		—		—		5,085
Repurchase Agreement		—		12,109		—		12,109
Securities Lending Collateral		48,433		—		—		48,433
Structured Note Debts		—		5,998		—		5,998
U.S. Government Obligations		—		33,703		—		33,703

Total	$	60,672	$	571,120	$	—	$	631,792

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



Transamerica Funds		Annual Report 2010

Page 109

Transamerica Morgan Stanley Emerging Markets Debt
(formerly, Transamerica Van Kampen Emerging Markets Debt)

SCHEDULE OF INVESTMENTS
At October 31, 2010
(all amounts in thousands)


	Principal		Value

FOREIGN GOVERNMENT OBLIGATIONS - 73.5%
Argentina - 4.4%
Republic of Argentina
1.33%, 12/31/2038 ^	$	2,310	$	1,058
7.00%, 10/03/2015		10,852		10,374
8.28%, 12/31/2033 ^		2,072		1,966
Belarus - 0.3%
Republic of Belarus
8.75%, 08/03/2015 - Reg S		740		759
Brazil - 8.2%
Banco Nacional de Desenvolvimento Economico e Social
5.50%, 07/12/2020 - 144A		2,970		3,208
6.37%, 06/16/2018 - 144A		2,020		2,318
Republic of Brazil
5.88%, 01/15/2019 ^		3,640		4,321
7.13%, 01/20/2037		970		1,280
8.00%, 01/15/2018 ^		4,043		4,885
8.88%, 10/14/2019 - 04/15/2024		4,833		6,929
11.00%, 08/17/2040 ^		1,300		1,821
Colombia - 3.4%
Republic of Colombia
7.38%, 03/18/2019		4,020		5,135
11.75%, 02/25/2020 ^		3,160		5,072
Croatia - 0.6%
Republic of Croatia
6.63%, 07/14/2020 - 144A ^		1,630		1,845
Dominican Republic - 0.6%
Republic of The Dominican Republic
7.50%, 05/06/2021 - 144A ^		720		824
9.04%, 01/23/2018 - Reg S		743		893
Ecuador - 0.9%
Republic of Ecuador
9.38%, 12/15/2015 - Reg S		2,870		2,612
Georgia - 0.5%
Republic of Georgia
7.50%, 04/15/2013		1,390		1,456
Ghana - 1.2%
Republic of Ghana
8.50%, 10/04/2017 - 144A ^		2,596		2,966
8.50%, 10/04/2017 - Reg S		540		618
Indonesia - 5.7%
Republic of Indonesia
6.88%, 01/17/2018 - 144A		2,710		3,269
7.75%, 01/17/2038 - 144A		4,531		6,094
7.75%, 01/17/2038 - Reg S		893		1,201
11.63%, 03/04/2019 - Reg S		4,250		6,588
Ivory Coast - 0.7%
Republic of The Ivory Coast
2.50%, 12/31/2032 - Reg S		3,479		2,140
Lithuania - 1.2%
Lithuania Government International Bond
7.38%, 02/11/2020 - Reg S ^		1,370		1,596
Republic of Lithuania
6.75%, 01/15/2015 - 144A		1,810		2,018
Mexico - 4.6%
United Mexican States
5.63%, 01/15/2017		2,020		2,336
5.95%, 03/19/2019		860		1,020
6.05%, 01/11/2040		2,750		3,163
6.75%, 09/27/2034 ^		5,887		7,270
Pakistan - 0.4%
Republic of Pakistan
6.88%, 06/01/2017 - Reg S		1,330		1,207
Panama - 2.5%
Republic of Panama
5.20%, 01/30/2020		3,420		3,881
8.88%, 09/30/2027 ^		1,694		2,528
9.38%, 04/01/2029 ^		700		1,075
Peru - 4.5%
Republic of Peru
7.13%, 03/30/2019 ^		1,890		2,400
7.35%, 07/21/2025		2,300		3,053
8.75%, 11/21/2033 ^		5,351		8,177
Philippines - 4.4%
Republic of The Philippines
4.00%, 01/15/2021 ^		6,993		6,993
8.38%, 06/17/2019 ^		1,841		2,455
8.88%, 03/17/2015 ^		771		985
9.50%, 02/02/2030		1,796		2,741
Russian Federation - 8.5%
Russian Federation
7.50%, 03/31/2030 - Reg S *		6,286		7,543
12.75%, 06/24/2028 - Reg S		4,470		8,169
Russian Foreign Bond — Eurobond
5.00%, 04/29/2020 - Reg S		10,000		10,410
Senegal - 0.2%
Republic of Senegal
8.75%, 12/22/2014		680		697
South Africa - 0.3%
Republic of South Africa
5.50%, 03/09/2020 ^		910		1,031
Sri Lanka - 0.2%
Republic of Sri Lanka
6.25%, 10/04/2020 - 144A ^		680		706
Turkey - 11.1%
Republic of Turkey
5.63%, 03/30/2021		6,000		6,706
6.75%, 05/30/2040		2,920		3,460
6.88%, 03/17/2036 ^		8,214		9,878
7.00%, 03/11/2019		4,170		5,103
7.50%, 11/07/2019 ^		5,000		6,325
8.00%, 02/14/2034 ^		1,720		2,313
Ukraine - 4.4%
Republic of Ukraine
6.58%, 11/21/2016 - Reg S		5,882		5,779
6.75%, 11/14/2017 - Reg S		3,470		3,418
7.65%, 06/11/2013 - Reg S		2,146		2,217
7.75%, 09/23/2020 - 144A		1,780		1,798
Uruguay - 0.4%
Republic of Uruguay
8.00%, 11/18/2022		953		1,282
Venezuela - 4.3%
Republic of Venezuela
5.75%, 02/26/2016 - Reg S		3,400		2,423
6.00%, 12/09/2020 - Reg S		1,940		1,156
7.00%, 03/31/2038 - Reg S		2,907		1,628
7.65%, 04/21/2025		4,700		2,857
9.00%, 05/07/2023 - Reg S		1,340		920
9.25%, 09/15/2027 ^		1,070		781


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

Transamerica Funds		Annual Report 2010

Page 110

Transamerica Morgan Stanley Emerging Markets Debt
(formerly, Transamerica Van Kampen Emerging Markets Debt)

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts except share amounts in thousands)


	Principal		Value

Venezuela (continued)
9.25%, 05/07/2028 - Reg S	$	3,035	$	2,012
10.75%, 09/19/2013 ^		1,180		1,139

Total Foreign Government Obligations (cost $195,258)			$	222,281


CORPORATE DEBT SECURITIES - 15.0%
Kazakhstan - 3.6%
KazMunaiGaz Finance Sub BV
7.00%, 05/05/2020 - 144A		2,236		2,377
9.13%, 07/02/2018 - 144A		7,130		8,577
Luxembourg - 0.4%
Severstal OAO Via Steel Capital SA
6.70%, 10/25/2017 - 144A ^		1,222		1,217
Mexico - 5.5%
Pemex Project Funding Master Trust
6.63%, 06/15/2035 ^		5,173		5,749
8.63%, 12/01/2023		1,750		2,102
Petroleos Mexicanos
5.50%, 01/21/2021 ^		5,790		6,294
8.00%, 05/03/2019 ^		2,097		2,695
Netherlands - 1.9%
Intergas Finance BV
6.38%, 05/14/2017 - Reg S		900		981
Majapahit Holding BV
7.75%, 01/20/2020 - Reg S		3,000		3,675
Pindo Deli Finance BV -Class C
0.00%, 04/28/2025 - Reg S * Џ §		1,500		26
1.00%, 04/28/2025 - 144A * Џ §		9,415		165
2.29%, 04/28/2015 - Reg S * Џ §		297		43
3.29%, 04/28/2018 - Reg S * Џ §		1,500		158
3.29%, 04/28/2015 - 04/28/2018 144A * Џ §		150		16
Tjiwi Kimia Finance BV -Class B
0.00%, 04/28/2027 - 144A * Џ §		1,045		31
3.29%, 04/28/2015 - Reg S * Џ §		988		148
3.29%, 04/28/2015 - 04/28/2018 144A * Џ §		2,148		258
3.29%, 04/30/2018 - Reg S * Џ §		1,000		120
4.94%, 04/28/2027 - Reg S * Џ §		1,500		45
Russian Federation - 2.2%
Russian Agricultural Bank OJSC Via RSHB Capital SA
6.30%, 05/15/2017 - 144A		1,527		1,611
7.18%, 05/16/2013 - Reg S		450		483
7.18%, 05/16/2013 - 144A		4,130		4,430
Singapore - 0.5%
Bumi Investment Pte, Ltd.
10.75%, 10/06/2017 - 144A		1,550		1,617
United States - 0.3%
Reliance Holdings USA, Inc.
6.25%, 10/19/2040 - 144A ^		850		842
Virgin Islands, British - 0.6%
Gerdau Trade, Inc.
5.75%, 01/30/2021 - 144A ^		1,780		1,845

Total Corporate Debt Securities (cost $48,879)				45,505


	Shares		Value

SECURITIES LENDING COLLATERAL - 15.8%
State Street Navigator Securities Lending Trust — Prime Portfolio, 0.35% ▲		47,767,163	$	47,767

Total Securities Lending Collateral (cost $47,767)


	Principal		Value

REPURCHASE AGREEMENT - 5.3%
State Street Bank & Trust Co. 0.01% ▲, dated 10/29/2010, to be repurchased at $15,996 on 11/01/2010. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 12/15/2017, with a value of $16,318.	$	15,996		15,996
Total Repurchase Agreement (cost $15,996)


Total Investment Securities (cost $307,900) #				331,549
Other Assets and Liabilities — Net				(28,973	)


Net Assets			$	302,576


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

Transamerica Funds		Annual Report 2010

Page 111

Transamerica Morgan Stanley Emerging Markets Debt
(formerly, Transamerica Van Kampen Emerging Markets Debt)

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts in thousands)


	Percentage of
INVESTMENTS BY INDUSTRY (unaudited):	Total Investments			Value

Foreign Government Obligation		67.0	%	$	222,281
Oil, Gas & Consumable Fuels		8.6			28,636
Diversified Financial Services		2.5			8,141
Electric Utilities		1.1			3,675
Metals & Mining		0.9			3,062
Paper & Forest Products		0.3			1,010
Gas Utilities		0.3			981

Investment Securities, at Value		80.8			267,786
Short-Term Investments		19.2			63,763

Total Investments		100.0	%	$	331,549


NOTES TO SCHEDULE OF INVESTMENTS:

^		All or a portion of this security is on loan. The value of all securities on loan is $46,793.

*		Floating or variable rate note. Rate is listed as of 10/29/2010.

Џ		In default.

▲		Rate shown reflects the yield at 10/29/2010.

§		Illiquid. These securities aggregated to $1,010, or 0.33%, of the fund’s net assets.

#		Aggregate cost for federal income tax purposes is $311,612. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $27,352 and $7,415, respectively. Net unrealized appreciation for tax purposes is $19,937.

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 10/31/2010, these securities aggregated $48,032, or 15.87%, of the fund’s net assets.

VALUATION SUMMARY:


Investment Securities	Level 1		Level 2		Level 3		Total
Corporate Debt Securities	$	—	$	45,271	$	234	$	45,505
Foreign Government Obligations		—		222,281		—		222,281
Repurchase Agreement		—		15,996		—		15,996
Securities Lending Collateral		47,767		—		—		47,767

Total	$	47,767	$	283,548	$	234	$	331,549

Level 3 Rollforward — Investment Securities


	Beginning										Net Transfers			Ending
	Balance at		Net		Accrued		Total Realized		Change in Unrealized		In/(Out) of			Balance at
Securities	10/31/2009		Purchases/(Sales)		Discounts/(Premiums)		Gain/(Loss)		Appreciation/(Depreciation)		Level 3			10/31/2010
Corporate Debt Securities	$	831	$	—	$	29	$	—	$	150	$	(776	)	$	234


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

Transamerica Funds		Annual Report 2010

Page 112

Transamerica Morgan Stanley Mid-Cap Growth
(formerly, Transamerica Van Kampen Mid-Cap Growth)

SCHEDULE OF INVESTMENTS
At October 31, 2010
(all amounts except share amounts in thousands)


	Shares		Value

COMMON STOCKS - 98.7%
Air Freight & Logistics - 3.6%
CH Robinson Worldwide, Inc. ^		60,256	$	4,247
Expeditors International of Washington, Inc. ^		128,567		6,346
Automobiles - 0.6%
Better Place ‡ Ə § D		555,742		1,667
Beverages - 1.1%
Coca-Cola Enterprises, Inc.		128,492		3,085
Capital Markets - 2.9%
Calamos Asset Management, Inc. — Class A ^		86,672		1,039
Greenhill & Co., Inc. ^		56,541		4,392
T. Rowe Price Group, Inc. ^		56,669		3,132
Chemicals - 4.6%
Intrepid Potash, Inc. ‡ ^		156,589		5,377
Nalco Holding Co. ^		152,176		4,288
Rockwood Holdings, Inc. ‡ ^		108,350		3,675
Commercial Services & Supplies - 5.3%
Covanta Holding Corp. ^		240,304		3,792
Edenred ‡		353,419		7,403
Stericycle, Inc. ‡ ^		60,684		4,353
Computers & Peripherals - 2.7%
Teradata Corp. ‡ ^		203,155		7,996
Construction Materials - 1.3%
Martin Marietta Materials, Inc. ^		46,800		3,766
Distributors - 0.3%
Li & Fung, Ltd.		194,000		1,022
Diversified Consumer Services - 1.5%
New Oriental Education & Technology Group ADR ‡ ^		41,568		4,463
Diversified Financial Services - 5.8%
IntercontinentalExchange, Inc. ‡ ^		37,485		4,306
Leucadia National Corp. ‡ ^		178,117		4,528
Moody’s Corp. ^		48,335		1,308
MSCI, Inc. — Class A ‡ ^		190,033		6,812
Electrical Equipment - 0.9%
First Solar, Inc. ‡ ^		19,880		2,737
Food Products - 2.4%
Mead Johnson Nutrition Co. — Class A		120,265		7,074
Health Care Equipment & Supplies - 4.1%
Gen-Probe, Inc. ‡ ^		91,204		4,417
Idexx Laboratories, Inc. ‡ ^		59,920		3,593
Intuitive Surgical, Inc. ‡ ^		15,406		4,051
Hotels, Restaurants & Leisure - 8.9%
Betfair Group PLC ‡		60,335		1,387
Chipotle Mexican Grill, Inc. — Class A ‡ ^		23,973		5,039
Ctrip.com International, Ltd. ADR ‡		191,846		9,990
Wynn Resorts, Ltd. ^		89,474		9,590
Household Durables - 1.9%
Gafisa SA ADR		172,406		2,895
NVR, Inc. ‡ ^		4,390		2,754
Internet & Catalog Retail - 6.0%
NetFlix, Inc. ‡ ^		43,076		7,474
priceline.com, Inc. ‡ ^		26,987		10,170
Internet Software & Services - 2.5%
Akamai Technologies, Inc. ‡ ^		81,279		4,200
Alibaba.com, Ltd. ‡		1,658,200		3,226
IT Services - 1.5%
Gartner, Inc. ‡ ^		135,497		4,294
Redecard SA		16,478		213
Life Sciences Tools & Services - 4.2%
Illumina, Inc. ‡ ^		154,847		8,410
Techne Corp. ^		62,267		3,793
Machinery - 2.0%
Schindler Holding AG		54,190		5,810
Media - 3.9%
Discovery Communications, Inc. — Series C ‡		78,087		3,034
Groupe Aeroplan, Inc.		229,934		2,796
Naspers, Ltd. — Class N		107,753		5,658
Metals & Mining - 1.7%
Lynas Corp., Ltd. ‡		1,221,554		1,753
Molycorp, Inc. ‡		92,862		3,287
Multiline Retail - 2.1%
Dollar Tree, Inc. ‡ ^		85,969		4,411
Sears Holdings Corp. ‡ ^		22,886		1,647
Oil, Gas & Consumable Fuels - 3.9%
Petrohawk Energy Corp. ‡		61,113		1,040
Range Resources Corp. ^		107,867		4,033
Ultra Petroleum Corp. ‡ ^		156,911		6,457
Personal Products - 1.1%
Natura Cosmeticos SA		115,400		3,305
Pharmaceuticals - 0.7%
Ironwood Pharmaceuticals, Inc. ‡		54,887		614
Ironwood Pharmaceuticals, Inc. — Class A ‡ ^		126,794		1,419
Professional Services - 6.0%
IHS, Inc. — Class A ‡ ^		60,207		4,349
Intertek Group PLC		226,053		6,720
Verisk Analytics, Inc. — Class A ‡ ^		215,440		6,422
Semiconductors & Semiconductor Equipment - 0.9%
ARM Holdings PLC ADR ^		147,308		2,604
Software - 11.5%
Autodesk, Inc. ‡ ^		106,817		3,865
Citrix Systems, Inc. ‡		39,479		2,529
FactSet Research Systems, Inc. ^		51,645		4,533
Red Hat, Inc. ‡ ^		124,363		5,256
Rovi Corp. ‡ ^		58,293		2,953
Salesforce.com, Inc. ‡ ^		62,943		7,305
Solera Holdings, Inc. ^		142,654		6,855
Trading Companies & Distributors - 1.3%
Fastenal Co. ^		74,949		3,858
Wireless Telecommunication Services - 1.5%
Millicom International Cellular SA		44,907		4,248

Total Common Stocks (cost $218,406)				289,065


SECURITIES LENDING COLLATERAL - 25.4%
State Street Navigator Securities Lending Trust — Prime Portfolio, 0.35% ▲		74,283,962		74,284
Total Securities Lending Collateral (cost $74,284)


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

Transamerica Funds		Annual Report 2010

Page 113

Transamerica Morgan Stanley Mid-Cap Growth
(formerly, Transamerica Van Kampen Mid-Cap Growth)

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts in thousands)


	Principal		Value

REPURCHASE AGREEMENT - 2.1%
State Street Bank & Trust Co. 0.01% ▲, dated 10/29/2010, to be repurchased at $6,008 on 11/01/2010. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 12/15/2017, and with a value of $6,130.	$	6,008	$	6,008
Total Repurchase Agreement (cost $6,008)


Total Investment Securities (cost $298,698) #				369,357
Other Assets and Liabilities — Net				(76,782	)


Net Assets			$	292,575


NOTES TO SCHEDULE OF INVESTMENTS:

^		All or a portion of this security is on loan. The value of all securities on loan is $72,653.

Ə		Security fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. This security had a market value of $1,667, or 0.57%, of the fund’s net assets.

‡		Non-income producing security.

▲		Rate shown reflects the yield at 10/29/2010.

§		Illiquid. This security aggregated to $1,667, or 0.57%, of the fund’s net assets.

D		Restricted Security. At 10/31/2010, the fund owned the following security (representing 0.57% of net assets) which was restricted as to public resale.

Description

Date of Acquisition

Shares

Cost

Value

Price¥

Better Place

01/25/2010

555,742

1,667

3.00


¥		Price not rounded to thousands.

#		Aggregate cost for federal income tax purposes is $299,051. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $76,474 and $6,168, respectively. Net unrealized appreciation for tax purposes is $70,306.

DEFINITION:


ADR		American Depositary Receipt

VALUATION SUMMARY:


Investment Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	250,179	$	37,219	$	1,667	$	289,065
Repurchase Agreement		—		6,008		—		6,008
Securities Lending Collateral		74,284		—		—		74,284

Total	$	324,463	$	43,227	$	1,667	$	369,357

Level 3 Rollforward — Investment Securities


	Beginning										Net Transfers			Ending
	Balance at		Net		Accrued		Total Realized		Change in Unrealized		In/(Out) of			Balance at
Securities	10/31/2009		Purchases/(Sales)		Discounts/(Premiums)		Gain/(Loss)		Appreciation/(Depreciation)		Level 3			10/31/2010
Common Stocks	$	659	$	1,667	$	—	$	—	$	50	$	(709	)	$	1,667


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

Transamerica Funds		Annual Report 2010

Page 114

Transamerica Morgan Stanley Small Company Growth
(formerly, Transamerica Van Kampen Small Company Growth)

SCHEDULE OF INVESTMENTS
At October 31, 2010
(all amounts except share amounts in thousands)



	Shares		Value

PREFERRED STOCKS - 2.3%
Biotechnology - 0.3%
Pacific Bioscience ‡ Ə § D		63,479	$	480
Internet Software & Services - 1.1%
Twitter, Inc. ‡ Ə § D		41,309		660
Xoom, Inc. ‡ Ə § D		264,130		528
Youku.com, Inc. Ə § D		1,712,512		852
IT Services - 0.3%
Ning, Inc. ‡ Ə § D		108,208		630
Pharmaceuticals - 0.6%
Microbia, Inc. ‡		96,357		1,078

Total Preferred Stocks (cost $4,089)				4,228


COMMON STOCKS - 94.8%
Automobiles - 0.5%
Better Place ‡ Ə § D		289,277		868
Capital Markets - 4.4%
Capital Southwest Corp.		4,708		455
CETIP SA — Balcao Organizado de Ativos e Derivativos		99,400		1,055
Greenhill & Co., Inc. ^		80,368		6,242
Chemicals - 3.9%
Intrepid Potash, Inc. ‡ ^		98,056		3,366
Rockwood Holdings, Inc. ‡		112,558		3,819
Commercial Services & Supplies - 1.4%
Covanta Holding Corp. ^		157,921		2,492
Construction Materials - 3.3%
Eagle Materials, Inc. ^		141,431		3,318
Texas Industries, Inc. ^		76,712		2,621
Distributors - 0.2%
Li & Fung, Ltd.		78,975		417
Diversified Financial Services - 4.0%
MSCI, Inc. — Class A ‡		176,676		6,334
Pico Holdings, Inc. ‡ ^		32,502		999
Diversified Telecommunication Services - 1.2%
Cogent Communications Group, Inc. ‡ ^		205,235		2,227
Electric Utilities - 5.0%
Brookfield Infrastructure Partners, LP ^		257,779		5,452
Prime AET&D Holdings No. 1 Pty, Ltd. ‡ Ə		737,572		♦
Prime Infrastructure Group		737,572		3,598
Health Care Equipment & Supplies - 1.9%
Gen-Probe, Inc. ‡ ^		70,810		3,429
Health Care Providers & Services - 1.1%
Castlight Health, Inc. ‡ Ə § D		193,841		797
HMS Holdings Corp. ‡		11,857		712
LCA-Vision, Inc. ‡		65,744		458
Health Care Technology - 3.4%
Athenahealth, Inc. ‡ ^		111,011		4,438
MedAssets, Inc. ‡ ^		99,612		1,847
Hotels, Restaurants & Leisure - 9.7%
Ambassadors Group, Inc. ^		61,949		687
BJ’s Restaurants, Inc. ‡ ^		108,237		3,588
Country Style Cooking Restaurant Chain Co., Ltd. ADR ‡		34,025		1,006
Gaylord Entertainment Co. ‡ ^		41,635		1,388
PF Chang’s China Bistro, Inc. ^		144,569		6,639
Vail Resorts, Inc. ‡ ^		107,586		4,364
Household Durables - 4.3%
Brookfield Incorporacoes SA		536,876		2,924
Gafisa SA ADR ^		204,283		3,429
iRobot Corp. ‡ ^		73,019		1,525
Insurance - 2.5%
Greenlight Capital Re, Ltd. - Class A ‡ ^		161,772		4,620
Internet & Catalog Retail - 4.1%
Blue Nile, Inc. ‡ ^		111,577		4,752
DeNA Co., Ltd. ^		60,200		1,558
MakeMyTrip, Ltd. ‡ ^		31,278		1,131
Internet Software & Services - 9.0%
comScore, Inc. ‡ ^		55,600		1,307
GSI Commerce, Inc. ‡ ^		129,636		3,166
Mercadolibre, Inc. ‡ ^		55,521		3,672
Opentable, Inc. ‡ ^		85,351		5,235
VistaPrint NV ‡		61,130		2,572
IT Services - 4.1%
Acxiom Corp. ‡		173,802		3,050
Forrester Research, Inc. ‡ ^		118,976		3,934
Information Services Group, Inc. ‡ ^		246,520		459
Leisure Equipment & Products - 1.7%
Universal Entertainment Corp. ‡		120,700		3,028
Life Sciences Tools & Services - 3.3%
Techne Corp. ^		97,463		5,937
Media - 0.1%
Lakes Entertainment, Inc. ‡ ^		61,344		144
Metals & Mining - 3.9%
Lynas Corp., Ltd. ‡		4,896,796		7,027
Oil, Gas & Consumable Fuels - 2.5%
Atlas Energy, Inc. ‡		121,045		3,525
Brigham Exploration Co. ‡ ^		49,260		1,039
Pharmaceuticals - 0.4%
Ironwood Pharmaceuticals, Inc. — Class A ‡		70,549		789
Professional Services - 7.8%
Advisory Board Co. ‡ ^		115,990		5,430
Corporate Executive Board Co.		119,719		3,740
CoStar Group, Inc. ‡ ^		99,620		4,947
Real Estate Management & Development - 0.3%
Consolidated-Tomoka Land Co. ^		13,702		360
Market Leader, Inc. ‡ ^		109,204		213
Semiconductors & Semiconductor Equipment - 1.9%
Tessera Technologies, Inc. ‡		175,968		3,472
Software - 6.5%
Blackboard, Inc. ‡ ^		51,125		2,134
Longtop Financial Technologies, Ltd. ADR ‡ ^		54,871		1,994
Netsuite, Inc. ‡		57,661		1,181
Solera Holdings, Inc.		117,185		5,631
Successfactors, Inc. ‡ ^		34,588		938
Specialty Retail - 1.0%
Citi Trends, Inc. ‡ ^		89,333		1,874
Textiles, Apparel & Luxury Goods - 1.4%
Lululemon Athletica, Inc. ‡ ^		59,016		2,616

Total Common Stocks (cost $136,839)				171,969


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

Transamerica Funds		Annual Report 2010

Page 115

Transamerica Morgan Stanley Small Company Growth
(formerly, Transamerica Van Kampen Small Company Growth)

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts except share amounts in thousands)


	Shares		Value

SECURITIES LENDING COLLATERAL - 15.5%
State Street Navigator Securities Lending Trust — Prime Portfolio, 0.35% ▲		28,042,700	$	28,043
Total Securities Lending Collateral (cost $28,043)

	Principal		Value

REPURCHASE AGREEMENT - 3.3%
State Street Bank & Trust Co. 0.01% ▲, dated 10/29/2010, to be repurchased at $6,004 on 11/01/2010. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 12/25/2024, and with a value of $6,126.	$	6,004		6,004
Total Repurchase Agreement (cost $6,004)


Total Investment Securities (cost $174,975) #				210,244
Other Assets and Liabilities — Net				(28,784	)


Net Assets			$	181,460


NOTES TO SCHEDULE OF INVESTMENTS:

▲		Rate shown reflects the yield at 10/29/2010.

Ə		Securities fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. These securities had a total market value of $4,815, or 2.65%, of the fund’s net assets.

§		Illiquid. These securities aggregated to $4,815, or 2.65%, of the fund’s net assets.

‡		Non-income producing security.

^		All or a portion of this security is on loan. The value of all securities on loan is $27,355.

♦		Value is less than $1.

D		Restricted Securities. At 10/31/2010, the fund owned the following securities which were restricted as to public resale. These securities aggregated a total of 4,815, or 2.65%, of net assets.

Description

Date of Acquisition

Shares

Cost

Value

Price¥

Pacific Bioscience

07/11/2008

63,479

444

480

7.56

Twitter, Inc.

09/24/2009

41,309

660

15.98

Xoom, Inc.

02/23/2010

264,130

757

528

2.00

Ning, Inc.

03/19/2008

108,208

774

630

5.82

Better Place

01/25/2010

289,277

868

3.00

Castlight Health, Inc.

06/04/2010

193,841

797

4.11

Youku.com, Inc.

09/16/2010

1,712,512

852

0.50


¥		Price not rounded to thousands.

#		Aggregate cost for federal income tax purposes is $178,308. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $38,691 and $6,755, respectively. Net unrealized appreciation for tax purposes is $31,936.

DEFINITION:


ADR		American Depositary Receipt

VALUATION SUMMARY:


Investment Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	150,973	$	19,331	$	1,665	$	171,969
Preferred Stocks		1,078		—		3,150		4,228
Repurchase Agreement		—		6,004		—		6,004
Securities Lending Collateral		28,043		—		—		28,043

Total	$	180,094	$	25,335	$	4,815	$	210,244

Level 3 Rollforward — Investment Securities


	Beginning											Net Transfers			Ending
	Balance at		Net		Accrued		Total Realized		Change in Unrealized			In/(Out) of			Balance at
Securities	10/31/2009		Purchases/(Sales)		Discounts/(Premiums)		Gain/(Loss)		Appreciation/(Depreciation)			Level 3			10/31/2010
Common Stocks	$	—	$	1,665	$	—	$	—	$	—		$	—		$	1,665
Preferred Stocks		3,214		1,608		—		—		(427	)		(1,245	)		3,150

Total	$	3,214	$	3,273	$	—	$	—	$	(427	)	$	(1,245	)	$	4,815


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

Transamerica Funds		Annual Report 2010

Page 116

Transamerica Neuberger Berman International

SCHEDULE OF INVESTMENTS
At October 31, 2010
(all amounts except share amounts in thousands)


	Shares		Value

COMMON STOCKS - 98.5%
Australia - 1.3%
BHP Billiton, Ltd. ADR ^		62,700	$	5,179
Centamin Egypt, Ltd. ‡		836,500		2,362
Austria - 0.8%
Vienna Insurance Group AG Wiener Versicherung Gruppe		82,107		4,416
Belgium - 2.9%
Anheuser-Busch InBev NV		64,090		4,017
Anheuser-Busch InBev NV — STRIP VVPR ‡		130,726		1
Colruyt SA ‡ ^		90,135		5,078
Telenet Group Holding NV ‡		188,016		7,850
Brazil - 3.6%
Banco Santander Brasil SA ADR		241,500		3,478
Petroleo Brasileiro SA ADR		88,000		3,003
Porto Seguro SA ‡		431,700		6,347
Totvs SA		42,085		3,886
Ultrapar Participacoes SA ADR		70,289		4,361
Canada - 8.6%
Bankers Petroleum, Ltd. ‡		477,600		3,348
Corus Entertainment, Inc. — Class B		259,410		5,601
Eldorado Gold Corp.		559,800		9,479
Macdonald Dettwiler & Associates, Ltd. ‡		234,485		11,682
Neo Material Technologies, Inc. ‡		608,400		3,531
Pacific Rubiales Energy Corp. ‡		303,700		9,681
Silver Wheaton Corp. ‡		246,400		7,083
Cayman Islands - 0.5%
China Liansu Group Holdings, Ltd. ‡		4,893,400		3,062
Chile - 1.2%
Sociedad Quimica y Minera de Chile SA — Series B ADR		135,185		7,003
China - 3.1%
Bank of China, Ltd.		10,384,000		6,229
Changyou.com, Ltd. ADR ‡		104,200		3,540
China Mobile, Ltd. ADR		107,865		5,541
China Vanke Co., Ltd.		1,889,700		2,711
Denmark - 2.0%
Novo Nordisk A/S — Class B		56,707		5,969
Tryg A/S ^		108,815		5,483
France - 6.1%
Alcatel-Lucent ‡ ^		1,393,968		4,893
Arkema SA		98,703		6,378
BNP Paribas		83,005		6,071
CNP Assurances		203,483		4,061
Eutelsat Communications		86,369		3,244
Ipsen SA		64,368		2,267
Sodexo		132,784		8,641
Germany - 5.2%
Deutsche Boerse AG		100,407		7,066
Fresenius Medical Care AG & Co., KGaA		88,783		5,656
Linde AG		42,822		6,166
SMA Solar Technology AG ^		28,533		3,368
Tognum AG		333,438		8,113
Hong Kong - 0.5%
Kerry Properties, Ltd.		551,000		3,057
India - 0.9%
Bank of Baroda		198,300		4,544
State Bank of India GDR		4,961		685
Ireland - 2.0%
DCC PLC		199,986		5,778
Willis Group Holdings PLC		177,300		5,638
Israel - 0.6%
Teva Pharmaceutical Industries, Ltd. ADR		70,400		3,654
Japan - 12.7%
Brother Industries, Ltd. ^		447,200		5,713
Circle K Sunkus Co., Ltd. ^		293,200		4,161
GMO Internet, Inc. § ^		908,900		3,253
Jupiter Telecommunications Co., Ltd.		8,713		9,430
KDDI Corp.		1,218		6,561
Kenedix Realty Investment Corp. REIT ^		1,477		5,864
Makita Corp.		130,400		4,586
Nifco, Inc. ^		235,400		5,930
Nihon Kohden Corp.		267,600		5,091
Nippon Electric Glass Co., Ltd.		592,600		7,637
NSD Co., Ltd. § ^		356,200		3,794
Point, Inc.		60,900		2,547
Sankyo Co., Ltd.		91,700		4,889
Sundrug Co., Ltd. ^		189,800		5,283
Korea, Republic of - 3.4%
Hyundai Mobis		47,225		11,751
Samsung Electronics Co., Ltd.		6,401		4,238
Samsung SDI Co., Ltd.		27,005		3,708
Lithuania - 0.9%
Antofagasta PLC		259,427		5,495
Netherlands - 10.3%
Akzo Nobel NV		113,935		6,765
Fugro NV		103,590		7,328
Koninklijke Ahold NV		522,793		7,226
Nutreco NV		125,825		9,155
Sligro Food Group NV §		197,633		6,472
TNT NV		278,276		7,398
Unilever NV		353,513		10,482
USG People NV ‡		276,370		5,133
Norway - 2.2%
DnB NOR ASA		575,525		7,901
ProSafe SE ^		734,670		4,843
South Africa - 1.1%
MTN Group, Ltd.		351,230		6,318
Sweden - 1.6%
Elekta AB — Class B ^		88,960		3,367
Svenska Handelsbanken AB — Class A		175,031		5,723
Switzerland - 8.5%
Bucher Industries AG		34,358		5,276
Credit Suisse Group AG		125,876		5,200
Givaudan SA		5,946		6,127
Nestle SA		159,606		8,742
Roche Holding AG		46,137		6,775
SGS SA		4,874		7,801
Sulzer AG		81,556		9,928
Turkey - 0.9%
Sinpas Gayrimenkul Yatirim Ortakligi AS REIT ‡		3,423,221		5,136
United Kingdom - 17.6%
Amlin PLC		1,213,524		7,906
Avanti Communications Group PLC ‡		301,251		2,838
Balfour Beatty PLC		641,811		2,846
Cairn Energy PLC ‡		1,064,125		6,580
Chemring Group PLC		213,839		10,273
Croda International PLC		266,911		6,150
Experian Group, Ltd.		798,795		9,286
Fidessa Group PLC §		121,047		3,103
HSBC Holdings PLC		534,259		5,549
Informa PLC		668,596		4,671
Jazztel PLC ‡ ^		1,251,890		5,750
Mitie Group PLC		1,335,500		4,348
Reed Elsevier PLC		680,994		5,838
RPS Group PLC		1,613,790		5,312


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

Transamerica Funds		Annual Report 2010

Page 117

Transamerica Neuberger Berman International

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts except share amounts in thousands)


	Shares		Value

United Kingdom - (continued)
Smith & Nephew PLC		385,075	$	3,387
Travis Perkins PLC		217,475		2,887
Tullow Oil PLC		224,890		4,270
Vodafone Group PLC		4,698,609		12,789

Total Common Stocks (cost $464,198)				576,011


WARRANT - 0.0% ∞
Italy - 0.0% ∞
UBI Banca SCpA ‡
Expiration: 06/30/2011
Exercise Price: 12.30 EUR		138,395		1
Total Warrant (cost $-)

SECURITIES LENDING COLLATERAL - 4.7%
State Street Navigator Securities Lending Trust — Prime Portfolio, 0.35% ▲		27,520,097		27,520
Total Securities Lending Collateral (cost $27,520)


	Principal		Value

REPURCHASE AGREEMENT - 1.5%
State Street Bank & Trust Co. 0.01% ▲, dated 10/29/2010, to be repurchased at $8,585 on 11/01/2010. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 12/15/2017, and with a value of $8,759.	$	8,585		8,585
Total Repurchase Agreement (cost $8,585)

Total Investment Securities (cost $500,303) #				612,117
Other Assets and Liabilities — Net				(27,268	)


Net Assets			$	584,849


	Percentage of
INVESTMENTS BY INDUSTRY (unaudited):	Total Investments			Value

Chemicals		7.8	%	$	48,050
Commercial Banks		6.6			40,181
Insurance		5.5			33,851
Wireless Telecommunication Services		5.1			31,209
Metals & Mining		4.8			29,598
Media		4.7			28,784
Food Products		4.6			28,379
Oil, Gas & Consumable Fuels		4.4			26,882
Software		4.2			26,005
Food & Staples Retailing		3.9			24,059
Pharmaceuticals		3.0			18,665
Professional Services		2.8			17,087
Diversified Telecommunication Services		2.7			16,438
Machinery		2.5			15,204
Commercial Services & Supplies		2.4			14,793
Energy Equipment & Services		2.0			12,171
Health Care Equipment & Supplies		1.9			11,845
Auto Components		1.9			11,751
Electrical Equipment		1.9			11,481
Electronic Equipment & Instruments		1.9			11,345
Real Estate Investment Trusts		1.8			11,000
Aerospace & Defense		1.7			10,273
Hotels, Restaurants & Leisure		1.4			8,641
Air Freight & Logistics		1.2			7,398
Diversified Financial Services		1.2			7,066
Multiline Retail		1.1			6,708
Industrial Conglomerates		0.9			5,778
Real Estate Management & Development		0.9			5,768
Office Electronics		0.9			5,713
Health Care Providers & Services		0.9			5,656
Capital Markets		0.8			5,200
Communications Equipment		0.8			4,893
Leisure Equipment & Products		0.8			4,889
Household Durables		0.7			4,586
Specialty Retail		0.7			4,361


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

Transamerica Funds		Annual Report 2010

Page 118

Transamerica Neuberger Berman International

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts in thousands)


	Percentage of
INVESTMENTS BY INDUSTRY (unaudited) (continued):	Total Investments			Value

Semiconductors & Semiconductor Equipment		0.7	%	$	4,238
Beverages		0.7			4,018
Internet Software & Services		0.5			3,253
Building Products		0.5			3,062
Trading Companies & Distributors		0.5			2,887
Construction & Engineering		0.5			2,846

Investment Securities, at Value		94.1			576,012
Short-Term Investments		5.9			36,105

Total Investments		100.0	%	$	612,117


NOTES TO SCHEDULE OF INVESTMENTS:

^		All or a portion of this security is on loan. The value of all securities on loan is $25,794.

‡		Non-income producing security.

♦		Value is less than $1.

∞		Percentage rounds to less than 0.01%.

▲		Rate shown reflects the yield at 10/29/2010.

§		Illiquid. These securities aggregated to $16,622, or 2.84%, of the fund’s net assets.

#		Aggregate cost for federal income tax purposes is $505,830. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $115,826 and $9,539, respectively. Net unrealized appreciation for tax purposes is $106,287.

DEFINITIONS:


ADR		American Depositary Receipt
GDR		Global Depositary Receipt
REIT		Real Estate Investment Trust (includes domestic REITs and Foreign Real Estate Investment Companies)
STRIP VVPR		Is a coupon which, if presented along with the corresponding coupon of the share, allows to benefit from a reduced withholding tax of 15% (rather than 25%) on the dividends paid by the company.

VALUATION SUMMARY:


Investment Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	81,545	$	494,466	$	—	$	576,011
Repurchase Agreement		—		8,585		—		8,585
Securities Lending Collateral		27,520		—		—		27,520
Warrants		—		1		—		1

Total	$	109,065	$	503,052	$	—	$	612,117


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

Transamerica Funds		Annual Report 2010

Page 119

Transamerica Oppenheimer Developing Markets

SCHEDULE OF INVESTMENTS
At October 31, 2010
(all amounts except share amounts in thousands)


	Shares		Value

PREFERRED STOCK - 1.1%
Brazil - 1.1%
Lojas Americanas SA, 0.42% ▲		648,990	$	6,981
Total Preferred Stock (cost $3,350)

COMMON STOCKS - 95.3%
Belgium - 0.1%
Anheuser-Busch InBev NV		5,121		321
Bermuda - 0.5%
China Yurun Food Group, Ltd.		81,000		313
Dairy Farm International Holdings, Ltd.		308,842		2,409
VimpelCom, Ltd. ADR ‡		38,910		597
Brazil - 14.0%
Anhanguera Educacional Participacoes SA		140,200		2,779
B2W Cia Global Do Varejo		275,300		5,035
BM&FBOVESPA SA		725,346		6,079
Cia Brasileira de Distribuicao Grupo Pao de Acucar — Class A ADR ^		24,360		965
Cia de Bebidas das Americas ADR ^		46,900		6,530
Cyrela Brazil Realty SA Empreendimentos e Participacoes		265,600		3,671
Diagnosticos da America SA ‡		227,300		2,807
Empresa Brasileira de Aeronautica SA ADR ^		261,320		7,539
Estacio Participacoes SA		231,900		3,465
Fleury SA ‡		20,300		263
MRV Engenharia e Participacoes SA		330,500		3,227
Multiplan Empreendimentos Imobiliarios SA		108,400		2,486
Natura Cosmeticos SA		335,500		9,609
Petroleo Brasileiro SA — Class A ADR		642,200		20,031
Vale SA — Class B ADR ‡		360,580		10,359
Canada - 1.2%
Niko Resources, Ltd.		37,543		3,582
Pacific Rubiales Energy Corp. ‡		121,693		3,879
Cayman Islands - 1.2%
Ambow Education Holding, Ltd. ADR ‡ ^		81,460		979
Baidu, Inc. ADR ‡		27,710		3,049
Ctrip.com International, Ltd. ADR ‡		56,930		2,964
Mindray Medical International, Ltd. ADR ^		20,030		580
Chile - 1.0%
Banco Santander Chile		16,096,179		1,433
Centros Comerciales Sudamericanos SA		580,676		4,534
China - 4.8%
China Shenhua Energy Co., Ltd. — Class H		861,500		3,846
CNOOC, Ltd.		5,957,000		12,311
PetroChina Co., Ltd.		4,942,000		6,019
Shanghai Zhenhua Heavy Industries Co., Ltd. ‡		1,525,470		1,007
Tencent Holdings, Ltd.		176,200		4,039
Tingyi Cayman Islands Holding Corp.		635,000		1,729
Tsingtao Brewery Co., Ltd.		54,000		290
Colombia - 0.9%
Almacenes Exito SA -144A GDR		101,100		1,324
BanColombia SA ADR		60,060		4,051
Denmark - 0.9%
Carlsberg AS — Class B		51,507		5,633
Egypt - 1.5%
Commercial International Bank Egypt SAE		645,755		4,864
Eastern Co.		39,982		831
Egyptian Financial Group-Hermes Holding		681,049		3,399
France - 0.8%
CFAO SA		104,412		4,640
Hong Kong - 5.6%
AIA Group, Ltd. ‡		434,000		1,293
China Mobile, Ltd.		701,500		7,145
China Resources Enterprise, Ltd.		1,767,000		7,420
Hang Lung Group, Ltd.		430,750		2,862
Hang Lung Properties, Ltd.		1,404,549		6,850
Hong Kong Exchanges & Clearing, Ltd.		386,700		8,511
India - 12.1%
Asian Paints, Ltd.		15,006		904
Colgate Palmolive Co.		120,426		2,391
Divi’s Laboratories, Ltd.		175,698		2,741
HDFC Bank, Ltd. ADR ^		37,370		6,464
Hindustan Unilever, Ltd.		1,290,489		8,562
Housing Development Finance Corp.		500,476		7,736
ICICI Bank, Ltd. ADR		130,940		6,884
Infosys Technologies, Ltd.		341,422		22,803
Sun Pharmaceuticals Industries, Ltd.		56,936		2,702
Tata Consultancy Services, Ltd.		311,765		7,369
Zee Entertainment Enterprises, Ltd.		894,126		5,583
Zee Learn, Ltd. ‡ Ə		178,613		♦
Indonesia - 2.6%
Astra International PT		732,100		4,669
Bank Central Asia PT		3,450,900		2,703
Telekomunikasi Indonesia PT		5,531,175		5,632
Unilever Indonesia PT		1,577,000		3,079
Korea, Republic of - 4.6%
MegaStudy Co., Ltd. ^		19,547		3,440
NHN Corp. ‡		95,347		16,904
Shinsegae Co., Ltd.		15,468		7,849
Lithuania - 0.2%
Antofagasta PLC		62,550		1,325
Luxembourg - 1.3%
Tenaris SA ADR ^		195,830		8,113
Mexico - 10.5%
America Movil SAB de CV — Series L ADR		395,980		22,674
Corp GEO SAB de CV — Series B ‡		43,544		138
Fomento Economico Mexicano SAB de CV ^		1,403,870		7,720
Fomento Economico Mexicano SAB de CV ADR		186,630		10,247
Grupo Financiero Inbursa SA — Class O ^		319,370		1,381
Grupo Modelo SAB de CV — Series C		1,117,667		6,264
Grupo Televisa SA ADR		244,980		5,500
Impulsora Del Desarrollo Y El Empleo en America Latina SAB de CV ‡		813,339		1,055
Sare Holding SAB de CV — Class B ‡ ^		1,857,218		473
Wal-Mart de Mexico SAB de CV — Series V		3,108,685		8,509
Norway - 0.4%
DNO International ASA ‡		1,529,600		2,403
Peru - 0.6%
Credicorp, Ltd.		29,970		3,773
Philippines - 3.1%
Jollibee Foods Corp.		1,284,700		2,643
Philippine Long Distance Telephone Co.		49,865		3,104
SM Investments Corp.		274,920		3,483
SM Prime Holdings, Inc.		34,380,270		9,558
Russian Federation - 4.0%
Magnit OJSC		117,363		13,438
NovaTek OAO -144A GDR		47,100		4,505
NovaTek OAO GDR		64,700		6,189
South Africa - 6.0%
Anglo Platinum, Ltd. ‡ ^		80,920		8,005
Impala Platinum Holdings, Ltd.		437,257		12,359
JSE, Ltd.		33,885		382
MTN Group, Ltd.		447,526		8,050
Standard Bank Group, Ltd.		550,064		8,112


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

Transamerica Funds		Annual Report 2010

Page 120

Transamerica Oppenheimer Developing Markets

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts in thousands)


	Shares		Value

Taiwan - 6.8%
Epistar Corp.		2,487,500	$	7,953
High Tech Computer Corp.		577,537		13,033
Mediatek, Inc.		573,922		7,216
Synnex Technology International Corp.		1,262,801		3,089
Taiwan Semiconductor Manufacturing Co., Ltd.		4,936,459		10,123
Thailand - 0.2%
Siam Commercial Bank PCL		438,900		1,501
Turkey - 3.3%
Anadolu AS		114,258		1,801
Bim Birlesik Magazalar AS		140,309		4,816
Enka Insaat VE Sanayi AS		1,571,868		7,095
Haci Omer Sabanci Holding AS		1,127,424		6,108
Turkiye Garanti Bankasi AS		11,158		67
United Kingdom - 6.4%
Anglo American PLC		286,148		13,333
Cairn Energy PLC ‡		846,539		5,235
SABMiller PLC		429,210		13,917
Tullow Oil PLC		340,580		6,466
United States - 0.7%
Sohu.com, Inc. ‡		53,350		3,975

Total Common Stocks (cost $430,690)				581,095


SECURITIES LENDING COLLATERAL - 4.5%
State Street Navigator Securities Lending Trust — Prime Portfolio, 0.35% ▲		27,273,778		27,274
Total Securities Lending Collateral (cost $27,274)


	Principal		Value

REPURCHASE AGREEMENT - 3.6%
State Street Bank & Trust Co. 0.01% ▲, dated 10/29/2010, to be repurchased at $22,154 on 11/01/2010. Collateralized by U.S. Government Agency Obligations, 4.00%, due 12/15/2017, and with a value of $22,600.	$	22,154		22,154
Total Repurchase Agreement (cost $22,154)

Total Investment Securities (cost $483,468) #				637,504
Other Assets and Liabilities — Net				(27,292	)


Net Assets			$	610,212


	Percentage of
INVESTMENTS BY INDUSTRY (unaudited):	Total Investments			Value

Oil, Gas & Consumable Fuels		11.7	%	$	74,466
Beverages		8.3			52,723
Metals & Mining		7.1			45,381
Food & Staples Retailing		6.9			43,844
Commercial Banks		6.5			41,233
Wireless Telecommunication Services		6.4			40,973
IT Services		4.7			30,172
Internet Software & Services		4.4			27,967
Semiconductors & Semiconductor Equipment		4.0			25,292
Real Estate Management & Development		3.9			24,983
Diversified Financial Services		3.3			21,080
Household Products		2.2			14,032
Computers & Peripherals		2.0			13,033
Media		1.7			11,083
Diversified Consumer Services		1.7			10,663
Industrial Conglomerates		1.7			10,578
Personal Products		1.5			9,609
Energy Equipment & Services		1.3			8,113
Thrifts & Mortgage Finance		1.2			7,736
Aerospace & Defense		1.2			7,539
Distributors		1.2			7,420
Multiline Retail		1.1			6,981
Diversified Telecommunication Services		1.0			6,229
Hotels, Restaurants & Leisure		0.9			5,607
Internet & Catalog Retail		0.8			5,035
Automobiles		0.7			4,669
Auto Components		0.7			4,640
Household Durables		0.7			4,282
Capital Markets		0.5			3,399
Electronic Equipment & Instruments		0.5			3,089
Health Care Providers & Services		0.5			3,070
Life Sciences Tools & Services		0.4			2,741
Pharmaceuticals		0.4			2,702
Food Products		0.3			2,042
Insurance		0.2			1,293
Construction & Engineering		0.2			1,055


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

Transamerica Funds		Annual Report 2010

Page 121

Transamerica Oppenheimer Developing Markets

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts in thousands)


	Percentage of
INVESTMENTS BY INDUSTRY (unaudited) (continued):	Total Investments			Value

Machinery		0.2	%	$	1,007
Chemicals		0.1			904
Tobacco		0.1			831
Health Care Equipment & Supplies		0.1			580
Commercial Services & Supplies		0.0	∞		♦

Investment Securities, at Value		92.2			588,076
Short-Term Investments		7.8			49,428

Total Investments		100.0	%	$	637,504


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 $26,318.

Ə		Security fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. This security had a market value of less than $1, or less than 0.01%, of the fund’s net assets.

♦		Value is less than $1.

▲		Rate shown reflects the yield at 10/29/2010.

∞		Amount rounds to less than 0.1%.

#		Aggregate cost for federal income tax purposes is $499,233. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $146,775 and $8,504, respectively. Net unrealized appreciation for tax purposes is $138,271.

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 compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 10/31/2010, these securities aggregated $5,829, or 0.96%, of the fund’s net assets.
ADR		American Depositary Receipt
GDR		Global Depositary Receipt

VALUATION SUMMARY:


Investment Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	186,248	$	394,847	$	—	$	581,095
Preferred Stocks		6,981		—		—		6,981
Repurchase Agreement		—		22,154		—		22,154
Securities Lending Collateral		27,274		—		—		27,274

Total	$	220,503	$	417,001	$	—	$	637,504

The significant transfers in and out Levels 1 and 2 during the year ended October 31, 2010 are as follows:


	Transfer In		Transfer Out
Net transfer in and/or out of Level 1		—	$	330,874
Net transfer in and/or out of Level 2	$	268,511		—

The transfers are due a reclassification of certain foreign securities in accordance with the Fund’s valuation policy.


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

Transamerica Funds		Annual Report 2010

Page 122

Transamerica Oppenheimer Small- & Mid-Cap Value

SCHEDULE OF INVESTMENTS
At October 31, 2010
(all amounts except share amounts in thousands)


	Shares		Value

COMMON STOCKS - 93.7%
Aerospace & Defense - 2.7%
Aercap Holdings NV ‡		143,140	$	1,848
Goodrich Corp.		75,690		6,212
Auto Components - 4.4%
Goodyear Tire & Rubber Co. ‡		227,030		2,320
Lear Corp. ‡		50,470		4,462
WABCO Holdings, Inc. ‡		138,750		6,440
Beverages - 1.0%
Molson Coors Brewing Co. — Class B		62,380		2,946
Capital Markets - 1.4%
Affiliated Managers Group, Inc. ‡		31,574		2,703
E*Trade Financial Corp. ‡		100,866		1,442
Chemicals - 3.7%
Celanese Corp. — Series A		166,640		5,941
Intrepid Potash, Inc. ‡ ^		151,150		5,189
Commercial Banks - 4.0%
Comerica, Inc.		126,120		4,512
Fifth Third Bancorp		315,390		3,961
KeyCorp		441,460		3,616
Communications Equipment - 1.2%
Harris Corp.		82,040		3,707
Computers & Peripherals - 0.3%
Seagate Technology PLC ‡		63,020		923
Construction & Engineering - 1.0%
Foster Wheeler AG ‡		126,180		2,955
Containers & Packaging - 0.9%
Owens-Illinois, Inc. ‡		100,780		2,825
Diversified Financial Services - 3.2%
CIT Group, Inc. ‡		100,910		4,372
Fifth Street Finance Corp.		189,195		2,233
Invesco, Ltd.		132,420		3,046
Electric Utilities - 4.5%
Cleco Corp.		151,340		4,732
NV Energy, Inc.		378,430		5,170
Pepco Holdings, Inc.		189,220		3,644
Electrical Equipment - 1.1%
General Cable Corp. ‡		113,560		3,173
Electronic Equipment & Instruments - 3.5%
Agilent Technologies, Inc. ‡		145,074		5,050
Amphenol Corp. — Class A		50,478		2,530
Elster Group SE ADR ‡		63,050		939
Sanmina-SCI Corp. ‡		126,110		1,662
Energy Equipment & Services - 1.9%
Ensco PLC ADR		63,110		2,925
Tidewater, Inc.		63,040		2,908
Food & Staples Retailing - 1.0%
Kroger Co.		138,730		3,052
Food Products - 2.1%
Chiquita Brands International, Inc. ‡		176,570		2,343
ConAgra Foods, Inc.		113,670		2,557
Dole Food Co., Inc. ‡		126,170		1,163
Gas Utilities - 1.9%
AGL Resources, Inc.		63,100		2,477
EQT Corp.		81,960		3,069
Health Care Equipment & Supplies - 1.8%
Hospira, Inc. ‡		88,250		5,249
Health Care Providers & Services - 3.3%
Aetna, Inc.		107,250		3,203
DaVita, Inc. ‡		37,857		2,716
Universal Health Services, Inc. — Class B		100,930		4,166
Hotels, Restaurants & Leisure - 2.9%
Bally Technologies, Inc. ‡		100,880		3,640
Brinker International, Inc.		116,670		2,163
Pinnacle Entertainment, Inc. ‡		229,171		2,933
Household Durables - 1.2%
Mohawk Industries, Inc. ‡		63,040		3,615
Household Products - 0.9%
Energizer Holdings, Inc. ‡		37,988		2,841
Industrial Conglomerates - 1.4%
Tyco International, Ltd.		110,410		4,226
Insurance - 7.7%
ACE, Ltd.		75,688		4,497
AON Corp.		81,960		3,258
Assurant, Inc.		126,110		4,986
Everest RE Group, Ltd.		88,274		7,440
Genworth Financial, Inc. — Class A ‡		252,290		2,861
IT Services - 1.6%
Teletech Holdings, Inc. ‡		315,387		4,788
Leisure Equipment & Products - 1.6%
Mattel, Inc.		201,780		4,708
Life Sciences Tools & Services - 1.4%
Thermo Fisher Scientific, Inc. ‡		82,040		4,218
Machinery - 3.3%
Ingersoll-Rand PLC		107,230		4,215
Navistar International Corp. ‡		119,881		5,777
Media - 1.5%
Cablevision Systems Corp. — Class A		170,260		4,553
Metals & Mining - 0.8%
Allegheny Technologies, Inc.		43,850		2,310
Multi-Utilities - 2.3%
CMS Energy Corp. ^		378,378		6,955
Oil, Gas & Consumable Fuels - 5.3%
Bill Barrett Corp. ‡		119,950		4,528
Consol Energy, Inc.		75,730		2,784
Noble Energy, Inc.		63,040		5,136
Ultra Petroleum Corp. ‡		75,670		3,114
Pharmaceuticals - 0.6%
Valeant Pharmaceuticals International, Inc.		63,090		1,742
Professional Services - 1.3%
Towers Watson & Co. — Class A		75,660		3,890
Real Estate Investment Trusts - 3.1%
BioMed Realty Trust, Inc.		201,816		3,703
ProLogis		252,820		3,451
Starwood Property Trust, Inc.		100,880		2,039
Road & Rail - 1.2%
JB Hunt Transport Services, Inc.		100,880		3,628
Semiconductors & Semiconductor Equipment - 2.0%
LAM Research Corp. ‡		63,085		2,889
Marvell Technology Group, Ltd. ‡		164,020		3,167
Software - 1.8%
Aspen Technology, Inc. ‡		215,540		2,414
Electronic Arts, Inc. ‡		189,210		2,999
Specialty Retail - 3.0%
Abercrombie & Fitch Co. — Class A		37,810		1,621
Bed Bath & Beyond, Inc. ‡		69,390		3,045
Childrens Place Retail Stores, Inc. ‡		63,090		2,779
Talbots, Inc. ‡		151,390		1,481
Textiles, Apparel & Luxury Goods - 1.3%
Phillips-Van Heusen Corp.		63,030		3,866
Thrifts & Mortgage Finance - 0.8%
NewAlliance Bancshares, Inc.		189,200		2,439


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

Transamerica Funds		Annual Report 2010

Page 123

Transamerica Oppenheimer Small- & Mid-Cap Value

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts except share amounts in thousands)


	Shares		Value

Trading Companies & Distributors - 0.7%
Aircastle, Ltd.		103,780	$	956
SeaCube Container Leasing, Ltd. ‡		108,980		1,269
Wireless Telecommunication Services - 1.1%
NII Holdings, Inc. ‡		75,730		3,166

Total Common Stocks (cost $227,275)				280,471


SECURITIES LENDING COLLATERAL - 1.3%
State Street Navigator Securities Lending Trust – Prime Portfolio, 0.35% ▲		3,866,085		3,866
Total Securities Lending Collateral (cost $3,866)


	Principal		Value

REPURCHASE AGREEMENT - 6.1%
State Street Bank & Trust Co. 0.01% ▲, dated 10/29/2010, to be repurchased at $18,231 on 11/01/2010. Collateralized by U.S. Government Agency Obligations, 4.00%, due 12/15/2017, and with a value of $18,599.	$	18,231		18,231
Total Repurchase Agreement (cost $18,231)


Total Investment Securities (cost $249,372) #				302,568
Other Assets and Liabilities — Net				(3,343	)


Net Assets			$	299,225


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 $3,766.

▲		Rate shown reflects the yield at 10/29/2010.

#		Aggregate cost for federal income tax purposes is $254,503. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $51,530 and $3,465, respectively. Net unrealized appreciation for tax purposes is $48,065.

DEFINITION:


ADR		American Depositary Receipt

VALUATION SUMMARY:


Investment Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	258,866	$	21,605	$	—	$	280,471
Repurchase Agreement		—		18,231		—		18,231
Securities Lending Collateral		3,866		—		—		3,866

Total	$	262,732	$	39,836	$	—	$	302,568


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

Transamerica Funds		Annual Report 2010

Page 124

Transamerica Schroders International Small Cap

SCHEDULE OF INVESTMENTS
At October 31, 2010
(all amounts except share amounts in thousands)


	Shares		Value

COMMON STOCKS - 96.6%
Australia - 6.5%
Amcor, Ltd.		757,947	$	4,989
Ansell, Ltd. ^		285,561		3,790
Computershare, Ltd.		493,962		4,897
Crane Group, Ltd. ^		474,893		3,526
Dart Energy, Ltd. ‡		693,485		781
Fairfax Media, Ltd. ^		2,678,571		3,805
Iluka Resources, Ltd. ‡		743,362		4,900
Mirvac Group REIT		1,347,359		1,709
Myer Holdings, Ltd. ^		587,443		2,210
Sims Metal Management, Ltd.		211,687		3,407
Transpacific Industries Group, Ltd. ‡ ^		1,337,516		1,612
Austria - 2.3%
Kapsch TrafficCom AG §		50,000		2,882
Mayr Melnhof Karton AG		40,000		4,323
RHI AG ‡		90,000		2,984
Rosenbauer International AG §		58,500		2,515
Belgium - 1.4%
Bekaert SA		9,235		2,814
EVS Broadcast Equipment SA ^		44,000		2,762
Kinepolis Group NV		15,112		1,091
Tessenderlo Chemie NV		36,028		1,233
Bermuda - 0.3%
Aquarius Platinum, Ltd.		289,058		1,669
Brazil - 0.8%
Cia Brasileira de Distribuicao Grupo Pao de Acucar — Class A ADR		46,306		1,834
Cyrela Brazil Realty SA Empreendimentos e Participacoes		179,633		2,483
Canada - 0.9%
Niko Resources, Ltd.		20,030		1,911
Sino-Forest Corp. — Class A ‡ ^		161,188		3,186
Cayman Islands - 1.8%
Concord Medical Services Holdings, Ltd. ADR ‡		368,786		2,607
Evergreen International Holdings, Ltd. ‡ Ə		74,000		44
Fook Woo Group Holdings, Ltd. ‡		12,913,000		4,565
Intime Department Store Group Co., Ltd.		1,182,000		1,815
Parkson Retail PLC		473,500		855
China - 1.1%
China Agri-Industries Holdings, Ltd.		1,583,000		2,308
China National Building Material Co., Ltd.		616,000		1,504
China National Materials Co., Ltd.		2,722,000		2,426
Denmark - 1.2%
Solar A/S — Class B		58,000		3,815
Tryg AS		55,000		2,772
France - 5.2%
Alten, Ltd.		45,506		1,520
Bourbon SA ^		110,000		5,009
Club Mediterranee ‡ ^		94,034		1,840
Groupe Eurotunnel SA		365,000		3,628
L’Occitane International SA ‡		801,500		2,378
Meetic		120,000		3,582
Rubis		57,415		6,364
Saft Groupe SA		30,765		1,175
Store Electronic ‡		55,000		716
Sword Group		63,000		2,320
Germany - 8.6%
Bijou Brigitte AG §		8,000		1,291
Bilfinger Berger SE		65,000		4,734
Brenntag AG ‡		30,500		2,859
Cewe Color Holding AG		51,431		2,219
CompuGroup Medical AG §		230,000		3,029
Draegerwerk AG ‡		8,777		634
Freenet AG		435,000		5,513
Grenkeleasing AG		14,224		757
KUKA AG ‡ ^		127,726		2,673
MTU Aero Engines Holding AG		63,623		3,843
PSI AG Gesellschaft Fuer Produkte und Systeme der Informationstechnologie		21,837		476
R. Stahl AG §		30,000		1,157
Rheinmetall AG		94,000		6,773
SAF-Holland SA ‡		136,900		1,061
SFC Energy AG § ‡		130,000		878
Tipp24 SE ‡		55,000		2,213
Tom Tailor Holding AG ‡		120,000		2,547
Wirecard AG ^		205,000		3,061
Xing AG ‡		30,000		1,322
Greece - 0.1%
Eurobank Properties Real Estate Investment Co. REIT		90,000		752
Hong Kong - 3.2%
Bawang International Group Holding, Ltd.		2,358,000		992
Beijing Enterprises Water Group, Ltd. ‡		11,276,000		3,942
Dah Sing Banking Group, Ltd.		2,468,400		4,223
Johnson Electric Holdings, Ltd.		8,541,000		4,495
Techtronic Industries Co.		4,024,500		4,076
Indonesia - 0.7%
Bank Mandiri		5,061,000		3,964
Ireland - 2.2%
Bank of Ireland ‡		1,250,000		933
DCC PLC		190,000		5,486
Grafton Group PLC		250,000		1,065
IFG Group PLC		424,624		772
Irish Continental Group PLC		79,779		1,657
Irish Life & Permanent Group Holdings PLC ‡		650,825		1,377
Origin Enterprises PLC		151,005		657
Isle of Man - 0.3%
Exillon Energy PLC ‡		400,000		1,679
Israel - 0.3%
Oridion Systems, Ltd. § ‡		150,000		1,662
Italy - 3.7%
Ansaldo STS SpA		125,000		1,723
Azimut Holding SpA		580,000		5,917
CIR-Compagnie Industriali Riunite SpA ‡ ^		600,000		1,364
Davide Campari-Milano SpA		400,000		2,537
Gruppo Coin SpA ‡		161,628		1,702
Landi Renzo SpA ^		410,167		1,985
Natuzzi SpA ADR ‡		400,000		1,336
Prysmian SpA		198,000		3,839
Japan - 14.8%
Accordia Golf Co., Ltd. ^		2,373		2,170
AICA Kogyo Co., Ltd.		115,000		1,292
Arcs Co., Ltd. ^		201,000		2,606
Asahi Diamond Industrial Co., Ltd. ^		128,000		2,259
Daido Steel Co., Ltd. ^		352,000		1,793
Exedy Corp.		13,700		429
Fujikura Kasei Co., Ltd.		246,100		1,477
Glory, Ltd. ^		89,900		1,983
Hisaka Works, Ltd. ^		118,000		1,359
Icom, Inc. ^		31,200		840
JSP Corp.		232,700		2,684
Koito Manufacturing Co., Ltd.		171,000		2,238
Kuroda Electric Co., Ltd.		160,400		1,864
Lintec Corp.		110,900		2,492
Miura Co., Ltd. ^		77,700		1,760
Modec, Inc. ^		220,100		3,140
Moshi Moshi Hotline, Inc.		68,050		1,584
Musashi Seimitsu Industry Co., Ltd. ^		150,600		3,587
Nabtesco Corp. ^		51,100		905
NEC Networks & System Integration Corp.		149,600		1,746
Nichi-Iko Pharmaceutical Co., Ltd. ^		89,800		3,167
Nidec Copal Corp. ^		110,000		1,612
Nifco, Inc. ^		129,900		3,271
Nihon Parkerizing Co., Ltd. ^		220,000		2,889
Nippon Thompson Co., Ltd. ^		554,000		3,841
Nishimatsuya Chain Co., Ltd. ^		88,400		851



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

Transamerica Funds		Annual Report 2010

Page 125

Transamerica Schroders International Small Cap

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts except share amounts in thousands)


	Shares		Value

Japan - (continued)
Nitta Corp. ^		194,200	$	3,074
OSAKA Titanium Technologies Co. ^		52,300		2,451
Seven Bank, Ltd. ^		849		1,529
Shinko Plantech Co., Ltd.		195,300		1,811
Shinmaywa Industries, Ltd. ^		548,000		1,907
Sumida Corp. ^		147,700		1,226
Takasago International Corp.		399,000		1,924
Tokai Tokyo Financial Holdings, Inc. ^		758,000		2,638
Trusco Nakayama Corp.		139,400		2,032
Tsumura & Co. ^		52,500		1,615
Tsuruha Holdings, Inc.		48,800		2,101
Tsutsumi Jewelry Co., Ltd. §		75,100		1,769
Works Applications Co., Ltd.		3,432		1,437
Yushin Precision Equipment Co., Ltd.		103,600		1,872
Korea, Republic of - 1.9%
Glovis Co., Ltd.		28,565		4,049
Samsung SDI Co., Ltd. ^		28,264		3,881
Taewoong Co., Ltd. ^		50,663		2,530
Netherlands - 4.8%
Delta Lloyd NV		250,000		5,162
Fugro NV		90,000		6,366
Gamma Holding NV ‡		11,577		351
Imtech NV		160,000		5,376
James Hardie Industries SE ‡		274,557		1,450
LBi International NV § ‡		763,467		1,541
Ten Cate NV ^		150,000		4,954
TomTom NV ‡		140,752		1,234
New Zealand - 0.9%
Fletcher Building, Ltd. ^		775,741		4,855
Norway - 1.7%
Dockwise, Ltd. ‡ ^		106,000		2,697
Morpol ASA ‡		550,000		2,000
Pronova BioPharma AS ‡		730,000		1,222
Statoil Fuel & Retail ASA ‡		216,030		1,531
Storebrand ASA ‡		241,391		1,756
Portugal - 0.1%
Zon Multimedia		100,000		532
Singapore - 3.3%
Biosensors International Group, Ltd. ‡		4,846,000		4,193
SATS, Ltd.		1,820,000		4,008
Sia Engineering Co., Ltd.		1,207,000		4,047
Tiger Airways Holdings, Ltd. ‡		1,967,000		2,827
Yanlord Land Group, Ltd. ^		2,398,000		3,187
Spain - 1.0%
Codere SA ‡		240,000		2,672
Enagas		50,000		1,102
Pescanova SA ^		45,000		1,469
Sweden - 1.0%
Byggmax Group AB ‡		472,345		3,801
Kungsleden AB		207,199		1,644
Switzerland - 7.7%
Bank Sarasin & Cie AG		81,000		2,963
Banque Cantonale Vaudoise		5,000		2,431
Emmi AG		4,963		827
Forbo Holding AG		3,720		1,998
GAM Holding, Ltd. ‡		196,561		3,107
Gategroup Holding AG ‡ ^		150,000		6,958
Gurit Holding AG		1,691		924
Helvetia Holding AG		9,930		3,499
Implenia AG ‡		59,119		1,778
Inficon Holding AG		799		121
Kuoni Reisen Holding AG		7,544		3,235
Micronas Semiconductor Holding AG ‡		89,785		802
Newave Energy Holding SA §		52,000		2,404
Orior AG ‡		53,000		2,491
Partners Group Holding AG		18,983		3,473
Sika AG		687		1,361
Uster Technologies AG § ‡		55,000		1,568
Valora Holding AG		8,500		2,246
Taiwan - 0.2%
Hung Poo Real Estate Development Corp.		710,000		1,056
United Arab Emirates - 0.3%
Lamprell PLC ^		300,000		1,615
United Kingdom - 18.3%
Albemarle & Bond Holdings §		372,313		1,796
Anglo Pacific Group PLC		424,426		2,244
Aveva Group PLC		80,000		1,910
Berkeley Group Holdings PLC ‡		50,000		674
Bodycote PLC		526,291		2,235
Bovis Homes Group PLC ‡		270,000		1,506
BSS Group PLC ^		233,460		1,657
Burberry Group PLC		100,000		1,633
Carillion PLC		300,000		1,654
Consort Medical PLC		195,489		1,566
Cranswick PLC		100,000		1,434
CSR PLC ‡ ^		235,000		1,197
Dechra Pharmaceuticals PLC		263,470		2,238
Derwent London PLC REIT		90,000		2,192
Devro PLC		450,000		1,622
E2V Technologies PLC § ‡		1,871,727		2,939
eaga PLC		807,549		802
Elementis PLC		1,750,000		3,210
Fidessa Group PLC		83,775		2,147
Forth Ports PLC		100,000		2,115
Future PLC		1,400,000		493
Go-Ahead Group PLC		50,000		1,093
Grainger PLC		857,639		1,464
Halfords Group PLC		200,000		1,357
Hamworthy PLC		390,342		2,457
Helphire Group PLC § ‡		1,477,353		515
HMV Group PLC ^		1,414,722		1,026
Homeserve PLC		240,715		1,748
Hunting PLC		160,000		1,652
Inchcape PLC ‡		341,233		1,907
Intec Telecom Systems PLC		1,150,000		1,327
John Wood Group PLC		308,963		2,156
Keller Group PLC		154,801		1,569
Kier Group PLC		160,000		3,394
Mears Group PLC		305,362		1,487
Millennium & Copthorne Hotels PLC		228,234		1,993
Mitie Group PLC		468,036		1,524
Next PLC		50,000		1,831
Oxford Instruments PLC		200,598		1,741
Premier Farnell PLC		450,000		1,963
Premier Oil PLC ‡		110,000		2,964
PV Crystalox Solar PLC		711,762		604
PZ Cussons PLC		450,000		2,906
Regus PLC		1,000,000		1,385
SDL PLC ‡		255,000		2,455
Senior PLC		900,000		1,909
Shanks Group PLC		1,194,041		2,128
SIG PLC ‡		1,000,000		1,819
TalkTalk Telecom Group PLC ‡		700,000		1,479
Tate & Lyle PLC		207,076		1,666
Travis Perkins PLC		50,000		664
Ultra Electronics Holdings PLC		57,177		1,705
Victrex PLC		90,000		1,862
Vitec Group PLC		117,844		1,077
Wellstream Holdings PLC		150,000		1,779
WH Smith PLC		250,000		1,940
William Hill PLC		562,042		1,447
Yell Group PLC ‡ ^		2,000,000		452

Total Common Stocks (cost $454,738)				529,959



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

Transamerica Funds		Annual Report 2010

Page 126

Transamerica Schroders International Small Cap

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts except share amounts in thousands)


	Shares		Value

RIGHT - 0.0% ∞
Switzerland - 0.0% ∞
Gategroup Holding AG Ə		150,000	$	♦
Total Right (cost $—)

SECURITIES LENDING COLLATERAL - 9.9%
State Street Navigator Securities Lending Trust — Prime Portfolio, 0.35% ▲		54,053,685		54,054
Total Securities Lending Collateral (cost $54,054)


	Principal		Value

REPURCHASE AGREEMENT - 2.4%
State Street Bank & Trust Co. 0.01% ▲, dated 10/29/2010, to be repurchased at $12,912 on 11/01/2010. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 12/15/2017, and with a value of $13,171.	$	12,912		12,912
Total Repurchase Agreement (cost $12,912)

Total Investment Securities (cost $521,704) #				596,925
Other Assets and Liabilities — Net				(48,637	)


Net Assets			$	548,288


	Percentage of
INVESTMENTS BY INDUSTRY (unaudited):	Total Investments			Value

Machinery		6.2	%	$	38,430
Energy Equipment & Services		4.3			25,375
Construction & Engineering		4.1			24,816
Chemicals		3.9			23,327
Commercial Services & Supplies		3.5			20,645
Specialty Retail		3.2			18,814
Capital Markets		3.1			18,098
Electrical Equipment		2.7			16,209
Trading Companies & Distributors		2.7			15,775
Hotels, Restaurants & Leisure		2.6			15,570
Electronic Equipment & Instruments		2.5			15,469
Software		2.5			15,101
Metals & Mining		2.4			14,220
Industrial Conglomerates		2.3			13,623
Household Durables		2.2			13,307
Insurance		2.2			13,189
Food Products		2.1			11,983
Transportation Infrastructure		2.0			11,893
Health Care Equipment & Supplies		1.9			11,845
Oil, Gas & Consumable Fuels		1.9			11,231
Construction Materials		1.8			10,793
Commercial Banks		1.8			10,649
IT Services		1.6			9,478
Containers & Packaging		1.5			9,312
Auto Components		1.5			9,300
Food & Staples Retailing		1.5			9,032
Pharmaceuticals		1.4			8,242
Textiles, Apparel & Luxury Goods		1.4			8,229
Communications Equipment		1.3			7,544
Gas Utilities		1.3			7,466
Real Estate Management & Development		1.2			7,351
Diversified Telecommunication Services		1.1			6,992
Multiline Retail		1.1			6,711
Internet Software & Services		1.1			6,445
Media		1.1			6,373
Aerospace & Defense		0.9			5,548
Diversified Financial Services		0.9			5,337



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

Transamerica Funds		Annual Report 2010

Page 127

Transamerica Schroders International Small Cap

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts in thousands)


	Percentage of
INVESTMENTS BY INDUSTRY (unaudited): (continued)	Total Investments			Value

Road & Rail		0.9	%	$	5,236
Building Products		0.8			4,818
Real Estate Investment Trusts		0.8			4,653
Air Freight & Logistics		0.7			4,049
Personal Products		0.6			3,370
Paper & Forest Products		0.6			3,186
Household Products		0.5			2,906
Airlines		0.5			2,827
Leisure Equipment & Products		0.5			2,689
Health Care Providers & Services		0.4			2,607
Beverages		0.4			2,537
Semiconductors & Semiconductor Equipment		0.3			1,999
Distributors		0.3			1,907
Consumer Finance		0.3			1,796
Marine		0.3			1,657

Investment Securities, at Value		88.7			529,959
Short-Term Investments		11.3			66,966

Total Investments		100.0	%	$	596,925


NOTES TO SCHEDULE OF INVESTMENTS:

^		All or a portion of this security is on loan. The value of all securities on loan is $51,300.

‡		Non-income producing security.

Ə		Securities fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. These securities had a total market value of $44, or 0.01%, of the fund’s net assets.

∞		Percentage rounds to less than 0.1%.

♦		Value is less than $1.

▲		Rate shown reflects the yield at 10/29/2010.

§		Illiquid. These securities aggregated to $25,946, or 4.73%, of the fund’s net assets.

#		Aggregate cost for federal income tax purposes is $523,088. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $95,282 and $21,445, respectively. Net unrealized appreciation for tax purposes is $73,837.

DEFINITIONS:

ADR American Depositary Receipt

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

VALUATION SUMMARY:


Investment Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	20,925	$	509,034	$	—	$	529,959
Repurchase Agreement		—		12,912		—		12,912
Rights		—		—		♦		♦
Securities Lending Collateral		54,054		—		—		54,054

Total	$	74,979	$	521,946	$	♦	$	596,925

Level 3 Rollforward — Investment Securities

Beginning

Net Transfers

Ending

Balance at

Net

Accrued

Total Realized

Change in Unrealized

In/(Out) of

Balance at

Securities

10/31/2009

Purchases/(Sales)

Discounts/(Premiums)

Gain/(Loss)

Appreciation/(Depreciation)

Level 3

10/31/2010

Rights

—

♦

—

♦



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

Transamerica Funds		Annual Report 2010

Page 128

Transamerica Third Avenue Value

SCHEDULE OF INVESTMENTS
At October 31, 2010
(all amounts except share amounts in thousands)


	Shares		Value

COMMON STOCKS - 95.9%
Austria - 0.7%
Andritz AG		35,000	$	2,681
Canada - 15.4%
Brookfield Asset Management, Inc. - Class A ^		734,586		21,832
Canfor Corp. ‡		589,723		5,568
Cenovus Energy, Inc.		327,000		9,097
E-L Financial Corp., Ltd. §		3,536		1,387
EnCana Corp.		367,000		10,357
Viterra, Inc. ‡		1,107,150		10,606
France - 0.6%
Sanofi-Aventis SA		32,950		2,301
Germany - 2.2%
Lanxess AG		123,000		8,560
Guernsey, Channel Islands - 2.3%
Resolution, Ltd.		2,127,500		8,928
Hong Kong - 18.4%
Cheung Kong Holdings, Ltd.		1,279,153		19,522
Henderson Land Development Co., Ltd.		2,944,727		20,913
Hutchison Whampoa, Ltd.		2,045,888		20,192
Wharf Holdings, Ltd.		948,141		6,226
Wheelock & Co., Ltd.		1,062,000		3,734
Japan - 11.3%
Mitsui Fudosan Co., Ltd.		649,462		12,276
Tokio Marine Holdings, Inc.		470,080		13,249
Toyota Industries Corp.		630,107		17,775
Korea, Republic of - 4.2%
POSCO ADR ^		154,261		16,034
Sweden - 4.4%
Investor AB - Class A		866,546		17,008
United States - 36.4%
Alamo Group, Inc.		148,983		3,576
Alexander & Baldwin, Inc. ^		118,770		4,089
Applied Materials, Inc.		493,961		6,105
AVX Corp.		836,145		11,990
Bank of New York Mellon Corp. ^		560,052		14,036
Bristow Group, Inc. ‡ ^		173,630		6,734
Capital Southwest Corp.		19,256		1,861
Cimarex Energy Co. ^		251,128		19,274
Cross Country Healthcare, Inc. ‡ ^		211,206		1,542
Electro Scientific Industries, Inc. ‡ ^		196,486		2,283
Electronics for Imaging, Inc. ‡ ^		202,436		2,771
Forest City Enterprises, Inc. - Class A ‡ ^		679,836		9,920
Intel Corp. ^		355,961		7,144
Investment Technology Group, Inc. ‡		424,815		6,049
KeyCorp ^		230,000		1,884
Leucadia National Corp. ‡ ^		95,000		2,415
Lexmark International, Inc. - Class A ‡ ^		36,205		1,377
MDC Holdings, Inc. ^		28,363		730
Nabors Industries, Ltd. ‡ ^		196,865		4,114
Pharmaceutical Product Development, Inc.		300,710		7,761
St. Joe Co. ‡ ^		370,892		7,488
Sycamore Networks, Inc. ^		95,818		2,921
Tejon Ranch Co. ‡		86,299		1,921
Tellabs, Inc. ^		941,479		6,421
Westwood Holdings Group, Inc. ^		111,753		4,026
Wilmington Trust Corp. ^		180,000		1,280

Total Common Stocks (cost $413,557)				367,958


WARRANT - 0.1%
Hong Kong - 0.1%
Henderson Land Development Co., Ltd. ‡
Expiration: 06/01/2011
Exercise Price: $58.00		694,907		269
Total Warrant (cost $—)

SECURITIES LENDING COLLATERAL - 17.8%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.35% ▲		68,017,291		68,017
Total Securities Lending Collateral (cost $68,017)


	Principal		Value

REPURCHASE AGREEMENT - 3.9%
State Street Bank & Trust Co. 0.01% ▲, dated 10/29/2010, to be repurchased at $14,788 on 11/01/2010. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 12/25/2024, and with a value of $15,085.	$	14,788		14,788
Total Repurchase Agreement (cost $14,788)

Total Investment Securities (cost $496,362) #				451,032
Other Assets and Liabilities - Net				(67,898	)


Net Assets			$	383,134



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

Transamerica Funds		Annual Report 2010

Page 129

Transamerica Third Avenue Value

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts in thousands)


	Percentage of
INVESTMENTS BY INDUSTRY (unaudited):	Total Investments			Value

Real Estate Management & Development		23.0	%	$	104,101
Oil, Gas & Consumable Fuels		8.6			38,728
Capital Markets		5.7			25,972
Insurance		5.2			23,564
Industrial Conglomerates		4.5			20,192
Diversified Financial Services		4.3			19,423
Auto Components		4.0			17,775
Metals & Mining		3.6			16,034
Electronic Equipment & Instruments		3.2			14,273
Semiconductors & Semiconductor Equipment		2.9			13,249
Energy Equipment & Services		2.4			10,848
Food Products		2.4			10,606
Communications Equipment		2.1			9,342
Chemicals		1.9			8,560
Life Sciences Tools & Services		1.7			7,761
Machinery		1.4			6,257
Paper & Forest Products		1.2			5,568
Computers & Peripherals		0.9			4,148
Marine		0.9			4,089
Commercial Banks		0.7			3,164
Pharmaceuticals		0.5			2,301
Health Care Providers & Services		0.3			1,542
Household Durables		0.2			730

Investment Securities, at Value		81.6			368,227
Short-Term Investments		18.4			82,805

Total Investments		100.0	%	$	451,032


NOTES TO SCHEDULE OF INVESTMENTS:

^		All or a portion of this security is on loan. The value of all securities on loan is $66,315.

‡		Non-income producing security.

▲		Rate shown reflects the yield at 10/29/2010.

§		Illiquid. This security aggregated to $1,387, or 0.36%, of the fund’s net assets.

#		Aggregate cost for federal income tax purposes is $500,043. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $29,351 and $78,362, respectively. Net unrealized depreciation for tax purposes is $49,011.

DEFINITION:

ADR		American Depositary Receipt

VALUATION SUMMARY:


Investment Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	198,559	$	169,399	$	—	$	367,958
Repurchase Agreement		—		14,788		—		14,788
Securities Lending Collateral		68,017		—		—		68,017
Warrants		—		269		—		269

Total	$	266,576	$	184,456	$	—	$	451,032



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

Transamerica Funds		Annual Report 2010

Page 130

Transamerica Thornburg International Value

SCHEDULE OF INVESTMENTS
At October 31, 2010
(all amounts except share amounts in thousands)


	Shares		Value

PREFERRED STOCK - 2.7%
Germany - 2.7%
Volkswagen AG, 1.53% ▲		141,421	$	21,258
Total Preferred Stock (cost $13,232)

COMMON STOCKS - 93.8%
Australia - 2.0%
BHP Billiton, Ltd.		370,992		15,234
Bermuda - 0.9%
SeaDrill, Ltd. ^		223,150		6,759
Brazil - 3.6%
BM&FBOVESPA SA		1,326,000		11,113
Empresa Brasileira de Aeronautica SA ADR ^		203,127		5,860
Natura Cosmeticos SA		396,000		11,342
Canada - 5.0%
Canadian National Railway Co. ^		239,189		15,492
Canadian Natural Resources, Ltd.		312,714		11,385
Potash Corp., of Saskatchewan, Inc. ^		54,365		7,888
Thomson Reuters Corp. ^		113,800		4,346
China - 6.8%
China Life Insurance Co., Ltd. — Class H		326,552		1,430
China Merchants Bank Co., Ltd. — Class H		4,394,566		12,416
CNOOC, Ltd.		7,957,555		16,446
Industrial & Commercial Bank of China — Class H		17,475,200		14,069
Sinopharm Group Co. — Class H		2,253,514		8,824
Denmark - 3.2%
Novo Nordisk A/S — Class B		189,492		19,946
Vestas Wind Systems A/S ‡ ^		160,165		5,112
France - 8.8%
Air Liquide SA		89,992		11,641
BNP Paribas		212,230		15,522
Lafarge SA ^		191,393		10,938
LVMH Moet Hennessy Louis Vuitton SA		144,190		22,597
Publicis Groupe SA ^		154,100		7,676
Germany - 5.0%
Deutsche Bank AG		132,146		7,618
Fresenius Medical Care AG & Co., KGaA		205,335		13,080
SAP AG		352,040		18,360
Guernsey, Channel Islands - 0.9%
Amdocs, Ltd. ‡		228,713		7,017
Hong Kong - 2.3%
Hong Kong Exchanges & Clearing, Ltd.		803,800		17,691
Ireland - 0.9%
Covidien PLC		180,415		7,193
Israel - 2.4%
Teva Pharmaceutical Industries, Ltd. ADR		353,338		18,338
Italy - 1.2%
Intesa Sanpaolo SpA		2,689,118		9,460
Japan - 8.9%
Canon, Inc.		228,727		10,574
Dai-ichi Life Insurance Co., Ltd. ^		4,673		5,668
Fanuc, Ltd.		67,526		9,776
Komatsu, Ltd.		713,560		17,486
Mitsubishi UFJ Financial Group, Inc.		2,477,100		11,544
Toyota Motor Corp.		401,874		14,278
Korea, Republic of - 1.5%
Hyundai Motor Co.		78,233		11,819
Luxembourg - 1.4%
ArcelorMittal ^		333,500		10,720
Mexico - 3.3%
America Movil SAB de CV — Series L ADR		208,989		11,967
Wal-Mart de Mexico SAB de CV — Series V		5,002,580		13,693
Netherlands - 1.3%
ING Groep NV ‡		936,300		9,995
Spain - 2.2%
Telefonica SA		642,354		17,344
Sweden - 2.0%
Hennes & Mauritz AB — Class B		451,480		15,911
Switzerland - 6.8%
Julius Baer Group, Ltd.		232,055		9,796
Logitech International SA ‡ ^		441,562		8,373
Nestle SA		288,546		15,805
Novartis AG		321,241		18,623
Taiwan - 0.9%
High Tech Computer Corp.		324,892		7,331
Turkey - 1.1%
Turkiye Garanti Bankasi AS		1,451,643		8,763
United Kingdom - 18.7%
ARM Holdings PLC		1,035,914		6,030
BG Group PLC		488,566		9,515
British American Tobacco PLC		443,829		16,926
British Sky Broadcasting Group PLC		743,024		8,411
Cairn Energy PLC ‡		633,596		3,918
Carnival PLC		368,455		15,882
Kingfisher PLC		2,881,190		10,978
Pearson PLC		502,307		7,683
Reckitt Benckiser Group PLC		255,726		14,305
SABMiller PLC		300,398		9,740
Smith & Nephew PLC		765,743		6,736
Standard Chartered PLC		646,016		18,691
Tesco PLC		2,373,423		16,233
United States - 2.7%
Schlumberger, Ltd. ^		177,314		12,392
Southern Copper Corp. ^		195,900		8,385

Total Common Stocks (cost $607,391)				730,084


RIGHT - 0.1%
United Kingdom - 0.1%
Standard Chartered PLC		70,361		592
Total Rights (cost $—)

SECURITIES LENDING COLLATERAL - 6.8%
State Street Navigator Securities Lending Trust — Prime Portfolio, 0.35% ▲		53,237,988		53,238
Total Securities Lending Collateral (cost $53,238)


	Principal		Value

REPURCHASE AGREEMENT - 5.6%
State Street Bank & Trust Co. 0.01% ▲, dated 10/29/2010, to be repurchased at $43,235 on 11/01/2010. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 12/15/2017, and with a value of $44,101.	$	43,235		43,235
Total Repurchase Agreement (cost $43,235)

Total Investment Securities (cost $717,096) #				848,407
Other Assets and Liabilities — Net				(69,923	)


Net Assets			$	778,484



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

Transamerica Funds		Annual Report 2010

Page 131

Transamerica Thornburg International Value

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts in thousands)

FORWARD FOREIGN CURRENCY CONTRACTS:


						Amount in U.S.			Net Unrealized
				Settlement		Dollars Bought			Appreciation
Currency	Bought (Sold)			Date		(Sold)			(Depreciation)

Euro		(1,539	)		01/25/2011		(2,019	)	$	(121	)
Euro		24,970			01/25/2011		33,960			753
Euro		(23,431	)		01/25/2011		(30,133	)		(2,440	)
Mexican Peso		(41,561	)		11/30/2010		(3,235	)		(124	)
Mexican Peso		(196,400	)		11/30/2010		(14,821	)		(1,054	)
Pound Sterling		(7,828	)		11/18/2010		(11,380	)		(1,162	)
Pound Sterling		14,128			11/18/2010		21,781			854
Pound Sterling		(3,400	)		11/18/2010		(4,909	)		(538	)
Pound Sterling		(2,900	)		11/18/2010		(4,194	)		(452	)

									$	(4,284	)


	Percentage of
INVESTMENTS BY INDUSTRY (unaudited):	Total Investments			Value

Commercial Banks		10.7	%	$	91,057
Pharmaceuticals		7.7			65,731
Automobiles		5.6			47,355
Oil, Gas & Consumable Fuels		4.8			41,264
Diversified Financial Services		4.6			38,799
Metals & Mining		4.1			34,339
Food & Staples Retailing		3.5			29,926
Media		3.3			28,116
Machinery		3.2			27,262
Specialty Retail		3.2			26,889
Software		3.0			25,377
Textiles, Apparel & Luxury Goods		2.7			22,597
Chemicals		2.3			19,529
Energy Equipment & Services		2.2			19,151
Capital Markets		2.1			17,414
Diversified Telecommunication Services		2.0			17,344
Tobacco		2.0			16,926
Hotels, Restaurants & Leisure		1.9			15,882
Food Products		1.9			15,805
Computers & Peripherals		1.9			15,704
Road & Rail		1.9			15,492
Household Products		1.7			14,305
Health Care Equipment & Supplies		1.6			13,929
Health Care Providers & Services		1.5			13,080
Wireless Telecommunication Services		1.4			11,967
Personal Products		1.3			11,342
Construction Materials		1.3			10,938
Office Electronics		1.2			10,574
Beverages		1.1			9,740
Insurance		0.9			7,098
Semiconductors & Semiconductor Equipment		0.7			6,030
Aerospace & Defense		0.7			5,860
Electrical Equipment		0.6			5,112

Investment Securities, at Value		88.6			751,934
Short-Term Investments		11.4			96,473

Total Investments		100.0	%	$	848,407


NOTES TO SCHEDULE OF INVESTMENTS:

▲		Rate shown reflects the yield at 10/29/2010.

^		All or a portion of this security is on loan. The value of all securities on loan is $51,240.

‡		Non-income producing security.

#		Aggregate cost for federal income tax purposes is $718,670. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $146,753 and $17,016, respectively. Net unrealized appreciation for tax purposes is $129,737.



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

Transamerica Funds		Annual Report 2010

Page 132

Transamerica Thornburg International Value

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts in thousands)

DEFINITION:

ADR American Depositary Receipt

VALUATION SUMMARY:


Investment Securities	Level 1		Level 2			Level 3		Total
Common Stocks	$	120,622	$	609,462		$	—	$	730,084
Preferred Stocks		—		21,258			—		21,258
Repurchase Agreement		—		43,235			—		43,235
Rights		—		592			—		592
Securities Lending Collateral		53,238		—			—		53,238

Total	$	173,860	$	674,547		$	—	$	848,407


Other Financial Instruments*	Level 1		Level 2			Level 3		Total
Forward Foreign Currency Contracts — Appreciation	$	—	$	1,607		$	—	$	1,607
Forward Foreign Currency Contracts — Depreciation		—		(5,891	)		—		(5,891	)

Total	$	—	$	(4,284	)	$	—	$	(4,284	)


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



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

Transamerica Funds		Annual Report 2010

Page 133

Transamerica UBS Large Cap Value

SCHEDULE OF INVESTMENTS
At October 31, 2010
(all amounts except share amounts in thousands)


	Shares		Value

COMMON STOCKS - 98.8%
Aerospace & Defense - 3.2%
General Dynamics Corp.		350,800	$	23,896
Raytheon Co.		255,400		11,769
Air Freight & Logistics - 1.5%
FedEx Corp.		195,100		17,114
Airlines - 1.1%
Southwest Airlines Co.		864,500		11,896
Auto Components - 1.1%
Johnson Controls, Inc.		347,300		12,197
Beverages - 1.8%
PepsiCo, Inc.		304,000		19,851
Biotechnology - 1.2%
Amgen, Inc. ‡		231,800		13,257
Capital Markets - 3.9%
Bank of New York Mellon Corp.		919,655		23,047
Goldman Sachs Group, Inc.		131,800		21,213
Chemicals - 1.8%
Dow Chemical Co.		653,400		20,144
Commercial Banks - 5.2%
U.S. Bancorp		816,300		19,738
Wells Fargo & Co.		1,479,900		38,596
Computers & Peripherals - 2.0%
Hewlett-Packard Co.		331,300		13,935
Seagate Technology PLC ‡		571,200		8,368
Diversified Consumer Services - 0.6%
Apollo Group, Inc. — Class A ‡		166,900		6,255
Diversified Financial Services - 4.2%
JPMorgan Chase & Co.		1,244,600		46,834
Diversified Telecommunication Services - 3.5%
AT&T, Inc.		1,380,800		39,353
Electric Utilities - 5.4%
American Electric Power Co., Inc.		642,000		24,037
Exelon Corp.		350,300		14,299
FirstEnergy Corp.		619,200		22,489
Energy Equipment & Services - 3.5%
Baker Hughes, Inc.		437,100		20,250
Noble Corp.		546,700		18,878
Food & Staples Retailing - 2.1%
Kroger Co.		1,055,400		23,219
Health Care Equipment & Supplies - 4.2%
Baxter International, Inc.		235,300		11,977
Boston Scientific Corp. ‡		2,285,600		14,582
Covidien PLC		515,200		20,541
Health Care Providers & Services - 2.2%
UnitedHealth Group, Inc.		684,300		24,669
Hotels, Restaurants & Leisure - 2.5%
Carnival Corp.		643,800		27,793
Household Durables - 2.0%
Fortune Brands, Inc.		411,900		22,263
Household Products - 3.3%
Procter & Gamble Co.		600,900		38,199
Insurance - 5.3%
Aflac, Inc.		444,300		24,833
MetLife, Inc.		502,700		20,274
Principal Financial Group, Inc.		592,900		15,913
Machinery - 4.9%
Dover Corp.		358,000		19,010
Illinois Tool Works, Inc.		519,100		23,722
PACCAR, Inc.		242,700		12,441
Media - 8.5%
Comcast Corp. — Class A		1,723,800		35,477
Interpublic Group of Cos., Inc. ‡		1,374,800		14,229
Time Warner, Inc.		874,900		28,443
Viacom, Inc. — Class B		476,800		18,400
Metals & Mining - 1.1%
Steel Dynamics, Inc.		848,800		12,325
Oil, Gas & Consumable Fuels - 8.3%
Exxon Mobil Corp.		735,200		48,870
Hess Corp.		182,600		11,509
Peabody Energy Corp.		280,100		14,817
Ultra Petroleum Corp. ‡		442,000		18,188
Personal Products - 1.1%
Avon Products, Inc.		402,800		12,265
Pharmaceuticals - 5.7%
Johnson & Johnson		611,300		38,921
Merck & Co., Inc.		724,100		26,270
Road & Rail - 0.9%
Ryder System, Inc.		243,900		10,671
Semiconductors & Semiconductor Equipment - 1.3%
Applied Materials, Inc.		569,500		7,039
Marvell Technology Group, Ltd. ‡		375,400		7,249
Software - 2.8%
Adobe Systems, Inc. ‡		606,100		17,061
Symantec Corp. ‡		903,500		14,619
Specialty Retail - 2.6%
GameStop Corp. — Class A ‡		526,500		10,351
Lowe’s Cos., Inc.		897,800		19,150

Total Common Stocks (cost $1,060,075)				1,112,706


INVESTMENT COMPANY - 0.8%
Capital Markets - 0.8%
SPDR S&P 500 ETF Trust		72,000		8,534
Total Investment Company (cost $8,251)


	Principal		Value

REPURCHASE AGREEMENT - 0.2%
State Street Bank & Trust Co. 0.01% ▲, dated 10/29/2010, to be repurchased at $1,741 on 11/01/2010. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 12/15/2017, and with a value of $1,780.	$	1,741	$	1,741
Total Repurchase Agreement (cost $1,741)

Total Investment Securities (cost $1,070,067) #				1,122,981
Other Assets and Liabilities — Net				2,552


Net Assets			$	1,125,533



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

Transamerica Funds		Annual Report 2010

Page 134

Transamerica UBS Large Cap Value

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts in thousands)

NOTES TO SCHEDULE OF INVESTMENTS:


‡		Non-income producing security.

▲		Rate shown reflects the yield at 10/29/2010.

#		Aggregate cost for federal income tax purposes is $1,075,272. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $79,249 and $31,540, respectively. Net unrealized appreciation for tax purposes is $47,709.

DEFINITION:


ETF		Exchange-Traded Fund

SPDR		Standard & Poor’s Depository Receipt

VALUATION SUMMARY:


Investment Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	1,073,287	$	39,419	$	—	$	1,112,706
Investment Companies		8,534		—		—		8,534
Repurchase Agreement		—		1,741		—		1,741

Total	$	1,081,821	$	41,160	$	—	$	1,122,981



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

Transamerica Funds		Annual Report 2010

Page 135

Transamerica WMC Emerging Markets

SCHEDULE OF INVESTMENTS
At October 31, 2010
(all amounts except share amounts in thousands)


	Shares		Value

PREFERRED STOCKS - 1.4%
Brazil - 1.4%
Cia Paranaense de Energia, 3.12% ▲		153,400	$	3,607
Lojas Americanas SA, 0.42% ▲		196,500		2,114

Total Preferred Stocks (cost $5,060)				5,721


COMMON STOCKS - 91.3%
Argentina - 0.4%
Banco Macro SA ADR		11,500		573
Grupo Financiero Galicia SA ADR ‡		34,200		446
Telecom Argentina SA ADR		33,200		791
Bermuda - 2.7%
Aquarius Platinum, Ltd.		619,334		3,575
Central European Media Enterprises, Ltd. — Class A ‡ ^		97,600		2,250
GOME Electrical Appliances Holdings, Ltd. ‡		5,521,000		1,859
Shangri-La Asia, Ltd.		1,568,000		3,540
Brazil - 14.0%
Banco Bradesco SA ADR ^		226,415		4,709
Banco Santander Brasil SA ADR		143,200		2,062
BM&FBovespa SA		390,700		3,274
Centrais Eletricas Brasileiras SA		202,300		2,784
Cia de Concessoes Rodoviarias		113,100		3,060
Cyrela Brazil Realty SA Empreendimentos e Participacoes		255,800		3,535
Duratex SA ‡		132,500		1,527
Estacio Participacoes SA		76,100		1,137
Itau Unibanco Holding SA -144A ADR ‡ Ə		32,400		796
Itau Unibanco Holding SA ADR		368,330		9,047
Julio Simoes Logistica SA ‡		216,700		1,134
Lojas Renner SA		126,200		4,988
Natura Cosmeticos SA		94,300		2,701
OGX Petroleo e Gas Participacoes SA ‡		436,400		5,729
Totvs SA		26,500		2,447
Vale SA — Class B ADR ‡ ^		250,100		8,038
Canada - 0.8%
Pacific Rubiales Energy Corp. ‡		102,500		3,267
Cayman Islands - 1.5%
E-House China Holdings, Ltd. ADR		39,200		655
Hengan International Group Co., Ltd.		331,500		3,139
Lijun International Pharmaceutical Holding, Ltd.		2,295,000		788
Simcere Pharmaceutical Group ADR ‡		36,200		331
Springland International Holdings, Ltd. ‡		412,000		346
United Laboratories International Holdings, Ltd.		470,000		893
Chile - 0.7%
Enersis SA ADR		133,200		3,038
China - 7.9%
Bank of China, Ltd.		8,279,000		4,966
China Construction Bank Corp. — Class H		5,094,000		4,856
China Merchants Bank Co., Ltd. — Class H		1,383,485		3,909
China Petroleum & Chemical Corp. ADR ^		32,900		3,136
China Shenhua Energy Co., Ltd. — Class H		1,667,500		7,443
China Shipping Development Co., Ltd. — Class H		2,864,000		4,168
Huaneng Power International, Inc. — Class H		692,000		395
Ping An Insurance Group Co., of China, Ltd. — Class H		329,500		3,533
Colombia - 0.6%
Bancolombia SA ADR ^		35,002		2,361
Egypt - 1.7%
Egyptian Financial Group-Hermes Holding		901,599		4,500
Orascom Construction Industries		54,907		2,510
Hong Kong - 4.5%
AIA Group, Ltd. ‡		653,600		1,948
China Mobile, Ltd.		504,000		5,132
China Overseas Land & Investment, Ltd.		1,074,000		2,256
China Unicom, Ltd.		3,234,000		4,598
Hong Kong Exchanges & Clearing, Ltd.		141,200		3,108
Lenovo Group, Ltd.		2,276,000		1,480
Hungary - 0.6%
Richter Gedeon		10,271		2,447
India - 7.5%
Canara Bank		264,894		4,305
Indiabulls Real Estate, Ltd. ‡		627,153		2,697
IndusInd Bank, Ltd.		193,627		1,162
Lanco Infratech, Ltd. ‡		2,547,819		3,659
Piramal Healthcare, Ltd.		154,592		1,663
Reliance Industries, Ltd.		157,750		3,896
Rural Electrification Corp., Ltd.		277,080		2,316
Tata Consultancy Services, Ltd.		227,819		5,385
Tata Motors, Ltd.		184,533		4,833
United Spirits, Ltd. GDR		65,517		1,101
Indonesia - 1.9%
Bank Mandiri		4,850,000		3,799
Indo Tambangraya Megah		765,000		3,868
Korea, Republic of - 8.8%
Dong-A Pharmaceutical Co., Ltd.		22,431		2,342
Doosan Corp.		12,196		1,642
Green Cross Corp.		8,485		1,063
Hyundai Mobis		3,853		959
Hyundai Motor Co.		32,771		4,952
KB Financial Group, Inc.		49,116		2,182
Mirae Asset Securities Co., Ltd.		35,102		1,837
NHN Corp. ‡		14,976		2,655
Samsung Card Co.		62,169		2,978
Samsung Electronics Co., Ltd.		17,944		11,881
Samsung SDI Co., Ltd.		26,032		3,574
Malaysia - 3.1%
AMMB Holdings Bhd		1,333,500		2,709
Axiata Group Bhd ‡		2,250,300		3,247
CIMB Group Holdings Bhd		1,424,300		3,795
Genting Bhd		922,800		3,096
Mautitius - 0.8%
Golden Agri-Resources, Ltd.		6,852,000		3,441
Mexico - 3.2%
America Movil SAB de CV — Series L ADR		175,690		10,060
Grupo Mexico SAB de CV — Series B		992,100		3,268
Netherlands - 0.8%
X5 Retail Group NV GDR ‡		83,241		3,488
Panama - 0.5%
Copa Holdings SA — Class A		40,500		2,055
Peru - 1.2%
Cia de Minas Buenaventura SA ADR		90,990		4,826
Philippines - 0.7%
Ayala Corp.		79,480		743
Cebu Air, Inc. ‡		258,200		747
Metropolitan Bank & Trust		418,480		762
SM Investments Corp.		61,230		776
Poland - 1.5%
Powszechna Kasa Oszczednosci Bank Polski SA		211,868		3,345
Powszechny Zaklad Ubezpieczen SA		22,618		3,000
Russian Federation - 4.2%
Gazprom OAO ADR		203,758		4,466
Lukoil OAO ADR		100,110		5,587
MMC Norilsk Nickel ADR		130,819		2,440
Sberbank of Russian Federation		1,418,956		4,702
South Africa - 9.1%
Adcock Ingram Holdings, Ltd.		272,775		2,547
AngloGold Ashanti, Ltd. ADR ^		73,600		3,467
Aspen Pharmacare Holdings, Ltd. ‡		250,184		3,340
Barloworld, Ltd.		654,506		4,905
Clicks Group, Ltd.		497,583		3,246
Foschini Group, Ltd.		199,513		2,422
Imperial Holdings, Ltd.		161,917		2,641
Life Healthcare Group Holdings, Ltd.		659,399		1,322
Naspers, Ltd. — Class N		67,837		3,562
Nedbank Group, Ltd.		200,189		3,744
Sasol, Ltd.		77,367		3,484
Shoprite Holdings, Ltd.		169,085		2,390



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

Transamerica Funds		Annual Report 2010

Page 136

Transamerica WMC Emerging Markets

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts except share amounts in thousands)


	Shares		Value

Taiwan - 6.5%
Acer, Inc.		890,902	$	2,586
Hon Hai Precision Industry Co., Ltd.		1,897,616		7,189
Mediatek, Inc.		148,000		1,861
Synnex Technology International Corp.		1,416,620		3,465
Taiwan Semiconductor Manufacturing Co., Ltd.		4,582,354		9,398
Yuanta Financial Holding Co., Ltd.		3,866,000		2,430
Thailand - 3.7%
Advanced Info Service PCL		676,500		2,031
CP ALL PCL		2,125,400		3,155
Kasikornbank PCL		870,900		3,659
Land and Houses PCL		6,929,000		1,618
PTT Chemical PCL		470,100		2,211
Siam Commercial Bank PCL		749,500		2,563
Turkey - 1.5%
Turkcell Iletisim Hizmet AS ADR		188,700		3,383
Turkiye Is Bankasi — Class C		604,246		2,676
United Kingdom - 0.9%
African Barrick Gold, Ltd.		107,275		938
Hikma Pharmaceuticals PLC		206,297		2,598

Total Common Stocks (cost $322,875)				375,338


INVESTMENT COMPANY - 4.9%
United States - 4.9%
Vanguard Emerging Markets ETF		430,400		20,156
Total Investment Company (cost $20,156)

RIGHTS - 0.0% ∞
Korea, Republic of - 0.0% ∞
Green Cross Corp. Ə §		463		16
Total Rights (cost $—)

WARRANTS - 0.2%
Germany - 0.2%
IndusInd Bank, Ltd. § ‡
Expiration: 02/19/2020
Exercise Price: $0.00		124,871		736
India - 0.0% ∞
Lanco Infratech, Ltd. § ‡
Expiration: 01/25/2013
Exercise Price: $0.00		57,528		82

Total Warrants (cost $691)				818


SECURITIES LENDING COLLATERAL - 3.9%
State Street Navigator Securities Lending Trust — Prime Portfolio, 0.35% ��		15,983,129		15,983
Total Securities Lending Collateral (cost $15,983)


	Principal		Value

REPURCHASE AGREEMENT - 3.2%
State Street Bank & Trust Co. 0.01% ▲, dated 10/29/2010, to be repurchased at $13,358 on 11/01/2010. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 12/15/2017, and with a value of $13,628.	$	13,358		13,358
Total Repurchase Agreement (cost $13,358)

Total Investment Securities (cost $378,123) #				431,390
Other Assets and Liabilities — Net				(20,079	)


Net Assets			$	411,311

FORWARD FOREIGN CURRENCY CONTRACTS:


						Amount in U.S.			Net Unrealized
				Settlement		Dollars Bought			Appreciation
Currency	Bought (Sold)			Date		(Sold)			(Depreciation)

Hungarian Forint		166,658			01/20/2011	$	689		$	157
Hungarian Forint		(254,987	)		01/20/2011		(1,257	)		(38	)
Hungarian Forint		(78,329	)		01/20/2011		(387	)		(11	)
Hungarian Forint		166,658			01/20/2011		688			158
South African Rand		(14,805	)		06/03/2011		(1,804	)		(244	)
South African Rand		(3,800	)		06/03/2011		(493	)		(32	)
Turkish Lira		(2,256	)		05/16/2011		(1,418	)		(102	)

									$	(112	)



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

Transamerica Funds		Annual Report 2010

Page 137

Transamerica WMC Emerging Markets

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts in thousands)


	Percentage of
INVESTMENTS BY INDUSTRY (unaudited):	Total Investments			Value

Commercial Banks		16.5	%	$	71,155
Oil, Gas & Consumable Fuels		9.4			40,876
Metals & Mining		6.0			26,552
Wireless Telecommunication Services		5.7			23,853
Semiconductors & Semiconductor Equipment		5.4			23,140
Emerging Market — Equity		4.7			20,156
Pharmaceuticals		4.3			18,028
Electronic Equipment & Instruments		3.3			14,228
Diversified Financial Services		2.8			12,150
Multiline Retail		2.6			10,694
Electric Utilities		2.1			9,429
Food & Staples Retailing		2.1			9,033
Capital Markets		2.0			8,767
Insurance		2.0			8,481
Industrial Conglomerates		1.7			7,323
Real Estate Management & Development		1.6			7,226
Hotels, Restaurants & Leisure		1.5			6,636
Construction & Engineering		1.4			6,251
Personal Products		1.3			5,840
Media		1.3			5,812
Diversified Telecommunication Services		1.3			5,389
IT Services		1.2			5,385
Automobiles		1.1			4,952
Machinery		1.1			4,833
Specialty Retail		1.0			4,281
Transportation Infrastructure		1.0			4,194
Marine		1.0			4,168
Computers & Peripherals		0.9			4,066
Household Durables		0.8			3,535
Food Products		0.8			3,441
Consumer Finance		0.7			2,978
Airlines		0.7			2,802
Internet Software & Services		0.6			2,655
Distributors		0.6			2,641
Software		0.6			2,447
Chemicals		0.5			2,211
Paper & Forest Products		0.4			1,527
Health Care Providers & Services		0.3			1,322
Diversified Consumer Services		0.3			1,137
Beverages		0.3			1,101
Auto Components		0.2			959
Independent Power Producers & Energy Traders		0.1			395

Investment Securities, at Value		93.2			402,049
Short-Term Investments		6.8			29,341

Total Investments		100.0	%	$	431,390


NOTES TO SCHEDULE OF INVESTMENTS:

▲		Rate shown reflects the yield at 10/29/2010.

‡		Non-income producing security.

^		All or a portion of this security is on loan. The value of all securities on loan is $15,611.

Ə		Securities fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. These securities had a total market value of $812, or 0.20% of the fund’s net assets.

∞		Percentage rounds to less than 0.1%.

§		Illiquid. These securities aggregated to $834, or 0.20%, of fund’s net assets.

#		Aggregate cost for federal income tax purposes is $379,760. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $54,431 and $2,801, respectively. Net unrealized appreciation for tax purposes is $51,630.

DEFINITIONS:



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

Transamerica Funds		Annual Report 2010

Page 138

Transamerica WMC Emerging Markets

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts in thousands)


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 10/31/2010, these securities aggregated $796, or 0.19%, of the fund’s net assets.

ADR		American Depositary Receipt

ETF		Exchange-Traded Fund

GDR		Global Depositary Receipt

VALUATION SUMMARY:


Investment Securities		Level 1		Level 2			Level 3		Total
Common Stocks	$	105,029	$	270,309		$	—	$	375,338
Investment Companies		20,156		—			—		20,156
Preferred Stocks		5,721		—			—		5,721
Repurchase Agreement		—		13,358			—		13,358
Rights		—		16			—		16
Securities Lending Collateral		15,983		—			—		15,983
Warrants		—		818			—		818

Total	$	137,895	$	293,495		$	—	$	431,390


Other Financial Instruments*	Level 1		Level 2			Level 3		Total
Forward Foreign Currency Contracts — Appreciation	$	—	$	315		$	—	$	315
Forward Foreign Currency Contracts — Depreciation		—		(427	)		—		(427	)

Total	$	—	$	(112	)	$	—	$	(112	)


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



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

Transamerica Funds		Annual Report 2010

Page 139

STATEMENTS OF ASSETS AND LIABILITIES
At October 31, 2010
(all amounts except per share amounts in thousands)


	Transamerica			Transamerica			Transamerica			Transamerica			Transamerica
	AllianceBernstein			BlackRock			BlackRock			BNY Mellon			Federated			Transamerica
	International			Global			Large Cap			Market Neutral			Market			First Quadrant
	Value			Allocation			Value			Strategy			Opportunity			Global Macro^(a)

Assets:
Investment securities, at value	$	308,333		$	498,880		$	702,781		$	105,898		$	44,452		$	23,037
Repurchase agreement, at value		3,575			24			—			9,539			50,045			104,395
Cash on deposit with broker		—			696			—			98,819			—			—
Foreign currency, at value		2,781			1,700			—			—			—			—
Receivables:
Investment securities sold		2,427			4,538			—			1,211			404			—
Shares of beneficial interest sold		10			163			9			—	^(b)		1			—	^(b)
Interest		—	^(b)		1,568			—	^(b)		—	^(b)		16			—	^(b)
Securities lending income (net)		5			3			—	^(b)		—			1			—
Dividends		839			523			851			58			64			—
Dividend reclaims		222			81			—			—			2			26
Variation margin		—			240			—			—			—			172
Prepaid expenses		2			3			5			1			1			1
Unrealized appreciation on forward foreign currency contracts		21			101			—			—			2,376			6,314

	$	318,215		$	508,520		$	703,646		$	215,526		$	97,362		$	133,945

Liabilities:
Accounts payable and accrued liabilities:
Investment securities purchased		182			2,742			—			1,215			176			—
Shares of beneficial interest redeemed		45			251			44			—			—	^(b)		—
Management and advisory fees		217			313			469			131			67			160
Transfer agent fees		2			3			4			1			—	^(b)		1
Custody fees		18			36			7			4			5			13
Administration fees		5			9			12			2			2			2
Audit and tax fees		10			29			5			11			10			13
Dividends from securities sold short		—			—			—			55			—			—
Capital gains tax		—			79			—			—			—			—
Other		2			6			5			1			3			3
Collateral for securities on loan		18,983			6,896			895			—			1,538			—
Written options, at value		—			662			—			—			—			249
Securities sold short, at value		—			—			—			105,764			—			—
Unrealized depreciation on forward foreign currency contracts		—			189			—			—			3,089			7,362

		19,464			11,215			1,441			107,184			4,890			7,803

Net assets	$	298,751		$	497,305		$	702,205		$	108,342		$	92,472		$	126,142


Net assets consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	466,411		$	465,555		$	814,717		$	119,062		$	102,257		$	193,630
Undistributed (accumulated) net investment income (loss)		5,051			4,876			6,421			—			403			—
Undistributed (accumulated) net realized gain (loss) from investments		(163,810	)		(18,061	)		(160,541	)		(13,238	)		(9,622	)		(67,954	)
Net unrealized appreciation (depreciation) on:
Investment securities		(9,010	)		45,107			41,608			12,752			144			(58	)
Futures contracts		—			240			—			—			—			1,401
Written option contracts		—			(307	)		—			—			—			178
Translation of assets and liabilities denominated in foreign currencies		109			(105	)		—			—			(710	)		(1,055	)
Securities sold short		—			—			—			(10,234	)		—			—

Net assets	$	298,751		$	497,305		$	702,205		$	108,342		$	92,472		$	126,142


Shares outstanding		37,035			45,568			84,156			13,025			10,588			20,603

Net asset value and offering price per share	$	8.07		$	10.91		$	8.34		$	8.32		$	8.73		$	6.12


Investment securities, at cost	$	317,343		$	453,773		$	661,173		$	93,146		$	44,308		$	23,095

Repurchase agreement, at cost	$	3,575		$	24		$	—		$	9,539		$	50,045		$	104,395

Foreign currency, at cost	$	2,750		$	1,675		$	—		$	—		$	—		$	—

Securities loaned, at value	$	18,057		$	6,593		$	873		$	—		$	1,496		$	—

Premium received on written option & swaption contracts	$	—		$	355		$	—		$	—		$	—		$	427

Proceeds received from securities sold short	$	—		$	—		$	—		$	95,530		$	—		$	—



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

Transamerica Funds		Annual Report 2010

Page 140

STATEMENTS OF ASSETS AND LIABILITIES (continued)
At October 31, 2010
(all amounts except per share amounts in thousands)


			Transamerica								Transamerica			Transamerica
	Transamerica		JPMorgan			Transamerica			Transamerica		Morgan Stanley			Morgan Stanley
	JPMorgan Core		International			JPMorgan Mid			Loomis Sayles		Emerging			Mid-Cap
	Bond		Bond			Cap Value			Bond		Markets Debt^(c)			Growth^(d)

Assets:
Investment securities, at value	$	1,136,026	$	436,373		$	167,238		$	619,683	$	315,553		$	363,349
Repurchase agreement, at value		—		—			3,504			12,109		15,996			6,008
Foreign currency, at value		—		3,203			—			—		105			3
Receivables:
Investment securities sold		412		9,890			1,127			4,153		14,886			1,969
Shares of beneficial interest sold		7		—	^(b)		—			267		2			45
Interest		8,711		5,125			—	^(b)		8,190		4,143			—	^(b)
Securities lending income (net)		11		—			3			8		6			38
Dividends		—		—			92			14		—			31
Variation margin		—		56			—			—		—			—
Other		—		29			—			—		—			—
Prepaid expenses		7		3			1			4		2			2
Unrealized appreciation on forward foreign currency contracts		—		2,050			—			—		—			—

	$	1,145,174	$	456,729		$	171,965		$	644,428	$	350,693		$	371,445

Liabilities:
Due to custodian		1,884		4,661			—			—		—			—
Accounts payable and accrued liabilities:
Investment securities purchased		2,797		3,335			1,292			1,329		—			4,293
Shares of beneficial interest redeemed		884		423			110			84		78			73
Management and advisory fees		393		202			115			322		242			195
Transfer agent fees		7		3			1			4		2			2
Custody fees		14		28			3			11		10			6
Administration fees		18		8			3			10		5			5
Audit and tax fees		6		11			10			11		10			10
Other		29		3			1			4		3			2
Collateral for securities on loan		75,684		—			6,818			48,433		47,767			74,284
Unrealized depreciation on forward foreign currency contracts		—		914			—			—		—			—

		81,716		9,588			8,353			50,208		48,117			78,870

Net assets	$	1,063,458	$	447,141		$	163,612		$	594,220	$	302,576		$	292,575


Net assets consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	1,016,046	$	376,692		$	162,638		$	520,957	$	275,070		$	204,163
Undistributed (accumulated) net investment income (loss)		1,909		18,305			1,532			8,326		693			559
Undistributed (accumulated) net realized gain (loss) from investments		6,906		3,159			(27,382	)		10,465		3,191			17,191
Net unrealized appreciation (depreciation) on:
Investment securities		38,597		46,900			26,824			54,412		23,649			70,659
Futures contracts		—		719			—			—		—			—
Translation of assets and liabilities denominated in foreign currencies		—		1,366			—			60		(27	)		3

Net assets	$	1,063,458	$	447,141		$	163,612		$	594,220	$	302,576		$	292,575


Shares outstanding		100,710		37,005			16,084			53,357		26,796			22,390

Net asset value and offering price per share	$	10.56	$	12.08		$	10.17		$	11.14	$	11.29		$	13.07


Investment securities, at cost	$	1,097,429	$	389,473		$	140,414		$	565,271	$	291,904		$	292,690

Repurchase agreement, at cost	$	—	$	—		$	3,504		$	12,109	$	15,996		$	6,008

Foreign currency, at cost	$	—	$	3,193		$	—		$	—	$	133		$	3

Securities loaned, at value	$	74,165	$	—		$	6,663		$	47,443	$	46,793		$	72,653



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

Transamerica Funds		Annual Report 2010

Page 141

STATEMENTS OF ASSETS AND LIABILITIES (continued)
At October 31, 2010
(all amounts except per share amounts in thousands)


	Transamerica			Transamerica			Transamerica			Transamerica			Transamerica
	Morgan Stanley			Neuberger			Oppenheimer			Oppenheimer			Schroders			Transamerica
	Small Company			Berman			Developing			Small- & Mid-			International			Third Avenue
	Growth^(e)			International			Markets			Cap Value			Small Cap			Value

Assets:
Investment securities, at value	$	204,240		$	603,532		$	615,350		$	284,337		$	584,013		$	436,244
Repurchase agreement, at value		6,004			8,585			22,154			18,231			12,912			14,788
Foreign currency, at value		—			13			1,017			—			2,473			—
Receivables:
Investment securities sold		256			2,774			4,819			3,590			2,730			—
Shares of beneficial interest sold		46			99			485			46			75			46
Interest		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)		—	^(b)
Securities lending income (net)		61			16			8			2			41			16
Dividends		86			654			551			60			1,190			485
Dividend reclaims		—			677			13			5			380			14
Prepaid expenses		1			4			4			2			3			3

	$	210,694		$	616,354		$	644,401		$	306,273		$	603,817		$	451,596

Liabilities:
Accounts payable and accrued liabilities:
Investment securities purchased		1,027			3,346			6,010			2,776			926			—
Shares of beneficial interest redeemed		—	^(b)		110			—	^(b)		148			—	^(b)		148
Management and advisory fees		145			470			559			228			480			262
Transfer agent fees		1			4			4			2			3			3
Custody fees		3			28			63			4			37			12
Administration fees		3			10			10			5			9			7
Audit and tax fees		10			10			23			17			16			10
Capital gains tax		—			3			242			—			—			—
Other		2			4			4			2			4			3
Collateral for securities on loan		28,043			27,520			27,274			3,866			54,054			68,017

		29,234			31,505			34,189			7,048			55,529			68,462

Net assets	$	181,460		$	584,849		$	610,212		$	299,225		$	548,288		$	383,134


Net assets consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	161,381		$	686,125		$	491,717		$	276,604		$	465,454		$	522,529
Undistributed (accumulated) net investment income (loss)		390			5,160			1,724			—			5,112			3,207
Undistributed (accumulated) net realized gain (loss) from investments		(15,580	)		(218,266	)		(36,824	)		(30,575	)		2,354			(97,288	)
Net unrealized appreciation (depreciation) on:
Investment securities		35,269			111,814			154,036			53,196			75,221			(45,330	)
Translation of assets and liabilities denominated in foreign currencies		—			16			(441	)		—			147			16

Net assets	$	181,460		$	584,849		$	610,212		$	299,225		$	548,288		$	383,134


Shares outstanding		16,580			65,425			45,759			32,080			56,729			17,767

Net asset value and offering price per share	$	10.94		$	8.94		$	13.34		$	9.33		$	9.67		$	21.56


Investment securities, at cost	$	168,971		$	491,718		$	461,314		$	231,141		$	508,792		$	481,574

Repurchase agreement, at cost	$	6,004		$	8,585		$	22,154		$	18,231		$	12,912		$	14,788

Foreign currency, at cost	$	—		$	13		$	1,037		$	—		$	2,392		$	—

Securities loaned, at value	$	27,355		$	25,794		$	26,318		$	3,766		$	51,300		$	66,315



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

Transamerica Funds		Annual Report 2010

Page 142

STATEMENTS OF ASSETS AND LIABILITIES (continued)
At October 31, 2010
(all amounts except per share amounts in thousands)


	Transamerica
	Thornburg			Transamerica			Transamerica
	International			UBS Large Cap			WMC Emerging
	Value			Value			Markets

Assets:
Investment securities, at value	$	805,172		$	1,121,240		$	418,032
Repurchase agreement, at value		43,235			1,741			13,358
Foreign currency, at value		—			—			3
Receivables:
Investment securities sold		—	^(b)		11,443			1,907
Shares of beneficial interest sold		192			141			857
Interest		—	^(b)		—	^(b)		—	^(b)
Securities lending income (net)		11			—			7
Dividends		1,002			1,525			318
Dividend reclaims		346			—			1
Prepaid expenses		5			7			2
Unrealized appreciation on forward foreign currency contracts		1,607			—			315

	$	851,570		$	1,136,097		$	434,800

Liabilities:
Accounts payable and accrued liabilities:
Investment securities purchased		13,107			9,587			5,686
Shares of beneficial interest redeemed		155			223			1
Management and advisory fees		628			706			374
Transfer agent fees		5			7			3
Custody fees		31			9			45
Administration fees		13			19			7
Audit and tax fees		11			5			10
Capital gains tax		—			—			946
Other		7			8			7
Collateral for securities on loan		53,238			—			15,983
Unrealized depreciation on forward foreign currency contracts		5,891			—			427

		73,086			10,564			23,489

Net assets	$	778,484		$	1,125,533		$	411,311


Net assets consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	639,926		$	1,347,952		$	336,838
Undistributed (accumulated) net investment income (loss)		3,805			10,114			183
Undistributed (accumulated) net realized gain (loss) from investments		7,704			(285,447	)		22,085
Net unrealized appreciation (depreciation) on:
Investment securities		131,311			52,914			53,267
Translation of assets and liabilities denominated in foreign currencies		(4,262	)		—			(1,062	)

Net assets	$	778,484		$	1,125,533		$	411,311


Shares outstanding		70,026			122,574			28,795

Net asset value and offering price per share	$	11.12		$	9.18		$	14.28


Investment securities, at cost	$	673,861		$	1,068,326		$	364,765

Repurchase agreement, at cost	$	43,235		$	1,741		$	13,358

Foreign currency, at cost	$	—		$	—		$	3

Securities loaned, at value	$	51,240		$	—		$	15,611


^(a)		Formerly, Transamerica UBS Dynamic Alpha.

^(b)		Rounds to less than $1.

^(c)		Formerly, Transamerica Van Kampen Emerging Markets Debt.

^(d)		Formerly, Transamerica Van Kampen Mid-Cap Growth.

^(e)		Formerly, Transamerica Van Kampen Small Company Growth.



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

Transamerica Funds		Annual Report 2010

Page 143

STATEMENTS OF OPERATIONS
At October 31, 2010
(all amounts in thousands)


	Transamerica								Transamerica			Transamerica
	AllianceBernstein			Transamerica			Transamerica		BNY Mellon			Federated			Transamerica
	International			BlackRock			BlackRock Large		Market Neutral			Market			First Quadrant
	Value			Global Allocation			Cap Value		Strategy			Opportunity			Global Macro^(a)

Investment income:
Dividend income	$	9,553		$	6,013		$	14,044	$	1,230		$	819		$	13
Withholding taxes on foreign income		(879	)		(268	)		—		—			(52	)		—
Interest income		2			7,345			3		1			647			49
Securities lending income (net)		320			60			8		—			22			—	^(b)

		8,996			13,150			14,055		1,231			1,436			62


Expenses:
Management and advisory		2,596			3,422			5,401		1,386			720			1,642
Transfer agent		7			12			17		3			3			3
Printing and shareholder reports		2			3			5		1			1			2
Custody		227			440			82		50			61			178
Administration		61			93			138		20			19			24
Legal		10			21			22		3			7			11
Audit and tax		15			40			10		15			17			22
Trustees		6			10			14		2			2			2
Registration		—	^(b)		—	^(b)		4		1			—	^(b)		1
Dividends on securities sold short		—			—			—		1,160			—			—
Broker expense on securities sold short		—			—			—		182			—			—
Other		5			6			9		1			1			1

Total expenses		2,929			4,047			5,702		2,824			831			1,886


Net investment income (loss)		6,067			9,103			8,353		(1,593	)		605			(1,824	)


Net realized gain (loss) on transactions from:
Investment securities		(19,764	)		6,446	^(c)		15,844		14,967			2,785			(2,026	)
Futures contracts		—			(1,648	)		—		—			—			(1,438	)
Written option contracts		—			878			—		—			—			1,686
Swap agreements		—			(16	)		—		—			—			—
Foreign currency transactions		305			(1,551	)		—		—			(104	)		3,748
Securities sold short		—			—			—		(13,590	)		—			—

		(19,459	)		4,109			15,844		1,377			2,681			1,970


Net increase (decrease) in unrealized appreciation (depreciation) on:
Investment securities		20,712			37,272	^(d)		28,892		4,583			(4,460	)		206
Futures contracts		—			403			—		—			—			1,401
Written option contracts		—			231			—		—			—			178
Swap agreements		—			(231	)		—		—			—			—
Translation of assets and liabilities denominated in foreign currencies		62			40			—		—			(420	)		(1,248	)
Securities sold short		—			—			—		(5,630	)		—			—

Change in unrealized appreciation (depreciation):		20,774			37,715			28,892		(1,047	)		(4,880	)		537

Net realized and unrealized gain (loss)		1,315			41,824			44,736		330			(2,199	)		2,507

Net increase (decrease) in net assets resulting from operations	$	7,382		$	50,927		$	53,089	$	(1,263	)	$	(1,594	)	$	683



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

Transamerica Funds		Annual Report 2010

Page 144

STATEMENTS OF OPERATIONS (continued)
At October 31, 2010
(all amounts in thousands)


				Transamerica									Transamerica			Transamerica
	Transamerica			JPMorgan			Transamerica			Transamerica			Morgan Stanley			Morgan Stanley
	JPMorgan Core			International			JPMorgan Mid			Loomis Sayles			Emerging			Mid-Cap
	Bond			Bond			Cap Value			Bond			Markets Debt^(e)			Growth^(f)

Investment income:
Dividend income	$	—		$	—		$	3,797		$	942		$	—		$	3,186
Withholding taxes on foreign income		—	^(b)		(114	)		(8	)		—			(4	)		(93	)
Interest income		24,556			16,603			—	^(b)		37,421			23,395			—	^(b)
Securities lending income (net)		41			—			35			73			29			421

		24,597			16,489			3,824			38,436			23,420			3,514


Expenses:
Management and advisory		3,357			3,078			1,431			3,978			3,142			2,289
Transfer agent		27			11			4			15			8			7
Printing and shareholder reports		6			4			2			4			4			3
Custody		165			344			37			146			124			78
Administration		153			119			35			124			68			57
Legal		23			21			6			21			18			13
Audit and tax		18			17			14			17			15			14
Trustees		18			12			4			12			7			6
Registration		19			—			—	^(b)		—	^(b)		—			—	^(b)
Other		7			9			2			9			5			3

Total expenses		3,793			3,615			1,535			4,326			3,391			2,470


Net investment income		20,804			12,874			2,289			34,110			20,029			1,044


Net realized gain (loss) on transactions from:
Investment securities		10,933			12,019	^(g)		892			32,510			29,294			23,184
Futures contracts		—			2,703			—			—			78			—
Foreign currency transactions		—			8,082			—			85			(259	)		(24	)

		10,933			22,804			892			32,595			29,113			23,160


Net increase (decrease) in unrealized appreciation (depreciation) on:
Investment securities		37,162			(20,161	)		34,397			42,603			4,358			61,594
Futures contracts		—			878			—			—			—			—
Translation of assets and liabilities denominated in foreign currencies		—			1,425			—			(13	)		51			3

Change in unrealized appreciation (depreciation):		37,162			(17,858	)		34,397			42,590			4,409			61,597

Net realized and unrealized gain		48,095			4,946			35,289			75,185			33,522			84,757

Net increase in net assets resulting from operations	$	68,899		$	17,820		$	37,578		$	109,295		$	53,551		$	85,801



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

Transamerica Funds		Annual Report 2010

Page 145

STATEMENTS OF OPERATIONS (continued)
At October 31, 2010
(all amounts in thousands)


	Transamerica			Transamerica			Transamerica			Transamerica			Transamerica
	Morgan Stanley			Neuberger			Oppenheimer			Oppenheimer			Schroders			Transamerica
	Small Company			Berman			Developing			Small- & Mid-Cap			International			Third Avenue
	Growth^(h)			International			Markets			Value			Small Cap			Value

Investment income:
Dividend income	$	1,327		$	12,190		$	9,965		$	3,312		$	12,098		$	8,009
Withholding taxes on foreign income		(9	)		(1,008	)		(783	)		(7	)		(1,026	)		(388	)
Interest income		1			1			2			2			1			50
Securities lending income (net)		254			338			72			43			389			112

		1,573			11,521			9,256			3,350			11,462			7,783


Expenses:
Management and advisory		1,500			4,854			5,794			2,634			5,580			3,374
Transfer agent		4			13			13			7			13			10
Printing and shareholder reports		2			4			4			2			5			3
Custody		43			338			768			46			452			144
Administration		32			101			103			58			107			84
Legal		7			21			18			10			17			14
Audit and tax		14			17			46			22			33			15
Trustees		3			10			10			6			11			9
Registration		—			3			—			—			5			—
Other		2			8			7			3			8			6

Total expenses		1,607			5,369			6,763			2,788			6,231			3,659


Net investment income (loss)		(34	)		6,152			2,493			562			5,231			4,124


Net realized gain (loss) on transactions from:
Investment securities		1,234			691	⁽ⁱ⁾		50,831	^(j)		40,962			24,089			11,518
Foreign currency transactions		(14	)		(491	)		(428	)		(7	)		(173	)		55

		1,220			200			50,403			40,955			23,916			11,573


Net increase (decrease) in unrealized appreciation (depreciation) on:
Investment securities		32,190			83,081	^(k)		86,533	^(l)		13,072			50,471			51,184
Translation of assets and liabilities denominated in foreign currencies		—			4			101			—			112			15

Change in unrealized appreciation (depreciation):		32,190			83,085			86,634			13,072			50,583			51,199

Net realized and unrealized gain		33,410			83,285			137,037			54,027			74,499			62,772

Net increase in net assets resulting from operations	$	33,376		$	89,437		$	139,530		$	54,589		$	79,730		$	66,896



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

Transamerica Funds		Annual Report 2010

Page 146

STATEMENTS OF OPERATIONS (continued)
At October 31, 2010
(all amounts in thousands)


	Transamerica
	Thornburg			Transamerica			Transamerica
	International			UBS Large Cap			WMC Emerging
	Value			Value			Markets

Investment income:
Dividend income	$	13,907		$	21,840		$	6,335
Withholding taxes on foreign income		(1,195	)		—			(601	)
Interest income		2			1			1
Securities lending income (net)		75			7			37

		12,789			21,848			5,772


Expenses:
Management and advisory		6,169			7,973			3,025
Transfer agent		17			27			11
Printing and shareholder reports		5			7			3
Custody		373			106			523
Administration		125			213			53
Legal		20			35			9
Audit and tax		16			10			18
Trustees		13			22			5
Registration		5			7			49
Other		9			14			18

Total expenses		6,752			8,414			3,714

Expenses reimbursed		—			—			(10	)

Net expenses		6,752			8,414			3,704


Net investment income		6,037			13,434			2,068


Net realized gain (loss) on transactions from:
Investment securities		8,379			(38,588	)		21,987	^(m)
Foreign currency transactions		77			—			(720	)

		8,456			(38,588	)		21,267


Net increase (decrease) in unrealized appreciation (depreciation) on:
Investment securities		85,041			126,853			28,650	⁽ⁿ⁾
Translation of assets and liabilities denominated in foreign currencies		(3,948	)		—			(384	)

Change in unrealized appreciation (depreciation):		81,093			126,853			28,266

Net realized and unrealized gain		89,549			88,265			49,533

Net increase in net assets resulting from operations	$	95,586		$	101,699		$	51,601


^(a)		Formerly, Transamerica UBS Dynamic Alpha.

^(b)		Rounds to less than $1.

^(c)		Net of foreign capital gains tax of $11.

^(d)		Net of foreign capital gains tax of $80.

^(e)		Formerly, Transamerica Van Kampen Emerging Markets Debt.

^(f)		Formerly, Transamerica Van Kampen Mid-Cap Growth.

^(g)		Net of foreign capital gains tax of $188.

^(h)		Formerly, Transamerica Van Kampen Small Company Growth.

⁽ⁱ⁾		Net of foreign capital gains tax of $63.

^(j)		Net of foreign capital gains tax of $10.

^(k)		Net of foreign capital gains tax of $3.

^(l)		Net of foreign capital gains tax of $420.

^(m)		Net of foreign capital gains tax of $269.

⁽ⁿ⁾		Net of foreign capital gains tax of $946.



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

Transamerica Funds		Annual Report 2010

Page 147

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


	Transamerica AllianceBernstein						Transamerica BlackRock Global						Transamerica BlackRock Large
	International Value						Allocation						Cap Value
	October 31, 2010			October 31, 2009			October 31, 2010			October 31, 2009			October 31, 2010			October 31, 2009

From operations:
Net investment income (loss)	$	6,067		$	5,931		$	9,103		$	8,385		$	8,353		$	8,503
Net realized gain (loss)^(a)		(19,459	)		(106,037	)		4,109			(21,913	)		15,844			(118,880	)
Change in unrealized appreciation (depreciation)^(b)		20,774			155,333			37,715			91,044			28,892			131,940

Net increase in net assets resulting from operations		7,382			55,227			50,927			77,516			53,089			21,563


Distributions to shareholders:
From net investment income		(6,770	)		(12,685	)		(9,113	)		(22,476	)		(8,593	)		(8,083	)
From net realized gains		—			—			—			(20,996	)		—			—

Total distributions to shareholders		(6,770	)		(12,685	)		(9,113	)		(43,472	)		(8,593	)		(8,083	)


Capital share transactions:
Proceeds from shares sold		56,394			33,207			32,667			20,209			43,019			175,569
Dividends and distributions reinvested		6,770			12,685			9,113			43,472			8,593			8,083
Cost of shares redeemed		(81,093	)		(20,703	)		(35,268	)		(26,527	)		(27,578	)		(25,273	)

Net increase (decrease) in net assets resulting from capital shares transactions		(17,929	)		25,189			6,512			37,154			24,034			158,379


Net increase (decrease) in net assets		(17,317	)		67,731			48,326			71,198			68,530			171,859


Net assets:
Beginning of year		316,068			248,337			448,979			377,781			633,675			461,816

End of year	$	298,751		$	316,068		$	497,305		$	448,979		$	702,205		$	633,675


Undistributed (accumulated) net investment income (loss)	$	5,051		$	5,809		$	4,876		$	5,644		$	6,421		$	6,661


Share activity:
Shares issued		7,432			4,629			3,130			2,172			5,351			22,694
Shares issued-reinvested from distributions		856			2,013			893			5,084			1,047			1,107
Shares redeemed		(11,801	)		(3,691	)		(3,393	)		(2,809	)		(3,380	)		(3,379	)

Net increase (decrease) in shares outstanding		(3,513	)		2,951			630			4,447			3,018			20,422


	Transamerica BNY Mellon Market						Transamerica Federated Market						Transamerica First Quadrant
	Neutral Strategy						Opportunity						Global Macro^(c)
	October 31, 2010			October 31, 2009			October 31, 2010			October 31, 2009			October 31, 2010			October 31, 2009

From operations:
Net investment income (loss)	$	(1,593	)	$	(1,744	)	$	605		$	453		$	(1,824	)	$	333
Net realized gain (loss)^(a)		1,377			(9,730	)		2,681			(11,402	)		1,970			(40,124	)
Change in unrealized appreciation (depreciation)^(b)		(1,047	)		1,363			(4,880	)		20,710			537			34,221

Net increase (decrease) in net assets resulting from operations		(1,263	)		(10,111	)		(1,594	)		9,761			683			(5,570	)


Distributions to shareholders:
From net investment income		—			—			(722	)		(39	)		—			(606	)
From net realized gains		—			—			—			(4,308	)		—			(41,308	)
From return of capital		—			(1,349	)		—			(1,344	)		—			(1,013	)

Total distributions to shareholders		—			(1,349	)		(722	)		(5,691	)		—			(42,927	)


Capital share transactions:
Proceeds from shares sold		28,414			7,254			21,945			3,527			18,983			7,143
Dividends and distributions reinvested		—			1,349			722			5,691			—			42,927
Cost of shares redeemed		(5,491	)		(31,809	)		(13,441	)		(2,206	)		(541	)		(60,123	)

Net increase (decrease) in net assets resulting from capital shares transactions		22,923			(23,206	)		9,226			7,012			18,442			(10,053	)


Net increase (decrease) in net assets		21,660			(34,666	)		6,910			11,082			19,125			(58,550	)


Net assets:
Beginning of year		86,682			121,348			85,562			74,480			107,017			165,567

End of year	$	108,342		$	86,682		$	92,472		$	85,562		$	126,142		$	107,017

Undistributed (accumulated) net investment income (loss)	$	—		$	—		$	403		$	—		$	—		$	—


Share activity:
Shares issued		3,404			849			2,522			395			3,090			1,233
Shares issued-reinvested from distributions		—			145			84			664			—			8,401
Shares redeemed		(658	)		(3,481	)		(1,535	)		(246	)		(89	)		(11,261	)

Net increase (decrease) in shares outstanding		2,746			(2,487	)		1,071			813			3,001			(1,627	)



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

Transamerica Funds		Annual Report 2010

Page 148

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


	Transamerica JPMorgan Core						Transamerica JPMorgan						Transamerica JPMorgan Mid Cap
	Bond						International Bond						Value
				October 31,
	October 31, 2010			2009^(d)			October 31, 2010			October 31, 2009			October 31, 2010			October 31, 2009

From operations:
Net investment income (loss)	$	20,804		$	1,406		$	12,874		$	16,393		$	2,289		$	3,099
Net realized gain (loss)^(a)		10,933			14			22,804			17,635			892			(25,131	)
Change in unrealized appreciation (depreciation)^(b)		37,162			1,435			(17,858	)		78,753			34,397			43,368

Net increase in net assets resulting from operations		68,899			2,855			17,820			112,781			37,578			21,336


Distributions to shareholders:
From net investment income		(23,223	)		(1,127	)		(22,408	)		(43,396	)		(3,125	)		(3,382	)
From net realized gains		—			—			(7,372	)		(6,155	)		—			(1,094	)

Total distributions to shareholders		(23,223	)		(1,127	)		(29,780	)		(49,551	)		(3,125	)		(4,476	)


Capital share transactions:
Proceeds from shares sold		950,778			218,178			194,597			15,190			—			17,074
Dividends and distributions reinvested		23,223			1,127			29,747			49,551			3,125			4,476
Cost of shares redeemed		(172,035	)		(5,217	)		(498,207	)		(94,085	)		(39,804	)		(20,344	)

Net increase (decrease) in net assets resulting from capital shares transactions		801,966			214,088			(273,863	)		(29,344	)		(36,679	)		1,206


Net increase (decrease) in net assets		847,642			215,816			(285,823	)		33,886			(2,226	)		18,066


Net assets:
Beginning of year		215,816			—			732,964			699,078			165,838			147,772

End of year	$	1,063,458		$	215,816		$	447,141		$	732,964		$	163,612		$	165,838

Undistributed (accumulated) net investment income (loss)	$	1,909		$	499		$	18,305		$	10,160		$	1,532		$	2,369


Share activity:
Shares issued		93,570			21,821			17,820			1,355			—			2,416
Shares issued-reinvested from distributions		2,258			112			2,640			4,407			356			643
Shares redeemed		(16,532	)		(519	)		(46,433	)		(8,964	)		(4,293	)		(2,638	)

Net increase (decrease) in shares outstanding		79,296			21,414			(25,973	)		(3,202	)		(3,937	)		421


							Transamerica Morgan Stanley						Transamerica Morgan Stanley Mid-
	Transamerica Loomis Sayles Bond						Emerging Markets Debt^(e)						Cap Growth^(f)
	October 31, 2010			October 31, 2009			October 31, 2010			October 31, 2009			October 31, 2010			October 31, 2009

From operations:
Net investment income (loss)	$	34,110		$	47,988		$	20,029		$	23,272		$	1,044		$	(91	)
Net realized gain (loss)^(a)		32,595			(22,336	)		29,113			(17,390	)		23,160			1,465
Change in unrealized appreciation (depreciation)^(b)		42,590			230,392			4,409			101,754			61,597			51,429

Net increase in net assets resulting from operations		109,295			256,044			53,551			107,636			85,801			52,803


Distributions to shareholders:
From net investment income		(36,806	)		(44,761	)		(20,346	)		(20,808	)		(439	)		(121	)
From net realized gains		—			(4,085	)		—			—			—			—

Total distributions to shareholders		(36,806	)		(48,846	)		(20,346	)		(20,808	)		(439	)		(121	)


Capital share transactions:
Proceeds from shares sold		44,402			35,720			1,861			1,679			21,508			106,246
Dividends and distributions reinvested		36,806			48,845			20,346			20,807			439			121
Cost of shares redeemed		(371,729	)		(56,879	)		(135,454	)		(47,046	)		(70,946	)		(978	)

Net increase (decrease) in net assets resulting from capital shares transactions		(290,521	)		27,686			(113,247	)		(24,560	)		(48,999	)		105,389


Net increase (decrease) in net assets		(218,032	)		234,884			(80,042	)		62,268			36,363			158,071


Net assets:
Beginning of year		812,252			577,368			382,618			320,350			256,212			98,141

End of year	$	594,220		$	812,252		$	302,576		$	382,618		$	292,575		$	256,212

Undistributed (accumulated) net investment income (loss)	$	8,326		$	5,777		$	693		$	990		$	559		$	1


Share activity:
Shares issued		4,240			4,217			173			179			2,023			13,628
Shares issued-reinvested from distributions		3,604			6,195			1,926			2,409			43			18
Shares redeemed		(36,244	)		(7,306	)		(12,699	)		(5,349	)		(6,434	)		(106	)

Net increase (decrease) in shares outstanding		(28,400	)		3,106			(10,600	)		(2,761	)		(4,368	)		13,540



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

Transamerica Funds		Annual Report 2010

Page 149

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


	Transamerica Morgan Stanley						Transamerica Neuberger Berman						Transamerica Oppenheimer
	Small Company Growth^(g)						International						Developing Markets
	October 31, 2010			October 31, 2009			October 31, 2010			October 31, 2009			October 31, 2010			October 31, 2009

From operations:
Net investment income (loss)	$	(34	)	$	(151	)	$	6,152		$	5,275		$	2,493		$	2,854
Net realized gain (loss)^(a)		1,220			(3,627	)		200			(99,278	)		50,403			(79,355	)
Change in unrealized appreciation (depreciation)^(b)		32,190			22,009			83,085			179,227			86,634			254,179

Net increase in net assets resulting from operations		33,376			18,231			89,437			85,224			139,530			177,678


Distributions to shareholders:
From net investment income		—			(1,228	)		(4,520	)		(8,575	)		(2,488	)		(6,340	)
From net realized gains		—			—			—			—			—			(57,434	)
From return of capital		—			(126	)		—			—			—			—

Total distributions to shareholders		—			(1,354	)		(4,520	)		(8,575	)		(2,488	)		(63,774	)


Capital share transactions:
Proceeds from shares sold		20,122			65,454			64,435			142,391			126,210			39,328
Dividends and distributions reinvested		—			1,354			4,520			8,575			2,488			63,774
Cost of shares redeemed		(1,927	)		(15,010	)		(54,826	)		(49,793	)		(151,164	)		(39,343	)

Net increase (decrease) in net assets resulting from capital shares transactions		18,195			51,798			14,129			101,173			(22,466	)		63,759


Net increase in net assets		51,571			68,675			99,046			177,822			114,576			177,663


Net assets:
Beginning of year		129,889			61,214			485,803			307,981			495,636			317,973

End of year	$	181,460		$	129,889		$	584,849		$	485,803		$	610,212		$	495,636

Undistributed (accumulated) net investment income (loss)	$	390		$	(25	)	$	5,160		$	4,121		$	1,724		$	2,441


Share activity:
Shares issued		2,049			8,645			7,825			19,249			10,552			4,766
Shares issued-reinvested from distributions		—			203			575			1,441			226			10,204
Shares redeemed		(194	)		(2,401	)		(7,177	)		(8,229	)		(13,996	)		(4,790	)

Net increase (decrease) in shares outstanding		1,855			6,447			1,223			12,461			(3,218	)		10,180


	Transamerica Oppenheimer Small-						Transamerica Schroders
	& Mid-Cap Value						International Small Cap						Transamerica Third Avenue Value
	October 31, 2010			October 31, 2009			October 31, 2010			October 31, 2009			October 31, 2010			October 31, 2009

From operations:
Net investment income (loss)	$	562		$	977		$	5,231		$	2,592		$	4,124		$	3,343
Net realized gain (loss)^(a)		40,955			(44,827	)		23,916			(13,694	)		11,573			(85,958	)
Change in unrealized appreciation (depreciation)^(b)		13,072			107,779			50,583			92,601			51,199			127,228

Net increase in net assets resulting from operations		54,589			63,929			79,730			81,499			66,896			44,613


Distributions to shareholders:
From net investment income		(1,363	)		(701	)		(3,075	)		(1,875	)		(6,092	)		—

Total distributions to shareholders		(1,363	)		(701	)		(3,075	)		(1,875	)		(6,092	)		—


Capital share transactions:
Proceeds from shares sold		9,163			91,818			28,564			374,388			7,367			98,997
Dividends and distributions reinvested		1,363			701			3,075			1,875			6,092			—
Cost of shares redeemed		(33,808	)		(14,352	)		(103,679	)		(20,869	)		(114,679	)		(56,905	)

Net increase (decrease) in net assets resulting from capital shares transactions		(23,282	)		78,167			(72,040	)		355,394			(101,220	)		42,092


Net increase (decrease) in net assets		29,944			141,395			4,615			435,018			(40,416	)		86,705


Net assets:
Beginning of year		269,281			127,886			543,673			108,655			423,550			336,845

End of year	$	299,225		$	269,281		$	548,288		$	543,673		$	383,134		$	423,550

Undistributed (accumulated) net investment income (loss)	$	—		$	789		$	5,112		$	2,970		$	3,207		$	3,221


Share activity:
Shares issued		1,018			16,552			3,305			50,555			366			6,775
Shares issued-reinvested from distributions		165			123			368			328			313			—
Shares redeemed		(3,976	)		(2,096	)		(13,096	)		(3,389	)		(5,881	)		(3,698	)

Net increase (decrease) in shares outstanding		(2,793	)		14,579			(9,423	)		47,494			(5,202	)		3,077



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

Transamerica Funds		Annual Report 2010

Page 150

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


	Transamerica Thornburg						Transamerica UBS Large Cap						Transamerica WMC Emerging
	International Value						Value						Markets
	October 31, 2010			October 31, 2009			October 31, 2010			October 31, 2009			October 31, 2010			October 31, 2009

From operations:
Net investment income (loss)	$	6,037		$	2,643		$	13,434		$	11,964		$	2,068		$	977
Net realized gain (loss)^(a)		8,456			1,663			(38,588	)		(205,633	)		21,267			4,217
Change in unrealized appreciation (depreciation)^(b)		81,093			64,297			126,853			234,116			28,266			44,995

Net increase in net assets resulting from operations		95,586			68,603			101,699			40,447			51,601			50,189


Distributions to shareholders:
From net investment income		(3,505	)		—			(12,793	)		(16,273	)		(956	)		—
From net realized gains		(1,787	)		(634	)		—			—			(3,430	)		—

Total distributions to shareholders		(5,292	)		(634	)		(12,793	)		(16,273	)		(4,386	)		—


Capital share transactions:
Proceeds from shares sold		168,436			480,007			80,736			326,000			232,087			56,923
Dividends and distributions reinvested		5,292			634			12,793			16,273			4,386			—
Cost of shares redeemed		(77,077	)		(36,587	)		(59,530	)		(65,816	)		(50,969	)		(4,647	)

Net increase in net assets resulting from capital shares transactions		96,651			444,054			33,999			276,457			185,504			52,276


Net increase in net assets		186,945			512,023			122,905			300,631			232,719			102,465


Net assets:
Beginning of year		591,539			79,516			1,002,628			701,997			178,592			76,127

End of year	$	778,484		$	591,539		$	1,125,533		$	1,002,628		$	411,311		$	178,592

Undistributed (accumulated) net investment income (loss)	$	3,805		$	2,364		$	10,114		$	9,473		$	183		$	308


Share activity:
Shares issued		16,656			55,369			9,068			38,667			18,069			5,415
Shares issued-reinvested from distributions		532			81			1,438			2,238			346			—
Shares redeemed		(8,200	)		(4,377	)		(6,760	)		(9,307	)		(4,430	)		(542	)

Net increase in shares outstanding		8,988			51,073			3,746			31,598			13,985			4,873


^(a)		Net realized gain (loss) includes all items listed in the Statements of Operations

^(b)		Change in unrealized appreciation (depreciation) includes all items listed in the Statements of Operations.

^(c)		Formerly, Transamerica UBS Dynamic Alpha.

^(d)		Commenced operations on July 1, 2009.

^(e)		Formerly, Transamerica Van Kampen Emerging Markets Debt.

^(f)		Formerly, Transamerica Van Kampen Mid-Cap Growth.

^(g)		Formerly, Transamerica Van Kampen Small Company Growth.



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

Transamerica Funds		Annual Report 2010

Page 151

FINANCIAL HIGHLIGHTS

For the years ended:


	Transamerica AllianceBernstein International Value
													October 31,
For a share outstanding throughout each period	October 31, 2010			October 31, 2009			October 31, 2008			October 31, 2007			2006^(a)

Net asset value
Beginning of year	$	7.79		$	6.61		$	14.88		$	12.35		$	10.00


Investment operations
Net investment income^(b)		0.15			0.16			0.30			0.25			0.20
Net realized and unrealized gain (loss) on investments		0.29			1.37			(7.43	)		2.65			2.16

Total from investment operations		0.44			1.53			(7.13	)		2.90			2.36


Distributions
Net investment income		(0.16	)		(0.35	)		(0.21	)		(0.15	)		(0.01	)
Net realized gains on investments		—			—			(0.93	)		(0.22	)		—

Total distributions		(0.16	)		(0.35	)		(1.14	)		(0.37	)		(0.01	)


Net asset value
End of year	$	8.07		$	7.79		$	6.61		$	14.88		$	12.35


Total return^(c)		5.61	%		24.32	%		(51.72	%)		23.99	%		23.67	% ^(d)


Net assets end of year (000’s)	$	298,751		$	316,068		$	248,337		$	519,217		$	376,531


Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		0.97	%		0.97	%		0.94	%		0.93	%		0.99	% ^(e)
Before reimbursement/recapture		0.97	%		0.97	%		0.94	%		0.93	%		0.99	% ^(e)
Net investment income, to average net assets		2.00	%		2.39	%		2.71	%		1.82	%		1.91	% ^(e)
Portfolio turnover rate		59	%		59	%		33	%		36	%		22	% ^(d)


	Transamerica BlackRock Global Allocation
													October 31,
For a share outstanding throughout each period	October 31, 2010			October 31, 2009			October 31, 2008			October 31, 2007			2006^(a)

Net asset value
Beginning of year	$	9.99		$	9.32		$	13.23		$	11.23		$	10.00


Investment operations
Net investment income^(b)		0.20			0.19			0.27			0.24			0.19
Net realized and unrealized gain (loss) on investments		0.93			1.55			(3.25	)		2.15			1.06

Total from investment operations		1.13			1.74			(2.98	)		2.39			1.25


Distributions
Net investment income		(0.21	)		(0.55	)		(0.35	)		(0.20	)		(0.02	)
Net realized gains on investments		—			(0.52	)		(0.58	)		(0.19	)		—

Total distributions		(0.21	)		(1.07	)		(0.93	)		(0.39	)		(0.02	)


Net asset value
End of year	$	10.91		$	9.99		$	9.32		$	13.23		$	11.23


Total return^(c)		11.40	%		20.57	%		(24.23	%)		21.95	%		12.45	% ^(d)


Net assets end of year (000’s)	$	497,305		$	448,979		$	377,781		$	520,484		$	490,941


Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		0.87	%		0.90	%		0.88	%		0.85	%		0.90	% ^(e)
Before reimbursement/recapture		0.87	%		0.90	%		0.88	%		0.85	%		0.90	% ^(e)
Net investment income, to average net assets		1.96	%		2.08	%		2.25	%		2.04	%		2.02	% ^(e)
Portfolio turnover rate		43	%		43	%		49	%		30	%		31	% ^(d)



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

Transamerica Funds		Annual Report 2010

Page 152

FINANCIAL HIGHLIGHTS (continued)

For the years ended:


	Transamerica BlackRock Large Cap Value
													October 31,
For a share outstanding throughout each period	October 31, 2010			October 31, 2009			October 31, 2008			October 31, 2007			2006^(f)

Net asset value
Beginning of year	$	7.81		$	7.61		$	13.08		$	12.15		$	10.47


Investment operations
Net investment income^(b)		0.10			0.13			0.13			0.12			0.07
Net realized and unrealized gain (loss) on investments		0.54			0.20			(4.78	)		1.27			1.64

Total from investment operations		0.64			0.33			(4.65	)		1.39			1.71


Distributions
Net investment income		(0.11	)		(0.13	)		(0.09	)		(0.09	)		(0.03	)
Net realized gains on investments		—			—			(0.73	)		(0.37	)		—

Total distributions		(0.11	)		(0.13	)		(0.82	)		(0.46	)		(0.03	)


Net asset value
End of year	$	8.34		$	7.81		$	7.61		$	13.08		$	12.15


Total return^(c)		8.16	%		4.50	%		(37.76	%)		11.80	%		16.36	% ^(d)


Net assets end of year (000’s)	$	702,205		$	633,675		$	461,816		$	610,135		$	506,529


Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		0.83	%		0.83	%		0.83	%		0.84	%		0.84	% ^(e)
Before reimbursement/recapture		0.83	%		0.83	%		0.83	%		0.84	%		0.84	% ^(e)
Net investment income, to average net assets		1.21	%		1.87	%		1.21	%		0.96	%		0.62	% ^(e)
Portfolio turnover rate		124	%		130	%		71	%		69	%		56	% ^(d)


	Transamerica BNY Mellon Market Neutral Strategy
										October 31,
For a share outstanding throughout each period	October 31, 2010			October 31, 2009			October 31, 2008			2007^(g)

Net asset value
Beginning of year	$	8.43		$	9.51		$	9.78		$	10.00


Investment operations
Net investment income (loss)^(b)		(0.13	)		(0.17	)		0.10			0.23
Net realized and unrealized gain (loss) on investments		0.02			(0.80	)		0.20			(0.45	)

Total from investment operations		(0.11	)		(0.97	)		0.30			0.22


Distributions
Net investment income		—			—			(0.57	)		—
Return of capital		—			(0.11	)		—			—

Total distributions		—			(0.11	)		(0.57	)		—


Net asset value
End of year	$	8.32		$	8.43		$	9.51		$	9.78


Total return^(c)		(1.30	%)		(10.27	%)		3.30	%		(2.20	%) ^(d)


Net assets end of year (000’s)	$	108,342		$	86,682		$	121,348		$	112,394


Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		2.85	% ^(h)		3.61	% ^(h)		2.79	% ^(h)		3.05	% ^(e),(h)
Before reimbursement/recapture		2.85	% ^(h)		3.61	% ^(h)		2.79	% ^(h)		3.05	% ^(e),(h)
Net investment income (loss), to average net assets		(1.61	%) ^(h)		(1.87	%) ^(h)		1.05	% ^(h)		2.77	% ^(e),(h)
Portfolio turnover rate		303	%		463	%		192	%		119	% ^(d)


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

Transamerica Funds		Annual Report 2010

Page 153

FINANCIAL HIGHLIGHTS (continued)

For the years ended:


	Transamerica Federated Market Opportunity
													October 31,
For a share outstanding throughout each period	October 31, 2010			October 31, 2009			October 31, 2008			October 31, 2007			2006^(a)

Net asset value
Beginning of year	$	8.99		$	8.56		$	9.33		$	9.71		$	10.00


Investment operations
Net investment income^(b)		0.06			0.05			0.11			0.24			0.27
Net realized and unrealized gain (loss) on investments		(0.25	)		1.03			(0.77	)		(0.34	)		(0.30	)

Total from investment operations		(0.19	)		1.08			(0.66	)		(0.10	)		(0.03	)


Distributions
Net investment income		(0.07	)		(0.01	)		(0.11	)		(0.28	)		(0.26	)
Net realized gains on investments		—			(0.49	)		—			—			—
Return of capital		—			(0.15	)		—			—			—

Total distributions		(0.07	)		(0.65	)		(0.11	)		(0.28	)		(0.26	)


Net asset value
End of year	$	8.73		$	8.99		$	8.56		$	9.33		$	9.71


Total return^(c)		(2.11	%)		13.01	%		(7.16	%)		(1.03	%)		(0.35	%) ^(d)


Net assets end of year (000’s)	$	92,472		$	85,562		$	74,480		$	53,747		$	83,188


Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		0.89	%		0.89	%		0.88	%		0.93	%		0.88	% ^(e)
Before reimbursement/recapture		0.89	%		0.89	%		0.88	%		0.93	%		0.88	% ^(e)
Net investment income, to average net assets		0.65	%		0.56	%		1.13	%		2.49	%		2.97	% ^(e)
Portfolio turnover rate		194	%		180	%		195	%		97	%		72	% ^(d)


													Transamerica JPMorgan Core
	Transamerica First Quadrant Global Macro⁽¹⁾												Bond
										October 31,						October 31,
For a share outstanding throughout each period	October 31, 2010			October 31, 2009			October 31, 2008			2007^(g)			October 31, 2010			2009^(j)

Net asset value
Beginning of year	$	6.08		$	8.60		$	9.83		$	10.00		$	10.08		$	10.00


Investment operations
Net investment income (loss)^(b)		(0.10	)		0.02			0.18			0.09			0.28			0.07
Net realized and unrealized gain (loss) on investments		0.14			(0.04	)		(1.30	)		(0.26	)		0.53			0.06

Total from investment operations		0.04			(0.02	)		(1.12	)		(0.17	)		0.81			0.13


Distributions
Net investment income		—			(0.03	)		(0.11	)		—			(0.33	)		(0.05	)
Net realized gains on investments		—			(2.40	)		—			—			—			—
Return of capital		—			(0.07	)		—			—			—			—

Total distributions		—			(2.50	)		(0.11	)		—			(0.33	)		(0.05	)


Net asset value
End of year	$	6.12		$	6.08		$	8.60		$	9.83		$	10.56		$	10.08


Total return^(c)		0.66	%		5.34	%		(11.55	%)		(1.70	%) ^(d)		8.16	%		1.34	% ^(d)


Net assets end of year (000’s)	$	126,142		$	107,017		$	165,567		$	209,382		$	1,063,458		$	215,816


Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		1.61	%		1.58	%		1.51	%		1.51	% ^(e)		0.50	%		0.55	% ^(e)
Before reimbursement/recapture		1.61	%		1.58	%		1.51	%		1.51	% ^(e)		0.50	%		0.55	% ^(e)
Net investment income (loss), to average net assets		(1.56	%)		0.32	%		1.81	%		1.16	% ^(e)		2.73	%		2.15	% ^(e)
Portfolio turnover rate		—	%		358	%		84	%		45	% ^(d)		33	%		3	% ^(d)


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

Transamerica Funds		Annual Report 2010

Page 154

FINANCIAL HIGHLIGHTS (continued)

For the years ended:


	Transamerica JPMorgan International Bond
													October 31,
For a share outstanding throughout each period	October 31, 2010			October 31, 2009			October 31, 2008			October 31, 2007			2006^(a)

Net asset value
Beginning of year	$	11.64		$	10.56		$	11.00		$	10.51		$	10.00


Investment operations
Net investment income^(b)		0.24			0.26			0.29			0.28			0.22
Net realized and unrealized gain (loss) on investments		0.71			1.59			(0.29	)		0.59			0.49

Total from investment operations		0.95			1.85			—	^(k)		0.87			0.71


Distributions
Net investment income		(0.39	)		(0.68	)		(0.44	)		(0.38	)		(0.20	)
Net realized gains on investments		(0.12	)		(0.09	)		—			—			—

Total distributions		(0.51	)		(0.77	)		(0.44	)		(0.38	)		(0.20	)


Net asset value
End of year	$	12.08		$	11.64		$	10.56		$	11.00		$	10.51


Total return^(c)		8.54	%		17.90	%		(0.14	%)		8.55	%		7.12	% ^(d)


Net assets end of year (000’s)	$	447,141		$	732,964		$	699,078		$	761,827		$	682,254


Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		0.61	%		0.60	%		0.61	%		0.61	%		0.64	% ^(e)
Before reimbursement/recapture		0.61	%		0.60	%		0.61	%		0.61	%		0.64	% ^(e)
Net investment income, to average net assets		2.16	%		2.38	%		2.55	%		2.68	%		2.34	% ^(e)
Portfolio turnover rate		61	%		53	%		74	%		86	%		145	% ^(d)


	Transamerica JPMorgan Mid Cap Value
													October 31,
For a share outstanding throughout each period	October 31, 2010			October 31, 2009			October 31, 2008			October 31, 2007			2006^(f)

Net asset value
Beginning of year	$	8.28		$	7.54		$	12.32		$	11.67		$	10.09


Investment operations
Net investment income^(b)		0.12			0.15			0.13			0.13			0.11
Net realized and unrealized gain (loss) on investments		1.93			0.82			(4.20	)		1.13			1.57

Total from investment operations		2.05			0.97			(4.07	)		1.26			1.68


Distributions
Net investment income		(0.16	)		(0.17	)		(0.10	)		(0.11	)		(0.05	)
Net realized gains on investments		—			(0.06	)		(0.61	)		(0.50	)		(0.05	)

Total distributions		(0.16	)		(0.23	)		(0.71	)		(0.61	)		(0.10	)


Net asset value
End of year	$	10.17		$	8.28		$	7.54		$	12.32		$	11.67


Total return^(c)		25.08	%		13.39	%		(34.92	%)		11.07	%		16.71	% ^(d)


Net assets end of year (000’s)	$	163,612		$	165,838		$	147,772		$	270,661		$	245,188


Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		0.89	%		0.90	%		0.87	%		0.87	%		0.88	% ^(e)
Before reimbursement/recapture		0.89	%		0.90	%		0.87	%		0.87	%		0.88	% ^(e)
Net investment income, to average net assets		1.33	%		2.05	%		1.22	%		0.98	%		1.10	% ^(e)
Portfolio turnover rate		29	%		43	%		45	%		50	%		46	% ^(d)


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

Transamerica Funds		Annual Report 2010

Page 155

FINANCIAL HIGHLIGHTS (continued)

For the years ended:


	Transamerica Loomis Sayles Bond
										October 31,
For a share outstanding throughout each period	October 31, 2010			October 31, 2009			October 31, 2008			2007^(g)

Net asset value
Beginning of year	$	9.93		$	7.34		$	10.19		$	10.00


Investment operations
Net investment income^(b)		0.57			0.60			0.60			0.45
Net realized and unrealized gain (loss) on investments		1.23			2.61			(2.88	)		(0.01	)

Total from investment operations		1.80			3.21			(2.28	)		0.44


Distributions
Net investment income		(0.59	)		(0.57	)		(0.57	)		(0.25	)
Net realized gains on investments		—			(0.05	)		—			—

Total distributions		(0.59	)		(0.62	)		(0.57	)		(0.25	)

									��
Net asset value
End of year	$	11.14		$	9.93		$	7.34		$	10.19


Total return^(c)		18.69	%		46.27	%		(23.56	%)		4.50	% ^(d)


Net assets end of year (000’s)	$	594,220		$	812,252		$	577,368		$	513,249


Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		0.70	%		0.69	%		0.69	%		0.73	% ^(e)
Before reimbursement/recapture		0.70	%		0.69	%		0.69	%		0.73	% ^(e)
Net investment income, to average net assets		5.49	%		7.22	%		6.34	%		5.42	% ^(e)
Portfolio turnover rate		79	%		42	%		24	%		18	% ^(d)


	Transamerica Morgan Stanley Emerging Markets Debt^(l)
For a share outstanding throughout each period	October 31, 2010			October 31, 2009			October 31, 2008			October 31, 2007			October 31, 2006

Net asset value
Beginning of year	$	10.23		$	7.98		$	11.23		$	10.91		$	10.45


Investment operations
Net investment income^(b)		0.62			0.60			0.61			0.59			0.55
Net realized and unrealized gain (loss) on investments		1.07			2.18			(2.72	)		0.46			0.52

Total from investment operations		1.69			2.78			(2.11	)		1.05			1.07


Distributions
Net investment income		(0.63	)		(0.53	)		(0.79	)		(0.63	)		(0.54	)
Net realized gains on investments		—			—			(0.35	)		(0.10	)		(0.07	)

Total distributions		(0.63	)		(0.53	)		(1.14	)		(0.73	)		(0.61	)


Net asset value
End of year	$	11.29		$	10.23		$	7.98		$	11.23		$	10.91


Total return^(c)		17.16	%		36.29	%		(20.81	%)		9.94	%		10.61	%


Net assets end of year (000’s)	$	302,576		$	382,618		$	320,350		$	317,328		$	425,726


Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		1.00	%		0.98	%		0.98	%		1.03	%		1.03	%
Before reimbursement/recapture		1.00	%		0.98	%		0.98	%		1.03	%		1.03	%
Net investment income, to average net assets		5.89	%		6.67	%		5.92	%		5.36	%		5.24	%
Portfolio turnover rate		100	%		118	%		81	%		79	%		79	%


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

Transamerica Funds		Annual Report 2010

Page 156

FINANCIAL HIGHLIGHTS (continued)

For the years ended:


	Transamerica Morgan Stanley Mid-Cap Growth^(m)
													October 31,
For a share outstanding throughout each period	October 31, 2010			October 31, 2009			October 31, 2008			October 31, 2007			2006⁽ⁿ⁾

Net asset value
Beginning of year	$	9.58		$	7.42		$	14.16		$	10.33		$	10.00


Investment operations
Net investment income^(b)		0.04			—	^(k)		0.02			0.04			0.01
Net realized and unrealized gain (loss) on investments		3.47			2.17			(5.90	)		3.81			0.32

Total from investment operations		3.51			2.17			(5.88	)		3.85			0.33


Distributions
Net investment income		(0.02	)		(0.01	)		(0.02	)		(0.02	)		—
Net realized gains on investments		—			—			(0.84	)		—			—

Total distributions		(0.02	)		(0.01	)		(0.86	)		(0.02	)		—


Net asset value
End of year	$	13.07		$	9.58		$	7.42		$	14.16		$	10.33


Total return^(c)		36.64	%		29.29	%		(43.99	%)		37.32	%		3.30	% ^(d)


Net assets end of year (000’s)	$	292,575		$	256,212		$	98,141		$	125,380		$	75,092


Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		0.86	%		0.88	%		0.87	%		0.90	%		0.92	% ^(e)
Before reimbursement/recapture		0.86	%		0.88	%		0.87	%		0.90	%		0.92	% ^(e)
Net investment income (loss), to average net assets		0.37	%		(0.06	%)		0.19	%		0.32	%		0.11	% ^(e)
Portfolio turnover rate		50	%		38	%		40	%		74	%		50	% ^(d)


	Transamerica Morgan Stanley Small Company Growth^(o)
For a share outstanding throughout each period	October 31, 2010			October 31, 2009			October 31, 2008			October 31, 2007			October 31, 2006

Net asset value
Beginning of year	$	8.82		$	7.39		$	14.14		$	12.78		$	11.29


Investment operations
Net investment income (loss)^(b)		—	^(k)		(0.02	)		0.10			0.02			(0.02	)
Net realized and unrealized gain (loss) on investments		2.12			1.62			(5.50	)		1.81			1.69

Total from investment operations		2.12			1.60			(5.40	)		1.83			1.67


Distributions
Net investment income		—			(0.15	)		(0.02	)		—			(0.01	)
Net realized gains on investments		—			—			(1.33	)		(0.47	)		(0.17	)
Return of capital		—			(0.02	)		—			—			—

Total distributions		—			(0.17	)		(1.35	)		(0.47	)		(0.18	)


Net asset value
End of year	$	10.94		$	8.82		$	7.39		$	14.14		$	12.78


Total return^(c)		24.04	%		22.43	%		(41.72	%)		14.75	%		14.92	%


Net assets end of year (000’s)	$	181,460		$	129,889		$	61,214		$	188,347		$	301,649


Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		1.02	%		1.04	%		1.02	%		1.01	%		1.01	%
Before reimbursement/recapture		1.02	%		1.04	%		1.02	%		1.01	%		1.01	%
Net investment income (loss), to average net assets		(0.02	%)		(0.19	%)		0.89	%		0.13	%		(0.19	%)
Portfolio turnover rate		21	%		40	%		44	%		71	%		67	%


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

Transamerica Funds		Annual Report 2010

Page 157

FINANCIAL HIGHLIGHTS (continued)

For the years ended:


	Transamerica Neuberger Berman International
													October 31,
For a share outstanding throughout each period	October 31, 2010			October 31, 2009			October 31, 2008			October 31, 2007			2006^(a)

Net asset value
Beginning of year	$	7.57		$	5.95		$	13.55		$	11.74		$	10.00


Investment operations
Net investment income^(b)		0.10			0.10			0.19			0.15			0.12
Net realized and unrealized gain (loss) on investments		1.34			1.69			(6.63	)		2.37			1.64

Total from investment operations		1.44			1.79			(6.44	)		2.52			1.76


Distributions
Net investment income		(0.07	)		(0.17	)		(0.13	)		(0.13	)		(0.02	)
Net realized gains on investments		—			—			(1.03	)		(0.58	)		—

Total distributions		(0.07	)		(0.17	)		(1.16	)		(0.71	)		(0.02	)


Net asset value
End of year	$	8.94		$	7.57		$	5.95		$	13.55		$	11.74


Total return^(c)		19.16	%		30.83	%		(51.66	%)		22.37	%		17.61	% ^(d)


Net assets end of year (000’s)	$	584,849		$	485,803		$	307,981		$	596,488		$	459,996


Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		1.06	%		1.09	%		1.06	%		1.06	%		1.07	% ^(e)
Before reimbursement/recapture		1.06	%		1.09	%		1.06	%		1.06	%		1.07	% ^(e)
Net investment income, to average net assets		1.22	%		1.62	%		1.87	%		1.21	%		1.21	% ^(e)
Portfolio turnover rate		51	%		75	%		72	%		57	%		52	% ^(d)


				Transamerica Oppenheimer Developing Markets
													October 31,
For a share outstanding throughout each period	October 31, 2010			October 31, 2009			October 31, 2008			October 31, 2007			2006^(a)

Net asset value
Beginning of year	$	10.12		$	8.20		$	17.07		$	11.41		$	10.00


Investment operations
Net investment income^(b)		0.05			0.06			0.19			0.12			0.09
Net realized and unrealized gain (loss) on investments		3.22			3.51			(7.65	)		5.99			1.37

Total from investment operations		3.27			3.57			(7.46	)		6.11			1.46


Distributions
Net investment income		(0.05	)		(0.16	)		(0.09	)		(0.06	)		(0.05	)
Net realized gains on investments		—			(1.49	)		(1.32	)		(0.39	)		—

Total distributions		(0.05	)		(1.65	)		(1.41	)		(0.45	)		(0.05	)


Net asset value
End of year	$	13.34		$	10.12		$	8.20		$	17.07		$	11.41


Total return^(c)		32.43	%		56.01	%		(47.48	%)		55.27	%		14.64	% ^(d)


Net assets end of year (000’s)	$	610,212		$	495,636		$	317,973		$	674,561		$	362,080


Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		1.31	%		1.35	%		1.32	%		1.34	%		1.45	% ^(e)
Before reimbursement/recapture		1.31	%		1.35	%		1.32	%		1.34	%		1.45	% ^(e)
Net investment income, to average net assets		0.48	%		0.77	%		1.42	%		0.87	%		0.89	% ^(e)
Portfolio turnover rate		54	%		50	%		67	%		59	%		77	% ^(d)


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

Transamerica Funds		Annual Report 2010

Page 158

FINANCIAL HIGHLIGHTS (continued)

For the years ended:


				Transamerica Oppenheimer Small- & Mid-Cap Value
													October 31,
For a share outstanding throughout each period	October 31, 2010			October 31, 2009			October 31, 2008			October 31, 2007			2006^(p)

Net asset value
Beginning of year	$	7.72		$	6.30		$	13.18		$	10.94		$	10.00


Investment operations
Net investment income^(b)		0.02			0.03			0.04			—			0.02
Net realized and unrealized gain (loss) on investments		1.63			1.41			(5.98	)		2.44			0.92

Total from investment operations		1.65			1.44			(5.94	)		2.44			0.94


Distributions
Net investment income		(0.04	)		(0.02	)		—	^(k)		(0.02	)		—
Net realized gains on investments		—			—			(0.94	)		(0.18	)		—

Total distributions		(0.04	)		(0.02	)		(0.94	)		(0.20	)		—


Net asset value
End of year	$	9.33		$	7.72		$	6.30		$	13.18		$	10.94


Total return^(c)		21.44	%		22.99	%		(48.36	%)		22.57	%		9.40	% ^(d)


Net assets end of year (000’s)	$	299,225		$	269,281		$	127,886		$	183,126		$	91,899


Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		0.96	%		0.98	%		1.00	%		1.03	% ^(q)		1.15	% ^(e)
Before reimbursement/recapture		0.96	%		0.98	%		1.00	%		1.03	% ^(q)		1.22	% ^(e)
Net investment income, to average net assets		0.19	%		0.43	%		0.34	%		—	%		0.74	% ^(e)
Portfolio turnover rate		81	%		110	%		102	%		118	%		33	% ^(d)


	Transamerica Schroders International Small Cap
							October 31,
For a share outstanding throughout each period	October 31, 2010			October 31, 2009			2008^(r)

Net asset value
Beginning of year	$	8.22		$	5.82		$	10.00


Investment operations
Net investment income^(b)		0.08			0.08			0.12
Net realized and unrealized gain (loss) on investments		1.42			2.41			(4.30	)

Total from investment operations		1.50			2.49			(4.18	)


Distributions
Net investment income		(0.05	)		(0.09	)		—

Total distributions		(0.05	)		(0.09	)		—


Net asset value
End of year	$	9.67		$	8.22		$	5.82


Total return^(c)		18.29	%		43.56	%		(41.80	%) ^(d)


Net assets end of year (000’s)	$	548,288		$	543,673		$	108,655


Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		1.16	%		1.23	%		1.27	% ^(e)
Before reimbursement/recapture		1.16	%		1.21	%		1.30	% ^(e)
Net investment income, to average net assets		0.97	%		1.23	%		1.96	% ^(e)
Portfolio turnover rate		54	%		46	%		14	% ^(d)


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

Transamerica Funds		Annual Report 2010

Page 159

FINANCIAL HIGHLIGHTS (continued)

For the years ended:


				Transamerica Third Avenue Value
										October 31,
For a share outstanding throughout each period	October 31, 2010			October 31, 2009			October 31, 2008			2007^(s)

Net asset value
Beginning of year	$	18.44		$	16.93		$	28.93		$	28.01


Investment operations
Net investment income^(b)		0.19			0.15			0.24			0.14
Net realized and unrealized gain (loss) on investments		3.20			1.36			(11.45	)		0.78

Total from investment operations		3.39			1.51			(11.21	)		0.92


Distributions
Net investment income		(0.27	)		—			(0.42	)		—
Net realized gains on investments		—			—			(0.37	)		—

Total distributions		(0.27	)		—			(0.79	)		—


Net asset value
End of year	$	21.56		$	18.44		$	16.93		$	28.93


Total return^(c)		18.53	%		8.92	%		(39.75	%)		3.28	% ^(d)


Net assets end of year (000’s)	$	383,134		$	423,550		$	336,845		$	678,578


Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		0.87	%		0.87	%		0.86	%		0.86	% ^(e)
Before reimbursement/recapture		0.87	%		0.87	%		0.86	%		0.86	% ^(e)
Net investment income, to average net assets		0.98	%		0.91	%		1.00	%		0.98	% ^(e)
Portfolio turnover rate		—	% ^(v)		17	%		29	%		11	% ^(d)


	Transamerica Thornburg International Value
							October 31,
For a share outstanding throughout each period	October 31, 2010			October 31, 2009			2008^(t)

Net asset value
Beginning of year	$	9.69		$	7.98		$	10.00

			��
Investment operations
Net investment income^(b)		0.10			0.10			—	^(k)
Net realized and unrealized gain (loss) on investments		1.42			1.66			(2.02	)

Total from investment operations		1.52			1.76			(2.02	)


Distributions
Net investment income		(0.06	)		—			—
Net realized gains on investments		(0.03	)		(0.05	)		—

Total distributions		(0.09	)		(0.05	)		—


Net asset value
End of year	$	11.12		$	9.69		$	7.98


Total return^(c)		15.75	%		22.21	%		(20.20	%) ^(d)


Net assets end of year (000’s)	$	778,484		$	591,539		$	79,516


Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		1.08	%		1.17	%		1.35	% ^(e)
Before reimbursement/recapture		1.08	%		1.15	%		1.76	% ^(e)
Net investment income (loss), to average net assets		0.97	%		1.14	%		(0.18	%) ^(e)
Portfolio turnover rate		36	%		39	%		5	% ^(d)


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

Transamerica Funds		Annual Report 2010

Page 160

FINANCIAL HIGHLIGHTS (continued)

For the years ended:


	Transamerica UBS Large Cap Value
For a share outstanding throughout each period	October 31, 2010			October 31, 2009			October 31, 2008			October 31, 2007			October 31, 2006

Net asset value
Beginning of year	$	8.44		$	8.05		$	13.79		$	12.73		$	10.95


Investment operations
Net investment income^(b)		0.11			0.14			0.21			0.19			0.14
Net realized and unrealized gain (loss) on investments		0.74			0.44			(5.64	)		1.36			1.92

Total from investment operations		0.85			0.58			(5.43	)		1.55			2.06


Distributions
Net investment income		(0.11	)		(0.19	)		(0.15	)		(0.13	)		(0.10	)
Net realized gains on investments		—			—			(0.16	)		(0.36	)		(0.18	)

Total distributions		(0.11	)		(0.19	)		(0.31	)		(0.49	)		(0.28	)


Net asset value
End of year	$	9.18		$	8.44		$	8.05		$	13.79		$	12.73


Total return^(c)		10.09	%		7.56	%		(40.19	%)		12.48	%		19.19	%


Net assets end of year (000’s)	$	1,125,533		$	1,002,628		$	701,997		$	880,922		$	226,782


Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		0.79	%		0.81	%		0.80	%		0.81	%		0.88	%
Before reimbursement/recapture		0.79	%		0.81	%		0.80	%		0.81	%		0.88	%
Net investment income, to average net assets		1.26	%		1.80	%		1.86	%		1.41	%		1.21	%
Portfolio turnover rate		56	%		66	%		47	%		27	%		32	%


	Transamerica WMC Emerging Markets
							October 31,
For a share outstanding throughout each period	October 31, 2010			October 31, 2009			2008^(u)

Net asset value
Beginning of year	$	12.06		$	7.66		$	10.00


Investment operations
Net investment income^(b)		0.10			0.09			—	^(k)
Net realized and unrealized gain (loss) on investments		2.41			4.31			(2.34	)

Total from investment operations		2.51			4.40			(2.34	)


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

Total distributions		(0.29	)		—			—


Net asset value
End of year	$	14.28		$	12.06		$	7.66


Total return^(c)		21.08	%		57.44	%		(23.40	%) ^(d)


Net assets end of year (000’s)	$	411,311		$	178,592		$	76,127


Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		1.40	%		1.40	%		1.40	% ^(e)
Before reimbursement/recapture		1.40	%		1.43	%		2.26	% ^(e)
Net investment income, to average net assets		0.78	%		0.89	%		0.15	% ^(e)
Portfolio turnover rate		147	%		141	%		10	% ^(d)


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

Transamerica Funds		Annual Report 2010

Page 161

FINANCIAL HIGHLIGHTS (continued)

For the years ended:


^(a)		Commenced operations on December 6, 2005.

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

^(c)		Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase.

^(d)		Not annualized.

^(e)		Annualized.

^(f)		Commenced operations on November 15, 2005.

^(g)		Commenced operations on January 3, 2007.

^(h)		Includes dividends and interest on securities sold short (representing 1.35%, 2.09%, 1.30%, and 1.56% of average net assets for 2010, 2009, 2008, and 2007, respectively).

⁽ⁱ⁾		Formerly, Transamerica UBS Dynamic Alpha.

^(j)		Commenced operations on July 1, 2009.

^(k)		Rounds to less than $(0.01) or $0.01.

^(l)		Formerly, Transamerica Van Kampen Emerging Markets Debt.

^(m)		Formerly, Transamerica Van Kampen Mid-Cap Growth.

⁽ⁿ⁾		Commenced operations on January 3, 2006.

^(o)		Formerly, Transamerica Van Kampen Small Company Growth.

^(p)		Commenced operations on August 1, 2006.

^(q)		Includes recaptured expenses by the investment adviser. The impact of recaptured expenses was 0.01% (see notes to the financial statements for details).

^(r)		Commenced operations on March 1, 2008.

^(s)		Commenced operations on May 1, 2007.

^(t)		Commenced operations on September 15, 2008.

^(u)		Commenced operations on September 30, 2008.

^(v)		Rounds to less than (1)% or 1%.

Note: Prior to October 31, 2009, all of the financial highlights were audited by another independent registered public accounting firm.


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

Transamerica Funds		Annual Report 2010

Page 162

Transamerica Clarion Global Real Estate Securities

(unaudited)

MARKET ENVIRONMENT

The past twelve months have been a period of positive total returns for global real estate stocks, which have advanced by 25% as improving capital market conditions and economic conditions continue to benefit investors. North American property stocks posted the best performance over the past twelve months, up 43%, followed by the Asia-Pacific and European regions, which were up 17% and 11%, respectively. Mixed macro-economic news continues to remind investors that patience will be required in this recovery. In most Asia-Pacific markets, economic growth will likely meet or exceed its long-term average growth rates, while growth rates in many Western markets will remain challenged as economists are forecasting economic growth in the U.S. and many European markets to fall short of average long-term growth rates. This has led to a bifurcation of central bank policies as policy in the Western economies continues to be accommodative, while central bankers in most Asia-Pacific markets are beginning to show a bias toward tightening.

PERFORMANCE

For the year ended October 31, 2010, Transamerica Clarion Global Real Estate Securities Class I2 returned 21.70%. By comparison, its benchmark, the S&P Developed Property Index (“S&P Developed Property”), returned 24.97%.

STRATEGY REVIEW

Transamerica Clarion Global Real Estate Securities offers a global strategy for real estate securities investors in the U.S. The fund generally owns between 80-110 real estate stocks with the goal of outperforming the S&P Developed Property. The fund seeks to invest in 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.

While absolute returns were strong during the period, the fund lagged its benchmark as the result of both country allocation and stock selection decisions. The timing of country allocation decisions has hurt relative performance as an underweight to the outperforming U.S. market during the first half of 2010, combined with an overweight to the underperforming Hong Kong market during the first quarter of 2010; and an underweight to the French market during the second and third quarter of 2010 were the primary drivers of the allocation shortfall. Positive stock selection in the U.S. was more than offset by sub-par stock selection in other regions during the period. In the Asia-Pacific region, stock selection in Hong Kong was a drag on performance as the result of an overweight to Chinese residential developers during the first quarter of 2010. In Europe, positions in French retail companies Klepierre and Unibail-Rodamco were notable detractors to relative performance during the period. The notable bright spot was stock selection in the U.S., which benefited from the strong performance of portfolio holdings such as Macerich Co. and Simon Property Group, Inc. in the mall sector, Host Hotels & Resorts, Inc. and Hyatt Hotels Corp. in the lodging sector, and UDR, Inc. AvalonBay Communities, Inc. and BRE Properties, Inc. in the residential sector.

The fund continues to be positioned with a positive bias to the North American and Asia-Pacific regions and a cautious stance towards property companies in Europe, which we believe will continue to lag despite the outperformance in July. By property type, we remain overweight sectors which stand to benefit from an economic recovery, including the shorter lease length hotel and apartment sectors as well as certain office markets in the Asia-Pacific region. We remain underweight property types which conversely react more slowly to economic recovery including healthcare and most office markets in North America and Europe. Our outlook remains predicated on the assumption of gradual but steady global economic growth.

The rationale for a global listed property strategy remains very much intact including diversification via (historically) low long-term correlation to broad equities and bonds, attractive current yield, reasonable valuations and the continued, gradual spread of the real estate investment trust structure globally. Real estate fundamentals will, as always, reflect improving economic conditions on a lagged basis as a result of the underlying lease structures. We continue to believe listed property companies are well-positioned to grow cash flow per share on a sustained basis in the current economic environment and are trading at reasonable valuations. Through an average 4% dividend yield, fundamentals which are bottoming and access to the capital markets, 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.

T. Ritson Ferguson, CFA
Joseph P. Smith, CFA
Steven D. Burton, CFA

Co-Portfolio Managers
ING Clarion Real Estate Securities, LLC


Transamerica Funds		Annual Report 2010

Page 163

Transamerica Clarion Global Real Estate Securities
(unaudited)

Average Annual Total Return for Periods Ended 10/31/2010


				10 Years or
	1 Year			Life of Fund			Inception Date

Class I2 (NAV)		21.70	%		4.85	%		11/15/2005
S&P Developed Property*		24.97	%		3.36	%		11/15/2005

NOTES


^*		The S&P Developed Property Index (“S&P Developed Property”) is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or Life of Fund calculation is based on the inception date of the fund. You cannot invest directly in an index.

International investing involves special risks including 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 only available in Class I2 shares, which are not available for direct investment by the public.



Transamerica Funds		Annual Report 2010

Page 164

Transamerica Jennison Growth
(unaudited)

MARKET ENVIRONMENT

U.S. equity market strength at the beginning and end of the fiscal year, aided by continued, albeit slow, economic growth, more than offset declines during the period’s middle months, when expansion appeared to be losing steam. In late 2009, distressed sale prices, low interest rates, increased mortgage credit, and tax credits stimulated housing activity. Manufacturing activity increased, and corporate profits improved largely due to workforce and inventory reductions. Clouds began to gather on the horizon in early 2010, however, as the pace of improvement decelerated. Markets grappled with the effects of reduced stimulus, persistently sub-par job growth, and flagging confidence indicators. In Europe, a sovereign debt crisis in several European Union member states weakened the euro and prompted the European Central Bank to intervene. Attempts in China to cool the domestic property market likewise raised fears that global growth might slow more than anticipated. Domestic markets saw additional volatility linked to turns in Washington policy debates. In March, an overhaul in the US health care system was enacted. In July, the President signed sweeping financial regulatory legislation that expands federal banking and securities regulation, subjecting a wider range of financial companies to government oversight. At the end of the period, housing activity, consumer spending, retail sales, and personal income were rising, as was consumer confidence. However, business production measures were mixed, overall job growth remained anemic, and credit expansion continued to be weak. Given the overall uncertainty, businesses prolonged their pause in investing and hiring.

PERFORMANCE

For the year ended October 31, 2010, Transamerica Jennison Growth Class I2 returned 15.96%. By comparison, its benchmark, the Russell 1000® Growth Index, returned 19.65%.

STRATEGY REVIEW

The portfolio is built from the bottom up, based on the fundamentals of individual companies. Technology positions contributed most to portfolio return, led by Baidu, Inc. (“Baidu”), the world’s dominant Chinese-language Internet search engine, which rose more than 190%. We believe the Chinese search market is still in its early growth stage and like Baidu’s improving execution and exploration of long-term monetization opportunities. Salesforce.com, Inc. climbed more than 100%. Its enterprise cloud computing customer relationship management service and platform permit customers to avoid many of the expenses and complexities of traditional enterprise software development and implementation. VMware, Inc. (“VMware”), and NetApp, Inc. (“NetApp”), climbed almost 100%, as well. Companies use VMware’s software to integrate and manage server, storage, and networking functions, and thereby lower operating costs. NetApp provides data-management solutions that simplify storing, managing, protecting, and archiving enterprise data. We believe it is positioned to benefit from growth in the storage business stemming from increased digital content. In the consumer discretionary sector, Amazon.com, Inc.’s strong earnings reflected market share gains and the ongoing secular shift toward e-commerce.

Cummins, Inc. (“Cummins”) and Union Pacific Corp. (“Union Pacific”) were notable contributors in the industrials sector. Cummins makes diesel and natural gas engines, electric power generation systems, and engine-related component products. Union Pacific is America’s leading rail freight carrier.

Key detractors from performance included financials holdings Charles Schwab Corp. (“Schwab”) and Morgan Stanley. Low interest rates hurt Schwab by reducing yields on margin loans and cash balances. Uncertainty surrounding financial reform weighed on Morgan Stanley.

In health care, Baxter International, Inc. (“Baxter”) fell on weakness in its blood plasma products business. Gilead Sciences, Inc.’s (“Gilead”) decline reflected reduced earnings and revenue guidance stemming from the effects of certain elements of health care reform.

Consumer staples holding CVS Caremark Corp., (“CVS”) declined on significant pharmacy benefits management contract losses; CVS is the second-largest prescription benefits manager in the U.S.

In the information technology sector, weakness in Adobe Systems, Inc. reflected concerns about potential gross margin erosion, heightened competition for the company’s Flash authoring tools, and disappointing earnings guidance.

We eliminated the portfolio’s positions in Cummins, Morgan Stanley, Baxter, Gilead, and CVS.

Michael A. Del Balso
Blair A. Boyer
Spiros Segalas

Co-Portfolio Managers
Jennison Associates LLC



Transamerica Funds		Annual Report 2010

Page 165

Transamerica Jennison Growth
(unaudited)

Average Annual Total Return for Periods Ended 10/31/2010


				10 Years or
	1 Year			Life of Fund			Inception Date

Class I2 (NAV)		15.96	%		1.88	%		11/15/2005
Russell 1000® Growth *		19.65	%		2.69	%		11/15/2005

NOTES


^*		The Russell 1000® Growth Index (“Russell 1000® Growth”) is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or Life of Fund calculation is based on the inception date of the fund. You cannot invest directly in an index.



Transamerica Funds		Annual Report 2010

Page 166

Transamerica MFS International Equity
(unaudited)

MARKET ENVIRONMENT

The first half of the reporting period witnessed a continuation of the financial market and macroeconomic rebounds that had begun in early 2009. These recoveries in global activity and asset valuations were generally synchronized around the world, led importantly by emerging Asian economies, but broadening to include most of the global economy to varying degrees. Primary drivers of the recoveries included an unwinding of the inventory destocking that took place earlier, the production of manufacturing and capital goods, as well as massive fiscal and monetary stimulus.

During the second half of the period, heightened risk surrounding the public-debt profiles of several of the peripheral European countries impaired market sentiment. At the same time, the improving trend in global macroeconomic data began to weaken somewhat. These two dynamics caused many asset prices to retrench significantly, as many questioned the durability of the global recovery.

Towards the end of the period, the Federal Reserve Board (“Fed”) led markets to believe that further monetary loosening would be forthcoming if macroeconomic activity did not show signs of improvement. Although policy uncertainty remained very elevated, the prospects for further easing by the Fed improved market sentiment, and drove asset prices well off their recent lows.

PERFORMANCE

For the year ended October 31, 2010, Transamerica MFS International Equity Class I2 returned 15.16%. By comparison, its benchmark, the Morgan Stanley Capital International-Europe, Australasia, Far East Index (“MSCI-EAFE”), returned 8.82%.

STRATEGY REVIEW

A combination of stock selection and an underweighted position in the financial services sector boosted performance relative to the MSCI-EAFE. No individual stocks within this sector were among the portfolio’s top relative contributors for the reporting period.

Security selection and, to a lesser extent, an overweighted position in the retailing sector also contributed to relative returns. The portfolio’s overweighted positions in strong-performing luxury goods companies, LVMH Moët Hennessy Louis Vuitton SA (France), and Cie Financiere Richemont SA (Switzerland), had a positive effect on relative results.

Strong stock selection in the industrial goods and services sector aided relative performance. An overweighted position in electrical distribution equipment manufacturer Schneider Electric SA (France) and industrial robots manufacturer Fanuc Ltd. (Japan) benefited results, as both stocks significantly outperformed the benchmark during the reporting period.

Individual standout contributors in other sectors that bolstered relative performance included: industrial and medical gases producer Linde AG (Germany); railroad company Canadian National Railway Co. (Canada); technology consulting firm Infosys Technologies, Ltd. (India); and flavors and fragrances company Givaudan SA (Switzerland). Not holding poor-performing integrated oil company BP PLC (Switzerland) also helped relative returns.

The portfolio’s cash equivalent position was also a contributor to relative results. The portfolio holds cash equivalent to buy new holdings and to provide liquidity. At times during the reporting period when equity markets declined, as measured by the portfolio’s benchmark, holding cash equivalent helped performance versus the benchmark, which has no cash position.

Stock selection in the health care sector detracted from relative performance. The portfolio’s overweighted position in pharmaceutical and diagnostic company Roche Holding AG (Switzerland) held back relative results.

Securities in other sectors that were among the portfolio’s top relative detractors included oil and gas exploration company INPEX Corp. (Japan), insurance giant AXA SA (France), Hong Kong-headquartered retailer Esprit Holdings, Ltd., energy and environmental services firm GDF Suez (France), stock exchange Deutsche Boerse AG (Germany), and chemical manufacturer Shin-Etsu Chemical Co., Ltd. (Japan). Elsewhere, not holding strong-performing mining operator Rio Tinto, Ltd. (Australia) and voice and data communications services company Vodafone Group PLC, and an underweighted position in mining giant BHP Billiton PLC (United Kingdom), also had a negative impact on relative returns.

During the reporting period, currency exposure was also a detractor from the portfolio’s relative performance. All of MFS’ investment decisions are driven by the fundamentals of each individual opportunity and, as such, it is common for our portfolios to have different currency exposure than the benchmark.

Daniel Ling
Marcus L. Smith

Co-Portfolio Managers
MFS® Investment Management



Transamerica Funds		Annual Report 2010

Page 167

Transamerica MFS International Equity
(unaudited)

Average Annual Total Return for Periods Ended 10/31/2010


				10 Years or
	1 Year			Life of Fund			Inception Date

Class I2 (NAV)		15.16	%		(2.56	)%		06/10/2008
MSCI-EAFE*		8.82	%		(7.31	)%		06/10/2008

NOTES


^*		The Morgan Stanley Capital International-Europe, Australasia, Far East Index (“MSCI-EAFE”) is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or Life of Fund calculation is based on the inception date of the fund. You cannot invest directly in an index.



Transamerica Funds		Annual Report 2010

Page 168

Transamerica PIMCO Real Return TIPS
(unaudited)

MARKET ENVIRONMENT

During the last quarter of 2009, fiscal and monetary initiatives were major factors behind enhanced stability. The U.S. economy expanded in the third quarter and final quarter of 2009 amid a modest recovery in consumer spending and a slower rate of inventory drawdown by businesses. Politics was a major influence on fixed income markets around the world as 2010 began. Policymakers wrestled with how long to sustain stimulus programs designed to mitigate the global recession but which threatened to undermine public finances or stoke inflation. Earlier in first quarter 2010, investors sought the relative safety of U.S. bonds amid concern about sovereign debt risk, especially in Greece and other peripheral Eurozone economies. As the first quarter closed; however, sentiment began to shift amid growing awareness that the U.S. could have sovereign debt challenges of its own over the longer run.

Volatility spiked across global financial markets during the second quarter of 2010. Investors’ confidence was shaken by a range of macroeconomic events, including signs that the U.S. and Chinese economies might be slowing and the ongoing debt crisis in Europe. Yields fell sharply as heightened uncertainty drove a flight to higher quality assets. Investors had plenty to worry about worldwide throughout the fiscal year ended October, 2010. In the U.S., concerns centered on the waning effects of policy stimulus as unemployment remained stubbornly high, consumer confidence appeared to weaken and housing sales fell after the expiration of special tax credits for home buyers. Europe was perhaps the biggest problem as growing budget shortfalls in Greece, Spain and Portugal raised fears that the region might derail the global economy’s recovery from the crisis that began in 2008.

PERFORMANCE

For the year ended October 31, 2010, Transamerica PIMCO Real Return TIPS Class I2 returned 12.40%. By comparison, its benchmark, the Barclays Capital Global Real U.S. Treasury Inflation Protected Securities Index, returned 10.43%.

STRATEGY REVIEW

An overweight to U.S. duration for most of the year, and an overweight to Eurozone duration for the entire period, added to performance as U.S. Treasury and Bonds yields fell over the year. An underweight to TIPS vs. U.S. nominal bonds added to relative returns as inflation expectations declined given the tepid economic recovery. Additionally, an allocation to Brazilian local rates, via zero coupon interest rate swaps, added to performance as local rates fell. A yield curve steepening bias during the year added to performance as the yield curve steepened; furthermore, exposure to Eurodollar futures also added to returns as these instruments rallied during the year. Exposure to bonds of financial companies added to performance as financials outpaced the broader corporate market. A modest allocation senior commercial mortgage-backed securities and senior non-agency mortgages added to returns as these securities outperformed like-duration Treasuries during the year.

Mihir Worah

Portfolio Manager
Pacific Investment Management Company LLC



Transamerica Funds		Annual Report 2010

Page 169

Transamerica PIMCO Real Return TIPS
(unaudited)

Average Annual Total Return for Periods Ended 10/31/2010


							10 Years or
	1 Year			5 Years			Life of Fund			Inception Date

Class I2 (NAV)		12.40	%		6.87	%		6.27	%		11/08/2004
Barclays Capital Global Real U.S. TIPS*		10.43	%		6.32	%		5.76	%		11/08/2004

NOTES


^*		The Barclays Capital Global Real U.S. Treasury Inflation Protected Securities Index (“Barclays Capital Global Real U.S. TIPS”) is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or Life of Fund calculation is based on the inception date of the fund. You cannot invest directly in an index.

Performance figures may reflect fee waivers and/or expense reimbursement by the Investment Adviser. Without such waivers and/or reimbursements, the performance would be lower. Future waivers and/or reimbursements are at the discretion of the Investment Adviser.

This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives and polices of this fund. This fund is only available in Class I2 shares, which are not available for direct investment by the public.



Transamerica Funds		Annual Report 2010

Page 170

Transamerica PIMCO Total Return
(unaudited)

MARKET ENVIRONMENT

PERFORMANCE

For the year ended October 31, 2010, Transamerica PIMCO Total Return Class I2 returned 10.25%. By comparison, its benchmark, the Barclays Capital U.S. Aggregate Bond Index, returned 8.01%.

STRATEGY REVIEW

Tactical U.S. duration positioning during the year, and an overweight to Eurozone duration for the entire period, added to performance as U.S. Treasury and Bonds yields fell over the year. In addition, an allocation to Brazilian local rates, via zero coupon interest rate swaps, added to performance as local rates fell. A yield curve flattening bias during the year detracted from performance as the yield curve steepened; however, exposure to Eurodollar futures mitigated this negative impact as these instruments rallied during the year. An emphasis on bonds of financial companies added to performance as financials outpaced the broader corporate market. Additionally, a modest allocation to high yield corporate bonds added to performance as these bonds outperformed like-duration Treasuries during the year. An underweight to Agency mortgage-backed securities during the year detracted from performance as the sector outperformed like-duration Treasuries; however, exposure to senior non-agency mortgages mitigated some of the negative impact.

Chris P. Dialynas

Portfolio Manager
Pacific Investment Management Company LLC



Transamerica Funds		Annual Report 2010

Page 171

Transamerica PIMCO Total Return
(unaudited)

Average Annual Total Return for Periods Ended 10/31/2010


				10 Years or
	1 Year			Life of Fund			Inception Date

Class I2 (NAV)		10.25	%		8.02	%		11/15/2005
Barclays Capital U.S. Aggregate Bond*		8.01	%		6.54	%		11/15/2005

NOTES


^*		The Barclays Capital U.S. Aggregate Bond Index (“Barclays Capital U.S. Aggregate Bond”) is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or Life of Fund calculation is based on the inception date of the fund. You cannot invest directly in an index.

Performance figures may reflect fee waivers and/or expenses reimbursements by the Investment Adviser. Without such waivers and/or reimbursements, the performance would be lower. Future waivers and/or reimbursements are at the discretion of the Investment Adviser.



Transamerica Funds		Annual Report 2010

Page 172

Understanding Your Funds’ Expenses
(unaudited)

SHAREHOLDER EXPENSES

The examples are based on an investment of $1,000 invested at May 1, 2010 and held for the entire period until October 31, 2010.

ACTUAL EXPENSES

The information in the table under the heading “Actual Expenses” provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = $8.60), then multiply the result by the number in the appropriate column for your share class titled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLES FOR COMPARISON PURPOSES

The information in the table under the heading “Hypothetical Expenses” provides information about hypothetical account values and hypothetical expenses based on the funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the funds’ actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the funds versus other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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


			Actual Expenses				Hypothetical Expenses (b)
	Beginning		Ending Account		Expenses Paid		Ending Account		Expenses Paid		Annualized
Fund Name	Account Value		Value		During Period (a)		Value		During Period (a)		Expense Ratio

Transamerica Clarion Global Real Estate Securities	$	1,000.00	$	1,085.00	$	4.78	$	1,020.62	$	4.63		0.91	%
Transamerica Jennison Growth		1,000.00		1,021.70		4.13		1,021.12		4.13		0.81
Transamerica MFS International Equity		1,000.00		1,084.50		5.25		1,020.16		5.09		1.00
Transamerica PIMCO Real Return TIPS		1,000.00		1,076.80		3.77		1,021.58		3.67		0.72
Transamerica PIMCO Total Return		1,000.00		1,055.40		3.89		1,021.42		3.82		0.75


(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 (365 days).

(b)		5% return per year before expenses.



Transamerica Funds		Annual Report 2010

Page 173

Schedules of Investments Composition
At October 31, 2010
(The following charts summarize the Schedules of Investments of the funds by asset type)
(unaudited)


Transamerica Clarion Global Real Estate Securities
Common Stocks	99.1	%
Securities Lending Collateral	8.5
Repurchase Agreement	0.9
Other Assets and Liabilities — Net	(8.5	)

Total	100.0	%


Transamerica Jennison Growth
Common Stocks	99.1	%
Repurchase Agreement	1.0
Securities Lending Collateral	0.0	*
Other Assets and Liabilities — Net	(0.1	)

Total	100.0	%


Transamerica MFS International Equity
Common Stocks	95.7	%
Repurchase Agreement	4.1
Securities Lending Collateral	2.8
Rights	0.0	*
Other Assets and Liabilities — Net	(2.6	)

Total	100.0	%


Transamerica PIMCO Real Return TIPS

U.S. Government Obligations	97.9	%
Corporate Debt Securities	11.5
Foreign Government Obligations	2.6
Mortgage-Backed Securities	2.4
Asset-Backed Securities	0.6
Preferred Corporate Debt Security	0.3
Municipal Government Obligations	0.2
U.S. Government Agency Obligations	0.2
Convertible Preferred Stocks	0.0	*
Other Assets and Liabilities — Net	(15.7	)^(a)

Total	100.0	%


Transamerica PIMCO Total Return

U.S. Government Agency Obligations	38.9	%
U.S. Government Obligations	24.6
Corporate Debt Securities	21.7
Repurchase Agreement	18.1
Mortgage-Backed Securities	6.9
Municipal Government Obligations	5.6
Foreign Government Obligations	4.8
Securities Lending Collateral	2.5
Asset-Backed Securities	1.9
Preferred Corporate Debt Security	1.8
Convertible Preferred Stocks	0.3
Loan Assignment	0.2
Preferred Stocks	0.1
Other Assets and Liabilities — Net	(27.4	)^(a)

Total	100.0	%


^(a)		The Other Assets and Liabilities — Net category may include, but is not limited to, Forward Currencies Contracts, Futures Contracts, Swap Agreements, Written Options and Swaptions, Securities Sold Short, and Reverse Repurchase Agreements.

*		Amount rounds to less than 0.1%.



Transamerica Funds		Annual Report 2010

Page 174

Transamerica Clarion Global Real Estate Securities
SCHEDULE OF INVESTMENTS
At October 31, 2010
(all amounts except share amounts in thousands)


	Shares		Value

COMMON STOCKS - 99.1%
Australia - 11.0%
CFS Retail Property Trust REIT ^{^}		1,046,000	$	1,906
Dexus Property Group REIT		4,574,698		3,719
Goodman Group REIT		6,011,155		3,710
GPT Group REIT		1,425,273		3,895
ING Office Fund REIT ^{^}		4,958,600		2,987
Lend Lease Corp., Ltd.		214,313		1,514
Mirvac Group REIT		774,051		982
Stockland REIT		1,018,740		3,762
Westfield Group REIT		1,033,743		12,536
Canada - 2.9%
Brookfield Properties Corp. ^{^}		153,400		2,668
Calloway REIT		66,600		1,567
Canadian REIT		21,200		666
Primaris Retail REIT		47,700		910
RioCan REIT		152,400		3,445
France - 5.6%
Mercialys SA REIT		58,951		2,347
SILIC REIT		8,730		1,172
Unibail-Rodamco REIT ‡		69,360		14,451
Hong Kong - 13.9%
Cheung Kong Holdings, Ltd.		698,924		10,667
Great Eagle Holdings, Ltd.		217,400		651
Hang Lung Group, Ltd.		398,848		2,650
Hang Lung Properties, Ltd.		535,400		2,611
Hongkong Land Holdings, Ltd. ^{^}		847,600		5,848
Hysan Development Co., Ltd.		218,500		844
Link REIT		792,300		2,448
Sun Hung Kai Properties, Ltd.		965,245		16,475
Wharf Holdings, Ltd.		353,550		2,322
Japan - 11.9%
Daito Trust Construction Co., Ltd.		25,700		1,552
Daiwa House Industry Co., Ltd.		254,900		2,753
Frontier Real Estate Investment Corp. REIT ^{^}		193		1,549
Japan Logistics Fund, Inc. REIT ^{^}		142		1,170
Japan Real Estate Investment Corp. REIT		312		3,005
Japan Retail Fund Investment Corp. REIT ^{^}		688		1,075
Kenedix Realty Investment Corp. REIT ^{^}		163		647
Mitsubishi Estate Co., Ltd.		700,020		12,265
Mitsui Fudosan Co., Ltd.		264,746		5,004
Nippon Accommodations Fund, Inc. REIT		105		626
Nippon Building Fund, Inc. REIT		73		715
Sumitomo Realty & Development Co., Ltd. ^{^}		291,100		6,345
United Urban Investment Corp. - Class A REIT ^{^}		196		1,347
Netherlands - 0.8%
Corio NV REIT		17,620		1,294
Eurocommercial Properties NV REIT		26,853		1,329
Norway - 0.4%
Norwegian Property ASA ‡		664,310		1,248
Singapore - 6.5%
Ascendas REIT ‡		233,139		371
Capitacommercial Trust REIT ‡ ^{^}		2,707,000		3,117
Capitaland, Ltd. ^{^}		2,605,050		7,829
CapitaMall Trust REIT ‡^{^}		1,767,114		2,703
City Developments, Ltd. ^{^}		223,500		2,196
Frasers Centrepoint Trust REIT ‡		468,100		546
Global Logistic Properties, Ltd. ‡		2,152,200		3,858
Sweden - 1.0%
Castellum AB		87,850		1,150
Hufvudstaden AB - Class A		182,110		2,035
Switzerland - 0.8%
Swiss Prime Site AG ‡		35,580		2,554
United Kingdom - 5.5%
British Land Co., PLC REIT		323,958		2,645
Derwent London PLC REIT		116,669		2,842
Grainger PLC		415,900		710
Great Portland Estates PLC REIT		291,460		1,614
Hammerson PLC REIT		194,282		1,305
Land Securities Group PLC REIT		601,785		6,527
Safestore Holdings PLC		478,000		995
Segro PLC REIT		203,855		968
United States - 38.8%
Acadia Realty Trust REIT		49,710		948
Alexandria Real Estate Equities, Inc. REIT ^{^}		47,700		3,505
AMB Property Corp. REIT		38,200		1,077
Apartment Investment & Management Co. - Class A REIT ^{^}		141,100		3,289
AvalonBay Communities, Inc. REIT ^{^}		46,325		4,925
Boston Properties, Inc. REIT		80,900		6,973
BRE Properties, Inc. REIT		74,600		3,203
Developers Diversified Realty Corp. REIT		225,500		2,909
Digital Realty Trust, Inc. REIT ^{^}		25,400		1,517
Equity Residential REIT ^{^}		175,700		8,544
Federal Realty Investment Trust REIT ^{^}		46,300		3,796
HCP, Inc. REIT		44,000		1,584
Highwoods Properties, Inc. REIT		76,100		2,521
Host Hotels & Resorts, Inc. REIT ^{^}		316,477		5,029
Liberty Property Trust REIT		124,300		4,159
Macerich Co. REIT ^{^}		182,707		8,151
Nationwide Health Properties, Inc. REIT		106,100		4,332
Pebblebrook Hotel Trust REIT ‡		49,900		978
ProLogis REIT		312,000		4,259
Public Storage REIT		46,400		4,604
Regency Centers Corp. REIT ^{^}		113,900		4,804
Simon Property Group, Inc. REIT		124,803		11,983
SL Green Realty Corp. REIT ^{^}		57,100		3,753
Starwood Hotels & Resorts Worldwide, Inc.		56,200		3,043
Tanger Factory Outlet Centers REIT ^{^}		26,600		1,275
Taubman Centers, Inc. REIT ^{^}		54,700		2,539
UDR, Inc. REIT ^{^}		175,183		3,938
Ventas, Inc. REIT		108,000		5,784
Vornado Realty Trust REIT		119,237		10,420

Total Common Stocks (cost $251,455)				316,484


SECURITIES LENDING COLLATERAL - 8.5%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.35%5		27,123,574		27,124
Total Securities Lending Collateral (cost $27,124)


	Principal		Value
REPURCHASE AGREEMENT - 0.9%
State Street Bank & Trust Co. 0.01% 5, dated 10/29/2010, to be repurchased at $2,818 on 11/01/2010. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 12/15/2017, and with a value of $2,877.	$	2,818		2,818
Total Repurchase Agreement (cost $2,818)

Total Investment Securities (cost $281,397) #				346,426
Other Assets and Liabilities - Net				(27,058	)


Net Assets			$	319,368



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

Transamerica Funds		Annual Report 2010

Page 175

Transamerica Clarion Global Real Estate Securities
SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts in thousands)


	Percentage of
INVESTMENTS BY INDUSTRY (unaudited):	Total Investments			Value

Real Estate Investment Trusts		62.5	%	$	216,697
Real Estate Management & Development		28.1			96,744
Hotels, Restaurants & Leisure		0.8			3,043

Investment Securities, at Value		91.4			316,484
Short-Term Investments		8.6			29,942

Total Investments		100.0	%	$	346,426

NOTES TO SCHEDULE OF INVESTMENTS:


^		All or a portion of this security is on loan. The value of all securities on loan is $25,887.

‡		Non-income producing security.

5		Rate shown reflects the yield at 10/29/2010.

#		Aggregate cost for federal income tax purposes is $306,283. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $45,317 and $5,174, respectively. Net unrealized appreciation for tax purposes is $40,143.

DEFINITION:


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

VALUATION SUMMARY:


Investment Securities	Level 1		Level 2		Level 3		Total

Common Stocks	$	133,098	$	183,386	$	—	$	316,484
Repurchase Agreement		—		2,818		—		2,818
Securities Lending Collateral		27,124		—		—		27,124
Total	$	160,222	$	186,204	$	—	$	346,426



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

Transamerica Funds		Annual Report 2010

Page 176

Transamerica Jennison Growth

SCHEDULE OF INVESTMENTS
At October 31, 2010
(all amounts except share amounts in thousands)


	Shares			Value

COMMON STOCKS - 99.1%
Aerospace & Defense - 4.7%
Boeing Co.		154,081		$	10,884
Precision Castparts Corp.		99,809			13,632
United Technologies Corp.		138,514			10,357
Air Freight & Logistics - 1.0%
CH Robinson Worldwide, Inc.		49,374			3,480
Expeditors International of Washington, Inc.		76,478			3,775
Beverages - 1.0%
Anheuser-Busch InBev NV ADR		118,735			7,468
Biotechnology - 3.2%
Celgene Corp. ‡		243,979			15,144
Vertex Pharmaceuticals, Inc. ‡		203,221			7,789
Capital Markets - 2.6%
Charles Schwab Corp.		505,205			7,780
Goldman Sachs Group, Inc.		68,441			11,016
Communications Equipment - 5.7%
Cisco Systems, Inc. ‡		609,956			13,925
Juniper Networks, Inc. ‡		495,477			16,048
QUALCOMM, Inc.		253,703			11,450
Computers & Peripherals - 8.0%
Apple, Inc. ‡		113,775			34,230
Hewlett-Packard Co.		153,061			6,438
NetApp, Inc. ‡		327,319			17,430
Construction & Engineering - 0.4%
Quanta Services, Inc. ‡		151,537			2,979
Electronic Equipment & Instruments - 1.5%
Agilent Technologies, Inc. ‡		308,864			10,748
Energy Equipment & Services - 2.8%
Schlumberger, Ltd.		287,879			20,120
Food & Staples Retailing - 2.6%			��
Costco Wholesale Corp.		160,173			10,054
Whole Foods Market, Inc. ‡		214,245			8,516
Food Products - 3.4%
Kraft Foods, Inc. — Class A		311,245			10,045
Mead Johnson Nutrition Co. — Class A		117,371			6,904
Unilever PLC		274,689			7,918
Health Care Equipment & Supplies - 1.2%
Alcon, Inc.		51,108			8,572
Health Care Providers & Services - 2.9%
Express Scripts, Inc. ‡		245,766			11,924
Medco Health Solutions, Inc. ‡		181,089			9,513
Hotels, Restaurants & Leisure - 4.1%
Marriott International, Inc. — Class A		315,916			11,704
McDonald’s Corp.		105,691			8,220
Starbucks Corp.		351,602			10,014
Internet & Catalog Retail - 4.4%
Amazon.com, Inc. ‡		195,154			32,228
Internet Software & Services - 5.5%
Baidu, Inc. ADR ‡		108,597			11,947
Google, Inc. — Class A ‡		36,433			22,333
Tencent Holdings, Ltd.		245,049			5,618
IT Services - 7.5%
International Business Machines Corp.		151,790			21,797
Mastercard, Inc. — Class A		75,324			18,082
Visa, Inc. — Class A		190,458			14,888
Life Sciences Tools & Services - 1.0%
Illumina, Inc. ‡		139,649			7,584
Machinery - 2.0%
Deere & Co.		72,399			5,560
Ingersoll-Rand PLC		219,171			8,616
Media - 2.7%
Walt Disney Co.		538,468			19,444
Multiline Retail - 2.6%
Dollar General Corp. ‡		287,531			8,105
Target Corp.		212,929			11,060
Oil, Gas & Consumable Fuels - 2.5%
Apache Corp.		72,933			7,368
Occidental Petroleum Corp.		135,930			10,688
Pharmaceuticals - 7.2%
Abbott Laboratories		228,923			11,748
Allergan, Inc.		110,024			7,967
Mylan, Inc. ‡ ^		234,188			4,759
Novartis AG ADR		124,140			7,194
Shire PLC ADR		150,729			10,566
Teva Pharmaceutical Industries, Ltd. ADR		186,909			9,701
Road & Rail - 1.1%
Union Pacific Corp.		87,398			7,663
Semiconductors & Semiconductor Equipment - 3.7%
Altera Corp.		233,724			7,295
Broadcom Corp. — Class A		239,609			9,762
Marvell Technology Group, Ltd. ‡		504,005			9,732
Software - 6.3%
Adobe Systems, Inc. ‡		12,828			361
Oracle Corp.		566,038			16,642
Red Hat, Inc. ‡		120,782			5,104
Salesforce.com, Inc. ‡		103,557			12,020
VMware, Inc. — Class A ‡		156,161			11,940
Specialty Retail - 1.0%
Tiffany & Co.		142,209			7,537
Textiles, Apparel & Luxury Goods - 6.0%
Coach, Inc.		210,822			10,541
Lululemon Athletica, Inc. ‡		13,015			577
Nike, Inc. — Class B		231,772			18,875
Phillips-Van Heusen Corp.		37,691			2,312
Polo Ralph Lauren Corp. — Class A		110,231			10,679
Wireless Telecommunication Services - 0.5%
American Tower Corp. — Class A ‡		64,659			3,337

Total Common Stocks (cost $574,917)					719,707


SECURITIES LENDING COLLATERAL - 0.0%∞
State Street Navigator Securities Lending Trust — Prime Portfolio, 0.35% ▲		602			1
Total Securities Lending Collateral (cost $1)


	Principal		Value

REPURCHASE AGREEMENT - 1.0%
State Street Bank & Trust Co. 0.01% ▲, dated 10/29/2010, to be repurchased at $7,499 on 11/01/2010. Collateralized by a U.S. Government Obligation, 2.50%, due 04/30/2015, and with a value of $7,653.	$	7,499		7,499
Total Repurchase Agreement (cost $7,499)


Total Investment Securities (cost $582,417) #				727,207
Other Assets and Liabilities — Net				(475	)


Net Assets			$	726,732



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

Transamerica Funds		Annual Report 2010

Page 177

Transamerica Jennison Growth

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all 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 $1.

∞		Percentage rounds to less than 0.1%.

▲		Rate shown reflects the yield at 10/29/2010.

#		Aggregate cost for federal income tax purposes is $589,359. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $138,774 and $926, respectively. Net unrealized appreciation for tax purposes is $137,848.

DEFINITION:


ADR		American Depositary Receipt

VALUATION SUMMARY:


Investment Securities	Level 1		Level 2		Level 3		Total

Common Stocks	$	654,055	$	65,652	$	—	$	719,707
Repurchase Agreement		—		7,499		—		7,499
Securities Lending Collateral		1		—		—		1

Total	$	654,056	$	73,151	$	—	$	727,207



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

Transamerica Funds		Annual Report 2010

Page 178

Transamerica MFS International Equity

SCHEDULE OF INVESTMENTS
At October 31, 2010
(all amounts except share amounts in thousands)


	Shares		Value

COMMON STOCKS - 95.7%
Austria - 0.4%
Erste Group Bank AG		45,968	$	2,075
Brazil - 0.7%
Banco Santander Brasil SA ADR		242,430		3,491
Canada - 2.5%
Canadian National Railway Co.		209,073		13,544
China - 0.5%
CNOOC, Ltd.		1,417,000		2,929
Czech Republic - 0.8%
Komercni Banka AS		19,395		4,400
France - 14.5%
Air Liquide SA		83,324		10,778
AXA SA		270,244		4,920
Groupe Danone SA		123,826		7,837
Legrand SA		98,945		3,820
LVMH Moet Hennessy Louis Vuitton SA		122,967		19,271
Pernod-Ricard SA ^		89,419		7,929
Schneider Electric SA ^		130,929		18,586
Total SA ^		85,854		4,666
Germany - 10.6%
Bayer AG		93,710		6,993
Beiersdorf AG		140,352		9,144
Deutsche Boerse AG		99,346		6,991
Linde AG		146,245		21,057
Man AG		42,973		4,725
Merck KGaA		43,504		3,624
SAP AG		86,035		4,487
Hong Kong - 2.7%
AIA Group, Ltd. ‡		446,200		1,330
China Unicom, Ltd.		1,554,000		2,209
Esprit Holdings, Ltd.		942,700		5,047
Li & Fung, Ltd.		1,004,000		5,291
India - 3.0%
ICICI Bank, Ltd. ADR		141,420		7,436
Infosys Technologies, Ltd. ADR ^		129,350		8,723
Japan - 10.6%
AEON Credit Service Co., Ltd. ^		143,400		1,650
Canon, Inc.		145,900		6,745
Denso Corp.		119,300		3,714
Fanuc, Ltd.		50,900		7,369
Hirose Electric Co., Ltd.		2,800		282
Hoya Corp. ^		396,200		9,267
INPEX Corp.		1,457		7,577
Konica Minolta Holdings, Inc.		260,500		2,525
Lawson, Inc.		139,700		6,354
Nomura Holdings, Inc. ^		551,400		2,864
Shin-Etsu Chemical Co., Ltd.		167,800		8,497
Korea, Republic of - 1.4%
Samsung Electronics Co., Ltd.		11,133		7,371
Mexico - 0.3%
America Movil SAB de CV — Series L ADR		27,050		1,549
Netherlands - 10.4%
Akzo Nobel NV		154,700		9,185
Heineken NV		307,922		15,608
ING Groep NV ‡		895,912		9,564
Randstad Holding NV ‡		126,270		6,010
TNT NV		248,069		6,595
Wolters Kluwer NV		378,603		8,613
Singapore - 1.1%
Keppel Corp., Ltd.		181,000		1,396
Singapore Telecommunications, Ltd.		1,935,150		4,620
South Africa - 0.9%
MTN Group, Ltd.		268,631		4,832
Spain - 0.9%
Banco Santander SA		230,259		2,958
Red Electrica Corp. SA		34,826		1,750
Sweden - 0.8%
Svenska Cellulosa AB — Class B		277,800		4,309
Switzerland - 13.8%
Cie Financiere Richemont SA		165,707		8,265
Givaudan SA		4,813		4,959
Julius Baer Group, Ltd.		219,950		9,285
Nestle SA		323,163		17,701
Roche Holding AG		90,485		13,287
Sonova Holding AG		20,521		2,377
Swiss Reinsurance Co., Ltd.		55,508		2,668
Synthes, Inc.		77,988		9,305
UBS AG ‡		371,889		6,296
Taiwan - 1.7%
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		816,371		8,907
United Kingdom - 18.1%
Barclays PLC		408,180		1,796
BG Group PLC		213,576		4,160
Burberry Group PLC		76,414		1,248
Diageo PLC		668,327		12,337
Hays PLC		1,430,650		2,533
HSBC Holdings PLC		1,553,387		16,156
Ladbrokes PLC		410,641		867
Reckitt Benckiser Group PLC		325,151		18,187
Royal Dutch Shell PLC — Class A		246,964		8,017
Smiths Group PLC		322,734		6,164
Standard Chartered PLC		338,813		9,802
Tesco PLC		1,126,612		7,706
William Hill PLC		157,567		406
WPP PLC		700,133		8,145

Total Common Stocks (cost $452,180)				513,081


RIGHT - 0.0% ∞
Spain - 0.0% ∞
Banco Santander SA ‡ ^		230,256		38
Total Right (cost $39)

SECURITIES LENDING COLLATERAL - 2.8%
State Street Navigator Securities Lending Trust — Prime Portfolio, 0.35% ▲		15,209,287		15,209
Total Securities Lending Collateral (cost $15,209)


	Principal		Value

REPURCHASE AGREEMENT - 4.1%
State Street Bank & Trust Co. 0.01% ▲, dated 10/29/2010, to be repurchased at $22,040 on 11/01/2010. Collateralized by U.S. Government Agency Obligations, 4.00% - 5.50%, due 12/15/2017 12/25/2024, and with a total value of $22,482.	$	22,040		22,040
Total Repurchase Agreement (cost $22,040)


Total Investment Securities (cost $489,468) #				550,368
Other Assets and Liabilities — Net				(14,187	)


Net Assets			$	536,181



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

Transamerica Funds		Annual Report 2010

Page 179

Transamerica MFS International Equity

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts in thousands)


	Percentage of
INVESTMENTS BY INDUSTRY (unaudited):	Total Investments			Value

Chemicals		9.9	%	$	54,476
Commercial Banks		8.8			48,152
Beverages		6.4			35,875
Textiles, Apparel & Luxury Goods		5.2			28,784
Oil, Gas & Consumable Fuels		5.0			27,349
Food Products		4.7			25,537
Pharmaceuticals		4.3			23,904
Electrical Equipment		4.1			22,406
Capital Markets		3.3			18,445
Household Products		3.3			18,187
Media		3.1			16,758
Diversified Financial Services		3.0			16,555
Semiconductors & Semiconductor Equipment		2.9			16,278
Food & Staples Retailing		2.6			14,060
Road & Rail		2.5			13,544
Machinery		2.2			12,094
Health Care Equipment & Supplies		2.1			11,682
Electronic Equipment & Instruments		1.7			9,549
Office Electronics		1.7			9,270
Personal Products		1.7			9,144
Insurance		1.6			8,918
IT Services		1.6			8,723
Professional Services		1.5			8,543
Industrial Conglomerates		1.4			7,560
Diversified Telecommunication Services		1.2			6,829
Air Freight & Logistics		1.2			6,595
Wireless Telecommunication Services		1.2			6,381
Distributors		1.0			5,291
Specialty Retail		0.9			5,047
Software		0.8			4,487
Paper & Forest Products		0.8			4,309
Auto Components		0.7			3,714
Electric Utilities		0.3			1,750
Consumer Finance		0.3			1,650
Hotels, Restaurants & Leisure		0.2			1,273

Investment Securities, at Value		93.2			513,119
Short-Term Investments		6.8			37,249

Total Investments		100.0	%	$	550,368

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 $14,497.

∞		Percentage rounds to less than 0.1%.

▲		Rate shown reflects the yield at 10/29/2010.

#		Aggregate cost for federal income tax purposes is $489,727. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $74,052 and $13,411, respectively. Net unrealized appreciation for tax purposes is $60,641.

DEFINITION:


ADR		American Depositary Receipt

VALUATION SUMMARY:


Investment Securities	Level 1		Level 2		Level 3		Total

Common Stocks	$	18,584	$	494,497	$	—	$	513,081
Repurchase Agreement		—		22,040		—		22,040
Rights		—		38		—		38
Securities Lending Collateral		15,209		—		—		15,209

Total	$	33,793	$	516,575	$	—	$	550,368



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

Transamerica Funds		Annual Report 2010

Page 180

Transamerica PIMCO Real Return TIPS

SCHEDULE OF INVESTMENTS
At October 31, 2010
(all amounts in thousands)


		Principal		Value

U.S. GOVERNMENT OBLIGATIONS - 97.9%
U.S. Treasury Inflation Indexed Bond
1.75%, 01/15/2028		$	24,069	$	26,628
2.00%, 01/15/2026			33,324		38,090
2.38%, 01/15/2025 •			74,453		88,779
2.38%, 01/15/2027			14,223		17.075
2.50%, 01/15/2029			17,121		21,063
3.38%, 04/15/2032			615		868
3.63%, 04/15/2028			40,490		56,284
3.88%, 04/15/2029			49,050		71,019
U.S. Treasury Inflation Indexed Note
0.63%, 04/15/2013			1,239		1,281
1.25%, 04/15/2014 - 07/15/2020			29,372		31,523
1.38%, 07/15/2018			3,341		3,642
1.38%, 01/15/2020 g			32,402		35,184
1.63%, 01/15/2015 g			46,414		50,265
1.63%, 01/15/2018			16,567		18,301
1.88%, 07/15/2013 - 07/15/2019			80,914		88,495
2.00%, 04/15/2012 - 07/15/2014			93,781		101,235
2.00%, 01/15/2016 g			34,314		38,212
2.13%, 01/15/2019			5,510		6,320
2.38%, 01/15/2017 g ○			71,756		82,227
2.50%, 07/15/2016			11,890		13,687
2.63%, 07/15/2017			6,846		8,031
3.00%, 07/15/2012			14,933		15,878
3.38%, 01/15/2012			11,253		11,782
3.50%, 01/15/2011			1,129		1,137

Total U.S. Government Obligations (cost $765,553)					827,006


U.S. GOVERNMENT AGENCY OBLIGATIONS - 0.2%
Fannie Mae
0.41%, 08/25/2034 *			120		114
1.55%, 10/01/2044 *			48		47
Freddie Mac
0.49%, 02/15/2019 *			1,890		1,890

Total U.S. Government Agency Obligations (cost $2,087)					2,051


FOREIGN GOVERNMENT OBLIGATIONS - 2.6%
Australia Government Bond
2.50%, 09/20/2030	AUD		100		97
3.00%, 09/20/2025	AUD		5,500		5,860
4.00%, 08/20/2015 - 08/20/2020	AUD		3,300		5,365
Canada Housing Trust No. 1	CAD		8,500		8,429
2.45%, 12/15/2015	CAD		8,500		8,429
New South Wales Treasury Corp.	AUD		2,200		2,209
2.75%, 11/20/2025	AUD		2,200		2,209

Total Foreign Government Obligations (cost $20,393)					21,960


MORTGAGE-BACKED SECURITIES - 2.4%
Arkle Master Issuer PLC
Series 2010-1A, Class 2A
1.52%, 05/17/2060 - 144A *		$	2,600		2,588
Arran Residential Mortgages Funding PLC
Series 2010-1A, Class A1B
2.20%, 05/16/2047 - 144A *			500		695
Banc of America Commercial Mortgage, Inc.
Series 2007-5, Class A4
5.49%, 02/10/2051			530		563
Banc of America Mortgage Securities, Inc.
Series 2004-1, Class 5A1
6.50%, 09/25/2033			39		41
Bear Stearns Adjustable Rate Mortgage Trust
Series 2005-2, Class A1
2.76%, 03/25/2035 *			763		727
Series 2005-2, Class A2
2.93%, 03/25/2035 *			242		231
Series 2005-5, Class A1
2.34%, 08/25/2035 *			243		232
Series 2005-5, Class A2
2.40%, 08/25/2035 *			416		393
Citigroup Mortgage Loan Trust, Inc.
Series 2005-11, Class A1A
2.82%, 12/25/2035 *			38		34
Series 2005-6, Class A1
2.51%, 08/25/2035 *			295		277
Series 2005-6, Class A2
2.56%, 08/25/2035 *			363		326
Series 2005-6, Class A3
2.21%, 08/25/2035 *			47		44
Citigroup/Deutsche Bank Commercial Mortgage Trust
Series 2007-CD5, Class A4
5.89%, 11/15/2044 *			400		432
Countrywide Home Loan Mortgage Pass-Through Trust
Series 2005-3, Class 1A2
0.55%, 04/25/2035 *			1,112		687
Series 2005-R2, Class 1AF1
0.60%, 06/25/2035 - 144A *			254		219
Granite Master Issuer PLC
Series 2006-3, Class A3
0.30%, 12/20/2054 *			879		817
Series 2006-3, Class A7
0.36%, 12/20/2054 *			229		213
Greenpoint Mortgage Funding Trust
Series 2005-AR1, Class A2
0.48%, 06/25/2045 *			444		290
GSR Mortgage Loan Trust
Series 2005-AR6, Class 2A1
2.89%, 09/25/2035 *			757		727
JPMorgan Chase Commercial Mortgage Securities Corp.
Series 2006-CB17, Class A4
5.43%, 12/12/2043			510		548
LB-UBS Commercial Mortgage Trust
Series 2007-C7, Class A3
5.87%, 09/15/2045 *			200		214
MASTR Alternative Loans Trust
Series 2006-2, Class 2A1
0.66%, 03/25/2036 *			771		305
Merrill Lynch/Countrywide Commercial Mortgage Trust
Series 2007-9, Class A4
5.70%, 09/12/2049			300		315
Morgan Stanley Capital I
Series 2007-IQ15, Class A4
5.88%, 06/11/2049 *			1,200		1,277
Permanent Master Issuer PLC
Series 2006-1, Class 5A
0.40%, 07/15/2033 *			5,500		5,351
Residential Accredit Loans, Inc.
Series 2006-QO6, Class A1
0.44%, 06/25/2046 *			1,177		483
Sequoia Mortgage Trust
Series 5, Class A
0.61%, 10/19/2026 *			128		110



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

Transamerica Funds		Annual Report 2010

Page 181

Transamerica PIMCO Real Return TIPS

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts in thousands)


		Principal		Value

MORTGAGE-BACKED SECURITIES (continued)
Structured Asset Mortgage Investments, Inc.
Series 2006-AR5, Class 1A1
0.47%, 05/25/2046 *		$	1,033	$	546
Wachovia Bank Commercial Mortgage Trust
Series 2006-C23, Class A4
5.42%, 01/15/2045 *			720		788
Series 2006-C28, Class A4
5.57%, 10/15/2048			400		424
WaMu Mortgage Pass-Through Certificates
Series 2003-AR9, Class 2A
2.78%, 09/25/2033 *			733		740

Total Mortgage-Backed Securities (cost $20,707)					20,637


ASSET-BACKED SECURITIES - 0.6%
ARES CLO Funds
Series 2006-6RA, Class A1B
0.52%, 03/12/2018 - 144A *			890		845
CSAB Mortgage Backed Trust
Series 2006-1, Class A6A
6.17%, 06/25/2036 *			1,211		785
Equity One, Inc.
Series 2004-1, Class AV2
0.56%, 04/25/2034 *			47		36
Gazprom Via Gaz Capital SA
Series 16
7.34%, 04/11/2013 - 144A			300		325
Magnolia Funding, Ltd.
Series 2010-1A, Class A1
3.00%, 04/20/2017 - 144A			485		677
Morgan Stanley Mortgage Loan Trust
Series 2006-12XS, Class A6A
5.73%, 10/25/2036 *			472		279
SLM Student Loan Trust
Series 2010-B, Class A1
2.18%, 08/15/2016 - 144A *			1,824		1,824
Truman Capital Mortgage Loan Trust
Series 2004-1, Class A1
0.60%, 01/25/2034 - 144A *			2		2
Wood Street CLO BV
Series II-A, Class A1
1.39%, 03/29/2021 - 144A * §			298		384

Total Asset-Backed Securities (cost $5,342)					5,157


MUNICIPAL GOVERNMENT OBLIGATIONS - 0.2%
Buckeye Tobacco Settlement Financing Authority
5.88%, 06/01/2047			500		381
Tobacco Settlement Financing Corp. -Series A
6.00%, 06/01/2023			385		397
7.47%, 06/01/2047			670		522

Total Municipal Government Obligations (cost $1,471)					1,300


PREFERRED CORPORATE DEBT SECURITIES - 0.3%
Commercial Banks - 0.3%
Wells Fargo & Co. — Series K
7.98%, 03/15/2018 * Ž			1,500		1,575
Wells Fargo Capital XIII
7.70%, 03/26/2013 * Ž			800		830

Total Preferred Corporate Debt Securities (cost $2,300)					2,405


CORPORATE DEBT SECURITIES - 11.5%
Capital Markets - 2.0%
BP Capital Markets PLC
0.42%, 04/11/2011 *			200		200
Goldman Sachs Group, Inc.
0.47%, 02/06/2012 *			500		498
0.74%, 03/22/2016 *			5,455		5,089
Morgan Stanley
1.22%, 03/01/2013 *	EUR		1,000		1,325
2.88%, 05/14/2013 *		$	8,800		9,010
Morgan Stanley — Series F
0.54%, 01/09/2012 *			200		200
0.74%, 10/18/2016 *			800		712
Commercial Banks - 3.3%
ANZ National International, Ltd.
0.79%, 08/19/2014 - 144A *			2,000		2,014
6.20%, 07/19/2013 - 144A			1,700		1,901
Banco Mercantil del Norte SA
4.38%, 07/19/2015 - 144A			100		101
Bank of Scotland PLC
4.88%, 04/15/2011 - Reg S §			1,100		1,121
Barclays Bank PLC
1.39%, 12/16/2011 *			10,600		10,599
HBOS PLC
6.75%, 05/21/2018 - 144A			1,000		1,025
National Australia Bank, Ltd.
5.35%, 06/12/2013 - 144A			1,400		1,537
Royal Bank of Scotland PLC
2.76%, 08/23/2013 *			7,000		7,168
3.00%, 12/09/2011 - 144A			1,000		1,026
Wachovia Corp.
0.42%, 04/23/2012 *			1,100		1,096
Consumer Finance - 0.0% ∞
SLM Corp.
5.05%, 11/14/2014			300		296
Diversified Financial Services - 3.0%
Ally Financial, Inc.
6.63%, 05/15/2012			4,900		5,090
6.88%, 09/15/2011			500		516
Citigroup, Inc.
2.38%, 08/13/2013 *			1,500		1,512
Countrywide Financial Corp.
5.80%, 06/07/2012			500		528
Ford Motor Credit Co., LLC
7.00%, 10/01/2013			1,000		1,091
7.25%, 10/25/2011			1,950		2,047
7.80%, 06/01/2012			450		485
Green Valley, Ltd.
4.57%, 01/10/2011 - 144A * §	EUR		300		415
International Lease Finance Corp.
6.50%, 09/01/2014 - 144A		$	600		648
6.75%, 09/01/2016 - 144A			500		545
7.13%, 09/01/2018 - 144A			1,000		1,100
Merrill Lynch & Co., Inc.
1.63%, 09/27/2012 *	EUR		7,400		9,938
Mystic Re, Ltd.
10.30%, 06/07/2011 - 144A * §		$	1,000		1,053
Vita Capital III, Ltd.
1.41%, 01/01/2012 - 144A * §			400		397



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

Transamerica Funds		Annual Report 2010

Page 182

Transamerica PIMCO Real Return TIPS

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts except share amounts in thousands)


	Principal		Value

Energy Equipment & Services - 0.3%
Transocean, Inc.
4.95%, 11/15/2015	$	2,300	$	2,437
Food Products - 0.7%
Tyson Foods, Inc.
10.50%, 03/01/2014		5,000		6,013
Household Durables - 0.4%
Black & Decker Corp.
8.95%, 04/15/2014		3,000		3,704
Insurance - 1.7%
American International Group, Inc.
8.18%, 05/15/2058 *		3,650		3,888
8.63%, 05/22/2038 - Reg S * GBP		500		821
Foundation RE II, Ltd. — Series 2006-I
7.12%, 11/26/2010 - 144A * §	$	500		501
Marsh & McLennan Cos., Inc.
5.75%, 09/15/2015		6,000		6,685
New York Life Global Funding
4.65%, 05/09/2013 - 144A		1,600		1,735
Pacific Life Global Funding
5.15%, 04/15/2013 - 144A		500		540
Oil, Gas & Consumable Fuels - 0.1%
Petroleos Mexicanos
5.50%, 01/21/2021		800		870

Total Corporate Debt Securities (cost $90,515)				97,477


	Shares		Value

CONVERTIBLE PREFERRED STOCK - 0.0% ∞
Commercial Banks - 0.0% ∞
Wells Fargo & Co. 7.50%		400		400
Total Convertible Preferred Stock (cost $400)


Total Investment Securities (cost $908,768) #				978,393
Other Assets and Liabilities — Net				(132,428	)


Net Assets			$	845,965


	Principal			Value

REVERSE REPURCHASE AGREEMENTS — (2.8)%
Credit Suisse First Boston Mortgage Securities Corp.
0.24% ▲, dated 10/29/2010, to be repurchased at $(6,571) on 01/28/2011.	$	(6,571	)	$	(6,571	)
BNP Paribas
0.23% ▲, dated 10/21/2010, to be repurchased at $(16,993) on 11/16/2010.		(16,993	)		(16,993	)

Total Reverse Repurchase Agreements (cost $(23,564))					(23,564	)


	Notional
	Amount			Value

WRITTEN-OPTIONS - 0.0%∞
Call Options - 0.0%∞
10-Year U.S. Treasury Note Futures	$	(68	)		(11	)
Call Strike $129.00
Expires 11/26/2010
Euro Futures		(65	)		(12	)
Call Strike $99.50
Expires 12/13/2010
Put Options - 0.0%∞
10-Year U.S. Treasury Note Futures		(13	)		(7	)
Put Strike $125.00
Expires 11/26/2010
10-Year U.S. Treasury Note Futures		(55	)		(15	)
Put Strike $124.00
Expires 11/26/2010
Euro Futures		(65	)		(1	)
Put Strike $99.50
Expires 12/13/2010

Total Written Options (Premiums: $66)					(46	)



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

Transamerica Funds		Annual Report 2010

Page 183

Transamerica PIMCO Real Return TIPS

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts in thousands)


WRITTEN SWAPTIONS:
		Pay/Receive	Exercise			Expiration		Notional			Premiums Paid
Description	Floating Rate Index	Floating Rate	Rate			Date		Amount			(Received)			Value

Call — Interest Rate Swap, European Style §	2-Year OC FVA USD	Receive		0.00	%∞		10/11/2011	$	(11,800	)	$	(131	)	$	(126	)
Call — Interest Rate Swap, European Style §	2-Year OC FVA USD	Receive		0.00	∞		11/14/2011		(13,400	)		(146	)		(141	)
Call — Interest Rate Swap, European Style §	10-Year IRO USD	Receive		0.01			10/11/2011		(5,500	)		(28	)		(32	)
Call — Interest Rate Swap, European Style	Itraxx.OC 0.9 Euro	Receive		0.90			12/15/2010		(1,400	)		(7	)		(5	)
Call — Interest Rate Swap, European Style	5-Year CDX.OC 0.90	Receive		0.90			12/15/2010		(2,300	)		(7	)		(8	)
Call — Interest Rate Swap, European Style	5-Year CDX.OIC 14 UAG	Receive		0.90			12/15/2010		(1,900	)		(4	)		(9	)
Call — Interest Rate Swap, European Style	5-Year Itraxx.O Euro 14 MYC	Receive		0.90			03/16/2011		(2,700	)		(8	)		(11	)
Call — Interest Rate Swap, European Style	3-Month USD LIBOR	Receive		1.25			02/22/2011		(19,900	)		(34	)		(37	)
Call — Interest Rate Swap, European Style	3-Month USD LIBOR	Receive		1.35			12/13/2010		(15,800	)		(43	)		(39	)
Call — Interest Rate Swap, European Style	3-Month USD LIBOR	Receive		1.35			12/13/2010		(24,100	)		(57	)		(60	)
Call — Interest Rate Swap, European Style	5-Year IRO USD	Receive		1.50			12/13/2010		(3,100	)		(10	)		(17	)
Call — Interest Rate Swap, European Style	5-Year IRO USD	Receive		1.50			12/13/2010		(1,000	)		(3	)		(6	)
Call — Interest Rate Swap, European Style	3-Month USD LIBOR	Receive		2.25			12/13/2010		(3,100	)		(14	)		(3	)
Call — Interest Rate Swap, European Style	10-Year IRO USD	Receive		3.25			01/24/2011		(3,400	)		(19	)		(157	)
Put — Interest Rate Swap, European Style	10-Year IRO USD	Pay		0.00	∞		03/10/2020		(1,800	)		(14	)		(15	)
Put — Interest Rate Swap, European Style	10-Year IRO USD	Pay		0.00	∞		03/12/2020		(7,600	)		(64	)		(68	)
Put — Interest Rate Swap, European Style	10-Year IRO USD	Pay		0.00	∞		04/07/2020		(14,200	)		(127	)		(128	)
Put — Interest Rate Swap, European Style	10-Year IRO USD	Pay		0.00	∞		09/29/2020		(1,700	)		(22	)		(15	)
Put — Interest Rate Swap, European Style	5-Year CDX.OP 1.5 UAG	Pay		1.50			12/15/2010		(1,900	)		(6	)		w
Put — Interest Rate Swap, European Style	5-Year CDX.OP 1.5	Pay		1.50			12/15/2010		(2,300	)		(7	)		w
Put — Interest Rate Swap, European Style	Itraxx.OP 1.6 Euro	Pay		1.60			12/15/2010		(1,400	)		(5	)		(1	)
Put — Interest Rate Swap, European Style	5-Year Itraxx.O Euro 14 MYC	Pay		1.60			03/16/2011		(2,700	)		(21	)		(10	)
Put — Interest Rate Swap, European Style	3-Month USD LIBOR	Pay		1.70			12/13/2010		(15,800	)		(47	)		(38	)
Put — Interest Rate Swap, European Style	5-Year CDX.0 IG14 MYC	Pay		1.70			03/16/2011		(800	)		(4	)		(1	)
Put — Interest Rate Swap, European Style	3-Month USD LIBOR	Pay		1.80			02/22/2011		(19,900	)		(116	)		(112	)
Put — Interest Rate Swap, European Style	5-Year Itraxx.OC. 0.9 Euro	Pay		1.80			03/16/2011		(800	)		(6	)		(3	)
Put — Interest Rate Swap, European Style	3-Month USD LIBOR	Pay		1.95			12/13/2010		(24,100	)		(44	)		(16	)
Put — Interest Rate Swap, European Style	5-Year IRO USD	Pay		2.10			12/13/2010		(1,000	)		(5	)		w
Put — Interest Rate Swap, European Style	5-Year IRO USD	Pay		2.10			12/13/2010		(3,100	)		(11	)		(1	)
Put — Interest Rate Swap, European Style	2-Year IRO USD	Pay		2.25			09/24/2012		(3,300	)		(23	)		(15	)
Put — Interest Rate Swap, European Style	2-Year IRO USD	Pay		2.25			09/24/2012		(1,400	)		(9	)		(6	)
Put — Interest Rate Swap, European Style	2-Year IRO USD	Pay		2.25			09/24/2012		(67,100	)		(537	)		(296	)
Put — Interest Rate Swap, European Style	3-Month USD LIBOR	Pay		2.75			12/13/2010		(3,100	)		(25	)		(41	)
Put — Interest Rate Swap, European Style	3-Year IRO USD	Pay		3.00			06/18/2012		(16,600	)		(172	)		(57	)
Put — Interest Rate Swap, European Style	3-Year IRO USD	Pay		3.00			06/18/2012		(8,100	)		(90	)		(28	)
Put — Interest Rate Swap, European Style	3-Year IRO USD	Pay		3.00			06/18/2012		(13,300	)		(147	)		(46	)
Put — Interest Rate Swap, European Style	3-Year IRO USD	Pay		3.00			06/18/2012		(10,600	)		(96	)		(36	)
Put — Interest Rate Swap, European Style	3-Year IRO USD	Pay		3.00			06/18/2012		(7,000	)		(78	)		(24	)
Put — Interest Rate Swap, European Style	10-Year IRO USD	Pay		5.00			01/24/2011		(3,400	)		(28	)		w
Put — Interest Rate Swap, European Style	10-Year IRO USD	Pay		10.00			07/10/2012		(2,600	)		(18	)		w
Put — Interest Rate Swap, European Style	10-Year IRO USD	Pay		10.00			07/10/2012		(1,400	)		(9	)		w

											$	(2,242	)	$	(1,608	)

SWAP AGREEMENTS: α

CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES — BUY PROTECTION: ⁽¹⁾


						Implied
						Credit Spread							Premiums		Unrealized
	Fixed Deal					(BP) at		Notional		Market			Paid		Appreciation
Reference Obligation	Pay Rate		Maturity Date		Counterparty	10/31/2010⁽³⁾		Amount⁽⁴⁾		Value			(Received)		(Depreciation)

Black and Decker Corp., 8.95%, 04/15/2014		2.20		06/20/2014	CBK		24.24	$	3,000	$	(207	)	$	—	$	(207	)
Marsh & McLennan Cos., Inc., 5.75%, 09/15/2015		0.76		09/20/2015	BRC		111.65		6,000		98			—		98
Tyson Foods, Inc., 6.60%, 03/20/2014		1.00		03/20/2014	BPS		143.37		6,000		88			300		(212	)

										$	(21	)	$	300	$	(321	)



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

Transamerica Funds		Annual Report 2010

Page 184

Transamerica PIMCO Real Return TIPS

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts in thousands)

CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES — SELL PROTECTION: ⁽²⁾


						Implied
						Credit Spread							Premiums			Unrealized
	Fixed Deal					(BP) at		Notional		Market			Paid			Appreciation
Reference Obligation	Receive Rate		Maturity Date		Counterparty	10/31/2010⁽³⁾		Amount⁽⁴⁾		Value			(Received)			(Depreciation)

20-Year Japan Government Bond, 2.00%, 03/21/2022 §		1.00		12/20/2015	BOA		55.50	$	2,900	$	66		$	66		$	—
20-Year Japan Government Bond, 2.00%, 03/21/2022 §		1.00		12/20/2015	RYL		55.50		700		16			16			—
20-Year Japan Government Bond, 2.00%, 03/21/2022 §		1.00		12/20/2015	GST		55.50		500		(12	)		10			(22	)
20-Year Japan Government Bond, 2.00%, 03/21/2022 §		1.00		12/20/2015	BOA		55.50		500		(12	)		10			(22	)
American International Group, Inc., 6.25%, 05/01/2036		5.00		12/20/2013	DUB		141.55		6,500		712			(411	)		1,123
CDX.EM.14 §		5.00		12/20/2015	DUB		204.40		1,100		154			162			(8	)
CDX.EM.14 §		5.00		12/20/2015	BRC		204.40		800		112			113			(1	)
CDX.EM.14 §		5.00		12/20/2015	UAG		204.40		1,300		182			180			2
Federative Republic of Brazil, 12.25%, 03/06/2030 §		1.00		06/20/2015	BRC		95.01		1,000		2			(8	)		10
Federative Republic of Brazil, 12.25%, 03/06/2030 §		1.00		06/20/2015	HUS		95.01		1,000		2			(13	)		15
Federative Republic of Brazil, 12.25%, 03/06/2030 §		1.00		06/20/2015	BRC		95.01		1,000		2			(17	)		19
Federative Republic of Brazil, 12.25%, 03/06/2030		1.00		06/20/2020	DUB		126.98		2,500		(55	)		(80	)		25
France Government Bond, 4.25%, 04/25/2019		0.25		06/20/2015	CBK		65.67		1,300		(23	)		(28	)		5
France Government Bond, 4.25%, 04/25/2019		0.25		06/20/2015	DUB		65.67		1,300		(23	)		(39	)		16
France Government Bond, 4.25%, 04/25/2019		0.25		12/20/2015	BOA		69.85		800		(17	)		(16	)		(1	)
France Government Bond, 4.25%, 04/25/2019		0.25		12/20/2015	BOA		69.85		1,200		(25	)		(32	)		7
France Government Bond, 4.25%, 04/25/2019		0.25		12/20/2015	BRC		69.85		1,100		(24	)		(22	)		(2	)
France Government Bond, 4.25%, 04/25/2019		0.25		12/20/2015	RYL		69.85		900		(19	)		(17	)		(2	)
France Government Bond, 4.25%, 04/25/2019		0.25		12/20/2015	CBK		69.85		600		(13	)		(16	)		3
Petrobras International Finance Co., 8.38%, 12/10/2018		1.00		09/20/2012	DUB		112.78		300		(1	)		(3	)		2
Republic of Italy, 6.88%, 09/27/2023 §		1.00		06/20/2011	BOA		95.43		200			w		(2	)		2
Republic of Italy, 6.88%, 09/27/2023		1.00		06/20/2015	DUB		167.24		800		(23	)		(15	)		(8	)
United Kingdom Gilt, 4.25%, 06/07/2032 §		1.00		06/20/2015	CBK		49.71		1,600		35			12			23
United Kingdom Gilt, 4.25%, 06/07/2032 §		1.00		06/20/2015	DUB		49.71		2,200		48			17			31
United Kingdom Gilt, 4.25%, 06/07/2032 §		1.00		06/20/2015	DUB		49.71		700		15			3			12
United Kingdom Gilt, 4.25%, 06/07/2032 §		1.00		12/20/2015	DUB		54.00		900		21			21			—

										$	1,120		$	(109	)	$	1,229



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

Transamerica Funds		Annual Report 2010

Page 185

Transamerica PIMCO Real Return TIPS

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts in thousands)

INTEREST RATE SWAP AGREEMENTS — RECEIVABLE:


												Premiums		Unrealized
						Currency		Notional		Market		Paid		Appreciation
Floating Rate Index	Fixed Rate		Maturity Date		Counterparty	Code		Amount		Value		(Received)		(Depreciation)

3-Month USD LIBOR		3.25		11/02/2020	MYC		—	$	1,400	$	—	$	—	$	—
3-Month USD LIBOR		3.25		11/02/2020	CBK		—		1,600		—		—		—
3-Month USD LIBOR		3.25		11/02/2020	BOA		—		9,600		—		—		—
BRL-CDI		14.77		01/02/2012	MLC	BRL			1,100		66		1		65
BRL-CDI		14.77		01/02/2012	HUS	BRL			200		12		1		11
BRL-CDI		11.89		01/02/2013	HUS	BRL			4,800		38		5		33
FRC — Excluding Tobacco-Non- Revised CPI		2.04		02/21/2011	BPS	EUR			5,500		249		—		249

										$	365	$	7	$	358

INTEREST RATE SWAP AGREEMENTS — PAYABLE:


												Premiums			Unrealized
						Currency	Notional		Market			Paid			Appreciation
Floating Rate Index	Fixed Rate		Maturity Date		Counterparty	Code	Amount		Value			(Received)			(Depreciation)

BRL-CDI		11.14		01/02/2012	HUS	BRL	$	2,600	$	31		$	7		$	24
BRL-CDI		11.36		01/02/2012	HUS	BRL		29,800		313			28			285
BRL-CDI §		11.63		01/02/2012	MYC	BRL		20,100		118			(17	)		135
BRL-CDI		10.58		01/02/2012	UAG	BRL		13,000		(91	)		(1	)		(90	)
BRL-CDI		10.12		01/02/2012	MYC	BRL		3,000		(55	)		(9	)		(46	)
BRL-CDI		10.68		01/02/2012	BRC	BRL		14,800		(67	)		(45	)		(22	)
BRL-CDI		11.89		01/02/2013	GLM	BRL		20,100		160			9			151
BRL-CDI		12.07		01/02/2013	UAG	BRL		14,900		152			(43	)		195
BRL-CDI		11.98		01/02/2013	MYC	BRL		5,300		47			—			47
FRC — Excluding Tobacco-Non- Revised CPI		2.10		10/15/2011	UAG	EUR		2,800		149			—			149
UK-RPI §		3.44		09/14/2012	RYL	GBP		1,700		2			—			2
UK-RPI §		3.45		09/15/2012	DUB	GBP		500		1			—			1

									$	760		$	(71	)	$	831

FUTURES CONTRACTS: g

Net Unrealized

Appreciation

Description

Type

Contracts ┌

Expiration Date

(Depreciation)

90-Day Euro

Long

109

03/14/2011

90-Day Euro

Long

226

06/13/2011

90-Day Euro

Long

03/19/2012


FORWARD FOREIGN CURRENCY CONTRACTS: ☼
						Amount in U.S.			Net Unrealized
				Settlement		Dollars			Appreciation
Currency	Bought (Sold)			Date		Bought (Sold)			(Depreciation)

Australian Dollar		(1,730	)		12/03/2010	$	(1,696	)	$	9
Brazilian Real		8,612			12/02/2010		4,799			236
Brazilian Real		350			12/02/2010		200			5
Brazilian Real		(8,962	)		12/02/2010		(5,355	)		117
Brazilian Real		8,962			03/02/2011		5,255			(104	)
Canadian Dollar		(7,440	)		11/18/2010		(7,269	)		(24	)
Chinese Yuan Renminbi		(1,708	)		11/17/2010		(257	)		1
Chinese Yuan Renminbi		3,456			11/17/2010		521			(3	)
Chinese Yuan Renminbi		883			11/17/2010		133			(1	)
Chinese Yuan Renminbi		3,516			11/17/2010		530			(3	)



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

Transamerica Funds		Annual Report 2010

Page 186

Transamerica PIMCO Real Return TIPS

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts in thousands)


FORWARD FOREIGN CURRENCY CONTRACTS (continued): ☼
						Amount in U.S.			Net Unrealized
				Settlement		Dollars			Appreciation
Currency	Bought (Sold)			Date		Bought (Sold)			(Depreciation)

Chinese Yuan Renminbi		1,786			11/17/2010	$	270		$	(2	)
Chinese Yuan Renminbi		(4,195	)		11/17/2010		(632	)		3
Chinese Yuan Renminbi		2,866			11/17/2010		433			(3	)
Chinese Yuan Renminbi		(10,270	)		11/17/2010		(1,537	)		(3	)
Chinese Yuan Renminbi		1,793			11/17/2010		271			(2	)
Chinese Yuan Renminbi		1,874			11/17/2010		283			(2	)
Chinese Yuan Renminbi		896			11/23/2010		135			(1	)
Chinese Yuan Renminbi		1,273			11/23/2010		192			(1	)
Chinese Yuan Renminbi		4,179			01/10/2011		624			4
Chinese Yuan Renminbi		2,590			01/10/2011		390			(1	)
Chinese Yuan Renminbi		6,030			01/10/2011		904			3
Chinese Yuan Renminbi		2,391			01/10/2011		360			(1	)
Chinese Yuan Renminbi		1,726			01/10/2011		260			(1	)
Chinese Yuan Renminbi		10,270			11/15/2011		1,581			(7	)
Chinese Yuan Renminbi		1,708			11/15/2011		266			(4	)
Chinese Yuan Renminbi		4,195			11/15/2011		653			(10	)
Euro		(447	)		11/23/2010		(602	)		(20	)
Euro		2,437			11/23/2010		3,121			271
Euro		(223	)		11/23/2010		(295	)		(15	)
Euro		369			11/23/2010		514			w
Euro		(299	)		01/04/2011		(398	)		(18	)
Euro		(11,987	)		01/25/2011		(16,667	)		2
Indian Rupee		(5,000	)		11/12/2010		(113	)		w
Indian Rupee		(9,560	)		11/12/2010		(215	)		w
Indian Rupee		(8,700	)		11/12/2010		(195	)		w
Indian Rupee		23,260			11/12/2010		500			22
Indian Rupee		25,245			03/09/2011		560			(5	)
Indian Rupee		5,937			03/09/2011		126			5
Indian Rupee		5,410			03/09/2011		120			(1	)
Indian Rupee		9,560			03/09/2011		212			(2	)
Indian Rupee		9,440			03/09/2011		210			(2	)
Indian Rupee		9,955			03/09/2011		220			(1	)
Indian Rupee		41,209			03/09/2011		874			32
Indian Rupee		32,774			03/09/2011		700			21
Indian Rupee		5,000			03/09/2011		111			(1	)
Indian Rupee		29,713			03/09/2011		660			(6	)
Indian Rupee		9,024			03/09/2011		200			(2	)
Indian Rupee		14,873			03/09/2011		330			(3	)
Indian Rupee		17,187			03/09/2011		380			(2	)
Indian Rupee		4,986			03/09/2011		110			w
Indian Rupee		29,296			03/09/2011		650			(6	)
Indian Rupee		10,339			03/09/2011		230			(3	)
Indian Rupee		4,759			03/09/2011		105			w
Indian Rupee		8,700			03/09/2011		192			(1	)
Indian Rupee		4,744			03/09/2011		105			(1	)
Indian Rupee		32,760			03/09/2011		700			21
Indonesian Rupiah		8,815,999			10/31/2011		950			(18	)
Japanese Yen		81,363			11/01/2010		1,000			11
Japanese Yen		305,726			11/01/2010		3,748			51
Japanese Yen		(387,089	)		11/01/2010		(4,599	)		(210	)
Japanese Yen		49,735			12/06/2010		610			8
Japanese Yen		61,230			12/06/2010		760			1
Japanese Yen		25,272			12/06/2010		310			4
Japanese Yen		24,461			12/06/2010		300			4
Japanese Yen		(305,726	)		12/06/2010		(3,750	)		(51	)
Japanese Yen		48,750			12/06/2010		600			6
Japanese Yen		97,371			12/06/2010		1,195			15
Philippine Peso		225			11/15/2010		5			w
Philippine Peso		(8,000	)		11/15/2010		(186	)		w
Philippine Peso		(10,343	)		11/15/2010		(239	)		(1	)
Philippine Peso		(112	)		11/15/2010		(2	)		w
Philippine Peso		35,216			11/15/2010		800			18
Philippine Peso		(113	)		11/15/2010		(2	)		w
Philippine Peso		(7,770	)		11/15/2010		(180	)		(1	)
Philippine Peso		17,600			11/15/2010		400			9
Philippine Peso		26,436			11/15/2010		600			14
Philippine Peso		(10,900	)		11/15/2010		(251	)		(2	)
Philippine Peso		(10,625	)		11/15/2010		(245	)		(2	)
Philippine Peso		4,406			11/15/2010		100			2
Philippine Peso		(10,300	)		11/15/2010		(237	)		(2	)
Philippine Peso		5,048			02/07/2011		116			1
Philippine Peso		20,116			02/07/2011		460			4



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

Transamerica Funds		Annual Report 2010

Page 187

Transamerica PIMCO Real Return TIPS

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts in thousands)


FORWARD FOREIGN CURRENCY CONTRACTS (continued): ☼
						Amount in U.S.			Net Unrealized
				Settlement		Dollars			Appreciation
Currency	Bought (Sold)			Date		Bought (Sold)			(Depreciation)

Philippine Peso		40,057			02/07/2011	$	920		$	5
Philippine Peso		13,946			02/07/2011		320			2
Philippine Peso		3,310			02/07/2011		76			w
Philippine Peso		17,752			02/07/2011		408			2
Philippine Peso		21,230			06/15/2011		480			7
Philippine Peso		5,302			06/15/2011		120			2
Philippine Peso		10,900			06/15/2011		248			2
Philippine Peso		8,000			06/15/2011		184			(1	)
Philippine Peso		10,625			06/15/2011		242			1
Philippine Peso		10,300			06/15/2011		234			2
Philippine Peso		7,770			06/15/2011		178			1
Philippine Peso		10,343			06/15/2011		236			1
Philippine Peso		39,375			06/15/2011		900			3
Pound Sterling		(2,023	)		12/20/2010		(3,151	)		(89	)
Pound Sterling		106			12/20/2010		168			2
Republic of Korea Won		93,555			11/12/2010		80			3
Republic of Korea Won		320,599			11/12/2010		272			13
Republic of Korea Won		235,280			11/12/2010		200			9
Republic of Korea Won		348,570			11/12/2010		300			10
Republic of Korea Won		129,800			11/12/2010		109			7
Republic of Korea Won		(157,300	)		11/12/2010		(140	)		1
Republic of Korea Won		340,050			11/12/2010		300			2
Republic of Korea Won		368,200			11/12/2010		302			25
Republic of Korea Won		171,142			11/12/2010		146			6
Republic of Korea Won		175,950			11/12/2010		150			6
Republic of Korea Won		381,340			11/12/2010		321			18
Republic of Korea Won		808,510			11/12/2010		672			47
Republic of Korea Won		357,957			11/12/2010		310			8
Republic of Korea Won		348,780			11/12/2010		300			10
Republic of Korea Won		664,535			11/12/2010		580			11
Republic of Korea Won		362,654			11/12/2010		310			12
Republic of Korea Won		173,850			11/12/2010		150			5
Republic of Korea Won		439,292			11/12/2010		356			34
Republic of Korea Won		(548,000	)		11/12/2010		(491	)		4
Republic of Korea Won		(911,600	)		11/12/2010		(800	)		(10	)
Republic of Korea Won		679,149			11/12/2010		590			14
Republic of Korea Won		(683,600	)		11/12/2010		(604	)		(4	)
Republic of Korea Won		(375,000	)		11/12/2010		(336	)		2
Republic of Korea Won		(608,500	)		11/12/2010		(540	)		(1	)
Republic of Korea Won		235,640			11/12/2010		200			9
Republic of Korea Won		362,468			11/12/2010		310			12
Republic of Korea Won		361,956			11/12/2010		310			12
Republic of Korea Won		(595,000	)		11/12/2010		(528	)		(1	)
Republic of Korea Won		(1,387,590	)		11/12/2010		(1,232	)		(2	)
Republic of Korea Won		(126,699	)		11/12/2010		(112	)		(1	)
Republic of Korea Won		162,200			11/12/2010		137			7
Republic of Korea Won		88,563			11/12/2010		75			3
Republic of Korea Won		175,170			11/12/2010		150			6
Republic of Korea Won		(2,095,919	)		11/12/2010		(1,872	)		9
Republic of Korea Won		(296,000	)		11/12/2010		(265	)		2
Republic of Korea Won		515,835			01/19/2011		450			10
Republic of Korea Won		515,835			01/19/2011		450			10
Republic of Korea Won		559,200			01/19/2011		500			(1	)
Republic of Korea Won		500,368			01/19/2011		440			6
Republic of Korea Won		1,036,125			01/19/2011		910			14
Republic of Korea Won		296,000			05/09/2011		264			2
Republic of Korea Won		372,405			05/09/2011		330			4
Republic of Korea Won		227,500			05/09/2011		200			4
Republic of Korea Won		595,000			05/09/2011		526			7
Republic of Korea Won		375,000			05/09/2011		335			1
Republic of Korea Won		113,820			05/09/2011		100			2
Republic of Korea Won		1,387,589			05/09/2011		1,225			19
Republic of Korea Won		157,300			05/09/2011		140			1
Republic of Korea Won		2,095,919			05/09/2011		1,862			17
Republic of Korea Won		608,500			05/09/2011		539			7
Republic of Korea Won		548,000			05/09/2011		489			3
Republic of Korea Won		754,420			05/09/2011		670			6
Republic of Korea Won		126,699			05/09/2011		112			2
Republic of Korea Won		227,300			05/09/2011		200			4
Republic of Korea Won		683,600			05/09/2011		603			10

									$	707



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

Transamerica Funds		Annual Report 2010

Page 188

Transamerica PIMCO Real Return TIPS

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts in thousands)

NOTES TO SCHEDULE OF INVESTMENTS:


*		Floating or variable rate note. Rate is listed as of 10/29/2010.

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

∞		Percentage rounds to less than 0.1%.

┌		Contract amounts are not in thousands.

§		Illiquid. At 10/31/2010, illiquid investment securities aggregated $3,871, or 0.46%, and illiquid derivatives aggregated to $452, or 0.05%, of the fund’s net assets.

w		Value and/or principal is less than $1.

▲		Rate shown reflects the yield at 10/29/2010.

#		Aggregate cost for federal income tax purposes is $913,393. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $67,206 and $2,206, respectively. Net unrealized appreciation for tax purposes is $65,000.

•		All or a portion of this security in the amount of $16,986 have been segregated as collateral to cover the open BNP Paribas reverse repurchase agreement.

o		All or a portion of this security in the amount of $6,575 have been segregated as collateral to cover the open Credit Suisse First Boston Mortgage Securities Corp., reverse repurchase agreement.

(1)		If the fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(2)		If the fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(3)		Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues or sovereign issues of an emerging country as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

(4)		The maximum potential amount the fund could be required to make as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

g		All or a portion of these securities in the amount of $414 and cash in the amount of $6, have been segregated as collateral with the broker to cover margin requirements for open futures contracts.

α		Cash, in the amount of $1,890, and a U.S. Treasury Bill, in the amount of $50, have been pledged as collateral with the custodian to cover open swap contracts.

☼		Cash, in the amount of $1,410, has been pledged as collateral with the custodian to cover open currency contracts.

DEFINITIONS:


144A		144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 10/31/2010, these securities aggregated $22,097, or 2.61%, of the fund’s net assets.

AUD		Australian Dollar

BOA		Bank of America

BP		Basis Point Spread

BPS		BNP Paribas

BRC		Barclays Bank PLC

BRL		Brazilian Real

CAD		Canadian Dollar

CBK		Citibank N.A.

CDI		Credit Default Index

CDX		A series of indices that track North American and emerging market credit derivative indices.

CPI		Consumer Price Index

DUB		Deutsche Bank AG

EUR		Euro

FRC		Fixed Rate Credit

GBP		Pound Sterling

GLM		Goldman Sachs Global Liquidity Management

GST		Goldman Sachs Trust

HUS		HSBC Bank USA

LIBOR		London Interbank Offered Rate

MLC		Merrill Lynch Capital Services

MYC		Morgan Stanley Capital Services

RPI		Retail Price Index

RYL		Royal Bank of Scotland PLC

UAG		UBS AG



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

Transamerica Funds		Annual Report 2010

Page 189

Transamerica PIMCO Real Return TIPS

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts in thousands)

VALUATION SUMMARY:


Investment Securities	Level 1		Level 2			Level 3		Total
Asset-Backed Securities	$	—	$	5,157		$	—	$	5,157
Convertible Preferred Stocks		400		—			—		400
Corporate Debt Securities		—		97,477			—		97,477
Foreign Government Obligations		—		21,960			—		21,960
Mortgage-Backed Securities		—		20,637			—		20,637
Municipal Government Obligations		—		1,300			—		1,300
Preferred Corporate Debt Securities		—		2,405			—		2,405
U.S. Government Agency Obligations		—		2,051			—		2,051
U.S. Government Obligations		—		827,006			—		827,006

Total	$	400	$	977,993		$	—	$	978,393


Other Financial Instruments	Level 1		Level 2			Level 3		Total
Written Options	$	—	$	(46	)	$	—	$	(46	)
Written Swaptions		—		(1,608	)		—		(1,608	)
Reverse Repurchase Agreement		—		(23,564	)		—		(23,564	)

Total	$	—	$	(25,218	)	$	—	$	(25,218	)


Other Financial Instruments*	Level 1		Level 2			Level 3		Total
Futures Contracts — Appreciation	$	65	$	—		$	—	$	65
Interest Rate Swap — Appreciation		—		1,347			—		1,347
Interest Rate Swap — Depreciation		—		(158	)		—		(158	)
Credit Default Swap — Appreciation		—		1,393			—		1,393
Credit Default Swap — Depreciation		—		(485	)		—		(485	)
Forward Foreign Currency Contracts — Appreciation		—		1,366			—		1,366
Forward Foreign Currency Contracts — Depreciation		—		(659	)		—		(659	)

Total	$	65	$	2,804		$	—	$	2,869


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



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

Transamerica Funds		Annual Report 2010

Page 190

Transamerica PIMCO Total Return

SCHEDULE OF INVESTMENTS
At October 31, 2010
(all amounts in thousands)


		Principal		Value

U.S. GOVERNMENT OBLIGATIONS - 24.6%
U.S. Treasury Bond
3.50%, 02/15/2039		$	100	$	92
3.88%, 08/15/2040 ^			6,800		6,656
4.25%, 05/15/2039			7,800		8,141
4.38%, 02/15/2038 - 05/15/2040			14,000		14,913
6.25%, 08/15/2023			6,400		8,556
7.13%, 02/15/2023			3,600		5,133
7.25%, 08/15/2022			13,500		19,377
7.50%, 11/15/2024			1,400		2,087
7.63%, 02/15/2025			3,000		4,524
7.88%, 02/15/2021			5,600		8,230
8.13%, 05/15/2021			8,000		11,975
8.88%, 02/15/2019 ^			6,600		9,936
U.S. Treasury Inflation Indexed Note
1.25%, 07/15/2020 g α			23,123		24,829
U.S. Treasury Note
2.50%, 04/30/2015 α			14,600		15,555
2.63%, 07/31/2014			750		802
3.13%, 10/31/2016			12,700		13,835
3.25%, 12/31/2016 g			8,700		9,524

Total U.S. Government Obligations (cost $154,294)					164,165


U.S. GOVERNMENT AGENCY OBLIGATIONS - 38.9%
Fannie Mae
0.36%, 01/25/2021 *			439		437
0.61%, 09/25/2042 *			498		498
1.55%, 03/01/2044 - 10/01/2044 *			1,860		1,867
2.41%, 09/01/2035 *			866		899
2.42%, 07/01/2035 *			549		570
2.56%, 01/01/2026 - 01/01/2028 *			54		57
2.57%, 11/01/2033 *			186		194
2.69%, 03/01/2034 *			333		348
4.00%, 07/01/2024 - 10/01/2040			32,037		33,229
4.50%, 08/01/2039 - 07/01/2040			5,664		5,952
5.00%, 06/01/2013 - 01/01/2030			8,879		9,484
5.50%, 07/01/2016 - 03/01/2037			20,799		22,412
6.00%, 01/01/2038 - 09/01/2038			3,850		4,183
6.30%, 10/17/2038			977		1,116
Fannie Mae, IO
6.84%, 07/25/2034 * §			2,180		341
Fannie Mae, TBA
4.00%			76,000		78,354
4.50%			76,000		79,869
5.50%			1,000		1,083
Freddie Mac
1.57%, 10/25/2044 *			484		489
1.77%, 07/25/2044 *			499		501
2.48%, 11/01/2033 *			191		199
2.50%, 03/01/2034 *			188		196
2.60%, 03/01/2034 *			223		232
4.23%, 09/01/2035 *			55		57
4.50%, 06/15/2017 - 09/15/2018			1,519		1,560
4.67%, 09/01/2035 *			842		886
5.00%, 02/15/2020 - 04/15/2030			2,267		2,348
5.11%, 01/01/2036 *			3,268		3,404
5.50%, 03/15/2017			68		70
6.50%, 04/15/2029 - 07/25/2043			31		35
Freddie Mac, TBA
4.00%			5,000		5,129
Ginnie Mae, IO
6.30%, 04/16/2033 - 10/16/2033 * §			1,906		339
6.34%, 08/16/2033 - 09/20/2034 * §			4,258		719
Ginnie Mae
3.38%, 05/20/2024 *			54		56
6.50%, 06/20/2032			32		34
Overseas Private Investment Corp.
Zero Coupon, 12/10/2012			2,600		2,748
Small Business Administration
4.50%, 02/01/2014			60		63

Total U.S. Government Agency Obligations (cost $255,739)					259,958


FOREIGN GOVERNMENT OBLIGATIONS - 4.8%
Australia Government Bond
4.75%, 06/15/2016	AUD		12,900		12,440
6.00%, 02/15/2017	AUD		4,000		4,102
Canadian Government Bond
1.50%, 03/01/2012	CAD		8,100		7,965
Export-Import Bank of Korea
0.51%, 10/04/2011 - 144A *		$	2,500		2,502
8.13%, 01/21/2014			3,300		3,880
Korea Expressway Corp.
5.13%, 05/20/2015 - 144A			200		217
Republic of Brazil
10.25%, 01/10/2028 ^	BRL		1,000		637

Total Foreign Government Obligations (cost $29,617)					31,743


MORTGAGE-BACKED SECURITIES - 6.9%
American Home Mortgage Assets
Series 2006-2, Class 2A1
0.45%, 09/25/2046 *		$	1,036		547
Series 2006-4, Class 1A12
0.47%, 10/25/2046 *			2,330		1,206
Banc of America Commercial Mortgage, Inc.
Series 2007- 1, Class A4
5.45%, 01/15/2049			200		211
Banc of America Funding Corp.
Series 2005-D, Class A1
2.89%, 05/25/2035 *			1,054		1,028
Series 2006-J, Class 4A1
5.92%, 01/20/2047 *			131		97
Bear Stearns Adjustable Rate Mortgage Trust
Series 2003-5, Class 2A1
2.77%, 08/25/2033 *			865		844
Series 2003-8, Class 2A1
3.53%, 01/25/2034 *			19		19
Series 2003-8, Class 4A1
3.58%, 01/25/2034 *			146		141
Series 2005-2, Class A2
2.93%, 03/25/2035 *			710		680
Series 2005-5, Class A2
2.40%, 08/25/2035 *			305		288
Series 2005-7, Class 22A1
2.99%, 09/25/2035 *			322		246



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

Transamerica Funds		Annual Report 2010

Page 191

Transamerica PIMCO Total Return

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts in thousands)


	Principal		Value

MORTGAGE-BACKED SECURITIES (continued)
Bear Stearns Adjustable Rate Mortgage Trust (continued)
Series 2006-6, Class 32A1
5.35%, 11/25/2036 *	$	372	$	232
Bear Stearns Structured Products, Inc.
Series 2007-R6, Class 1A1
4.02%, 01/26/2036 *		325		224
CC Mortgage Funding Corp.
Series 2004-3A, Class A1
0.51%, 08/25/2035 - 144A *		252		155
Citigroup Mortgage Loan Trust, Inc.
Series 2005-6, Class A2
2.56%, 08/25/2035 *		363		326
Series 2007-10, Class 22AA
5.85%, 09/25/2037 *		2,389		1,780
Citigroup/Deutsche Bank Commercial Mortgage Trust
Series 2006-CD3, Class A5
5.62%, 10/15/2048		330		357
Series 2007-CD5, Class A4
5.89%, 11/15/2044 *		200		216
Countrywide Alternative Loan Trust
Series 2003-J1, Class 4A1
6.00%, 10/25/2032		3		3
Series 2005-81, Class A1
0.54%, 02/25/2037 *		688		390
Series 2006-30T1, Class 1A3
6.25%, 11/25/2036		529		362
Series 2006-J8, Class A2
6.00%, 02/25/2037		444		330
Series 2006-OA17, Class 1A1A
0.45%, 12/20/2046 *		2,660		1,299
Series 2007-2CB, Class 1A13
5.75%, 03/25/2037 *		700		493
Series 2007-HY4, Class 1A1
3.83%, 06/25/2037 *		1,189		880
Series 2007-OA6, Class A1B
0.46%, 06/25/2037 *		1,260		696
Countrywide Home Loan Mortgage Pass-Through Trust
Series 2002-30, Class M
3.18%, 10/19/2032 *		16		12
Series 2004-12, Class 12A1
2.95%, 08/25/2034 *		500		416
Series 2004-R1, Class 2A
6.50%, 11/25/2034 - 144A		626		626
Series 2005-R2, Class 1AF1
0.60%, 06/25/2035 - 144A *		1,743		1,499
Credit Suisse First Boston Mortgage Securities Corp.
Series 2002-P1A, Class A
0.93%, 03/25/2032 - 144A *		1		1
Series 2003-AR15, Class 2A1
2.52%, 06/25/2033 *		1,023		993
Deutsche ALT-A Securities, Inc., Alternate Loan Trust
Series 2005-6, Class 2A3
5.50%, 12/25/2035		900		673
First Horizon Alternative Mortgage Securities
Series 2007-FA4, Class 1A8
6.25%, 08/25/2037		448		329
First Horizon Asset Securities, Inc.
Series 2005-AR3, Class 2A1
2.92%, 08/25/2035 *		84		81
GS Mortgage Securities Corp. II
Series 2007-EOP, Class A1
0.34%, 03/06/2020 - 144A *		787		764
GSR Mortgage Loan Trust
Series 2005-AR6, Class 2A1
2.89%, 09/25/2035 *		156		150
Harborview Mortgage Loan Trust
Series 2006-1, Class 2A1A
0.50%, 03/19/2036 *		1,791		1,030
Series 2006-12, Class 2A2A
0.45%, 01/19/2038 *		1,186		764
Series 2006-6, Class 5A1A
5.56%, 08/19/2036 *		719		603
Series 2007-1, Class 2A1A
0.39%, 04/19/2038 *		1,255		747
IndyMac Index Mortgage Loan Trust
Series 2004-AR11, Class 2A
2.76%, 12/25/2034 *		50		38
JPMorgan Mortgage Trust
Series 2005-A1, Class 6T1
5.02%, 02/25/2035 *		237		242
Series 2007-A1, Class 5A5
3.24%, 07/25/2035 *		916		900
LB-UBS Commercial Mortgage Trust
Series 2007-C7, Class A3
5.87%, 09/15/2045 *		1,900		2,035
Luminent Mortgage Trust
Series 2006-6, Class 2A1
0.46%, 10/25/2046 *		723		459
MASTR Alternative Loans Trust
Series 2006-2, Class 2A1
0.66%, 03/25/2036 *		162		64
Mellon Residential Funding Corp.
Series 2000-TBC3, Class A1
0.70%, 12/15/2030 *		405		381
MLCC Mortgage Investors, Inc.
Series 2005-2, Class 3A
1.26%, 10/25/2035 *		44		38
Series 2005-3, Class 4A
0.51%, 11/25/2035 *		46		38
Series 2005-A10, Class A
0.47%, 02/25/2036 *		193		146
Morgan Stanley Capital I
Series 2007-IQ15, Class A4
5.88%, 06/11/2049 *		100		106
Series 2007-XLFA, Class A1
0.32%, 10/15/2020 - 144A *		679		627
Residential Accredit Loans, Inc.
Series 2006-QO3, Class A1
0.47%, 04/25/2046 *		544		222
Series 2006-QO6, Class A1
0.44%, 06/25/2046 *		353		145
Residential Asset Securitization Trust
Series 2006-R1, Class A2
0.66%, 01/25/2046 *		357		160
Residential Funding Mortgage Securities I
Series 2003-S9, Class A1
6.50%, 03/25/2032		3		3
RMAC Securities PLC
Series 2007-NS1X, Class A2B
0.44%, 06/12/2044 *		3,800		2,979



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

Transamerica Funds		Annual Report 2010

Page 192

Transamerica PIMCO Total Return

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts in thousands)


	Principal		Value

MORTGAGE-BACKED SECURITIES (continued)
Sequoia Mortgage Trust
Series 10, Class 2A1
0.64%, 10/20/2027 *	$	51	$	46
Series 2007-1, Class 1A1
2.57%, 01/20/2047 *		758		618
Structured Adjustable Rate Mortgage Loan Trust
Series 2004-19, Class 2A1
1.74%, 01/25/2035 *		221		121
Structured Asset Mortgage Investments, Inc.
Series 2002-AR3, Class A1
0.92%, 09/19/2032 *		23		20
Series 2005-AR5, Class A1
0.51%, 07/19/2035 *		40		26
Series 2005-AR5, Class A2
0.51%, 07/19/2035 *		72		62
Series 2005-AR5, Class A3
0.51%, 07/19/2035 *		141		130
Series 2005-AR8, Class A1A
0.54%, 02/25/2036 *		609		372
Series 2006-AR3, Class 12A1
0.48%, 05/25/2036 *		705		395
Series 2006-AR6, Class 2A1
0.45%, 07/25/2046 *		2,519		1,503
Structured Asset Securities Corp.
Series 2003-22A, Class 2A1
2.49%, 06/25/2033 *		1,152		1,082
TBW Mortgage Backed Pass-Through Certificates
Series 2006-6, Class A1
0.37%, 01/25/2037 *		62		61
Thornburg Mortgage Securities Trust
Series 2006-6, Class A1
0.37%, 11/25/2046 *		597		582
Wachovia Bank Commercial Mortgage Trust
Series 2006-WL7A, Class A1
0.35%, 09/15/2021 - 144A *		1,022		947
WaMu Mortgage Pass-Through Certificates, IO
Series 2003-R1, Class X
0.00%, 12/25/2027 - 144A * Ә		821		45
WaMu Mortgage Pass-Through Certificates
Series 2002-AR2, Class A
2.96%, 02/27/2034 *		23		23
Series 2002-AR9, Class 1A
1.75%, 08/25/2042 *		12		10
Series 2003-AR5, Class A7
2.70%, 06/25/2033 *		781		748
Series 2003-AR9, Class 2A
2.78%, 09/25/2033 *		1,446		1,460
Series 2003-R1, Class A1
0.80%, 12/25/2027 *		807		710
Series 2005-AR11, Class A1A
0.58%, 08/25/2045 *		650		546
Series 2006-AR19, Class 1A
1.09%, 01/25/2047 *		1,180		685
Series 2006-AR19, Class 1A1A
1.08%, 01/25/2047 *		1,004		638
Series 2006-AR9, Class 2A
3.21%, 08/25/2046 *		656		477
Series 2007-HY1, Class 4A1
5.13%, 02/25/2037 *		2,399		1,802
Series 2007-OA1, Class A1A
1.05%, 02/25/2047 *		2,519		1,465
Wells Fargo Mortgage Backed Securities Trust
Series 2003-13, Class A5
4.50%, 11/25/2018		300		306
Series 2004-CC, Class A1
4.91%, 01/25/2035 *		302		294
Series 2006-AR4, Class 2A6
5.67%, 04/25/2036 *		281		107
Series 2006-AR8, Class 2A4
2.91%, 04/25/2036 *		768		731

Total Mortgage-Backed Securities (cost $52,180)				46,333


ASSET-BACKED SECURITIES - 1.9%
Accredited Mortgage Loan Trust
Series 2007-1, Class A1
0.31%, 02/25/2037 *		68		68
ACE Securities Corp.
Series 2006-NC3, Class A2A
0.31%, 12/25/2036 *		112		107
Amortizing Residential Collateral Trust
Series 2002-BC4, Class A
0.84%, 07/25/2032 *		4		3
Asset Backed Funding Certificates
Series 2004-OPT5, Class A1
0.61%, 06/25/2034 *		406		328
Series 2006-HE1, Class A2A
0.32%, 01/25/2037 *		89		88
Aurum CLO, Ltd.
Series 2002-1A, Class A1
0.72%, 04/15/2014 - 144A *		351		341
Bear Stearns Asset Backed Securities Trust
Series 2002-2, Class A1
0.92%, 10/25/2032 *		17		16
Series 2006-SD4, Class 1A1
3.23%, 10/25/2036 *		882		666
Series 2007-AQ1, Class A1
0.37%, 11/25/2036 *		936		633
Carrington Mortgage Loan Trust
Series 2006-NC4, Class A1
0.31%, 10/25/2036 *		78		77
Citigroup Mortgage Loan Trust, Inc.
Series 2006-WFH3, Class A2
0.36%, 10/25/2036 *		152		152
Series 2007-AHL1, Class A2A
0.30%, 12/25/2036 *		436		419
Countrywide Asset-Backed Certificates
Series 2006-23, Class 2A1
0.31%, 05/25/2037 *		146		145
Series 2006-26, Class 2A1
0.34%, 06/25/2037 *		116		115
Series 2006-SD1, Class A1
0.42%, 02/25/2036 - 144A *		12		11
Series 2007-1, Class 2A1
0.31%, 07/25/2037 *		520		504
Series 2007-7, Class 2A1
0.34%, 10/25/2047 *		78		76



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

Transamerica Funds		Annual Report 2010

Page 193

Transamerica PIMCO Total Return

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts in thousands)


	Principal		Value

ASSET-BACKED SECURITIES (continued)
Credit-Based Asset Servicing and Securitization LLC
Series 2007-CB1, Class AF1A
0.33%, 01/25/2037 *	$	480	$	193
First Franklin Mortgage Loan Asset Backed
Certificates
Series 2005-FF1, Class A2C
0.63%, 12/25/2034 *		15		15
Fremont Home Loan Trust
Series 2006-E, Class 2A1
0.32%, 01/25/2037 *		188		169
Gazprom Via Gaz Capital SA
8.15%, 04/11/2018 - 144A		1,000		1,156
Series 2
8.63%, 04/28/2034		1,500		1,859
Harbourmaster CLO, Ltd.
Series 5A, Class A1
1.14%, 06/15/2020 - 144A *		987		1,268
Home Equity Asset Trust
Series 2002-1, Class A4
0.86%, 11/25/2032 *		1		1
JPMorgan Mortgage Acquisition Corp.
Series 2007-CH3, Class A5
0.52%, 03/25/2037 *		3,500		1,562
Mid-State Trust
Series 4, Class A
8.33%, 04/01/2030		213		220
Morgan Stanley ABS Capital I
Series 2007-NC1, Class A2A
0.31%, 11/25/2036 *		6		6
Morgan Stanley Home Equity Loans
Series 2007-1, Class A1
0.31%, 12/25/2036 *		351		342
Morgan Stanley Mortgage Loan Trust
Series 2007-10XS, Class A1
6.00%, 07/25/2047 *		427		329
Series 2007-3XS, Class 2A1A
0.33%, 01/25/2047 *		298		272
Series 2007-8XS, Class A1
5.75%, 04/25/2037 *		431		332
Nationstar Home Equity Loan Trust
Series 2007-A, Class AV1
0.32%, 03/25/2037 *		32		32
New Century Home Equity Loan Trust
Series 2006-1, Class A2B
0.44%, 05/25/2036 *		191		135
Park Place Securities, Inc.
Series 2005-WCW1, Class A1B
0.52%, 09/25/2035 *		77		70
Residential Asset Securities Corp.
Series 2007-KS2, Class AI1
0.33%, 02/25/2037 *		262		256
SBI Heloc Trust
Series 2006-1A, Class 1A2A
0.43%, 08/25/2036 - 144A *		2		2
Securitized Asset Backed Receivables LLC Trust
Series 2007-HE1, Class A2A
0.32%, 12/25/2036 *		87		34
Small Business Administration Participation Certificates
Series 2003-20I, Class 1
5.13%, 09/01/2023		49		53
Series 2004-20C, Class 1
4.34%, 03/01/2024		316		339
Structured Asset Securities Corp.
Series 2002-HF1, Class A
0.55%, 01/25/2033 *		3		3
Series 2006-BC3, Class A2
0.31%, 10/25/2036 *		61		61
Series 2006-BC6, Class A2
0.34%, 01/25/2037 *		224		218

Total Asset-Backed Securities (cost $12,918)				12,676


MUNICIPAL GOVERNMENT OBLIGATIONS - 5.6%
Buckeye Tobacco Settlement Financing Authority
5.88%, 06/01/2047		600		457
Chicago Board of Education -Class A
5.00%, 12/01/2012		255		276
Chicago Transit Authority -Class B
6.90%, 12/01/2040		2,700		2,811
Chicago Transit Authority -Class A
6.90%, 12/01/2040		4,900		5,102
City of Chicago, IL
4.75%, 01/01/2036		6,930		6,971
Kentucky State Property & Building Commission
5.37%, 11/01/2025		100		100
Los Angeles Unified School District — Class A
4.50%, 01/01/2028		1,200		1,190
New York City Transitional Finance Authority
4.73%, 11/01/2023		100		101
State of California
5.65%, 04/01/2039		5,900		6,360
7.55%, 04/01/2039		700		734
State of California — Build America Bonds
7.50%, 04/01/2034		300		314
State of Illinois
1.82%, 01/01/2011		2,300		2,303
2.77%, 01/01/2012		8,100		8,156
Tobacco Settlement Financing Corp.
5.25%, 06/01/2019		100		103
5.50%, 06/01/2026		200		224
5.88%, 05/15/2039		40		40
Tobacco Settlement Financing Corp. -Series A
7.47%, 06/01/2047		1,140		889
Tobacco Settlement Financing Corp. -Series 1A
5.00%, 06/01/2041		1,400		1,004

Total Municipal Government Obligations (cost $36,069)				37,135


PREFERRED CORPORATE DEBT SECURITIES - 1.8%
Commercial Banks - 1.8%
Barclays Bank PLC
7.43%, 12/15/2017 - 144A * ž		900		914
HSBC Capital Funding, LP
10.18%, 06/30/2030 - 144A * ž		150		197
Lloyds TSB Bank PLC
12.00%, 12/16/2024 - 144A * ž		5,300		5,988



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

Transamerica Funds		Annual Report 2010

Page 194

Transamerica PIMCO Total Return

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts in thousands)


		Principal		Value

PREFERRED CORPORATE DEBT SECURITIES (continued)
Rabobank Nederland NV
Series U
11.00%, 06/30/2019 - 144A * ž		$	378	$	505
Royal Bank of Scotland Group PLC
7.64%, 09/29/2017 ž			3,000		2,329
Wells Fargo & Co.
Series K
7.98%, 03/15/2018 * ž			1,800		1,890

Total Preferred Corporate Debt Securities (cost $11,641)					11,823


CORPORATE DEBT SECURITIES - 21.7%
Airlines - 0.3%
Continental Airlines, Inc.
6.75%, 09/15/2015 - 144A			2,200		2,291
Capital Markets - 2.2%
Goldman Sachs Group, Inc.
1.20%, 11/15/2014 *	EUR		500		650
1.35%, 02/04/2013 *	EUR		300		405
6.75%, 10/01/2037		$	900		944
Lehman Brothers Holdings, Inc.
2.85%, 12/23/2008 Џ			1,600		340
5.63%, 01/24/2013 Џ			4,100		917
6.88%, 05/02/2018 Џ			500		114
Lehman Brothers Holdings, Inc. — Series H
0.00%, 10/22/2008 Џ*			200		43
Lehman Brothers Holdings, Inc. — Series I
6.75%, 12/28/2017 Џ			1,700		¨
Morgan Stanley
1.38%, 04/13/2016 *	EUR		1,900		2,364
3.45%, 11/02/2015		$	4,200		4,223
UBS AG
1.44%, 02/23/2012 *			1,400		1,411
4.88%, 08/04/2020			3,300		3,538
Commercial Banks - 4.3%
ANZ National International, Ltd.
6.20%, 07/19/2013 - 144A			3,700		4,137
Barclays Bank PLC
5.45%, 09/12/2012			2,600		2,818
6.05%, 12/04/2017 - 144A			2,600		2,846
10.18%, 06/12/2021 - 144A			2,240		2,985
Canadian Imperial Bank of Commerce
2.00%, 02/04/2013 - 144A			1,200		1,232
Cie de Financement Foncier
2.50%, 09/16/2015 - 144A			6,000		6,082
Fortis Bank Nederland Holding NV
1.25%, 06/10/2011 *	EUR		1,200		1,668
Lloyds TSB Bank PLC
1.03%, 06/09/2011 *	EUR		1,000		1,393
4.38%, 01/12/2015 - 144A		$	4,400		4,613
5.80%, 01/13/2020 - 144A			700		749
Consumer Finance - 0.9%
American Express Co.
6.15%, 08/28/2017			700		807
American Express Credit Corp. — Series C
5.88%, 05/02/2013			4,500		4,953
Diversified Financial Services - 8.2%
Ally Financial, Inc.
6.63%, 05/15/2012			900		926
7.00%, 02/01/2012 ^			1,500		1,543
7.25%, 03/02/2011			300		304
Bank of America Corp.
5.65%, 05/01/2018			3,900		4,105
7.63%, 06/01/2019			4,000		4,683
Bear Stearns Cos., LLC
5.70%, 11/15/2014			1,900		2,165
6.40%, 10/02/2017			900		1,050
6.95%, 08/10/2012			1,200		1,324
7.25%, 02/01/2018			2,100		2,562
Citigroup, Inc.
0.42%, 03/07/2014 *			2,000		1,895
2.38%, 08/13/2013 *			1,200		1,210
5.38%, 08/09/2020			800		842
5.50%, 04/11/2013			1,400		1,516
Daimler Finance North America LLC
7.75%, 01/18/2011			1,000		1,014
Ford Motor Credit Co., LLC
7.00%, 10/01/2013			400		436
7.80%, 06/01/2012			600		647
General Electric Capital Corp.
6.38%, 11/15/2067 *			200		198
6.50%, 09/15/2067 - 144A *	GBP		500		745
International Lease Finance Corp.
7.13%, 09/01/2018 - 144A		$	6,600		7,260
JPMorgan Chase & Co.
4.25%, 10/15/2020			1,900		1,914
4.95%, 03/25/2020			900		954
6.30%, 04/23/2019			900		1,050
Merrill Lynch & Co., Inc.
1.30%, 01/31/2014 *	EUR		1,000		1,305
6.88%, 04/25/2018		$	3,900		4,377
Merrill Lynch & Co., Inc. — Series C
6.40%, 08/28/2017			400		436
Petroleum Export, Ltd.
5.27%, 06/15/2011 - 144A			47		47
SMFG Preferred Capital, Ltd.
10.23%, 01/25/2029 - Reg S * Ž	GBP		2,900		5,425
TNK-BP Finance SA
7.50%, 03/13/2013 - Reg S		$	4,000		4,335
Diversified Telecommunication Services - 0.5%
Deutsche Telekom International Finance BV
8.13%, 05/29/2012	EUR		124		189
KT Corp.
4.88%, 07/15/2015 - 144A		$	200		217
Sprint Capital Corp.
7.63%, 01/30/2011			2,400		2,430
Electric Utilities - 0.0% ¥
Energy Gulf States, Inc.
5.70%, 06/01/2015			40		40
PSEG Power LLC
6.95%, 06/01/2012			210		230
Energy Equipment & Services - 0.7%
NGPL Pipeco LLC
7.12%, 12/15/2017 - 144A			1,800		2,030
Pride International, Inc.
6.88%, 08/15/2020			2,500		2,830
Food Products - 1.0%
Wrigley WM Jr., Co.
2.45%, 06/28/2012 - 144A			6,300		6,364



*The notes to the financial statements are an integral part of this report.* Transamerica Funds		Annual Report 2010

Page 195

Transamerica PIMCO Total Return

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts except share amounts in thousands)


	Principal		Value

CORPORATE DEBT SECURITIES (continued)
Health Care Providers & Services - 0.0% ¥
HCA, Inc.
9.25%, 11/15/2016	$	200	$	217
Household Durables - 0.1%
Urbi Desarrollos Urbanos SAB de CV
9.50%, 01/21/2020 - 144A		400		466
Insurance - 1.1%
American International Group, Inc.
5.60%, 10/18/2016		1,000		1,046
8.25%, 08/15/2018		5,300		6,327
Metals & Mining - 0.0% ¥
CSN Resources SA
6.50%, 07/21/2020 - 144A		300		324
Oil, Gas & Consumable Fuels - 0.6%
Gazprom Via Gaz Capital SA
6.51%, 03/07/2022 - Reg S^		3,500		3,653
Sonat, Inc.
7.63%, 07/15/2011		370		384
Tobacco - 1.8%
Altria Group, Inc.
4.13%, 09/11/2015		6,200		6,696
9.25%, 08/06/2019		2,800		3,844
Reynolds American, Inc.
7.63%, 06/01/2016		200		235
7.75%, 06/01/2018		1,000		1,187
Wireless Telecommunication Services - 0.0% ¥
AT&T Mobility LLC
6.50%, 12/15/2011		180		192

Total Corporate Debt Securities (cost $140,283)				144,692


	Shares		Value

CONVERTIBLE PREFERRED STOCKS - 0.3%
Commercial Banks - 0.3%
Wells Fargo & Co. 7.50%		1,600		1,600
Insurance - 0.0% ¥
American International Group, Inc. 8.50%		26,600		196

Total Convertible Preferred Stocks (cost $3,379)				1,796


PREFERRED STOCKS - 0.1%
Thrifts & Mortgage Finance - 0.1%
DG Funding Trust 2.78% - 144A * §		119		915
U.S. Government Agency Obligation - 0.0% ¥
Fannie Mae 8.25% * §		26,000		14

Total Preferred Stocks (cost $1,916)				929

Principal

Value

LOAN ASSIGNMENTS - 0.2%

Health Care Providers & Services - 0.1%

HCA, Inc., 1st Lien

2.54%, 11/18/2013 *

942

921

Paper & Forest Products - 0.1%

Georgia-Pacific LLC, 1st Lien

2.29%, 12/20/2012 *

435

434

Total Loan Assignments (cost $1,369)

1,355

Shares

Value

SECURITIES LENDING COLLATERAL - 2.5%

State Street Navigator Securities Lending

Trust — Prime Portfolio, 0.35% 5

16,991,865

16,992

Total Securities Lending Collateral (cost $16,992)


	Principal		Value

REPURCHASE AGREEMENTS - 18.1%
Barclays Capital, Inc.
0.23% 5, dated 10/29/2010, to be repurchased at $54,501 on 11/01/2010. Collateralized by a U.S. Government
Obligation, 1.88%, due 06/30/2015, and with a value of $55,407.	$	54,500		54,500
Morgan Stanley & Co., Inc.
0.23% 5, dated 10/29/2010, to be repurchased at $66,401 on 11/01/2010. Collateralized by a U.S. Government
Obligation, 4.38%, due 11/15/2039, and with a value of $66,935.		66,400		66,400

Total Repurchase Agreements (cost $120,900)				120,900


Total Investment Securities (cost $837,297) #				850,497
Other Assets and Liabilities — Net				(182,776	)


Net Assets			$	667,721


	Principal			Value

SECURITIES SOLD SHORT — (3.4%)
Fannie Mae, TBA f
5.00%	$	(5,000	)	$	(5,314	)
5.50%		(16,000	)		(17,178	)

Total Securities Sold Short (proceeds $22,287)					(22,492	)


	Notional
	Amount			Value

WRITTEN-OPTIONS - 0.0% ¥
Call Options - 0.0% ¥
10-Year U.S. Treasury Note Futures	$	(33	)		(5	)
Call Strike $129.00
Expires 11/26/2010
Put Options - 0.0% ¥
10-Year U.S. Treasury Note Futures		(33	)		(17	)
Put Strike $125.00
Expires 11/26/2010

Total Written Options (Premiums: $19)					(22	)



*The notes to the financial statements are an integral part of this report.* Transamerica Funds		Annual Report 2010

Page 196

Transamerica PIMCO Total Return

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts in thousands)

WRITTEN SWAPTIONS:


		Pay/Receive
		Floating	Exercise		Expiration				Premiums Paid
Description	Floating Rate Index	Rate	Rate		Date	Notional Amount			(Received)			Value

Call — Interest Rate Swap, European Style §	2-Year OC FVA USD	Receive		0.00%¥	11/14/2011	$	(2,500	)	$	(27	)	$	(26	)
Call — Interest Rate Swap, European Style	Itraxx.OC 0.9 EUR	Receive		0.90	12/15/2010		(19,600	)		(95	)		(66	)
Call — Interest Rate Swap, European Style	5-Year CDX.0 IG14	Receive		0.90	03/16/2011		(8,300	)		(18	)		(37	)
Call — Interest Rate Swap, European Style	10-Year IRO USD	Receive		3.25	01/24/2011		(5,900	)		(35	)		(273	)
Call — Interest Rate Swap, European Style	10-Year IRO USD	Receive		3.25	01/24/2011		(8,400	)		(46	)		(389	)
Call — Interest Rate Swap, European Style	10-Year IRO USD	Receive		3.25	01/24/2011		(22,800	)		(128	)		(1,055	)
Put — Interest Rate Swap, European Style	5-Year CDX.0 IG14	Pay		1.50	03/16/2011		(8,300	)		(46	)		(18	)
Put — Interest Rate Swap, European Style	Itraxx.OP1.6 EUR	Pay		1.60	12/15/2010		(19,600	)		(75	)		(8	)
Put — Interest Rate Swap, European Style	5-Year Itraxx.OC. 0.9 EUR	Pay		1.80	03/16/2011		(4,300	)		(31	)		(14	)
Put — Interest Rate Swap, European Style	2-Year IRO USD	Pay		2.25	09/24/2012		(29,400	)		(234	)		(130	)
Put — Interest Rate Swap, European Style	2-Year IRO USD	Pay		2.25	09/24/2012		(1,500	)		(10	)		(7	)
Put — Interest Rate Swap, European Style	2-Year IRO USD	Pay		2.25	09/24/2012		(1,600	)		(10	)		(7	)
Put — Interest Rate Swap, European Style	2-Year IRO USD	Pay		2.25	09/24/2012		(2,800	)		(15	)		(12	)
Put — Interest Rate Swap, European Style	3-Year IRO USD	Pay		2.75	06/18/2012		(6,200	)		(61	)		(28	)
Put — Interest Rate Swap, European Style	3-Year IRO USD	Pay		2.75	06/18/2012		(6,500	)		(67	)		(29	)
Put — Interest Rate Swap, European Style	3-Year IRO USD	Pay		3.00	06/18/2012		(8,500	)		(96	)		(29	)
Put — Interest Rate Swap, European Style	3-Year IRO USD	Pay		3.00	06/18/2012		(1,200	)		(11	)		(4	)
Put — Interest Rate Swap, European Style	3-Year IRO USD	Pay		3.00	06/18/2012		(9,800	)		(88	)		(34	)
Put — Interest Rate Swap, European Style	5-Year IRO USD	Pay		4.00	12/01/2010		(16,200	)		(96	)		¨
Put — Interest Rate Swap, European Style	5-Year IRO USD	Pay		4.00	12/01/2010		(13,000	)		(82	)		¨
Put — Interest Rate Swap, European Style	10-Year IRO USD	Pay		5.00	01/24/2011		(5,900	)		(59	)		¨
Put — Interest Rate Swap, European Style	10-Year IRO USD	Pay		5.00	01/24/2011		(8,400	)		(68	)		¨
Put — Interest Rate Swap, European Style	10-Year IRO USD	Pay		10.00	07/10/2012		(700	)		(5	)		¨
Put — Interest Rate Swap, European Style	10-Year IRO USD	Pay		10.00	07/10/2012		(7,400	)		(45	)		¨
Put — Interest Rate Swap, European Style	10-Year IRO USD	Pay		10.00	07/10/2012		(100	)		(1	)		¨
Put — Interest Rate Swap, European Style	10-Year IRO USD	Pay		10.00	07/10/2012		(400	)		(3	)		¨

									$	(1,452	)	$	(2,166	)

SWAP AGREEMENTS: P

CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES — SELL PROTECTION: ⁽²⁾


	Fixed Deal						Implied Credit							Premiums		Net Unrealized
	Receive						Spread (BP) at		Notional		Market			Paid		Appreciation
Reference Obligation	Rate			Maturity Date		Counterparty	10/31/2010 ⁽³⁾		Amount ⁽⁴⁾		Value			(Received)		(Depreciation)

Altria Group, Inc., 9.25%, 08/06/2019		1.46	%		03/20/2019	DUB		117.59	$	5,700	$	(131	)	$	—	$	(131	)
Goldman Sachs Group, Inc., 6.60%, 01/15/2012		1.00			03/20/2011	DUB		69.67		300		¨			¨		¨
Goldman Sachs Group, Inc., 6.60%, 01/15/2012		1.00			03/20/2012	BRC		88.37		200		¨			(¨)		¨
Time Warner, Inc., 5.88%, 11/15/2016		1.19			03/20/2014	DUB		32.35		20		(1	)		—		(1	)

											$	(132	)	$	¨	$	(132	)

CREDIT DEFAULT SWAPS ON CREDIT INDICES — BUY PROTECTION: ⁽¹⁾


													Premiums		Net Unrealized
	Fixed Deal						Currency	Notional		Market			Paid		Appreciation
Reference Obligation	Pay Rate			Maturity Date		Counterparty	Code	Amount ⁽⁴⁾		Value ⁽⁵⁾			(Received)		(Depreciation)

CDX.NA.HY.14 5 Year Index		5.00	%		06/20/2015	DUB	USD	$	6,600	$	(93	)	$	461	$	(554	)
CDX.NA.HY.14 5 Year Index		5.00			06/20/2015	CBK	USD		8,000		(112	)		595		(707	)
Dow Jones CDX.IG.5 7 Year Index		0.14			12/20/2012	MYC	USD		4,500		52			—		52

										$	(153	)	$	1,056	$	(1,209	)

CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION: ⁽²⁾

Premiums

Net Unrealized

Fixed Deal

Currency

Notional

Market

Paid

Appreciation

Reference Obligation

Pay Rate

Maturity Date

Counterparty

Code

Amount ⁽⁴⁾

Value ⁽⁵⁾

(Received)

(Depreciation)

Dow Jones CDX.IG.5 1 Year Index

0.46

12/20/2015

MYC

USD

3,200

(327

)

—

(327

)



The notes to the financial statements are an integral part of this report. Transamerica Funds		Annual Report 2010

Page 197

Transamerica PIMCO Total Return

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts in thousands)

INTEREST RATE SWAP AGREEMENTS — RECEIVABLE:


												Premiums		Net Unrealized
							Currency	Notional		Market		Paid		Appreciation
Floating Rate Index	Fixed Rate			Maturity Date		Counterparty	Code	Amount		Value		(Received)		(Depreciation)

3-Month USD LIBOR		1.60	%		11/02/2015	RYL	USD	$	40,800	$	—	$	—	$	—
3-Month USD LIBOR		1.60			11/02/2015	CBK	USD		6,700		—		—		—

										$	—	$	—	$	—

INTEREST RATE SWAP AGREEMENTS — PAYABLE:


													Premiums			Net Unrealized
							Currency	Notional		Market			Paid			Appreciation
Floating Rate Index	Fixed Rate			Maturity Date		Counterparty	Code	Amount		Value			(Received)			(Depreciation)

6-Month AUD BBR BBSW		5.50	%		12/15/2017	DUB	AUD	$	2,200	$	(19	)	$	(10	)	$	(9	)
6-Month AUD BBR BBSW		5.50			12/15/2017	BRC	AUD		3,600		(30	)		(18	)		(12	)
BRL-CDI		10.68			01/02/2012	BRC	BRL		1,300		(6	)		(4	)		(2	)
BRL-CDI		11.67			01/02/2012	MYC	BRL		5,200		96			23			73
BRL-CDI		11.91			01/02/2013	BRL	BRL		39,900		292			164			128
BRL-CDI		11.93			01/02/2013	MYC	BRL		2,500		20			(6	)		26
BRL-CDI §		12.59			01/02/2013	MYC	BRL		2,800		34			3			31
BRL-CDI §		11.94			01/02/2014	BRL	BRL		9,900		46			27			19
BRL-CDI		12.12			01/02/2014	HUS	BRL		11,600		128			24			104
BRL-CDI		11.99			01/02/2014	GLM	BRL		4,000		35			1			34
BRL-CDI		11.96			01/02/2014	GLM	BRL		37,100		311			(27	)		338

										$	907		$	177		$	730

FUTURES CONTRACTS: g


						Net Unrealized
						Appreciation
Description	Type	Contracts Γ		Expiration Date		(Depreciation)

3-Month EURIBOR	Long		132		06/13/2011	$	(58	)
German Euro Bund	Long		84		12/08/2010		(140	)

						$	(198	)

FORWARD FOREIGN CURRENCY CONTRACTS:


						Amount in U.S.			Net Unrealized
				Settlement		Dollars			Appreciation
Currency	Bought (Sold)			Date		Bought (Sold)			(Depreciation)

Australian Dollar		(17,400	)		12/03/2010	$	(17,063	)	$	86
Brazilian Real		(715	)		12/02/2010		(427	)		9
Brazilian Real		715			12/02/2010		398			19
Brazilian Real		715			03/02/2011		419			(8	)
Canadian Dollar		(8,008	)		11/18/2010		(7,823	)		(26	)
Canadian Dollar		1,841			11/18/2010		1,790			14
Canadian Dollar		573			11/18/2010		557			5
Chinese Yuan Renminbi		13,324			11/17/2010		2,009			(11	)
Chinese Yuan Renminbi		(3,313	)		11/17/2010		(493	)		(3	)
Chinese Yuan Renminbi		(3,909	)		11/17/2010		(582	)		(4	)
Chinese Yuan Renminbi		(2,751	)		11/17/2010		(411	)		(2	)
Chinese Yuan Renminbi		(3,351	)		11/17/2010		(500	)		(3	)
Chinese Yuan Renminbi		(9,226	)		11/23/2010		(1,373	)		(10	)
Chinese Yuan Renminbi		(11,676	)		11/23/2010		(1,743	)		(8	)
Chinese Yuan Renminbi		(10,106	)		11/23/2010		(1,505	)		(11	)



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

Transamerica Funds		Annual Report 2010

Page 198

Transamerica PIMCO Total Return

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts in thousands)

FORWARD FOREIGN CURRENCY CONTRACTS: (continued)


						Amount in U.S.			Net Unrealized
				Settlement		Dollars			Appreciation
Currency	Bought (Sold)			Date		Bought (Sold)			(Depreciation)

Chinese Yuan Renminbi		16,862			11/23/2010	$	2,537		$	(8	)
Chinese Yuan Renminbi		16,862			11/23/2010		2,536			(8	)
Chinese Yuan Renminbi		(9,584	)		11/23/2010		(1,427	)		(10	)
Chinese Yuan Renminbi		(9,629	)		11/23/2010		(1,434	)		(10	)
Chinese Yuan Renminbi		34,386			11/23/2010		5,172			(15	)
Chinese Yuan Renminbi		(7,389	)		11/23/2010		(1,099	)		(9	)
Chinese Yuan Renminbi		(743	)		11/23/2010		(112	)		1
Chinese Yuan Renminbi		(9,758	)		11/23/2010		(1,453	)		(11	)
Chinese Yuan Renminbi		1,810			01/10/2011		271			1
Chinese Yuan Renminbi		6,353			04/07/2011		958			3
Chinese Yuan Renminbi		3,803			04/28/2011		575			1
Chinese Yuan Renminbi		4,564			04/28/2011		690			1
Chinese Yuan Renminbi		2,324			09/14/2011		350			5
Chinese Yuan Renminbi		1,445			09/14/2011		218			3
Chinese Yuan Renminbi		1,847			09/14/2011		278			4
Chinese Yuan Renminbi		3,461			09/14/2011		522			7
Chinese Yuan Renminbi		645			11/04/2011		101			(2	)
Chinese Yuan Renminbi		4,808			11/15/2011		726			11
Chinese Yuan Renminbi		9,703			02/13/2012		1,505			(10	)
Chinese Yuan Renminbi		3,176			02/13/2012		493			(4	)
Chinese Yuan Renminbi		9,196			02/13/2012		1,427			(10	)
Chinese Yuan Renminbi		11,209			02/13/2012		1,743			(16	)
Chinese Yuan Renminbi		3,751			02/13/2012		582			(4	)
Chinese Yuan Renminbi		2,751			02/13/2012		428			(4	)
Chinese Yuan Renminbi		9,360			02/13/2012		1,453			(11	)
Chinese Yuan Renminbi		8,849			02/13/2012		1,373			(10	)
Chinese Yuan Renminbi		9,245			02/13/2012		1,434			(10	)
Chinese Yuan Renminbi		7,389			02/13/2012		1,147			(9	)
Chinese Yuan Renminbi		3,351			02/13/2012		521			(5	)
Danish Krone		1,190			11/04/2010		209			13
Euro		(358	)		11/23/2010		(493	)		(5	)
Euro		1,175			11/23/2010		1,556			79
Euro		(10,477	)		11/23/2010		(13,418	)		(1,160	)
Euro		(110	)		11/23/2010		(146	)		(7	)
Indian Rupee		21,047			01/12/2011		448			19
Indian Rupee		11,698			01/12/2011		249			11
Indian Rupee		61,489			01/12/2011		1,308			57
Japanese Yen		133,965			11/01/2010		1,643			22
Japanese Yen		(133,965	)		11/01/2010		(1,592	)		(73	)
Japanese Yen		(133,965	)		12/06/2010		(1,643	)		(22	)
Japanese Yen		(61,538	)		12/06/2010		(736	)		(29	)
Malaysian Ringgit		9			02/07/2011		3			¨
Mexican Peso		84			02/22/2011		7			¨
Pound Sterling		(6,862	)		12/20/2010		(10,691	)		(300	)
Republic of Korea Won		(1,325,000	)		11/12/2010		(1,175	)		(2	)
Republic of Korea Won		(1,524,099	)		11/12/2010		(1,346	)		(9	)
Republic of Korea Won		117,640			11/12/2010		100			5
Republic of Korea Won		280,620			11/12/2010		240			9
Republic of Korea Won		(837,000	)		11/12/2010		(749	)		5
Republic of Korea Won		(1,222,000	)		11/12/2010		(1,094	)		8
Republic of Korea Won		(350,000	)		11/12/2010		(313	)		1
Republic of Korea Won		(1,356,400	)		11/12/2010		(1,204	)		(2	)
Republic of Korea Won		(661,000	)		11/12/2010		(591	)		4
Republic of Korea Won		11,629			11/12/2010		10			¨
Republic of Korea Won		69,810			11/12/2010		60			2
Republic of Korea Won		366,184			11/12/2010		310			15
Republic of Korea Won		70,140			11/12/2010		60			2
Republic of Korea Won		277,128			11/12/2010		240			6
Republic of Korea Won		93,536			11/12/2010		80			3
Republic of Korea Won		278,856			11/12/2010		240			8
Republic of Korea Won		12,782			11/12/2010		11			¨
Republic of Korea Won		117,820			11/12/2010		100			5
Republic of Korea Won		836,050			11/12/2010		704			39
Republic of Korea Won		(525,409	)		11/12/2010		(444	)		(23	)
Republic of Korea Won		267,398			11/12/2010		230			8
Republic of Korea Won		807,240			11/12/2010		663			55
Republic of Korea Won		140,136			11/12/2010		120			5
Republic of Korea Won		963,116			11/12/2010		781			75
Republic of Korea Won		529,506			11/12/2010		460			11
Republic of Korea Won		140,760			11/12/2010		120			5
Republic of Korea Won		292,463			11/12/2010		250			10
Republic of Korea Won		515,588			11/12/2010		450			8
Republic of Korea Won		1,556,946			11/12/2010		1,372			12



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

Transamerica Funds		Annual Report 2010

Page 199

Transamerica PIMCO Total Return

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts in thousands)

FORWARD FOREIGN CURRENCY CONTRACTS: (continued)


						Amount in U.S.			Net Unrealized
				Settlement		Dollars			Appreciation
Currency	Bought (Sold)			Date		Bought (Sold)			(Depreciation)

Republic of Korea Won		(396,043	)		11/12/2010	$	(336	)	$	(16	)
Republic of Korea Won		(282,058	)		11/12/2010		(249	)		(1	)
Republic of Korea Won		280,224			11/12/2010		240			9
Republic of Korea Won		1,772,580			11/12/2010		1,473			103
Republic of Korea Won		(537,565	)		11/12/2010		(454	)		(24	)
Republic of Korea Won		(524,680	)		11/12/2010		(443	)		(23	)
Republic of Korea Won		139,080			11/12/2010		120			4
Republic of Korea Won		(395,976	)		11/12/2010		(336	)		(16	)
Republic of Korea Won		329,899			01/19/2011		295			(1	)
Republic of Korea Won		2,303,491			01/19/2011		2,060			(5	)
Republic of Korea Won		1,953,145			01/19/2011		1,747			(5	)
Republic of Korea Won		282,058			05/09/2011		249			4
Republic of Korea Won		1,222,000			05/09/2011		1,089			6
Republic of Korea Won		1,356,400			05/09/2011		1,201			15
Republic of Korea Won		350,000			05/09/2011		312			2
Republic of Korea Won		1,325,000			05/09/2011		1,171			17
Republic of Korea Won		1,524,100			05/09/2011		1,344			22
Republic of Korea Won		837,000			05/09/2011		747			3
Republic of Korea Won		661,000			05/09/2011		589			4
Singapore Dollar		(1,575	)		11/12/2010		(1,211	)		(7	)
Singapore Dollar		(2,850	)		11/12/2010		(2,184	)		(18	)
Singapore Dollar		4,425			11/12/2010		3,359			60
Singapore Dollar		27			03/09/2011		20			1
Singapore Dollar		2,850			06/09/2011		2,185			18
Singapore Dollar		1,575			06/09/2011		1,211			7
Taiwan Dollar		13,911			01/14/2011		450			5
Taiwan Dollar		11,110			01/14/2011		352			12
Taiwan Dollar		4,236			01/14/2011		135			4
Taiwan Dollar		17,102			01/14/2011		544			15
Taiwan Dollar		9,262			01/14/2011		292			11

									$	(1,006	)

NOTES TO SCHEDULE OF INVESTMENTS:



^		All or a portion of this security is on loan. The value of all securities on loan is $16,654.

*		Floating or variable rate note. Rate is listed as of 10/29/2010.

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

Џ		In default.

¨		Value and/or principal is less than $1.

¥		Percentage rounds to less than 0.1%.

§		Illiquid. At 10/31/2010, illiquid investment securities aggregated to $2,314, or 0.35%, and illiquid derivatives aggregated to $54, or 0.01%, of the fund’s net assets.

▲		Rate shown reflects the yield at 10/29/2010.

‡		Non-income producing security.

ә		Security fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. This security had a market value of $45, or 0.01%, of the fund’s net assets.

#		Aggregate cost for federal income tax purposes is $837,429. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $32,638 and $19,570, respectively. Net unrealized appreciation for tax purposes is $13,068.

Γ		Contract amounts are not in thousands.

(1)		If the fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(2)		If the fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(3)		Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues or sovereign issues of an emerging country as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

(4)		The maximum potential amount the fund could be required to make as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.



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

Transamerica Funds		Annual Report 2010

Page 200

Transamerica PIMCO Total Return

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts in thousands)

NOTES TO SCHEDULE OF INVESTMENTS: (continued)


(5)		The quoted market prices and resulting values for credit default swap agreements on asset-backed securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative had the notional amount of the swap agreement been closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

g		All or a portion of these securities in the amount of $439, and cash in the amount of $9, have been segregated as collateral with the broker to cover margin requirements for open futures contracts.

α		All or a portion of these securities, in the amount of $1,231, have been segregated with the broker to cover open swap contracts.

θ		Cash, in the amount of $730, has been pledged by the broker as collateral with the custodian to cover open short TBA transactions.

π		Cash, in the amount of $540, has been pledged by the broker as collateral with the custodian to cover open swap contracts.

DEFINITIONS:

144A		144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 10/31/2010, these securities aggregated $61,068, or 9.15%, of the fund’s net assets.

AUD		Australian Dollar

BBR-BBSW		The rate for a reset date will be the average mid rate, for Australian Dollar bills of exchange having a tenor of the Designated Maturity.

BP		Basis Point Spread

BRC		Barclays Bank PLC

BRL		Brazilian Real

CAD		Canadian Dollar

CBK		Citibank N.A.

CDI		Credit Default Index

CDX		A series of indices that track North American and emerging market credit derivative indices.

CLO		Collateralized Loan Obligation

DUB		Deutsche Bank AG

EUR		Euro

EURIBOR		Euro InterBank Offered Rate

GBP		Pound Sterling

GLM		Goldman Sachs Global Liquidity Management

HUS		HSBC Bank USA

IO		Interest Only

IRO		Interest Rate Option

LIBOR		London Interbank Offered Rate

MYC		Morgan Stanley Capital Services

RYL		Royal Bank of Scotland PLC

TBA		To Be Announced

TIPS		Treasury Inflation Protected Security



The notes to the financial statements are an integral part of this report. Transamerica Funds		Annual Report 2010

Page 201

Transamerica PIMCO Total Return

SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts in thousands)

VALUATION SUMMARY:


Investment Securities	Level 1			Level 2			Level 3		Total
Asset-Backed Securities	$	—		$	12,676		$	—	$	12,676
Convertible Preferred Stocks		1,796			—			—		1,796
Corporate Debt Securities		—			144,692			—		144,692
Foreign Government Obligations		—			31,743			—		31,743
Loan Assignments		—			1,355			—		1,355
Mortgage-Backed Securities		—			46,288			45		46,333
Municipal Government Obligations		—			37,135			—		37,135
Preferred Corporate Debt Securities		—			11,823			—		11,823
Preferred Stocks		14			915			—		929
Repurchase Agreement		—			120,900			—		120,900
Securities Lending Collateral		16,992			—			—		16,992
U.S. Government Agency Obligations		—			259,958			—		259,958
U.S. Government Obligations		—			164,165			—		164,165

Total	$	18,802		$	831,650		$	45	$	850,497


Securities Sold Short	Level 1			Level 2			Level 3		Total
U.S. Government Agency Obligations	$	—		$	(22,492	)	$	—	$	(22,492	)

Other Financial Instruments	Level 1			Level 2			Level 3		Total
Written Options	$	—		$	(22	)	$	—	$	(22	)
Written Swaptions		—			(2,166	)		—		(2,166	)

Total	$	—		$	(2,188	)	$	—	$	(2,188	)


Other Financial Instruments^*	Level 1			Level 2			Level 3		Total
Credit Default Swap — Appreciation	$	—		$	52		$	—	$	52
Credit Default Swap — Depreciation		—			(1,720	)		—		(1,720	)
Interest Rate Swap — Appreciation		—			753			—		753
Interest Rate Swap — Depreciation		—			(23	)		—		(23	)
Futures Contracts — Depreciation					(198	)		—		(198	)
Forward Foreign Currency Contracts — Appreciation		—			994			—		994
Forward Foreign Currency Contracts — Depreciation		—			(2,000	)		—		(2,000	)

Total	$	(198	)	$	(1,944	)	$	—	$	(2,142	)

Level 3 Rollforward — Investment Securities


										Change in
	Beginning		Net							Unrealized					Ending
	Balance at		Purchases/			Accrued		Total Realized		Appreciation/		Net Transfers			Balance at
Securities	10/31/2009		(Sales)			Discounts/(Premiums)		Gain/(Loss)		(Depreciation)		In/(Out) of Level 3			10/31/2010
Mortgage-Backed Securities	$	—	$	—		$	—	$	—	$	—	$	45		$	45
Asset-Backed Securities		892		(610	)		—		4		55		(341	)		—

Total	$	892	$	(610	)	$	—	$	4	$	55	$	(296	)	$	45


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



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

Transamerica Funds		Annual Report 2010

Page 202

STATEMENTS OF ASSETS AND LIABILITIES
At October 31, 2010
(all amounts except per share amounts in thousands)


	Transamerica						Transamerica
	Clarion Global			Transamerica			MFS			Transamerica			Transamerica
	Real Estate			Jennison			International			PIMCO Real			PIMCO Total
	Securities			Growth			Equity			Return TIPS			Return

Assets:
Investment securities, at value	$	343,608		$	719,708		$	528,328		$	978,393		$	729,597
Repurchase agreement, at value		2,818			7,499			22,040			—			120,900
Cash		—			—			—			387			574
Cash on deposit with broker		—			—			—			6			9
Foreign currency, at value		3			—			—			528			713
Receivables:
Investment securities sold		1,769			4,019			—	^(a)		12,933			182,048
Shares of beneficial interest sold		4			8			147			4			9
Interest		—	^(a)		^(a)			^(a)			4,828			5,923
Securities lending income (net)		10			^(a)			7			—	^(a)		2
Dividends		601			189			1,018			—			42
Dividend reclaims		47			108			614			—			—
Variation margin		—			—			—			7			62
Other		—			—			—			10			—
Prepaid expenses		2			5			3			6			5
Swap agreements, at value		—			—			—			2,891			1,014
Unrealized appreciation on forward foreign currency contracts		—			—			—			1,366			994

	$	348,862		$	731,536		$	552,157		$	1,001,359		$	1,041,892

Liabilities:
Cash deposit due to custodian		—			—			—			3,300			1,270
Accounts payable and accrued liabilities:
Investment securities purchased		1,965			4,256			242			124,449			327,724
Shares of beneficial interest redeemed		146			44			84			551			260
Management and advisory fees		218			466			391			475			378
Transfer agent fees		2			2			2			5			4
Custody fees		20			8			23			16			16
Administration fees		5			12			9			14			11
Audit and tax fees		12			10			10			12			12
Interest payable		—			—			—			21			96
Other		2			5			6			7			9
Collateral for securities on loan		27,124			1			15,209			—			16,992
Reverse repurchase agreement, at value		—			—			—			23,564			—
Written options and swaptions, at value		—			—			—			1,654			2,188
Swap agreements, at value		—			—			—			667			719
Securities sold short, at value		—			—			—			—			22,492
Unrealized depreciation on forward foreign currency contracts		—			—			—			659			2,000

		29,494			4,804			15,976			155,394			374,171

Net assets	$	319,368		$	726,732		$	536,181		$	845,965		$	667,721


Net assets consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	366,382		$	616,085		$	442,819		$	746,226		$	638,260
Undistributed (accumulated) net investment income (loss)		(5,052	)		210			5,579			1,524			(1,378	)
Undistributed (accumulated) net realized gain (loss) from investments		(107,002	)		(34,357	)		26,790			25,337			20,476
Net unrealized appreciation (depreciation) on:
Investment securities		65,029			144,790			60,900			69,625			13,200
Futures contracts		—			—			—			65			(198	)
Written option and swaption contracts		—			—			—			654			(717	)
Swap agreements		—			—			—			2,097			(938	)
Translation of assets and liabilities denominated in foreign currencies		11			4			93			437			(779	)
Securities sold short		—			—			—			—			(205	)

Net assets	$	319,368		$	726,732		$	536,181		$	845,965		$	667,721


Shares outstanding		26,015			61,700			58,854			72,867			61,830

Net asset value and offering price per share	$	12.28		$	11.78		$	9.11		$	11.61		$	10.80


Investment securities, at cost	$	278,579		$	574,918		$	467,428		$	908,768		$	716,397

Repurchase agreement, at cost	$	2,818		$	7,499		$	22,040		$	—		$	120,900

Reverse repurchase agreement, at cost	$	—		$	—		$	—		$	(23,564	)	$	—

Foreign currency, at cost	$	3		$	—		$	—		$	522		$	715

Securities loaned, at value	$	25,887		$	1		$	14,497		$	—		$	16,654

Premium received on written option & swaption contracts	$	—		$	—		$	—		$	2,308		$	1,471

Premium paid (received) on swap assets agreements	$	—		$	—		$	—		$	430		$	1,024

Premium paid (received) on swap liabilities agreements	$	—		$	—		$	—		$	(303	)	$	209

Proceeds received from securities sold short	$	—		$	—		$	—		$	—		$	22,287


^(a)		Rounds to less than $1.



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

Transamerica Funds		Annual Report 2010

Page 203

STATEMENTS OF OPERATIONS
For the year ended October 31, 2010
(all amounts in thousands)


	Transamerica						Transamerica
	Clarion Global						MFS			Transamerica			Transamerica
	Real Estate			Transamerica			International			PIMCO Real			PIMCO Total
	Securities			Jennison Growth			Equity			Return TIPS			Return

Investment income:
Dividend income	$	10,243		$	6,854		$	11,483		$	29		$	319
Withholding taxes on foreign income		(413	)		(120	)		(1,154	)		—	^(a)		(2	)
Interest income		2			1			1			26,383			23,477
Securities lending income (net)		121			7			361			3			13

		9,953			6,742			10,691			26,415			23,807


Expenses:
Management and advisory		2,458			5,678			3,875			5,711			3,891
Transfer agent		8			19			12			24			17
Printing and shareholder reports		3			7			5			8			6
Custody		239			97			278			280			279
Administration		62			150			87			174			118
Legal		10			23			15			28			20
Audit and tax		16			18			14			18			18
Trustees		6			16			9			19			13
Registration		3			12			3			1			4
Interest on securities sold short		—			—			—			—			18
Other		5			15			6			11			8

Total expenses		2,810			6,035			4,304			6,274			4,392


Net investment income		7,143			707			6,387			20,141			19,415


Net realized gain (loss) on transactions from:
Investment securities		(6,610	)		17,662			28,449			50,369			12,593
Futures contracts		—			—			—			3,219			5,971
Written option and swaption contracts		—			—			—			3,365			2,638
Swap agreements		—			—			—			(1,410	)		(696	)
Foreign currency transactions		(179	)		(1	)		(809	)		663			1,781
Securities sold short		—			—			—			1,389			—

		(6,789	)		17,661			27,640			57,595			22,287


Net increase (decrease) in unrealized appreciation (depreciation) on:
Investment securities		60,765			84,110			24,720			26,376			24,126
Futures contracts		—			—			—			(951	)		(2,329	)
Written option and swaption contracts		—			—			—			(685	)		(1,244	)
Swap agreements		—			—			—			1,120			(3,042	)
Translation of assets and liabilities denominated in foreign currencies		19			3			43			1			(576	)
Securities sold short		—			—			—			—			100

Change in unrealized appreciation (depreciation):		60,784			84,113			24,763			25,861			17,035

Net realized and unrealized gain		53,995			101,774			52,403			83,456			39,322

Net increase in net assets resulting from operations	$	61,138		$	102,481		$	58,790		$	103,597		$	58,737


^(a)		Rounds to less than $1.



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

Transamerica Funds		Annual Report 2010

Page 204

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


	Transamerica Clarion Global Real												Transamerica MFS International
	Estate Securities						Transamerica Jennison Growth^(a)						Equity
	October 31, 2010			October 31, 2009			October 31, 2010			October 31, 2009			October 31, 2010			October 31, 2009

From operations:
Net investment income	$	7,143		$	7,400		$	707		$	399		$	6,387		$	3,342
Net realized gain (loss)^(a)		(6,789	)		(63,293	)		17,661			(19,056	)		27,640			9,915
Change in unrealized appreciation (depreciation)^(b)		60,784			95,184			84,113			83,220			24,763			53,874

Net increase in net assets resulting from operations		61,138			39,291			102,481			64,563			58,790			67,131


Distributions to shareholders:
From net investment income:
Class A					(30	)					—						—
Class B					(10	)					—						—
Class C					(17	)					—						—
Class I2		(19,485	)		(4,922	)		(765	)		(430	)		(3,209	)		—

		(19,485	)		(4,979	)		(765	)		(430	)		(3,209	)		—

From net realized gains:
Class I2		—			—			—			—			(10,017	)		—

Total distributions to shareholders		(19,485	)		(4,979	)		(765	)		(430	)		(13,226	)		—


Capital share transactions:
Proceeds from shares sold:
Class A					1						27						27
Class B					—						3						6
Class I2		16,904			15,388			79,136			451,224			163,943			321,484

		16,904			15,389			79,136			451,254			163,943			321,517

Dividends and distributions reinvested:
Class A					27						—						—
Class B					9						—						—
Class C					16						—						—
Class I2		19,485			4,922			765			430			13,226			—

		19,485			4,974			765			430			13,226			—

Cost of shares redeemed:
Class A					(3,025	)					(7,471	)					(9,247	)
Class B					(962	)					(5,295	)					(3,533	)
Class C					(1,216	)					(2,986	)					(2,363	)
Class I2		(44,176	)		(895	)		(109,495	)		(44,034	)		(83,306	)		(30,496	)

		(44,176	)		(6,098	)		(109,495	)		(59,786	)		(83,306	)		(45,639	)

Automatic conversions:
Class A					126						1,268						2,402
Class B					(126	)					(1,268	)					(2,402	)

					—						—						—

Net increase (decrease) in net assets resulting from capital shares transactions		(7,787	)		14,265			(29,594	)		391,898			93,863			275,878



Net increase in net assets		33,866			48,577			72,122			456,031			139,427			343,009


Net assets:
Beginning of year	$	285,502		$	236,925		$	654,610		$	198,579		$	396,754		$	53,745

End of year	$	319,368		$	285,502		$	726,732		$	654,610		$	536,181		$	396,754

Undistributed (accumulated) net investment income (loss)	$	(5,052	)	$	3,532		$	210		$	279		$	5,579		$	3,132



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

Transamerica Funds		Annual Report 2010

Page 205

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


	Transamerica Clarion Global Real												Transamerica MFS International
	Estate Securities						Transamerica Jennison Growth^(a)						Equity
	October 31, 2010			October 31, 2009			October 31, 2010			October 31, 2009			October 31, 2010			October 31, 2009

Share activity:
Shares issued:
Class A					—						3						9
Class B					—						—						3
Class I2		1,574			1,667			7,228			47,919			19,478			46,747

		1,574			1,667			7,228			47,922			19,478			46,759

Shares issued-reinvested from distributions:
Class A					3						—						—
Class B					1						—						—
Class C					2						—						—
Class I2		1,785			573			70			56			1,572			—

		1,785			579			70			56			1,572			—

Shares redeemed:
Class A					(299	)					(774	)					(2,815	)
Class B					(95	)					(600	)					(1,312	)
Class C					(118	)					(334	)					(864	)
Class I2		(3,865	)		(93	)		(9,973	)		(5,706	)		(10,835	)		(4,342	)

		(3,865	)		(605	)		(9,973	)		(7,414	)		(10,835	)		(9,333	)

Automatic conversions:
Class A					15						143						895
Class B					(15	)					(153	)					(1,050	)

					—						(10	)					(155	)

Net increase (decrease) in shares outstanding:
Class A					(281	)					(628	)					(1,911	)
Class B					(109	)					(753	)					(2,359	)
Class C					(116	)					(334	)					(864	)
Class I2		(506	)		2,147			(2,675	)		42,269			10,215			42,405

		(506	)		1,641			(2,675	)		40,554			10,215			37,271



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

Transamerica Funds		Annual Report 2010

Page 206

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


	Transamerica PIMCO Real Return
	TIPS						Transamerica PIMCO Total Return
	October 31, 2010			October 31, 2009			October 31, 2010			October 31, 2009

From operations:
Net investment income	$	20,141		$	21,900		$	19,415		$	26,509
Net realized gain (loss)^(a)		57,595			9,781			22,287			24,942
Change in unrealized appreciation (depreciation)^(b)		25,861			96,351			17,035			61,021

Net increase in net assets resulting from operations		103,597			128,032			58,737			112,472


Distributions to shareholders:
From net investment income:
Class A					(69	)					(273	)
Class B					(51	)					(248	)
Class C					(44	)					(185	)
Class I2		(30,698	)		(22,794	)		(18,210	)		(35,568	)

		(30,698	)		(22,958	)		(18,210	)		(36,274	)

From net realized gains:
Class A					(13	)					(92	)
Class B					(10	)					(89	)
Class C					(8	)					(62	)
Class I2					(3,862	)		(34,549	)		(11,115	)

					(3,893	)		(34,549	)		(11,358	)

Total distributions to shareholders		(30,698	)		(26,851	)		(52,759	)		(47,632	)


Capital share transactions:
Proceeds from shares sold:
Class A					9						3
Class B					1						7
Class C					7						15
Class I2		237,676			90,261			117,089			14,123

		237,676			90,278			117,089			14,148

Dividends and distributions reinvested:
Class A					69						318
Class B					49						283
Class C					43						195
Class I2		30,698			26,655			52,759			46,683

		30,698			26,816			52,759			47,479

Cost of shares redeemed:
Class A					(2,950	)					(5,808	)
Class B					(1,787	)					(5,045	)
Class C					(1,688	)					(3,675	)
Class I2		(248,031	)		(85,752	)		(13,434	)		(174,373	)

		(248,031	)		(92,177	)		(13,434	)		(188,901	)

Automatic conversions:
Class A					233						367
Class B					(233	)					(367	)

					—						—

Net increase (decrease) in net assets resulting from capital shares transactions		20,343			24,917			156,414			(127,274	)



Net increase (decrease) in net assets		93,242			126,098			162,392			(62,434	)


Net assets:
Beginning of year	$	752,723		$	626,625		$	505,329		$	567,763

End of year	$	845,965		$	752,723		$	667,721		$	505,329

Undistributed (accumulated) net investment income (loss)	$	1,524		$	8,924		$	(1,378	)	$	854



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

Transamerica Funds		Annual Report 2010

Page 207

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


	Transamerica PIMCO Real Return
	TIPS						Transamerica PIMCO Total Return
	October 31, 2010			October 31, 2009			October 31, 2010			October 31, 2009

Share activity:
Shares issued:
Class A					1						1
Class C					1						2
Class I2		21,982			9,035			11,287			1,332

		21,982			9,037			11,287			1,335

Shares issued-reinvested from distributions:
Class A					7						33
Class B					5						30
Class C					4						20
Class I2		2,849			2,650			5,207			4,858

		2,849			2,666			5,207			4,941

Shares redeemed:
Class A					(285	)					(547	)
Class B					(173	)					(479	)
Class C					(165	)					(347	)
Class I2		(22,176	)		(8,878	)		(1,250	)		(17,605	)

		(22,176	)		(9,501	)		(1,250	)		(18,978	)

Automatic conversions:
Class A					24						37
Class B					(24	)					(37	)

					—						—

Net increase (decrease) in shares outstanding:
Class A					(253	)					(476	)
Class B					(192	)					(486	)
Class C					(160	)					(325	)
Class I2		2,655			2,807			15,244			(11,415	)

		2,655			2,202			15,244			(12,702	)


^(a)		Net realized gain (loss) includes all items listed in the Statements of Operations.

^(b)		Change in unrealized appreciation (depreciation) includes all items listed in the Statements of Operations.



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

Transamerica Funds		Annual Report 2010

Page 208

FINANCIAL HIGHLIGHTS
For the periods and years ended:


	Transamerica Clarion Global Real Estate Securities
	October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2010			2009			2008			2007			2006^(a)

Net asset value
Beginning of year	$	10.77		$	9.52		$	20.48		$	20.25		$	15.85


Investment operations
Net investment income^(b)		0.26			0.29			0.32			0.36			0.21
Net realized and unrealized gain (loss) on investments		1.98			1.15			(8.33	)		2.45			5.85

Total from investment operations		2.24			1.44			(8.01	)		2.81			6.06


Distributions
Net investment income		(0.73	)		(0.19	)		(0.90	)		(0.80	)		(0.28	)
Net realized gains on investments		—			—			(2.05	)		(1.78	)		(1.38	)

Total distributions		(0.73	)		(0.19	)		(2.95	)		(2.58	)		(1.66	)


Net asset value
End of year		12.28		$	10.77		$	9.52		$	20.48		$	20.25


Total return^(c)		21.70	%		15.72	%		(44.82	%)		15.11	%		41.43	% ^(d)


Net assets end of year (000’s)	$	319,368		$	285,502		$	232,115		$	367,750		$	331,620


Ratio and supplemental data
Expenses to average net assets		0.91	%		0.93	%		0.89	%		0.88	%		0.91	% ^(e)
Net investment income, to average net assets		2.31	%		3.30	%		2.29	%		1.29	%		1.27	% ^(e)
Portfolio turnover rate		62	%		61	%		41	%		72	%		76	% ^(d)


	Transamerica Jennison Growth
	October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2010			2009			2008			2007			2006^(a)

Net asset value
Beginning of year		10.17		$	8.37		$	13.05		$	11.40		$	11.43


Investment operations
Net investment income^(b)		0.01			0.01			0.02			0.03			—	^(f)
Net realized and unrealized gain (loss) on investments		1.61			1.81			(4.68	)		2.08			0.18

Total from investment operations		1.62			1.82			(4.66	)		2.11			0.18


Distributions
Net investment income		(0.01	)		(0.02	)		(0.02	)		—			—
Net realized gains on investments		—			—			—			(0.46	)		(0.21	)

Total distributions		(0.01	)		(0.02	)		(0.02	)		(0.46	)		(0.21	)


Net asset value
End of year		11.78		$	10.17		$	8.37		$	13.05		$	11.40


Total return^(c)		15.96	%		21.79	%		(35.77	%)		19.14	%		1.50	% ^(d)


Net assets end of year (000’s)	$	726,732		$	654,610		$	184,981		$	160,815		$	96,273


Ratio and supplemental data
Expenses to average net assets		0.81	%		0.85	%		0.85	%		0.87	%		0.89	% ^(e)
Net investment income (loss), to average net assets		0.09	%		0.16	%		0.21	%		0.22	%		(0.02	%) ^(e)
Portfolio turnover rate		83	%		82	%		70	%		63	%		80	% ^(d)



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

Transamerica Funds		Annual Report 2010

Page 209

FINANCIAL HIGHLIGHTS (continued)
For the periods and years ended:


	Transamerica MFS International Equity
	October 31,			October 31,			October 31,
For a share outstanding throughout each period	2010			2009			2008^(g)

Net asset value
Beginning of year	$	8.16		$	6.58		$	10.00


Investment operations
Net investment income^(b)		0.12			0.12			0.02
Net realized and unrealized gain (loss) on investments		1.09			1.46			(3.44	)

Total from investment operations		1.21			1.58			(3.42	)


Distributions
Net investment income		(0.06	)		—			—
Net realized gains on investments		(0.20	)		—			—

Total distributions		(0.26	)		—			—


Net asset value
End of year	$	9.11		$	8.16		$	6.58


Total return^(c)		15.16	%		24.01	%		(34.20	%) ^(d)


Net assets end of year (000’s)	$	536,181		$	396,754		$	40,997


Ratio and supplemental data
Expenses to average net assets		0.99	%		1.09	%		1.23	% ^(e)
Net investment income, to average net assets		1.47	%		1.78	%		0.71	% ^(e)
Portfolio turnover rate		35	%		24	%		37	% ^(d)


	Transamerica PIMCO Real Return TIPS
	October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2010			2009			2008			2007			2006

Net asset value
Beginning of year	$	10.72		$	9.21		$	10.21		$	10.05		$	10.25


Investment operations
Net investment income^(b)		0.25			0.32			0.47			0.38			0.48
Net realized and unrealized gain (loss) on investments		1.04			1.58			(0.96	)		0.16			(0.22	)

Total from investment operations		1.29			1.90			(0.49	)		0.54			0.26


Distributions
Net investment income		(0.40	)		(0.33	)		(0.51	)		(0.38	)		(0.45	)
Net realized gains on investments		—			(0.06	)		—			—			(0.01	)

Total distributions		(0.40	)		(0.39	)		(0.51	)		(0.38	)		(0.46	)


Net asset value
End of year	$	11.61		$	10.72		$	9.21		$	10.21		$	10.05


Total return^(c)		12.40	%		21.00	%		(5.29	%)		5.54	%		2.55	%


Net assets end of year (000’s)	$	845,965		$	752,723		$	621,092		$	690,942		$	603,597


Ratio and supplemental data
Expenses to average net assets		0.72	%		0.74	%		0.74	%		0.73	%		0.73	%
Net investment income, to average net assets		2.32	%		3.23	%		4.47	%		3.82	%		4.79	%
Portfolio turnover rate		307	%		583	%		1,028	%		375	%		384	%



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

Transamerica Funds		Annual Report 2010

Page 210

FINANCIAL HIGHLIGHTS (continued)
For the periods and years ended:


	Transamerica PIMCO Total Return
	October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2010			2009			2008			2007			2006^(a)

Net asset value
Beginning of year	$	10.85		$	9.58		$	10.47		$	10.28		$	10.12


Investment operations
Net investment income^(b)		0.35			0.49			0.49			0.46			0.41
Net realized and unrealized gain (loss) on investments		0.67			1.64			(0.88	)		0.18			0.12

Total from investment operations		1.02			2.13			(0.39	)		0.64			0.53


Distributions
Net investment income		(0.34	)		(0.67	)		(0.44	)		(0.44	)		(0.37	)
Net realized gains on investments		(0.73	)		(0.19	)		(0.06	)		(0.01	)

Total distributions		(1.07	)		(0.86	)		(0.50	)		(0.45	)		(0.37	)


Net asset value
End of year		10.80		$	10.85		$	9.58		$	10.47		$	10.28


Total return^(c)		10.25	%		23.74	%		(4.04	%)		6.33	%		5.33	% ^(d)


Net assets end of year (000’s)	$	667,721		$	505,329		$	555,428		$	540,310		$	268,173


Ratio and supplemental data
Expenses to average net assets		0.74	% ^(h)		0.74	%		0.75	%		0.75	%		0.80	% ^(e)
Net investment income, to average net assets		3.30	% ^(h)		4.95	%		4.66	%		4.39	%		4.18	% ^(e)
Portfolio turnover rate		222	%		841	%		751	%		756	%		544	% ^(d)


^(a)		Commenced operations on November 15, 2005.

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

^(c)		Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase.

^(d)		Not annualized.

^(e)		Annualized.

^(f)		Rounds to less than $(0.01) or $0.01.

^(g)		Commenced operations on June 10, 2008.

^(h)		Includes dividends and/or interest on securities sold short representing less than 0.01% of average net assets for 2010.

Note: Prior to October 31,2009, all of the financial highlights were audited by another independent registered public accounting firm.



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

Transamerica Funds		Annual Report 2010

Page 211

Transamerica AQR Managed Futures Strategy

(unaudited)

MARKET ENVIRONMENT

Transamerica AQR Managed Futures Strategy was introduced to the Transamerica Funds lineup on September 30, 2010.

As a managed futures strategy designed to take advantage of the tendency for markets to trend in either the positive or negative direction as prices slowly move to, and sometimes beyond, fair value, the fund invests both long and short to take advantage of these price moves. The fund invests across a portfolio of futures contracts and futures-related instruments, utilizing more than 100 contracts across four major asset classes: commodities, currencies, fixed income and equity markets. The fund pursues a trend-following strategy, and as such, it tends to perform well when there are persistent positive or negative trends in markets and suffers when there is a lack of trends or when trends reverse sharply.

By design, the fund tactically changes its allocation to the amount of risk it takes in pursing trends across the four major asset classes depending on the relative attractiveness of the trend-following opportunities within each asset class. The fund will invest more in an asset class when there are perceived strong trends across many assets within that particular asset class. In addition, the fund also tactically changes the level of risk it targets depending on the strength and correlation of trends across the four asset classes. The target risk level for the fund at the end of October was above the long-term average target level of 10%, driven by strong trends in the equity and commodity markets.

Within each of the asset classes, the fund pursues short-term trend strategies, long-term trend strategies and over-extended trend strategies. Overall, both short-term and long-term trend strategies performed well in October, particularly in equities and commodities. Over-extended trend strategies detracted from performance, most notably in commodities, where the fund’s long exposures were reduced in this period on long-term overextended trend indicators, and suffered as commodity prices continued to rise over the month.

PERFORMANCE

For the period from inception, September 30, 2010 through October 31, 2010, Transamerica AQR Managed Futures Strategy Class I2 returned 1.60%. By comparison, its benchmark, Citigroup 3-Month Treasury Bill + 7% Wrap Fee Index, returned 0.62%.

STRATEGY REVIEW

The fund gained 1.3% in commodities in October. The fund was positioned long most commodity markets on strong short-term and long-term trends going into the month, and benefited from large price increases in the agricultural and soft commodities. In addition, the fund also gained from a long position in precious metals, as gold and silver prices continued to rise throughout the month.

The fund gained 0.6% in equities in October. Following a strong global equity rally in the third quarter of 2010, the fund was positioned long almost all global equity markets going into October, and profited from the continuation of a bullish trend in equities throughout the month.

The fund lost 0.1% in currencies in October. Gains from being long the Australian dollar and the pound were offset by losses from being short the Euro and the New Zealand dollar over the month.

The fund lost 0.2% in fixed income in October. While the fund made slight gains from being long global short-term interest rate futures, which appreciated in value over the month, they were offset by small losses in longer-term bond futures. Following a strong bond market for the majority of the year, the fund was positioned long all developed bond markets going into the month. While 2, 5 and 10 year U.S. treasury markets continued to perform well over the month, the fund declined due to slight reversals of bullish trends in 30-year U.S. bonds, European bonds and Australian bonds.

While one month is a short period of time to evaluate performance, we believe October highlighted the benefits of the fund’s approach in diversifying across various trend indicators and asset classes. We continue to pursue a risk-balanced approach in investing across the major asset classes, and believe that doing so will benefit the fund in the long-run.

Clifford S. Asness
John M. Liew
Brian K. Hurst
Lasse H. Pedersen
Yao Hua Ooi

Co-Portfolio Managers
AQR Capital Management, LLC



Transamerica Funds		Annual Report 2010

Page 212

Transamerica AQR Managed Futures Strategy

(unaudited)

Average Annual Total Return for Period Ended 10/31/2010


	10 Years or
	Life of Fund			Inception Date

Class I2 (NAV)		1.60	%^(a)		09/30/2010
Citigroup 3-Month Treasury Bill*		0.62	%^(a)		09/30/2010

NOTES


^*		The Citigroup 3-Month Treasury Bill + 7% Wrap Index (“Citigroup 3-Month Treasury Bill”) 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. Return calculation starts on 09/30/2010 and does not include the alignment of the fund’s buy-in date of 09/29/2010. You cannot invest directly in an index.

Performance figures may reflect fee waivers and/or expense reimbursements by the Investment Adviser. Without such waivers and/or expense reimbursements, the performance would be lower. Future waivers and/or reimbursements are at the discretion of the Investment Adviser.



^(a)		Not annualized.



Transamerica Funds		Annual Report 2010

Page 213

Transamerica Goldman Sachs Commodity Strategy
(formerly, Transamerica BlackRock Natural Resources)
(unaudited)

MARKET ENVIRONMENT

The Dow Jones-UBS Commodity Index (“Dow Jones-UBS Commodity”) returned 4.98% in October, versus a 3.80% return for the Standard & Poor’s 500 Composite Stock Index and a -2.1% return in the U.S. Dollar Index. The anticipation of additional quantitative easing from the Federal Reserve Board supported hard versus fiat currencies, driving Precious Metals prices up by 6.1%. Gold prices reached an all-time high of $1,381/oz during the month. Silver prices continued to rise in October, with a gain of 12.6%. Agriculture and soft commodities also rallied, mainly driven by adverse weather conditions and strong global demand. Leading the gains in Agriculture were Sugar and Cotton, which increased 24.0% and 22.9%, respectively. Energy prices were essentially unchanged over the month as the market transitioned into the winter season. Crude oil prices increased 0.9%, ending the month trading $81 per barrel.

PERFORMANCE

For the year ended October 31, 2010, Transamerica Goldman Sachs Commodity Strategy Class I2 returned 12.61%. By comparison, its primary and former benchmarks, the Dow Jones-UBS Commodity and the Morgan Stanley Capital International Natural Resources Index, returned 11.69% and 13.87%, respectively.

Effective September 30, 2010, Transamerica BlackRock Natural Resources changed its sub-adviser to Goldman Sachs Asset Management, L.P. (“GSAM”) and changed its name to Transamerica Goldman Sachs Commodity Strategy.

STRATEGY REVIEW

GSAM’s strategy seeks to provide full exposure to the Dow Jones-UBS Commodity while enhancing returns through disciplined roll timing strategies and active cash management of a high quality fixed income portfolio. The strategy does not take views on individual commodities, but rather attempts to manage risk relative to that of the benchmark.

Roll management (of the futures contracts) is a primary source of our alpha generation. We implement the roll by deviating slightly from the Dow Jones-UBS Commodity convention, which calls for rolling 20% of the futures each day on business days five through nine on a bi-monthly basis. Instead, we tactically avoid the buying pressure that coincides with the peak roll period, which can create a modest amount of outperformance with small increases in risk.

To the extent the firm believes fundamental or technical developments will impact the futures roll timing decision, it will incorporate those views into the portfolio by electing to roll positions earlier, later, forward, or in different weights versus the index roll. Roll timing strategies employed may include: alternative roll date modifications, which avoid the market impact of plain vanilla index rolls during business days five to nine; forward exposure roll modifications, which avoid the market impact of vanilla index rolls and move exposure out the curve to mitigate the returns impact often associated with persistent contango (an unfavorable term structure in the futures markets); and seasonal roll modifications, which take advantage of seasonal relationships in commodity markets to increase returns. These strategies enable GSAM to generate potential excess returns over the benchmark.

Stephen Lucas
Michael Johnson
John Calvaruso

Co-Portfolio Managers
Goldman Sachs Asset Management, L.P.



Transamerica Funds		Annual Report 2010

Page 214

Transamerica Goldman Sachs Commodity Strategy
(formerly, Transamerica BlackRock Natural Resources)
(unaudited)

Average Annual Total Return for Periods Ended 10/31/2010


				10 Years or
	1 Year			Life of Fund			Inception Date

Class I2 (NAV)		12.61	%		3.75	%		01/03/2007
Dow Jones-UBS Commodity *		11.69	%		(3.16	)%		01/03/2007
MSCI Natural Resources *		13.87	%		2.82	%		01/03/2007

NOTES


*		The Dow Jones-UBS Commodity Index (“Dow Jones-UBS Commodity”) and the Morgan Stanley Capital International Natural Resources Index (“MSCI Natural Resources”) are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or Life of Fund calculation is based on the inception date of the fund. You cannot invest directly in an index.



Transamerica Funds		Annual Report 2010

Page 215

Understanding Your Funds’ Expenses
(unaudited)

SHAREHOLDER EXPENSES

For Transamerica AQR Managed Futures Strategy, the example is based on an investment of $1,000 invested at September 30, 2010 (commencement of operations) and held for the entire period until October 31, 2010. For Transamerica Goldman Sachs Commodity Strategy, the example is based on an investment of $1,000 invested at May 1, 2010 and held for the entire period until October 31, 2010.

ACTUAL EXPENSES

The information in the table under the heading “Actual Expenses” provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = $8.60), then multiply the result by the number in the appropriate column for your share class titled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLES FOR COMPARISON PURPOSES

The information in the table under the heading “Hypothetical Expenses” provides information about hypothetical account values and hypothetical expenses based on the funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses, which are not the funds’ actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the funds versus other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.


			Actual Expenses					Hypothetical Expenses ^(c)
	Beginning		Ending Account		Expenses Paid			Ending Account		Expenses Paid			Annualized
Fund Name	Account Value		Value		During Period			Value		During Period			Expense Ratio

Transamerica AQR Managed Futures Strategy	$	1,000.00	$	1,016.00	$	1.18	^(a)	$	1,003.07	$	1.17	^(a)		1.38	%
Transamerica Goldman Sachs Commodity Strategy		1,000.00		1,029.30		4.35	^(b)		1,020.92		4.33	^(b)		0.85	%


(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 (31 days), and divided by the number of days in the year (365 days).

(b)		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 (365 days).

(c)		5% return per year before expenses.



Transamerica Funds		Annual Report 2010

Page 216

Consolidated Schedules of Investments Composition
At October 31, 2010
(The following charts summarize the Consolidated Schedules of Investments of the funds by asset type)
(unaudited)


Transamerica AQR Managed Futures Strategy

Investment Company	91.8	%
Other Assets and Liabilities — Net	8.2	^(a)

Total	100.0	%


Transamerica Goldman Sachs Commodity Strategy
(formerly, Transamerica BlackRock Natural Resources)

Short-Term U.S. Government Obligation	76.2	%
Repurchase Agreement	17.8
Other Assets and Liabilities — Net	6.0	^(a)

Total	100.0	%


^(a)		The Other Assets and Liabilities — Net category may include, but is not limited to, Forward Currencies Contracts, Futures Contracts, Swap Agreements, Written Options and Swaptions, Securities Sold Short, and Cash Collateral.



Transamerica Funds		Annual Report 2010

Page 217

Transamerica AQR Managed Futures Strategy
CONSOLIDATED SCHEDULE OF INVESTMENTS
At October 31, 2010
(all amounts except share amounts in thousands)


	Shares		Value

INVESTMENT COMPANIES - 91.8%
Capital Markets - 91.8%
BlackRock Liquidity Funds TempFund Portfolio		94,704,432	$	94,705
State Street Institutional Liquid Reserves Fund		71,028,324		71,028
UBS Select Prime Preferred Fund		71,028,324		71,028


Total Investment Companies (cost $236,761) #				236,761
Other Assets and Liabilities — Net				21,126

Net Assets			$	257,887

TOTAL RETURN SWAPS ON COMMODITIES: β


		(Pay)/Receive											Net Unrealized
Pay/Receive		Fixed Price	Expiration					Market			Premiums		Appreciation
Fixed Price^(a)	Reference Entity	Per Unit	Date	Counterparty	# of Units			Value			Paid/(Received)		(Depreciation)

Receive	CBOT 2-Year U.S. Treasury Note December	109.76 -109.83	11/30/2010	BOA		325		$	134		$	—	$	134
Receive	CBOT Wheat December Futures	6.62 - 7.25	11/26/2010	BRC		50,000			10			—		10
Receive	Cocoa December Futures	2,854	11/5/2010	BRC		20			(1	)		—		(1	)
Pay	Cocoa December Futures	(2,744) - (2,808)	11/5/2010	BRC		(410	)		(3	)		—		(3	)
Receive	NYBOT Coffee December Futures	1.81 - 2.02	11/12/2010	BRC		787,500			114			—		114
Pay	CBOT Soybeans January Futures	(11.91)	12/23/2010	BRC		(5,000	)		(2	)		—		(2	)
Receive	CBOT Soybeans January Futures	10.71 - 12.48	12/23/2010	BRC		105,000			1			—		1
Pay	CBOT Soybeans November Futures	(11.85)	11/12/2010	BRC		(20,000	)		(8	)		—		(8	)
Receive	CBOT Soybeans November Futures	11.96	11/12/2010	BRC		20,000			28			—		28
Receive	COMEX Gold December Futures	1,318 - 1,345	12/1/2010	BOA		3,900			92			—		92
Pay	COMEX Gold December Futures	(1,373.70)	12/1/2010	BOA		(200	)		3			—		3
Receive	COMEX Silver December	23.85	12/29/2010	BOA		15,000			11			—		11
Receive	EUREX Euro SCHATZ December Futures	109.18 - 109.20	12/8/2010	MEI, BOA		26			(13	)		—		(13	)
Pay	LME Aluminum December Futures	(2,405)	12/13/2010	BOA		(25	)		2			—		2
Receive	LME Aluminum December Futures	2,366 - 2,428	12/13/2010	BOA		700			(27	)		—		(27	)
Receive	LME Copper December Futures	8,136 - 8,444	12/13/2010	BOA		800			9			—		9

								$	350		$	—	$	350

FUTURES CONTRACTS: g


							Net Unrealized
							Appreciation
Description	Type	Contracts ┌			Expiration Date		(Depreciation)

10-Year Australian Treasury Bond	Long		103			12/15/2010	$	(159	)
10-Year Canada Government Bond	Long		79			12/20/2010		(3	)
10-Year Japan Government Bond	Long		18			12/09/2010		(66	)
10-Year U.S. Treasury Note	Long		80			12/21/2010		4
2-Year U.S. Treasury Note	Long		222			12/31/2010		91
30-Year U.S. Treasury Bond	Long		38			12/21/2010		(101	)
3-Month Aluminum	Long		12			01/21/2011		(1	)
3-Month Aluminum	Short		(12	)		01/21/2011		10
3-Month Aluminum Hg	Short		(8	)		12/15/2010		12
3-Month Aluminum Hg	Long		141			12/15/2010		(141	)
3-Month Aluminum Hg	Short		(46	)		12/31/2010		41
3-Month Aluminum Hg	Long		46			12/31/2010		(42	)
3-Month Aluminum Hg	Short		(6	)		01/12/2011		11
3-Month Aluminum Hg	Long		6			01/12/2011		(12	)
3-Month Aluminum Hg	Short		(4	)		01/14/2011		9
3-Month Aluminum Hg	Long		4			01/14/2011		(11	)
3-Month Aluminum Hg	Long		3			01/19/2011		(3	)
3-Month Aluminum Hg	Short		(3	)		01/19/2011		♦

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



Transamerica Funds		Annual Report 2010

Page 218

Transamerica AQR Managed Futures Strategy
CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts in thousands)

FUTURES CONTRACTS: (continued)


							Net Unrealized
							Appreciation
Description	Type	Contracts ┌			Expiration Date		(Depreciation)

3-Month Aluminum Hg	Long		2			01/28/2011	$	♦
3-Month Aluminum Hg	Short		(2	)		01/28/2011		(1	)
3-Month Canadian Bankers’ Acceptance	Long		33			03/14/2011		2
3-Month Canadian Bankers’ Acceptance	Long		60			06/13/2011		4
3-Month EURIBOR	Short		(3	)		03/14/2011		♦
3-Month EURIBOR	Long		24			06/13/2011		(16	)
3-Month EURIBOR	Long		31			09/19/2011		(25	)
3-Month EURIBOR	Long		34			12/19/2011		(31	)
3-Month EURIBOR	Long		40			03/19/2012		(38	)
3-Month EURIBOR	Long		44			06/18/2012		(44	)
3-Month EURIBOR	Long		51			09/17/2012		(51	)
3-Month Euroswiss	Long		105			03/14/2011		5
3-Month Euroswiss	Long		104			06/13/2011		7
3-Month LME Copper	Short		(3	)		01/12/2011		7
3-Month LME Copper	Long		3			01/12/2011		(8	)
3-Month LME Copper	Short		(1	)		01/14/2011		6
3-Month LME Copper	Long		1			01/14/2011		(7	)
3-Month Nickel	Long		8			12/31/2010		(42	)
3-Month Nickel	Short		(8	)		12/31/2010		45
3-Month Nickel	Long		2			01/12/2011		(18	)
3-Month Nickel	Short		(2	)		01/12/2011		17
3-Month Nickel	Long		2			01/28/2011		(1	)
3-Month Nickel	Short		(2	)		01/28/2011		(1	)
3-Month Sterling	Long		215			03/16/2011		(6	)
3-Month Sterling	Long		197			06/15/2011		(8	)
3-Month Sterling	Long		196			09/21/2011		(7	)
3-Month Sterling	Long		193			12/21/2011		(4	)
3-Month Sterling	Long		180			03/21/2012		♦
3-Month Sterling	Long		174			06/20/2012		5
3-Month Sterling	Long		161			09/19/2012		10
3-Month Zinc	Short		(11	)		12/31/2010		(52	)
3-Month Zinc	Long		11			12/31/2010		48
3-Month Zinc	Long		2			01/12/2011		4
3-Month Zinc	Short		(2	)		01/12/2011		(5	)
3-Month Zinc	Short		(6	)		01/14/2011		♦
3-Month Zinc	Long		6			01/14/2011		(1	)
3-Year Australian Treasury Bond	Long		56			12/15/2010		(12	)
5-Year U.S. Treasury Note	Long		192			12/31/2010		113
90-Day Euro	Long		199			03/14/2011		18
90-Day Euro	Long		180			06/13/2011		30
90-Day Euro	Long		181			09/19/2011		43
90-Day Euro	Long		174			12/19/2011		60
90-Day Euro	Long		163			03/19/2012		72
90-Day Euro	Long		153			06/18/2012		81
90-Day Euro	Long		144			09/17/2012		83
AEX Index	Long		61			11/19/2010		(8	)
ASX SPI 200 Index	Long		46			12/16/2010		(38	)
Brent Crude Penultimate Financial	Long		15			11/12/2010		(34	)
CAC 40 Index	Long		129			11/19/2010		66
Cocoa	Short		(78	)		12/15/2010		(30	)
Coffee	Long		40			12/20/2010		263
Corn	Long		60			12/14/2010		234
Cotton NO. 2	Short		(1	)		12/08/2010		(1	)
DAX Index	Long		33			12/17/2010		311
DJIA Mini Index	Long		211			12/17/2010		240

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



Transamerica Funds		Annual Report 2010

Page 219

Transamerica AQR Managed Futures Strategy
CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts in thousands)

FUTURES CONTRACTS: (continued)


							Net Unrealized
							Appreciation
Description	Type	Contracts ┌			Expiration Date		(Depreciation)

FTSE 100 Index	Long		80			12/17/2010	$	88
FTSE MIB Index	Long		22			12/17/2010		87
German Euro BOBL	Long		94			12/08/2010		(152	)
German Euro BUND	Long		56			12/08/2010		(187	)
German Euro BUXL	Long		22			12/08/2010		(105	)
German Euro SCHATZ	Long		92			12/08/2010		(47	)
Gold 100 Oz	Long		25			12/29/2010		33
Hang Seng Index	Long		30			11/29/2010		(121	)
Henry Hub Natural Gas Swap	Short		(298	)		11/24/2010		(22	)
IBEX 35 Index	Long		11			11/19/2010		11
Lean Hogs	Short		(133	)		12/14/2010		104
LME Copper	Long		15			12/15/2010		(13	)
LME Copper	Long		1			01/19/2011		(3	)
LME Copper	Short		(1	)		01/19/2011		(1	)
NASDAQ 100 E-Mini Index	Long		164			12/17/2010		354
Nickel	Long		21			12/15/2010		(172	)
Nickel	Short		(2	)		12/15/2010		1
Nickel	Short		(1	)		01/19/2011		9
Nickel	Long		1			01/19/2011		(10	)
NYMEX Heating Oil Pent	Long		2			11/29/2010		(4	)
RBOB Gasoline Financial	Long		3			11/29/2010		(8	)
Russell 2000 Mini Index	Long		124			12/17/2010		248
S&P 500 E-Mini Index	Long		179			12/17/2010		251
S&P Midcap 400 E-Mini Index	Long		120			12/17/2010		247
S&P TSE 60 Index	Long		74			12/16/2010		134
Silver	Long		10			12/29/2010		95
Soybean	Long		132			01/14/2011		477
Soybean Meal	Long		112			12/14/2010		317
Soybean Oil	Long		155			12/14/2010		401
Sugar #11	Long		89			02/28/2011		136
Topix Index	Short		(21	)		12/10/2010		33
United Kingdom Long Gilt Bond	Long		49			12/29/2010		(74	)
Wheat	Long		44			12/14/2010		91
WTI Bullet Swap Financial	Short		(32	)		11/18/2010		15
Zinc	Long		38			12/15/2010		111
Zinc	Long		5			01/19/2011		9
Zinc	Short		(5	)		01/19/2011		(17	)

							$	3,240

FORWARD FOREIGN CURRENCY CONTRACTS:


						Amount in U.S.			Net Unrealized
				Settlement		Dollars Bought			Appreciation
Currency	Bought (Sold)			Date		(Sold)			(Depreciation)

Australian Dollar		21,698			12/15/2010	$	20,790		$	357
Australian Dollar		6,070			12/15/2010		5,951			(35	)
Australian Dollar		(4,206	)		12/15/2010		(4,072	)		(27	)
Australian Dollar		32,785			12/15/2010		31,426			528
Australian Dollar		6,211			12/15/2010		6,098			(45	)
Australian Dollar		(6,697	)		12/15/2010		(6,598	)		70
Australian Dollar		639			12/15/2010		622			1
Australian Dollar		714			12/15/2010		687			9
Australian Dollar		(100	)		12/15/2010		(99	)		1
Canadian Dollar		(18,640	)		12/15/2010		(18,068	)		(209	)
Canadian Dollar		13,573			12/15/2010		13,300			9
Canadian Dollar		517			12/15/2010		507			♦
Canadian Dollar		6,097			12/15/2010		6,027			(48	)
Canadian Dollar		(14,447	)		12/15/2010		(14,069	)		(97	)

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



Transamerica Funds		Annual Report 2010

Page 220

Transamerica AQR Managed Futures Strategy
CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts in thousands)

FORWARD FOREIGN CURRENCY CONTRACTS: (continued)


						Amount in U.S.			Net Unrealized
				Settlement		Dollars Bought			Appreciation
Currency	Bought (Sold)			Date		(Sold)			(Depreciation)

Canadian Dollar		14,715			12/15/2010	$	14,451		$	(22	)
Canadian Dollar		10,867			12/15/2010		10,537			119
Canadian Dollar		890			12/15/2010		871			2
Euro		(2,399	)		12/15/2010		(3,315	)		(16	)
Euro		1,405			12/15/2010		1,936			15
Euro		5,965			12/15/2010		8,316			(33	)
Euro		(8,729	)		12/15/2010		(12,173	)		51
Euro		10,570			12/15/2010		14,580			98
Euro		1,337			12/15/2010		1,854			2
Euro		(18,585	)		12/15/2010		(25,400	)		(409	)
Euro		(5,500	)		12/15/2010		(7,652	)		14
Euro		1,121			12/15/2010		1,550			7
Euro		(17,062	)		12/15/2010		(23,510	)		(185	)
Japanese Yen		329,262			12/15/2010		4,050			42
Japanese Yen		30,239			12/15/2010		368			8
Japanese Yen		403,962			12/15/2010		4,932			89
Japanese Yen		536,725			12/15/2010		6,578			93
Japanese Yen		742,437			12/15/2010		9,130			98
Japanese Yen		64,825			12/15/2010		777			29
Japanese Yen		79,866			12/15/2010		956			37
Japanese Yen		175,058			12/15/2010		2,154			22
Japanese Yen		174,182			12/15/2010		2,157			8
New Zealand Dollar		(318	)		12/15/2010		(240	)		(2	)
New Zealand Dollar		(4,963	)		12/15/2010		(3,734	)		(37	)
New Zealand Dollar		(10,419	)		12/15/2010		(7,613	)		(304	)
New Zealand Dollar		(1,732	)		12/15/2010		(1,282	)		(34	)
New Zealand Dollar		5,053			12/15/2010		3,789			50
New Zealand Dollar		605			12/15/2010		452			8
New Zealand Dollar		(1,282	)		12/15/2010		(960	)		(14	)
New Zealand Dollar		(18,280	)		12/15/2010		(13,566	)		(324	)
Norwegian Krone		44,784			12/15/2010		7,623			(22	)
Norwegian Krone		66,089			12/15/2010		11,259			(42	)
Norwegian Krone		2,854			12/15/2010		484			1
Norwegian Krone		(12,821	)		12/15/2010		(2,184	)		9
Norwegian Krone		5,511			12/15/2010		949			(13	)
Norwegian Krone		16,362			12/15/2010		2,817			(40	)
Norwegian Krone		(15,128	)		12/15/2010		(2,571	)		4
Norwegian Krone		(14,937	)		12/15/2010		(2,514	)		(21	)
Pound Sterling		8,576			12/15/2010		13,517			218
Pound Sterling		(426	)		12/15/2010		(676	)		(6	)
Pound Sterling		(12,433	)		12/15/2010		(19,673	)		(240	)
Pound Sterling		9,813			12/15/2010		15,566			150
Pound Sterling		4,096			12/15/2010		6,465			95
Pound Sterling		8,101			12/15/2010		12,905			69
Pound Sterling		(2,903	)		12/15/2010		(4,595	)		(54	)
Pound Sterling		(4,785	)		12/15/2010		(7,521	)		(142	)
Swedish Krona		(6,543	)		12/15/2010		(977	)		3
Swedish Krona		(2,496	)		12/15/2010		(376	)		5
Swedish Krona		75,356			12/15/2010		11,238			(17	)
Swedish Krona		(6,360	)		12/15/2010		(948	)		1
Swedish Krona		(22,092	)		12/15/2010		(3,297	)		8
Swedish Krona		105,094			12/15/2010		15,607			41
Swedish Krona		(17,106	)		12/15/2010		(2,577	)		30
Swedish Krona		1,876			12/15/2010		277			2
Swiss Franc		(4,619	)		12/15/2010		(4,711	)		21
Swiss Franc		276			12/15/2010		280			♦
Swiss Franc		(379	)		12/15/2010		(391	)		6
Swiss Franc		(10,456	)		12/15/2010		(10,804	)		186
Swiss Franc		12,509			12/15/2010		12,993			(291	)
Swiss Franc		(6,747	)		12/15/2010		(6,970	)		119
Swiss Franc		(3,968	)		12/15/2010		(4,135	)		106
Swiss Franc		3,267			12/15/2010		3,400			(83	)
Swiss Franc		(2,734	)		12/15/2010		(2,811	)		35

									$	64

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



Transamerica Funds		Annual Report 2010

Page 221

Transamerica AQR Managed Futures Strategy
CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts in thousands)

NOTES TO SCHEDULE OF INVESTMENTS:

┌		Contract amounts are not in thousands.

g		Cash, in the amount of $16,059, has been segregated as collateral with the broker to cover margin requirements for open futures contracts.

β		Cash, in the amount of $1,720, has been segregated by the custodian for the benefit of the broker to cover margin requirements for open swaps contracts.

^(a)		At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the reference index less a financing rate, if any. As a receiver, the fund would receive payments based on any positive total return and would owe payments in the event of a negative total return. As the payer, the fund would owe payments on any net positive total return, and would receive payment in the event of a negative total return.

#		Aggregate cost for federal income tax purposes is $239,856. Net and gross unrealized depreciation for tax purposes is $3,095.

DEFINITIONS:

AEX		Amsterdam Exchange

ASX		Australian Securities Exchange

BOA		Bank of America

BRC		Barclays Bank PLC

CBOT		Chicago Board of Trade

COMEX		A division of New York Mercantile Exchange. Formerly known as the Commodity Exchange.

DAX		Deutscher Aktien

DJIA		Dow Jones Industrial Average

EURIBOR		Euro InterBank Offered Rate

FTSE		Financial Times Stock Exchange

LME		London Metal Exchange

MEI		Merrill Lynch International

NYBOT		New York Board of Trade

NYMEX		New York Mercantile Exchange

RBOB		Reformulated Blendstock for Oxygenate Blending

S&P		Standard & Poor’s

WTI		West Texas Intermediate

VALUATION SUMMARY:


Investment Securities	Level 1			Level 2			Level 3		Total

Investment Companies	$	236,761		$	—		$	—	$	236,761

Other Financial Instruments*	Level 1			Level 2			Level 3		Total

Total Return Swap — Appreciation	$	—		$	404		$	—	$	404
Total Return Swap — Depreciation		—			(54	)		—		(54	)
Futures Contracts — Appreciation		5,204			—			—		5,204
Futures Contracts — Depreciation		(1,964	)		—			—		(1,964	)
Forward Foreign Currency Contracts — Appreciation		—			2,876			—		2,876
Forward Foreign Currency Contracts — Depreciation		—			(2,812	)		—		(2,812	)
Total	$	3,240		$	414		$	—	$	3,654


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

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



Transamerica Funds		Annual Report 2010

Page 222

Transamerica Goldman Sachs Commodity Strategy
(formerly, Transamerica BlackRock Natural Resources)

CONSOLIDATED SCHEDULE OF INVESTMENTS
At October 31, 2010
(all amounts in thousands)


	Principal		Value

SHORT-TERM U.S. GOVERNMENT OBLIGATION - 76.2%
U.S. Treasury Bill
0.17%, 04/28/2011▲	$	112,000	$	111,908
Total Short-Term U.S. Government Obligation (cost $111,906)

REPURCHASE AGREEMENT - 17.8%
State Street Bank & Trust Co. 0.01% ▲, dated 10/29/2010, to be repurchased at $26,202 on 11/01/2010. Collateralized by U.S. Government Agency Obligations, 4.00%, due 12/15/2017, and with a total value of $26,730.		26,202		26,202
Total Repurchase Agreement (cost $26,202)

Total Investment Securities (cost $138,108) #				138,110
Other Assets and Liabilities — Net				8,866


Net Assets			$	146,976

TOTAL RETURN SWAPS ON INDICES: α


Pay/Receive
on														Upfront			Unrealized
Reference		# of Shares/		Financing		Notional		Expiration		Counter	Market			Premiums			Appreciation
Index ^(a)	Index	Units		Rate (BP)		Amount		Date		party	Value			Paid/(Received)			(Depreciation)

	DJ-UBS Commodity Index 3-Month
Receive	Forward Excess Return	$	239		0.35	$	72,636		10/12/2011	UAG	$	72,636		$	72,636		$	—
												(72,636	)		(72,636	)		—
	DJ-UBS Commodity Index 3-Month
Receive	Forward Excess Return		85		0.35		25,991		03/31/2011	BOA		25,991			25,991			—
												(25,991	)		(25,991	)		—
	Merrill Lynch Commodity Index eXtra
Receive	GA6 Excess Return		15		0.42		2,653		03/31/2011	BOA		2,653			2,653			—
												(2,653	)		(2,653	)		—
	Merrill Lynch Commodity Index eXtra
Receive	GA6 Excess Return		252		0.42		45,328		03/31/2011	BOA		45,328			45,328			—
												(45,328	)		(45,328	)		—

											$	—		$	—		$	—

NOTES TO SCHEDULE OF INVESTMENTS:


▲		Rate shown reflects the yield at 10/29/2010.

α		Cash, in the amount of $1,050, has been segregated and pledged by the custodian for the benefit of the broker to cover margin requirements for open swap contracts.

^(a)		At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the reference index less a financing rate, if any. As a receiver, the fund would receive payments based on any positive total return and would owe payments in the event of a negative total return. As the payer, the fund would owe payments on any net positive total return, and would receive payment in the event of a negative total return.

#		Aggregate cost for federal income tax purposes is $146,535. Net and gross unrealized appreciation for tax purposes is $3.



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

Transamerica Funds		Annual Report 2010

Page 223

Transamerica Goldman Sachs Commodity Strategy
(formerly, Transamerica BlackRock Natural Resources)

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)
At October 31, 2010
(all amounts in thousands)

DEFINITIONS:


BOA		Bank of America

BP		Basis Points

UAG		UBS AG

VALUATION SUMMARY:


Investment Securities	Level 1		Level 2		Level 3		Total
Repurchase Agreement	$	—	$	26,202	$	—	$	26,202
Short-Term U.S. Government Obligations		—		111,908		—		111,908
Total	$	—	$	138,110	$	—	$	138,110

Other Financial Instruments*	Level 1		Level 2		Level 3		Total
Total Return Swap - Appreciation/(Depreciation)	$	—	$	—	$	—	$	—


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



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

Transamerica Funds		Annual Report 2010

Page 224

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
At October 31, 2010
(all amounts except per share amounts in thousands)


	Transamerica		Transamerica
	AQR Managed		Goldman Sachs
	Futures		Commodity
	Strategy		Strategy^(a)

Assets:
Investment securities, at value	$	236,761	$	111,908
Repurchase agreement, at value		—		26,202
Cash on deposit with custodian		1,720		2,800
Cash on deposit with broker		16,059		—
Foreign currency, at value		—		14
Receivables:
Investment securities sold		57		293,726
Shares of beneficial interest sold		—		1
Interest		24		—	^(b)
Dividend reclaims		—		6
Variation margin		3,241		—
Prepaid expenses		—		1
Swap agreements, at value		404		146,608
Unrealized appreciation on forward foreign currency contracts		2,876		—

	$	261,142	$	581,266

Liabilities:
Due to custodian		77		—
Cash deposit due to custodian		—		1,750
Accounts payable and accrued liabilities:
Investment securities purchased		57		285,800
Management and advisory fees		211		75
Transfer agent fees		1		1
Custody fees		10		2
Administration fees		4		3
Audit and tax fees		17		5
Interest payable		—		41
Other		12		5
Swap agreements, at value		54		146,608
Unrealized depreciation on forward foreign currency contracts		2,812		—

		3,255		434,290

Net assets	$	257,887	$	146,976


Net assets consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	253,160	$	133,149
Undistributed net investment income		1,010		7,529
Undistributed (accumulated) net realized gain (loss) from investments		61		6,296
Net unrealized appreciation (depreciation) on:
Investment securities		—		2
Futures contracts		3,240		—
Swap agreements		350		—
Translation of assets and liabilities denominated in foreign currencies		66		—

Net assets	$	257,887	$	146,976


Shares outstanding		25,388		13,082

Net asset value and offering price per share	$	10.16	$	11.24



Investment securities, at cost	$	236,761	$	111,906

Repurchase agreement, at cost	$	—	$	26,202

Foreign currency, at cost	$	—	$	14

Premium paid (received) on swap assets agreements	$	—	$	146,608

Premium paid (received) on swap liabilities agreements	$	—	$	(146,608	)


^(a)		Formerly, Transamerica BlackRock Natural Resources.

^(b)		Rounds to less than $1.



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

Transamerica Funds		Annual Report 2010

Page 225

CONSOLIDATED STATEMENTS OF OPERATIONS
For the year ended October 31, 2010
(all amounts in thousands)


	Transamerica			Transamerica
	AQR Managed			Goldman Sachs
	Futures			Commodity
	Strategy^(c)			Strategy^(a)

Investment income:
Dividend income	$	—		$	1,761
Withholding taxes on foreign income		—			(65	)
Interest income		24			5
Securities lending income (net)		—			32

		24			1,733

Expenses:
Management and advisory		211			1,090
Transfer agent		1			4
Printing and shareholder reports		—	^(b)		2
Custody		12			32
Administration		4			28
Legal		8			13
Audit and tax		21			13
Trustees		—			3
Registration		7			—	^(b)
Other		2			13

Total expenses		266			1,198


Net investment income (loss)		(242	)		535


Net realized gain (loss) on transactions from:
Investment securities		—			9,813
Futures contracts		1,311			—
Swap agreements		—			7,378
Foreign currency transactions		2			(196	)

		1,313			16,995

Net increase (decrease) in unrealized appreciation (depreciation) on:
Investment securities		—			(1,676	)
Futures contracts		3,240			—
Swap agreements		350			—
Translation of assets and liabilities denominated in foreign currencies		66			(4	)

Change in unrealized appreciation (depreciation):		3,656			(1,680	)

Net realized and unrealized gain		4,969			15,315

Net increase in net assets resulting from operations	$	4,727		$	15,850


^(a)		Formerly, Transamerica BlackRock Natural Resources.

^(b)		Rounds to less than $1.

^(c)		Commenced operations September 30, 2010.



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

Transamerica Funds		Annual Report 2010

Page 226

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


	Transamerica
	AQR Managed
	Futures Strategy			Transamerica Goldman Sachs
	October 31,			Commodity Strategy^(a)
	2010^(b)			October 31, 2010			October 31, 2009

From operations:
Net investment income (loss)	$	(242	)	$	535		$	569
Net realized gain (loss)^(c)		1,313			16,995			(3,508	)
Change in unrealized appreciation (depreciation)^(d)		3,656			(1,680	)		23,821

Net increase in net assets resulting from operations		4,727			15,850			20,882


Distributions to shareholders:
From net investment income		—			(634	)		(413	)
From net realized gains		—			—			(50	)

Total distributions to shareholders		—			(634	)		(463	)


Capital share transactions:
Proceeds from shares sold		253,160			40,919			18,094
Dividends and distributions reinvested		—			634			463
Cost of shares redeemed		—			(31,135	)		(4,886	)

Net increase in net assets resulting from capital shares transactions		253,160			10,418			13,671


Net increase in net assets		257,887			25,634			34,090


Net assets:
Beginning of year		—			121,342			87,252

End of year	$	257,887		$	146,976		$	121,342

Undistrubuted (accumulated) net investment income (loss)	$	1,010		$	7,529		$	433


Share activity:
Shares issued		25,388			3,820			1,992
Shares issued-reinvested from distributions		—			61			63
Shares redeemed		—			(2,893	)		(714	)

Net increase in shares outstanding		25,388			988			1,341


^(a)		Formerly, Transamerica BlackRock Natural Resources.

^(b)		Commenced operations on September 30, 2010.

^(c)		Net realized gain (loss) includes all items listed in the Statements of Operations.

^(d)		Change in unrealized appreciation (depreciation) includes all items listed in the Statements of Operations.



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

Transamerica Funds		Annual Report 2010

Page 227

FINANCIAL HIGHLIGHTS
For the periods and years ended:
(all amounts in thousands)


	Transamerica
	AQR Managed
	Futures Strategy			Transamerica Goldman Sachs Commodity Strategy^(a)
	October 31,												October 31,
For a share outstanding throughout each period	2010^(b)			October 31, 2010			October 31, 2009			October 31, 2008			2007^(c)

Net asset value
Beginning of year	$	10.00		$	10.03		$	8.11		$	14.11		$	10.00


Investment operations
Net investment income (loss)^(d)		(0.01	)		0.04			0.05			0.03			0.04
Net realized and unrealized gain (loss) on investments		0.17			1.22			1.91			(5.85	)		4.07

Total from investment operations		0.16			1.26			1.96			(5.82	)		4.11


Distributions
Net investment income		—			(0.05	)		(0.04	)		(0.03	)		—
Net realized gains on investments		—			—			—	^(e)		(0.15	)		—

Total distributions		—			(0.05	)		(0.04	)		(0.18	)		—


Net asset value
End of year	$	10.16		$	11.24		$	10.03		$	8.11		$	14.11


Total return^(f)		1.60	% ^(g)		12.61	%		24.41	%		(41.77	%)		41.10	% ^(g)


Net assets end of year (000’s)	$	257,887		$	146,976		$	121,342		$	87,252		$	156,779


Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		1.38	% ^(h)		0.86	%		0.89	%		0.86	%		0.89	% ^(h)
Before reimbursement/recapture		1.38	% ^(h)		0.86	%		0.89	%		0.86	%		0.89	% ^(h)
Net investment income (loss), to average net assets		(1.22	%) ^(h)		0.38	%		0.63	%		0.21	%		0.39	% ^(h)
Portfolio turnover rate		—	% ^(g)		112	% ⁽ⁱ⁾		5	%		4	%		7	% ^(g)


^(a)		Formerly, Transamerica BlackRock Natural Resources.

^(b)		Commenced operations on September 30, 2010.

^(c)		Commenced operations on January 3, 2007.

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

^(e)		Rounds to less than $(0.01) or $0.01.

^(f)		Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase.

^(g)		Not annualized.

^(h)		Annualized.

⁽ⁱ⁾		Increase in portfolio turnover was triggered by a change in the fund’s objectives

Note: Prior to October 31,2009, all of the financial highlights were audited by another independent registered public accounting firm.



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

Transamerica Funds		Annual Report 2010

Page 228

NOTES TO FINANCIAL STATEMENTS
At October 31, 2010
(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”). Effective November 1, 2009, Transamerica UBS Dynamic Alpha changed its name to Transamerica First Quadrant Global Macro. Effective June 1, 2010, Transamerica Van Kampen Emerging Markets Debt changed its name to Transamerica Morgan Stanley Emerging Markets Debt, Transamerica Van Kampen Small Company Growth changed its name to Transamerica Morgan Stanley Small Company Growth, and Transamerica Van Kampen Mid-Cap Growth changed its name to Transamerica Morgan Stanley Mid-Cap Growth. Transamerica AQR Managed Futures Strategy commenced operations on September 30, 2010. Effective September 30, 2010, Transamerica BlackRock Natural Resources changed its name to Transamerica Goldman Sachs Commodity Strategy. Transamerica AllianceBernstein International Value, Transamerica BlackRock Global Allocation, Transamerica BlackRock Large Cap Value, Transamerica BNY Mellon Market Neutral Strategy, Transamerica Federated Market Opportunity, Transamerica First Quadrant Global Macro, Transamerica JPMorgan Core Bond, Transamerica JPMorgan International Bond, Transamerica JPMorgan Mid Cap Value, Transamerica Loomis Sayles Bond, Transamerica Morgan Stanley Emerging Markets Debt, Transamerica Morgan Stanley Mid-Cap Growth, Transamerica Morgan Stanley Small Company 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 Large Cap Value, Transamerica WMC Emerging Markets, Transamerica Clarion Global Real Estate Securities, Transamerica Jennison Growth, Transamerica MFS International Equity, Transamerica PIMCO Real Return TIPS, Transamerica PIMCO Total Return, Transamerica AQR Managed Futures Strategy and Transamerica Goldman Sachs Commodity Strategy (each a “Fund”; collectively, the “Funds”) are part of Transamerica Funds.

Effective November 30, 2009, all Class I shares were re-designated as Class I2 shares.

Transamerica AQR Managed Futures Strategy, Transamerica Clarion Global Real Estates Securities, Transamerica First Quadrant Global Macro, Transamerica Goldman Sachs Commodity Strategy, Transamerica JPMorgan International Bond, Transamerica Morgan Stanley Emerging Markets Debt, Transamerica PIMCO Real Return TIPS, and Transamerica Third Avenue Value are “non-diversified” under the 1940 Act.

This report should be read in conjunction with the Funds’ current prospectuses, which contains more complete information about the Funds, including investment objectives and strategies.

Repurchase agreements: Securities purchased subject to repurchase agreements are held at the Funds’ custodian and pursuant to the terms of the repurchase agreements, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Funds will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Foreign currency denominated investments: The accounting records of the Funds are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the closing exchange rate each day. The cost of foreign securities are translated at the exchange rates in effect when the investment was acquired. Each Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.



Transamerica Funds		Annual Report 2010

Page 229

NOTES TO FINANCIAL STATEMENTS (continued)
At October 31, 2010
(all amounts in thousands)

Note 1. (continued)

Open forward foreign currency contracts at October 31, 2010 are listed in the Schedules of Investments.

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

The underlying face amounts of open option and swaption contracts at October 31, 2010 are listed in the Schedules of Investments.

Transactions in written options were as follows:


				Notional
Transamerica BlackRock Global Allocation	Premium			Amount

Balance at October 31, 2009	$	613		$	189
Sales		908			335
Closing Buys		(563	)		(196	)
Expirations		(302	)		(90	)
Exercised		(301	)		(91	)

Balance at October 31, 2010	$	355		$	147


				Notional
Transamerica First Quadrant Global Macro	Premium			Amount

Balance at October 31, 2009	$	—		$	—
Sales		10,294			823
Closing Buys		(9,563	)		(733	)
Expirations		(304	)		(53	)
Exercised		—			—

Balance at October 31, 2010	$	427		$	37


				Notional
Transamerica PIMCO Real Return TIPS	Premium			Amount

Balance at October 31, 2009	$	—		$	—
Sales		310			1,040
Closing Buys		—			—
Expirations		(244	)		(774	)
Exercised		—			—

Balance at October 31, 2010	$	66		$	266


				Notional
Transamerica PIMCO Total Return	Premium			Amount

Balance at October 31, 2009	$	—		$	—
Sales		499			1,785
Closing Buys		(87	)		(231	)
Expirations		(393	)		(1,488	)
Exercised		—			—

Balance at October 31, 2010	$	19		$	66



Transamerica Funds		Annual Report 2010

Page 230

NOTES TO FINANCIAL STATEMENTS (continued)
At October 31, 2010
(all amounts in thousands)

NOTE 1. (continued)

Transactions in written swaptions were as follows:


				Notional
Transamerica PIMCO Real Return TIPS	Premium			Amount

Balance at October 31, 2009	$	1,437		$	144,200
Sales		4,642			762,900
Closing Buys		(218	)		(56,200	)
Expirations		(3,619	)		(504,500	)
Exercised		—			—

Balance at October 31, 2010	$	2,242		$	346,400


				Notional
Transamerica PIMCO Total Return	Premium			Amount

Balance at October 31, 2009	$	678		$	93,800
Sales		3,334			547,300
Closing Buys		(22	)		(3,700	)
Expirations		(2,538	)		(418,100	)
Exercised		—			—

Balance at October 31, 2010	$	1,452		$	219,300

Futures contracts: The Funds are subject to equity price risk, interest rate risk, foreign currency exchange rate risk, and commodity risk in the normal course of pursuing their investment objectives. Funds use futures contracts to gain exposure or to hedge against changes in the value of equities, interest rates or foreign currencies. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date. Upon entering into such contracts, the Funds are required to deposit with the broker either in cash or securities an initial margin in an amount equal to a certain percentage of the contract amount.

Subsequent payments (variation margin) are paid or received by the Funds each day, depending on the daily fluctuations in the value of the contracts, and are recorded for financial statement purposes as unrealized gains or losses by the Funds. Upon entering into such contracts, the Funds bear the risk of interest or exchange rates or security prices moving unexpectedly, in which case, the Funds may not achieve the anticipated benefits of the futures contracts and may realize losses. With futures, there is minimal counterparty credit risk to the Funds since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

The open futures contracts at October 31, 2010 are listed in the Schedules of Investments. The variation margin receivable or payable, as applicable, is included in the Statements of Assets and Liabilities.

Swap agreements: Swap agreements are privately negotiated agreements between the Funds and a counterparty to exchange or swap investments, cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Certain Funds enter into credit default, cross-currency, interest rate, total return, variance and other forms of swap agreements to manage exposure to credit, currency interest rate risk, and commodity risk. In connection with these agreements, securities may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Swaps are marked to market daily based upon values from third party vendors or quotations from market makers to the extent available and the change in value, if any, is recorded as an unrealized gain or loss on the Statements of Assets and Liabilities. Payments received or made at the beginning of the measurement period are reflected as such on the Statements of Assets and Liabilities and represent payments made or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). These upfront payments are recorded as realized gains or losses on the Statements of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statements of Operations. Net periodic payments received or paid by a Fund are included as part of realized gains or losses on the Statements of Operations. Specific risks and accounting related to each type of swap agreement are identified and described in the following paragraphs:

Credit default swap agreements: The Funds are subject to credit risk in the normal course of pursuing their investment objectives. The Funds enter into credit default swaps to manage their exposure to the market or certain sectors of the market, to reduce their risk exposure to defaults of corporate and sovereign issuers, or to create exposure to corporate or sovereign issuers to which they are not otherwise exposed. Credit default swaps involve the exchange of a fixed rate premium for protection against the loss in value of an underlying security in the event of a defined credit event, such as payment default or bankruptcy (buy protection).

Under a credit default swap, one party acts as a guarantor by receiving the fixed periodic payment in exchange for the commitment to purchase the underlying security at par if the defined credit event occurs (sell protection). The Funds’ maximum risk of loss from counterparty risk, either as the protection seller or as the protection buyer, is the notional amount of the contract. This risk is mitigated by having a master netting arrangement between the Funds and the counterparty and by the posting of collateral by the counterparty to the Funds to cover the Funds’ exposure to the counterparty.



Transamerica Funds		Annual Report 2010

Page 231

NOTES TO FINANCIAL STATEMENTS (continued)
At October 31, 2010
(all amounts in thousands)

NOTE 1. (continued)

Certain Funds sell credit default swaps which expose them to risk of loss from credit risk related events specified in the contracts. Although contract-specific, credit events are generally defined as bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium. The aggregate fair value of the credit default swaps are disclosed in the Schedules of Investments. The aggregate fair value of assets posted as collateral, net of assets received as collateral, for these swaps is included in the footnotes to the Schedules of Investments. If a defined credit event had occurred during the period, the swaps’ credit-risk-related contingent features would have been triggered and the Funds would have been required to pay the notional amounts for the credit default swaps with a sell protection less the value of the contracts’ related reference obligations.

Interest rate swap agreements: The Funds are subject to interest rate risk exposure in the normal course of pursuing their investment objectives. To help hedge against this risk, the Funds enter into interest rate swap contracts. Interest rate swaps are agreements between two parties to exchange cash flows based on a notional principal amount. The Funds with interest rate swap agreements can elect to pay a fixed rate and receive a floating rate, or, receive a fixed rate and pay a floating rate on a notional principal amount. The risks of interest rate swaps include changes in market conditions which will affect the value of the contract or the cash flows and the possible inability of the counterparty to fulfill its obligations under the agreement. The Funds’ maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from/paid to the counterparties over the contracts’ remaining lives, to the extent that that amount is positive. This risk is mitigated by having a master netting arrangement between the Funds and the counterparty and by the posting of collateral by the counterparty to the Funds to cover the Funds’ exposure to the counterparty.

Total return swap agreements: The Funds are subject to commodity, equity, and other risks related to the underlying investments of the swap agreement in the normal course of pursuing their investment objectives. The value of commodity-linked investments held by a Fund can be affected by a variety of factors, including, but not limited to, overall market movements and other factors affecting the value of particular industries or commodities, such as weather, disease, embargoes, acts of war or terrorism, or political and regulatory developments. Commodity-linked derivatives are available from a relatively small number of issuers which subjects a Fund’s investments in commodity-linked derivatives to counterparty risk, which is the risk that the issuer of the commodity-linked derivative will not fulfill its contractual obligations. Total return swap agreements on commodities involve commitments where by cash flows are exchanged based on the price of a commodity and in exchange for either a fixed or floating price or rate. One party would receive payments based on the market value of the commodity involved and pay a fixed amount. Total return swap agreements on indices involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific reference asset, which may be an equity, index, commodity, or bond, and in return receives a regular stream of payments.

Reverse repurchase agreements: The Funds enter into reverse repurchase agreements in which the Funds sell portfolio securities and agree to repurchase them from the buyer at a specified date and price. Pursuant to the terms of the reverse repurchase agreements, the Funds’ custodian must segregate assets with an aggregate market value greater than or equal to 100% of the resale price. Securities sold under reverse repurchase agreements are shown in the Schedules of Investments and reflected as a liability on the Statements of Assets and Liabilities.

Transamerica PIMCO Real Return TIPS did not enter into reverse repurchase agreements until the last two months ending October 31, 2010. The average reverse repurchase agreement for the time noted above was approximately $10,809, with an average interest rate of 0.24%.

Short sales: A short sale is a transaction in which a Fund sells securities it does not own, but has borrowed, in anticipation of a decline in the market price of the securities. The Funds are obligated to replace the borrowed securities at the market price at the time of replacement. The Funds’ obligation to replace the securities borrowed in connection with a short sale is fully secured by collateral deposited with the custodian. In addition, the Funds consider the short sale to be a borrowing by the Funds that is subject to the asset coverage requirements of the 1940 Act. The Funds incur a profit or a loss, depending upon whether the market price of the securities decrease or increase between the date of the short sale and the date on which the Funds must replace the borrowed securities. Short sales represent an aggressive trading practice with a high risk/return potential, and short sales involve special considerations. Risks of short sales include that possible losses from short sales may be unlimited (e.g., if the price of stocks sold short rises), whereas losses from direct purchases of securities are limited to the total amount invested, and the Funds may be unable to replace borrowed securities sold short.

The Funds investing in short sales are liable for any dividends payable on securities while those securities are in a short position and also bear other costs, such as charges for the prime brokerage accounts, in connection with its short positions. These costs are reported as broker expense on securities sold short in the Statements of Operations.

Loan participations/assignments: Participations/assignments in commercial loans may be secured or unsecured. These investments may include standby financing commitments, including revolving credit facilities that obligate the Funds to supply additional cash to the borrowers on demand. Loan participations/assignments involve risks of insolvency of the lending banks or other financial intermediaries. As such, the Funds assume the credit risks associated with the corporate borrowers and may assume the credit risks associated with the interposed banks or other financial intermediaries.

The Funds may be contractually obligated to receive approval from the agent banks and/or borrowers prior to the sale of these investments. Loan participations typically represent direct participation in loans to corporate borrowers, and generally are offered by banks or other financial institutions or lending syndicates. The Funds that participate in such syndications, or can buy a portion of the loans, become part lenders. Loans are often administered by agent banks acting as agents for all holders.



Transamerica Funds		Annual Report 2010

Page 232

NOTES TO FINANCIAL STATEMENTS (continued)
At October 31, 2010
(all amounts in thousands)

Note 1. (continued)

The agent banks administer the terms of the loans, as specified in the loan agreements. In addition, the agent banks are normally responsible for the collection of principal and interest payments from the corporate borrowers and the apportionment of these payments to the credit of all institutions that are parties to the loan agreements. Unless, under the terms of the loans or other indebtedness, the portfolios have direct recourse against the corporate borrowers, the Funds may have to rely on the agent banks or other financial intermediaries to apply appropriate credit remedies against corporate borrowers.

The Funds held no unsecured loan participations at October 31, 2010.

Structured notes: Certain Funds invest in structured notes. A structured debt instrument is a hybrid debt security that has an embedded derivative. This type of instrument is used to manage cash flows from the debt security. All structured notes are listed within the Schedules of Investments.

To be announced (“TBA”) purchase commitments: TBA purchase commitments are entered into to purchase securities for a fixed price at a future date, typically not to exceed 45 days. They are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased declines prior to settlement date, in addition to the risk of decline in the value of the Funds’ other assets. Unsettled TBA purchase commitments are valued at the current value of the underlying securities, according to the procedures described under Security Valuations.

Treasury inflation-protected securities (“TIPS”): Certain Funds invest in TIPS, specially structured bonds in which the principal amount is adjusted daily to keep pace with inflation as measured by the U.S. Consumer Price Index. The adjustments to principal due to inflation/deflation are reflected as increases/decreases to interest income with a corresponding adjustment to cost.

The restricted and illiquid securities at October 31, 2010 are listed in the Schedules of Investments.

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

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

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

Commissions recaptured for the year ended October 31, 2010, are included in net realized gain (loss) in the Statements of Operations and are summarized as follows:


Fund	Commissions

Transamerica AllianceBernstein International Value	$	1
Transamerica Federated Market Opportunity		33
Transamerica First Quadrant Global Macro		—	^(a)
Transamerica JPMorgan Mid Cap Value		4
Transamerica Morgan Stanley Mid-Cap Growth		49
Transamerica Morgan Stanley Small Company Growth		22
Transamerica Neuberger Berman International		9
Transamerica Third Avenue Value		4
Transamerica Thornburg International Value		7
Transamerica UBS Large Cap Value		137
Transamerica WMC Emerging Markets		6
Transamerica Clarion Global Real Estate Securities		34
Transamerica Jennison Growth		137


^(a)		Rounds to less than $1.



Transamerica Funds		Annual Report 2010

Page 233

NOTES TO FINANCIAL STATEMENTS (continued)
At October 31, 2010
(all amounts in thousands)

NOTE 1. (continued)

Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the specific identification basis. Dividend income, if any, is recorded on the ex-dividend dates or, in the case of foreign securities, as soon as the Funds are informed of the ex-dividend dates. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.

Dividend income related to Real Estate Investment Trusts (“REITs”) is recorded at management’s estimate of the income included in distributions from the REIT investments. Distributions received in excess of the estimated amount are recorded as a reduction of the cost of investments. The actual amounts of income, return of capital and capital gains are only determined by each REIT after the fiscal year end and may differ from the estimated amounts.

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

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

NOTE 2. SECURITY VALUATIONS

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



Transamerica Funds		Annual Report 2010

Page 234

NOTES TO FINANCIAL STATEMENTS (continued)
At October 31, 2010
(all amounts in thousands)

NOTE 2. (continued)

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

Foreign securities, in which their primary trading market closes at the same time or after the NYSE, are valued based on quotations from the primary market in which they are traded and are categorized in Level 1. Because many foreign securities markets and exchanges close prior to the close of the NYSE, closing prices for foreign securities in those markets or on those exchanges do not reflect the events that occur after that close. Certain foreign securities may be fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts (“ADR”), financial futures, Exchange Traded Funds (“ETF”), and the movement of the certain indices of securities based on a statistical analysis of their historical relationship. Such valuations generally are categorized in Level 2.

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

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

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

U.S. government agency securities: U.S. government agency securities are comprised of two main categories consisting of agency issued debt and mortgage pass-throughs. Generally, agency issued debt securities are valued in a manner similar to U. S. government securities. Mortgage pass-throughs include TBA securities and mortgage pass-through certificates. Generally, TBA securities and mortgage pass-throughs are valued using dealer quotations. Depending on market activity levels and whether quotations or other observable data are used, these securities are typically categorized in Level 2 of the fair value hierarchy.

Derivative instruments: Listed derivatives that are actively traded are valued based on quoted prices from the exchange and are categorized in Level 1 of the fair value hierarchy. Over the counter (“OTC”) derivative contracts include forward, swap, and option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices, or commodity prices. Depending on the product and the terms of the transaction, the fair value of the OTC derivative products can be modeled taking into account the counterparties’ creditworthiness and using a series of techniques, including simulation models. Many pricing models do not entail material subjectivity because the methodologies employed do not necessitate significant judgments and the pricing inputs are observed from actively quoted markets, as is the case of interest rate swap and option contracts. A substantial majority of OTC derivative products valued by the Funds using pricing models fall into this category and are categorized within Level 2 of the fair value hierarchy.



Transamerica Funds		Annual Report 2010

Page 235

NOTES TO FINANCIAL STATEMENTS (continued)
At October 31, 2010
(all amounts in thousands)

NOTE 2. (continued)

The hierarchy classification of inputs used to value the Funds’ investments at October 31, 2010, significant transfers between Level 1 and Level 2, as well as a reconciliation of assets for which significant unobservable inputs (Level 3) were used in determining value, are disclosed at the end of the Funds’ Schedules of Investments.

NOTE 3. RELATED PARTY TRANSACTIONS

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

At the commencement of the operations, TAM invested in the Funds. As of October 31, 2010, TAM had remaining investments in Transamerica AQR Managed Futures Strategy with a market value of less than $1 and less than 0.01% of the Fund’s net assets.

The following schedule reflects the percentage of the Funds’ assets owned by affiliated investment companies at October 31, 2010:


			% of Net
Transamerica AllianceBernstein International Value	Market Value		Assets

Transamerica Asset Allocation-Conservative Portfolio	$	4,367		1.46	%
Transamerica Asset Allocation-Growth Portfolio		33,433		11.19
Transamerica Asset Allocation-Moderate Portfolio		16,276		5.45
Transamerica Asset Allocation-Moderate Growth Portfolio		47,769		15.99
Transamerica Multi-Manager International Portfolio		30,268		10.13
Transamerica Asset Allocation-Conservative VP		3,097		1.04
Transamerica Asset Allocation-Growth VP		13,791		4.62
Transamerica Asset Allocation-Moderate Growth VP		50,418		16.88
Transamerica Asset Allocation-Moderate VP		30,814		10.31
Transamerica International Moderate Growth VP		65,790		22.02

Total	$	296,023		99.09	%


			% of Net
Transamerica BlackRock Global Allocation	Market Value		Assets

Transamerica Asset Allocation-Conservative Portfolio	$	21,587		4.34	%
Transamerica Asset Allocation-Growth Portfolio		47,752		9.60
Transamerica Asset Allocation-Moderate Portfolio		44,374		8.92
Transamerica Asset Allocation-Moderate Growth Portfolio		80,852		16.26
Transamerica Multi-Manager Alternative Strategies Portfolio		29,603		5.95
Transamerica Multi-Manager International Portfolio		18,908		3.80
Transamerica Asset Allocation-Conservative VP		16,735		3.37
Transamerica Asset Allocation-Growth VP		32,212		6.48
Transamerica Asset Allocation-Moderate Growth VP		138,642		27.88
Transamerica Asset Allocation-Moderate VP		54,764		11.01

Total	$	485,429		97.61	%


			% of Net
Transamerica BlackRock Large Cap Value	Market Value		Assets

Transamerica Asset Allocation-Conservative Portfolio	$	63,661		9.07	%
Transamerica Asset Allocation-Growth Portfolio		210,942		30.04
Transamerica Asset Allocation-Moderate Portfolio		135,698		19.32
Transamerica Asset Allocation-Moderate Growth Portfolio		280,101		39.89

Total	$	690,402		98.32	%


			% of Net
Transamerica BNY Mellon Market Neutral Strategy	Market Value		Assets

Transamerica Asset Allocation-Conservative Portfolio	$	10,447		9.64	%
Transamerica Asset Allocation-Growth Portfolio		9,595		8.86
Transamerica Asset Allocation-Moderate Portfolio		17,039		15.73
Transamerica Asset Allocation-Moderate Growth Portfolio		25,091		23.16
Transamerica Multi-Manager Alternative Strategies Portfolio		39,692		36.64
Transamerica Asset Allocation-Growth VP		6,387		5.89

Total	$	108,251		99.92	%


			% of Net
Transamerica Federated Market Opportunity	Market Value		Assets

Transamerica Asset Allocation-Conservative Portfolio	$	11,027		11.93	%
Transamerica Asset Allocation-Growth Portfolio		11,965		12.94
Transamerica Asset Allocation-Moderate Portfolio		18,535		20.04
Transamerica Asset Allocation-Moderate Growth Portfolio		13,340		14.43
Transamerica Multi-Manager Alternative Strategies Portfolio		36,223		39.17

Total	$	91,090		98.51	%


			% of Net
Transamerica First Quadrant Global Macro	Market Value		Assets

Transamerica Asset Allocation-Conservative Portfolio	$	10,864		8.61	%
Transamerica Asset Allocation-Growth Portfolio		14,549		11.54
Transamerica Asset Allocation-Moderate Portfolio		17,659		14.00
Transamerica Asset Allocation-Moderate Growth Portfolio		33,885		26.86
Transamerica Multi-Manager Alternative Strategies Portfolio		38,737		30.71
Transamerica Asset Allocation-Growth VP		10,283		8.15

Total	$	125,977		99.87	%


			% of Net
Transamerica JPMorgan Core Bond	Market Value		Assets

Transamerica Asset Allocation-Conservative Portfolio	$	82,035		7.71	%
Transamerica Asset Allocation-Moderate Portfolio		55,130		5.18
Transamerica Asset Allocation-Moderate Growth Portfolio		44,593		4.19
Transamerica Asset Allocation-Conservative VP		237,622		22.35
Transamerica Asset Allocation-Moderate Growth VP		299,952		28.21
Transamerica Asset Allocation-Moderate VP		311,540		29.30
Transamerica International Moderate Growth VP		25,228		2.37

Total	$	1,056,100		99.31	%



Transamerica Funds		Annual Report 2010

Page 236

NOTES TO FINANCIAL STATEMENTS (continued)
At October 31, 2010
(all amounts in thousands)

NOTE 3. (continued)


			% of Net
Transamerica JPMorgan International Bond	Market Value		Assets

Transamerica Asset Allocation-Conservative Portfolio	$	16,249		3.63	%
Transamerica Asset Allocation-Moderate Portfolio		44,966		10.06
Transamerica Asset Allocation-Moderate Growth Portfolio		114,224		25.55
Transamerica Asset Allocation-Conservative VP		22,799		5.10
Transamerica Asset Allocation-Moderate Growth VP		183,895		41.13
Transamerica Asset Allocation-Moderate VP		63,830		14.27

Total	$	445,963		99.74	%


			% of Net
Transamerica JPMorgan Mid Cap Value	Market Value		Assets

Transamerica Asset Allocation-Conservative Portfolio	$	10,919		6.67	%
Transamerica Asset Allocation-Growth Portfolio		37,574		22.97
Transamerica Asset Allocation-Moderate Portfolio		39,848		24.36
Transamerica Asset Allocation-Moderate Growth Portfolio		75,233		45.98

Total	$	163,574		99.98	%


			% of Net
Transamerica Loomis Sayles Bond	Market Value		Assets

Transamerica Asset Allocation-Conservative Portfolio	$	95,187		16.02	%
Transamerica Asset Allocation-Moderate Portfolio		153,614		25.85
Transamerica Asset Allocation-Moderate Growth Portfolio		85,141		14.33
Transamerica Multi-Manager Alternative Strategies Portfolio		37,925		6.38
Transamerica Asset Allocation-Conservative VP		30,585		5.15
Transamerica Asset Allocation-Moderate Growth VP		50,856		8.56
Transamerica Asset Allocation-Moderate VP		84,783		14.27
Transamerica International Moderate Growth VP		21,823		3.67

Total	$	559,914		94.23	%


			% of Net
Transamerica Morgan Stanley Emerging Markets Debt	Market Value		Assets

Transamerica Asset Allocation-Conservative Portfolio	$	33,790		11.17	%
Transamerica Asset Allocation-Moderate Portfolio		49,040		16.21
Transamerica Asset Allocation-Moderate Growth Portfolio		50,892		16.82
Transamerica Asset Allocation-Conservative VP		30,791		10.17
Transamerica Asset Allocation-Moderate Growth VP		72,641		24.01
Transamerica Asset Allocation-Moderate VP		62,831		20.76

Total	$	299,985		99.14	%


			% of Net
Transamerica Morgan Stanley Mid-Cap Growth	Market Value		Assets

Transamerica Asset Allocation-Conservative Portfolio	$	11,448		3.91	%
Transamerica Asset Allocation-Growth Portfolio		40,100		13.71
Transamerica Asset Allocation-Moderate Portfolio		30,935		10.57
Transamerica Asset Allocation-Moderate Growth Portfolio		57,066		19.51
Transamerica Asset Allocation-Conservative VP		4,578		1.56
Transamerica Asset Allocation-Growth VP		20,281		6.93
Transamerica Asset Allocation-Moderate Growth VP		100,088		34.21
Transamerica Asset Allocation-Moderate VP		26,845		9.18

Total	$	291,341		99.58	%


			% of Net
Transamerica Morgan Stanley Small Company Growth	Market Value		Assets

Transamerica Asset Allocation-Conservative Portfolio	$	8,097		4.46	%
Transamerica Asset Allocation-Growth Portfolio		24,828		13.68
Transamerica Asset Allocation-Moderate Portfolio		15,283		8.42
Transamerica Asset Allocation-Moderate Growth Portfolio		24,887		13.72
Transamerica Asset Allocation-Conservative VP		11,029		6.08
Transamerica Asset Allocation-Growth VP		14,823		8.17
Transamerica Asset Allocation-Moderate Growth VP		51,286		28.26
Transamerica Asset Allocation-Moderate VP		29,527		16.27

Total	$	179,760		99.06	%


			% of Net
Transamerica Neuberger Berman International	Market Value		Assets

Transamerica Asset Allocation-Conservative Portfolio	$	11,221		1.92	%
Transamerica Asset Allocation-Growth Portfolio		72,780		12.44
Transamerica Asset Allocation-Moderate Portfolio		33,167		5.67
Transamerica Asset Allocation-Moderate Growth Portfolio		110,275		18.86
Transamerica Multi-Manager International Portfolio		32,757		5.60
Transamerica Asset Allocation-Conservative VP		20,593		3.52
Transamerica Asset Allocation-Growth VP		43,543		7.45
Transamerica Asset Allocation-Moderate Growth VP		137,626		23.53
Transamerica Asset Allocation-Moderate VP		57,915		9.90
Transamerica International Moderate Growth VP		62,051		10.61

Total	$	581,928		99.50	%


			% of Net
Transamerica Oppenheimer Developing Markets	Market Value		Assets

Transamerica Asset Allocation-Conservative Portfolio	$	11,518		1.89	%
Transamerica Asset Allocation-Growth Portfolio		85,059		13.94
Transamerica Asset Allocation-Moderate Portfolio		32,996		5.41
Transamerica Asset Allocation-Moderate Growth Portfolio		118,368		19.40
Transamerica Multi-Manager Alternative Strategies Portfolio		4,144		0.68
Transamerica Multi-Manager International Portfolio		44,648		7.32
Transamerica Asset Allocation-Conservative VP		16,916		2.77
Transamerica Asset Allocation-Growth VP		53,419		8.75
Transamerica Asset Allocation-Moderate Growth VP		172,217		28.22
Transamerica Asset Allocation-Moderate VP		67,793		11.11

Total	$	607,078		99.49	%


			% of Net
Transamerica Oppenheimer Small- & Mid-Cap Value	Market Value		Assets

Transamerica Asset Allocation-Conservative Portfolio	$	10,299		3.44	%
Transamerica Asset Allocation-Growth Portfolio		36,896		12.33
Transamerica Asset Allocation-Moderate Portfolio		31,379		10.49
Transamerica Asset Allocation-Moderate Growth Portfolio		57,621		19.26
Transamerica Asset Allocation-Conservative VP		11,362		3.80
Transamerica Asset Allocation-Growth VP		23,898		7.98
Transamerica Asset Allocation-Moderate Growth VP		90,007		30.08
Transamerica Asset Allocation-Moderate VP		36,627		12.24

Total	$	298,089		99.62	%


			% of Net
Transamerica Schroders International Small Cap	Market Value		Assets

Transamerica Asset Allocation-Conservative Portfolio	$	16,613		3.03	%
Transamerica Asset Allocation-Growth Portfolio		68,279		12.45
Transamerica Asset Allocation-Moderate Portfolio		45,128		8.23
Transamerica Asset Allocation-Moderate Growth Portfolio		79,925		14.58
Transamerica Multi-Manager Alternative Strategies Portfolio		10,875		1.98
Transamerica Multi-Manager International Portfolio		39,284		7.16
Transamerica Asset Allocation-Conservative VP		17,881		3.26
Transamerica Asset Allocation-Growth VP		43,073		7.86
Transamerica Asset Allocation-Moderate Growth VP		137,322		25.05
Transamerica Asset Allocation-Moderate VP		48,690		8.88
Transamerica International Moderate Growth VP		37,833		6.90

Total	$	544,903		99.38	%


			% of Net
Transamerica Third Avenue Value	Market Value		Assets

Transamerica Asset Allocation-Conservative Portfolio	$	19,746		5.15	%
Transamerica Asset Allocation-Growth Portfolio		53,894		14.07
Transamerica Asset Allocation-Moderate Portfolio		42,011		10.97
Transamerica Asset Allocation-Moderate Growth Portfolio		86,527		22.58
Transamerica Multi-Manager Alternative Strategies Portfolio		363		0.10
Transamerica Asset Allocation-Conservative VP		13,412		3.50
Transamerica Asset Allocation-Growth VP		35,829		9.35
Transamerica Asset Allocation-Moderate Growth VP		93,855		24.50
Transamerica Asset Allocation-Moderate VP		35,112		9.16

Total	$	380,749		99.38	%



Transamerica Funds		Annual Report 2010

Page 237

NOTES TO FINANCIAL STATEMENTS (continued)
At October 31, 2010
(all amounts in thousands)

NOTE 3. (continued)


			% of Net
Transamerica Thornburg International Value	Market Value		Assets

Transamerica Asset Allocation-Conservative Portfolio	$	17,834		2.29	%
Transamerica Asset Allocation-Growth Portfolio		55,936		7.19
Transamerica Asset Allocation-Moderate Portfolio		39,088		5.02
Transamerica Asset Allocation-Moderate Growth Portfolio		85,766		11.02
Transamerica Multi-Manager International Portfolio		60,750		7.80
Transamerica Asset Allocation-Conservative VP		30,839		3.96
Transamerica Asset Allocation-Growth VP		38,770		4.98
Transamerica Asset Allocation-Moderate Growth VP		244,632		31.42
Transamerica Asset Allocation-Moderate VP		116,307		14.94
Transamerica International Moderate Growth VP		83,763		10.76

Total	$	773,685		99.38	%


			% of Net
Transamerica UBS Large Cap Value	Market Value		Assets

Transamerica Asset Allocation-Conservative Portfolio	$	43,816		3.89	%
Transamerica Asset Allocation-Growth Portfolio		194,844		17.31
Transamerica Asset Allocation-Moderate Portfolio		126,443		11.24
Transamerica Asset Allocation-Moderate Growth Portfolio		292,951		26.03
Transamerica Asset Allocation-Conservative VP		61,596		5.47
Transamerica Asset Allocation-Growth VP		64,104		5.70
Transamerica Asset Allocation-Moderate Growth VP		215,790		19.17
Transamerica Asset Allocation-Moderate VP		116,376		10.34

Total	$	1,115,920		99.15	%


			% of Net
Transamerica WMC Emerging Markets	Market Value		Assets

Transamerica Asset Allocation-Conservative Portfolio	$	4,948		1.20	%
Transamerica Asset Allocation-Growth Portfolio		7,987		1.94
Transamerica Asset Allocation-Moderate Portfolio		18,520		4.50
Transamerica Asset Allocation-Moderate Growth Portfolio		39,011		9.48
Transamerica Multi-Manager International Portfolio		33,447		8.13
Transamerica Asset Allocation-Conservative VP		13,279		3.23
Transamerica Asset Allocation-Growth VP		13,232		3.22
Transamerica Asset Allocation-Moderate Growth VP		78,585		19.11
Transamerica Asset Allocation-Moderate VP		41,933		10.20

Total	$	250,942		61.01	%


			% of Net
Transamerica Clarion Global Real Estate Securities	Market Value		Assets

Transamerica Asset Allocation-Conservative Portfolio	$	14,764		4.62	%
Transamerica Asset Allocation-Growth Portfolio		84,234		26.37
Transamerica Asset Allocation-Moderate Portfolio		54,767		17.15
Transamerica Asset Allocation-Moderate Growth Portfolio		117,455		36.78
Transamerica Multi-Manager Alternative Strategies Portfolio		23,048		7.22
Transamerica Multi-Manager International Portfolio		15,032		4.71

Total	$	309,300		96.85	%


			% of Net
Transamerica Jennison Growth	Market Value		Assets

Transamerica Asset Allocation-Conservative Portfolio	$	64,054		8.81	%
Transamerica Asset Allocation-Growth Portfolio		238,225		32.78
Transamerica Asset Allocation-Moderate Portfolio		151,296		20.82
Transamerica Asset Allocation-Moderate Growth Portfolio		257,226		35.39
Transamerica Asset Allocation-Conservative VP		84		0.01
Transamerica Asset Allocation-Growth VP		4,918		0.68
Transamerica Asset Allocation-Moderate Growth VP		198		0.03
Transamerica Asset Allocation-Moderate VP		137		0.02

Total	$	716,138		98.54	%


			% of Net
Transamerica MFS International Equity	Market Value		Assets

Transamerica Asset Allocation-Conservative Portfolio	$	13,080		2.44	%
Transamerica Asset Allocation-Growth Portfolio		31,501		5.88
Transamerica Asset Allocation-Moderate Portfolio		37,504		6.99
Transamerica Asset Allocation-Moderate Growth Portfolio		47,735		8.90
Transamerica Multi-Manager International Portfolio		51,931		9.69
Transamerica Asset Allocation-Conservative VP		28,165		5.25
Transamerica Asset Allocation-Growth VP		22,230		4.15
Transamerica Asset Allocation-Moderate Growth VP		114,462		21.35
Transamerica Asset Allocation-Moderate VP		97,005		18.09
Transamerica International Moderate Growth VP		88,219		16.45

Total	$	531,832		99.19	%


			% of Net
Transamerica PIMCO Real Return TIPS	Market Value		Assets

Transamerica Asset Allocation-Conservative Portfolio	$	96,295		11.38	%
Transamerica Asset Allocation-Moderate Portfolio		131,867		15.59
Transamerica Asset Allocation-Moderate Growth Portfolio		77,423		9.15
Transamerica Multi-Manager Alternative Strategies Portfolio		5,304		0.63
Transamerica Asset Allocation-Conservative VP		124,820		14.75
Transamerica Asset Allocation-Moderate Growth VP		155,112		18.34
Transamerica Asset Allocation-Moderate VP		221,938		26.23
Transamerica International Moderate Growth VP		23,308		2.76

Total	$	836,067		98.83	%


			% of Net
Transamerica PIMCO Total Return	Market Value		Assets

Transamerica Asset Allocation-Conservative Portfolio	$	190,155		28.48	%
Transamerica Asset Allocation-Moderate Portfolio		259,130		38.81
Transamerica Asset Allocation-Moderate Growth Portfolio		203,193		30.43

Total	$	652,478		97.72	%


			% of Net
Transamerica AQR Managed Futures Strategy	Market Value		Assets

Transamerica Asset Allocation-Conservative Portfolio	$	27,338		10.60	%
Transamerica Asset Allocation-Growth Portfolio		39,920		15.48
Transamerica Asset Allocation-Moderate Portfolio		66,668		25.85
Transamerica Asset Allocation-Moderate Growth Portfolio		95,814		37.15
Transamerica Multi-Manager Alternative Strategies Portfolio		26,675		10.35

Total	$	256,415		99.43	%


			% of Net
Transamerica Goldman Sachs Commodity Strategy	Market Value		Assets

Transamerica Asset Allocation-Conservative Portfolio	$	12,832		8.73	%
Transamerica Asset Allocation-Growth Portfolio		633		0.43
Transamerica Asset Allocation-Moderate Portfolio		34,029		23.15
Transamerica Asset Allocation-Moderate Growth Portfolio		67,041		45.61
Transamerica Multi-Manager Alternative Strategies Portfolio		18,659		12.70
Transamerica Asset Allocation-Growth VP		11,858		8.07

Total	$	145,052		98.69	%



Transamerica Funds		Annual Report 2010

Page 238

NOTES TO FINANCIAL STATEMENTS (continued)
At October 31, 2010
(all amounts in thousands)

NOTE 3. (continued)

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


Transamerica AllianceBernstein International Value
First $200 million	0.88	%
Over $200 million up to $500 million	0.81	%
Over $500 million	0.77	%
Transamerica BlackRock Global Allocation
First $100 million	0.80	%
Over $100 million	0.72	%
Transamerica BlackRock Large Cap Value
First $250 million	0.80	%
Over $250 million up to $750 million	0.775	%
Over $750 million	0.75	%
Transamerica BNY Mellon Market Neutral Strategy
ANA	1.40	%
Transamerica Federated Market Opportunity
First $30 million	0.85	%
Over $30 million up to $50 million	0.80	%
Over $50 million up to $500 million	0.70	%
Over $500 million up to $750 million	0.675	%
Over $750 million	0.65	%
Transamerica First Quadrant Global Macro
First $150 million	1.40	%
Over $150 million up to $300 million	1.30	%
Over $300 million	1.20	%
Transamerica JPMorgan Core Bond
First $750 million	0.45	%
Over $750 million up to $1 billion	0.40	%
Over $1 billion	0.375	%
Transamerica JPMorgan International Bond
First $100 million	0.55	%
Over $100 million up to $250 million	0.52	%
Over $250 million up to $500 million	0.51	%
Over $500 million up to $1 billion	0.50	%
Over $1 billion	0.47	%
Transamerica JPMorgan Mid Cap Value
First $100 million	0.85	%
Over $100 million	0.80	%
Transamerica Loomis Sayles Bond
First $200 million	0.675	%
Over $200 million up to $750 million	0.625	%
Over $750 million	0.60	%
Transamerica Morgan Stanley Emerging Markets Debt
First $250 million	0.95	%
Over $250 million up to $500 million	0.85	%
Over $500 million	0.80	%
Transamerica Morgan Stanley Mid-Cap Growth
First $1 billion	0.80	%
Over $1 billion	0.775	%
Transamerica Morgan Stanley Small Company Growth
First $500 million	0.95	%
Over $500 million	0.85	%
Transamerica Neuberger Berman International
First $100 million	1.00	%
Over $100 million	0.95	%
Transamerica Oppenheimer Developing Markets
First $50 million	1.20	%
Over $50 million up to $200 million	1.15	%
Over $200 million up to $500 million	1.10	%
Over $500 million	1.05	%
Transamerica Oppenheimer Small- & Mid-Cap Value
First $100 million	0.95	%
Over $100 million up to $250 million	0.90	%
Over $250 million up to $500 million	0.85	%
Over $500 million	0.825	%
Transamerica Schroders International Small Cap
First $300 million	1.07	%
Over $300 million	1.00	%
Transamerica Third Avenue Value
ANA	0.80	%
Transamerica Thornburg International Value
First $100 million	1.10	%
Over $100 million up to $300 million	1.00	%
Over $300 million	0.95	%
Transamerica UBS Large Cap Value
First $200 million	0.82	%
Over $200 million up to $400 million	0.76	%
Over $400 million up to $750 million	0.74	%
Over $750 billion up to $1 billion	0.71	%
Over $1 billion up to $1.5 billion	0.67	%
Over $1.5 billion	0.62	%
Transamerica WMC Emerging Markets
First $300 million	1.15	%
Over $300 million	1.10	%
Transamerica Clarion Global Real Estate Securities
First $250 million	0.80	%
Over $250 million up to $500 million	0.775	%
Over $500 million up to $1 billion	0.70	%
Over $1 billion	0.65	%
Transamerica Jennison Growth
First $250 million	0.80	%
Over $250 million up to $500 million	0.775	%
Over $500 million up to $1 billion	0.70	%
Over $1 billion up to $1.5 billion	0.675	%
Over $1.5 billion	0.65	%
Transamerica MFS International Equity
First $250 million	0.90	%
Over $250 million up to $500 million	0.875	%
Over $500 million up to $1 billion	0.85	%
Over $1 billion	0.80	%
Transamerica PIMCO Real Return TIPS
First $250 million	0.70	%
Over $250 million up to $750 million	0.65	%
Over $750 million up to $1 billion	0.60	%
Over $1 billion	0.55	%
Transamerica PIMCO Total Return
First $250 million	0.675	%
Over $250 million up to $750 million	0.65	%
Over $750 million	0.60	%
Transamerica AQR Managed Futures Strategy
First $500 million	1.10	%
Over $500 million	1.05	%
Transamerica Goldman Sachs Commodity Strategy (Effective September 30, 2010)
First $200 million	0.61	%
Over $200 million up to $1 billion	0.59	%
Over $1 billion	0.56	%
Transamerica Goldman Sachs Commodity Strategy (Prior to September 30, 2010)
First $250 million	0.80	%
Over $250 million up to $500 million	0.775	%
Over $500 million	0.75	%



Transamerica Funds		Annual Report 2010

Page 239

NOTES TO FINANCIAL STATEMENTS (continued)
At October 31, 2010
(all amounts in thousands)

NOTE 3. (continued)

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


Fund	Expense Limit

Transamerica AllianceBernstein International Value *		1.13	%
Transamerica BlackRock Global Allocation *		1.00
Transamerica BlackRock Large Cap Value		1.00
Transamerica BNY Mellon Market Neutral Strategy**		1.65
Transamerica Federated Market Opportunity *		1.05
Transamerica First Quadrant Global Macro		1.65
Transamerica JPMorgan Core Bond		0.70
Transamerica JPMorgan International Bond *		0.75
Transamerica JPMorgan Mid Cap Value		1.05
Transamerica Loomis Sayles Bond		0.88
Transamerica Morgan Stanley Emerging Markets Debt		1.15
Transamerica Morgan Stanley Mid-Cap Growth *		1.00
Transamerica Morgan Stanley Small Company Growth		1.15
Transamerica Neuberger Berman International *		1.25
Transamerica Oppenheimer Developing Markets *		1.45
Transamerica Oppenheimer Small- & Mid-Cap Value		1.15
Transamerica Schroders International Small Cap		1.27
Transamerica Third Avenue Value		1.00
Transamerica Thornburg International Value		1.35
Transamerica UBS Large Cap Value		1.02
Transamerica WMC Emerging Markets		1.40
Transamerica AQR Managed Futures Strategy		1.45
Transamerica Goldman Sachs Commodity Strategy		1.00


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

**		Exclusive of dividends and interest on securities sold short.

Funds not listed in the above table did not have an expense limit.

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

There were no amounts recaptured during the year ended October 31, 2010.

The following amounts were available for recapture as of October 31, 2010:


Transamerica WMC Emerging	Reimbursement of	Available for Recapture
Markets	Fund Expenses	Through

Fiscal Year 2008:	$56	10/31/2011
Fiscal Year 2009:	$34	10/31/2012
Fiscal Year 2010:	$10	10/31/2013



Transamerica Funds		Annual Report 2010

Page 240

NOTES TO FINANCIAL STATEMENTS (continued)
At October 31, 2010
(all amounts in thousands)

NOTE 3. (continued)

Transfer agent fees: Pursuant to a Transfer Agency Agreement, as amended, the Funds pay TFS a fee for providing transfer agency services. Fees paid and the amounts due to TFS for the year ended October 31, 2010 are as follows:


Fund	Fees Paid to TFS		Due to TFS

Transamerica AllianceBernstein International Value	$	5	$	2
Transamerica BlackRock Global Allocation		9		3
Transamerica BlackRock Large Cap Value		13		4
Transamerica BNY Mellon Market Neutral Strategy		2		1
Transamerica Federated Market Opportunity		2		1
Transamerica First Quadrant Global Macro		3		1
Transamerica JPMorgan Core Bond		21		7
Transamerica JPMorgan International Bond		8		3
Transamerica JPMorgan Mid Cap Value		3		1
Transamerica Loomis Sayles Bond		11		4
Transamerica Morgan Stanley Emerging Markets Debt		6		2
Transamerica Morgan Stanley Mid-Cap Growth		6		2
Transamerica Morgan Stanley Small Company Growth		3		1
Transamerica Neuberger Berman International		10		4
Transamerica Oppenheimer Developing Markets		9		4
Transamerica Oppenheimer Small- & Mid-Cap Value		6		2
Transamerica Schroders International Small Cap		9		3
Transamerica Third Avenue Value		7		2
Transamerica Thornburg International Value		12		5
Transamerica UBS Large Cap Value		20		7
Transamerica WMC Emerging Markets		8		2
Transamerica Clarion Global Real Estate Securities		6		2
Transamerica Jennison Growth		15		5
Transamerica MFS International Equity		8		3
Transamerica PIMCO Real Return TIPS		19		5
Transamerica PIMCO Total Return		13		4
Transamerica AQR Managed Futures Strategy		—		1
Transamerica Goldman Sachs Commodity Strategy		3		1

Brokerage commissions: Brokerage commissions incurred on security transactions placed with affiliates of the adviser or sub-advisers for the year ended October 31, 2010 were as follows:


	Brokerage
Fund	Commissions

Transamerica Third Avenue Value	$	51
Transamerica Morgan Stanley Mid-Cap Growth		—	^(a)
Transamerica UBS Large Cap Value		—	^(a)


^(a)		Rounds to less than $1.



Transamerica Funds		Annual Report 2010

Page 241

NOTES TO FINANCIAL STATEMENTS (continued)
At October 31, 2010
(all amounts in thousands)

NOTE 4. INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the year ended October 31, 2010 were as follows:


					Proceeds from maturities and sales of
	Purchases of securities:				securities:
Fund	Long-term		U.S. Government		Long-term		U.S. Government
Transamerica AllianceBernstein International Value	$	171,936	$	—	$	189,643	$	—
Transamerica BlackRock Global Allocation		129,922		51,875		219,536		46,607
Transamerica BlackRock Large Cap Value		871,247		—		846,500		—
Transamerica BNY Mellon Market Neutral Strategy		265,961		—		266,541		—
Transamerica Federated Market Opportunity		69,162		32,997		134,532		17,214
Transamerica First Quadrant Global Macro		—		—		6,201		—
Transamerica JPMorgan Core Bond		594,227		502,327		13,612		222,359
Transamerica JPMorgan International Bond		342,937		—		608,888		—
Transamerica JPMorgan Mid Cap Value		49,090		—		88,461		—
Transamerica Loomis Sayles Bond		455,667		—		733,265		—
Transamerica Morgan Stanley Emerging Markets Debt		311,092		—		403,951		—
Transamerica Morgan Stanley Mid-Cap Growth		138,737		—		166,035		—
Transamerica Morgan Stanley Small Company Growth		51,868		—		32,000		—
Transamerica Neuberger Berman International		271,742		—		252,436		—
Transamerica Oppenheimer Developing Markets		270,204		—		307,955		—
Transamerica Oppenheimer Small- & Mid-Cap Value		221,974		—		260,977		—
Transamerica Schroders International Small Cap		279,206		—		345,086		—
Transamerica Third Avenue Value		—		—		91,802		—
Transamerica Thornburg International Value		303,766		—		220,822		—
Transamerica UBS Large Cap Value		625,671		—		583,703		—
Transamerica WMC Emerging Markets		568,737		—		391,534		—
Transamerica Clarion Global Real Estate Securities		188,122		—		200,406		—
Transamerica Jennison Growth		600,339		—		631,067		—
Transamerica MFS International Equity		221,620		—		151,451		—
Transamerica PIMCO Real Return TIPS		1,000,702		2,014,846		1,080,929		3,007,313
Transamerica PIMCO Total Return		437,960		830,023		3,050,949		772,099
Transamerica Goldman Sachs Commodity Strategy		126,485		—		131,526		—

NOTE 5. DERIVATIVE FINANCIAL INSTRUMENTS

Transamerica AllianceBernstein International Value:

The Fund is subject to various risks in the normal course of pursuing its investment objective. The volume of forward foreign currency contracts held during the year increased from zero contracts at the beginning of the year to one contract at year end. The tables below highlight the types of risks and the derivative instruments used to mitigate the risks:

Fair Values of Derivative Instruments on the Statement of Assets and Liabilities as of October 31, 2010

Derivatives not accounted for as hedging instruments


	Foreign exchange
Location	contracts
Asset derivatives
Unrealized appreciation on forward foreign currency contracts	$	21

Effect of Derivative Instruments on the Statement of Operations for the year ended October 31, 2010

Derivatives not accounted for as hedging instruments


	Foreign exchange
Location	contracts
Realized Gain / (Loss) on derivatives recognized in income
Net realized gain on foreign currency transactions	$	438
Change in Unrealized Appreciation / (Depreciation) on derivatives recognized in income
Net increase (decrease) in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies		21


Total	$	459



Transamerica Funds		Annual Report 2010

Page 242

NOTES TO FINANCIAL STATEMENTS (continued)
At October 31, 2010
(all amounts in thousands)

NOTE 5. (continued)

Transamerica BlackRock Global Allocation:

The Fund is subject to various risks in the normal course of pursuing its investment objective. The volume of futures contracts and written options contracts held at year end is indicative of the volume held throughout the year. The volume of purchased options and forward foreign currency contracts held throughout the year increased beginning at zero and 29 contracts, respectively, and ending at five and 29 contracts, respectively. The tables below highlight the types of risks and the derivative instruments used to mitigate the risks:

Fair Values of Derivative Instruments on the Statement of Assets and Liabilities as of October 31, 2010

Derivatives not accounted for as hedging instruments


	Foreign exchange			Equity
Location	contracts			Contracts			Total
Asset derivatives
Investment securities, at value	$	—		$	304		$	304
Unrealized appreciation on forward foreign currency contracts		101			—			101
Unrealized appreciation on futures contracts		—			257	*		257
Liability derivatives
Unrealized depreciation on forward foreign currency contracts		(189	)		—			(189	)
Written options, at value		—			(662	)		(662	)
Unrealized depreciation on futures contracts		—			(17)	*		(17	)


Total	$	(88	)	$	(118	)	$	(206	)


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

Effect of Derivative Instruments on the Statement of Operations for the year ended October 31, 2010


	Foreign exchange			Equity
Location	contracts			contracts			Total
Realized Gain / (Loss) on derivatives recognized in income
Net realized (loss) on investment securities	$	(27	)	$	(761	)	$	(788	)
Net realized gain on written option contracts					878			878
Net realized (loss) on swap agreements					(16	)		(16	)
Net realized (loss) on futures contracts					(1,648	)		(1,648	)
Net realized (loss) on foreign currency transactions		(1,485	)					(1,485	)
Change in Unrealized Appreciation / (Depreciation) on derivatives recognized in income
Net increase (decrease) in unrealized appreciation (depreciation) on investment securities					401			401
Net increase (decrease) in unrealized appreciation (depreciation) on written option contracts					231			231
Net increase (decrease) in unrealized appreciation (depreciation) on swap agreements					(231	)		(231	)
Net increase (decrease) in unrealized appreciation (depreciation) on futures contracts					403			403
Net increase (decrease) in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies		71						71

Total	$	(1,441	)	$	(743	)	$	(2,184	)

Transamerica Federated Market Opportunity:

The Fund is subject to various risks in the normal course of pursuing its investment objective. The volume of purchased options and forward foreign currency contracts held throughout the year increased, beginning at five and 32 contracts, respectively, and ending at 11 and 92 contracts, respectively. The volume of written options held throughout the year was consistent until April, when all of the contracts were sold off. The tables below highlight the types of risks and the derivative instruments used to mitigate the risks:

Fair Values of Derivative Instruments on the Statement of Assets and Liabilities as of October 31, 2010

Derivatives not accounted for as hedging instruments


	Foreign exchange			Equity
Location	contracts			Contracts		Total
Asset derivatives
Investment securities, at value	$	—		$	3,267	$	3,267
Unrealized appreciation on forward currency contracts		2,376			—		2,376
Liability derivatives
Unrealized depreciation on forward foreign currency contracts		(3,089	)		—		(3,089	)


Total	$	(713	)	$	3,267	$	2,554



Transamerica Funds		Annual Report 2010

Page 243

NOTES TO FINANCIAL STATEMENTS (continued)
At October 31, 2010
(all amounts in thousands)

NOTE 5. (continued)

Effect of Derivative Instruments on the Statement of Operations for the year ended October 31, 2010


	Foreign exchange			Equity
Location	contracts			contracts			Total
Realized Gain / (Loss) on derivatives recognized in income
Net realized (loss) on investment securities	$	—		$	(5,723	)	$	(5,723	)
Net realized (loss) on foreign currency transactions		(58	)		—			(58	)
Change in Unrealized Appreciation / (Depreciation) on derivatives recognized in income
Net increase (decrease) in unrealized appreciation (depreciation) on investment securities		—			(2,484	)		(2,484	)
Net increase (decrease) in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies		(420	)		—			(420	)

Total	$	(478	)	$	(8,207	)	$	(8,685	)

Transamerica First Quadrant Global Macro:

The Fund is subject to various risks in the normal course of pursuing its investment objective. The volume of futures contracts and written options contracts held at year end is indicative of the volume held throughout the year. The volume of purchased options and forward currency contracts held throughout the year increased beginning at zero and eight contracts, respectively, and ending at four and 143 contracts, respectively. The tables below highlight the types of risks and the derivative instruments used to mitigate the risks:

Fair Values of Derivative Instruments on the Statement of Assets and Liabilities as of October 31, 2010

Derivatives not accounted for as hedging instruments


	Interest rates			Foreign exchange			Equity
Location	contracts			contracts			contracts			Total
Asset derivatives
Investment securities, at value	$	—		$	—		$	39		$	39
Unrealized appreciation on futures contracts		1,344			—			597			1,941	*
Unrealized appreciation on forward foreign currency contracts		—			6,314			—			6,314
Liability derivatives
Unrealized depreciation on futures contracts		(460	)		—			(80	)		(540)	*
Written options, at value		—			—			(249	)		(249	)
Unrealized depreciation on forward foreign currency contracts		—			(7,362	)		—			(7,362	)


Total	$	884		$	(1,048	)	$	307		$	143


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

Effect of Derivative Instruments on the Statement of Operations for the year ended October 31, 2010

Derivatives not accounted for as hedging instruments


	Interest rates			Foreign exchange			Equity
Location	contracts			contracts			contracts			Total
Realized Gain / (Loss) on derivatives recognized in income
Net realized (loss) on investment securities	$	—		$	—		$	(1,764	)	$	(1,764	)
Net realized (loss) on futures contracts		(505	)		—			(933	)		(1,438	)
Net realized gain on written option contracts		—			—			1,686			1,686
Net realized gain on foreign currency transactions		—			3,724			—			3,724
Change in Unrealized Appreciation / (Depreciation) on derivatives recognized in income
Net increase (decrease) in unrealized appreciation (depreciation) on investment securities		—			—			(58	)		(58	)
Net increase (decrease) in unrealized appreciation (depreciation) on futures contracts		884			—			517			1,401
Net increase (decrease) in unrealized appreciation (depreciation) on written option contracts		—			—			178			178
Net increase (decrease) in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies		—			(1,231	)		—			(1,231	)

Total	$	379		$	2,493		$	(374	)	$	2,498



Transamerica Funds		Annual Report 2010

Page 244

NOTES TO FINANCIAL STATEMENTS (continued)
At October 31, 2010
(all amounts in thousands)

NOTE 5. (continued)

Transamerica JPMorgan International Bond:

The Fund is subject to various risks in the normal course of pursuing its investment objective. The volume of futures contracts held at year end is indicative of the volume held throughout the period. The volume of forward foreign currency contracts held increased throughout the year, starting with 23 contracts at the beginning of the year and ending at 51 contracts. The tables below highlight the types of risks and the derivative instruments used to mitigate the risks:

Fair Values of Derivative Instruments on the Statement of Assets and Liabilities as of October 31, 2010

Derivatives not accounted for as hedging instruments


	Interest rates			Foreign exchange
Location	contracts			contracts			Total
Asset derivatives
Unrealized appreciation on futures contracts	$	987		$	—		$	987	*
Unrealized appreciation on forward foreign currency contracts		—			2,050			2,050
Liability derivatives
Unrealized depreciation on futures contracts		(268	)		—			(268	)*
Unrealized depreciation on forward foreign currency contracts		—			(914	)		(914	)


Total	$	719		$	1,136		$	1,855


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

Effect of Derivative Instruments on the Statement of Operations for the year ended October 31, 2010

Derivatives not accounted for as hedging instruments


	Interest rates		Foreign exchange
Location	contracts		contracts		Total
Realized Gain / (Loss) on derivatives recognized in income
Net realized gain on futures contracts	$	2,703	$	—	$	2,703
Net realized gain on foreign currency transactions		—		9,091		9,091
Change in Unrealized Appreciation / (Depreciation) on derivatives recognized in income
Net increase (decrease) in unrealized appreciation (depreciation) on futures contracts		878		—		878
Net increase (decrease) in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies		—		1,731		1,731

Total	$	3,581	$	10,822	$	14,403

Transamerica Morgan Stanley Emerging Markets Debt:

The Fund is subject to various risks in the normal course of pursuing its investment objective. One future contract was held and sold during the fourth quarter of the year. The table below highlight the types of risks and the derivative instruments used to mitigate the risks:

Effect of Derivative Instruments on the Statement of Operations for the year ended October 31, 2010

Derivatives not accounted for as hedging instruments


	Interest rates
Location	contracts
Realized Gain / (Loss) on derivatives recognized in income
Net realized gain on futures contracts	$	78



Transamerica Funds		Annual Report 2010

Page 245

NOTES TO FINANCIAL STATEMENTS (continued)
At October 31, 2010
(all amounts in thousands)

Note 5. (continued)

Transamerica Thornburg International Value:

The Fund is subject to various risks in the normal course of pursuing its investment objective. The volume of Forward Currency Contracts held increased during the year, starting at five contracts and ending at nine contracts. The tables below highlight the types of risks and the derivative instruments used to mitigate the risks:

Fair Values of Derivative Instruments on the Statement of Assets and Liabilities as of October 31, 2010

Derivatives not accounted for as hedging instruments


Location	Foreign exchange contracts
Asset derivatives
Unrealized appreciation on forward currency contracts	$	1,607
Liability derivatives
Unrealized depreciation on forward currency contracts		(5,891	)


Total	$	(4,284	)

Effect of Derivative Instruments on the Statement of Operations for the year ended October 31, 2010

Derivatives not accounted for as hedging instruments


Location	Foreign exchange contracts
Realized Gain / (Loss) on derivatives recognized in income
Net realized gain on foreign currency transactions	$	876
Change in Unrealized Appreciation / (Depreciation) on derivatives recognized in income
Net increase (decrease) in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies		(3,958	)


Total	$	(3,082	)

Transamerica WMC Emerging Markets:

The Fund is subject to various risks in the normal course of pursuing its investment objective. The volume of Forward Foreign Currency Contracts held throughout the year decreased, starting with 10 contracts and decreasing to seven contracts by year end. The tables below highlight the types of risks and the derivative instruments used to mitigate the risks:

Fair Values of Derivative Instruments on the Statement of Assets and Liabilities as of October 31, 2010

Derivatives not accounted for as hedging instruments


Location	Foreign exchange contracts
Asset derivatives
Unrealized appreciation on forward foreign currency contracts	$	315
Liability derivatives
Unrealized depreciation on forward foreign currency contracts		(427	)


Total	$	(112	)

Effect of Derivative Instruments on the Statement of Operations for the year ended October 31, 2010

Derivatives not accounted for as hedging instruments


Location	Foreign exchange contracts
Realized Gain / (Loss) on derivatives recognized in income
Net realized (loss) on foreign currency transactions	$	(365	)
Change in Unrealized Appreciation / (Depreciation) on derivatives recognized in income
Net increase (decrease) in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies		236


Total	$	(129	)



Transamerica Funds		Annual Report 2010

Page 246

NOTES TO FINANCIAL STATEMENTS (continued)
At October 31, 2010
(all amounts in thousands)

Note 5. (continued)

Transamerica PIMCO Real Return TIPS:

The Fund is subject to various risks in the normal course of pursuing its investment objective. The volume of swap contracts, written options/swaption contracts and forward foreign currency contracts held throughout the year increased steadily, starting at 27, 14 and 58 contracts, respectively and ending at 48, 46 and 152 contracts, respectively at year end. Futures contracts decreased during the year from seven contracts to three contracts. The tables below highlight the types of risks and the derivative instruments used to mitigate the risks:

Fair Values of Derivative Instruments on the Statement of Assets and Liabilities as of October 31, 2010

Derivatives not accounted for as hedging instruments


	Interest rates			Foreign exchange			Credit
Location	contracts			contracts			contracts			Total
Asset derivatives
Swap agreements, at value	$	1,338		$	—		$	1,553		$	2,891
Unrealized appreciation on futures contracts		65			—			—			65	*
Unrealized appreciation on forward foreign currency contracts		—			1,366			—			1,366
Liability derivatives
Written options and swaptions, at value		(1,654	)		—			—			(1,654	)
Swap agreements, at value		(212	)		—			(455	)		(667	)
Unrealized depreciation on forward foreign currency contracts		—			(659	)		—			(659	)


Total	$	(463	)	$	707		$	1,098		$	1,342


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

Effect of Derivative Instruments on the Statement of Operations for the Year Ended October 31, 2010

Derivatives not accounted for as hedging instruments


	Interest rates			Foreign exchange		Credit
Location	contracts			contracts		Contracts			Equity Contract		Total
Realized Gain / (Loss) on derivatives recognized in income
Net realized gain on written options and swaptions	$	3,289		$	76	$	—		$	—	$	3,365
Net realized gain (loss) on swap agreements		(522	)		—		(1,518	)		630		(1,410	)
Net realized gain on futures contracts		3,219			—		—			—		3,219
Net realized gain on foreign currency transactions		—			680		—			—		680
Change in Unrealized Appreciation / (Depreciation) on derivatives recognized in income
Net increase (decrease) in unrealized appreciation (depreciation) on written options and swaptions		(685	)		—		—			—		(685	)
Net increase (decrease) in unrealized appreciation (depreciation) on swap agreements		(382	)		—		1,502			—		1,120
Net increase (decrease) in unrealized appreciation (depreciation) on futures contracts		(951	)		—		—			—		(951	)
Net increase (decrease) in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies		—			354		—			—		354

Total	$	3,968		$	1,110	$	(16	)	$	630	$	5,692

Transamerica PIMCO Total Return:

The Fund is subject to various risks in the normal course of pursuing its investment objective. The volume of swap contracts held at year end is indicative of the volume held throughout the year. The volume of written option/swaption contracts and forward foreign currency contracts held throughout the period increased steadily, starting at 11 and 46 contracts, respectively, and ending at 28 and 118 contracts, respectively at year end. Futures contracts decreased during the year from nine contracts to two contracts. The tables below highlight the types of risks and the derivative instruments used to mitigate the risks:



Transamerica Funds		Annual Report 2010

Page 247

NOTES TO FINANCIAL STATEMENTS (continued)
At October 31, 2010
(all amounts in thousands)

Note 5. (continued)

Fair Values of Derivative Instruments on the Statement of Assets and Liabilities as of October 31, 2010

Derivatives not accounted for as hedging instruments


	Interest rates			Foreign exchange
Location	contracts			contracts			Credit contracts			Total
Asset derivatives
Swap agreements, at value	$	961		$	—		$	53		$	1,014
Unrealized appreciation on forward foreign currency contracts		—			994			—			994
Liability derivatives
Written options and swaptions, at value		(2,188	)		—			—			(2,188	)
Swap agreements, at value		(55	)		—			(664	)		(719	)
Unrealized depreciation on futures contracts		(198	)		—			—			(198	)*
Unrealized depreciation on forward foreign currency contracts		—			(2,000	)		—			(2,000	)


Total	$	(1,480	)	$	(1,006	)	$	(611	)	$	(3,097	)


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

Effect of Derivative Instruments on the Statement of Operations for the Year Ended October 31, 2010

Derivatives not accounted for as hedging instruments


	Interest rates			Foreign exchange			Credit
Location	contracts			contracts			Contracts			Total
Realized Gain / (Loss) on derivatives recognized in income
Net realized gain on written options and swaptions	$	2,638		$	—		$	—		$	2,638
Net realized gain (loss) on swap agreements		(699	)		—			3			(696	)
Net realized gain on futures contracts		5,971			—			—			5,971
Net realized gain on foreign currency transactions		—			2,473			—			2,473
Change in Unrealized Appreciation / (Depreciation) on derivatives recognized in income
Net increase (decrease) in unrealized appreciation (depreciation) on written options and swaptions		(1,244	)		—			—			(1,244	)
Net increase (decrease) in unrealized appreciation (depreciation) on swap agreements		(743	)		—			(2,299	)		(3,042	)
Net increase (decrease) in unrealized appreciation (depreciation) on futures contracts		(2,329	)		—			—			(2,329	)
Net increase (decrease) in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies		—			(1,062	)		—			(1,062	)

Total	$	3,594		$	1,411		$	(2,296	)	$	2,709

Transamerica AQR Managed Futures Strategy

The Fund is subject to various risks in the normal course of pursuing its investment objective. The volume of swap contracts, futures contracts and forward foreign currency contracts held from commencement of the fund to year end was 16, 110 and 77, respectively. The tables below highlight the types of risks and the derivative instruments used to mitigate the risks:

Fair Values of Derivative Instruments on the Statement of Assets and Liabilities as of October 31, 2010

Derivatives not accounted for as hedging instruments


	Interest rates			Foreign exchange						Commodity
Location	contracts			contracts			Equity contracts			Contracts			Total
Asset derivatives
Swap agreements, at value	$	134		$	—		$	—		$	270		$	404
Unrealized appreciation on futures contracts		627			—			2,070			2,507			5,204	*
Unrealized appreciation on forward foreign currency contracts		—			2,876			—			—			2,876
Liability derivatives
Swap agreements, at value		(13	)		—			—			(41	)		(54	)
Unrealized depreciation on futures contracts		(1,137	)		—			(167	)		(660	)		(1,964	)*
Unrealized depreciation on forward foreign currency contracts		—			(2,812	)		—			—			(2,812	)


Total	$	(389	)	$	64		$	1,903		$	2,076		$	3,654


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



Transamerica Funds		Annual Report 2010

Page 248

NOTES TO FINANCIAL STATEMENTS (continued)
At October 31, 2010
(all amounts in thousands)

NOTE 5. (continued)

Effect of Derivative Instruments on the Statement of Operations for the year ended October 31, 2010

Derivatives not accounted for as hedging instruments


	Interest rates			Foreign exchange		Equity		Commodity
Location	contracts			contracts		Contracts		Contracts		Total
Realized Gain / (Loss) on derivatives recognized in income
Net realized gain (loss) on futures contracts	$	(229	)	$	—	$	294	$	1,246	$	1,311
Change in Unrealized Appreciation / (Depreciation) on derivatives recognized in income
Net increase (decrease) in unrealized appreciation on swap agreements		120			—		—		230		350
Net increase (decrease) in unrealized appreciation (depreciation) on futures contracts		(507	)		—		1,903		1,844		3,240
Net increase (decrease) in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies		—			64		—		—		64

Total	$	(616	)	$	64	$	2,197	$	3,320	$	4,965

Transamerica Goldman Sachs Commodity Strategy:

The Fund is subject to various risks in the normal course of pursuing its investment objective. The volume of swap contracts held throughout the period increased during the last two months of the year to 4 contracts. The table below highlights the types of risks and the derivative instruments used to mitigate the risks:

Unrealized appreciation (depreciation) on swap agreements net to zero for the Fund.

Effect of Derivative Instruments on the Statement of Operations for the year ended October 31, 2010

Derivatives not accounted for as hedging instruments


	Commodity
Location	Contracts
Realized Gain / (Loss) on derivatives recognized in income
Net realized gain on swap agreements	$	7,378

NOTE 6. FEDERAL INCOME TAX MATTERS

The Funds have not made any provision for federal income or excise taxes due to their policy to distribute all of their taxable income and capital gains to their shareholders and otherwise qualify as regulated investment companies under Subchapter M of the Internal Revenue Code. The Funds recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has evaluated the Funds’ tax positions taken for all open tax years (2007 – 2009), or expected to be taken in the Funds’ 2010 tax returns, and has concluded that no provision for income tax is required in the Funds’ financial statements. If applicable, the funds recognize interest accrued related to unrecognized tax benefits in interest and penalties expense in Other on the Statements of Operations. The Funds identify their major tax jurisdictions as U.S. Federal, the state of Florida, and foreign jurisdictions where the Funds make significant investments; however, the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to wash sales, structured notes, foreign bonds, swaps, net operating losses, distribution reclasses for REITs, passive foreign investment companies, foreign currency transactions, capital loss carryforwards, and post-October loss deferrals.

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. As applicable, these reclassifications are as follows:



Transamerica Funds		Annual Report 2010

Page 249

NOTES TO FINANCIAL STATEMENTS (continued)
At October 31, 2010
(all amounts in thousands)
Note 6. (continued)


							Undistributed
	Shares of beneficial			Undistributed			(accumulated) net
	interest, unlimited shares			(accumulated) net			realized gain (loss) from
Fund	authorized			investment income (loss)			investment securities
Transamerica AllianceBernstein International Value	$	1		$	(55	)	$	54
Transamerica BlackRock Global Allocation		—			(758	)		758
Transamerica BNY Mellon Market Neutral Strategy		(1,601	)		1,593			8
Transamerica Federated Market Opportunity		10			520			(530	)
Transamerica First Quadrant Global Macro		(1,217	)		1,824			(607	)
Transamerica JPMorgan Core Bond		(8	)		3,829			(3,821	)
Transamerica JPMorgan International Bond		(2	)		17,679			(17,677	)
Transamerica JPMorgan Mid Cap Value		(1	)		(1	)		2
Transamerica Loomis Sayles Bond		(1	)		5,245			(5,244	)
Transamerica Morgan Stanley Emerging Markets Debt		(3	)		20			(17	)
Transamerica Morgan Stanley Mid-Cap Growth		(1	)		(47	)		48
Transamerica Morgan Stanley Small Company Growth		(486	)		449			37
Transamerica Neuberger Berman International		(1	)		(593	)		594
Transamerica Oppenheimer Developing Markets		(1	)		(722	)		723
Transamerica Oppenheimer Small- & Mid-Cap Value		(19	)		12			7
Transamerica Schroders International Small Cap		(10	)		(14	)		24
Transamerica Third Avenue Value		—			1,954			(1,954	)
Transamerica Thornburg International Value		—			(1,091	)		1,091
Transamerica WMC Emerging Markets		—			(1,237	)		1,237
Transamerica Clarion Global Real Estate Securities		(1	)		3,758			(3,757	)
Transamerica Jennison Growth		—			(11	)		11
Transamerica MFS International Equity		—			(731	)		731
Transamerica PIMCO Real Return TIPS		—			3,157			(3,157	)
Transamerica PIMCO Total Return		3			(3,437	)		3,434
Transamerica AQR Managed Futures Strategy		—			1,252			(1,252	)
Transamerica Goldman Sachs Commodity Strategy		—			7,195			(7,195	)

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.


Fund	Capital Loss Carryforwards		Available Through
Transamerica AllianceBernstein International Value	$	38,050	October 31, 2016
		106,355	October 31, 2017
		19,187	October 31, 2018
Transamerica BlackRock Global Allocation		16,544	October 31, 2017
Transamerica BlackRock Large Cap Value		37,766	October 31, 2016
		112,660	October 31, 2017
Transamerica BNY Mellon Market Neutral Strategy		1,569	October 31, 2015
		8,524	October 31, 2017
		2,466	October 31, 2018
Transamerica Federated Market Opportunity		10,161	October 31, 2017
Transamerica First Quadrant Global Macro		67,965	October 31, 2017
Transamerica JPMorgan Mid Cap Value		24,781	October 31, 2017
Transamerica Morgan Stanley Small Company Growth		11,857	October 31, 2016
Transamerica Neuberger Berman International		110,404	October 31, 2016
		103,155	October 31, 2017
		869	October 31, 2018
Transamerica Oppenheimer Developing Markets		26,464	October 31, 2017
Transamerica Oppenheimer Small- & Mid-Cap Value		25,444	October 31, 2017
Transamerica Third Avenue Value		11,447	October 31, 2016
		85,805	October 31, 2017
Transamerica UBS Large Cap Value		27,348	October 31, 2016
		205,443	October 31, 2017
		47,451	October 31, 2018
Transamerica Clarion Global Real Estate Securities		26,287	October 31, 2016
		60,884	October 31, 2017
		12,873	October 31, 2018
Transamerica Jennison Growth		13,603	October 31, 2016
		13,812	October 31, 2017



Transamerica Funds		Annual Report 2010

Page 250

NOTES TO FINANCIAL STATEMENTS (continued)
At October 31, 2010
(all amounts in thousands)

Note 6. (continued)

The capital loss carryforwards utilized or expired during the year ended October 31, 2010 were as follows:


	Capital Loss Carryforwards
	Utilized/Expired During the
Portfolio Name	Year Ended October 31, 2010
Transamerica BlackRock Global Allocation	$	5,057
Transamerica BlackRock Large Cap Value		11,565
Transamerica Federated Market Opportunity		1,866
Transamerica First Quadrant Macro		935
Transamerica JPMorgan Core Bond		206
Transamerica JPMorgan Mid Cap Value		413
Transamerica Loomis Sayles Bond		16,693
Transamerica Morgan Stanley Emerging Markets Debt		12,672
Transamerica Morgan Stanley Mid-Cap Growth		5,517
Transamerica Morgan Stanley Small Company Growth		209
Transamerica Oppenheimer Developing Markets		43,554
Transamerica Oppenheimer Small- & Mid-Cap Value		37,120
Transamerica Schroders International Small Cap		19,415
Transamerica Third Avenue Value		9,600
Transamerica Jennison Growth		14,037
Transamerica PIMCO Real Return TIPS		15,770
Transamerica Goldman Sachs Commodity Strategy		4,088

Funds not listed in the table above do not have capital loss carryforwards utilized or expired.

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 2010 and 2009 was as follows:


	2010 Distributions Paid From				2009 Distributions Paid From
	Ordinary		Long-term				Long-term
	income		Capital Gain		Ordinary income		Capital Gain		Return of Capital
Transamerica AllianceBernstein International Value	$	6,770	$	—	$	12,685	$	—	$	—
Transamerica BlackRock Global Allocation		9,113		—		24,110		19,362		—
Transamerica BlackRock Large Cap Value		8,593		—		8,083		—		—
Transamerica BNY Mellon Market Neutral Strategy		—		—		—		—		1,349
Transamerica Federated Market Opportunity		722		—		1,595		2,752		1,344
Transamerica First Quadrant Global Macro		—		—		11,145		29,757		1,013
Transamerica JPMorgan Core Bond		23,223		—		1,127		—		—
Transamerica JPMorgan International Bond		23,884		5,896		35,346		14,205		—
Transamerica JPMorgan Mid Cap Value		3,125		—		3,462		1,014		—
Transamerica Loomis Sayles Bond		36,806		—		47,564		1,282		—
Transamerica Morgan Stanley Emerging Markets Debt		20,346		—		20,808		—		—
Transamerica Morgan Stanley Mid-Cap Growth		439		—		121		—		—
Transamerica Morgan Stanley Small Company Growth		—		—		1,229		—		125
Transamerica Neuberger Berman International		4,520		—		8,575		—		—
Transamerica Oppenheimer Developing Markets		2,488		—		6,583		57,191		—
Transamerica Oppenheimer Small- & Mid-Cap Value		1,363		—		701		—		—
Transamerica Schroders International Small Cap		3,075		—		1,875		—		—
Transamerica Third Avenue Value		6,092		—		—		—		—
Transamerica Thornburg International Value		5,292		—		14		620		—
Transamerica UBS Large Cap Value		12,793		—		16,273		—		—
Transamerica WMC Emerging Markets		3,355		1,031		—		—		—
Transamerica Clarion Global Real Estate Securities		19,485		—		4,979		—		—
Transamerica Jennison Growth		765		—		430		—		—
Transamerica MFS International Equity		13,036		190		—		—		—
Transamerica PIMCO Real Return TIPS		30,698		—		22,958		3,893		—
Transamerica PIMCO Total Return		52,759		—		47,632		—		—
Transamerica Goldman Sachs Commodity Strategy		634		—		463		—		—



Transamerica Funds		Annual Report 2010

Page 251

NOTES TO FINANCIAL STATEMENTS (continued)
At October 31, 2010
(all amounts in thousands)

Note 6. (continued)

The tax basis components of distributable earnings as of October 31, 2010 were as follows:


			Undistributed					Other			Net Unrealized
	Undistributed		Long-term		Capital Loss			Temporary			Appreciation
Fund	Ordinary income		Capital Gain		Carryforward			Differences			(Depreciation)*
Transamerica AllianceBernstein International Value	$	6,582	$	—	$	(163,592	)	$	—		$	(10,650	)
Transamerica BlackRock Global Allocation		6,084		—		(16,544	)		(845	)		43,055
Transamerica BlackRock Large Cap Value		6,421		—		(150,426	)		—			31,493
Transamerica BNY Mellon Market Neutral Strategy		—		—		(12,559	)		—			1,839
Transamerica Federated Market Opportunity		412		—		(10,161	)		—			(36	)
Transamerica First Quadrant Global Macro		—		—		(67,965	)		—			477
Transamerica JPMorgan Core Bond		8,815		—		—			—			38,597
Transamerica JPMorgan International Bond		25,254		2,936		—			(5,531	)		47,790
Transamerica JPMorgan Mid Cap Value		1,532		—		(24,781	)		—			24,223
Transamerica Loomis Sayles Bond		10,073		10,200		—			(1,482	)		54,472
Transamerica Morgan Stanley Emerging Markets Debt		806		6,903		—			(113	)		19,910
Transamerica Morgan Stanley Mid-Cap Growth		559		17,544		—			—			70,309
Transamerica Morgan Stanley Small Company Growth		—		—		(11,857	)		—			31,936
Transamerica Neuberger Berman International		6,849		—		(214,428	)		—			106,303
Transamerica Oppenheimer Developing Markets		1,724		—		(26,464	)		—			143,235
Transamerica Oppenheimer Small- & Mid-Cap Value		—		—		(25,444	)		—			48,065
Transamerica Schroders International Small Cap		5,757		3,093		—			—			73,984
Transamerica Third Avenue Value		6,852		—		(97,252	)		—			(48,995	)
Transamerica Thornburg International Value		3,805		4,994		—			—			129,759
Transamerica UBS Large Cap Value		10,114		—		(280,242	)		—			47,709
Transamerica WMC Emerging Markets		8,436		15,357		—			—			50,680
Transamerica Clarion Global Real Estate Securities		12,876		—		(100,044	)		—			40,154
Transamerica Jennison Growth		210		—		(27,415	)		—			137,852
Transamerica MFS International Equity		10,561		22,067		—			—			60,734
Transamerica PIMCO Real Return TIPS		8,131		24,373		—			(339	)		67,574
Transamerica PIMCO Total Return		9,467		9,767		—			(1,372	)		11,602
Transamerica AQR Managed Futures Strategy		3,621		950		—			(15	)		171
Transamerica Goldman Sachs Commodity Strategy		7,529		6,295		—			—			3


*		Amounts include unrealized gain/loss from wash sales, foreign currency, securities sold short and derivative instruments, if applicable.

NOTE 7. BASIS FOR CONSOLIDATION

Transamerica Cayman AQR Managed Futures Strategy, Ltd. and Transamerica Cayman Goldman Sachs Commodity Strategy, Ltd. (each, a “Subsidiary”, collectively, the “Subsidiaries”) are organized under the laws of the Cayman Islands as wholly-owned subsidiaries which act as investment vehicles for Transamerica AQR Managed Futures Strategy and Transamerica Goldman Sachs Commodity Strategy, respectively. The principal purpose of investment of the Subsidiaries is to allow the Funds noted above to gain exposure to the commodity markets within the limitations of the federal tax law requirements applicable to regulated investment companies.

The following schedule reflects the net assets of the Subsidiaries as a percentage of the Funds’ total assets at October 31, 2010:


			% of Net
Transamerica AQR Managed Futures Strategy	Market Value		Assets
Transamerica Cayman AQR Managed Futures Strategy, Ltd.	$	59,060		22.90	%


			% of Net
Transamerica Goldman Sachs Commodity Strategy	Market Value		Assets
Transamerica Cayman Goldman Sachs Commodity Strategy, Ltd.	$	29,427		20.02	%

NOTE 8. SUBSEQUENT EVENTS

Transamerica AllianceBernstein International Value will change its name to Transamerica Hansberger International Value and its sub-adviser from AllianceBernstein L.P. to Hansberger Global Investors, Inc. on December 15, 2010.

Transamerica BNY Mellon Market Neutral Strategy will change its name to Transamerica JPMorgan Long/Short Strategy and its sub-adviser from Mellon Capital Management Corporation to J.P. Morgan Investment Management Inc. on or about January 5, 2011. A change in the Fund’s objective will also become effective on or about the same date.



Transamerica Funds		Annual Report 2010

Page 252

Change of Independent Registered Certified Public Accounting Firm

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



Transamerica Funds		Annual Report 2010

Page 253

Report of Independent Registered Public Accounting Firm

To the Board of Trustees & Shareholders of Transamerica Funds:

We have audited the accompanying statements of assets and liabilities of Transamerica AllianceBernstein International Value, Transamerica BlackRock Global Allocation, Transamerica BlackRock Large Cap Value, Transamerica BNY Mellon Market Neutral Strategy, Transamerica Federated Market Opportunity, Transamerica First Quadrant Global Macro, Transamerica JPMorgan Core Bond, Transamerica JPMorgan International Bond, Transamerica JPMorgan Mid Cap Value, Transamerica Loomis Sayles Bond, Transamerica Morgan Stanley Emerging Markets Debt, Transamerica Morgan Stanley Mid-Cap Growth, Transamerica Morgan Stanley Small Company 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 Large Cap Value, Transamerica WMC Emerging Markets, Transamerica Clarion Global Real Estate Securities, Transamerica Jennison Growth, Transamerica MFS International Equity, Transamerica PIMCO Real Return TIPS, and Transamerica PIMCO Total Return, including the schedules of investments, as of October 31, 2010, and the related statements of operations and changes in net assets, and the financial highlights for the period then ended. We have also audited the accompanying consolidated statements of assets and liabilities, including the consolidated schedules of investments as of October 31, 2010 and the related consolidated statements of operations and changes in net assets, and the financial highlights for the year then ended for Transamerica Goldman Sachs Commodity Strategy and for the period from September 30, 2010 (commencement of operations) to October 31, 2010 for Transamerica AQR Managed Futures Strategy. The aforementioned twenty-eight funds of the Transamerica Funds are hereafter referred to as the “Funds.” These financial statements and consolidated financial statements and financial highlights and consolidated financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and consolidated financial statements and financial highlights and consolidated financial highlights based on our audits. The statements of changes in net assets for the year ended October 31, 2009 and the financial highlights for periods ended prior to November 1, 2009 were audited by another independent registered public accounting firm whose report, dated December 21, 2009, expressed an unqualified opinion on those statements of changes in net assets and those financial highlights.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2010, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and consolidated financial statements and financial highlights and consolidated financial highlights referred to above present fairly, in all material respects, the financial position of the aforementioned twenty-eight Funds of the Transamerica Funds at October 31, 2010, the results of their operations and consolidated operations, the changes in their net assets and consolidated changes in their net assets, and the financial highlights and consolidated financial highlights for the period ended October 31, 2010, in conformity with U.S. generally accepted accounting principles.

Boston, Massachusetts
December 23, 2010



Transamerica Funds		Annual Report 2010

Page 254

TRANSAMERICA ALLIANCEBERNSTEIN INTERNATIONAL VALUE

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds (the “Board”) held on June 9-10, 2010, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica AllianceBernstein International Value (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and AllianceBernstein, L.P. (the “Sub-Adviser”), to determine whether the agreements should be renewed.

Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement and the compensation to be received by TAM and the Sub-Adviser under the agreements is consistent with TAM’s fiduciary duty under applicable law. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2011. In reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including information about standard fees and performance of comparable accounts managed by the Sub-Adviser. The Trustees also considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance information, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory services to be provided. The Board considered the nature, extent and quality of the services provided by TAM and the Sub-Adviser to the Fund in the past, as well as the services anticipated to be provided in the future. The Trustees also considered the Sub-Adviser’s investment approach for the Fund. The Trustees noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for the Sub-Adviser and a comparison of trading results against a peer universe of managers. The Board also considered the 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 of the portfolio management team of the Sub-Adviser. The Trustees 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 Board considered the short and longer-term performance of the Fund in light of its investment objective, policies and strategies, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2009. The Board noted that the Fund’s performance was in line with the median for its peer universe for the past 1-year period and below the median for the past 3-year period. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board 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 investment objectives, policies and strategies and competitive with other investment companies.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Fund. The Trustees noted that the Fund’s contractual management fee and total expenses were below the medians for its peer group and peer universe. The Trustees noted the anticipated profitability of the relationship between the Fund, TAM and its affiliates, and the Sub-Adviser, as applicable, and determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the agreements are consistent with TAM’s fiduciary duty under applicable law. In making these observations and determinations, the Board reviewed, among other information, comparative information provided by Lipper and management.

Other considerations. 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 Trustees 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 Trustees 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.



Transamerica Funds		Annual Report 2010

Page 255

TRANSAMERICA BLACKROCK GLOBAL ALLOCATION

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds (the “Board”) held on June 9-10, 2010, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica BlackRock Global Allocation (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and BlackRock Investment Management, LLC (the “Sub-Adviser”), to determine whether the agreements should be renewed.

Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement and the compensation to be received by TAM and the Sub-Adviser under the agreements is consistent with TAM’s fiduciary duty under applicable law. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2011. In reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including information about fees of comparable accounts managed by the Sub-Adviser. The Trustees also considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance information, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory services to be provided. The Board considered the nature, extent and quality of the services provided by TAM and the Sub-Adviser to the Fund in the past, as well as the services anticipated to be provided in the future. The Trustees also considered the Sub-Adviser’s investment approach for the Fund. The Trustees noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for the Sub-Adviser and a comparison of trading results against a peer universe of managers. The Board also considered the 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 of the portfolio management team of the Sub-Adviser. The Trustees 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 Board considered the short and longer-term performance of the Fund in light of its investment objective, policies and strategies, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2009. The Board noted that the Fund’s performance was in line with the median for its peer universe for the past 1-year period and above the median for the past 3-year period. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board 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 investment objectives, policies and strategies and competitive with other investment companies.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Fund. The Trustees noted that the Fund’s contractual management fee and total expenses were below the medians for its peer group and peer universe. The Trustees noted the anticipated profitability of the relationship between the Fund, TAM and its affiliates, and the Sub-Adviser, as applicable, and determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the agreements are consistent with TAM’s fiduciary duty under applicable law. In making these observations and determinations, the Board reviewed, among other information, comparative information provided by Lipper and management.

Other considerations. 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 Trustees 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 Trustees 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.



Transamerica Funds		Annual Report 2010

Page 256

TRANSAMERICA BLACKROCK LARGE CAP VALUE

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds (the “Board”) held on June 9-10, 2010, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica BlackRock Large Cap Value (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and BlackRock Investment Management, LLC (the “Sub-Adviser”), to determine whether the agreements should be renewed.

Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement and the compensation to be received by TAM and the Sub-Adviser under the agreements is consistent with TAM’s fiduciary duty under applicable law. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2011. In reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including information about fees and performance of comparable accounts managed by the Sub-Adviser. The Trustees also considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance information, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory services to be provided. The Board considered the nature, extent and quality of the services provided by TAM and the Sub-Adviser to the Fund in the past, as well as the services anticipated to be provided in the future. The Trustees also considered the Sub-Adviser’s investment approach for the Fund. The Trustees noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for the Sub-Adviser and a comparison of trading results against a peer universe of managers. The Board also considered the 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 of the portfolio management team of the Sub-Adviser. The Trustees 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 Board considered the short and longer-term performance of the Fund in light of its investment objective, policies and strategies, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2009. The Board noted that the Fund’s performance was below the median for its peer universe for the past 1- and 3-year periods. The Trustees discussed the reasons for the underperformance with TAM, and agreed to continue to monitor the performance of the Fund. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board 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 investment objectives, policies and strategies and competitive with other investment companies.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Fund. The Trustees noted that the Fund’s contractual management fee was above the medians for its peer group and peer universe and that the total expenses of the Fund were below the medians for its peer group and peer universe. The Trustees noted the anticipated profitability of the relationship between the Fund, TAM and its affiliates, and the Sub-Adviser, as applicable, and determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the agreements are consistent with TAM’s fiduciary duty under applicable law. In making these observations and determinations, the Board reviewed, among other information, comparative information provided by Lipper and management.

Other considerations. 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 Trustees 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 Trustees 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.



Transamerica Funds		Annual Report 2010

Page 257

TRANSAMERICA BNY MELLON MARKET NEUTRAL STRATEGY

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds (the “Board”) held on June 9-10, 2010, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica BNY Mellon Market Neutral Strategy (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and Mellon Capital Management Corporation (the “Sub-Adviser”), to determine whether the agreements should be renewed.

Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement and the compensation to be received by TAM and the Sub-Adviser under the agreements is consistent with TAM’s fiduciary duty under applicable law. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2011. In reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements. The Trustees also considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance information, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory services to be provided. The Board considered the nature, extent and quality of the services provided by TAM and the Sub-Adviser to the Fund in the past, as well as the services anticipated to be provided in the future. The Trustees also considered the Sub-Adviser’s investment approach for the Fund. The Trustees noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for the Sub-Adviser and a comparison of trading results against a peer universe of managers. The Board also considered the 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 of the portfolio management team of the Sub-Adviser. The Trustees 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 Board considered the short and longer-term performance of the Fund in light of its investment objective, policies and strategies, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2009, noting that the Fund’s inception date was January 3, 2007. The Board noted that the Fund’s performance was below the median for its peer universe for the past 1-year period. The Trustees discussed the reasons for the underperformance with TAM, and agreed to continue to monitor the performance of the Fund. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board 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 investment objectives, policies and strategies and competitive with other investment companies.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Fund. The Trustees noted that the Fund’s contractual management fee was above the medians for its peer group and peer universe and that the total expenses of the Fund were below the medians for its peer group and peer universe. The Trustees noted the anticipated profitability of the relationship between the Fund, TAM and its affiliates, and the Sub-Adviser, as applicable, and determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the agreements are consistent with TAM’s fiduciary duty under applicable law. In making these observations and determinations, the Board reviewed, among other information, comparative information provided by Lipper and management.

Other considerations. 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 Trustees 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 Trustees 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.



Transamerica Funds		Annual Report 2010

Page 258

TRANSAMERICA FEDERATED MARKET OPPORTUNITY

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds (the “Board”) held on June 9-10, 2010, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Federated Market Opportunity (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and Federated Equity Management Co. of Pennsylvania (the “Sub-Adviser”), to determine whether the agreements should be renewed.

Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement and the compensation to be received by TAM and the Sub-Adviser under the agreements is consistent with TAM’s fiduciary duty under applicable law. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2011. In reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including information about fees and performance of comparable funds managed by the Sub-Adviser. The Trustees also considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance information, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory services to be provided. The Board considered the nature, extent and quality of the services provided by TAM and the Sub-Adviser to the Fund in the past, as well as the services anticipated to be provided in the future. The Trustees also considered the Sub-Adviser’s investment approach for the Fund. The Trustees noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for the Sub-Adviser and a comparison of trading results against a peer universe of managers. The Board also considered the 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 of the portfolio management team of the Sub-Adviser. The Trustees 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 Board considered the short and longer-term performance of the Fund in light of its investment objective, policies and strategies, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2009, noting that the Fund’s inception date was December 6, 2005. The Board noted that the Fund’s performance was below the median for its peer universe for the past 1-year period and in line with the median for the past 3-year period. The Trustees discussed the reasons for the underperformance with TAM, and agreed to continue to monitor the performance of the Fund. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board 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 investment objectives, policies and strategies and competitive with other investment companies.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Fund. The Trustees noted that the Fund’s contractual management fee and total expenses were below the medians for its peer group and peer universe. The Trustees noted the anticipated profitability of the relationship between the Fund, TAM and its affiliates, and the Sub-Adviser, as applicable, and determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the agreements are consistent with TAM’s fiduciary duty under applicable law. In making these observations and determinations, the Board reviewed, among other information, comparative information provided by Lipper and management.

Other considerations. 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 Trustees 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 Trustees 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.



Transamerica Funds		Annual Report 2010

Page 259

TRANSAMERICA FIRST QUADRANT GLOBAL MACRO
(FORMERLY TRANSAMERICA UBS DYNAMIC ALPHA)

INVESTMENT ADVISORY AGREEMENT — CONTRACT RENEWAL

(unaudited)

Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the compensation to be received by TAM under the agreements is consistent with TAM’s fiduciary duty under applicable law. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement through June 30, 2011. In reaching their decision, the Trustees requested and received from TAM such information as they deemed reasonably necessary to evaluate the agreement. The Trustees also considered information they had previously received from TAM as part of their regular oversight of the Fund, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance information, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory Agreement, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decision on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decision:

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board reviewed the management fee for the Fund. The Trustees noted that the Fund’s contractual management fee and total expenses were above the medians for its peer group and peer universe. The Trustees noted the anticipated profitability of the relationship between the Fund, TAM and its affiliates, as applicable, and determined that the management fees to be received by TAM under the agreements are consistent with TAM’s fiduciary duty under applicable law. In making these observations and determinations, the Board reviewed, among other information, comparative information provided by Lipper and management.

Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Fund grows. The Trustees considered the economies of scale with respect to the management of the Fund, whether the Fund had appropriately benefited from any economies of scale, and whether there was potential for realization of any further economies of scale. In evaluating the extent to which the management fee payable under the Investment Advisory Agreement reflects economies of scale or will permit economies of scale to be realized in the future, the Board noted that TAM offers breakpoints which benefit investors by passing on economies of scale in the form of lower management fees as the level of assets grows. The Trustees also concluded that they will have the opportunity to periodically reexamine whether the Fund has achieved economies of scale, and the appropriateness of management fees payable to TAM, in the future.

Other considerations. 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 Trustees favorably considered the procedures and policies in place by TAM to enforce compliance with applicable laws and regulations. The Trustees 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.

Conclusion. After consideration of the factors described above as well as other factors, the Trustees, including all of the independent members of the Board, concluded that the renewal of the Investment Advisory Agreement and the compensation to be received by TAM is consistent with TAM’s fiduciary duty under applicable law and voted to approve the renewal of the Investment Advisory Agreement.



Transamerica Funds		Annual Report 2010

Page 260

TRANSAMERICA JPMORGAN INTERNATIONAL BOND

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds (the “Board”) held on June 9-10, 2010, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica JPMorgan International Bond (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and J.P. Morgan Investment Management Inc. (the “Sub-Adviser”), to determine whether the agreements should be renewed.

Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement and the compensation to be received by TAM and the Sub-Adviser under the agreements is consistent with TAM’s fiduciary duty under applicable law. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2011. In reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements. The Trustees also considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance information, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The investment performance of the Fund. The Board considered the short and longer-term performance of the Fund in light of its investment objective, policies and strategies, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2009, noting that the Fund’s inception date was December 6, 2005. The Board noted that the Fund’s performance was below the median for its peer universe for the past 1-year period and above the median for the past 3-year period. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board 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 investment objectives, policies and strategies and competitive with other investment companies.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Fund. The Trustees noted that the Fund’s contractual management fee and total expenses were below the medians for its peer group and peer universe. The Trustees noted the anticipated profitability of the relationship between the Fund, TAM and its affiliates, and the Sub-Adviser, as applicable, and determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the agreements are consistent with TAM’s fiduciary duty under applicable law. In making these observations and determinations, the Board reviewed, among other information, comparative information provided by Lipper and management.

Other considerations. 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 Trustees 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 Trustees 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.



Transamerica Funds		Annual Report 2010

Page 261

TRANSAMERICA JPMORGAN MID CAP VALUE

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds (the “Board”) held on June 9-10, 2010, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica JPMorgan Mid Cap Value (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and J.P. Morgan Investment Management Inc. (the “Sub-Adviser”), to determine whether the agreements should be renewed.

Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement and the compensation to be received by TAM and the Sub-Adviser under the agreements is consistent with TAM’s fiduciary duty under applicable law. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2011. In reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including information about fees and performance of comparable funds and accounts managed by the Sub-Adviser. The Trustees also considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance information, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory services to be provided. The Board considered the nature, extent and quality of the services provided by TAM and the Sub-Adviser to the Fund in the past, as well as the services anticipated to be provided in the future. The Trustees also considered the Sub-Adviser’s investment approach for the Fund. The Trustees noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for the Sub-Adviser and a comparison of trading results against a peer universe of managers. The Board also considered the 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 of the portfolio management team of the Sub-Adviser. The Trustees 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 Board considered the short and longer-term performance of the Fund in light of its investment objective, policies and strategies, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2009. The Board noted that the Fund’s performance was below the median for its peer universe for the past 1-year period and above the median for the past 3-year period. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board 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 investment objectives, policies and strategies and competitive with other investment companies.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Fund. The Trustees noted that the Fund’s contractual management fee was below the median for its peer group and in line with the median for its peer universe and that the total expenses of the Fund were below the medians for its peer group and peer universe. The Trustees noted the anticipated profitability of the relationship between the Fund, TAM and its affiliates, and the Sub-Adviser, as applicable, and determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the agreements are consistent with TAM’s fiduciary duty under applicable law. In making these observations and determinations, the Board reviewed, among other information, comparative information provided by Lipper and management.

Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Fund grows. The Trustees considered the economies of scale with respect to the management of the Fund, whether the Fund had appropriately benefited from any economies of scale, and whether there was potential for realization of any further economies of scale. In evaluating the extent to which the management fees payable under the Investment Advisory and Sub-Advisory Agreements reflect economies of scale or will permit economies of scale to be realized in the future, the Board noted that TAM offers breakpoints which benefit investors by passing on economies of scale in the form of lower management fees as the level of assets grows. The Trustees also concluded that they will have the opportunity to periodically reexamine whether the Fund has achieved economies of scale, and the appropriateness of management fees payable to TAM and fees paid to the Sub-Adviser, in the future.

Other considerations. 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 Trustees 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 Trustees 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.



Transamerica Funds		Annual Report 2010

Page 262

TRANSAMERICA LOOMIS SAYLES BOND

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds (the “Board”) held on June 9-10, 2010, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Loomis Sayles Bond (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and Loomis, Sayles & Company, L.P. (the “Sub-Adviser”), to determine whether the agreements should be renewed.

Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement and the compensation to be received by TAM and the Sub-Adviser under the agreements is consistent with TAM’s fiduciary duty under applicable law. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2011. In reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including information about fees and performance of comparable funds and accounts managed by the Sub-Adviser and composite performance and standard fee information provided by the Sub-Adviser. The Trustees also considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance information, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The investment performance of the Fund. The Board considered the short and longer-term performance of the Fund in light of its investment objective, policies and strategies, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2009, noting that the Fund’s inception date was January 3, 2007. The Board noted that the Fund’s performance was above the median for its peer universe for the past 1-year period. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board 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 investment objectives, policies and strategies and competitive with other investment companies.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Fund. The Trustees noted that the Fund’s contractual management fee was above the medians for its peer group and peer universe and that the total expenses of the Fund were below the medians for its peer group and peer universe. The Trustees noted the anticipated profitability of the relationship between the Fund, TAM and its affiliates, and the Sub-Adviser, as applicable, and determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the agreements are consistent with TAM’s fiduciary duty under applicable law. In making these observations and determinations, the Board reviewed, among other information, comparative information provided by Lipper and management.

Other considerations. 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 Trustees 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 Trustees 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.



Transamerica Funds		Annual Report 2010

Page 263

TRANSAMERICA MORGAN STANLEY EMERGING MARKETS DEBT
(FORMERLY TRANSAMERICA VAN KAMPEN EMERGING MARKETS DEBT)

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds (the “Board”) held on June 9-10, 2010, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Morgan Stanley Emerging Markets Debt (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and Morgan Stanley Investment Management Inc. (the “Sub-Adviser”), to determine whether the agreements should be renewed.

Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement and the compensation to be received by TAM and the Sub-Adviser under the agreements is consistent with TAM’s fiduciary duty under applicable law. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2011. In reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including composite performance information provided by the Sub-Adviser. The Trustees also considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance information, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The investment performance of the Fund. The Board considered the short and longer-term performance of the Fund in light of its investment objective, policies and strategies, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2009. The Board noted that the Fund’s performance was below the median for its peer universe for the past 1-year period, above the median for the past 3-year period, and in line with the median for the past 5-year period. The Trustees also noted that the Sub-Adviser had recently named new lead portfolio managers for the Fund. The Trustees agreed that they would monitor the portfolio manager transition and performance going forward. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board 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 investment objectives, policies and strategies and competitive with other investment companies.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Fund. The Trustees noted that the Fund’s contractual management fee was above the medians for its peer group and peer universe and that the total expenses of the Fund were below the medians for its peer group and peer universe. The Trustees noted the anticipated profitability of the relationship between the Fund, TAM and its affiliates, and the Sub-Adviser, as applicable, and determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the agreements are consistent with TAM’s fiduciary duty under applicable law. In making these observations and determinations, the Board reviewed, among other information, comparative information provided by Lipper and management.

Other considerations. 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 Trustees 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 Trustees 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.



Transamerica Funds		Annual Report 2010

Page 264

TRANSAMERICA MORGAN STANLEY MID-CAP GROWTH
(FORMERLY TRANSAMERICA VAN KAMPEN MID-CAP GROWTH)

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds (the “Board”) held on June 9-10, 2010, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Morgan Stanley Mid-Cap Growth (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and Morgan Stanley Investment Management Inc. (the “Sub-Adviser”), to determine whether the agreements should be renewed.

Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement and the compensation to be received by TAM and the Sub-Adviser under the agreements is consistent with TAM’s fiduciary duty under applicable law. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2011. In reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including composite performance information provided by the Sub-Adviser. The Trustees also considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance information, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory services to be provided. The Board considered the nature, extent and quality of the services provided by TAM and the Sub-Adviser to the Fund in the past, as well as the services anticipated to be provided in the future. The Trustees also considered the Sub-Adviser’s investment approach for the Fund. The Trustees noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for the Sub-Adviser and a comparison of trading results against a peer universe of managers. The Board also considered the 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 of the portfolio management team of the Sub-Adviser. The Trustees 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 cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Fund. The Trustees noted that the Fund’s contractual management fee was in line with the medians for its peer group and peer universe and that the total expenses of the Fund were below the medians for its peer group and peer universe. The Trustees noted the anticipated profitability of the relationship between the Fund, TAM and its affiliates, and the Sub-Adviser, as applicable, and determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the agreements are consistent with TAM’s fiduciary duty under applicable law. In making these observations and determinations, the Board reviewed, among other information, comparative information provided by Lipper and management.

Other considerations. 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 Trustees 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 Trustees 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.



Transamerica Funds		Annual Report 2010

Page 265

TRANSAMERICA MORGAN STANLEY SMALL COMPANY GROWTH
(FORMERLY TRANSAMERICA VAN KAMPEN SMALL COMPANY GROWTH)

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds (the “Board”) held on June 9-10, 2010, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Morgan Stanley Small Company Growth (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and Morgan Stanley Investment Management Inc. (the “Sub-Adviser”), to determine whether the agreements should be renewed.

Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement and the compensation to be received by TAM and the Sub-Adviser under the agreements is consistent with TAM’s fiduciary duty under applicable law. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2011. In reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including information about performance of comparable funds managed by the Sub-Adviser and composite performance information provided by the Sub-Adviser. The Trustees also considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance information, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory services to be provided. The Board considered the nature, extent and quality of the services provided by TAM and the Sub-Adviser to the Fund in the past, as well as the services anticipated to be provided in the future. The Trustees also considered the Sub-Adviser’s investment approach for the Fund. The Trustees noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for the Sub-Adviser and a comparison of trading results against a peer universe of managers. The Board also considered the 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 of the portfolio management team of the Sub-Adviser. The Trustees 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 Board considered the short and longer-term performance of the Fund in light of its investment objective, policies and strategies, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2009. The Board noted that the Fund’s performance was above the median for its peer universe for the past 1- and 5-year periods and in line with the median for the past 3-year period. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board 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 investment objectives, policies and strategies and competitive with other investment companies.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Fund. The Trustees noted that the Fund’s contractual management fee was in line with the medians for its peer group and peer universe and that the total expenses of the Fund were below the medians for its peer group and peer universe. The Trustees noted the anticipated profitability of the relationship between the Fund, TAM and its affiliates, and the Sub-Adviser, as applicable, and determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the agreements are consistent with TAM’s fiduciary duty under applicable law. In making these observations and determinations, the Board reviewed, among other information, comparative information provided by Lipper and management.

Other considerations. 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 Trustees 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 Trustees 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.



Transamerica Funds		Annual Report 2010

Page 266

TRANSAMERICA NEUBERGER BERMAN INTERNATIONAL

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds (the “Board”) held on June 9-10, 2010, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Neuberger Berman International (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the ��Sub-Advisory Agreement”) of the Fund between TAM and Neuberger Berman Management, LLC (the “Sub-Adviser”), to determine whether the agreements should be renewed.

Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement and the compensation to be received by TAM and the Sub-Adviser under the agreements is consistent with TAM’s fiduciary duty under applicable law. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2011. In reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including information about fees and performance of comparable funds managed by the Sub-Adviser. The Trustees also considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance information, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory services to be provided. The Board considered the nature, extent and quality of the services provided by TAM and the Sub-Adviser to the Fund in the past, as well as the services anticipated to be provided in the future. The Trustees also considered the Sub-Adviser’s investment approach for the Fund. The Trustees noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for the Sub-Adviser and a comparison of trading results against a peer universe of managers. The Board also considered the 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 of the portfolio management team of the Sub-Adviser. The Trustees 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 Board considered the short and longer-term performance of the Fund in light of its investment objective, policies and strategies, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2009. The Board noted that the Fund’s performance was below the median for its peer universe for the past 1- and 3-year periods. The Trustees discussed the reasons for the underperformance with TAM, and agreed to continue to monitor the performance of the Fund. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board 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 investment objectives, policies and strategies and competitive with other investment companies.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Fund. The Trustees noted that the Fund’s contractual management fee was in line with the medians for its peer group and peer universe and that the total expenses of the Fund were below the medians for its peer group and peer universe. The Trustees noted the anticipated profitability of the relationship between the Fund, TAM and its affiliates, and the Sub-Adviser, as applicable, and determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the agreements are consistent with TAM’s fiduciary duty under applicable law. In making these observations and determinations, the Board reviewed, among other information, comparative information provided by Lipper and management.

Other considerations. 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 Trustees 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 Trustees 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.



Transamerica Funds		Annual Report 2010

Page 267

TRANSAMERICA OPPENHEIMER DEVELOPING MARKETS

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds (the “Board”) held on June 9-10, 2010, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Oppenheimer Developing Markets (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and OppenheimerFunds, Inc. (the “Sub-Adviser”), to determine whether the agreements should be renewed.

Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement and the compensation to be received by TAM and the Sub-Adviser under the agreements is consistent with TAM’s fiduciary duty under applicable law. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2011. In reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including information about fees and performance of comparable funds managed by the Sub-Adviser. The Trustees also considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance information, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory services to be provided. The Board considered the nature, extent and quality of the services provided by TAM and the Sub-Adviser to the Fund in the past, as well as the services anticipated to be provided in the future. The Trustees also considered the Sub-Adviser’s investment approach for the Fund. The Board discussed the replacement of the Fund’s research analyst. The Trustees noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for the Sub-Adviser and a comparison of trading results against a peer universe of managers. The Board also considered the 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 of the portfolio management team of the Sub-Adviser. The Trustees 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 Board considered the short and longer-term performance of the Fund in light of its investment objective, policies and strategies, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2009. The Board noted that the Fund’s performance was above the median for its peer universe for the past 1– and 3-year periods. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board 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 investment objectives, policies and strategies and competitive with other investment companies.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Fund. The Trustees noted that the Fund’s contractual management fee was in line with the median for its peer group and above the median for its peer universe and that the total expenses of the Fund were below the medians for its peer group and peer universe. The Trustees noted the anticipated profitability of the relationship between the Fund, TAM and its affiliates, and the Sub-Adviser, as applicable, and determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the agreements are consistent with TAM’s fiduciary duty under applicable law. In making these observations and determinations, the Board reviewed, among other information, comparative information provided by Lipper and management.

Other considerations. 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 Trustees 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 Trustees 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.



Transamerica Funds		Annual Report 2010

Page 268

TRANSAMERICA OPPENHEIMER SMALL- & MID-CAP VALUE

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds (the “Board”) held on June 9-10, 2010, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Oppenheimer Small- & Mid-Cap Value (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and OppenheimerFunds, Inc. (the “Sub-Adviser”), to determine whether the agreements should be renewed.

Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement and the compensation to be received by TAM and the Sub-Adviser under the agreements is consistent with TAM’s fiduciary duty under applicable law. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2011. In reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including information about fees and performance of comparable funds managed by the Sub-Adviser. The Trustees also considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance information, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory services to be provided. The Board considered the nature, extent and quality of the services provided by TAM and the Sub-Adviser to the Fund in the past, as well as the services anticipated to be provided in the future. The Trustees also considered the Sub-Adviser’s investment approach for the Fund. The Trustees noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for the Sub-Adviser and a comparison of trading results against a peer universe of managers. The Board also considered the 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 of the portfolio management team of the Sub-Adviser. The Trustees 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 Board considered the short and longer-term performance of the Fund in light of its investment objective, policies and strategies, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2009. The Board noted that the Fund’s performance was above the median for its peer universe for the past 1-year period and below the median for the past 3-year period. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board 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 investment objectives, policies and strategies and competitive with other investment companies.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Fund. The Trustees noted that the Fund’s contractual management fee was in line with the median for its peer group and above the median for its peer universe and that the total expenses of the Fund were below the medians for its peer group and peer universe. The Trustees noted the anticipated profitability of the relationship between the Fund, TAM and its affiliates, and the Sub-Adviser, as applicable, and determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the agreements are consistent with TAM’s fiduciary duty under applicable law. In making these observations and determinations, the Board reviewed, among other information, comparative information provided by Lipper and management.

Other considerations. 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 Trustees 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 Trustees 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.



Transamerica Funds		Annual Report 2010

Page 269

TRANSAMERICA SCHRODERS INTERNATIONAL SMALL CAP

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds (the “Board”) held on June 9-10, 2010, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Schroders International Small Cap (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and Schroder Investment Management North America Inc. (the “Sub-Adviser”), to determine whether the agreements should be renewed.

Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement and the compensation to be received by TAM and the Sub-Adviser under the agreements is consistent with TAM’s fiduciary duty under applicable law. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2011. In reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including information about fees and performance of comparable accounts managed by the Sub-Adviser and composite performance information provided by the Sub-Adviser. The Trustees also considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance information, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory services to be provided. The Board considered the nature, extent and quality of the services provided by TAM and the Sub-Adviser to the Fund in the past, as well as the services anticipated to be provided in the future. The Trustees also considered the Sub-Adviser’s investment approach for the Fund. The Trustees noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for the Sub-Adviser and a comparison of trading results against a peer universe of managers. The Board also considered the 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 of the portfolio management team of the Sub-Adviser. The Trustees 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 Board considered the short and longer-term performance of the Fund in light of its investment objective, policies and strategies, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for the period ended December 31, 2009, noting that the Fund’s inception date was March 1, 2008. The Board noted that the Fund’s performance was above the median for its peer universe for the past 1-year period. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board 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 investment objectives, policies and strategies and competitive with other investment companies.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Fund. The Trustees noted that the Fund’s contractual management fee was below the median for its peer group and in line with the median for its peer universe and that the total expenses of the Fund were below the medians for its peer group and peer universe. The Trustees noted the anticipated profitability of the relationship between the Fund, TAM and its affiliates, and the Sub-Adviser, as applicable, and determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the agreements are consistent with TAM’s fiduciary duty under applicable law. In making these observations and determinations, the Board reviewed, among other information, comparative information provided by Lipper and management.

Other considerations. 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 Trustees 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 Trustees 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.



Transamerica Funds		Annual Report 2010

Page 270

TRANSAMERICA THIRD AVENUE VALUE

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds (the “Board”) held on June 9-10, 2010, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Third Avenue Value (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and Third Avenue Management LLC (the “Sub-Adviser”), to determine whether the agreements should be renewed.

Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement and the compensation to be received by TAM and the Sub-Adviser under the agreements is consistent with TAM’s fiduciary duty under applicable law. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2011. In reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including information about fees and performance of comparable funds managed by the Sub-Adviser. The Trustees also considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance information, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory services to be provided. The Board considered the nature, extent and quality of the services provided by TAM and the Sub-Adviser to the Fund in the past, as well as the services anticipated to be provided in the future. The Trustees also considered the Sub-Adviser’s investment approach for the Fund. The Trustees noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for the Sub-Adviser and a comparison of trading results against a peer universe of managers. The Board also considered the 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 of the portfolio management team of the Sub-Adviser. The Trustees 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 Board considered the short and longer-term performance of the Fund in light of its investment objective, policies and strategies, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2009, noting that the Fund’s Class I2 Shares have an inception date of May 1, 2007. The Board noted that the Fund’s performance was in line with the median for its peer universe for the past 1-year period. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board 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 investment objectives, policies and strategies and competitive with other investment companies.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Fund. The Trustees noted that the Fund’s contractual management fee was above the median for its peer group and in line with the median for its peer universe and that the total expenses of the Fund were below the medians for its peer group and peer universe. The Trustees noted the anticipated profitability of the relationship between the Fund, TAM and its affiliates, and the Sub-Adviser, as applicable, and determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the agreements are consistent with TAM’s fiduciary duty under applicable law. In making these observations and determinations, the Board reviewed, among other information, comparative information provided by Lipper and management.

Other considerations. 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 Trustees 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 Trustees 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.



Transamerica Funds		Annual Report 2010

Page 271

TRANSAMERICA THORNBURG INTERNATIONAL VALUE

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds (the “Board”) held on June 9-10, 2010, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Thornburg International Value (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and Thornburg Investment Management, Inc. (the “Sub-Adviser”), to determine whether the agreements should be renewed.

Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement and the compensation to be received by TAM and the Sub-Adviser under the agreements is consistent with TAM’s fiduciary duty under applicable law. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2011. In reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including information about fees and performance of comparable funds and accounts managed by the Sub-Adviser. The Trustees also considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance information, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory services to be provided. The Board considered the nature, extent and quality of the services provided by TAM and the Sub-Adviser to the Fund in the past, as well as the services anticipated to be provided in the future. The Trustees also considered the Sub-Adviser’s investment approach for the Fund. The Trustees noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for the Sub-Adviser and a comparison of trading results against a peer universe of managers. The Board also considered the 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 of the portfolio management team of the Sub-Adviser. The Trustees 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 Board considered the short and longer-term performance of the Fund in light of its investment objective, policies and strategies, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for the period ended December 31, 2009, noting that the Fund has an inception date of September 15, 2008. The Board noted that the Fund’s performance was in line with the median for its peer universe for the past 1-year period. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board 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 investment objectives, policies and strategies and competitive with other investment companies.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Fund. The Trustees noted that the Fund’s contractual management fee was in line with the median for its peer group and above the median for its peer universe and that the total expenses of the Fund were below the medians for its peer group and peer universe. The Trustees noted the anticipated profitability of the relationship between the Fund, TAM and its affiliates, and the Sub-Adviser, as applicable, and determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the agreements are consistent with TAM’s fiduciary duty under applicable law. In making these observations and determinations, the Board reviewed, among other information, comparative information provided by Lipper and management.

Other considerations. 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 Trustees 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 Trustees 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.



Transamerica Funds		Annual Report 2010

Page 272

TRANSAMERICA UBS LARGE CAP VALUE

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds (the “Board”) held on June 9-10, 2010, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica UBS Large Cap Value (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and UBS Global Asset Management (Americas) Inc. (the “Sub-Adviser”), to determine whether the agreements should be renewed.

Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement and the compensation to be received by TAM and the Sub-Adviser under the agreements is consistent with TAM’s fiduciary duty under applicable law. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2011. In reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including information about fees and performance of comparable funds managed by the Sub-Adviser and composite performance and standard fee information provided by the Sub-Adviser. The Trustees also considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance information, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory services to be provided. The Board considered the nature, extent and quality of the services provided by TAM and the Sub-Adviser to the Fund in the past, as well as the services anticipated to be provided in the future. The Trustees also considered the Sub-Adviser’s investment approach for the Fund. The Trustees noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for the Sub-Adviser and a comparison of trading results against a peer universe of managers. The Board also considered the 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 of the portfolio management team of the Sub-Adviser. The Trustees 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 Board considered the short and longer-term performance of the Fund in light of its investment objective, policies and strategies, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2009. The Board noted that the Fund’s performance was in line with the median for its peer universe for the past 1-year period and below the median for the past 3-year period. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board 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 investment objectives, policies and strategies and competitive with other investment companies.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Fund. The Trustees noted that the Fund’s contractual management fee was in line with the medians for its peer group and peer universe and that the total expenses of the Fund were below the medians for its peer group and peer universe. The Trustees noted the anticipated profitability of the relationship between the Fund, TAM and its affiliates, and the Sub-Adviser, as applicable, and determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the agreements are consistent with TAM’s fiduciary duty under applicable law. In making these observations and determinations, the Board reviewed, among other information, comparative information provided by Lipper and management.

Other considerations. 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 Trustees 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 Trustees 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.



Transamerica Funds		Annual Report 2010

Page 273

TRANSAMERICA WMC EMERGING MARKETS

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds (the “Board”) held on June 9-10, 2010, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica WMC Emerging Markets (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the 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 renewed.

Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement and the compensation to be received by TAM and the Sub-Adviser under the agreements is consistent with TAM’s fiduciary duty under applicable law. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2011. In reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including composite performance and standard fee information provided by the Sub-Adviser. The Trustees also considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance information, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory services to be provided. The Board considered the nature, extent and quality of the services provided by TAM and the Sub-Adviser to the Fund in the past, as well as the services anticipated to be provided in the future. The Trustees also considered the Sub-Adviser’s investment approach for the Fund. The Trustees noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for the Sub-Adviser and a comparison of trading results against a peer universe of managers. The Board also considered the 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 of the portfolio management team of the Sub-Adviser. The Trustees 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 Board considered the short and longer-term performance of the Fund in light of its investment objective, policies and strategies, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for the period ended December 31, 2009, noting that the Fund’s inception date is September 30, 2008. The Board noted that the Fund’s performance was below the median for its peer universe for the past 1-year period. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board 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 investment objectives, policies and strategies and competitive with other investment companies.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Fund. The Trustees noted that the Fund’s contractual management fee was in line with the median for its peer group and above the median for its peer universe and that the total expenses of the Fund were below the medians for its peer group and peer universe. The Trustees noted the anticipated profitability of the relationship between the Fund, TAM and its affiliates, and the Sub-Adviser, as applicable, and determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the agreements are consistent with TAM’s fiduciary duty under applicable law. In making these observations and determinations, the Board reviewed, among other information, comparative information provided by Lipper and management.

Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Fund grows. The Trustees considered the economies of scale with respect to the management of the Fund, whether the Fund had appropriately benefited from any economies of scale, and whether there was potential for realization of any further economies of scale. The Trustees considered the absence of breakpoints in the management fee schedule, and concluded the absence of breakpoints was acceptable under the circumstances. The Trustees also concluded that they will have the opportunity to periodically reexamine whether the Fund has achieved economies of scale, and the appropriateness of management fees payable to TAM and fees paid to the Sub-Adviser, in the future.

Other considerations. 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 Trustees 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 Trustees 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.



Transamerica Funds		Annual Report 2010

Page 274

TRANSAMERICA CLARION GLOBAL REAL ESTATE SECURITIES

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds (the “Board”) held on June 9-10, 2010, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Clarion Global Real Estate Securities (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and ING Clarion Real Estate Securities LP (the “Sub-Adviser”), to determine whether the agreements should be renewed.

Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement and the compensation to be received by TAM and the Sub-Adviser under the agreements is consistent with TAM’s fiduciary duty under applicable law. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2011. In reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including information about fees and performance of comparable funds managed by the Sub-Adviser. The Trustees also considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance information, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory services to be provided. The Board considered the nature, extent and quality of the services provided by TAM and the Sub-Adviser to the Fund in the past, as well as the services anticipated to be provided in the future. The Trustees also considered the Sub-Adviser’s investment approach for the Fund. The Trustees noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for the Sub-Adviser and a comparison of trading results against a peer universe of managers. The Board also considered the 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 of the portfolio management team of the Sub-Adviser. The Trustees 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 Board considered the short and longer-term performance of the Fund in light of its investment objective, policies and strategies, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2009. The Board noted that the Fund’s performance was below the median for its peer universe for the past 1-year period and above the median for the past 3-year period. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board 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 investment objectives, policies and strategies and competitive with other investment companies.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Fund. The Trustees noted that the Fund’s contractual management fee and total expenses were below the medians for its peer group and peer universe. The Trustees noted the anticipated profitability of the relationship between the Fund, TAM and its affiliates, and the Sub-Adviser, as applicable, and determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the agreements are consistent with TAM’s fiduciary duty under applicable law. In making these observations and determinations, the Board reviewed, among other information, comparative information provided by Lipper and management.

Other considerations. 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 Trustees 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 Trustees also determined that TAM has made a significant entrepreneurial commitment to the management and success of the Fund.



Transamerica Funds		Annual Report 2010

Page 275

TRANSAMERICA JENNISON GROWTH

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds (the “Board”) held on June 9-10, 2010, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Jennison Growth (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and Jennison Associates LLC (the “Sub-Adviser”), to determine whether the agreements should be renewed.

Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement and the compensation to be received by TAM and the Sub-Adviser under the agreements is consistent with TAM’s fiduciary duty under applicable law. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2011. In reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including information about fees and performance of comparable funds managed by the Sub-Adviser and composite performance information provided by the Sub-Adviser. The Trustees also considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance information, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory services to be provided. The Board considered the nature, extent and quality of the services provided by TAM and the Sub-Adviser to the Fund in the past, as well as the services anticipated to be provided in the future. The Trustees also considered the Sub-Adviser’s investment approach for the Fund. The Trustees noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for the Sub-Adviser and a comparison of trading results against a peer universe of managers. The Board also considered the 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 of the portfolio management team of the Sub-Adviser. The Trustees 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 Board considered the short and longer-term performance of the Fund in light of its investment objective, policies and strategies, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2009. The Board noted that the Fund’s performance was above the median for its peer universe for the past 1– and 3-year periods. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board 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 investment objectives, policies and strategies and competitive with other investment companies.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Fund. The Trustees noted that the Fund’s contractual management fee was in line with the median for its peer group and above the median for its peer universe and that the total expenses of the Fund were below the medians for its peer group and peer universe. The Trustees noted the anticipated profitability of the relationship between the Fund, TAM and its affiliates, and the Sub-Adviser, as applicable, and determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the agreements are consistent with TAM’s fiduciary duty under applicable law. In making these observations and determinations, the Board reviewed, among other information, comparative information provided by Lipper and management.

Other considerations. 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 Trustees 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 Trustees also determined that TAM has made a significant entrepreneurial commitment to the management and success of the Fund.



Transamerica Funds		Annual Report 2010

Page 276

TRANSAMERICA MFS INTERNATIONAL EQUITY

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds (the “Board”) held on June 9-10, 2010, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica MFS International Equity (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and MFS Investment Management (the “Sub-Adviser”), to determine whether the agreements should be renewed.

Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement and the compensation to be received by TAM and the Sub-Adviser under the agreements is consistent with TAM’s fiduciary duty under applicable law. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2011. In reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including information about fees and performance of comparable funds managed by the Sub-Adviser and fee information with respect to comparable accounts provided by the Sub-Adviser. The Trustees also considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance information, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory services to be provided. The Board considered the nature, extent and quality of the services provided by TAM and the Sub-Adviser to the Fund in the past, as well as the services anticipated to be provided in the future. The Trustees also considered the Sub-Adviser’s investment approach for the Fund. The Trustees noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for the Sub-Adviser and a comparison of trading results against a peer universe of managers. The Board also considered the 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 of the portfolio management team of the Sub-Adviser. The Trustees 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 cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Fund. The Trustees noted that the Fund’s contractual management fee was in line with the medians for its peer group and peer universe and that the total expenses of the Fund were below the medians for its peer group and peer universe. The Trustees noted the anticipated profitability of the relationship between the Fund, TAM and its affiliates, and the Sub-Adviser, as applicable, and determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the agreements are consistent with TAM’s fiduciary duty under applicable law. In making these observations and determinations, the Board reviewed, among other information, comparative information provided by Lipper and management.

Other considerations. 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 Trustees 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 Trustees also determined that TAM has made a significant entrepreneurial commitment to the management and success of the Fund.



Transamerica Funds		Annual Report 2010

Page 277

TRANSAMERICA PIMCO REAL RETURN TIPS

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds (the “Board”) held on June 9-10, 2010, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica PIMCO Real Return TIPS (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and Pacific Investment Management Company LLC (the “Sub-Adviser”), to determine whether the agreements should be renewed.

Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement and the compensation to be received by TAM and the Sub-Adviser under the agreements is consistent with TAM’s fiduciary duty under applicable law. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2011. In reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including standard fees charged to sub-advised funds and separate accounts, as well as composite and comparable fund performance information provided by the Sub-Adviser. The Trustees also considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance information, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The investment performance of the Fund. The Board considered the short and longer-term performance of the Fund in light of its investment objective, policies and strategies, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2009. The Board noted that the Fund’s performance was above the median for its peer universe for the past 1-, 3- and 5-year periods. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board 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 investment objectives, policies and strategies and competitive with other investment companies.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Fund. The Trustees noted that the Fund’s contractual management fee and total expenses were above the medians for its peer group and peer universe. The Trustees noted the anticipated profitability of the relationship between the Fund, TAM and its affiliates, and the Sub-Adviser, as applicable, and determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the agreements are consistent with TAM’s fiduciary duty under applicable law. In making these observations and determinations, the Board reviewed, among other information, comparative information provided by Lipper and management.

Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Fund grows. The Trustees considered the economies of scale with respect to the management of the Fund, whether the Fund had appropriately benefited from any economies of scale, and whether there was potential for realization of any further economies of scale. In evaluating the extent to which the management fees payable under the Investment Advisory and Sub-Advisory Agreements reflect economies of scale or will permit economies of scale to be realized in the future, the Board noted that TAM and the Sub-Adviser offer or will offer breakpoints which benefit investors by passing on economies of scale in the form of lower management fees as the level of assets grows. The Trustees also concluded that they will have the opportunity to periodically reexamine whether the Fund has achieved economies of scale, and the appropriateness of management fees payable to TAM and fees paid to the Sub-Adviser, in the future.

Other considerations. 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 Trustees 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 Trustees also determined that TAM has made a significant entrepreneurial commitment to the management and success of the Fund.



Transamerica Funds		Annual Report 2010

Page 278

TRANSAMERICA PIMCO TOTAL RETURN

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds (the “Board”) held on June 9-10, 2010, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica PIMCO Total Return (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and Pacific Investment Management Company LLC (the “Sub-Adviser”), to determine whether the agreements should be renewed.

Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement and the compensation to be received by TAM and the Sub-Adviser under the agreements is consistent with TAM’s fiduciary duty under applicable law. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2011. In reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including standard fees charged to sub-advised funds and separate accounts, as well as composite and comparable fund performance information provided by the Sub-Adviser. The Trustees also considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance information, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The investment performance of the Fund. The Board considered the short and longer-term performance of the Fund in light of its investment objective, policies and strategies, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2009. The Board noted that the Fund’s performance was above the median for its peer universe for the past 1– and 3-year periods. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board 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 investment objectives, policies and strategies and competitive with other investment companies.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Fund. The Trustees noted that the Fund’s contractual management fee and total expenses were above the medians for its peer group and peer universe. The Trustees noted the management fee was reduced in 2007. The Trustees noted the anticipated profitability of the relationship between the Fund, TAM and its affiliates, and the Sub-Adviser, as applicable, and determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the agreements are consistent with TAM’s fiduciary duty under applicable law. In making these observations and determinations, the Board reviewed, among other information, comparative information provided by Lipper and management.

Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Fund grows. The Trustees considered the economies of scale with respect to the management of the Fund, whether the Fund had appropriately benefited from any economies of scale, and whether there was potential for realization of any further economies of scale. In evaluating the extent to which the management fees payable under the Investment Advisory and Sub-Advisory Agreements reflect economies of scale or will permit economies of scale to be realized in the future, the Board noted that TAM and the Sub-Adviser offer or will offer breakpoints which benefit investors by passing on economies of scale in the form of lower management fees as the level of assets grows. The Trustees also concluded that they will have the opportunity to periodically reexamine whether the Fund has achieved economies of scale, and the appropriateness of management fees payable to TAM and fees paid to the Sub-Adviser, in the future.

Other considerations. 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 Trustees 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 Trustees also determined that TAM has made a significant entrepreneurial commitment to the management and success of the Fund.



Transamerica Funds		Annual Report 2010

Page 279

TRANSAMERICA AQR MANAGED FUTURES STRATEGY

APPROVAL OF NEW INVESTMENT ADVISORY AND INVESTMENT SUB-ADVISORY AGREEMENT

(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds (the “Board”) held on April 8, 2010, the Board considered a proposal from Transamerica Asset Management, Inc. (“TAM” or “Management”) regarding approval of a new mandate, Transamerica AQR Managed Futures Strategy (the “New Series”). In connection with the approval of the New Series, the Board Members reviewed and considered the proposed investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Funds and Transamerica AQR Managed Futures Strategy and TAM, as well as the proposed investment sub-advisory agreement (the Investment Sub-Advisory Agreement”) of the New Series between TAM and AQR Capital Management, LLC (“AQR” or the “Sub-Adviser”), to determine whether the agreements should be approved for an initial two-year period.

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

Board Considerations. In reaching their decision, the Board Members requested and obtained from TAM and AQR 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 and Investment Sub-Advisory Agreements, the Board Members evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions, and each Board Member may have attributed different weights to the various factors:

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 New Series, 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 managers for the New Series). 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 New Series’ operations, the competitive landscape of the investment company business and investor needs.

The investment performance of the New Series. The New Series is not yet in existence and therefore had no historical performance for the Board to review. 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 New Series’ proposed investment objectives, policies and strategies and competitive with other investment companies

The cost of advisory services provided and the level of profitability. The New Series was not yet in existence and therefore no revenue, cost or profitability data was available for the Board Members to review. However, the Board Members reviewed projected profitability information regarding TAM’s costs of procuring portfolio management services as well as the costs of providing administration, transfer agency, fund accounting and other services to the New Series. Based on such information and the proposed management and sub-advisory fees for the New Series, the Board Members determined that the proposed fees of the New Series generally are consistent with industry averages and bear a reasonable relationship to the services to be provided under the agreements and fall within the range of what would have been negotiated at arm’s length between the parties under similar circumstances and the anticipated profitability of the relationship between the New Series, TAM and its affiliates, and the Sub-Adviser. In making these observations and determinations, the Board Members reviewed comparative information provided by Lipper, Inc.

Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the New Series grows. In evaluating the extent to which the management fees payable under the new investment advisory and sub-advisory agreements 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, as detailed in the materials provided, and noted each fee breakpoint with respect to the various asset levels to be achieved by the New Series. The Board concluded that the proposed fees, and breakpoints should appropriately benefit investors by permitting economies of scale in the form of lower management fees as the level of assets grows for the New Series. The Board also concluded that the New Series’ management fees appropriately reflect the New Series’ anticipated size, the current economic environment for TAM, the competitive nature of the 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 New Series has achieved economies of scale and the appropriateness of management fees payable to TAM and fees payable by TAM to the Sub-Adviser.

Benefits to TAM, its affiliates, or the sub-adviser from their relationship with the New Series. The Board concluded that other benefits anticipated to be derived by TAM, its affiliates, and the Sub-Adviser from their relationships with the New Series are expected to be consistent with industry practice and the best interests of the New Series and its shareholders. The Board Members noted that TAM would not realize soft dollar benefits from its relationship with the New Series.

Other considerations. The Board considered the investment objective of the New Series and its investment strategy and determined that the New Series would enhance the investment options for the asset allocation funds. 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 New Series in a professional manner that is consistent with the best interests of the New Series and its shareholders. In this regard, the Board Members favorably considered the procedures and policies in place by TAM to 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 New Series, reflected by TAM’s expense limitation and fee waiver arrangements with the New Series that may result in TAM waiving fees for the benefit of shareholders. In approving the New Series, the Board also considered the high quality of the Sub-Adviser’s portfolio management personnel who will manage the New Series under the Investment 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 New Series.



Transamerica Funds		Annual Report 2010

Page 280

TRANSAMERICA GOLDMAN SACHS COMMODITY STRATEGY
(FORMERLY TRANSAMERICA BLACKROCK NATURAL RESOURCES)

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds (the “Board”) held on June 9-10, 2010, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica BlackRock Natural Resources (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and BlackRock Investment Management, LLC (the “Sub-Adviser”), to determine whether the agreements should be renewed.

Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement and the compensation to be received by TAM and the Sub-Adviser under the agreements is consistent with TAM’s fiduciary duty under applicable law. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2011. In reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including information about fees and performance of comparable accounts managed by the Sub-Adviser. The Trustees also considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance information, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory services to be provided. The Board considered the nature, extent and quality of the services provided by TAM and the Sub-Adviser to the Fund in the past, as well as the services anticipated to be provided in the future. The Trustees also considered the Sub-Adviser’s investment approach for the Fund. The Trustees noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for the Sub-Adviser and a comparison of trading results against a peer universe of managers. The Board also considered the 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 of the portfolio management team of the Sub-Adviser. The Trustees 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. In making this determination, the Trustees considered that they had previously approved the replacement of the Sub-Adviser, with such replacement to take effect in the third quarter of 2010. Accordingly, the Trustees noted that the Sub-Adviser would only be providing services under the Sub-Advisory Agreement for a limited period of time.

The investment performance of the Fund. The Board considered the short and longer-term performance of the Fund in light of its investment objective, policies and strategies, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2009, noting that the Fund’s inception date was January 3, 2007. The Board noted that the Fund’s performance was in line with the median for its peer universe for the past 1-year period. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board 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 investment objectives, policies and strategies and competitive with other investment companies.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Fund. The Trustees noted that the Fund’s contractual management fee was below the median for its peer group and in line with the median for its peer universe and that the total expenses of the Fund were below the medians for its peer group and peer universe. The Trustees noted the anticipated profitability of the relationship between the Fund, TAM and its affiliates, and the Sub-Adviser, as applicable, and determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the agreements are consistent with TAM’s fiduciary duty under applicable law. In making these observations and determinations, the Board reviewed, among other information, comparative information provided by Lipper and management.

Other considerations. 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 Trustees 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 Trustees 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.



Transamerica Funds		Annual Report 2010

Page 281

TRANSAMERICA GOLDMAN SACHS COMMODITY STRATEGY
(FORMERLY KNOWN AS TRANSAMERICA BLACKROCK NATURAL RESOURCES)

APPROVAL OF NEW INVESTMENT SUB-ADVISORY AGREEMENT

(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds (the “Board”) held on April 8, 2010, the Board considered a proposal from Transamerica Asset Management, Inc. (“TAM”) to replace BlackRock Investment Management, LLC with Goldman Sachs Asset Management, LP (“GSAM” or the “Sub Adviser”) as sub-adviser to Transamerica Goldman Sachs Commodity Strategy (formerly known as Transamerica BlackRock Natural Resources) (the “Fund”). In connection with the sub-adviser change, the Board Members reviewed and considered a new investment sub-advisory agreement with GSAM (the “GSAM Sub-Advisory Agreement”) to determine whether the agreement should be approved for an initial two-year period.

Following their review and consideration, the Board Members, including the Independent Board Members, unanimously approved the proposed GSAM Sub-Advisory Agreement. Discussed below are some of the material factors considered by the Board.

Board Considerations. In reaching their decision, the Board Members requested and obtained from TAM and GSAM such information as they deemed reasonably necessary to evaluate the proposed agreement, including, when applicable, information about fees and performance of comparable funds managed by the Sub-Adviser. In considering the proposed approval of the GSAM Sub-Advisory Agreement, the Board Members evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions, and each Board Member may have attributed different weights to the various factors:

Among other matters, the Board Members considered:

(a) that TAM has advised the Board Members that the appointment of the Sub-Adviser is not expected to result in any diminution in the nature, quality and extent of services provided to the Fund and its shareholders, including compliance services;

(b) that the Sub-Adviser is an experienced and respected asset management firm and has the capabilities, resources and personnel necessary to provide advisory services to the Fund;

(d) the fact that the sub-advisory fee payable to the Sub-Adviser would be paid by TAM and not the Fund;

(e) that the management and sub-advisory fees will be reduced; and that the sub-advisory fee paid by TAM to the Sub-Adviser represents reasonable compensation to the Sub-Adviser in light of the services expected to be provided; and

(f) that TAM recommended to the Board that GSAM be appointed as Sub-Adviser to the Fund based on its desire to engage an established commodities strategy sub-adviser with experience managing a mutual fund product, and with a proven performance record for that strategy.

Certain of these considerations are discussed in more detail below.

The Board Members, including a majority of the Independent Board Members, concluded that the GSAM Sub-Advisory Agreement should be approved and that the fees payable bear a reasonable relationship to the services provided under the agreement and fall within the range of what would have been negotiated at arm’s length between the parties under similar circumstances.

Nature, Quality and Extent of Services Provided. In evaluating the nature, quality and extent of the services to be provided by the Sub-Adviser under the GSAM Sub-Advisory Agreement, the Board Members considered, among other things, information and assurances provided by TAM and the Sub-Adviser as to the operations, facilities, organization and personnel of the Sub-Adviser, the anticipated ability of the Sub-Adviser to perform its duties under the GSAM Sub-Advisory Agreement, and the anticipated changes to the current investment program and other practices of the Fund The Board Members considered the proposed change to the Fund’s investment objective and principal investment strategies and risks, as well as the change to the Fund’s name. The Board Members considered that TAM has advised the Board Members that the appointment of the Sub-Adviser is not expected to result in any diminution in the nature, quality and extent of services provided to the Fund and its shareholders, including compliance services. The Board Members considered that the Sub-Adviser is an experienced and respected asset management firm and that TAM believes that the Sub-Adviser has the capabilities, resources and personnel necessary to provide advisory services to the Fund.

Based on their review of the materials provided and the assurances they had received from TAM, the Board Members determined that the Sub-Adviser can provide sub-advisory services that are appropriate in scope and extent in light of the proposed investment program for the Fund and that the Sub-Adviser’s appointment is not expected to adversely affect the nature, quality and extent of services provided to the Fund.

Fees and Costs of Services Provided. The Board Members considered the sub-advisory fee rate under the GSAM Sub-Advisory Agreement as well as the overall management fee structure of the Fund and noted that the advisory fee payable by the Fund and sub-advisory fee payable by TAM would be reduced if the GSAM Sub-Advisory Agreement is implemented, which would benefit the Fund and its shareholders. The Board Members noted that the Fund does not pay the sub-advisory fee. The Board Members also determined that the sub-advisory fees paid by TAM to the Sub-Adviser bear a reasonable relationship to the services provided under the agreement and fall within the range of what would have been negotiated at arm’s length between the parties under similar circumstances, and that it would review the Fund’s investment advisory fees payable during an upcoming meeting.

Economies of Scale. The Board Members noted that the advisory fee payable under the advisory fee schedule of the Fund would be reduced, and determined that the advisory fee schedule, which contains breakpoints, permits certain economies of scale for the benefit of shareholders as the Fund grows. The Board Members noted that they would review these breakpoints at an upcoming meeting. The Board Members noted that TAM believes that the appointment of GSAM as sub-adviser has the potential to attract additional assets.

Fall-Out Benefits. The Board Members noted that TAM would not realize soft dollar benefits from its relationship with the Sub-Adviser, and that the Sub-Adviser may engage in soft dollar arrangements consistent with applicable law and “best execution” requirements. It was noted, however, that given the nature of the proposed investment objectives and strategies of the Fund, significant soft dollar arrangements would be unlikely.

Investment Performance. The Board Members reviewed the returns and risk comparison of Transamerica BlackRock Natural Resources versus a composite of accounts managed by the Sub-Adviser utilizing the enhanced index strategy. The Board Members noted that the performance of the Fund was stronger than that of the composite performance for the GSAM enhanced index strategy funds for the past 1- and 2-year (annualized) periods ended December 30, 2009. The Board Members further noted, however, that TAM believes that the appointment of GSAM could benefit shareholders by offering them the potential for superior performance, but that the Board Members were unable to predict what effect execution of the GSAM Sub-Advisory Agreement would actually have on the future performance of the Fund. Based on this information, the Board Members determined that the Sub-Adviser is capable of generating a level of investment performance that is appropriate in light of the Fund’s investment objectives, policies and strategies.



Transamerica Funds		Annual Report 2010

Page 282

SUPPLEMENTAL INFORMATION (unaudited)

TAX INFORMATION

For dividends paid during the year ended October 31, 2010, the Funds designated the following as qualified dividend income:


	Qualified Dividend
Fund	Income

Transamerica AllianceBernstein International Value	$	6,345
Transamerica BlackRock Global Allocation		4,697
Transamerica BlackRock Large Cap Value		8,503
Transamerica Federated Market Opportunity		519
Transamerica JPMorgan Mid Cap Value		2,941
Transamerica Loomis Sayles Bond		863
Transamerica Neuberger Berman International		4,517
Transamerica Oppenheimer Small- & Mid-Cap Value		947
Transamerica Schroders International Small Cap		2,984
Transamerica Third Avenue Value		4,212
Transamerica Thornburg International Value		3,931
Transamerica UBS Large Cap Value		11,964
Transamerica WMC Emerging Markets		1,255
Transamerica Clarion Global Real Estate Securities		606
Transamerica Jennison Growth		361
Transamerica MFS International Equity		5,683
Transamerica PIMCO Real Return TIPS		30
Transamerica PIMCO Total Return		319
Transamerica Goldman Sachs Commodity Strategy (formerly, Transamerica BlackRock Natural Resources)		562

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		31.00	%
Transamerica BlackRock Large Cap Value		100.00
Transamerica Federated Market Opportunity		0.88
Transamerica JPMorgan Mid Cap Value		100.00
Transamerica Loomis Sayles Bond		2.55
Transamerica Oppenheimer Small- & Mid-Cap Value		100.00
Transamerica Third Avenue Value		27.77
Transamerica UBS Large Cap Value		100.00
Transamerica Jennison Growth		100.00
Transamerica PIMCO Real Return TIPS		0.09
Transamerica PIMCO Total Return		0.81
Transamerica Goldman Sachs Commodity Strategy (formerly, Transamerica BlackRock Natural Resources)		100.00

For tax purposes, the Long-Term Capital Gain Designations for the year ended October 31, 2010 were as follows:


	Long-Term Capital Gain
Fund	Designation

Transamerica JPMorgan International Bond	$	5,896
Transamerica WMC Emerging Markets		1,031
Transamerica MFS International Equity		190



Transamerica Funds		Annual Report 2010

Page 283

TRANSAMERICA FUNDS

Management of the Funds
(unaudited)

Number of

Funds in

Term of

Complex

Office and

Overseen

Position(s) Held

Length of

Principal Occupation(s) During

by Board

Other

Name and Age

with Trust

Time Served^*

Past 5 Years

Member

Directorships

INTERESTED BOARD MEMBER^**

John K. Carter (1961)

Chairman, Board Member, President, and Chief Executive Officer

Since 1999

Chairman and Board Member
(2008 — 2010), President
(2007 — 2010), Chief Executive Officer (2006 — 2010), Vice President, Secretary and Chief Compliance Officer (2003 — 2006), Transamerica Investors, Inc. (“TII”);

152

N/A

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;

Chairman, President and Chief Executive Officer (2006 — present), Director (2002 — present), Senior Vice President (1999 — 2006), General Counsel and Secretary
(2000 — 2006), Chief Compliance Officer (2004 — 2006), TAM;

Chairman, President and Chief Executive Officer (2006 — present), Senior Vice President (1999 — 2006), Director (2002 — present), General Counsel and Secretary
(2001 — 2006), Transamerica Fund Services, Inc. (“TFS”);



Transamerica Funds				Annual Report 2010

Page 284

Number of

Funds in

Term of

Complex

Office and

Overseen

Position(s) Held

Length of

Principal Occupation(s) During

by Board

Other

Name and Age

with Trust

Time Served^*

Past 5 Years

Member

Directorships

Vice President, AFSG Securities Corporation (2001 — present);

Senior Vice President, General Counsel and Secretary, Transamerica Index Funds, Inc. (“TIF”)
(2002 — 2004); and

Director, (2008 — present), Vice President, Transamerica Investment Services, Inc. (“TISI”) (2003 — 2005) and Transamerica Investment Management, LLC (“TIM”)
(2001 — 2005).

INDEPENDENT BOARD MEMBERS^***

Sandra N. Bane
(1952)

Board Member

Since 2008

Retired (1999 — present);

152

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

Partner, KPMG (1975 — 1999);

Board Member, TII (2003 — 2010); and

Board Member, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (2008 — present).

Leo J. Hill
(1956)

Lead Independent Board Member

Since 2002

Principal, Advisor Network Solutions, LLC (business consulting)
(2006 — present);

152

N/A

Board Member, TST (2001 — present);

Board Member, Transamerica Funds and TIS (2002 — present);

Board Member, TPP, TPFG, TPFG II and TAAVF (2007 — present);

Board Member, TII (2008 — 2010);

President, L. J. Hill & Company (a holding company for privately-held assets) (1999 — present);

Market President, Nations Bank of Sun Coast Florida (1998 — 1999);

Chairman, President and Chief Executive Officer, Barnett Banks of Treasure Coast Florida
(1994 — 1998);

Executive Vice President and Senior Credit Officer, Barnett Banks of Jacksonville, Florida (1991 — 1994); and

Senior Vice President and Senior Loan Administration Officer, Wachovia Bank of Georgia (1976 — 1991).



Transamerica Funds				Annual Report 2010

Page 285

Number of

Funds in

Term of

Complex

Office and

Overseen

Position(s) Held

Length of

Principal Occupation(s) During

by Board

Other

Name and Age

with Trust

Time Served^*

Past 5 Years

Member

Directorships

David W. Jennings
(1946)

Board Member

Since 2009

Board Member, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (2009 — present);

152

N/A

Board Member, TII (2009 — 2010);

Principal, Maxam Capital Management, LLC (2006 — 2008); and

Principal, Cobble Creek Management LP (2004 — 2006).

Russell A. Kimball, Jr.
(1944)

Board Member

1986 — 1990 and Since 2002

General Manager, Sheraton Sand Key Resort (1975 — present);

152

N/A

Board Member, TST
(1986 — present);

Board Member, Transamerica Funds, (1986 — 1990), (2002 — present);

Board Member, TIS (2002 — present);

Board Member, TPP, TPFG, TPFG II and TAAVF (2007 — present); and

Board Member, TII (2008 — 2010).

Eugene M. Mannella
(1954)

Board Member

Since 2007

Chief Executive Officer, HedgeServ Corporation (hedge fund administration) (2008 — present);

152

N/A

Self-employed consultant
(2006 — present);

President, ARAPAHO Partners LLC (limited purpose broker-dealer)
(1998 — 2008);

Board Member, TPP, TPFG, TPFG II and TAAVF (1993 — present);

Board Member, Transamerica Funds, TST and TIS (2007 — present);

Board Member, TII (2008 — 2010); and

President, International Fund Services (alternative asset administration) (1993 — 2005).



Transamerica Funds				Annual Report 2010

Page 286

Number of

Funds in

Term of

Complex

Office and

Overseen

Position(s) Held

Length of

Principal Occupation(s) During

by Board

Other

Name and Age

with Trust

Time Served^*

Past 5 Years

Member

Directorships

Norman R. Nielsen, Ph.D.

Board Member

Since 2006

Retired (2005 — present);

152

Buena Vista University Board of Trustees (2004 — present)

(1939)

Board Member, Transamerica Funds, TST and TIS (2006 — present);

Board Member, TPP, TPFG, TPFG II and TAAVF (2007 — present);

Board Member, TII (2008 — 2010);

Director, Iowa Student Loan Service Corporation (2006 — present);

Director, League for Innovation in the Community Colleges (1985 — 2005);

Director, Iowa Health Systems
(1994 — 2003);

Director, U.S. Bank (1985 — 2006); and

President, Kirkwood Community College (1985 — 2005).

Joyce G. Norden
(1939)

Board Member

Since 2007

Retired (2004 — present);

��

152

Board of Governors, Reconstruction -ist Rabbinical College (2007 — 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 (2008 — 2010); and

Vice President, Institutional Advancement, Reconstructionist Rabbinical College (1996 — 2004).

Patricia L. Sawyer
(1950)

Board Member

Since 2007

Retired (2007 — present);

152

Honorary Trustee, Bryant University (1996 — present)

President/Founder, Smith & Sawyer LLC (management consulting)
(1989 — 2007);

Board Member, Transamerica Funds, TST and TIS (2007 — present);

Board Member, TII (2008 — 2010);

Board Member, TPP, TPFG, TPFG II and TAAVF (1993 — present);

Trustee, Chair of Finance Committee and Chair of Nominating Committee (1987 — 1996), Bryant University;

Vice President, American Express (1987 — 1989);

Vice President, The Equitable
(1986 — 1987); and

Strategy Consultant, Booz, Allen & Hamilton (1982 — 1986).



Transamerica Funds				Annual Report 2010

Page 287

Number of

Funds in

Term of

Complex

Office and

Overseen

Position(s) Held

Length of

Principal Occupation(s) During

by Board

Other

Name and Age

with Trust

Time Served^*

Past 5 Years

Member

Directorships

John W. Waechter (1952)

Board Member

Since 2005

Attorney, Englander & Fischer, P.A. (2008 — present);

152

Operation PAR, Inc. (2008 — present); West Central Florida Council — Boy Scouts of America (2008 — present)

Retired (2004 — 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 (2008 — 2010);

Employee, RBC Dain Rauscher (securities dealer) (2004);

Executive Vice President, Chief Financial Officer and Chief Compliance Officer, William R. Hough & Co. (securities dealer) (1979 — 2004); and

Treasurer, The Hough Group of Funds (1993 — 2004).


*		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 2010

Page 288

OFFICERS


		Term of Office and Length of	Principal Occupation(s) or
Name and Age	Position	Time Served^*	Employment During Past 5 Years
John K. Carter (1961)	Chairman, Board Member, President, and Chief Executive Officer	Since 1999	See the table above.

Dennis P. Gallagher (1970)	Vice President, General Counsel and Secretary	Since 2006	Vice President, General Counsel and Secretary, Transamerica Funds, TST and TIS (2006 — present);

			Vice President, General Counsel and Secretary, TII, (2006 — 2010);

			Vice President, General Counsel and Secretary, TPP, TPFG, TPFG II and TAAVF (2007 — present);

			Director, Senior Vice President, General Counsel, Operations, and Secretary, TAM and TFS (2006 — present);

			Assistant Vice President, TCI (2007 — present);

			Director, Deutsche Asset Management (1998 — 2006); and

			Corporate Associate, Ropes & Gray LLP (1995 — 1998).

Robert A. DeVault, Jr. (1965)	Vice President, Treasurer and Principal Financial Officer	Since 2009	Vice President, Treasurer and Principal Financial Officer, (March 2010 — present), Assistant Treasurer, (2009 — 2010), Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF;

			Vice President (March 2010 — present), Assistant Vice President (2007 — 2010) and Manager, Fund Administration, (2002 — 2007), TFS; and

			Vice President (March 2010 — present), TAM.

Christopher A. Staples (1970)	Vice President and Chief Investment Officer	Since 2005	Vice President and Chief Investment Officer (2007 — 2010); 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 2010

Page 289


		Term of Office and Length of	Principal Occupation(s) or
Name and Age	Position	Time Served^*	Employment During Past 5 Years
Robert S. Lamont, Jr. (1973)	Vice President, Chief Compliance Officer and Conflicts of Interest Officer	Since 2010	Vice President, Chief Compliance Officer and Conflicts of Interest Officer, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (February 2010 — present);

			Vice President and Senior Counsel, TAM and TFS (2007 — present);

			Senior Counsel, United States Securities and Exchange Commission (2004 — 2007); and

			Associate, Dechert, LLP (1999 — 2004).

Bradley O. Ackerman (1966)	Anti-Money Laundering Officer	Since 2007	Anti-Money Laundering Officer, TPP, TPFG, TPFG II and TAAVF (2009 — present);

			Anti-Money Laundering Officer, Transamerica Funds (2007 — present);

			Senior Compliance Officer, TAM (2007 — present); and

			Director, Institutional Services, Rydex Investments (2002 — 2007).

Sarah L. Bertrand (1967)	Assistant Secretary	Since 2009	Assistant Secretary, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (2009 — present);

			Assistant Secretary, TII (2009 — 2010);

			Assistant Vice President and Director, Legal Administration, TAM and TFS (2007 — present);

			Assistant Secretary and Chief Compliance Officer, 40\|86 Series Trust and 40\|86 Strategic Income Fund (2000 — 2007); and

			Second Vice President and Assistant Secretary, Legal and Compliance, 40\|86 Capital Management, Inc. (1994 — 2007).

Timothy J. Bresnahan (1968)	Assistant Secretary	Since 2009	Assistant Secretary, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (2009 — present);

			Assistant Secretary, TII (2009 — 2010);

			Counsel, TAM (2008 — present);

			Counsel (contract), Massachusetts Financial Services, Inc. (2007);

			Assistant Counsel, BISYS Fund Services Ohio, Inc. (2005 — 2007); and

			Associate, Greenberg Traurig, P.A. (2004 — 2005).



Transamerica Funds				Annual Report 2010

Page 290


		Term of Office and Length of	Principal Occupation(s) or
Name and Age	Position	Time Served^*	Employment During Past 5 Years
Margaret A. Cullem-Fiore (1957)	Assistant Secretary	Since 2010	Assistant Secretary, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (April 2010 — present);

			Assistant Vice President, TCI (2009 — present);

			Vice President and Senior Counsel, TAM and TFS (2006 — present);

			Vice President and Senior Counsel, Transamerica Financial Advisors, Inc. (2004 — 2007); and

			Vice President and Senior Counsel, Western Reserve Life Assurance Co. of Ohio (2006).

Richard E. Shield, Jr. (1974)	Tax Officer	Since 2008	Tax Officer, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (2008 — present);

			Tax Officer, TII (2008 — 2010);

			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).

Elizabeth Strouse (1974)	Assistant Treasurer	Since 2010	Assistant Treasurer, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (April 2010 — present);

			Director, Fund Financial Services (2009 — present), TFS;

			Director, Fund Administration, TIAA-CREF (2007 — 2009); and

			Manager (2006 — 2007) and Senior (2003 — 2006) Accounting and Assurance, PricewaterhouseCoopers, LLC.


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



Transamerica Funds				Annual Report 2010

Page 291

PROXY VOTING POLICIES AND PROCEDURES AND QUARTERLY PORTFOLIO HOLDINGS
(unaudited)

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

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

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

Important Notice Regarding Delivery of Shareholder Documents

Every year we send shareholders informative materials such as the Transamerica Funds Annual Report, the Transamerica Funds Prospectus, and other required documents that keep you informed regarding your 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 2010

Page 292

TRANSAMERICA FUNDS — PRIVACY POLICY

NOTICE OF PRIVACY POLICY

(unaudited)

What Information We Collect and From Whom We Collect It

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

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

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

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

What Information We Disclose and To Whom We Disclose It

Our Security Procedures

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

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



Transamerica Funds				Annual Report 2010

Page 293

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.

Transamerica Bond (IDITX) N-14Registration statement for investment companies business combination