Transamerica Bond (IDITX) N-14 Registration statement for investment companies business combination

(17)(2)(v) Semi-Annual Report to Shareholders for the period ended April 30, 2011

Fund of Funds

Semi-Annual Report
April 30, 2011

www.transamericafunds.com

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

Dear Fellow Shareholder,

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

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

We believe it is important to recognize and understand current market conditions in order to provide a context for reading this report. Equity and fixed-income markets have generally been resilient during the past six months, especially considering recent political unrest in the Middle East and North Africa, a Japanese earthquake, and persistently high levels of unemployment. Strong corporate earnings and other improvements in economic data have contributed to this resiliency. The Federal Reserve has continued to keep the federal funds rate within a historically low range of 0-0.25% in an ongoing effort to promote economic expansion. Credit markets have continued to rally on improvements in the economy and as investors have sought incremental yield. However, concerns remain over the impact of high government debt levels and potential inflationary pressures, particularly within the energy and commodity sectors. Oil and food prices have risen materially during the period. For the six months ending April 30, 2011, the Dow Jones Industrial Average returned 16.71%, the Standard & Poor’s 500 ^® Index returned 16.36%, and the Barclays Capital U.S. Aggregate Bond Index returned 0.02%. please keep in mind it is important to maintain a diversified portfolio as investment returns have historically been difficult to predict.

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

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

Sincerely,

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

Understanding Your Funds’ Expenses

(unaudited)

SHAREHOLDER EXPENSES

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

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

The examples are based on an investment of $1,000 invested at November 1, 2010 and held for the entire period until April 30, 2011.

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 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, such as sales charges, redemption fees, brokerage commissions paid on purchases and sales of fund shares. Therefore, the information under the heading “Hypothetical Expenses” is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not 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
Fund Name	Account Value		Value		During Period (A)		Value		During Period (A)		Expense Ratio (C)
Transamerica Asset Allocation — Conservative Portfolio
Class A	$	1,000.00	$	1,069.00	$	3.18	$	1,021.72	$	3.11		0.62	%
Class B		1,000.00		1,065.80		6.51		1,018.50		6.36		1.27
Class C		1,000.00		1,065.20		6.20		1,018.79		6.06		1.21
Class I		1,000.00		1,070.30		1.39		1,023.46		1.35		0.27
Class R		1,000.00		1,067.60		4.46		1,020.48		4.36		0.87
Transamerica Asset Allocation — Growth Portfolio
Class A		1,000.00		1,149.50		3.52		1,021.52		3.31		0.66
Class B		1,000.00		1,146.10		7.18		1,018.10		6.76		1.35
Class C		1,000.00		1,146.10		6.76		1,018.50		6.36		1.27
Class I		1,000.00		1,152.00		1.44		1,023.46		1.35		0.27
Class R		1,000.00		1,149.00		4.37		1,020.73		4.11		0.82
Transamerica Asset Allocation — Moderate Growth Portfolio
Class A		1,000.00		1,117.70		3.20		1,021.77		3.06		0.61
Class B		1,000.00		1,114.40		6.82		1,018.35		6.51		1.30
Class C		1,000.00		1,115.20		6.45		1,018.70		6.16		1.23
Class I		1,000.00		1,119.70		1.37		1,023.51		1.30		0.26
Class R		1,000.00		1,117.90		4.04		1,020.98		3.86		0.77
Transamerica Asset Allocation — Moderate Portfolio
Class A		1,000.00		1,091.40		3.11		1,021.82		3.01		0.60
Class B		1,000.00		1,088.50		6.63		1,018.45		6.41		1.28
Class C		1,000.00		1,089.10		6.27		1,018.79		6.06		1.21
Class I		1,000.00		1,093.20		1.35		1,023.51		1.30		0.26
Class R		1,000.00		1,090.80		4.25		1,020.73		4.11		0.82
Transamerica Multi-Manager Alternative Strategies Portfolio
Class A		1,000.00		1,048.70		3.86		1,021.03		3.81		0.76
Class C		1,000.00		1,046.10		7.15		1,017.80		7.05		1.41
Class I		1,000.00		1,049.60		2.03		1,022.81		2.01		0.40

Transamerica Funds Semi-Annual Report 2011

Page 1

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 (C)
Transamerica Multi-Manager International Portfolio
Class A	$	1,000.00	$	1,116.40	$	3.46	$	1,021.52	$	3.31		0.66	%
Class B		1,000.00		1,112.10		7.59		1,017.60		7.25		1.45
Class C		1,000.00		1,112.80		6.91		1,018.25		6.61		1.32
Class I		1,000.00		1,117.80		1.52		1,023.36		1.45		0.29

(A)	Expenses are calculated using the funds’ 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 (181 days), and divided by the number of days in the year (365 days).
(B)	5% return per year before expenses.
(C)	Expense ratios do not include expenses of the investment companies in which the funds invest.

Transamerica Funds Semi-Annual Report 2011

Page 2

Schedules of Investments Composition

At April 30, 2011
(the following charts summarize the Schedules of Investments of the funds by asset type)
(unaudited)

Transamerica Asset Allocation - Conservative Portfolio
Bonds	40.5	%
U.S. Stocks	25.5
Tactical and Specialty	14.5
Global/International Stocks	7.8
Inflation-Protected Securities	7.1
Capital Markets	4.1
Capital Preservation	0.5
Other Assets and Liabilities - net	(0.0)	*
Total	100.0	%
Transamerica Asset Allocation - Growth Portfolio
U.S. Stocks	58.7	%
Global/International Stocks	22.7
Capital Markets	10.7
Tactical and Specialty	8.1
Capital Preservation	0.0	*
Other Assets and Liabilities - net	(0.2	)
Total	100.0	%
Transamerica Asset Allocation - Moderate Growth Portfolio
U.S. Stocks	45.1	%
Global/International Stocks	18.0
Tactical and Specialty	14.5
Bonds	13.8
Capital Markets	7.7
Inflation-Protected Securities	1.1
Capital Preservation	0.0	*
Other Assets and Liabilities - net	(0.2	)
Total	100.0	%
Transamerica Asset Allocation - Moderate Portfolio
U.S. Stocks	34.7	%
Bonds	27.5
Tactical and Specialty	16.9
Global/International Stocks	10.8
Capital Markets	5.2
Inflation-Protected Securities	4.7
Capital Preservation	0.2
Other Assets and Liabilities - net	(0.0)	*
Total	100.0	%
Transamerica Multi-Manager Alternative Strategies Portfolio
Tactical and Specialty	91.7	%
Inflation-Protected Securities	4.6
Bonds	1.5
Capital Preservation	1.4
Other Assets and Liabilities - net	0.8
Total	100.0	%
Transamerica Multi-Manager International Portfolio
Global/International Stocks	91.8	%
Tactical and Specialty	8.3
Other Assets and Liabilities - net	(0.1	)
Total	100.0	%

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

Transamerica Funds Semi-Annual Report 2011

Page 3

Transamerica Asset Allocation — Conservative Portfolio

SCHEDULE OF INVESTMENTS
At April 30, 2011
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
INVESTMENT COMPANIES - 100.0% € Bonds - 40.5%
Transamerica AEGON Flexible Income		1,878,159	$	17,223
Transamerica AEGON High Yield Bond		7,850,500		74,423
Transamerica AEGON Short-Term Bond		10,622,980		109,629
Transamerica JPMorgan Core Bond		7,839,415		80,981
Transamerica JPMorgan International Bond		714,148		8,048
Transamerica Morgan Stanley Emerging Markets Debt		3,132,442		33,016
Transamerica PIMCO Total Return		17,624,638		181,357
Capital Markets - 4.1%
Transamerica WMC Quality Value		4,406,004		51,154
Capital Preservation - 0.5%
Transamerica AEGON Money Market		5,716,740		5,717
Global/International Stocks - 7.8%
Transamerica Hansberger International Value		546,821		4,670
Transamerica MFS International Equity		1,595,762		15,607
Transamerica Neuberger Berman International		1,251,375		12,914
Transamerica Oppenheimer Developing Markets		1,030,354		14,775
Transamerica Schroders International Small Cap		1,805,575		20,096
Transamerica Thornburg International Value		1,812,195		22,743
Transamerica WMC Emerging Markets		495,565		6,978
Inflation-Protected Securities - 7.1%
Transamerica PIMCO Real Return TIPS		7,970,124		87,910
Tactical and Specialty - 14.5%
Transamerica AQR Managed Futures Strategy		2,755,434		28,574
Transamerica BlackRock Global Allocation		2,003,824		23,805
Transamerica Clarion Global Real Estate Securities		79,371		1,027
Transamerica Federated Market Opportunity		402,707		3,580
Transamerica First Quadrant Global Macro ‡		1,997,738		12,146
Transamerica Goldman Sachs Commodity Strategy		1,252,484		15,694
Transamerica JPMorgan Long/Short Strategy ‡		1,259,416		10,277
Transamerica Loomis Sayles Bond		7,653,599		86,027
U.S. Stocks - 25.5%
Transamerica BlackRock Large Cap Value		5,301,779		52,434
Transamerica Jennison Growth		5,468,062		74,091
Transamerica JPMorgan Mid Cap Value		1,084,873		12,856
Transamerica Morgan Stanley Growth Opportunities		1,051,004		13,884
Transamerica Morgan Stanley Mid-Cap Growth		937,895		14,134
Transamerica Morgan Stanley Small Company Growth		750,879		10,242
Transamerica Oppenheimer Small- & Mid-Cap Value		1,113,197		12,457
Transamerica Third Avenue Value		931,829		22,839
Transamerica UBS Large Cap Value		2,424,842		25,534
Transamerica WMC Diversified Equity		2,325,665		37,583
Transamerica WMC Diversified Growth ‡		3,906,842		41,530
Total Investment Companies (cost $1,090,494) #				1,245,955
Other Assets and Liabilities - Net				(223	)
Net Assets			$	1,245,732

NOTES TO SCHEDULE OF INVESTMENTS:

€	The fund 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 $1,090,494. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $159,691 and $4,230, respectively. Net unrealized appreciation for tax purposes is $155,461.

VALUATION SUMMARY: '

			Level 2 -
			Other		Level 3 -
	Level 1 -		Significant		Significant
	Quoted		Observable		Unobservable		Value at
	Prices		Inputs		Inputs		04/30/2011
Investment Companies	$	1,245,955	$	—	$	—	$	1,245,955

^' See the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques.

The notes to the financial statements are an integral part of this report. Transamerica Funds		Semi-Annual Report 2011
	Page 4

Transamerica Asset Allocation — Growth Portfolio

SCHEDULE OF INVESTMENTS
At April 30, 2011
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
INVESTMENT COMPANIES - 100.2% €
Capital Markets - 10.7%
Transamerica WMC Quality Value		16,340,658	$	189,715
Capital Preservation - 0.0% ∞
Transamerica AEGON Money Market		60,234		60
Global/International Stocks - 22.7%
Transamerica Hansberger International Value		4,249,024		36,287
Transamerica MFS International Equity		3,678,828		35,979
Transamerica Neuberger Berman International		8,237,345		85,009
Transamerica Oppenheimer Developing Markets		6,404,946		91,846
Transamerica Schroders International Small Cap		7,187,917		80,002
Transamerica Thornburg International Value		5,095,934		63,954
Transamerica WMC Emerging Markets		628,384		8,848
Tactical and Specialty - 8.1%
Transamerica AQR Managed Futures Strategy		1,509,620		15,655
Transamerica BlackRock Global Allocation		2,223,374		26,414
Transamerica Clarion Global Real Estate Securities		5,880,174		76,090
Transamerica Federated Market Opportunity		15,451		137
Transamerica First Quadrant Global Macro ‡		2,521,299		15,329
Transamerica Goldman Sachs Commodity Strategy		61,802		774
Transamerica JPMorgan Long/Short Strategy ‡		1,153,222		9,410
U.S. Stocks - 58.7%
Transamerica BlackRock Large Cap Value		19,775,846		195,582
Transamerica Jennison Growth		20,179,683		273,434
Transamerica JPMorgan Mid Cap Value		3,460,065		41,002
Transamerica Morgan Stanley Growth Opportunities		1,330,731		17,579
Transamerica Morgan Stanley Mid-Cap Growth		3,111,732		46,894
Transamerica Morgan Stanley Small Company Growth		2,276,295		31,049
Transamerica Oppenheimer Small- & Mid-Cap Value		3,959,929		44,312
Transamerica Third Avenue Value		2,415,776		59,211
Transamerica UBS Large Cap Value		8,948,985		94,233
Transamerica WMC Diversified Equity		6,921,692		111,855
Transamerica WMC Diversified Growth ‡		11,766,952		125,083
Total Investment Companies (cost $1,411,881) #				1,775,743
Other Assets and Liabilities - Net				(3,564	)
Net Assets			$	1,772,179

NOTES TO SCHEDULE OF INVESTMENTS:

€	The fund invests its assets in the I2 share class of the affiliated Transamerica Funds.
∞	Percentage rounds to less than 0.1%.
‡	Non-income producing security.
#	Aggregate cost for federal income tax purposes is $1,411,881. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $393,442 and $29,580, respectively. Net unrealized appreciation for tax purposes is $363,862.

VALUATION SUMMARY: '

			Level 2 -
			Other		Level 3 -
	Level 1 -		Significant		Significant
	Quoted		Observable		Unobservable		Value at
	Prices		Inputs		Inputs		04/30/2011
Investment Companies	$	1,775,743	$	—	$	—	$	1,775,743

^' See the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques.

The notes to the financial statements are an integral part of this report. Transamerica Funds		Semi-Annual Report 2011
	Page 5

Transamerica Asset Allocation — Moderate Growth Portfolio

SCHEDULE OF INVESTMENTS
At April 30, 2011
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
INVESTMENT COMPANIES - 100.2% €
Bonds - 13.8%
Transamerica AEGON Flexible Income		69,607	$	638
Transamerica AEGON High Yield Bond		11,136,068		105,570
Transamerica AEGON Short-Term Bond		5,847,491		60,346
Transamerica JPMorgan Core Bond		3,562,375		36,799
Transamerica JPMorgan International Bond		5,879,730		66,265
Transamerica Morgan Stanley Emerging Markets Debt		4,553,243		47,991
Transamerica PIMCO Total Return		15,966,794		164,299
Capital Markets - 7.7%
Transamerica WMC Quality Value		23,231,402		269,717
Capital Preservation - 0.0% ∞
Transamerica AEGON Money Market		196,112		196
Global/International Stocks - 18.0%
Transamerica Hansberger International Value		6,071,023		51,847
Transamerica MFS International Equity		6,436,798		62,952
Transamerica Neuberger Berman International		12,481,019		128,804
Transamerica Oppenheimer Developing Markets		9,328,741		133,775
Transamerica Schroders International Small Cap		8,416,395		93,674
Transamerica Thornburg International Value		8,605,503		107,999
Transamerica WMC Emerging Markets		3,569,204		50,254
Inflation-Protected Securities - 1.1%
Transamerica PIMCO Real Return TIPS		3,556,969		39,233
Tactical and Specialty - 14.5%
Transamerica AQR Managed Futures Strategy		9,646,630		100,036
Transamerica BlackRock Global Allocation		6,796,948		80,748
Transamerica Clarion Global Real Estate Securities		8,240,486		106,631
Transamerica Federated Market Opportunity		101,588		903
Transamerica First Quadrant Global Macro ‡		5,832,762		35,463
Transamerica Goldman Sachs Commodity Strategy		6,543,633		81,992
Transamerica JPMorgan Long/Short Strategy ‡		2,896,378		23,634
Transamerica Loomis Sayles Bond		6,694,909		75,251
U.S. Stocks - 45.1%
Transamerica BlackRock Large Cap Value		28,180,374		278,704
Transamerica Jennison Growth		21,946,535		297,375
Transamerica JPMorgan Mid Cap Value		7,494,295		88,807
Transamerica Morgan Stanley Growth Opportunities		4,093,481		54,075
Transamerica Morgan Stanley Mid-Cap Growth		4,647,785		70,042
Transamerica Morgan Stanley Small Company Growth		2,281,688		31,122
Transamerica Oppenheimer Small- & Mid-Cap Value		6,184,281		69,202
Transamerica Third Avenue Value		4,093,819		100,340
Transamerica UBS Large Cap Value		12,852,473		135,337
Transamerica WMC Diversified Equity		13,264,415		214,353
Transamerica WMC Diversified Growth ‡		22,002,370		233,885
Total Investment Companies (cost $2,932,035) #				3,498,259
Other Assets and Liabilities - Net				(5,831	)
Net Assets			$	3,492,428

NOTES TO THE SCHEDULE OF INVESTMENTS:

€	The fund invests its assets in the I2 share class of the affiliated Transamerica Funds.
∞	Percentage rounds to less than 0.1%.
‡	Non-income producing security.
#	Aggregate cost for federal income tax purposes is $2,932,035. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $616,588 and $50,364, respectively. Net unrealized appreciation for tax purposes is $566,224.

VALUATION SUMMARY:'

			Level 2 -
			Other		Level 3 -
	Level 1 -		Significant		Significant
	Quoted		Observable		Unobservable		Value at
	Prices		Inputs		Inputs		04/30/2011
Investment Companies	$	3,498,259	$	—	$	—	$	3,498,259

^'   See the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques.

The notes to the financial statements are an integral part of this report. Transamerica Funds		Semi-Annual Report 2011
	Page 6

Transamerica Asset Allocation — Moderate Portfolio

SCHEDULE OF INVESTMENTS
At April 30, 2011
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
INVESTMENT COMPANIES - 100.0% €
Bonds - 27.5%
Transamerica AEGON Flexible Income		5,049,886	$	46,307
Transamerica AEGON High Yield Bond		12,287,848		116,489
Transamerica AEGON Short-Term Bond		12,443,655		128,419
Transamerica JPMorgan Core Bond		5,176,280		53,471
Transamerica JPMorgan International Bond		2,511,731		28,307
Transamerica Morgan Stanley Emerging Markets Debt		4,564,572		48,111
Transamerica PIMCO Total Return		23,542,693		242,254
Capital Markets - 5.2%
Transamerica WMC Quality Value		10,833,755		125,780
Capital Preservation - 0.2%
Transamerica AEGON Money Market		4,540,594		4,541
Global/International Stocks - 10.8%
Transamerica Hansberger International Value		2,068,531		17,665
Transamerica MFS International Equity		4,454,698		43,567
Transamerica Neuberger Berman International		3,753,833		38,740
Transamerica Oppenheimer Developing Markets		2,633,669		37,767
Transamerica Schroders International Small Cap		4,819,834		53,645
Transamerica Thornburg International Value		3,738,740		46,921
Transamerica WMC Emerging Markets		1,549,244		21,813
Inflation-Protected Securities - 4.7%
Transamerica PIMCO Real Return TIPS		10,276,951		113,355
Tactical and Specialty - 16.9%
Transamerica AQR Managed Futures Strategy		6,712,171		69,605
Transamerica BlackRock Global Allocation		4,129,655		49,060
Transamerica Clarion Global Real Estate Securities		3,647,371		47,197
Transamerica Federated Market Opportunity		1,503,793		13,369
Transamerica First Quadrant Global Macro ‡		3,462,597		21,053
Transamerica Goldman Sachs Commodity Strategy		3,321,471		41,618
Transamerica JPMorgan Long/Short Strategy ‡		2,048,012		16,712
Transamerica Loomis Sayles Bond		13,384,543		150,442
U.S. Stocks - 34.7%
Transamerica BlackRock Large Cap Value		12,983,055		128,402
Transamerica Jennison Growth		12,968,139		175,717
Transamerica JPMorgan Mid Cap Value		3,969,427		47,038
Transamerica Morgan Stanley Growth Opportunities		3,739,738		49,402
Transamerica Morgan Stanley Mid-Cap Growth		2,519,514		37,969
Transamerica Morgan Stanley Small Company Growth		1,401,129		19,111
Transamerica Oppenheimer Small- & Mid-Cap Value		3,367,804		37,686
Transamerica Third Avenue Value		1,987,663		48,718
Transamerica UBS Large Cap Value		5,965,011		62,812
Transamerica WMC Diversified Equity		6,060,833		97,943
Transamerica WMC Diversified Growth ‡		12,723,763		135,253
Total Investment Companies (cost $2,076,130) #				2,416,259
Other Assets and Liabilities - Net				(292	)
Net Assets			$	2,415,967

NOTES TO THE SCHEDULE OF INVESTMENTS:

€	The fund 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 $2,076,130. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $356,005 and $15,876, respectively. Net unrealized appreciation for tax purposes is $340,129.

VALUATION SUMMARY:'

			Level 2 -
			Other		Level 3 -
	Level 1 -		Significant		Significant
	Quoted		Observable		Unobservable		Value at
	Prices		Inputs		Inputs		04/30/2011
Investment Companies	$	2,416,259	$	—	$	—	$	2,416,259

^' See the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques.

The notes to the financial statements are an integral part of this report. Transamerica Funds		Semi-Annual Report 2011
	Page 7

Transamerica Multi-Manager Alternative — Strategies Portfolio

SCHEDULE OF INVESTMENTS
At April 30, 2011
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
INVESTMENT COMPANIES - 99.2% €
Bonds - 1.5%
Transamerica AEGON High Yield Bond		339,974	$	3,223
Transamerica Morgan Stanley Emerging Markets Debt		213,375		2,249
Capital Preservation - 1.4%
Transamerica AEGON Money Market		5,091,608		5,092
Inflation-Protected Securities - 4.6%
Transamerica PIMCO Real Return TIPS		1,535,380		16,935
Tactical and Specialty - 91.7%
Transamerica AQR Managed Futures Strategy		4,362,606		45,240
Transamerica BlackRock Global Allocation		3,194,966		37,956
Transamerica Clarion Global Real Estate Securities		2,236,802		28,944
Transamerica Federated Market Opportunity		3,839,611		34,134
Transamerica First Quadrant Global Macro ‡		8,416,894		51,175
Transamerica Goldman Sachs Commodity Strategy		3,189,605		39,966
Transamerica JPMorgan Long/Short Strategy ‡		6,303,643		51,438
Transamerica Loomis Sayles Bond		4,099,551		46,079
Total Investment Companies (cost $352,921) #				362,431
Other Assets and Liabilities — Net				3,043
Net Assets			$	365,474

NOTES TO SCHEDULE OF INVESTMENTS:

€	The fund 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 $352,921. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $19,230 and $9,720, respectively. Net unrealized appreciation for tax purposes is $9,510.

VALUATION SUMMARY: '

			Level 2 -
			Other		Level 3 -
	Level 1 -		Significant		Significant
	Quoted		Observable		Unobservable		Value at
	Prices		Inputs		Inputs		04/30/2011
Investment Companies	$	362,431	$	—	$	—	$	362,431

^' See the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques.

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 8

Transamerica Multi-Manager International Portfolio

SCHEDULE OF INVESTMENTS
At April 30, 2011
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
INVESTMENT COMPANIES - 100.1% €
Global/International Stocks - 91.8%
Transamerica Hansberger International Value		3,986,670	$	34,046
Transamerica MFS International Equity		6,320,702		61,816
Transamerica Neuberger Berman International		3,978,471		41,058
Transamerica Oppenheimer Developing Markets		3,310,622		47,474
Transamerica Schroders International Small Cap		4,382,932		48,782
Transamerica Thornburg International Value		5,453,681		68,444
Transamerica WMC Emerging Markets		2,387,825		33,621
Tactical and Specialty - 8.3%
Transamerica BlackRock Global Allocation		1,378,054		16,371
Transamerica Clarion Global Real Estate Securities		1,076,783		13,934
Total Investment Companies (cost $321,498) #				365,546
Other Assets and Liabilities — Net				(386	)
Net Assets			$	365,160

NOTES TO THE SCHEDULE OF INVESTMENTS:

€	The fund invests its assets in the I2 share class of the affiliated Transamerica Funds.
#	Aggregate cost for federal income tax purposes is $321,498. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $61,477 and $17,429, respectively. Net unrealized appreciation for tax purposes is $44,048.

VALUATION SUMMARY: '

			Level 2 -
			Other		Level 3 -
	Level 1 -		Significant		Significant
	Quoted		Observable		Unobservable		Value at
	Prices		Inputs		Inputs		04/30/2011
Investment Companies	$	365,546	$	—	$	—	$	365,546

^' See the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques.

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 9

STATEMENTS OF ASSETS AND LIABILITIES
At April 30, 2011
(all amounts except per share amounts in thousands)
(unaudited)

							Transamerica
	Transamerica			Transamerica			Asset			Transamerica			Transamerica
	Asset			Asset			Allocation -			Asset			Multi-Manager			Transamerica
	Allocation -			Allocation -			Moderate			Allocation -			Alternative			Multi-Manager
	Conservative			Growth			Growth			Moderate			Strategies			International
	Portfolio			Portfolio			Portfolio			Portfolio			Portfolio			Portfolio
Assets:
Investments in affiliated investment companies, at value	$	1,245,955		$	1,775,743		$	3,498,259		$	2,416,259		$	362,431		$	365,546
Receivables:
Investment securities sold		296			1,631			1,111			—			—			—
Shares of beneficial interest sold		2,921			2,729			5,600			5,451			5,446			1,014
Dividends		166			—	(A)		91			194			—	(A)		—
Other		2			4			7			5			1			1
Prepaid expenses		5			7			14			10			1			1
	$	1,249,345		$	1,780,114		$	3,505,082		$	2,421,919		$	367,879		$	366,562
Liabilities:
Accounts payable and accrued liabilities:
Investment securities purchased	$	—		$	—		$	—		$	1		$	524		$	149
Shares of beneficial interest redeemed		2,610			6,509			9,895			4,082			1,606			988
Management and advisory fees		98			138			272			188			55			29
Distribution and service fees		703			994			2,013			1,375			144			177
Trustees fees		2			2			5			3			—	(A)		—	(A)
Transfer agent fees		90			195			284			154			29			36
Administration fees		12			17			34			24			4			3
Due to custodian		18			—			2			2			—			—
Other		80			80			149			123			43			20
	$	3,613		$	7,935		$	12,654		$	5,952		$	2,405		$	1,402
Net assets	$	1,245,732		$	1,772,179		$	3,492,428		$	2,415,967		$	365,474		$	365,160
Net assets consist of:
Shares of beneficial interest, unlimited shares authorized, no par value		1,130,931			1,655,801			3,223,041			2,174,607			361,623			409,967
Undistributed (accumulated) net investment income (loss)		911			7,577			4,717			3,199			2,017			2,719
Undistributed (accumulated) net realized gain (loss) from investments in affiliated investment companies		(41,571	)		(255,061	)		(301,554	)		(101,968	)		(7,676	)		(91,574	)
Net unrealized appreciation (depreciation) on investments in affiliated investment companies		155,461			363,862			566,224			340,129			9,510			44,048
Net assets	$	1,245,732		$	1,772,179		$	3,492,428		$	2,415,967		$	365,474		$	365,160
Net assets by class:
Class A	$	511,955		$	732,330		$	1,354,605		$	959,334		$	159,801		$	156,327
Class B		101,830			185,747			374,946			203,956						18,340
Class C		615,647			833,438			1,732,734			1,224,251			131,703			155,674
Class I		13,800			16,560			24,188			23,769			73,970			34,819
Class R		2,500			4,104			5,955			4,657
Shares outstanding:
Class A		43,437			56,330			106,063			77,353			15,623			14,346
Class B		8,684			14,611			29,384			16,428						1,694
Class C		52,569			65,572			136,238			99,163			12,953			14,378
Class I		1,169			1,273			1,894			1,916			7,227			3,197
Class R		211			318			468			377
Net asset value per share:
Class A	$	11.79		$	13.00		$	12.77		$	12.40		$	10.23		$	10.90
Class B		11.73			12.71			12.76			12.42						10.83
Class C		11.71			12.71			12.72			12.35			10.17			10.83
Class I		11.81			13.01			12.77			12.40			10.23			10.89
Class R		11.86			12.90			12.72			12.34
Maximum offering price per share: (B)
Class A	$	12.48		$	13.76		$	13.51		$	13.12		$	10.83		$	11.53
Investments in affiliated investment companies, at cost	$	1,090,494		$	1,411,881		$	2,932,035		$	2,076,130		$	352,921		$	321,498

(A)	Amount rounds to less than $1.
(B)	Includes the maximum selling commission (represented as a percentage of offering price) which is reduced on certain levels of sales as set forth in the Prospectus. Net asset value per share for Classes B, C, I, and R shares represents offering price. The redemption price for Classes B and C shares equals net asset value less any applicable contingent deferred sales charge.

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 10

STATEMENTS OF OPERATIONS
For the period ended April 30, 2011
(all amounts in thousands)
(unaudited)

													Transamerica
	Transamerica			Transamerica			Transamerica			Transamerica			Multi-Manager		Transamerica
	Asset Allocation			Asset Allocation			Asset Allocation			Asset Allocation			Alternative		Multi-Manager
	- Conservative			- Growth			- Moderate			- Moderate			Strategies		International
	Portfolio			Portfolio			Growth Portfolio			Portfolio			Portfolio		Portfolio
Investment income:
Dividend income from affiliated investment companies	$	25,255		$	17,825		$	55,044		$	43,787		$	4,900	$	4,714
Expenses:
Management and advisory		601			835			1,643			1,138			306		168
Distribution and service:
Class A		857			1,182			2,190			1,553			242		246
Class B		529			914			1,862			1,040					89
Class C		2,963			3,964			8,179			5,780			593		732
Class R		8			10			14			11
Transfer agent:
Class A		318			588			812			501			98		106
Class B		67			192			308			150					27
Class C		210			538			846			457			86		117
Class I		7			9			13			13			32		19
Class R		4			4			4			4
Printing and shareholder reports		43			72			128			83			15		18
Custody		20			25			44			32			6		7
Administration		75			104			205			142			19		21
Legal		19			26			51			36			5		5
Audit and tax		5			6			7			6			5		5
Trustees		11			14			28			19			2		3
Registration		88			87			115			106			56		46
Other		13			17			31			24			4		4
Total expenses		5,838			8,587			16,480			11,095			1,469		1,613
Net of reimbursement of class expenses Class B		—			—			—			—			—		(1	)
Total reimbursed expenses		—			—			—			—			—		(1	)
Net expenses		5,838			8,587			16,480			11,095			1,469		1,612
Net investment income		19,417			9,238			38,564			32,692			3,431		3,102
Net realized and unrealized gain (loss) on investments in affiliated investment companies:
Realized gain (loss) from investments in affiliated investment companies		(10,083	)		(40,558	)		(47,418	)		(27,461	)		1,059		(1,092	)
Realized gain distributions from investments in affiliated investment companies		10,656			4,760			19,998			18,256			1,849		3,903
		573			(35,798	)		(27,420	)		(9,205	)		2,908		2,811
Increase in unrealized appreciation (depreciation) on investments in affiliated investment companies		58,977			259,745			356,087			176,416			9,074		31,801
Net realized and unrealized gain (loss) on investments in affiliated investment companies		59,550			223,947			328,667			167,211			11,982		34,612
Net increase In net assets resulting from operations	$	78,967		$	233,185		$	367,231		$	199,903		$	15,413	$	37,714

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 11

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

	Transamerica Asset Allocation -						Transamerica Asset Allocation -						Transamerica Asset Allocation -
	Conservative Portfolio						Growth Portfolio						Moderate Growth Portfolio
	April 30, 2011						April 30, 2011						April 30, 2011
	(unaudited)			October 31, 2010			(unaudited)			October 31, 2010			(unaudited)			October 31, 2010
From operations:
Net investment income	$	19,417		$	32,332		$	9,238		$	1,434		$	38,564		$	43,880
Net realized gain (loss) on investments in affiliated investment companies		573			(1,945	)		(35,798	)		(25,258	)		(27,420	)		(27,805	)
Change in unrealized appreciation (depreciation) on investments in affiliated investment companies		58,977			86,682			259,745			244,132			356,087			381,444
Net increase in net assets resulting from operations		78,967			117,069			233,185			220,308			367,231			397,519
Distributions to shareholders:
From net investment income:
Class A		(8,451	)		(14,142	)		(2,961	)		(5,402	)		(17,502	)		(23,955	)
Class B		(1,594	)		(3,351	)		—			(552	)		(2,633	)		(6,248	)
Class C		(8,947	)		(15,609	)		—			(2,866	)		(13,326	)		(25,214	)
Class I		(201	)		(117	)		(118	)		(1	)		(311	)		(1	)
Class R		(53	)		(57	)		(15	)		(22	)		(75	)		(83	)
		(19,246	)		(33,276	)		(3,094	)		(8,843	)		(33,847	)		(55,501	)
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		(19,246	)		(33,276	)		(3,094	)		(8,843	)		(33,847	)		(63,765	)
Capital share transactions:
Proceeds from shares sold:
Class A		64,698			193,284			67,301			125,705			128,423			246,315
Class B		1,589			24,305			2,506			13,404			4,788			33,918
Class C		64,676			184,037			56,041			96,270			137,797			253,627
Class I		4,324			12,648			3,553			15,205			8,982			18,965
Class R		727			2,060			639			1,666			892			3,710
		136,014			416,334			130,040			252,250			280,882			556,535
Dividends and distributions reinvested:
Class A		7,741			12,789			2,805			5,055			16,525			25,110
Class B		1,267			2,696			—			492			2,389			6,616
Class C		6,674			11,411			—			2,339			10,584			22,934
Class I		56			22			69			1			141			2
Class R		39			48			12			18			54			74
		15,777			26,966			2,886			7,905			29,693			54,736
Cost of shares redeemed:
Class A		(77,886	)		(119,079	)		(82,163	)		(149,631	)		(133,571	)		(250,198	)
Class B		(13,119	)		(27,891	)		(20,069	)		(39,788	)		(38,281	)		(80,243	)
Class C		(86,576	)		(123,816	)		(107,140	)		(189,424	)		(189,354	)		(351,422	)
Class I		(2,005	)		(2,389	)		(2,118	)		(2,585	)		(3,226	)		(3,478	)
Class R		(1,469	)		(731	)		(858	)		(1,026	)		(979	)		(1,716	)
		(181,055	)		(273,906	)		(212,348	)		(382,454	)		(365,411	)		(687,057	)
Automatic conversions:
Class A		7,284			4,985			6,206			6,944			15,291			13,017
Class B		(7,284	)		(4,985	)		(6,206	)		(6,944	)		(15,291	)		(13,017	)
		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital shares transactions		(29,264	)		169,394			(79,422	)		(122,299	)		(54,836	)		(75,786	)
Net increase in net assets		30,457			253,187			150,669			89,166			278,548			257,968
Net assets:
Beginning of period/year	$	1,215,275		$	962,088		$	1,621,510		$	1,532,344		$	3,213,880		$	2,955,912
End of period/year	$	1,245,732		$	1,215,275		$	1,772,179		$	1,621,510		$	3,492,428		$	3,213,880
Undistributed (accumulated) net investment income (loss)	$	911		$	740		$	7,577		$	1,433		$	4,717		$	—

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 12

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

	Transamerica Asset Allocation -						Transamerica Asset Allocation -						Transamerica Asset Allocation -
	Conservative Portfolio						Growth Portfolio						Moderate Growth Portfolio
	April 30, 2011						April 30, 2011						April 30, 2011
	(unaudited)			October 31, 2010			(unaudited)			October 31, 2010			(unaudited)			October 31, 2010
Share activity:
Shares issued:
Class A		5,706			18,127			5,526			11,870			10,641			22,775
Class B		142			2,300			211			1,302			396			3,140
Class C		5,726			17,370			4,702			9,258			11,465			23,452
Class I		378			1,181			290			1,398			747			1,723
Class R		63			191			53			157			74			343
		12,015			39,169			10,782			23,985			23,323			51,433
Shares issued-reinvested from distributions:
Class A		694			1,215			237			488			1,409			2,378
Class B		114			258						49			203			626
Class C		602			1,092						230			904			2,176
Class I		5			2			6			—			12			—
Class R		4			4			1			2			5			7
		1,419			2,571			244			769			2,533			5,187
Shares redeemed:
Class A		(6,862	)		(11,138	)		(6,772	)		(14,114	)		(11,065	)		(23,092	)
Class B		(1,159	)		(2,622	)		(1,688	)		(3,847	)		(3,176	)		(7,439	)
Class C		(7,669	)		(11,645	)		(9,009	)		(18,320	)		(15,762	)		(32,671	)
Class I		(176	)		(221	)		(174	)		(247	)		(268	)		(320	)
Class R		(127	)		(68	)		(70	)		(99	)		(80	)		(158	)
		(15,993	)		(25,694	)		(17,713	)		(36,627	)		(30,351	)		(63,680	)
Automatic conversions:
Class A		639			467			510			685			1,261			1,217
Class B		(642	)		(469	)		(521	)		(700	)		(1,262	)		(1,221	)
		(3	)		(2	)		(11	)		(15	)		(1	)		(4	)
Net increase (decrease) in shares outstanding:
Class A		177			8,671			(499	)		(1,071	)		2,246			3,278
Class B		(1,545	)		(533	)		(1,998	)		(3,196	)		(3,839	)		(4,894	)
Class C		(1,341	)		6,817			(4,307	)		(8,832	)		(3,393	)		(7,043	)
Class I		207			962			122			1,151			491			1,403
Class R		(60	)		127			(16	)		60			(1	)		192
		(2,562	)		16,044			(6,698	)		(11,888	)		(4,496	)		(7,064	)

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 13

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

	Transamerica Asset Allocation -						Transamerica Multi-Manager						Transamerica Multi-Manager
	Moderate Portfolio						Alternative Strategies Portfolio						International Portfolio
	April 30, 2011						April 30, 2011						April 30, 2011
	(unaudited)			October 31, 2010			(unaudited)			October 31, 2010			(unaudited)			October 31, 2010
From operations:
Net investment income	$	32,692		$	50,560		$	3,431		$	2,810		$	3,102		$	1,765
Net realized gain (loss) on investments in affiliated investment companies		(9,205	)		(13,194	)		2,908			(3,853	)		2,811			(5,519	)
Change in unrealized appreciation (depreciation) on investments in affiliated investment companies		176,416			207,046			9,074			18,654			31,801			49,428
Net increase in net assets resulting from operations		199,903			244,412			15,413			17,611			37,714			45,674
Distributions to shareholders:
From net investment income:
Class A		(17,338	)		(24,791	)		(885	)		(1,911	)		(1,063	)		(1,770	)
Class B		(2,599	)		(6,406	)								(3	)		(109	)
Class C		(16,098	)		(29,833	)		(101	)		(940	)		(264	)		(850	)
Class I		(434	)		(2	)		(428	)		—	(A)		(367	)		(1	)
Class R		(86	)		(70	)
		(36,555	)		(61,102	)		(1,414	)		(2,851	)		(1,697	)		(2,730	)
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		(36,555	)		(61,102	)		(1,414	)		(5,281	)		(1,697	)		(2,730	)
Capital share transactions:
Proceeds from shares sold:
Class A		111,255			248,423			53,705			67,804			25,162			51,313
Class B		2,877			25,374									387			2,837
Class C		118,579			259,484			30,013			40,726			13,388			26,373
Class I		8,150			21,255			47,003			39,015			14,355			33,995
Class R		924			2,988
		241,785			557,524			130,721			147,545			53,292			114,518
Dividends and distributions reinvested:
Class A		16,143			22,613			777			2,646			961			1,359
Class B		2,297			5,572									2			90
Class C		12,283			22,219			82			1,636			197			629
Class I		225			2			240			1			93			1
Class R		53			46
		31,001			50,452			1,099			4,283			1,253			2,079
Cost of shares redeemed:
Class A		(101,981	)		(187,717	)		(28,839	)		(68,188	)		(20,712	)		(71,349	)
Class B		(22,984	)		(48,268	)								(2,088	)		(4,354	)
Class C		(132,665	)		(230,064	)		(18,489	)		(29,264	)		(18,534	)		(34,194	)
Class I		(3,910	)		(4,349	)		(9,851	)		(5,941	)		(10,875	)		(8,375	)
Class R		(914	)		(1,261	)
		(262,454	)		(471,659	)		(57,179	)		(103,393	)		(52,209	)		(118,272	)
Automatic conversions:
Class A		14,025			9,392									306			603
Class B		(14,025	)		(9,392	)								(306	)		(603	)
		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital shares transactions		10,332			136,317			74,641			48,435			2,336			(1,675	)
Net increase in net assets		173,680			319,627			88,640			60,765			38,353			41,269
Net assets:
Beginning of period/year	$	2,242,287		$	1,922,660		$	276,834		$	216,069		$	326,807		$	285,538
End of period/year	$	2,415,967		$	2,242,287		$	365,474		$	276,834		$	365,160		$	326,807
Undistributed (accumulated) net investment income (loss)	$	3,199		$	7,062		$	2,017		$	—		$	2,719		$	1,314

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 14

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

	Transamerica Asset Allocation -						Transamerica Multi-Manager						Transamerica Multi-Manager
	Moderate Portfolio						Alternative Strategies Portfolio						International Portfolio
	April 30, 2011						April 30, 2011						April 30, 2011
	(unaudited)			October 31, 2010			(unaudited)			October 31, 2010			(unaudited)			October 31, 2010
Share activity:
Shares issued:
Class A		9,394			22,832			5,407			7,180			2,479			5,798
Class B		242			2,338									39			318
Class C		10,067			23,890			3,042			4,335			1,332			2,972
Class I		689			1,937			4,725			4,096			1,413			3,782
Class R		78			274
		20,470			51,271			13,174			15,611			5,263			12,870
Shares issued-reinvested from distributions:
Class A		1,400			2,131			80			286			97			156
Class B		199			524									—			11
Class C		1,068			2,098			8			177			20			72
Class I		19			—			25			—			10			—
Class R		5			4
		2,691			4,757			113			463			127			239
Shares redeemed:
Class A		(8,620	)		(17,210	)		(2,907	)		(7,223	)		(2,034	)		(8,051	)
Class B		(1,940	)		(4,436	)								(208	)		(496	)
Class C		(11,260	)		(21,246	)		(1,878	)		(3,122	)		(1,835	)		(3,890	)
Class I		(330	)		(399	)		(990	)		(629	)		(1,072	)		(936	)
Class R		(77	)		(116	)
		(22,227	)		(43,407	)		(5,775	)		(10,974	)		(5,149	)		(13,373	)
Automatic conversions:
Class A		1,179			865									30			70
Class B		(1,178	)		(866	)								(30	)		(71	)
		1			(1	)		—			—			—			(1	)
Net increase (decrease) in shares outstanding:
Class A		3,353			8,618			2,580			243			572			(2,027	)
Class B		(2,677	)		(2,440	)								(199	)		(238	)
Class C		(125	)		4,742			1,172			1,390			(483	)		(846	)
Class I		378			1,538			3,760			3,467			351			2,846
Class R		6			162
		935			12,620			7,512			5,100			241			(265	)

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

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 15

FINANCIAL HIGHLIGHTS

For the period or years ended:

	Transamerica Asset Allocation - Conservative Portfolio
	Class A
	April 30, 2011			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2010			2009			2008			2007			2006
Net asset value
Beginning of period/year	$	11.22		$	10.42		$	8.99		$	12.40		$	11.76		$	11.35
Investment operations
From net investment income(A),(B),(C)		0.20			0.35			0.40			0.36			0.38			0.28
From net realized and unrealized gain (loss) on affiliated investments		0.56			0.83			1.46			(3.21	)		0.82			0.80
Total from investment operations		0.76			1.18			1.86			(2.85	)		1.20			1.08
Distributions
Net investment income		(0.19	)		(0.38	)		(0.43	)		(0.32	)		(0.24	)		(0.35	)
Net realized gains on affiliated investments		—			—			—			(0.24	)		(0.32	)		(0.32	)
Total distributions		(0.19	)		(0.38	)		(0.43	)		(0.56	)		(0.56	)		(0.67	)
Net asset value
End of period/year	$	11.79		$	11.22		$	10.42		$	8.99		$	12.40		$	11.76
Total return(D)		6.90	% (E)		11.59	%		21.76	%		(23.86	%)		12.06	%		9.90	%
Net assets end of period/year (000’s)	$	511,955		$	485,473		$	360,558		$	268,516		$	242,342		$	165,071
Ratio and supplemental data
Expenses to average net assets:(F)
After reimbursement/recapture		0.62	% (G)		0.63	%		0.65	%		0.62	%		0.62	%		0.60	%
Before reimbursement/recapture		0.62	% (G)		0.63	%		0.65	%		0.62	%		0.62	%		0.60	%
Net investment income, to average net assets(C)		3.56	% (G)		3.28	%		4.27	%		3.22	%		3.18	%		2.44	%
Portfolio turnover rate(H)		8	% (E)		16	%		27	%		10	%		32	%		29	%

	Transamerica Asset Allocation - Conservative Portfolio
	Class B
	April 30, 2011			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2010			2009			2008			2007			2006
Net asset value
Beginning of period/year	$	11.17		$	10.38		$	8.97		$	12.36		$	11.73		$	11.32
Investment operations
From net investment income(A),(B),(C)		0.17			0.30			0.35			0.31			0.30			0.20
From net realized and unrealized gain (loss) on affiliated investments		0.56			0.80			1.45			(3.22	)		0.86			0.81
Total from investment operations		0.73			1.10			1.80			(2.91	)		1.16			1.01
Distributions
Net investment income		(0.17	)		(0.31	)		(0.39	)		(0.24	)		(0.21	)		(0.28	)
Net realized gains on affiliated investments		—			—			—			(0.24	)		(0.32	)		(0.32	)
Total distributions		(0.17	)		(0.31	)		(0.39	)		(0.48	)		(0.53	)		(0.60	)
Net asset value
End of period/year	$	11.73		$	11.17		$	10.38		$	8.97		$	12.36		$	11.73
Total return(D)		6.58	% (E)		10.82	%		21.01	%		(24.36	%)		11.34	%		9.19	%
Net assets end of period/year (000’s)	$	101,830		$	114,303		$	111,706		$	93,268		$	116,569		$	110,701
Ratio and supplemental data
Expenses to average net assets:(F)
After reimbursement/recapture		1.27	% (G)		1.26	%		1.28	%		1.24	%		1.25	%		1.26	%
Before reimbursement/recapture		1.27	% (G)		1.26	%		1.28	%		1.24	%		1.25	%		1.26	%
Net investment income, to average net assets(C)		2.94	% (G)		2.81	%		3.71	%		2.72	%		2.59	%		1.78	%
Portfolio turnover rate(H)		8	% (E)		16	%		27	%		10	%		32	%		29	%

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 16

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica Asset Allocation - Conservative Portfolio
	Class C
	April 30, 2011			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2010			2009			2008			2007			2006
Net asset value
Beginning of period/year	$	11.16		$	10.37		$	8.96		$	12.35		$	11.73		$	11.32
Investment operations
From net investment income(A),(B),(C)		0.17			0.29			0.34			0.29			0.30			0.21
From net realized and unrealized gain (loss) on affiliated investments		0.55			0.82			1.46			(3.19	)		0.86			0.80
Total from investment operations		0.72			1.11			1.80			(2.90	)		1.16			1.01
Distributions
Net investment income		(0.17	)		(0.32	)		(0.39	)		(0.25	)		(0.22	)		(0.28	)
Net realized gains on affiliated investments		—			—			—			(0.24	)		(0.32	)		(0.32	)
Total distributions		(0.17	)		(0.32	)		(0.39	)		(0.49	)		(0.54	)		(0.60	)
Net asset value
End of period/year	$	11.71		$	11.16		$	10.37		$	8.96		$	12.35		$	11.73
Total return(D)		6.52	% (E)		10.92	%		21.09	%		(24.30	%)		11.31	%		9.25	%
Net assets end of period/year (000’s)	$	615,647		$	601,625		$	488,315		$	364,153		$	336,981		$	257,675
Ratio and supplemental data
Expenses to average net assets:(F)
After reimbursement/recapture		1.21	% (G)		1.22	%		1.23	%		1.22	%		1.22	%		1.23	%
Before reimbursement/recapture		1.21	% (G)		1.22	%		1.23	%		1.22	%		1.22	%		1.23	%
Net investment income, to average net assets(C)		2.96	% (G)		2.75	%		3.69	%		2.61	%		2.60	%		1.82	%
Portfolio turnover rate(H)		8	% (E)		16	%		27	%		10	%		32	%		29	%

	Transamerica Asset Allocation -
	Conservative Portfolio
	Class I
	April 30, 2011			October 31,
For a share outstanding throughout each period	(unaudited)			2010(I)
Net asset value
Beginning of period/year	$	11.24		$	10.69
Investment operations
From net investment income(A),(B),(C)		0.21			0.22
From net realized and unrealized gain on affiliated investments		0.57			0.75
Total from investment operations		0.78			0.97
Distributions
Net investment income		(0.21	)		(0.42	)
Net realized gains on affiliated investments		—			—
Total distributions		(0.21	)		(0.42	)
Net asset value
End of period/year	$	11.81		$	11.24
Total return(D)		7.03	% (E)		9.39	% (E)
Net assets end of period/year (000’s)	$	13,800		$	10,813
Ratio and supplemental data
Expenses to average net assets:(F)
After reimbursement/recapture		0.27	% (G)		0.28	% (G)
Before reimbursement/recapture		0.27	% (G)		0.28	% (G)
Net investment income, to average net assets(C)		3.77	% (G)		2.24	% (G)
Portfolio turnover rate(H)		8	% (E)		16	% (E)

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 17

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica Asset Allocation - Conservative Portfolio
	Class R
	April 30, 2011			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2010			2009			2008			2007			2006(J)
Net asset value
Beginning of period/year	$	11.29		$	10.49		$	9.05		$	12.47		$	11.84		$	11.30
Investment operations
From net investment income(A),(B),(C)		0.19			0.27			0.37			0.35			0.33			0.13
From net realized and unrealized gain (loss) on affiliated investments		0.56			0.88			1.49			(3.23	)		0.85			0.47
Total from investment operations		0.75			1.15			1.86			(2.88	)		1.18			0.60
Distributions
Net investment income		(0.18	)		(0.35	)		(0.42	)		(0.30	)		(0.23	)		(0.06	)
Net realized gains on affiliated investments		—			—			—			(0.24	)		(0.32	)		—
Total distributions		(0.18	)		(0.35	)		(0.42	)		(0.54	)		(0.55	)		(0.06	)
Net asset value
End of period/year	$	11.86		$	11.29		$	10.49		$	9.05		$	12.47		$	11.84
Total return(D)		6.76	% (E)		11.23	%		21.59	%		(23.98	%)		11.89	%		5.35	% (E)
Net assets end of period/year (000’s)	$	2,500		$	3,061		$	1,509		$	1,089		$	645		$	53
Ratio and supplemental data
Expenses to average net assets:(F)
After reimbursement/recapture		0.87	% (G)		0.88	%		0.89	%		0.82	%		0.86	%		0.66	% (G)
Before reimbursement/recapture		0.87	% (G)		0.88	%		0.89	%		0.82	%		0.86	%		0.66	% (G)
Net investment income, to average net assets(C)		3.38	% (G)		2.56	%		3.97	%		3.14	%		2.71	%		3.03	% (G)
Portfolio turnover rate(H)		8	% (E)		16	%		27	%		10	%		32	%		29	% (E)

	Transamerica Asset Allocation - Growth Portfolio
	Class A
	April 30, 2011			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2010			2009			2008			2007			2006
Net asset value
Beginning of period/year	$	11.36		$	9.92		$	8.87		$	15.46		$	13.44		$	11.99
Investment operations
From net investment income(A),(B),(C)		0.09			0.05			0.12			0.15			0.23			0.03
From net realized and unrealized gain (loss) on affiliated investments		1.60			1.48			1.12			(6.29	)		2.53			1.89
Total from investment operations		1.69			1.53			1.24			(6.14	)		2.76			1.92
Distributions
Net investment income		(0.05	)		(0.09	)		(0.19	)		(0.02	)		(0.29	)		(0.11	)
Net realized gains on affiliated investments		—			—			—			(0.43	)		(0.45	)		(0.36	)
Total distributions		(0.05	)		(0.09	)		(0.19	)		(0.45	)		(0.74	)		(0.47	)
Net asset value
End of period/year	$	13.00		$	11.36		$	9.92		$	8.87		$	15.46		$	13.44
Total return(D)		14.95	% (E)		15.55	%		14.46	%		(40.75	%)		21.35	%		16.38	%
Net assets end of period/year (000’s)	$	732,330		$	645,459		$	574,500		$	495,257		$	781,872		$	502,488
Ratio and supplemental data
Expenses to average net assets:(F)
After reimbursement/recapture		0.66	% (G)		0.68	%		0.73	%		0.65	%		0.64	%		0.65	%
Before reimbursement/recapture		0.66	% (G)		0.68	%		0.73	%		0.65	%		0.64	%		0.65	%
Net investment income, to average net assets(C)		1.44	% (G)		0.45	%		1.41	%		1.20	%		1.62	%		0.22	%
Portfolio turnover rate(H)		12	% (E)		10	%		47	%		12	%		18	%		22	%

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 18

FINANCIAL HIGHLIGHTS (continued)

 For the period or years ended:

	Transamerica Asset Allocation - Growth Portfolio
	Class B
	April 30, 2011			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2010			2009			2008			2007			2006
Net asset value
Beginning of period/year	$	11.09		$	9.70		$	8.63		$	15.13		$	13.17		$	11.77
Investment operations
From net investment income (loss)(A),(B),(C)		0.05			(0.02	)		0.07			0.08			0.14			(0.05	)
From net realized and unrealized gain (loss) on affiliated investments		1.57			1.44			1.10			(6.15	)		2.47			1.85
Total from investment operations		1.62			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 period/year	$	12.71		$	11.09		$	9.70		$	8.63		$	15.13		$	13.17
Total return(D)		14.61	% (E)		14.65	%		13.78	%		(41.15	%)		20.54	%		15.57	%
	��
Net assets end of period/year (000’s)	$	185,747		$	184,263		$	192,054		$	196,817		$	368,186		$	288,719
Ratio and supplemental data
Expenses to average net assets:(F)
After reimbursement/recapture		1.35	% (G)		1.35	%		1.40	%		1.30	%		1.29	%		1.31	%
Before reimbursement/recapture		1.35	% (G)		1.35	%		1.40	%		1.30	%		1.29	%		1.31	%
Net investment income (loss), to average net assets(C)		0.82	% (G)		(0.18	%)		0.84	%		0.67	%		1.02	%		(0.42	%)
Portfolio turnover rate(H)		12	% (E)		10	%		47	%		12	%		18	%		22	%

	Transamerica Asset Allocation - Growth Portfolio
	Class C
	April 30, 2011			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2010			2009			2008			2007			2006
Net asset value
Beginning of period/year	$	11.09		$	9.69		$	8.64		$	15.13		$	13.18		$	11.78
Investment operations
From net investment income (loss)(A),(B),(C)		0.05			(0.01	)		0.08			0.08			0.14			(0.05	)
From net realized and unrealized gain (loss) on affiliated investments		1.57			1.45			1.08			(6.14	)		2.48			1.85
Total from investment operations		1.62			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 period/year	$	12.71		$	11.09		$	9.69		$	8.64		$	15.13		$	13.18
Total return(D)		14.61	% (E)		14.86	%		13.72	%		(41.08	%)		20.60	%		15.61	%
Net assets end of period/year (000’s)	$	833,438		$	774,914		$	763,086		$	751,881		$	1,270,635		$	876,768
Ratio and supplemental data
Expenses to average net assets:(F)
After reimbursement/recapture		1.27	% (G)		1.29	%		1.33	%		1.26	%		1.25	%		1.26	%
Before reimbursement/recapture		1.27	% (G)		1.29	%		1.33	%		1.26	%		1.25	%		1.26	%
Net investment income (loss), to average net assets(C)		0.86	% (G)		(0.12	%)		0.90	%		0.62	%		1.03	%		(0.38	%)
Portfolio turnover rate(H)		12	% (E)		10	%		47	%		12	%		18	%		22	%

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 19

FINANCIAL HIGHLIGHTS (continued)

 For the period or years ended:

	Transamerica Asset Allocation -
	Growth Portfolio
	Class I
	April 30, 2011				October 31,
For a share outstanding throughout each period		(unaudited)		2010(I)
Net asset value
Beginning of period/year	$	11.39			$	10.35
Investment operations
From net investment income (loss)(A),(B),(C)		0.11				(0.02	)
From net realized and unrealized gain on affiliated investments		1.61				1.20
Total from investment operations		1.72				1.18
Distributions
Net investment income		(0.10	)			(0.14	)
Net realized gains on affiliated investments		—				—
Total distributions		(0.10	)			(0.14	)
Net asset value
End of period/year	$	13.01			$	11.39
Total return(D)		15.20	%(E)			11.57	%(E)
Net assets end of period/year (000’s)	$	16,560			$	13,112
Ratio and supplemental data
Expenses to average net assets:(F)
After reimbursement/recapture		0.27	%(G)			0.30	%(G)
Before reimbursement/recapture		0.27	%(G)			0.30	%(G)
Net investment income (loss), to average net assets(C)		1.79	%(G)			(0.15	%)(G)
Portfolio turnover rate(H)		12	%(E)			10	%(E)

	Transamerica Asset Allocation - Growth Portfolio
	Class R
	April 30, 2011			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2010			2009			2008			2007			2006(J)
Net asset value
Beginning of period/year	$	11.27		$	9.85		$	8.84		$	15.40		$	13.43		$	12.36
Investment operations
From net investment income(A),(B),(C)		0.07			0.01			0.10			0.07			0.13			0.05
From net realized and unrealized gain (loss) on affiliated investments		1.60			1.49			1.12			(6.20	)		2.60			1.02
Total from investment operations		1.67			1.50			1.22			(6.13	)		2.73			1.07
Distributions
Net investment income		(0.04	)		(0.08	)		(0.21	)		—			(0.31	)		—
Net realized gains on affiliated investments		—			—			—			(0.43	)		(0.45	)		—
Total distributions		(0.04	)		(0.08	)		(0.21	)		(0.43	)		(0.76	)		—
Net asset value
End of period/year	$	12.90		$	11.27		$	9.85		$	8.84		$	15.40		$	13.43
Total return(D)		14.90	%(E)		15.35	%		14.35	%		(40.81	%)		21.20	%		8.66	%(E)
Net assets end of period/year (000’s)	$	4,104		$	3,762		$	2,704		$	1,570		$	884		$	85
Ratio and supplemental data
Expenses to average net assets:(F)
After reimbursement/recapture		0.82	% (G)		0.84	%		0.85	%		0.83	%		0.68	%		0.67	% (G)
Before reimbursement/recapture		0.82	% (G)		0.84	%		0.85	%		0.83	%		0.68	%		0.67	% (G)
Net investment income, to average net assets(C)		1.27	% (G)		0.15	%		1.09	%		0.57	%		0.94	%		1.08	% (G)
Portfolio turnover rate(H)		12	%(E)		10	%		47	%		12	%		18	%		22	%(E)

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 20

FINANCIAL HIGHLIGHTS (continued)

 For the period or years ended:

	Transamerica Asset Allocation - Moderate Growth Portfolio
	Class A
	April 30, 2011			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2010			2009			2008			2007			2006
Net asset value
Beginning of period/year	$	11.59		$	10.39		$	9.20		$	14.58		$	13.05		$	11.88
Investment operations
From net investment income(A),(B),(C)		0.16			0.19			0.28			0.26			0.33			0.15
From net realized and unrealized gain (loss) on affiliated investments		1.19			1.27			1.25			(5.04	)		1.86			1.53
Total from investment operations		1.35			1.46			1.53			(4.78	)		2.19			1.68
Distributions
Net investment income		(0.17	)		(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		(0.17	)		(0.26	)		(0.34	)		(0.60	)		(0.66	)		(0.51	)
Net asset value
End of period/year	$	12.77		$	11.59		$	10.39		$	9.20		$	14.58		$	13.05
Total return(D)		11.77	% (E)		14.35	%		17.47	%		(34.01	%)		17.48	%		14.59	%
Net assets end of period/year (000’s)	$	1,354,605		$	1,202,885		$	1,044,810		$	901,766		$	1,295,568		$	914,835
Ratio and supplemental data
Expenses to average net assets:(F)
After reimbursement/recapture		0.61	% (G)		0.62	%		0.66	%		0.60	%		0.60	%		0.61	%
Before reimbursement/recapture		0.61	% (G)		0.62	%		0.66	%		0.60	%		0.60	%		0.61	%
Net investment income, to average net assets(C)		2.69	% (G)		1.80	%		2.99	%		2.12	%		2.42	%		1.17	%
Portfolio turnover rate(H)		13	% (E)		17	%		37	%		13	%		19	%		21	%

	Transamerica Asset Allocation - Moderate Growth Portfolio
	Class B
	April 30, 2011			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2010			2009			2008			2007			2006
Net asset value
Beginning of period/year	$	11.53		$	10.34		$	9.12		$	14.45		$	12.94		$	11.80
Investment operations
From net investment income(A),(B),(C)		0.12			0.13			0.22			0.19			0.24			0.06
From net realized and unrealized gain (loss) on affiliated investments		1.19			1.25			1.24			(5.01	)		1.85			1.52
Total from investment operations		1.31			1.38			1.46			(4.82	)		2.09			1.58
Distributions
Net investment income		(0.08	)		(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		(0.08	)		(0.19	)		(0.24	)		(0.51	)		(0.58	)		(0.44	)
Net asset value
End of period/year	$	12.76		$	11.53		$	10.34		$	9.12		$	14.45		$	12.94
Total return(D)		11.44	% (E)		13.57	%		16.69	%		(34.44	%)		16.69	%		13.74	%
Net assets end of period/year (000’s)	$	374,946		$	383,062		$	394,275		$	389,429		$	651,359		$	549,040
Ratio and supplemental data
Expenses to average net assets:(F)
After reimbursement/recapture		1.30	% (G)		1.30	%		1.33	%		1.27	%		1.27	%		1.28	%
Before reimbursement/recapture		1.30	% (G)		1.30	%		1.33	%		1.27	%		1.27	%		1.28	%
Net investment income, to average net assets(C)		2.11	% (G)		1.19	%		2.39	%		1.54	%		1.78	%		0.51	%
Portfolio turnover rate(H)		13	% (E)		17	%		37	%		13	%		19	%		21	%

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 21

FINANCIAL HIGHLIGHTS (continued)

 For the period or years ended:

	Transamerica Asset Allocation - Moderate Growth Portfolio
	Class C
	April 30, 2011			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2010			2009			2008			2007			2006
Net asset value
Beginning of period/year	$	11.50		$	10.32		$	9.11		$	14.45		$	12.95		$	11.80
Investment operations
From net investment income(A),(B),(C)		0.13			0.13			0.22			0.18			0.24			0.07
From net realized and unrealized gain (loss) on affiliated investments		1.19			1.25			1.25			(5.00	)		1.85			1.52
Total from investment operations		1.32			1.38			1.47			(4.82	)		2.09			1.59
Distributions
Net investment income		(0.10	)		(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		(0.10	)		(0.20	)		(0.26	)		(0.52	)		(0.59	)		(0.44	)
Net asset value
End of period/year	$	12.72		$	11.50		$	10.32		$	9.11		$	14.45		$	12.95
Total return(D)		11.52	%(E)		13.58	%		16.77	%)		34.44	%)		16.74	%		13.87	%
Net assets end of period/year (000’s)	$	1,732,734		$	1,606,227		$	1,513,954		$	1,455,012		$	2,098,087		$	1,520,489
Ratio and supplemental data
Expenses to average net assets:(F)
After reimbursement/recapture		1.23	%(G)		1.25	%		1.28	%		1.23	%		1.23	%		1.24	%
Before reimbursement/recapture		1.23	%(G)		1.25	%		1.28	%		1.23	%		1.23	%		1.24	%
Net investment income, to average net assets(C)		2.10	%(G)		1.20	%		2.43	%		1.49	%		1.79%			0.55	%
Portfolio turnover rate(H)		13	%(E)		17	%		37	%		13	%		19	%		21	%

	Transamerica Asset Allocation -
	Moderate Growth Portfolio
	Class I
	April 30, 2011			October 31,
For a share outstanding throughout each period	(unaudited)			2010(I)
Net asset value
Beginning of period/year	$	11.61		$	10.76
Investment operations
From net investment income(A),(B),(C)		0.17			0.09
From net realized and unrealized gain on affiliated investments		1.20			1.07
Total from investment operations		1.37			1.16
Distributions
Net investment income		(0.21	)		(0.28	)
Net realized gains on affiliated investments		—			—
From Return of Capital		—			(0.03	)
Total distributions		(0.21	)		(0.31	)
Net asset value
End of period/year	$	12.77		$	11.61
Total return(D)		11.97	% (E)		11.07	% (E)
Net assets end of period/year (000’s)	$	24,188		$	16,293
Ratio and supplemental data
Expenses to average net assets:(F)
After reimbursement/recapture		0.26	% (G)		0.29	% (G)
Before reimbursement/recapture		0.26	% (G)		0.29	% (G)
Net investment income, to average net assets(C)		2.81	% (G)		0.89	% (G)
Portfolio turnover rate(H)		13	% (E)		17	% (E)

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 22

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica Asset Allocation - Moderate Portfolio
	Class R
	April 30, 2011			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2010			2009			2008			2007			2006 (J)
Net asset value
Beginning of period/year	$	11.53		$	10.36		$	9.18		$	14.54		$	13.05		$	12.13
Investment operations
From net investment income(A),(B),(C)		0.15			0.15			0.25			0.22			0.24			0.10
From net realized and unrealized gain (loss) on affiliated investments		1.20			1.28			1.26			(5.00	)		1.93			0.82
Total from investment operations		1.35			1.43			1.51			(4.78	)		2.17			0.92
Distributions
Net investment income		(0.16	)		(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		(0.16	)		(0.26	)		(0.33	)		(0.58	)		(0.68	)		—
Net asset value
End of period/year	$	12.72		$	11.53		$	10.36		$	9.18		$	14.54		$	13.05
Total return(D)		11.79	% (E)		14.08	%		17.29	%		(34.08	%)		17.31	%		7.58	% (E)
Net assets end of period/year (000’s)	$	5,955		$	5,413		$	2,873		$	1,969		$	1,983		$	54
Ratio and supplemental data
Expenses to average net assets:(F)
After reimbursement/recapture		0.77	% (G)		0.79	%		0.82	%		0.76	%		0.67	%		0.66	% (G)
Before reimbursement/recapture		0.77	% (G)		0.79	%		0.82	%		0.76	%		0.67	%		0.66	% (G)
Net investment income, to average net assets(C)		2.54	% (G)		1.43	%		2.68	%		1.74	%		1.80	%		2.08	% (G)
Portfolio turnover rate(H)		13	% (E)		17	%		37	%		13	%		19	%		21	% (E)

	Transamerica Asset Allocation - Moderate Portfolio
	Class A
	April 30, 2011			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2010			2009			2008			2007			2006
Net asset value
Beginning of period/year	$	11.59		$	10.62		$	9.29		$	13.69		$	12.64		$	11.78
Investment operations
From net investment income(A),(B),(C)		0.19			0.30			0.36			0.33			0.36			0.24
From net realized and unrealized gain (loss) on affiliated investments		0.85			1.04			1.40			(4.05	)		1.40			1.15
Total from investment operations		1.04			1.34			1.76			(3.72	)		1.76			1.39
Distributions
Net investment income		(0.23	)		(0.37	)		(0.43	)		(0.28	)		(0.37	)		(0.28	)
Net realized gains on affiliated investments		—			—			—			(0.40	)		(0.34	)		(0.25	)
Total distributions		(0.23	)		(0.37	)		(0.43	)		(0.68	)		(0.71	)		(0.53	)
Net asset value
End of period/year	$	12.40		$	11.59		$	10.62		$	9.29		$	13.69		$	12.64
Total return(D)		9.14	% (E)		12.95	%		19.99	%		(28.41	%)		14.51	%		12.22	%
Net assets end of period/year (000’s)	$	959,334		$	857,469		$	694,532		$	545,646		$	665,013		$	471,902
Ratio and supplemental data
Expenses to average net assets:(F)
After reimbursement/recapture		0.60	% (G)		0.61	%		0.63	%		0.59	%		0.59	%		0.58	%
Before reimbursement/recapture		0.60	% (G)		0.61	%		0.63	%		0.59	%		0.59	%		0.58	%
Net investment income, to average net assets(C)		3.21	% (G)		2.78	%		3.76	%		2.79	%		2.83	%		1.98	%
Portfolio turnover rate(H)		9	% (E)		16	%		30	%		12	%		23	%		22	%

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 23

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica Asset Allocation - Moderate Portfolio
	Class B
	April 30, 2011			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2010			2009			2008			2007			2006
Net asset value
Beginning of period/year	$	11.55		$	10.59		$	9.23		$	13.59		$	12.55		$	11.70
Investment operations
From net investment income(A),(B),(C)		0.15			0.24			0.30			0.27			0.28			0.16
From net realized and unrealized gain (loss) on affiliated investments		0.86			1.02			1.39			(4.05	)		1.39			1.15
Total from investment operations		1.01			1.26			1.69			(3.78	)		1.67			1.31
Distributions
Net investment income		(0.14	)		(0.30	)		(0.33	)		(0.18	)		(0.28	)		(0.21	)
Net realized gains on affiliated investments		—			—			—			(0.40	)		(0.34	)		(0.25	)
Total distributions		(0.14	)		(0.30	)		(0.33	)		(0.58	)		(0.62	)		(0.46	)
Net asset value
End of period/year	$	12.42		$	11.55		$	10.59		$	9.23		$	13.59		$	12.55
Total return(D)		8.85	% (E)		12.13	%		19.16	%		(28.87	%)		13.73	%		11.50	%
Net assets end of period/year (000’s)	$	203,956		$	220,658		$	228,151		$	223,209		$	357,175		$	336,385
Ratio and supplemental data
Expenses to average net assets:(F)
After reimbursement/recapture		1.28	% (G)		1.28	%		1.30	%		1.25	%		1.25	%		1.25	%
Before reimbursement/recapture		1.28	% (G)		1.28	%		1.30	%		1.25	%		1.25	%		1.25	%
Net investment income, to average net assets(C)		2.62	% (G)		2.24	%		3.23	%		2.26	%		2.21	%		1.31	%
Portfolio turnover rate(H)		9	% (E)		16	%		30	%		12	%		23	%		22	%

	Transamerica Asset Allocation - Moderate Portfolio
	Class C
	April 30, 2011			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2010			2009			2008			2007			2006
Net asset value
Beginning of period/year	$	11.50		$	10.55		$	9.21		$	13.58		$	12.55		$	11.70
Investment operations
From net investment income(A),(B),(C)		0.15			0.24			0.30			0.26			0.28			0.16
From net realized and unrealized gain (loss) on affiliated investments		0.86			1.02			1.39			(4.03	)		1.39			1.14
Total from investment operations		1.01			1.26			1.69			(3.77	)		1.67			1.30
Distributions
Net investment income		(0.16	)		(0.31	)		(0.35	)		(0.20	)		(0.30	)		(0.21	)
Net realized gains on affiliated investments		—			—			—			(0.40	)		(0.34	)		(0.25	)
Total distributions		(0.16	)		(0.31	)		(0.35	)		(0.60	)		(0.64	)		(0.46	)
Net asset value
End of period/year	$	12.35		$	11.50		$	10.55		$	9.21		$	13.58		$	12.55
Total return(D)		8.91	% (E)		12.22	%		19.24	%		(28.87	%)		13.86	%		11.46	%
Net assets end of period/year (000’s)	$	1,224,251		$	1,142,029		$	997,766		$	876,977		$	1,159,220		$	905,061
Ratio and supplemental data
Expenses to average net assets:(F)
After reimbursement/recapture		1.21	% (G)		1.22	%		1.24	%		1.21	%		1.21	%		1.22	%
Before reimbursement/recapture		1.21	% (G)		1.22	%		1.24	%		1.21	%		1.21	%		1.22	%
Net investment income, to average net assets(C)		2.62	% (G)		2.21	%		3.25	%		2.21	%		2.22	%		1.35	%
Portfolio turnover rate(H)		9	% (E)		16	%		30	%		12	%		23	%		22	%

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 24

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica Asset Allocation -
	Moderate Portfolio
	Class I
	April 30, 2011			October 31,
For a share outstanding throughout each period	(unaudited)			2010 (I)
Net asset value
Beginning of period/year	$	11.61		$	10.94
Investment operations
From net investment income(A),(B),(C)		0.20			0.17
From net realized and unrealized gain on affiliated investments		0.86			0.91
Total from investment operations		1.06			1.08
Distributions
Net investment income		(0.27	)		(0.41	)
Net realized gains on affiliated investments		—			—
Total distributions		(0.27	)		(0.41	)
Net asset value
End of period/year	$	12.40		$	11.61
Total return(D)		9.32	% (E)		10.27	% (E)
Net assets end of period/year (000’s)	$	23,769		$	17,853
Ratio and supplemental data
Expenses to average net assets:(F)
After reimbursement/recapture		0.26	% (G)		0.28	% (G)
Before reimbursement/recapture		0.26	% (G)		0.28	% (G)
Net investment income, to average net assets(C)		3.43	% (G)		1.73	% (G)
Portfolio turnover rate(H)		9	% (E)		16	% (E)

	Transamerica Asset Allocation - Moderate Portfolio
	Class R
	April 30, 2011			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2010			2009			2008			2007			2006(J)
Net asset value
Beginning of period/year	$	11.53		$	10.58		$	9.28		$	13.65		$	12.64		$	11.86
Investment operations
From net investment income(A),(B),(C)		0.18			0.24			0.32			0.28			0.31			0.13
From net realized and unrealized gain (loss) on affiliated investments		0.85			1.06			1.42			(4.02	)		1.42			0.65
Total from investment operations		1.03			1.30			1.74			(3.74	)		1.73			0.78
Distributions
Net investment income		(0.22	)		(0.35	)		(0.44	)		(0.23	)		(0.38	)		—
Net realized gains on affiliated investments		—			—			—			(0.40	)		(0.34	)		—
Total distributions		(0.22	)		(0.35	)		(0.44	)		(0.63	)		(0.72	)		—
Net asset value
End of period/year	$	12.34		$	11.53		$	10.58		$	9.28		$	13.65		$	12.64
Total return(D)		9.08	% (E)		12.60	%		19.81	%		(28.57	%)		14.31	%		6.58	% (E)
Net assets end of period/year (000’s)	$	4,657		$	4,278		$	2,211		$	959		$	610		$	53
Ratio and supplemental data
Expenses to average net assets:(F)
After reimbursement/recapture		0.82	% (G)		0.83	%		0.86	%		0.87	%		0.72	%		0.66	% (G)
Before reimbursement/recapture		0.82	% (G)		0.83	%		0.86	%		0.87	%		0.72	%		0.66	% (G)
Net investment income, to average net assets(C)		3.06	% (G)		2.23	%		3.38	%		2.37	%		2.44	%		2.73	% (G)
Portfolio turnover rate(H)		9	% (E)		16	%		30	%		12	%		23	%		22	% (E)

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 25

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica Multi - Manager Alternative Strategies Portfolio
	Class A
	April 30, 2011			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2010			2009			2008			2007 (L)
Net asset value
Beginning of period/year	$	9.82		$	9.35		$	8.30		$	10.78		$	10.00
Investment operations
From net investment income(A),(B),(C)		0.12			0.14			0.29			0.20			0.05
From net realized and unrealized gain (loss) on affiliated investments		0.35			0.58			1.08			(2.43	)		0.73
Total from investment operations		0.47			0.72			1.37			(2.23	)		0.78
Distributions
Net investment income		(0.06	)		(0.15	)		(0.32	)		(0.25	)		—
Net realized gains on affiliated investments		—			—			—			—			—
From Return of Capital		—			(0.10	)		—			—			—
Total distributions		(0.06	)		(0.25	)		(0.32	)		(0.25	)		—
Net asset value
End of period/year	$	10.23		$	9.82		$	9.35		$	8.30		$	10.78
Total return(D)		4.87	% (E)		7.83	%		17.21	%		(21.08	%)		7.80	% (E)
Net assets end of period/year (000’s)	$	159,801		$	128,041		$	119,693		$	97,482		$	38,870
Ratio and supplemental data
Expenses to average net assets:(F)
After reimbursement/recapture		0.76	% (G)		0.80	%		0.81	%		0.84	%		0.90	% (G)
Before reimbursement/recapture		0.76	% (G)		0.80	%		0.81	%		0.77	%		1.29	% (G)
Net investment income, to average net assets(C)		2.47	% (G)		1.51	%		3.43	%		1.98	%		0.58	% (G)
Portfolio turnover rate(H)		10	% (E)		35	%		18	%		5	%		— %	(E),(K)

	Transamerica Multi - Manager Alternative Strategies Portfolio
	Class C
	April 30, 2011			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2010			2009			2008			2007 (L)
Net asset value
Beginning of period/year	$	9.73		$	9.27		$	8.23		$	10.72		$	10.00
Investment operations
From net investment income (loss)(A),(B),(C)		0.09			0.08			0.24			0.15			(0.01	)
From net realized and unrealized gain (loss) on affiliated investments		0.36			0.57			1.06			(2.42	)		0.73
Total from investment operations		0.45			0.65			1.30			(2.27	)		0.72
Distributions
Net investment income		(0.01	)		(0.09	)		(0.26	)		(0.22	)		—
Net realized gains on affiliated investments		—			—			—			—			—
From Return of Capital					(0.10	)		—			—			—
Total distributions		(0.01	)		(0.19	)		(0.26	)		(0.22	)		—
Net asset value
End of period/year	$	10.17		$	9.73		$	9.27		$	8.23		$	10.72
Total return(D)		4.61	% (E)		7.12	%		16.37	%		(21.52	%)		7.20	% (E)
Net assets end of period/year (000’s)	$	131,703		$	114,662		$	96,376		$	89,701		$	49,306
Ratio and supplemental data
Expenses to average net assets:(F)
After reimbursement/recapture		1.41	% (G)		1.44	%		1.45	%		1.52	%		1.55	% (G)
Before reimbursement/recapture		1.41	% (G)		1.44	%		1.45	%		1.43	%		1.99	% (G)
Net investment income (loss), to average net assets(C)		1.86	% (G)		0.82	%		2.92	%		1.53	%		(0.07	%) (G)
Portfolio turnover rate(H)		10	% (E)		35	%		18	%		5	%		— %	(E),(K)

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 26

FINANCIAL HIGHLIGHTS (continued) 

For the period or years ended:

	Transamerica Multi-Manager
	Alternative Strategies Portfolio
	Class I
	April 30, 2011			October 31,
For a share outstanding throughout each period	(unaudited)			2010(I)
Net asset value
Beginning of period/year	$	9.84		$	9.49
Investment operations
From net investment income(A),(B),(C)		0.12			0.07
From net realized and unrealized gain on affiliated investments		0.37			0.57
Total from investment operations		0.49			0.64
Distributions
Net investment income		(0.10	)		(0.19	)
Net realized gains on affiliated investments		—			—
From Return of Capital		—			—
Total distributions		(0.10	)		(0.29	)
Net asset value
End of period/year	$	10.23		$	9.84
Total return(D)		4.96	% (E)		6.90	% (E)
Net assets end of period/year (000’s) $		73,970		$	34,131
Ratio and supplemental data
Expenses to average net assets:(F)
After reimbursement/recapture		0.40	% (G)		0.50	% (G)
Before reimbursement/recapture		0.40	% (G)		0.50	% (G)
Net investment income, to average net assets(C)		2.42	% (G)		0.82	% (G)
Portfolio turnover rate(H)		10	% (E)		35	% (E)

	Transamerica Multi-Manager International Portfolio
	Class A
	April 30, 2011			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2010			2009			2008			2007			2006(N)
Net asset value
Beginning of period/year	$	9.84		$	8.53		$	6.57		$	13.24		$	10.63		$	10.00
Investment operations
From net investment income (loss)(A),(B),(C)		0.11			0.09			0.17			0.27			0.32			(0.04	)
From net realized and unrealized gain (loss) on affiliated investments		1.03			1.33			1.84			(6.53	)		2.87			0.67
Total from investment operations		1.14			1.42			2.01			(6.26	)		3.19			0.63
Distributions
Net investment income		(0.08	)		(0.11	)		(0.05	)		(0.32	)		(0.58	)		—
Net realized gains on affiliated investments		—			—			—			(0.09	)		—			—
Total distributions		(0.08	)		(0.11	)		(0.05	)		(0.41	)		(0.58	)		—
Net asset value
End of period/year	$	10.90		$	9.84		$	8.53		$	6.57		$	13.24		$	10.63
Total return(D)		11.64	% (E)		16.80	%		30.86	%		(48.61	%)		31.30	%		6.30	% (E)
Net assets end of period/year (000’s)	$	156,327		$	135,479		$	134,751		$	103,077		$	178,422		$	58,142
Ratio and supplemental data
Expenses to average net assets:(F)
After reimbursement/recapture		0.66	% (G)		0.70	%		0.74	%		0.65	%		0.65	%		0.80	% (G)
Before reimbursement/recapture		0.66	% (G)		0.70	%		0.74	%		0.65	%		0.65	%		0.88	% (G)
Net investment income (loss), to average net assets(C)		2.10	% (G)		1.04	%		2.35	%		2.59	%		2.78	%		(0.67	%) (G)
Portfolio turnover rate(H)		5	% (E)		11	%		32	%		38	%		1	%		1	% (E)

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Semi-Annual Report 2011
	Page 27

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica Multi-Manager International Portfolio
	Class B
	April 30, 2011			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2010			2009			2008			2007			2006(N)
Net asset value
Beginning of period/year	$	9.74		$	8.45		$	6.50		$	13.13		$	10.59		$	10.00
Investment operations
From net investment income (loss)(A),(B),(C)		0.07			0.02			0.01			0.21			0.23			(0.09	)
From net realized and unrealized gain (loss) on affiliated
investments		1.02			1.32			1.94			(6.50	)		2.86			0.68
Total from investment operations		1.09			1.34			1.95			(6.29	)		3.09			0.59
Distributions
Net investment income		—	(M)		(0.05	)		—			(0.25	)		(0.55	)		—
Net realized gains on affiliated investments		—			—			—			(0.09	)		—			—
Total distributions		—	(M)		(0.05	)		—			(0.34	)		(0.55	)		—
Net asset value
End of period/year	$	10.83		$	9.74		$	8.45		$	6.50		$	13.13		$	10.59
Total return(D)		11.21	% (E)		15.95	%		30.00	%		(49.04	%)		30.32	%		5.90	% (E)
Net assets end of period/year (000’s)	$	18,340		$	18,432		$	18,010		$	15,781		$	30,060		$	9,849
Ratio and supplemental data
Expenses to average net assets:(F)
After reimbursement/recapture		1.45	% (G)		1.45	%		1.45	%		1.42	%		1.43	%		1.45	% (G)
Before reimbursement/recapture		1.46	% (G)		1.49	%		1.57	%		1.42	%		1.43	%		1.69	% (G)
Net investment income (loss), to average net assets(C)		1.41	% (G)		0.19	%		0.08	%		1.95	%		1.98	%		(1.32	%) (G)
Portfolio turnover rate(H)		5	% (E)		11	%		32	%		38	%		1	%		1	% (E)

	Transamerica Multi-Manager International Portfolio
	Class C
	April 30, 2011			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2010			2009			2008			2007			2006(N)
Net asset value
Beginning of period/year	$	9.75		$	8.45		$	6.50		$	13.13		$	10.58		$	10.00
Investment operations
From net investment income (loss)(A),(B),(C)		0.08			0.02			0.03			0.21			0.24			(0.09	)
From net realized and unrealized gain (loss) on affiliated investments		1.02			1.33			1.92			(6.49	)		2.86			0.67
Total from investment operations		1.10			1.35			1.95			(6.28	)		3.10			0.58
Distributions
Net investment income		(0.02	)		(0.05	)		—			(0.26	)		(0.55	)		—
Net realized gains on affiliated investments		—			—			—			(0.09	)		—			—
Total distributions		(0.02	)		(0.05	)		—			(0.35	)		(0.55	)		—
Net asset value
End of period/year	$	10.83		$	9.75		$	8.45		$	6.50		$	13.13		$	10.58
Total return(D)		11.28	% (E)		16.10	%		30.00	%		(48.98	%)		30.45	%		5.80	% (E)
Net assets end of period/year (000’s)	$	155,674		$	144,849		$	132,777		$	128,742		$	250,419		$	76,650
Ratio and supplemental data
Expenses to average net assets:(F)
After reimbursement/recapture		1.32	% (G)		1.36	%		1.43	%		1.31	%		1.31	%		1.45	% (G)
Before reimbursement/recapture		1.32	% (G)		1.36	%		1.43	%		1.31	%		1.31	%		1.53	% (G)
Net investment income (loss), to average net assets(C)		1.50	% (G)		0.27	%		0.50	%		2.01	%		2.08	%		(1.32	%) (G)
Portfolio turnover rate(H)		5	% (E)		11	%		32	%		38	%		1	%		1	% (E)

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Semi-Annual Report 2011
	Page 28

FINANCIAL HIGHLIGHTS (continued)
For the period or years ended:

	Transamerica Multi-Manager
	International Portfolio
	Class I
	April 30, 2011			October 31,
For a share outstanding throughout each period	(unaudited)			2010 (I)
Net asset value
Beginning of period/year	$	9.86		$	8.84
Investment operations
From net investment income (loss)(A),(B),(C)		0.13			(0.02	)
From net realized and unrealized gain on affiliated investments		1.02			1.19
Total from investment operations		1.15			1.17
Distributions
Net investment income		(0.12	)		(0.15	)
Net realized gains on affiliated investments		—			—
Total distributions		(0.12	)		(0.15	)
Net asset value
End of period/year	$	10.89		$	9.86
Total return(D)		11.78	% (E)		13.41	% (E)
Net assets end of period/year (000’s)	$	34,819		$	28,047
Ratio and supplemental data
Expenses to average net assets:(F)
After reimbursement/recapture		0.29	% (G)		0.34	% (G)
Before reimbursement/recapture		0.29	% (G)		0.34	% (G)
Net investment income (loss), to average net assets(C)		2.49	% (G)		(0.21	%) (G)
Portfolio turnover rate(H)		5	% (E)		11	% (E)

(A)	Calculated based on average number of shares outstanding.
(B)	On November 15, 2005, the fund was authorized under the 12b-1 plan to pay fees on each class up to the following limits: Class A 0.35%, Class B 1.00%, Class C 1.00%, Class R 0.50%.
(C)	Recognition of net investment income by the fund is affected by the timing of the declaration of dividends by the underlying affiliated investment companies in which the fund invests.
(D)	Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase.
(E)	Not annualized.
(F)	Does not include expenses of the investment companies in which the fund invests.
(G)	Annualized.
(H)	Does not include the portfolio activity of the underlying affiliated funds.
(I)	Commenced operations on November 30, 2009.
(J)	Commenced operations on June 15, 2006.
(K)	Percentage rounds to less than 1% or (1)%.
(L)	Commenced operations on December 28, 2006.
(M)	Amount rounds to less than $(0.01) or $0.01.
(N)	Commenced operations on March 1, 2006.

Note: Prior to November 1, 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		Semi-Annual Report 2011
	Page 29

NOTES TO FINANCIAL STATEMENTS
At April 30, 2011
(all amounts in thousands)
(unaudited)

NOTE 1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

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

The Funds, 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.

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

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 Funds 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.

Cash overdraft: Throughout the period, the Funds 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 Funds value their investments at the close of the New York Stock Exchange (“NYSE”), normally 4 p.m. Eastern Time, 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 inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three Levels of inputs of the fair value hierarchy are defined as follows:

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

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

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

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

Transamerica Funds		Semi-Annual Report 2011
	Page 30

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

NOTE 2. (continued)

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 Funds’ investments at April 30, 2011 are disclosed in the valuation summary of each of the Funds’ Schedules of Investments. Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of any Levels as described above during the period ended April 30, 2011.

NOTE 3. RELATED PARTY TRANSACTIONS

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

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

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

At the commencement of operations of each of these Funds and classes, TAM invested in each Fund. As of April 30, 2011, TAM had investments in the Fund as follows:

	Market		% of Fund’s
Fund Name	Value		Net Assets
Transamerica Multi-Manager Alternative Strategies Portfolio
Class A	$	282		0.08	%
Class C		274		0.08

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

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 Funds to the extent that operating expenses, excluding distribution and service fees, extraordinary expenses, and acquired (i.e. underlying) funds’ fees and expenses, exceed the following stated annual limit:

Fund 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

Transamerica Funds		Semi-Annual Report 2011
	Page 31

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

NOTE 3. (continued)

If total Fund expenses, excluding 12b-1 fees and certain extraordinary expenses, fall below the annual expense limitation agreement agreed to by the adviser within the succeeding 36 months, the Funds may be required to pay the adviser a portion or all of the previously waived advisory fees.

There were no amounts recaptured for the period ended April 30, 2011.

The following amounts were available for recapture as of April 30, 2011:

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 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. Pursuant to the distribution plan, the Trust entered into a distribution agreement with TCI as the Funds’ distributor. The Funds are authorized under the 12b-1 plans to pay fees on each available class up to the following limits: 0.35% for Class A; 1.00% for Class B; 1.00% for Class C; and 0.50% for Class R. 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 period ended April 30, 2011 the underwriter commissions paid to TCI were as follows:

Transamerica Asset Allocation — Conservative Portfolio
Received by Underwriter	$	1,417
Retained by Underwriter		232
Contingent Deferred Sales Charge		128
Transamerica Asset Allocation — Growth Portfolio
Received by Underwriter		1,572
Retained by Underwriter		236
Contingent Deferred Sales Charge		197
Transamerica Asset Allocation — Moderate Growth Portfolio
Received by Underwriter		3,403
Retained by Underwriter		522
Contingent Deferred Sales Charge		299
Transamerica Asset Allocation — Moderate Portfolio
Received by Underwriter		2,618
Retained by Underwriter		415
Contingent Deferred Sales Charge		202
Transamerica Multi-Manager Alternative Strategies Portfolio
Received by Underwriter		647
Retained by Underwriter		102
Contingent Deferred Sales Charge		22
Transamerica Multi-Manager International Portfolio
Received by Underwriter		178
Retained by Underwriter		28
Contingent Deferred Sales Charge		34

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 0.0125% 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 Funds pay TFS a fee for providing transfer agency services. Fees paid and the amounts due to TFS for the period ended April 30, 2011 are as follows:

Fund Name	Fees Paid to TFS		Due to TFS
Transamerica Asset Allocation — Conservative Portfolio	$	585	$	86
Transamerica Asset Allocation — Growth Portfolio		1,278		183
Transamerica Asset Allocation — Moderate Growth Portfolio		1,911		276
Transamerica Asset Allocation — Moderate Portfolio		1,092		150
Transamerica Multi-Manager Alternative Strategies Portfolio		213		28
Transamerica Multi-Manager International Portfolio		265		35

Deferred compensation plan: Under a non-qualified deferred compensation plan effective January 1, 1996, as amended and restated (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.

Transamerica Funds		Semi-Annual Report 2011
	Page 32

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

NOTE 4. INVESTMENT TRANSACTIONS

The cost of affiliated investments purchased and proceeds from affiliated investments sold (excluding short-term securities) for the period ended April 30, 2011 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 Asset Allocation — Conservative Portfolio	$	94,710	$	—	$	112,333	$	—
Transamerica Asset Allocation — Growth Portfolio		195,012		—		261,290		—
Transamerica Asset Allocation — Moderate Growth Portfolio		429,254		—		455,713		—
Transamerica Asset Allocation — Moderate Portfolio		226,287		—		201,559		—
Transamerica Multi-Manager Alternative Strategies Portfolio		108,051		—		32,094		—
Transamerica Multi-Manager International Portfolio		23,678		—		15,866		—

NOTE 5. 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 years (2007 — 2009), or expected to be taken in the Funds’ 2010 tax return, and has concluded that no provision for income tax is required in the Fund’s 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, net operating losses, capital loss carryforwards, and post-October loss deferrals.

Transamerica Funds		Semi-Annual Report 2011
	Page 33

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 Funds and the Trust.

Important Notice Regarding Delivery of Shareholder Documents

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

Transamerica Funds		Semi-Annual Report 2011
	Page 34

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 Semi-Annual Report 2011

Page 35

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

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

Open Funds

Semi-Annual Report
April 30, 2011

www.transamericafunds.com

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

Dear Fellow Shareholder,

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

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

We believe it is important to recognize and understand current market conditions in order to provide a context for reading this report. Equity and fixed-income markets have generally been resilient during the past six months, especially considering recent political unrest in the Middle East and North Africa, a Japanese earthquake, and persistently high levels of unemployment. Strong corporate earnings and other improvements in economic data have contributed to this resiliency. The Federal Reserve has continued to keep the federal funds rate within a historically low range of 0-0.25% in an ongoing effort to promote economic expansion. Credit markets have continued to rally on improvements in the economy and as investors have sought incremental yield. However, concerns remain over the impact of high government debt levels and potential inflationary pressures, particularly within the energy and commodity sectors. Oil and food prices have risen materially during the period. For the six months ending April 30, 2011, the Dow Jones Industrial Average returned 16.71%, the Standard & Poor’s 500^® Index returned 16.36%, and the Barclays Capital U.S. Aggregate Bond Index returned 0.02%. Please keep in mind it is important to maintain a diversified portfolio as investment returns have historically been difficult to predict.

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

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

Sincerely,

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

Understanding Your Funds’ Expenses

(unaudited)

SHAREHOLDER EXPENSES

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

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

The examples are based on an investment of $1,000 invested at November 1, 2010 and held for the entire period until April 30, 2011.

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			Value		During Period			Expense Ratio
Transamerica AEGON Flexible Income
Class A	$	1,000.00	$	1,047.30	$	4.87	(A)	$	1,020.03	$	4.81	(A)		0.96	%
Class B		1,000.00		1,041.70		9.21	(A)		1,015.77		9.10	(A)		1.82
Class C		1,000.00		1,043.20		8.36	(A)		1,016.61		8.25	(A)		1.65
Class I		1,000.00		1,048.10		3.45	(A)		1,021.42		3.41	(A)		0.68
Class I2		1,000.00		1,047.50		2.89	(A)		1,021.97		2.86	(A)		0.57
Transamerica AEGON High Yield Bond
Class A		1,000.00		1,061.20		5.93	(A)		1,019.04		5.81	(A)		1.16
Class B		1,000.00		1,058.60		9.24	(A)		1,015.82		9.05	(A)		1.81
Class C		1,000.00		1,058.20		8.88	(A)		1,016.17		8.70	(A)		1.74
Class I		1,000.00		1,064.20		3.94	(A)		1,020.98		3.86	(A)		0.77
Class I2		1,000.00		1,064.70		3.33	(A)		1,021.57		3.26	(A)		0.65
Class P		1,000.00		1,062.70		4.60	(A)		1,020.33		4.51	(A)		0.90
Transamerica AEGON Money Market
Class A		1,000.00		1,000.00		1.09	(A)		1,023.70		1.10	(A)		0.22
Class B		1,000.00		1,000.00		1.09	(A)		1,023.70		1.10	(A)		0.22
Class C		1,000.00		1,000.00		1.09	(A)		1,023.70		1.10	(A)		0.22
Class I		1,000.00		1,000.10		1.04	(A)		1,023.75		1.05	(A)		0.21
Class I2		1,000.00		1,000.10		1.04	(A)		1,023.75		1.05	(A)		0.21
Class P		1,000.00		1,000.10		1.04	(A)		1,023.75		1.05	(A)		0.21
Transamerica AEGON Short-Term Bond
Class A		1,000.00		1,018.10		4.05	(A)		1,020.78		4.06	(A)		0.81
Class C		1,000.00		1,014.30		7.84	(A)		1,017.01		7.85	(A)		1.57
Class I		1,000.00		1,019.90		3.11	(A)		1,021.72		3.11	(A)		0.62
Class I2		1,000.00		1,020.60		2.61	(A)		1,022.22		2.61	(A)		0.52

Transamerica Funds Semi-Annual Report 2011

Page 1

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			Value		During Period			Expense Ratio
Transamerica Morgan Stanley Capital Growth
Class A	$	1,000.00	$	1,223.50	$	8.55	(A)	$	1,017.11	$	7.75	(A)		1.55	%
Class B		1,000.00		1,219.60		12.11	(A)		1,013.88		10.99	(A)		2.20
Class C		1,000.00		1,219.80		12.11	(A)		1,013.88		10.99	(A)		2.20
Class I		1,000.00		1,226.10		6.62	(A)		1,018.84		6.01	(A)		1.20
Class P		1,000.00		1,224.80		7.72	(A)		1,017.85		7.00	(A)		1.40
Transamerica Morgan Stanley Growth Opportunities
Class A		1,000.00		1,292.30		9.95	(A)		1,016.12		8.75	(A)		1.75
Class B		1,000.00		1,287.30		13.61	(A)		1,012.89		11.98	(A)		2.40
Class C		1,000.00		1,287.40		13.61	(A)		1,012.89		11.98	(A)		2.40
Class I		1,000.00		1,294.50		7.96	(A)		1,017.85		7.00	(A)		1.40
Class I2		1,000.00		1,297.70		4.96	(A)		1,020.48		4.36	(A)		0.87
Class P		1,000.00		1,294.70		7.45	(A)		1,018.30		6.56	(A)		1.31
Transamerica Multi-Managed Balanced
Class A		1,000.00		1,134.40		7.67	(A)		1,017.60		7.25	(A)		1.45
Class B		1,000.00		1,129.40		12.20	(A)		1,013.34		11.53	(A)		2.31
Class C		1,000.00		1,130.90		10.67	(A)		1,014.78		10.09	(A)		2.02
Class I		1,000.00		1,136.10		5.51	(A)		1,019.64		5.21	(A)		1.04
Class P		1,000.00		1,136.20		5.83	(A)		1,019.34		5.51	(A)		1.10
Transamerica Systematic Small/Mid Cap Value
Class A		1,000.00		1,282.20		7.92	(A)		1,017.85		7.00	(A)		1.40
Class B		1,000.00		1,278.10		11.64	(A)		1,014.58		10.29	(A)		2.06
Class C		1,000.00		1,278.30		11.35	(A)		1,014.83		10.04	(A)		2.01
Class I		1,000.00		1,285.10		5.55	(A)		1,019.93		4.91	(A)		0.98
Class I2		1,000.00		1,285.90		4.87	(A)		1,020.53		4.31	(A)		0.86
Transamerica TS&W International Equity
Class A		1,000.00		1,051.90		2.57	(C)		1,005.85		2.51	(C)		1.50
Class C		1,000.00		1,050.60		3.60	(C)		1,004.85		3.52	(C)		2.10
Class I		1,000.00		1,147.90		6.34	(A)		1,018.89		5.96	(A)		1.19
Class I2		1,000.00		1,052.60		1.84	(C)		1,006.57		1.79	(C)		1.07
Transamerica WMC Diversified Equity
Class A		1,000.00		1,139.10		8.06	(A)		1,017.26		7.60	(A)		1.52
Class B		1,000.00		1,135.00		11.49	(A)		1,014.03		10.84	(A)		2.17
Class C		1,000.00		1,134.50		11.48	(A)		1,014.03		10.84	(A)		2.17
Class I		1,000.00		1,141.00		6.21	(A)		1,018.99		5.86	(A)		1.17
Class I2		1,000.00		1,143.00		4.20	(A)		1,020.88		3.96	(A)		0.79
Class P		1,000.00		1,140.60		6.10	(A)		1,019.09		5.76	(A)		1.15
Transamerica WMC Diversified Growth
Class A		1,000.00		1,164.00		8.16	(A)		1,017.26		7.60	(A)		1.52
Class B		1,000.00		1,160.60		11.62	(A)		1,014.03		10.84	(A)		2.17
Class C		1,000.00		1,159.80		11.62	(A)		1,014.03		10.84	(A)		2.17
Class I		1,000.00		1,166.10		4.99	(A)		1,020.18		4.66	(A)		0.93
Class I2		1,000.00		1,168.10		4.14	(A)		1,020.98		3.86	(A)		0.77
Class P		1,000.00		1,166.70		6.18	(A)		1,019.09		5.76	(A)		1.15
Class T		1,000.00		1,166.80		5.00	(A)		1,020.18		4.66	(A)		0.93
Transamerica WMC Quality Value
Class A		1,000.00		1,162.40		6.68	(D)		1,016.70		6.23	(D)		1.35
Class C		1,000.00		1,159.10		9.88	(D)		1,013.73		9.21	(D)		2.00
Class I		1,000.00		1,164.30		4.95	(D)		1,018.30		4.62	(D)		1.00
Class I2		1,000.00		1,166.00		3.77	(D)		1,019.40		3.51	(D)		0.76

(A)	Expenses are calculated using the fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days), and divided by the number of days in the year (365 days).
(B)	5% return per year before expenses.
(C)	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 (61 days), and divided by the number of days in the year (365 days).
(D)	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 (167 days), and divided by the number of days in the year (365 days).

Transamerica Funds Semi-Annual Report 2011

Page 2

Schedules of Investments Composition

At April 30, 2011
(The following charts summarize the Schedule of Investments of each fund by asset type)
(unaudited)

Transamerica AEGON Flexible Income	% of Net
(formerly, Transamerica Flexible Income)	Assets
Corporate Debt Securities		59.6	%
Securities Lending Collateral		10.2
Mortgage-Backed Securities		7.6
U.S. Government Obligations		6.9
Preferred Corporate Debt Securities		6.0
Foreign Government Obligations		4.6
Asset-Backed Securities		4.1
Preferred Stocks		1.9
Common Stocks		1.8
Repurchase Agreement		1.8
Municipal Government Obligations		1.4
Warrant		1.2
Convertible Preferred Stock		0.8
U.S. Government Agency Obligation		0.7
Convertible Bonds		0.5
Other Assets and Liabilities - Net		(9 .1	)
Total		100.0	%

	% of Net
Transamerica AEGON High Yield Bond	Assets
Corporate Debt Securities		88.2	%
Securities Lending Collateral		16.2
Repurchase Agreement		6.0
Preferred Corporate Debt Securities		1.5
Preferred Stocks		1.3
Common Stocks		0.7
U.S. Government Obligation		0.5
Warrants		0.1
Other Assets and Liabilities - Net		(14.5	)
Total		100.0	%

Transamerica AEGON Money Market	% of Net
(formerly, Transamerica Money Market)	Assets
Commercial Paper		66.6	%
Asset-Backed Commercial Paper		20.3
Repurchase Agreements		13.3
Other Assets and Liabilities - Net		(0.2	)
Total		100.0	%

Transamerica AEGON Short-Term Bond	% of Net
(formerly, Transamerica Short-Term Bond)	Assets
Corporate Debt Securities		64.0	%
Mortgage-Backed Securities		22.2
Asset-Backed Securities		10.1
Securities Lending Collateral		2.7
Municipal Government Obligations		1.1
Repurchase Agreement		1.0
Loan Assignment		0.5
U.S. Government Agency Obligations		0.4
Other Assets and Liabilities - Net Ω		(2.0	)
Total		100.0	%

Transamerica Morgan Stanley Capital Growth	% of Net
(formerly, Transamerica Focus)	Assets
Common Stocks		99.8	%
Securities Lending Collateral		25.6
Repurchase Agreement		0.1
Other Assets and Liabilities - Net		(25.5	)
Total		100.0	%

Transamerica Morgan Stanley Growth
Opportunities	% of Net
(formerly, Transamerica Growth Opportunities)	Assets
Common Stocks		96.6	%
Securities Lending Collateral		24.9
Repurchase Agreement		3.3
Other Assets and Liabilities - Net		(24.8	)
Total		100.0	%

Transamerica Multi-Managed Balanced	% of Net
(formerly, Transamerica Balanced)	Assets
Common Stocks		59.9	%
U.S. Government Obligations		13.9
Corporate Debt Securities		10.9
Mortgage-Backed Securities		6.4
Asset-Backed Securities		3.3
Repurchase Agreement		2.4
U.S. Government Agency Obligations		1.9
Preferred Corporate Debt Securities		0.4
Municipal Government Obligations		0.4
Other Assets and Liabilities - Net Ω		0.5
Total		100.0	%

Transamerica Systematic Small/Mid Cap Value	% of Net
(formerly, Transamerica Small/Mid Cap Value)	Assets
Common Stocks		97.2	%
Securities Lending Collateral		25.6
Repurchase Agreement		3.3
Other Assets and Liabilities - Net		(26.1	)
Total		100.0	%

	% of Net
Transamerica TS&W International Equity	Assets
Common Stocks		97.5	%
Preferred Stock		0.9
Repurchase Agreement		0.4
Other Assets and Liabilities - Net		1.2
Total		100.0	%

Transamerica WMC Diversified Equity	% of Net
(formerly, Transamerica Diversified Equity)	Assets
Common Stocks		94.7	%
Securities Lending Collateral		6.2
Repurchase Agreement		5.4
Other Assets and Liabilities - Net		(6.3	)
Total		100.0	%

	% of Net
Transamerica WMC Diversified Growth	Assets
Common Stocks		96.0	%
Securities Lending Collateral		21.0
Repurchase Agreement		4.1
Other Assets and Liabilities - Net		(21.1	)
Total		100.0	%

	% of Net
Transamerica WMC Quality Value	Assets
Common Stocks		97.7	%
Repurchase Agreement		2.2
Other Assets and Liabilities - Net		0.1
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.

Transamerica Funds Semi-Annual Report 2011

Page 3

Transamerica AEGON Flexible Income
(formerly, Transamerica Flexible Income)

SCHEDULE OF INVESTMENTS
At April 30, 2011
(all amounts in thousands)
(unaudited)

		Principal		Value
U.S. GOVERNMENT OBLIGATIONS - 6.9%
U.S. Treasury Bond
2.63%, 11/15/2020		$	4,575	$	4,328
U.S. Treasury Inflation Indexed Bond
2.50%, 01/15/2029			2,164		2,514
U.S. Treasury Note
1.25%, 09/30/2015 - 10/31/2015			1,725		1,689
2.13%, 02/29/2016			8,635		8,725
Total U.S. Government Obligations (cost $16,846)					17,256
U.S. GOVERNMENT AGENCY OBLIGATION - 0.7%
Freddie Mac, IO
5.00%, 08/01/2035			7,819		1,720
Total U.S. Government Agency Obligation (cost $1,949)
FOREIGN GOVERNMENT OBLIGATIONS - 4.6%
Canada Housing Trust No. 1
3.15%, 06/15/2015 - 144A	CAD		2,500		2,702
Republic of Chile
5.50%, 08/05/2020	CLP		994,500		2,141
Republic of The Philippines
4.95%, 01/15/2021 ^	PHP		90,000		2,055
United Mexican States
7.00%, 06/19/2014	MXN		18,000		1,607
7.50%, 06/21/2012	MXN		35,000		3,127
Total Foreign Government Obligations (cost $10,585)					11,632
MORTGAGE-BACKED SECURITIES - 7.6%
American General Mortgage Loan Trust
Series 2009-1, Class A6
5.75%, 09/25/2048 - 144A *		$	1,785		1,814
American Tower Trust
Series 2007-1A, Class D
5.96%, 04/15/2037 - 144A			1,950		2,072
BCAP LLC Trust
Series 2009-RR3, Class 2A1
5.53%, 05/26/2037 - 144A *			324		333
Series 2009-RR6, Class 2A1
5.28%, 08/26/2035 - 144A *			1,215		1,157
Series 2009-RR10, Class 2A1
3.07%, 08/26/2035 - 144A *			828		829
Series 2009-RR13, Class 13A3
5.25%, 03/26/2037 - 144A *			1,061		1,086
Series 2009-RR14, Class 1A1
6.04%, 05/26/2037 - 144A *			1,580		1,623
Series 2010-RR1, Class 12A1
5.25%, 08/26/2036 - 144A *			1,708		1,767
Credit Suisse Mortgage Capital Certificates
Series 2010-18R, Class 1A11
3.75%, 08/26/2035 - 144A *			1,315		1,326
Jefferies & Co., Inc.
Series 2009-R2, Class 2A
6.13%, 12/26/2037 - 144A *			502		505
Series 2009-R7, Class 1A1
5.50%, 02/26/2036 - 144A *			833		853
Series 2009-R7, Class 4A1
3.05%, 09/26/2034 - 144A *			866		864
Series 2009-R7, Class 10A3
6.00%, 12/26/2036 - 144A			381		378
Series 2009-R7, Class 12A1
5.21%, 08/26/2036 - 144A *			463		467
Series 2009-R7, Class 16A1
5.54%, 12/26/2036 - 144A *			117		118
Series 2009-R9, Class 1A1
5.62%, 08/26/2046 - 144A *			789		794
JP Morgan Re-REMIC
Series 2009-7, Class 8A1
5.60%, 01/27/2047 - 144A *			896		915
WaMu Mortgage Pass-Through Certificates
Series 2003-S9, Class A6
5.25%, 10/25/2033			1,469		1,477
Wells Fargo Mortgage Backed Securities Trust
Series 2003-G, Class A1
4.10%, 06/25/2033 *			428		437
Series 2003-L, Class 1A2
4.50%, 11/25/2033 *			310		315
Total Mortgage-Backed Securities (cost $18,371)					19,130
ASSET-BACKED SECURITIES - 4.1%
America West Airlines Pass-Through Trust
Series 2000-1, Class G
8.06%, 07/02/2020			1,127		1,172
Continental Airlines Pass-Through Trust
Series 1997-1, Class A
7.46%, 04/01/2015			1,724		1,724
Gazprom OAO Via GAZ Capital SA
8.13%, 07/31/2014 - 144A			2,060		2,363
Northwest Airlines Pass-Through Trust
Series 2002-1, Class G2
6.26%, 11/20/2021			2,510		2,585
UAL Pass-Through Trust
Series 2009-1
10.40%, 11/01/2016			2,172		2,487
Total Asset-Backed Securities (cost $9,893)					10,331
MUNICIPAL GOVERNMENT OBLIGATIONS - 1.4%
Rhode Island Economic Development Corp.
6.00%, 11/01/2015 §			1,545		1,517
State of California
7.95%, 03/01/2036			1,820		1,984
Total Municipal Government Obligations (cost $3,367)					3,501
PREFERRED CORPORATE DEBT SECURITIES - 6.0%
Commercial Banks - 2.9%
PNC Financial Services Group, Inc.
8.25%, 05/21/2013 * Ž ^			2,500		2,645
Rabobank Nederland NV
11.00%, 06/30/2019 - 144A * Ž			1,695		2,212
Wells Fargo & Co. - Series K
7.98%, 03/15/2018 * Ž			2,400		2,640
Diversified Financial Services - 2.0%
JPMorgan Chase Capital XXV - Series Y
6.80%, 10/01/2037			1,500		1,543
ZFS Finance USA Trust II
6.45%, 12/15/2065 - 144A *			3,300		3,457
Insurance - 1.1%
Reinsurance Group of America, Inc. - Series A
6.75%, 12/15/2065 *			2,760		2,720
Total Preferred Corporate Debt Securities (cost $13,889)					15,217

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

Transamerica Funds Semi-Annual Report 2011

Page 4

Transamerica AEGON Flexible Income
(formerly, Transamerica Flexible Income)

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

		Principal		Value
CORPORATE DEBT SECURITIES - 59.6%
Beverages - 1.3%
Anheuser-Busch InBev Worldwide, Inc.
9.75%, 11/17/2015	BRL		2,200	$	1,440
Beverages & More, Inc.
9.63%, 10/01/2014 - 144A		$	1,635		1,721
Building Products - 0.4%
Voto-Votorantim Overseas Trading
Operations NV
6.63%, 09/25/2019 - 144A			840		886
Capital Markets - 2.3%
BP Capital Markets PLC
4.74%, 03/11/2021 ^			1,330		1,358
E*Trade Financial Corp.
7.38%, 09/15/2013			1,900		1,914
Macquarie Group, Ltd.
6.25%, 01/14/2021 - 144A			2,375		2,434
Commercial Banks - 5.4%
Barclays Bank PLC
7.38%, 06/29/2049			1,298		1,314
10.18%, 06/12/2021 - 144A			1,480		1,925
BBVA Bancomer SA
7.25%, 04/22/2020 - 144A			1,400		1,443
M&I Marshall & Ilsley Bank
4.85%, 06/16/2015			1,245		1,319
5.00%, 01/17/2017			2,050		2,185
Regions Bank
7.50%, 05/15/2018 ^			2,560		2,763
Zions Bancorporation
7.75%, 09/23/2014			2,500		2,776
Commercial Services & Supplies - 1.2%
KAR Auction Services, Inc.
8.75%, 05/01/2014			1,890		1,949
Steelcase, Inc.
6.38%, 02/15/2021			1,385		1,439
Consumer Finance - 0.5%
Block Financial LLC
5.13%, 10/30/2014 ^			1,300		1,361
Containers & Packaging - 1.2%
Graphic Packaging International, Inc.
9.50%, 06/15/2017			2,625		2,940
Distributors - 0.3%
Edgen Murray Corp.
12.25%, 01/15/2015 ^			805		811
Diversified Financial Services - 14.3%
Aviation Capital Group Corp.
7.13%, 10/15/2020 - 144A			2,700		2,780
Cemex Finance LLC
9.50%, 12/14/2016 - 144A			2,555		2,721
CIT Group, Inc.
7.00%, 05/01/2014 ^			1,575		1,605
Fibria Overseas Finance, Ltd.
6.75%, 03/03/2021 - 144A ^			1,245		1,310
Glencore Funding LLC
6.00%, 04/15/2014 - 144A			2,000		2,157
GTP Towers Issuer LLC
4.44%, 02/15/2015 - 144A			2,295		2,374
International Lease Finance Corp.
6.50%, 09/01/2014 - 144A ^			2,360		2,502
Irish Life & Permanent Group Holdings PLC
3.60%, 01/14/2013 - 144A			2,500		2,152
Marina District Finance Co., Inc.
9.50%, 10/15/2015 - 144A ^			1,955		2,097
9.88%, 08/15/2018 - 144A ^			65		70
Oaktree Capital Management, LP
6.75%, 12/02/2019 - 144A			1,950		2,048
QHP Royalty Sub LLC
10.25%, 03/15/2015 - 144A			1,346		1,372
Rio Tinto Finance USA, Ltd.
9.00%, 05/01/2019			1,000		1,333
Selkirk Cogen Funding Corp. — Series A
8.98%, 06/26/2012			1,743		1,799
Sensus USA, Inc.
8.63%, 12/15/2013			500		505
Stone Street Trust
5.90%, 12/15/2015 - 144A			2,450		2,568
TNK-BP Finance SA
7.50%, 03/13/2013 - 144A			1,345		1,471
Unison Ground Lease Funding LLC
6.39%, 04/15/2020 - 144A			2,615		2,715
WCP Wireless Site Funding LLC
6.83%, 11/15/2015 - 144A			2,570		2,591
Diversified Telecommunication Services - 0.7%
Sprint Capital Corp.
8.38%, 03/15/2012			1,300		1,373
West Corp.
7.88%, 01/15/2019 - 144A			320		330
Electric Utilities - 0.9%
Intergen NV
9.00%, 06/30/2017 - 144A			2,075		2,251
Electrical Equipment - 1.1%
Polypore International, Inc.
7.50%, 11/15/2017 - 144A			2,560		2,712
Electronic Equipment & Instruments - 0.9%
Anixter, Inc.
5.95%, 03/01/2015			2,300		2,317
Energy Equipment & Services - 1.0%
Enterprise Products Operating LLC — Series A
8.38%, 08/01/2066 *			1,150		1,249
Weatherford International, Ltd.
9.63%, 03/01/2019			945		1,226
Food & Staples Retailing - 1.6%
Ingles Markets, Inc.
8.88%, 05/15/2017 ^			2,140		2,310
Stater Bros Holdings, Inc.
7.38%, 11/15/2018 - 144A ^			65		68
SUPERVALU, Inc.
7.50%, 11/15/2014 ^			1,900		1,948
Food Products - 1.6%
Arcor SAIC
7.25%, 11/09/2017 - 144A ^			1,285		1,378
C&S Group Enterprises LLC
8.38%, 05/01/2017 - 144A ^			1,279		1,340
Michael Foods, Inc.
9.75%, 07/15/2018 - 144A			1,200		1,317
Health Care Providers & Services - 0.8%
Community Health Systems, Inc.
8.88%, 07/15/2015 ^			1,900		1,943
Hotels, Restaurants & Leisure - 2.2%
Firekeepers Development Authority
13.88%, 05/01/2015 - 144A			1,075		1,266

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

Transamerica Funds Semi-Annual Report 2011

Page 5

Transamerica AEGON Flexible Income
(formerly, Transamerica Flexible Income)

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts except share amounts in thousands)
((unaudited)

		Principal		Value
Hotels, Restaurants & Leisure (continued)
GWR Operating Partnership LLP
10.88%, 04/01/2017		$	1,500	$	1,616
MGM Resorts International
6.75%, 09/01/2012			1,600		1,636
Pokagon Gaming Authority
10.38%, 06/15/2014 - 144A			650		670
Station Casinos, Inc.
6.88%, 03/01/2016 ‡ Џ §			700		◊
Household Durables - 0.7%
Lennar Corp.
12.25%, 06/01/2017			550		679
Sealy Mattress Co.
8.25%, 06/15/2014 ^			1,125		1,128
Insurance - 3.1%
American Financial Group, Inc.
9.88%, 06/15/2019			1,100		1,365
Chubb Corp.
6.38%, 03/29/2067 *			2,300		2,461
Fidelity National Financial, Inc.
6.60%, 05/15/2017			2,580		2,749
Oil Insurance, Ltd.
7.56%, 06/30/2011 - 144A * Ž			1,245		1,166
IT Services - 0.8%
Cardtronics, Inc.
8.25%, 09/01/2018			1,890		2,070
Machinery - 0.8%
American Railcar Industries, Inc.
7.50%, 03/01/2014			1,855		1,906
Media - 0.4%
Lions Gate Entertainment, Inc.
10.25%, 11/01/2016 - 144A			1,010		1,063
Metals & Mining - 0.5%
Anglo American Capital PLC
9.38%, 04/08/2019 - 144A ^			890		1,197
FMG Resources Property, Ltd.
7.00%, 11/01/2015 - 144A			160		169
Multi-Utilities - 0.8%
Black Hills Corp.
5.88%, 07/15/2020			1,200		1,246
9.00%, 05/15/2014			690		800
Oil, Gas & Consumable Fuels - 3.8%
Berry Petroleum Co.
10.25%, 06/01/2014			1,575		1,830
Energy Transfer Equity, LP
7.50%, 10/15/2020	��		320		350
Lukoil International Finance BV
6.38%, 11/05/2014 - 144A			1,280		1,400
OPTI Canada, Inc.
8.25%, 12/15/2014 ^			1,770		943
Petrohawk Energy Corp.
7.25%, 08/15/2018			1,050		1,116
Petroleum Co., of Trinidad & Tobago, Ltd.
9.75%, 08/14/2019 - 144A			876		1,047
Petroleum Development Corp.
12.00%, 02/15/2018			1,000		1,133
Ras Laffan Liquefied Natural Gas Co., Ltd. III
6.75%, 09/30/2019 - 144A			1,545		1,756
Paper & Forest Products - 2.4%
Ainsworth Lumber Co., Ltd.
11.00%, 07/29/2015 - 144A Ω			3,161		3,208
Exopack Holding Corp.
11.25%, 02/01/2014			2,650		2,736
Real Estate Investment Trusts - 2.0%
Entertainment Properties Trust
7.75%, 07/15/2020 - 144A			2,335		2,504
Kilroy Realty, LP
6.63%, 06/01/2020			2,440		2,634
Software - 0.3%
First Data Corp.
7.38%, 06/15/2019 - 144A ^			630		642
Specialty Retail - 1.0%
Michaels Stores, Inc.
11.38%, 11/01/2016 ^			1,200		1,308
Sally Holdings LLC
9.25%, 11/15/2014 ^			1,250		1,313
Tobacco - 0.8%
Lorillard Tobacco Co.
8.13%, 06/23/2019			1,635		1,935
Transportation Infrastructure - 0.8%
Martin Midstream Partners LP
8.88%, 04/01/2018			1,900		2,033
Wireless Telecommunication Services - 3.7%
Crown Castle Towers LLC
4.88%, 08/15/2020 - 144A			2,350		2,339
6.11%, 01/15/2020 - 144A			2,300		2,488
Nextel Communications, Inc. — Series D
7.38%, 08/01/2015			2,200		2,217
SBA Tower Trust
5.10%, 04/15/2017 - 144A			2,365		2,424
Total Corporate Debt Securities (cost $141,485)					150,453
CONVERTIBLE BOND - 0.5%
Automobiles - 0.5%
Ford Motor Co.
4.25%, 11/15/2016			730		1,361
Total Convertible Bond (cost $730)

		Shares		Value
CONVERTIBLE PREFERRED STOCK - 0.8%
Diversified Financial Services - 0.8%
Vale Capital II 6.75%			22,000		2,101
Total Convertible Preferred Stock (cost $1,657)
PREFERRED STOCKS - 1.9%
Commercial Banks - 0.4%
BB&T Capital Trust VI 9.60% ^			34,000		950
Consumer Finance - 0.8%
Ally Financial, Inc. 8.50% * ^			75,200		1,965
Diversified Telecommunication Services - 0.7%
Centaur Funding Corp. 9.08% - 144A			1,661		1,838
Total Preferred Stocks (cost $4,883)					4,753
COMMON STOCKS - 1.8%
Auto Components - 0.7%
Johnson Controls, Inc. ^			40,000		1,640
Diversified Telecommunication Services - 1.1%
Verizon Communications, Inc. ^	��		75,000		2,834
Total Common Stocks (cost $3,514)					4,474

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 6

Transamerica AEGON Flexible Income
(formerly, Transamerica Flexible Income)

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
WARRANT - 1.2%
Commercial Banks - 1.2%
Wells Fargo & Co. ‡
Expiration: 10/28/2018
Exercise Price: $34.01		278,210	$	2,905
Total Warrant (cost $2,192)
SECURITIES LENDING COLLATERAL - 10.2%
State Street Navigator Securities Lending
Trust — Prime Portfolio, 0.24% ▲		25,575,214		25,575
Total Securities Lending Collateral (cost $25,575)
	Principal		Value
REPURCHASE AGREEMENT - 1.8%
State Street Bank & Trust Co.
0.01% ▲, dated 04/29/2011, to be repurchased at $4,427 on 05/02/2011. Collateralized by a U.S. Government Agency Obligation, 3.50%, due 12/01/2025, with a value of $4,518.	$	4,427	$	4,427
Total Repurchase Agreement (cost $4,427)
Total Investment Securities (cost $259,363) #				274,836
Other Assets and Liabilities — Net				(23,011	)
Net Assets			$	251,825

NOTES TO SCHEDULE OF INVESTMENTS:

▲	Rate shown reflects the yield at 04/29/2011.
^	All or a portion of this security is on loan. The value of all securities on loan is $24,951.
*	Floating or variable rate note. Rate is listed as of 04/29/2011.
Џ	In default.
‡	Non-income producing security.
§	Illiquid. This security aggregated to $1,517, or 0.60%, of the fund’s net assets.
Ž	The security has a perpetual maturity. The date shown is the next call date.
Ώ	Payment in-kind. Securities pay interest or dividends in the form of additional bonds or preferred stock.
#	Aggregate cost for federal income tax purposes is $259,363. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $17,862 and $2,389, respectively. Net unrealized appreciation for tax purposes is $15,473.

DEFINITIONS:

144A	144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 04/29/2011, these securities aggregated $101,545, or 40.32%, of the fund’s net assets.
BRL	Brazilian Real
CAD	Canadian Dollar
CLP	Chilean Peso
IO	Interest Only
MXN	Mexican Peso
OAO	Otkrytoe Aktsionernoe Obschestvo (Russian: Open Joint Stock Corporation)
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 Semi-Annual Report 2011

Page 7

Transamerica AEGON Flexible Income
(formerly, Transamerica Flexible Income)

SCHEDULE OF INVESTMENTS
At April 30, 2011
(all amounts in thousands)
(unaudited)

VALUATION SUMMARY: '

			Level 2 -
			Other		Level 3 -
	Level 1 -		Significant		Significant
	Quoted		Observable		Unobservable		Value at
Investment Securities	Prices		Inputs		Inputs		04/30/2011
Asset-Backed Securities	$	—	$	10,331	$	—	$	10,331
Common Stocks		4,474		—		—		4,474
Convertible Bonds		—		1,361		—		1,361
Convertible Preferred Stocks		2,101		—		—		2,101
Corporate Debt Securities		—		150,453		—		150,453
Foreign Government Obligations		—		11,632		—		11,632
Mortgage-Backed Securities		—		19,130		—		19,130
Municipal Government Obligations		—		3,501		—		3,501
Preferred Corporate Debt Securities		—		15,217		—		15,217
Preferred Stocks		4,753		—		—		4,753
Repurchase Agreement		—		4,427		—		4,427
Securities Lending Collateral		25,575		—		—		25,575
U.S. Government Agency Obligations		—		1,720		—		1,720
U.S. Government Obligations		—		17,256		—		17,256
Warrants		2,905		—		—		2,905
Total	$	39,808	$	235,028	$	—	$	274,836

^' See the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques.

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 8

Transamerica AEGON High Yield Bond

SCHEDULE OF INVESTMENTS
At April 30, 2011
(all amounts in thousands)
(unaudited)

	Principal		Value
U.S. GOVERNMENT OBLIGATION - 0.5%
U.S. Treasury Bond
2.63%, 11/15/2020	$	3,800	$	3,595
Total U.S. Government Obligation (cost $3,561)
PREFERRED CORPORATE DEBT SECURITIES - 1.5%
Diversified Financial Services - 0.8%
Bank of America Corp. - Series K
8.00%, 01/30/2018 * Ž		3,465		3,748
JPMorgan Chase & Co. - Series 1
7.90%, 04/30/2018 * Ž		2,250		2,472
Insurance - 0.7%
Lincoln National Corp.
7.00%, 05/17/2066 *		5,650		5,841
Total Preferred Corporate Debt Securities (cost $9,269)				12,061
CORPORATE DEBT SECURITIES - 88.2%
Aerospace & Defense - 2.5%
Alliant Techsystems, Inc.
6.75%, 04/01/2016		3,880		4,015
6.88%, 09/15/2020		1,050		1,103
BE Aerospace, Inc.
6.88%, 10/01/2020 ^		3,100		3,262
8.50%, 07/01/2018 ^		1,800		2,007
Bombardier, Inc.
7.50%, 03/15/2018 - 144A		450		499
7.75%, 03/15/2020 - 144A		1,300		1,448
Hexcel Corp.
6.75%, 02/01/2015 ^		2,076		2,128
Spirit Aerosystems, Inc.
6.75%, 12/15/2020		720		738
7.50%, 10/01/2017		2,795		3,033
Triumph Group, Inc.
8.63%, 07/15/2018		1,500		1,659
Airlines - 0.3%
U.S. Airways Pass-Through Trust - Series 2010-1
6.25%, 04/22/2023 ^		2,000		1,955
Auto Components - 0.2%
Lear Corp.
7.88%, 03/15/2018		1,180		1,295
8.13%, 03/15/2020		440		488
Beverages - 1.7%
Constellation Brands, Inc.
7.25%, 09/01/2016		5,200		5,668
7.25%, 05/15/2017 ^		2,350		2,562
Cott Beverages, Inc.
8.13%, 09/01/2018		1,145		1,228
8.38%, 11/15/2017		3,270		3,507
Building Products - 2.3%
Euramax International, Inc.
9.50%, 04/01/2016 - 144A		3,085		3,208
Masco Corp.
7.75%, 08/01/2029		6,700		6,653
Ply Gem Industries, Inc.
8.25%, 02/15/2018 - 144A ^		4,150		4,264
13.13%, 07/15/2014 ^		3,700		4,079
Chemicals - 1.8%
Huntsman International LLC
5.50%, 06/30/2016 ^		2,575		2,569
7.38%, 01/01/2015 ^		1,550		1,587
8.63%, 03/15/2020 ^		1,150		1,294
Lyondell Chemical Co.
8.00%, 11/01/2017 - 144A		1,422		1,586
Nova Chemicals Corp.
3.57%, 11/15/2013 * ^		3,150		3,141
8.38%, 11/01/2016 ^		3,450		3,898
Commercial Banks - 1.0%
CIT Group, Inc.
7.00%, 05/01/2017		7,675		7,737
Commercial Services & Supplies - 1.7%
Aramark Corp.
8.50%, 02/01/2015 ^		1,450		1,513
Aramark Holdings Corp.
8.63%, 05/01/2016 - 144A Ώ		770		791
Ceridian Corp.
11.25%, 11/15/2015 ^		2,930		3,047
12.25%, 11/15/2015 Ώ		4,321		4,538
EnergySolutions, Inc.
10.75%, 08/15/2018 - 144A		415		461
Koppers, Inc.
7.88%, 12/01/2019		2,495		2,719
Computers & Peripherals - 1.3%
Seagate HDD Cayman
6.88%, 05/01/2020 - 144A		2,970		3,015
7.75%, 12/15/2018 - 144A		4,475		4,743
Seagate Technology HDD Holdings, Inc.
6.80%, 10/01/2016 ^		2,270		2,423
Construction & Engineering - 0.5%
Huntington Ingalls Industries, Inc.
6.88%, 03/15/2018 - 144A		2,275		2,395
7.13%, 03/15/2021 - 144A		1,525		1,605
Construction Materials - 1.1%
Building Materials Corp., of America
6.75%, 05/01/2021 - 144A		1,300		1,318
Vulcan Materials Co.
7.00%, 06/15/2018 ^		6,700		7,060
Consumer Finance - 1.9%
Springleaf Finance Corp.
5.85%, 06/01/2013		2,450		2,462
6.90%, 12/15/2017		13,000		12,188
Containers & Packaging - 2.2%
Ball Corp.
6.63%, 03/15/2018		1,500		1,549
6.75%, 09/15/2020		1,150		1,210
Cascades, Inc.
7.75%, 12/15/2017		2,305		2,461
7.88%, 01/15/2020 ^		750		801
Graphic Packaging International, Inc.
7.88%, 10/01/2018 ^		2,400		2,613
9.50%, 06/15/2017 ^		1,300		1,456
Owens-Brockway Glass Container, Inc.
6.75%, 12/01/2014		3,335		3,406
Packaging Dynamics Corp.
8.75%, 02/01/2016 - 144A ^		3,420		3,544

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 9

Transamerica AEGON High Yield Bond

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

	Principal		Value
Diversified Consumer Services - 1.6%
Ford Holdings LLC
9.30%, 03/01/2030 ^	$	5,225	$	6,523
Service Corp., International
6.75%, 04/01/2015		350		376
6.75%, 04/01/2016 ^		4,800		5,160
7.00%, 06/15/2017 ^		175		190
Diversified Financial Services - 4.9%
Ally Financial, Inc.
6.75%, 12/01/2014		6,240		6,661
8.00%, 03/15/2020		1,600		1,798
CIT Group, Inc.
7.00%, 05/01/2015		2,526		2,561
7.00%, 05/01/2016 ^		4,193		4,225
Ford Motor Credit Co., LLC
6.63%, 08/15/2017		700		771
7.00%, 04/15/2015		4,000		4,393
International Lease Finance Corp.
8.25%, 12/15/2020 ^		2,925		3,261
Nuveen Investments, Inc.
10.50%, 11/15/2015		6,860		7,143
Reynolds Group Issuer, Inc.
6.88%, 02/15/2021 - 144A		300		309
7.13%, 04/15/2019 - 144A		1,800		1,877
8.25%, 02/15/2021 - 144A		320		325
9.00%, 04/15/2019 - 144A		5,175		5,453
Diversified Telecommunication Services - 5.2%
Cincinnati Bell, Inc.
8.38%, 10/15/2020 ^		3,980		3,990
8.75%, 03/15/2018 ^		1,000		960
Frontier Communications Corp.
9.00%, 08/15/2031		5,985		6,165
Intelsat Jackson Holdings SA
7.25%, 04/01/2019 - 144A ^		2,300		2,339
7.50%, 04/01/2021 - 144A ^		1,500		1,523
Intelsat Luxembourg SA
11.50%, 02/04/2017 - 144A Ώ		3,500		3,833
Qwest Communications International, Inc.
7.50%, 02/15/2014 ^		2,825		2,882
Sprint Capital Corp.
8.75%, 03/15/2032		8,025		8,786
Windstream Corp.
7.50%, 04/01/2023 - 144A		8,200		8,322
7.75%, 10/15/2020 - 10/01/2021 - 144A ^		1,425		1,508
Electric Utilities - 4.9%
AES Red Oak LLC - Series B
9.20%, 11/30/2029		2,365		2,377
Dynegy Holdings, Inc.
7.50%, 06/01/2015 ^		5,875		5,170
7.75%, 06/01/2019 ^		9,915		7,733
Elwood Energy LLC
8.16%, 07/05/2026		5,397		5,249
Homer City Funding LLC
8.14%, 10/01/2019		1,613		1,460
8.73%, 10/01/2026		7,595		6,721
Intergen NV
9.00%, 06/30/2017 - 144A		7,025		7,622
LSP Energy, LP
7.16%, 01/15/2014		2,031		1,863
8.16%, 07/15/2025		750		532
Food & Staples Retailing - 1.4%
Rite Aid Corp.
7.50%, 03/01/2017 ^		2,000		2,038
9.38%, 12/15/2015 ^		1,100		1,026
10.38%, 07/15/2016 ^		2,625		2,861
SUPERVALU, Inc.
7.50%, 11/15/2014 ^		1,600		1,640
8.00%, 05/01/2016 ^		2,880		2,991
Food Products - 2.0%
Blue Merger Sub, Inc.
7.63%, 02/15/2019 - 144A ^		2,500		2,559
Dole Food Co., Inc.
8.00%, 10/01/2016 - 144A ^		5,370		5,738
Pilgrim’s Pride Corp.
7.88%, 12/15/2018 - 144A ^		1,400		1,313
Simmons Foods, Inc.
10.50%, 11/01/2017 - 144A		3,200		3,448
Tyson Foods, Inc.
7.00%, 05/01/2018		2,400		2,610
8.25%, 10/01/2011		700		718
Gas Utilities - 0.1%
Star Gas Partner, LP
8.88%, 12/01/2017		575		595
Health Care Providers & Services - 4.3%
Community Health Systems, Inc.
8.88%, 07/15/2015		7,400		7,567
GCB US Oncology, Inc. (Escrow Shares)
08/15/2017		4,970		87
HCA, Inc.
6.38%, 01/15/2015		4,000		4,120
9.25%, 11/15/2016		11,775		12,628
Healthsouth Corp.
7.75%, 09/15/2022		5,100		5,412
LifePoint Hospitals, Inc.
6.63%, 10/01/2020 - 144A		3,815		3,977
Hotels, Restaurants & Leisure - 8.5%
Ameristar Casinos, Inc.
7.50%, 04/15/2021 - 144A ^		5,075		5,196
Caesars Entertainment Operating Co., Inc.
10.00%, 12/15/2018 ^		4,225		3,966
12.75%, 04/15/2018 - 144A ^		6,050		6,171
Firekeepers Development Authority
13.88%, 05/01/2015 - 144A		4,000		4,710
GWR Operating Partnership LLP
10.88%, 04/01/2017		5,465		5,889
Mashantucket Western Pequot Tribe
8.50%, 11/15/2015 - 144A ‡ Џ		6,600		825
MGM Resorts International
7.50%, 06/01/2016 ^		2,625		2,546
10.00%, 11/01/2016 - 144A ^		3,775		4,068
10.38%, 05/15/2014 ^		500		578
11.38%, 03/01/2018 ^		4,300		4,902

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 10

Transamerica AEGON High Yield Bond

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

	Principal		Value
Hotels, Restaurants & Leisure (continued)
Royal Caribbean Cruises, Ltd.
7.00%, 06/15/2013	$	3,000	$	3,229
7.25%, 06/15/2016 ^		1,300		1,388
Seneca Gaming Corp.
8.25%, 12/01/2018 - 144A		2,000		2,110
Sheraton Holding Corp.
7.38%, 11/15/2015		1,400		1,589
Starwood Hotels & Resorts Worldwide, Inc.
6.75%, 05/15/2018 ^		1,600		1,748
7.15%, 12/01/2019		2,500		2,763
Vail Resorts, Inc.
6.50%, 05/01/2019 - 144A		2,000		2,040
WMG Acquisition Corp.
9.50%, 06/15/2016		7,925		8,440
Wynn Las Vegas LLC
7.75%, 08/15/2020		3,215		3,512
Household Durables - 4.1%
Beazer Homes USA, Inc.
12.00%, 10/15/2017		3,225		3,721
D.R. Horton, Inc.
5.25%, 02/15/2015 ^		2,208		2,247
Jarden Corp.
7.50%, 05/01/2017 ^		3,390		3,640
7.50%, 01/15/2020		1,710		1,825
K. Hovnanian Enterprises, Inc.
8.63%, 01/15/2017 ^		1,525		1,163
10.63%, 10/15/2016		3,000		3,195
11.88%, 10/15/2015		620		580
KB Home
9.10%, 09/15/2017 ^		7,050		7,454
Meritage Homes Corp.
6.25%, 03/15/2015		2,580		2,574
7.15%, 04/15/2020 ^		2,275		2,255
Standard Pacific Corp.
8.38%, 05/15/2018 ^		675		699
8.38%, 01/15/2021 - 144A		2,725		2,807
Independent Power Producers & Energy Traders - 2.5%
Calpine Corp.
7.50%, 02/15/2021 - 144A ^		1,725		1,824
7.88%, 07/31/2020 - 144A		3,475		3,744
7.88%, 01/15/2023 - 144A ^		2,900		3,089
Edison Mission Energy
7.20%, 05/15/2019 ^		4,650		3,639
NRG Energy, Inc.
7.38%, 01/15/2017		2,250		2,354
7.63%, 01/15/2018 - 144A		3,750		3,937
8.25%, 09/01/2020 ^		900		947
Insurance - 1.0%
Genworth Financial, Inc.
6.15%, 11/15/2066 *		2,000		1,540
Liberty Mutual Group, Inc.
10.75%, 06/15/2058 - 144A *		4,400		5,984
IT Services - 1.8%
SunGard Data Systems, Inc.
7.38%, 11/15/2018 - 144A		3,125		3,227
7.63%, 11/15/2020 - 144A ^		2,675		2,789
10.25%, 08/15/2015		6,163		6,470
Unisys Corp.
12.50%, 01/15/2016 ^		1,250		1,391
12.75%, 10/15/2014 - 144A ^		699		832
Leisure Equipment & Products - 0.1%
Icon Health & Fitness
11.88%, 10/15/2016 - 144A		600		625
Machinery - 0.7%
Case New Holland, Inc.
7.88%, 12/01/2017 - 144A		950		1,062
Navistar International Corp.
8.25%, 11/01/2021 ^		3,610		4,025
Media - 4.7%
Cablevision Systems Corp.
8.00%, 04/15/2020 ^		350		385
CCO Holdings LLC
7.00%, 01/15/2019		3,775		3,954
7.25%, 10/30/2017 ^		1,750		1,864
7.88%, 04/30/2018 ^		1,450		1,571
Cengage Learning Acquisitions, Inc.
10.50%, 01/15/2015 - 144A		200		206
13.25%, 07/15/2015 - 144A		600		633
Cequel Communications Holdings I LLC and Cequel Capital Corp.
8.63%, 11/15/2017 - 144A		1,800		1,931
Clear Channel Worldwide Holdings, Inc.
9.25%, 12/15/2017 ^		475		528
Clear Channel Worldwide Holdings, Inc. - Series B
9.25%, 12/15/2017		3,075		3,421
CSC Holdings LLC
7.63%, 07/15/2018 ^		4,650		5,103
8.50%, 06/15/2015		925		1,009
DISH DBS Corp.
7.13%, 02/01/2016		1,000		1,065
7.75%, 05/31/2015		4,880		5,320
7.88%, 09/01/2019		1,700		1,840
LBI Media, Inc.
9.25%, 04/15/2019 - 144A		1,235		1,260
Nexstar Broadcasting, Inc.
8.88%, 04/15/2017 ^		1,550		1,693
Univision Communications, Inc.
7.88%, 11/01/2020 - 144A		1,850		1,970
8.50%, 05/15/2021 - 144A ^		2,850		2,957
Metals & Mining - 0.9%
Steel Dynamics, Inc.
7.38%, 11/01/2012		3,000		3,187
U.S. Steel Corp.
6.65%, 06/01/2037		1,575		1,414
7.00%, 02/01/2018 ^		2,535		2,659
Multiline Retail - 2.2%
Bon-Ton Department Stores, Inc.
10.25%, 03/15/2014		6,775		6,961
JC Penney Corp., Inc.
7.13%, 11/15/2023		1,575		1,622
7.40%, 04/01/2037		3,750		3,572
Macy’s Retail Holdings, Inc.
7.45%, 07/15/2017		4,100		4,674

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 11

Transamerica AEGON High Yield Bond

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

	Principal		Value
Oil, Gas & Consumable Fuels - 9.1%
Chesapeake Energy Corp.
6.13%, 02/15/2021 ^	$	1,450	$	1,497
6.63%, 08/15/2020		6,200		6,680
7.25%, 12/15/2018		930		1,046
7.63%, 07/15/2013		100		110
9.50%, 02/15/2015		1,400		1,685
Connacher Oil and Gas, Ltd.
10.25%, 12/15/2015 - 144A		2,680		2,848
Consol Energy, Inc.
6.38%, 03/01/2021 - 144A		540		543
8.00%, 04/01/2017		750		829
8.25%, 04/01/2020		2,000		2,230
Continental Resources, Inc.
7.13%, 04/01/2021		1,600		1,700
8.25%, 10/01/2019 ^		1,840		2,042
El Paso Corp.
6.88%, 06/15/2014 ^		1,415		1,585
7.25%, 06/01/2018		5,475		6,168
Energy Transfer Equity, LP
7.50%, 10/15/2020		6,350		6,952
GMX Resources, Inc.
11.38%, 02/15/2019 - 144A		2,450		2,444
Kinder Morgan Finance Co., ULC
5.70%, 01/05/2016		3,560		3,747
Linn Energy LLC/Linn Energy Finance Corp
7.75%, 02/01/2021 - 144A ^		2,740		2,935
8.63%, 04/15/2020		2,340		2,586
Newfield Exploration Co.
6.63%, 09/01/2014		2,175		2,221
6.88%, 02/01/2020		1,175		1,243
7.13%, 05/15/2018		295		316
OPTI Canada, Inc.
7.88%, 12/15/2014 ^		1,590		843
8.25%, 12/15/2014 ^		3,600		1,917
Pioneer Natural Resources Co.
6.65%, 03/15/2017		5,825		6,389
Plains Exploration & Production Co.
7.00%, 03/15/2017		1,960		2,029
7.75%, 06/15/2015		3,000		3,120
Stallion Oilfield Holdings, Ltd.
10.50%, 02/15/2015		2,900		3,125
Tesoro Corp.
6.63%, 11/01/2015 ^		2,075		2,142
Paper & Forest Products - 0.9%
Ainsworth Lumber Co., Ltd.
11.00%, 07/29/2015 - 144A Ώ		1,015		1,030
Georgia-Pacific LLC
7.13%, 01/15/2017 - 144A		1,153		1,225
Smurfit Kappa Funding PLC
7.75%, 04/01/2015		1,000		1,025
Westvaco Corp.
8.20%, 01/15/2030		3,800		4,096
Pharmaceuticals - 1.2%
Mylan, Inc.
7.63%, 07/15/2017 - 144A		1,800		1,971
7.88%, 07/15/2020 - 144A		2,300		2,542
Valeant Pharmaceuticals International, Inc.
6.75%, 10/01/2017 - 144A		600		597
6.75%, 08/15/2021 - 144A ^		1,600		1,550
6.88%, 12/01/2018 - 144A		1,800		1,798
7.00%, 10/01/2020 - 144A		900		884
Real Estate Investment Trusts - 1.7%
Host Hotels & Resorts, LP
6.00%, 11/01/2020 ^		2,480		2,461
7.13%, 11/01/2013 ^		1,302		1,320
9.00%, 05/15/2017 ^		1,300		1,463
Host Hotels & Resorts, LP - Series Q
6.75%, 06/01/2016 ^		1,150		1,187
Weyerhaeuser Co.
7.38%, 03/15/2032 ^		6,550		7,067
Real Estate Management & Development - 0.3%
First Industrial, LP
5.75%, 01/15/2016		2,000		1,963
Road & Rail - 0.7%
Hertz Corp.
6.75%, 04/15/2019 - 144A		2,000		2,040
7.50%, 10/15/2018 - 144A ^		2,500		2,625
8.88%, 01/01/2014 ^		785		805
Semiconductors & Semiconductor Equipment - 1.1%
Freescale Semiconductor, Inc.
9.25%, 04/15/2018 - 144A		1,925		2,137
NXP BV
9.75%, 08/01/2018 - 144A		5,425		6,279
Software - 1.3%
First Data Corp.
8.25%, 01/15/2021 - 144A ^		4,876		4,852
12.63%, 01/15/2021 - 144A		4,551		4,989
Specialty Retail - 0.6%
Brookstone Co., Inc.
13.00%, 10/15/2014 - 144A		935		795
Claire’s Stores, Inc.
8.88%, 03/15/2019 - 144A		3,490		3,394
10.50%, 06/01/2017		787		781
Textiles, Apparel & Luxury Goods - 0.7%
Jones Group, Inc.
6.13%, 11/15/2034		3,985		3,108
Levi Strauss & Co.
8.88%, 04/01/2016 ^		1,200		1,251
Phillips-Van Heusen Corp.
7.38%, 05/15/2020 ^		1,000		1,083
Wireless Telecommunication Services - 1.2%
Nextel Communications, Inc. - Series D
7.38%, 08/01/2015		1,925		1,939
Nextel Communications, Inc. - Series E
6.88%, 10/31/2013		4,770		4,818
Sprint Nextel Corp.
9.25%, 04/15/2022		2,750		2,946
Total Corporate Debt Securities (cost $650,371)				688,419

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 12

Transamerica AEGON High Yield Bond

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
PREFERRED STOCKS - 1.3%
Consumer Finance - 1.0%
Ally Financial, Inc. 7.00% - 144A ^		3,053	$	2,840
Ally Financial, Inc. 8.50% *		196,000		5,119
Diversified Financial Services - 0.3%
GMAC Capital Trust I 8.13% *		80,500		2,090
Total Preferred Stocks (cost $8,364)				10,049
COMMON STOCKS - 0.7%
Automobiles - 0.0% ∞
General Motors Co. ‡		11,034		354
Diversified Financial Services - 0.5%
CIT Group, Inc. ‡		68,248		2,898
IT Services - 0.2%
Unisys Corp. ‡ ^		61,972		1,839
Total Common Stocks (cost $3,482)				5,091
WARRANTS - 0.1%
Automobiles - 0.1%
General Motors Co. ‡
Expiration: 07/10/2016
Exercise Price: $10.00		10,031		232
General Motors Co. ‡
Expiration: 07/10/2019
Exercise Price: $18.33		10,031		178
Total Warrants (cost $552)				410
SECURITIES LENDING COLLATERAL - 16.2%
State Street Navigator Securities Lending Trust – Prime Portfolio, 0.24% ▲		126,753,817	$	126,754
Total Securities Lending Collateral (cost $126,754)
REPURCHASE AGREEMENT - 6.0%
State Street Bank & Trust Co. 0.01% ▲, dated 04/29/2011, to be repurchased at $47,097 on 05/02/2011. Collateralized by U.S. Government Agency Obligations, 4.00%, due 04/01/2025 - 05/01/2025, with a total value of $48,041.	$	47,097		47,097
Total Repurchase Agreement (cost $47,097)
Total Investment Securities (cost $849,450) #				893,476
Other Assets and Liabilities — Net				(113,064	)
Net Assets			$	780,412

NOTES TO SCHEDULE OF INVESTMENTS:

*	Floating or variable rate note. Rate is listed as of 04/29/2011.
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 $124,171.
Ώ	Payment in-kind. Securities pay interest or dividends in the form of additional bonds or preferred stock.
Џ	In default.
‡	Non-income producing security.
▲	Rate shown reflects the yield at 04/29/2011.
∞	Percentage rounds to less than 0.1%.
#	Aggregate cost for federal income tax purposes is $849,450. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $53,456 and $9,430, respectively. Net unrealized appreciation for tax purposes is $44,026.

DEFINITION:

144A 144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 04/29/2011, these securities aggregated $193,338, or 24.77%, of the fund’s net assets.

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Semi-Annual Report 2011
	Page 13

Transamerica AEGON High Yield Bond

SCHEDULE OF INVESTMENTS (continued) 
At April 30, 2011
(all amounts in thousands)
(unaudited)

VALUATION SUMMARY: Э

			Level 2 -
			Other		Level 3 -
	Level 1 -		Significant		Significant
	Quoted		Observable		Unobservable		Value at
Investment Securities	Prices		Inputs		Inputs		04/30/2011
Common Stocks	$	5,091	$	—	$	—	$	5,091
Corporate Debt Securities		—		688,419		—		688,419
Preferred Corporate Debt Securities		—		12,061		—		12,061
Preferred Stocks		7,209		2,840		—		10,049
Repurchase Agreement		—		47,097		—		47,097
Securities Lending Collateral		126,754		—		—		126,754
U.S. Government Obligations		—		3,595		—		3,595
Warrants		410		—		—		410
Total	$	139,464	$	754,012	$	—	$	893,476

^Э See the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques.

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Semi-Annual Report 2011
	Page 14

Transamerica AEGON Money Market
(formerly, Transamerica Money Market)

SCHEDULE OF INVESTMENTS
At April 30, 2011
(all amounts in thousands)
(unaudited)

	Principal		Value
COMMERCIAL PAPER - 66.6%
Beverages - 2.8%
Coca-Cola Co.
0.22%, 06/13/2011 - 144A	$	2,500	$	2,499
0.23%, 06/14/2011 - 144A		3,000		2,999
Capital Markets - 2.4%
State Street Corp.
0.25%, 05/03/2011		2,700		2,700
0.26%, 05/25/2011		2,000		2,000
Commercial Banks - 32.6%
Bank of Nova Scotia
0.19%, 07/08/2011		2,000		1,999
0.23%, 06/28/2011		6,500		6,498
Barclays U.S. Funding Corp.
0.10%, 05/04/2011		4,500		4,500
0.25%, 06/29/2011		5,000		4,998
Canadian Imperial Holdings, Inc.
0.08%, 05/03/2011		7,000		7,000
Credit Suisse
0.18%, 06/15/2011		4,800		4,799
Lloyds TSB Bank PLC
0.20%, 06/03/2011		4,600		4,599
0.27%, 07/01/2011		2,700		2,699
Skandinaviska Enskilda Banken AB
0.25%, 06/06/2011 - 144A		3,000		2,999
0.26%, 06/14/2011 - 144A		5,000		4,998
Svenska Handelsbanken AB
0.24%, 07/06/2011		3,250		3,250
Swedbank AB
0.28%, 06/01/2011 - 07/07/2011		8,800		8,797
Toronto-Dominion Holdings USA, Inc.
0.23%, 06/13/2011 - 144A		7,250		7,248
Consumer Finance - 5.9%
PACCAR Financial Corp.
0.14%, 05/17/2011		1,900		1,900
0.15%, 05/05/2011		3,200		3,200
Toyota Motor Credit Corp.
0.24%, 07/25/2011		1,500		1,499
0.28%, 06/15/2011 - 06/20/2011		5,000		4,998
Diversified Financial Services - 22.9%
American Honda Finance Corp.
0.18%, 06/21/2011		5,000		4,998
0.24%, 06/16/2011		1,400		1,400
Barton Capital LLC
0.14%, 05/10/2011 - 144A		1,800		1,800
BNP Paribas Finance, Inc.
0.23%, 07/19/2011		1,500		1,499
0.27%, 07/05/2011		4,600		4,598
Citigroup Funding, Inc.
0.22%, 07/19/2011		1,400		1,399
Rabobank USA Financial Corp.
0.24%, 06/17/2011		1,500		1,500
0.25%, 06/06/2011		400		400
0.27%, 05/09/2011 - 07/05/2011		8,000		7,998
Regency Markets No. 1 LLC
0.17%, 05/13/2011 - 144A		3,000		3,000
Societe Generale North America, Inc.
0.23%, 05/02/2011		4,000		4,000
0.30%, 06/01/2011		5,100		5,098
Solitaire Funding LLC
0.23%, 06/20/2011 - 144A		2,200		2,199
0.25%, 07/18/2011 - 07/27/2011 -144A		3,550		3,548
UBS Finance Delaware LLC
0.27%, 05/24/2011		1,700		1,700
Total Commercial Paper (cost $131,316)				131,316
ASSET-BACKED COMMERCIAL PAPER - 20.3%
Diversified Financial Services - 20.3%
CAFCO LLC
0.28%, 05/17/2011 - 144A		5,700		5,699
Cancara Asset Securitisation LLC
0.20%, 05/06/2011 - 144A		1,000		1,000
0.27%, 07/06/2011 - 144A		2,000		1,999
Chariot Funding LLC
0.24%, 06/20/2011 - 144A		9,200		9,197
Grampian Funding LLC
0.26%, 07/19/2011 - 144A		3,500		3,498
0.27%, 07/14/2011 - 144A		1,500		1,499
Nieuw Amsterdam Receivables Corp.
0.24%, 07/13/2011 - 144A		500		500
Old Line Funding LLC
0.25%, 06/07/2011 - 144A		3,500		3,499
Sheffield Receivables Corp.
0.23%, 05/11/2011 - 144A		1,000		1,000
0.24%, 05/06/2011 - 144A		2,000		2,000
0.26%, 06/08/2011 - 144A		300		300
Straight-A Funding LLC
0.25%, 05/19/2011 - 06/01/2011 -144A		9,900		9,898
Total Asset-Backed Commercial Paper (cost $40,089)
				40,089
REPURCHASE AGREEMENTS - 13.3%
Goldman Sachs Mortgage Co. 0.05% ▲, dated 04/29/2011, to be repurchased at $26,000 on 05/02/2011. Collateralized by a U.S. Government Agency Obligation, 5.00%, due 08/20/2040, with a value of $26,520.		26,000		26,000
State Street Bank & Trust Co. 0.01% ▲, dated 04/29/2011, to be repurchased at $123 on 05/02/2011. Collateralized by a U.S. Government Agency Obligation, 3.00%, due 11/25/2040, with a value of $128.		123		123
Total Repurchase Agreements (cost $26,123)				26,123
Total Investment Securities (cost $197,528) #				197,528
Other Assets and Liabilities – Net				(456	)
Net Assets				197,072

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Semi-Annual Report 2011
	Page 15

Transamerica AEGON Money Market
(formerly, Transamerica Money Market)

SCHEDULE OF INVESTMENTS (continued) 
At April 30, 2011
(all amounts in thousands)
(unaudited)

NOTES TO SCHEDULE OF INVESTMENTS:

▲	Rate shown reflects the yield at 04/29/2011.
#	Aggregate cost for federal income tax purposes is $197,528.

DEFINITION:

144A 144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 04/29/2011, these securities aggregated $71,379, or 36.22%, of the fund’s net assets.

VALUATION SUMMARY: '

			Level 2 -
			Other		Level 3 -
	Level 1 -		Significant		Significant
	Quoted		Observable		Unobservable		Value at
Investment Securities	Prices		Inputs		Inputs		04/30/2011
Asset-Backed Commercial Paper	$	—	$	40,089	$	—	$	40,089
Commercial Papers		—		131,316		—		131,316
Repurchase Agreement		—		26,123		—		26,123
Total	$	—	$	197,528	$	—	$	197,528

^Э See the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques.

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Semi-Annual Report 2011
	Page 16

Transamerica AEGON Short-Term Bond
(formerly, Transamerica Short-Term Bond)

SCHEDULE OF INVESTMENTS
At April 30, 2011
(all amounts in thousands)
(unaudited)

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS - 0.4%
Fannie Mae
5.00%, 06/25/2034	$	1,496	$	1,498
Freddie Mac
2.73%, 06/01/2035 *		4,533		4,730
3.52%, 08/01/2037 *		927		975
5.41%, 02/01/2038 *		3,331		3,555
Total U.S. Government Agency Obligations (cost $10,371)				10,758
MORTGAGE-BACKED SECURITIES - 22.2%
American General Mortgage Loan Trust
Series 2009-1, Class A5
5.75%, 09/25/2048 - 144A *		13,311		13,529
Series 2009-1, Class A6
5.75%, 09/25/2048 - 144A *		20,611		20,943
American Tower Trust
Series 2007-1A, Class AFX
5.42%, 04/15/2037 - 144A		22,047		23,793
Series 2007-1A, Class B
5.54%, 04/15/2037 - 144A		4,750		5,093
Series 2007-1A, Class C
5.62%, 04/15/2037 - 144A		14,550		15,486
Series 2007-1A, Class D
5.96%, 04/15/2037 - 144A		8,545		9,079
Banc of America Funding Corp.
Series 2010-R4, Class 1A1
5.50%, 07/26/2036 - 144A		8,413		8,632
Series 2010-R6, Class 4A1
3.08%, 07/26/2035 - 144A *		6,965		6,933
Series 2011-R1, Class A1
4.00%, 08/26/2036 - 144A *		3,970		3,991
BCAP LLC Trust
Series 2006-RR1, Class PD
5.00%, 11/25/2036		8,540		8,531
Series 2009-RR3, Class 1A2
6.00%, 11/26/2036 - 144A *		2,766		2,859
Series 2009-RR3, Class 2A1
5.53%, 05/26/2037 - 144A *		8,524		8,769
Series 2009-RR6, Class 2A1
5.28%, 08/26/2035 - 144A *		11,381		10,836
Series 2009-RR10, Class 2A1
3.07%, 08/26/2035 - 144A *		4,319		4,324
Series 2009-RR13, Class 2A3
5.55%, 02/26/2036 - 144A *		6,400		6,432
Series 2009-RR13, Class 7A1
5.25%, 10/26/2036 - 144A *		1,924		1,947
Series 2009-RR13, Class 13A3
5.25%, 03/26/2037 - 144A *		8,791		9,005
Series 2009-RR13, Class 14A1
5.25%, 03/26/2037 - 144A *		3,424		3,483
Series 2009-RR14, Class 1A1
6.04%, 05/26/2037 - 144A *		9,407		9,658
Series 2010-RR1, Class 12A1
5.25%, 08/26/2036 - 144A *		10,314		10,675
Series 2010-RR6, Class 1A5
5.00%, 08/26/2022 - 144A *		14,047		14,256
Series 2010-RR6, Class 15A5
5.50%, 12/26/2036 - 144A *		8,506		8,655
Series 2010-RR6, Class 16A5
5.50%, 04/26/2036 - 144A *		3,497		3,559
Series 2010-RR6, Class 20A1
4.50%, 11/26/2035 - 144A *		4,094		4,167
Series 2011-RR1, Class 5A1
3.00%, 09/28/2036 - 144A *		9,785		9,775
Capmark Military Housing Trust
Series 2008-AMCW, Class A2
5.91%, 03/10/2015 - 144A		4,900		5,290
Citigroup Mortgage Loan Trust, Inc.
Series 2010-8, Class 6A62
3.50%, 12/25/2036 - 144A		12,574		12,678
Countrywide Home Loan Mortgage Pass-
Through Trust
Series 2002-35, Class 1A3
5.00%, 02/25/2018		11,709		11,733
Credit Suisse Mortgage Capital Certificates
Series 2009-12R, Class 36A1
5.42%, 06/27/2036 - 144A *		9,525		9,845
Series 2009-16R, Class 11A1
7.00%, 08/26/2036 - 144A		7,721		7,939
Series 2010-1R, Class 28A1
5.00%, 02/27/2047 - 144A		20,661		21,084
Series 2010-1R, Class 40A1
5.00%, 04/27/2036 - 144A		3,827		3,888
Series 2010-12R, Class 10A1
4.50%, 11/26/2036 - 144A *		9,747		9,949
Series 2010-15R, Class 2A1
3.50%, 05/26/2036 - 144A *		13,004		12,987
Series 2010-15R, Class 4A1
3.50%, 04/26/2035 - 144A *		17,446		17,446
Series 2010-15R, Class 6A1
3.50%, 10/26/2046 - 144A *		11,907		11,856
Series 2010-18R, Class 1A11
3.75%, 08/26/2035 - 144A *		14,677		14,798
Series 2010-18R, Class 3A1
4.00%, 03/26/2037 - 144A		15,335		15,571
Global Tower Partners Acquisition Partners LLC
Series 2007-1A, Class AFL
0.42%, 05/15/2037 - 144A *		28,750		28,254
Series 2007-1A, Class B
5.52%, 05/15/2037 - 144A		13,005		13,378
Series 2007-1A, Class C
5.64%, 05/15/2037 - 144A		8,070		8,299
Series 2007-1A, Class E
6.22%, 05/15/2037 - 144A		7,870		8,060
GMAC Mortgage Corp., Loan Trust
Series 2010-1, Class A
4.25%, 07/25/2040 - 144A		3,315		3,341
GS Mortgage Securities Corp. II
Series 2007-EOP, Class A3
1.54%, 03/06/2020 - 144A *		10,000		9,839
Series 2007-EOP, Class E
2.67%, 03/06/2020 - 144A *		10,000		9,854
Jefferies & Co., Inc.
Series 2009-R2, Class 2A
6.10%, 12/26/2037 - 144A *		5,331		5,358

The notes to the financial statements are an integral part of this report.
Transamerica Funds Semi-Annual Report 2011

Page 17

Transamerica AEGON Short-Term Bond
(formerly, Transamerica Short-Term Bond)

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Jefferies & Co., Inc. (continued)
Series 2009-R2, Class 3A
5.66%, 01/26/2047 - 144A *	$	3,575	$	3,608
Series 2009-R7, Class 1A1
5.50%, 02/26/2036 - 144A *		2,442		2,500
Series 2009-R7, Class 4A1
3.05%, 09/26/2034 - 144A *		3,635		3,627
Series 2009-R7, Class 10A3
6.00%, 12/26/2036 - 144A		2,228		2,214
Series 2009-R7, Class 11A1
3.56%, 03/26/2037 - 144A *		4,462		4,440
Series 2009-R7, Class 12A1
5.21%, 08/26/2036 - 144A *		2,800		2,826
Series 2009-R7, Class 16A1
5.54%, 12/26/2036 - 144A *		733		739
Series 2009-R9, Class 1A1
5.62%, 08/26/2046 - 144A *		11,831		11,902
Series 2010-R2, Class 1A1
6.00%, 05/26/2036 - 144A		12,581		13,067
Series 2010-R3, Class 1A1
2.84%, 03/21/2036 - 144A *		9,474		9,423
Series 2010-R6, Class 1A1
4.00%, 09/26/2037 - 144A		11,105		11,225
Series 2010-R8, Class 2A1
5.00%, 10/26/2036 - 144A		7,104		7,193
JP Morgan Re-REMIC
Series 2009-5, Class 6A1
5.90%, 04/26/2037 - 144A *		2,807		2,822
Series 2009-7, Class 8A1
5.60%, 01/27/2047 - 144A *		5,063		5,166
Series 2010-4, Class 7A1
4.29%, 08/26/2035 - 144A *		14,861		14,822
Series 2010-5, Class 2A2
4.50%, 07/26/2035 - 144A *		13,225		13,234
Series 2009-11, Class 1A1
5.68%, 02/26/2037 - 144A *		9,902		10,041
Mortgage Equity Conversion Asset Trust
Series 2010-1A, Class A
4.00%, 07/25/2060 - 144A		15,371		15,375
RBSSP Resecuritization Trust
Series 2009-1, Class 10A1
6.50%, 07/26/2037 - 144A		13,840		14,482
Wells Fargo Mortgage Backed Securities Trust
Series 2003-G, Class A1
4.10%, 06/25/2033 *		2,203		2,252
Wells Fargo Mortgage Loan Trust
Series 2010-RR1, Class 2A1
0.36%, 08/27/2047 - 144A *		3,801		3,758
Series 2010-RR2, Class 1A1
5.19%, 09/27/2035 - 144A *		10,615		10,616
Series 2010-RR4, Class 1A1
5.55%, 12/27/2046 - 144A *		11,669		11,935
Total Mortgage-Backed Securities (cost $632,786)				643,124
ASSET-BACKED SECURITIES - 10.1%
AH Mortgage Advance Trust
Series 2010-ADV2, Class A1
4.21%, 05/10/2041 - 144A		29,000		29,073
America West Airlines Pass-Through Trust
Series 1999-1, Class 991G
7.93%, 01/02/2019		3,819		3,943
Series 2000-1, Class G
8.06%, 07/02/2020		13,519		14,060
American Airlines Pass-Through Trust
Series 2001-2, Class A2
7.86%, 10/01/2011 ^		25,281		25,850
Continental Airlines Pass-Through Trust
Series 1997-1, Class A
7.46%, 04/01/2015 ^		22,533		22,533
Series 2001-1, Class A2
6.50%, 06/15/2011		3,230		3,246
Delta Air Lines, Inc., Pass-Through Trust
Series 2001-1, Class A-2
7.11%, 03/18/2013		7,590		7,723
Dominos Pizza Master Issuer LLC
Series 2007-1, Class A2
5.26%, 04/25/2037 - 144A		28,145		28,567
DT Auto Owner Trust
Series 2009-1, Class C
10.75%, 10/15/2015 - 144A		7,287		7,705
Gazprom OAO Via GAZ Capital SA
8.13%, 07/31/2014 - 144A ^		25,395		29,125
Northwest Airlines Pass-Through Trust
Series 2002-1, Class G1
1.06%, 05/20/2014 * ^		1,039		982
Oil and Gas Royalty Trust
Series 2005-1A, Class C
5.94%, 04/28/2013 - 144A		8,641		8,953
TAL Advantage LLC
Series 2011-1A, Class A
4.60%, 01/20/2026 - 144A		21,041		21,521
Tax Liens Securitization Trust
Series 2010-1A, Class 2A2
2.00%, 04/15/2018 - 144A		22,176		22,178
Trafigura Securitisation Finance PLC
Series 2007-1, Class A
0.47%, 12/15/2012 *		22,800		22,344
Series 2007-1, Class B
1.57%, 12/15/2012 *		3,900		3,748
UAL Pass-Through Trust
Series 2009-1
10.40%, 11/01/2016		25,213		28,869
Vitol Master Trust
Series 2004-1, Class 1
0.61%, 07/15/2012 *		13,000		12,984
Total Asset-Backed Securities (cost $288,749)				293,404
MUNICIPAL GOVERNMENT OBLIGATIONS - 1.1%
Rhode Island Economic Development Corp.
6.00%, 11/01/2015 §		16,950		16,644
State of California
5.25%, 04/01/2014		14,630		15,536
Total Municipal Government Obligations (cost $32,274)				32,180

The notes to the financial statements are an integral part of this report.
Transamerica Funds
Semi-Annual Report 2011

Page 18

Transamerica AEGON Short-Term Bond
(formerly, Transamerica Short-Term Bond)

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES - 64.0%
Airlines - 0.5%
Southwest Airlines Co.
10.50%, 12/15/2011 - 144A	$	12,730	$	13,395
Beverages - 0.5%
Anheuser-Busch InBev Worldwide, Inc.
9.75%, 11/17/2015 ^ BRL		21,570		14,122
Capital Markets - 2.4%
Macquarie Group, Ltd.
7.30%, 08/01/2014 - 144A ^	$	25,590		28,748
Morgan Stanley
0.76%, 10/15/2015 *		19,060		18,367
3.80%, 04/29/2016		8,850		8,881
Raymond James Financial, Inc.
4.25%, 04/15/2016		12,000		12,315
Chemicals - 0.9%
Dow Chemical Co.
6.85%, 08/15/2013		5,400		5,959
Methanex Corp.
8.75%, 08/15/2012		17,716		19,023
Commercial Banks - 10.4%
Banco Santander Chile
2.88%, 11/13/2012 - 144A ^		26,595		26,690
Bank of Scotland PLC
5.00%, 11/21/2011 - 144A ^		930		949
CIT Group, Inc.
5.25%, 04/01/2014 - 144A		13,500		13,826
Fifth Third Bank
0.42%, 05/17/2013 *		27,365		26,970
First Tennessee Bank NA
4.63%, 05/15/2013		27,555		28,610
ICICI Bank, Ltd.
6.63%, 10/03/2012 - 144A		24,850		26,346
M&I Marshall & Ilsley Bank
5.25%, 09/04/2012		6,860		7,153
5.30%, 09/08/2011		5,000		5,061
6.38%, 09/01/2011		12,095		12,262
Manufacturers & Traders Trust Co.
1.80%, 04/01/2013 *		7,335		7,336
Regions Financial Corp.
0.48%, 06/26/2012 *		7,750		7,500
4.88%, 04/26/2013		6,456		6,573
7.75%, 11/10/2014 ^		13,000		14,203
Royal Bank of Scotland PLC
2.73%, 08/23/2013 *		26,415		27,241
3.25%, 01/11/2014 ^		5,000		5,109
Silicon Valley Bank
5.70%, 06/01/2012		4,315		4,536
SunTrust Banks, Inc.
5.25%, 11/05/2012		20,595		21,684
Wachovia Corp.
0.61%, 10/28/2015 *		22,400		21,594
Webster Bank NA
5.88%, 01/15/2013		7,338		7,382
Westpac Securities NZ, Ltd.
2.63%, 01/28/2013 - 144A ^		17,000		17,363
Zions Bancorporation
7.75%, 09/23/2014 ^		12,900		14,321
Commercial Services & Supplies - 0.2%
Avery Dennison Corp.
4.88%, 01/15/2013		6,000		6,311
Computers & Peripherals - 0.5%
Seagate Technology International
10.00%, 05/01/2014 - 144A		12,289		14,440
Construction Materials - 1.5%
CRH America, Inc.
5.30%, 10/15/2013		4,600		4,911
Lafarge SA
5.85%, 07/09/2015 - 144A		10,000		10,558
Lafarge North America, Inc.
6.88%, 07/15/2013 ^		4,500		4,850
Vulcan Materials Co.
6.30%, 06/15/2013 ^		21,960		23,295
Consumer Finance - 1.0%
Block Financial LLC
7.88%, 01/15/2013 ^		26,495		28,812
Containers & Packaging - 1.0%
Rexam PLC
6.75%, 06/01/2013 - 144A		26,424		28,696
Diversified Financial Services - 11.3%
Bank of America Corp.
4.75%, 08/15/2013 ^		4,400		4,661
Citigroup, Inc.
5.63%, 08/27/2012		20,589		21,633
6.00%, 12/13/2013 ^		6,000		6,565
FIA Card Services NA
7.13%, 11/15/2012		22,691		24,411
FMR LLC
4.75%, 03/01/2013 - 144A		17,560		18,484
Glencore Funding LLC
6.00%, 04/15/2014 - 144A		20,025		21,592
GTP Towers Issuer LLC
4.44%, 02/15/2015 - 144A		10,000		10,345
Harley-Davidson Funding Corp.
5.25%, 12/15/2012 - 144A		26,575		27,756
International Lease Finance Corp.
6.50%, 09/01/2014 - 144A		26,320		27,899
Invesco, Ltd.
5.38%, 02/27/2013		13,285		14,145
Irish Life & Permanent Group Holdings PLC
3.60%, 01/14/2013 - 144A		24,885		21,423
JPMorgan Chase & Co.
5.75%, 01/02/2013 ^		12,000		12,890
Marina District Finance Co., Inc.
9.50%, 10/15/2015 - 144A ^		13,930		14,940
Nissan Motor Acceptance Corp.
3.25%, 01/30/2013 - 144A		2,940		3,009
Power Receivable Finance LLC
6.29%, 01/01/2012 - 144A		661		663
Prime Property Funding II, Inc.
5.60%, 06/15/2011 - 144A		736		738
QHP Royalty Sub LLC
10.25%, 03/15/2015 - 144A		11,359		11,577
Selkirk Cogen Funding Corp. — Series A
8.98%, 06/26/2012		21,608		22,291
TNK-BP Finance SA
7.50%, 03/13/2013 - 144A ^		25,795		28,216

The notes to the financial statements are an integral part of this report.
Transamerica Funds
Semi-Annual Report 2011

Page 19

Transamerica AEGON Short-Term Bond
(formerly, Transamerica Short-Term Bond)

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

	Principal		Value
Diversified Financial Services (continued)
WCP Wireless Site Funding LLC
4.14%, 11/15/2015 - 144A	$	28,580	$	29,039
Woodside Finance, Ltd.
5.00%, 11/15/2013 - 144A		4,450		4,779
Diversified Telecommunication Services - 2.5%
Qwest Corp.
3.56%, 06/15/2013 * ^		26,220		27,204
Telecom Italia Capital SA
6.18%, 06/18/2014		15,000		16,360
Telefonica Emisiones SAU
0.64%, 02/04/2013 *		24,565		24,369
2.58%, 04/26/2013 ^		5,000		5,075
Electric Utilities - 0.9%
KCP&L Greater Missouri Operations Co.
11.88%, 07/01/2012		22,100		24,606
Energy Equipment & Services - 0.2%
Gilroy Energy Center LLC
4.00%, 08/15/2011 - 144A		5,911		5,899
Food & Staples Retailing - 0.5%
SUPERVALU, Inc.
7.50%, 11/15/2014 ^		14,730		15,098
Gas Utilities - 0.2%
EQT Corp.
5.15%, 11/15/2012		6,460		6,778
Hotels, Restaurants & Leisure - 0.7%
Marriott International, Inc.
4.63%, 06/15/2012		9,850		10,213
5.63%, 02/15/2013		10,725		11,487
Industrial Conglomerates - 0.9%
Hutchison Whampoa International 03/13, Ltd.
6.50%, 02/13/2013 - 144A		22,810		24,798
Insurance - 2.8%
21st Century Insurance Group
5.90%, 12/15/2013		1,110		1,193
American International Group, Inc.
3.65%, 01/15/2014 ^		22,000		22,548
Fidelity National Financial, Inc.
5.25%, 03/15/2013 ^		13,289		13,858
Liberty Mutual Group, Inc.
5.75%, 03/15/2014 - 144A		10,200		10,820
7.25%, 09/01/2012 - 144A		6,958		7,349
Reinsurance Group of America, Inc.
6.75%, 12/15/2011		15,490		15,995
SAFECO Corp.
7.25%, 09/01/2012		8,192		8,652
Leisure Equipment & Products - 0.3%
Mattel, Inc.
5.63%, 03/15/2013 ^		8,000		8,567
Machinery - 0.9%
Case New Holland, Inc.
7.75%, 09/01/2013 ^		13,195		14,367
Kennametal, Inc.
7.20%, 06/15/2012		10,450		10,961
Metals & Mining - 1.9%
ArcelorMittal
5.38%, 06/01/2013 ^		24,010		25,677
Freeport-McMoRan Corp.
8.75%, 06/01/2011		9,183		9,231
Xstrata Canada Corp.
7.35%, 06/05/2012 ^		18,796		19,992
Multi-Utilities - 0.5%
Black Hills Corp.
6.50%, 05/15/2013 ^		9,290		9,998
9.00%, 05/15/2014		4,100		4,755
Oil, Gas & Consumable Fuels - 5.3%
El Paso Corp.
7.00%, 05/15/2011 ^		3,250		3,254
7.38%, 12/15/2012 ^		1,034		1,105
Empresa Nacional del Petroleo
6.75%, 11/15/2012 - 144A		12,938		13,863
Energy Transfer Partners, LP
6.00%, 07/01/2013 ^		21,736		23,655
Kinder Morgan Kansas, Inc.
6.50%, 09/01/2012 ^		5,316		5,635
Lukoil International Finance BV
6.38%, 11/05/2014 - 144A		26,270		28,734
Murphy Oil Corp.
6.38%, 05/01/2012		8,240		8,630
Nustar Logistics, LP
6.05%, 03/15/2013		2,787		2,984
6.88%, 07/15/2012		9,785		10,329
PF Export Receivables Master Trust — Series A
6.44%, 06/01/2015 - 144A		19,322		20,481
Ras Laffan Liquefied Natural Gas Co., Ltd. III
4.50%, 09/30/2012 - 144A		11,000		11,417
5.83%, 09/30/2016 - 144A		11,490		12,438
Tengizchevroil Finance Co., SARL
6.12%, 11/15/2014 - 144A		9,924		10,470
Paper & Forest Products - 0.3%
Celulosa Arauco y Constitucion SA
5.13%, 07/09/2013 ^		9,400		9,909
Real Estate Investment Trusts - 8.3%
AvalonBay Communities, Inc.
4.95%, 03/15/2013		3,546		3,769
Dexus Property Group
7.13%, 10/15/2014 - 144A		15,325		17,298
Digital Realty Trust, LP
4.50%, 07/15/2015		14,200		14,716
Duke Realty, LP
4.63%, 05/15/2013		5,000		5,249
5.63%, 08/15/2011		2,000		2,023
5.88%, 08/15/2012		6,053		6,374
6.25%, 05/15/2013 ^		6,386		6,917
ERP Operating, LP
5.20%, 04/01/2013 ^		11,080		11,845
HCP, Inc.
5.65%, 12/15/2013		26,605		28,933
Kilroy Realty, LP
5.00%, 11/03/2015		14,130		14,689
Kimco Realty Corp.
6.00%, 11/30/2012		3,860		4,111
Liberty Property, LP
6.38%, 08/15/2012		13,270		14,042
Pan Pacific Retail Properties, Inc.
6.13%, 01/15/2013		4,000		4,268
PPF Funding, Inc.
5.35%, 04/15/2012 - 144A		23,740		24,387

The notes to the financial statements are an integral part of this report.
Transamerica Funds
Semi-Annual Report 2011

Page 20

Transamerica AEGON Short-Term Bond
(formerly, Transamerica Short-Term Bond)

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

	Principal		Value
Real Estate Investment Trusts (continued)
Senior Housing Properties Trust
4.30%, 01/15/2016 ^	$	12,850	$	12,895
Shurgard Storage Centers LLC
5.88%, 03/15/2013		2,910		3,138
Tanger Properties, LP
6.15%, 11/15/2015		11,265		12,563
UDR, Inc.
5.13%, 01/15/2014		4,900		5,165
5.50%, 04/01/2014		5,500		5,858
United Dominion Realty Trust
5.00%, 01/15/2012		8,847		9,030
6.05%, 06/01/2013		6,080		6,479
WEA Finance LLC
5.40%, 10/01/2012 - 144A		16,010		16,894
Weingarten Realty Investors
5.65%, 01/15/2013		4,965		5,136
Westfield Capital Corp., Ltd.
5.13%, 11/15/2014 - 144A		5,170		5,619
Real Estate Management & Development - 2.3%
Brookfield Asset Management, Inc.
7.13%, 06/15/2012 ^		25,089		26,551
Post Apartment Homes, LP
5.45%, 06/01/2012 ^		9,399		9,718
6.30%, 06/01/2013		12,926		13,877
Retail Property Trust
7.18%, 09/01/2013 - 144A		16,445		17,862
Semiconductors & Semiconductor Equipment - 0.5%
Maxim Integrated Products, Inc.
3.45%, 06/14/2013		15,060		15,635
Tobacco - 0.6%
Reynolds American, Inc.
7.25%, 06/01/2012		17,000		18,058
Trading Companies & Distributors - 1.5%
GATX Corp.
4.75%, 10/01/2012		16,950		17,693
Noble Group, Ltd.
8.50%, 05/30/2013 - 144A		24,175		27,077
Wireless Telecommunication Services - 2.7%
Crown Castle Towers LLC
3.21%, 08/15/2015 - 144A ^		12,000		12,086
4.52%, 01/15/2015 - 144A		11,870		12,339
Nextel Communications, Inc. — Series D
7.38%, 08/01/2015 ^		10,000		10,075
Nextel Communications, Inc. — Series E
6.88%, 10/31/2013 ^		16,990		17,159
Richland Towers Funding LLC / Management
Funding / RTM Boston / Seattle Funding
4.61%, 03/15/2016 - 144A		12,637		12,387
SBA Tower Trust
4.25%, 04/15/2015 - 144A		12,380		13,028
Total Corporate Debt Securities (cost $1,803,078)				1,856,145
LOAN ASSIGNMENT - 0.5%
Diversified Consumer Services - 0.5%
Visant Holding Corp., Tranche B
0.00%, 12/31/2016		13,988		14,047
Total Loan Assignment (cost $14,078)

	Shares	Value
SECURITIES LENDING COLLATERAL — 2.7%
State Street Navigator Securities Lending
Trust — Prime Portfolio, 0.24% ▲	78,183,648		78,184
Total Securities Lending Collateral (cost $78,184)

	Principal		Value
REPURCHASE AGREEMENT - 1.0%
State Street Bank & Trust Co.
0.01% ▲, dated 04/29/2011, to be repurchased at $28,758 on 05/02/2011. Collateralized by U.S. Government Agency Obligations, 3.00% - 4.00%, due 12/15/2017 - 11/25/2040, with a total value of $29,337.	$	28,758		28,758
Total Repurchase Agreement (cost $28,758)
Total Investment Securities (cost $2,888,278) #				2,956,600
Other Assets and Liabilities — Net				(59,388	)
Net Assets			$	2,897,212

FUTURES CONTRACTS: ε

							Net Unrealized
							Appreciation
Description	Type	Contracts 3			Expiration Date		(Depreciation)
5-Year U.S. Treasury Note	Short		(920	)		06/30/2011	$	(2,052	)

The notes to the financial statements are an integral part of this report.
Transamerica Funds
Semi-Annual Report 2011

Page 21

Transamerica AEGON Short-Term Bond
(formerly, Transamerica Short-Term Bond)

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts except share amounts in thousands)
(unaudited)

NOTES TO SCHEDULE OF INVESTMENTS:

*	Floating or variable rate note. Rate is listed as of 04/29/2011.
^	All or a portion of this security is on loan. The value of all securities on loan is $76,597.
ε	Cash in the amount of $2,990 is segregated as collateral with the broker to cover margin requirements for open futures contracts..
§	Illiquid. This security aggregated to $16,644, or 0.57%, of the fund’s net assets.
┌	Contract amounts are not in thousands.
▲	Rate shown reflects the yield at 04/29/2011.
#	Aggregate cost for federal income tax purposes is $2,888,278. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $74,781 and $6,459, respectively. Net unrealized appreciation for tax purposes is $68,322.

DEFINITIONS:

144A	144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 04/29/2011, these securities aggregated $1,474,447, or 50.89%, of the fund’s net assets.
BRL	Brazilian Real
REMIC	Real Estate Mortgage Investment Conduits (consist of a fixed pool of mortgages broken apart and marketed to investors as individual securities)

VALUATION SUMMARY: Э

			Level 2 -
			Other		Level 3 -
	Level 1 -		Significant		Significant
	Quoted		Observable		Unobservable		Value at
Investment Securities	Prices		Inputs		Inputs		04/30/2011
Asset-Backed Securities	$	—	$	293,404	$	—	$	293,404
Corporate Debt Securities		—		1,856,145		—		1,856,145
Loan Assignments		—		14,047		—		14,047
Mortgage-Backed Securities		—		643,124		—		643,124
Municipal Government Obligations		—		32,180		—		32,180
Repurchase Agreement		—		28,758		—		28,758
Securities Lending Collateral		78,184		—		—		78,184
U.S. Government Agency Obligations		—		10,758		—		10,758
Total	$	78,184	$	2,878,416	$	—	$	2,956,600

				Level 2 -
				Other		Level 3 -
	Level 1 -			Significant		Significant
	Quoted			Observable		Unobservable		Value at
Other Financial Instruments ₣	Prices			Inputs		Inputs		04/30/2011
Futures Contracts — Depreciation	$	(2,052	)	$	—	$	—	$	(2,052	)

Э	See the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques.
₣	Other financial instruments are derivative instruments that are valued at unrealized appreciation (depreciation) on the instrument.

The notes to the financial statements are an integral part of this report.
Transamerica Funds
Semi-Annual Report 2011

Page 22

Transamerica Morgan Stanley Capital Growth
(formerly, Transamerica Focus)

SCHEDULE OF INVESTMENTS
At April 30, 2011
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
COMMON STOCKS - 99.8%
Air Freight & Logistics - 2.0%
Expeditors International of Washington, Inc.		66,589	$	3,614
Beverages - 1.8%
Anheuser-Busch InBev NV ADR ^		50,235		3,214
Capital Markets - 1.6%
Charles Schwab Corp. ^		155,917		2,855
Chemicals - 2.5%
Monsanto Co.		65,507		4,457
Commercial Services & Supplies - 3.6%
Edenred ‡		205,664		6,378
Communications Equipment - 3.5%
Motorola Solutions, Inc. ‡		135,202		6,203
Computers & Peripherals - 7.5%
Apple, Inc. ‡		38,035		13,245
Distributors - 2.4%
Li & Fung, Ltd.		838,000		4,295
Diversified Financial Services - 5.8%
BM&FBovespa SA		505,200		3,793
CME Group, Inc. - Class A		8,185		2,421
Leucadia National Corp.		105,162		4,065
Electrical Equipment - 0.9%
First Solar, Inc. ‡ ^		10,774		1,504
Food & Staples Retailing - 1.6%
Costco Wholesale Corp. ^		34,617		2,801
Food Products - 2.6%
Mead Johnson Nutrition Co. - Class A		69,427		4,643
Health Care Equipment & Supplies - 2.6%
Intuitive Surgical, Inc. ‡		13,128		4,591
Hotels, Restaurants & Leisure - 8.3%
Las Vegas Sands Corp. ‡ ^		108,753		5,112
Starbucks Corp.		103,951		3,762
Wynn Resorts, Ltd. ^		21,698		3,193
Yum! Brands, Inc.		47,969		2,573
Internet & Catalog Retail - 12.0%
Amazon.com, Inc. ‡		69,340		13,625
NetFlix, Inc. ‡ ^		19,824		4,612
priceline.com, Inc. ‡ ^		5,621		3,075
Internet Software & Services - 13.7%
Baidu, Inc. ADR ‡		56,042		8,323
eBay, Inc. ‡		143,861		4,949
Google, Inc. - Class A ‡		15,497		8,433
Tencent Holdings, Ltd.		94,800		2,710
Life Sciences Tools & Services - 3.0%
Illumina, Inc. ‡ ^		75,565		5,364
Media - 2.0%
Naspers, Ltd. - Class N		58,315		3,509
Metals & Mining - 2.1%
Molycorp, Inc. ‡ ^		49,655		3,640
Oil, Gas & Consumable Fuels - 3.8%
Range Resources Corp. ^		34,915		1,971
Ultra Petroleum Corp. ‡ ^		94,923		4,821
Pharmaceuticals - 3.2%
Allergan, Inc.		31,524		2,508
Valeant Pharmaceuticals International, Inc.		59,944		3,154
Professional Services - 1.5%
SGS SA		1,345		2,670
Real Estate Management & Development - 3.8%
Brookfield Asset Management, Inc. - Class A ^		197,470		6,639
Semiconductors & Semiconductor Equipment - 2.3%
ARM Holdings PLC ADR ^		104,030		3,273
NVIDIA Corp. ‡ ^		35,872		717
Software - 3.6%
Salesforce.com, Inc. ‡ ^		33,520		4,646
VMware, Inc. - Class A ‡ ^		18,101		1,727
Tobacco - 2.1%
Philip Morris International, Inc.		53,424		3,710
Total Common Stocks (cost $146,989)				176,795
SECURITIES LENDING COLLATERAL - 25.6%
State Street Navigator Securities Lending
Trust - Prime Portfolio, 0.24% ▲		45,225,469		45,225
Total Securities Lending Collateral (cost $45,225)

	Principal		Value
REPURCHASE AGREEMENT - 0.1%
State Street Bank & Trust Co. 0.01% ▲, dated 04/29/2011, to be repurchased at $127 on 05/02/2011.
Collateralized by a U.S. Government Agency Obligation, 3.50%, due 12/01/2025, with a value of $133.	$	127		127
Total Repurchase Agreement (cost $127)
Total Investment Securities (cost $192,341) #				222,147
Other Assets and Liabilities - Net				(45,215	)
Net Assets			$	176,932

NOTES TO SCHEDULE OF INVESTMENTS:

^	All or a portion of this security is on loan. The value of all securities on loan is $44,228.
‡	Non-income producing security.
▲	Rate shown reflects the yield at 04/29/2011.
#	Aggregate cost for federal income tax purposes is $192,341. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $30,375 and $569, respectively. Net unrealized appreciation for tax purposes is $29,806.

DEFINITION:

ADR            American Depositary Receipt

The notes to the financial statements are an integral part of this report.
Transamerica Funds Semi-Annual Report 2011

Page 23

Transamerica Morgan Stanley Capital Growth
(formerly, Transamerica Focus)

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

VALUATION SUMMARY: '

			Level 2 -
			Other		Level 3 -
	Level 1 -		Significant		Significant
	Quoted		Observable		Unobservable		Value at
Investment Securities	Prices		Inputs		Inputs		04/30/2011
Common Stocks	$	157,751	$	19,044	$	—	$	176,795
Repurchase Agreement		—		127		—		127
Securities Lending Collateral		45,225		—		—		45,225
Total	$	202,976	$	19,171	$	—	$	222,147

' See the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques.

The notes to the financial statements are an integral part of this report.
Transamerica Funds Semi-Annual Report 2011

Page 24

Transamerica Morgan Stanley Growth Opportunities
(formerly, Transamerica Growth Opportunities)

SCHEDULE OF INVESTMENTS
At April 30, 2011
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
COMMON STOCKS - 96.6%
Air Freight & Logistics - 3.1%
CH Robinson Worldwide, Inc. ^		67,692	$	5,428
Expeditors International of Washington, Inc. ^		140,760		7,639
Capital Markets - 0.9%
Greenhill & Co., Inc. ^		62,183		3,669
Chemicals - 4.3%
Intrepid Potash, Inc. ‡ ^		180,689		6,190
Nalco Holding Co. ^		164,083		4,793
Rockwood Holdings, Inc. ‡ ^		116,800		6,628
Commercial Services & Supplies - 6.0%
Covanta Holding Corp. ^		264,394		4,540
Edenred ‡		456,122		14,146
Stericycle, Inc. ‡ ^		67,285		6,142
Communications Equipment - 3.6%
Motorola Solutions, Inc. ‡		328,400		15,066
Computers & Peripherals - 1.6%
Teradata Corp. ‡		118,741		6,640
Construction Materials - 1.1%
Martin Marietta Materials, Inc. ^		51,434		4,690
Diversified Consumer Services - 1.4%
New Oriental Education & Technology
Group ADR ‡ ^		47,318		5,898
Diversified Financial Services - 5.2%
IntercontinentalExchange, Inc. ‡		42,440		5,108
Leucadia National Corp. ^		194,799		7,531
Moody’s Corp. ^		52,077		2,038
MSCI, Inc. - Class A ‡		205,652		7,294
Electrical Equipment - 0.8%
First Solar, Inc. ‡ ^		23,055		3,218
Food Products - 2.1%
Mead Johnson Nutrition Co. - Class A		131,700		8,808
Health Care Equipment & Supplies - 5.8%
Gen-Probe, Inc. ‡ ^		100,908		8,367
Idexx Laboratories, Inc. ‡		65,761		5,355
Intuitive Surgical, Inc. ‡ ^		29,883		10,450
Hotels, Restaurants & Leisure - 6.5%
Betfair Group PLC ‡ ^		137,777		1,996
Chipotle Mexican Grill, Inc. - Class A ‡ ^		28,342		7,561
Ctrip.com International, Ltd. ADR ‡		212,260		10,342
Wynn Resorts, Ltd. ^		50,317		7,404
Household Durables - 1.3%
Gafisa SA ADR ‡ ^		142,533		1,762
NVR, Inc. ‡ ^		4,824		3,566
Internet & Catalog Retail - 5.7%
NetFlix, Inc. ‡ ^		51,038		11,875
priceline.com, Inc. ‡ ^		21,725		11,884
Internet Software & Services - 2.8%
Akamai Technologies, Inc. ‡		107,946		3,718
Alibaba.com, Ltd.		1,833,000		3,252
Youku.com, Inc. ADR ‡ ^		81,523		4,820
IT Services - 1.5%
Gartner, Inc. ‡ ^		147,825		6,343
Life Sciences Tools & Services - 4.2%
Illumina, Inc. ‡ ^		172,703		12,259
Techne Corp. ^		68,321		5,309
Machinery - 1.8%
Schindler Holding AG		59,183		7,656
Media - 2.6%
Groupe Aeroplan, Inc.		255,612		3,504
Naspers, Ltd. - Class N		125,077		7,526
Metals & Mining - 3.4%
Lynas Corp., Ltd. ‡		1,336,625		3,062
Molycorp, Inc. ‡ ^		153,531		11,254
Multiline Retail - 1.4%
Dollar Tree, Inc. ‡ ^		98,366		5,656
Oil, Gas & Consumable Fuels - 3.8%
Range Resources Corp. ^		122,622		6,922
Ultra Petroleum Corp. ‡ ^		172,628		8,768
Personal Products - 1.2%
Natura Cosmeticos SA		180,900		5,094
Pharmaceuticals - 2.5%
Ironwood Pharmaceuticals, Inc. - Class A ‡ ^		184,854		2,703
Valeant Pharmaceuticals International, Inc. ^		146,900		7,731
Professional Services - 5.4%
IHS, Inc. - Class A ‡ ^		67,282		5,937
Intertek Group PLC		245,670		8,727
Verisk Analytics, Inc. - Class A ‡ ^		233,277		7,675
Semiconductors & Semiconductor Equipment - 2.2%
ARM Holdings PLC            ADR ^		234,248		7,369
NVIDIA Corp. ‡ ^		81,479		1,630
Software - 10.2%
Autodesk, Inc. ‡		115,571		5,198
Citrix Systems, Inc. ‡ ^		46,392		3,913
FactSet Research Systems, Inc. ^		59,041		6,460
Red Hat, Inc. ‡		138,120		6,557
Rovi Corp. ‡ ^		65,602		3,186
Salesforce.com, Inc. ‡ ^		62,066		8,602
Solera Holdings, Inc.		157,132		8,641
Textiles, Apparel & Luxury Goods - 1.6%
Lululemon Athletica, Inc. ‡ ^		66,561		6,658
Trading Companies & Distributors - 1.3%
Fastenal Co. ^		82,245		5,518
Wireless Telecommunication Services - 1.3%
Millicom International Cellular SA		49,455		5,358
Total Common Stocks (cost $348,787)				403,034
SECURITIES LENDING COLLATERAL - 24.9%
State Street Navigator Securities Lending
Trust - Prime Portfolio, 0.24% ▲		103,812,850		103,813
Total Securities Lending Collateral (cost $103,813)
	Principal		Value
REPURCHASE AGREEMENT - 3.3%
State Street Bank & Trust Co. 0.01% ▲ , dated 04/29/2011, to be repurchased at $13,972 on 05/02/2011.
Collateralized by a U.S. Government Agency Obligation, 4.00%, due 05/01/2025, with a value of $14,252.	$	13,972		13,972
Total Repurchase Agreement (cost $13,972)
Total Investment Securities (cost $466,572) #				520,819
Other Assets and Liabilities - Net				(103,609	)
Net Assets			$	417,210

The notes to the financial statements are an integral part of this report.
Transamerica Funds Semi-Annual Report 2011

Page 25

Transamerica Morgan Stanley Growth Opportunities
(formerly, Transamerica Growth Opportunities)

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

NOTES TO SCHEDULE OF INVESTMENTS:

^	All or a portion of this security is on loan. The value of all securities on loan is $101,461.
‡	Non-income producing security.
▲	Rate shown reflects the yield at 04/29/2011.
#	Aggregate cost for federal income tax purposes is $466,572. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $55,568 and $1,321, respectively. Net unrealized appreciation for tax purposes is $54,247.

DEFINITION:

ADR            American Depositary Receipt

VALUATION SUMMARY: '

			Level 2 -
			Other		Level 3 -
	Level 1 -		Significant		Significant
	Quoted		Observable		Unobservable		Value at
Investment Securities	Prices		Inputs		Inputs		04/30/2011
Common Stocks	$	347,194	$	55,840	$	—	$	403,034
Repurchase Agreement		—		13,972		—		13,972
Securities Lending Collateral		103,813		—		—		103,813
Total	$	451,007	$	69,812	$	—	$	520,819

^' See the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques.

The notes to the financial statements are an integral part of this report.
Transamerica Funds Semi-Annual Report 2011

Page 26

Transamerica Multi-Managed Balanced
(formerly, Transamerica Balanced)

SCHEDULE OF INVESTMENTS
At April 30,2011
(all amounts in thousands)
(unaudited)

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS - 13.9%
U.S. Treasury Bond
3.63%, 02/15/2021g	$	9,915	$	10,185
4.38%, 11/15/2039		570		567
4.38%, 05/15/2040 g		1,020		1,014
4.75%, 02/15/2041 g		4,480		4,733
6.75%, 08/15/2026 g		9,930		13,156
U.S. Treasury Note
0.75%, 03/31/2013 g		3,525		3,537
1.13%, 06/30/2011 g		190		190
2.25%, 03/31/2016 g		22,193		22,518
2.88%, 03/31/2018		1,325		1,344
Total U.S. Government Obligations (cost $56,598)				57,244
U.S. GOVERNMENT AGENCY OBLIGATIONS - 1.9%
Fannie Mae
4.40%, 10/09/2019 g		435		301
5.00%, 05/01/2018- 03/01/2036		87		93
5.50%, 07/01/2019- 11/01/2038		6,184		6,691
6.00%, 08/01/2036- 12/01/2037		358		393
Freddie Mac
5.00%, 04/01/2018		74		79
5.50%, 09/01/2018- 11/01/2018		79		86
Total U.S. Government Agency Obligations (cost $7,309)				7,643
MORTGAGE-BACKED SECURITIES - 6.4%
American General Mortgage Loan Trust
Series 2009-1, Class A6
5.75%, 09/25/2048 - 144A *		1,060		1,078
American Tower Trust
Series 2007-1A, Class AFX
5.42%, 04/15/2037 - 144A		910		983
Series 2007-1A, Class C
5.62%, 04/15/2037 - 144A		1,080		1,150
BCAP LLC Trust
Series 2009-RR3, Class 2A1
5.53%, 05/26/2037 - 144A *		271		279
Series 2009-RR6, Class 2A1
5.28%, 08/26/2035 - 144A *		482		459
Series 2009-RR10, Class 2A1
3.07%, 08/26/2035 - 144A *		680		681
Series 2009-RR13, Class 13A3
5.25%, 03/26/2037 - 144A *		370		379
Series 2009-RR14, Class 1A1
6.04%, 05/26/2037 - 144A *		711		730
Series 2010-RR1, Class 12A1
5.25%, 08/26/2036 - 144A *		767		794
Series 2010-RR6, Class 1A5
5.00%, 08/26/2022 - 144A *		385		391
Bear Stearns Commercial Mortgage Securities
Series 2007-PW15, Class A4
5.33%, 02/11/2044		720		769
Commercial Mortgage Pass-Through Certificates
Series 2006-C7, Class AM
5.98%, 06/10/2046 *		520		552
Credit Suisse Mortgage Capital Certificates
Series 2006-C4, Class A3
5.47%, 09/15/2039		600		650
Series 2006-C5, Class AM
5.34%, 12/15/2039		360		371
Series 2007-C4, Class A3
6.00%, 09/15/2039 *		765		797
Series 2009-16R, Class 11A1
7.00%, 08/26/2036 - 144A		445		457
Series 2010-15R, Class 2A1
3.50%, 05/26/2036 - 144A *		468		468
Series 2010-18R, Class 3A1
4.00%, 03/26/2037 - 144A		555		563
Series 2010-RR1, Class 2A
5.70%, 09/15/2040 - 144A *		705		764
Extended Stay America Trust
Series 2010-ESHA, Class D
5.50%, 11/05/2027 - 144A		710		735
GE Capital Commercial Mortgage Corp.
Series 2007-C1, Class A4
5.54%, 12/10/2049		720		774
Jefferies & Co., Inc.
Series 2009-R2, Class 2A
6.10%, 12/26/2037 - 144A *		449		451
Series 2009-R7, Class 10A3
6.00%, 12/26/2036 - 144A		336		334
Series 2009-R7, Class 1A1
5.50%, 02/26/2036 - 144A *		679		695
Series 2009-R7, Class 4A1
3.05%, 09/26/2034 - 144A *		700		698
Series 2009-R7, Class 12A1
5.21%, 08/26/2036 - 144A *		404		407
Series 2009-R9, Class 1A1
5.62%, 08/26/2046 - 144A *		425		427
Series 2010-R2, Class 1A1
6.00%, 05/26/2036 - 144A		699		726
Series 2010-R3, Class 1A1
2.84%, 03/21/2036 - 144A *		455		452
Series 2010-R6, Class 1A1
4.00%, 09/26/2037 - 144A		354		358
JP Morgan Re-REMIC
Series 2009-7, Class 8A1
5.60%, 01/27/2047 - 144A *		428		437
Series 2010-4, Class 7A1
4.29%, 08/26/2035 - 144A *		565		563
Series 2010-5, Class 2A2
4.50%, 07/26/2035 - 144A *		477		478
JPMorgan Chase Commercial Mortgage
Securities Corp.
Series 2006-CB15, Class A4
5.81%, 06/12/2043 *		705		778
Merrill Lynch/Countrywide Commercial
Mortgage Trust
Series 2007-9, Class A4
5.70%, 09/12/2049		720		785
Morgan Stanley Capital I
Series 2007-HQ12, Class A2FL
0.47%, 04/12/2049 *		103		97
Series 2007-HQ12, Class A2FX
5.78%, 04/12/2049 *		197		202
Series 2007-IQ15, Class A4
6.07%, 06/11/2049 *		720		789
Wachovia Bank Commercial Mortgage Trust
Series 2007-C33, Class A4
6.10%, 02/15/2051		500		546
WaMu Mortgage Pass-Through Certificates
Series 2003-S9, Class A6
5.25%, 10/25/2033		1,634		1,643

The notes to the financial statements are an integral part of this report.
Transamerica Funds Semi-Annual Report 2011

Page 27

Transamerica Multi-Managed Balanced
(formerly, Transamerica Balanced)

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Wells Fargo Mortgage Backed Securities Trust
Series 2003-G, Class A1
4.10%, 06/25/2033 *	$	629	$	642
Series 2003-L, Class 1A2
4.50%, 11/25/2033 *		561		571
Wells Fargo Mortgage Loan Trust
Series 2010-RR1, Class 2A1
0.36%, 08/27/2047 - 144A *		275		272
Total Mortgage-Backed Securities (cost $25,406)				26,175
ASSET-BACKED SECURITIES - 3.3%
AH Mortgage Advance Trust
Series 2010-ADV2, Class A1
4.21%, 05/10/2041 - 144A		1,090		1,093
American Airlines Pass-Through Trust
Series 2011-1, Class A
5.25%, 01/31/2021		595		577
AmeriCredit Automobile Receivables Trust
Series 2011-2, Class C
3.19%, 10/12/2016		410		418
Citibank Omni Master Trust
Series 2009-A13, Class A13
5.35%, 08/15/2018 - 144A		600		656
Series 2009-A17, Class A17
4.90%, 11/15/2018 - 144A		600		648
Continental Airlines Pass-Through Trust
Series 2009-1
9.00%, 07/08/2016		484		549
Delta Air Lines, Inc., Pass-Through Trust
Series 2010-1, Class 1A
6.20%, 07/02/2018		563		582
Dominos Pizza Master Issuer LLC
Series 2007-1, Class A2
5.26%, 04/25/2037 - 144A		700		711
Gazprom OAO Via GAZ Capital SA
8.13%, 07/31/2014 - 144A		880		1,009
Northwest Airlines Pass-Through Trust
Series 2002-1, Class G2
6.26%, 11/20/2021		1,128		1,162
Santander Drive Auto Receivables Trust
Series 2010-B, Class C
3.02%, 10/17/2016 - 144A		755		770
Series 2011-1, Class C
3.07%, 05/16/2016 Ә		250		250
Series 2011-1, Class D
4.07%, 02/15/2017 Ә		565		565
Series 2011-S1A, Class B
1.48%, 07/15/2013 - 144A		839		840
SLM Student Loan Trust
Series 2004-B, Class A2
0.51%, 06/15/2021 *		477		465
Series 2008-5, Class A4
1.97%, 07/25/2023 *		640		669
TAL Advantage LLC
Series 2011-1A, Class A
4.60%, 01/20/2026 - 144A		1,116		1,142
UAL Pass-Through Trust
Series 2009-1
10.40%, 11/01/2016		1,095		1,254
Total Asset-Backed Securities (cost $13,055)				13,360
MUNICIPAL GOVERNMENT OBLIGATIONS - 0.4%
Rhode Island Economic Development Corp.
6.00%, 11/01/2015		610		599
State of California
7.95%, 03/01/2036		1,130		1,232
Total Municipal Government Obligations (cost $1,741)				1,831
PREFERRED CORPORATE DEBT SECURITIES - 0.4%
Commercial Banks - 0.2%
Barclays Bank PLC
8.55%, 06/15/2011 - 144A * Ž		990		993
Diversified Financial Services - 0.2%
JPMorgan Chase Capital XXV - Series Y
6.80%, 10/01/2037		710		730
Total Preferred Corporate Debt Securities (cost $1,701)				1,723
CORPORATE DEBT SECURITIES - 10.9%
Beverages - 0.2%
Anheuser-Busch InBev Worldwide, Inc.
5.38%, 01/15/2020		315		346
9.75%, 11/17/2015 BRL		900		590
Capital Markets - 0.5%
Goldman Sachs Group, Inc.
3.63%, 02/07/2016		1,443		1,454
5.38%, 03/15/2020		455		473
Chemicals - 0.2%
CF Industries Holdings, Inc.
7.13%, 05/01/2020		410		469
Dow Chemical Co.
4.25%, 11/15/2020		195		191
Commercial Banks - 0.3%
CIT Group, Inc.
6.63%, 04/01/2018 - 144A		410		440
7.00%, 05/01/2017		410		413
Discover Bank
7.00%, 04/15/2020		420		474
Fifth Third Capital Trust IV
6.50%, 04/15/2037 *		80		78
Construction Materials - 0.0% ∞
Lafarge SA
7.13%, 07/15/2036		75		75
Consumer Finance - 0.2%
Ally Financial, Inc.
8.00%, 11/01/2031		410		462
Credit Acceptance Corp.
9.13%, 02/01/2017		410		446
Containers & Packaging - 0.3%
Rexam PLC
6.75%, 06/01/2013 - 144A		1,121		1,217
Diversified Financial Services - 2.9%
AngloGold Ashanti Holdings PLC
5.38%, 04/15/2020		145		149
Aviation Capital Group Corp.
7.13%, 10/15/2020 - 144A		1,070		1,102
Bank of America Corp.
5.63%, 07/01/2020		320		336
Citigroup, Inc.
4.59%, 12/15/2015		1,495		1,583
5.38%, 08/09/2020		90		94
Ford Motor Credit Co., LLC
6.63%, 08/15/2017		410		451

The notes to the financial statements are an integral part of this report.
Transamerica Funds Semi-Annual Report 2011

Page 28

Transamerica Multi-Managed Balanced
(formerly, Transamerica Balanced)

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

	Principal		Value
Diversified Financial Services (continued)
General Electric Capital Corp.
5.50%, 01/08/2020	$	535	$	575
Glencore Funding LLC
6.00%, 04/15/2014 - 144A		995		1,073
Irish Life & Permanent Group Holdings PLC
3.60%, 01/14/2013 - 144A		990		852
JPMorgan Chase Bank NA
6.00%, 10/01/2017		965		1,076
QHP Royalty Sub LLC
10.25%, 03/15/2015 - 144A		426		434
Reynolds Group Issuer, Inc.
6.88%, 02/15/2021 - 144A		410		423
7.13%, 04/15/2019 - 144A		410		427
TNK-BP Finance SA
6.25%, 02/02/2015 - 144A		490		526
Unison Ground Lease Funding LLC
6.39%, 04/15/2020 - 144A		1,260		1,309
WCP Wireless Site Funding LLC
4.14%, 11/15/2015 - 144A		1,098		1,116
Diversified Telecommunication Services - 0.5%
Level 3 Financing, Inc.
8.75%, 02/15/2017		410		424
Qwest Communications International, Inc.
7.13%, 04/01/2018		21		23
8.00%, 10/01/2015		104		114
Qwest Corp.
6.50%, 06/01/2017		17		19
8.38%, 05/01/2016		38		45
Sprint Capital Corp.
6.88%, 11/15/2028		410		393
Telefonica Emisiones SAU
4.95%, 01/15/2015		350		375
Verizon Communications, Inc.
6.40%, 02/15/2038		585		633
Electric Utilities - 0.2%
Energy Future Intermediate Holding Co., LLC
10.00%, 12/01/2020		410		441
Georgia Power Co.
3.00%, 04/15/2016		365		371
Energy Equipment & Services - 0.1%
Ensco PLC
4.70%, 03/15/2021		205		207
Food Products - 0.1%
Kraft Foods, Inc.
5.38%, 02/10/2020		260		282
6.50%, 02/09/2040		150		167
Health Care Equipment & Supplies - 0.0% ∞
CareFusion Corp.
6.38%, 08/01/2019		130		147
Health Care Providers & Services - 0.3%
HCA, Inc.
7.25%, 09/15/2020		410		441
Tenet Healthcare Corp.
8.88%, 07/01/2019		410		463
Hotels, Restaurants & Leisure - 0.1%
Caesars Entertainment Operating Co., Inc.
11.25%, 06/01/2017		410		467
Household Durables - 0.1%
Standard Pacific Corp.
8.38%, 01/15/2021 - 144A		410		422
Insurance - 0.5%
Chubb Corp.
6.38%, 03/29/2067 *		1,055		1,129
Lincoln National Corp.
7.00%, 06/15/2040		115		135
Prudential Financial, Inc.
4.75%, 09/17/2015		560		602
Teachers Insurance & Annuity Association of America
6.85%, 12/16/2039 - 144A		185		214
Media - 0.9%
CBS Corp.
8.88%, 05/15/2019		220		280
CCH II LLC
13.50%, 11/30/2016		410		495
Clear Channel Worldwide Holdings, Inc.
Series B
9.25%, 12/15/2017		410		456
COX Communications, Inc.
8.38%, 03/01/2039 - 144A		255		337
NBCUniversal Media LLC
4.38%, 04/01/2021 - 144A		450		439
5.15%, 04/30/2020 - 144A		545		570
News America, Inc.
4.50%, 02/15/2021 - 144A		405		403
6.15%, 02/15/2041 - 144A		330		336
Time Warner Cable, Inc.
5.88%, 11/15/2040		255		249
Time Warner, Inc.
6.10%, 07/15/2040		100		102
Metals & Mining - 0.6%
Allegheny Technologies, Inc.
5.95%, 01/15/2021		1,160		1,244
ArcelorMittal
5.50%, 03/01/2021		1,280		1,298
Cliffs Natural Resources, Inc.
4.88%, 04/01/2021		305		309
Multi-Utilities - 0.4%
Black Hills Corp.
5.88%, 07/15/2020		620		643
9.00%, 05/15/2014		790		917
Oil, Gas & Consumable Fuels - 0.7%
Anadarko Petroleum Corp.
5.95%, 09/15/2016		95		106
Chesapeake Energy Corp.
6.63%, 08/15/2020		410		442
Consol Energy, Inc.
8.00%, 04/01/2017		410		453
Kinder Morgan Energy Partners, LP
6.55%, 09/15/2040		50		54
Lukoil International Finance BV
6.38%, 11/05/2014 - 144A		705		771
Marathon Petroleum Corp.
6.50%, 03/01/2041 - 144A		325		342
Nexen, Inc.
7.50%, 07/30/2039		255		296

The notes to the financial statements are an integral part of this report.
Transamerica Funds Semi-Annual Report 2011

Page 29

Transamerica Multi-Managed Balanced
(formerly, Transamerica Balanced)

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts except share amounts in thousands
(unaudited)

	Principal		Value
Oil, Gas & Consumable Fuels (continued)
Petroleum Co., of Trinidad & Tobago, Ltd.
9.75%, 08/14/2019 - 144A	$	420	$	502
Weatherford International, Ltd.
6.75%, 09/15/2040		50		53
Paper & Forest Products - 0.1%
International Paper Co.
7.30%, 11/15/2039		190		217
Real Estate Investment Trusts - 0.0% ∞
Kimco Realty Corp.
6.88%, 10/01/2019		105		122
Real Estate Management & Development - 0.1%
Realogy Corp.
7.88%, 02/15/2019 - 144A		410		414
Road & Rail - 0.2%
Avis Budget Car Rental LLC
8.25%, 01/15/2019		410		435
Hertz Corp.
7.38%, 01/15/2021 - 144A		410		431
Software - 0.2%
First Data Corp.
12.63%, 01/15/2021 - 144A		820		899
Tobacco - 0.4%
Lorillard Tobacco Co.
8.13%, 06/23/2019		1,000		1,182
Philip Morris International, Inc.
4.50%, 03/26/2020		420		436
Wireless Telecommunication Services - 0.8%
Crown Castle Towers LLC
4.88%, 08/15/2020 - 144A		1,430		1,423
SBA Tower Trust
5.10%, 04/15/2017 - 144A		1,465		1,501
Vodafone Group PLC
4.15%, 06/10/2014		510		547
Total Corporate Debt Securities (cost $43,900)				44,872

	Shares		Value
COMMON STOCKS - 59.9%
Aerospace & Defense - 1.7%
Goodrich Corp.		7,700		680
Honeywell International, Inc.		31,700		1,941
Huntington Ingalls Industries, Inc. ‡		533		21
L-3 Communications Holdings, Inc.		2,100		168
United Technologies Corp.		47,300		4,238
Airlines - 0.1%
Southwest Airlines Co.		32,300		380
Auto Components - 0.3%
Johnson Controls, Inc.		35,000		1,435
Automobiles - 0.2%
General Motors Co. ‡		29,900		959
Beverages - 1.7%
Coca-Cola Co.		76,522		5,162
PepsiCo, Inc.		23,600		1,626
Biotechnology - 1.0%
Biogen Idec, Inc. ‡		18,700		1,820
Celgene Corp. ‡		32,400		1,908
Dendreon Corp. ‡		12,700		552
Capital Markets - 1.3%
Bank of New York Mellon Corp.		15,300		443
BlackRock, Inc. — Class A		2,100		411
E*Trade Financial Corp. ‡		3,700		60
Goldman Sachs Group, Inc.		14,200		2,145
Janus Capital Group, Inc.		3,600		44
Morgan Stanley		30,600		800
State Street Corp.		31,900		1,485
Chemicals - 1.5%
CF Industries Holdings, Inc.		3,600		510
Dow Chemical Co.		50,000		2,050
E.I. du Pont de Nemours & Co.		47,700		2,708
Georgia Gulf Corp. ‡		11,300		445
PPG Industries, Inc.		2,800		265
Commercial Banks - 2.3%
Fifth Third Bancorp		54,616		725
Huntington Bancshares, Inc.		48,700		331
Popular, Inc. ‡		49,200		155
SunTrust Banks, Inc.		10,500		296
U.S. Bancorp		94,300		2,435
Wells Fargo & Co.		187,300		5,452
Zions Bancorporation		3,000		73
Communications Equipment - 0.6%
Cisco Systems, Inc.		66,369		1,164
F5 Networks, Inc. ‡		1,400		142
Harris Corp.		2,100		112
Juniper Networks, Inc. ‡		10,900		418
Motorola Mobility Holdings, Inc. ‡		5,700		149
QUALCOMM, Inc.		8,700		495
Computers & Peripherals - 3.1%
Apple, Inc. ‡		25,300		8,811
EMC Corp. ‡		71,954		2,040
NetApp, Inc. ‡		16,200		842
SanDisk Corp. ‡		23,200		1,140
Construction & Engineering - 0.4%
Fluor Corp.		26,000		1,818
Consumer Finance - 0.2%
American Express Co.		17,491		858
SLM Corp. ‡		9,800		163
Containers & Packaging - 0.2%
Ball Corp.		24,500		914
Diversified Consumer Services - 0.1%
Apollo Group, Inc. — Class A ‡		5,200		208
Diversified Financial Services - 2.3%
Bank of America Corp.		281,600		3,458
Citigroup, Inc. ‡		907,991		4,167
CME Group, Inc. — Class A		2,000		592
Invesco, Ltd.		45,113		1,122
Diversified Telecommunication Services - 1.9%
AT&T, Inc.		85,700		2,667
Frontier Communications Corp.		57,300		474
Verizon Communications, Inc.		121,500		4,590
Electric Utilities - 1.0%
FirstEnergy Corp.		19,900		795
Nextera Energy, Inc.		30,800		1,743
Northeast Utilities		31,400		1,118

The notes to the financial statements are an integral part of this report.
Transamerica Funds Semi-Annual Report 2011

Page 30

Transamerica Multi-Managed Balanced
(formerly, Transamerica Balanced)

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts except share amounts in thousands
(unaudited)

	Shares		Value
Electric Utilities (continued)
NV Energy, Inc.		23,300	$	354
PPL Corp.		10,600		291
Electrical Equipment - 0.1%
Hubbell, Inc. — Class B		1,900		133
Thomas & Betts Corp. ‡		2,400		139
Electronic Equipment & Instruments - 0.4%
Amphenol Corp. — Class A		3,400		190
Corning, Inc.		57,200		1,197
TE Connectivity, Ltd.		3,000		108
Energy Equipment & Services - 1.1%
Baker Hughes, Inc.		13,000		1,006
Schlumberger, Ltd.		37,500		3,366
Food & Staples Retailing - 1.0%
CVS Caremark Corp.		28,200		1,022
Kroger Co.		12,600		306
Wal-Mart Stores, Inc.		50,800		2,793
Food Products - 0.7%
Campbell Soup Co.		3,500		118
General Mills, Inc.		56,300		2,172
HJ Heinz Co.		6,600		338
Tyson Foods, Inc. — Class A		5,200		103
Gas Utilities - 0.3%
AGL Resources, Inc.		4,100		170
Oneok, Inc.		15,400		1,077
Health Care Equipment & Supplies - 1.1%
Baxter International, Inc.		33,400		1,901
Becton, Dickinson and Co.		10,300		885
Covidien PLC		33,900		1,888
Health Care Providers & Services - 1.5%
Aetna, Inc.		10,800		447
DaVita, Inc. ‡		12,500		1,101
Humana, Inc. ‡		15,300		1,165
McKesson Corp.		12,900		1,071
UnitedHealth Group, Inc.		43,462		2,139
Hotels, Restaurants & Leisure - 0.8%
Carnival Corp.		33,200		1,264
McDonald’s Corp.		19,200		1,503
Royal Caribbean Cruises, Ltd. ‡		7,400		295
Yum! Brands, Inc.		6,400		343
Household Durables - 0.4%
D.R. Horton, Inc.		5,300		66
Lennar Corp. — Class A		40,000		760
Newell Rubbermaid, Inc.		5,200		99
NVR, Inc. ‡		400		296
Whirlpool Corp.		2,800		241
Household Products - 2.0%
Colgate-Palmolive Co.		33,000		2,784
Kimberly-Clark Corp.		18,100		1,196
Procter & Gamble Co.		72,800		4,725
Independent Power Producers & Energy Traders - 0.2%
AES Corp. ‡		46,700		618
Constellation Energy Group, Inc.		11,200		408
Industrial Conglomerates - 2.5%
3M Co.		35,300		3,432
General Electric Co.		190,885		3,903
Textron, Inc.		15,300		399
Tyco International, Ltd.		44,500		2,169
Insurance - 2.0%
ACE, Ltd.		20,200		1,358
Aflac, Inc.		18,000		1,011
Berkshire Hathaway, Inc. — Class B ‡		15,300		1,274
Everest RE Group, Ltd.		3,600		328
MetLife, Inc.		56,600		2,649
Prudential Financial, Inc.		22,000		1,396
Internet & Catalog Retail - 0.6%
Amazon.com, Inc. ‡		12,200		2,397
Internet Software & Services - 0.4%
eBay, Inc. ‡		18,200		626
Google, Inc. — Class A ‡		2,100		1,143
IT Services - 1.5%
Cognizant Technology Solutions
Corp. — Class A ‡		15,500		1,285
Genpact, Ltd. ‡		7,200		116
International Business Machines Corp.		25,600		4,366
Visa, Inc. — Class A		5,500		430
Leisure Equipment & Products - 0.1%
Mattel, Inc.		10,100		270
Machinery - 0.8%
Deere & Co.		8,200		800
Donaldson Co., Inc.		1,900		116
Joy Global, Inc.		3,400		343
Kennametal, Inc.		6,000		253
PACCAR, Inc.		37,100		1,971
Media - 1.7%
Cablevision Systems Corp. — Class A		700		25
CBS Corp. — Class B		79,326		2,001
DIRECTV — Class A ‡		5,700		277
Gannett Co., Inc.		14,700		221
Time Warner, Inc.		49,300		1,866
Walt Disney Co.		66,700		2,876
Metals & Mining - 0.7%
Alcoa, Inc.		100,402		1,707
Freeport-McMoRan Copper & Gold, Inc.		22,300		1,227
Multiline Retail - 0.8%
Kohl’s Corp.		5,700		300
Macy’s, Inc.		44,600		1,066
Nordstrom, Inc.		3,200		152
Target Corp.		33,200		1,631
Multi-Utilities - 0.5%
PG&E Corp.		23,200		1,069
Sempra Energy		14,400		793
Oil, Gas & Consumable Fuels - 6.5%
Apache Corp.		12,000		1,600
Chesapeake Energy Corp.		14,500		488
Chevron Corp.		55,400		6,063
Devon Energy Corp.		18,400		1,674
EOG Resources, Inc.		12,900		1,457
Exxon Mobil Corp.		111,431		9,807
Hess Corp.		4,900		421
Marathon Oil Corp.		18,400		994
Noble Energy, Inc.		4,800		462
Occidental Petroleum Corp.		10,800		1,234
Valero Energy Corp.		32,600		923
Williams Cos., Inc.		48,100		1,595

The notes to the financial statements are an integral part of this report.
Transamerica Funds Semi-Annual Report 2011

Page 31

Transamerica Multi-Managed Balanced
(formerly, Transamerica Balanced)

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts except share amounts in thousands
(unaudited)

	Shares		Value
Pharmaceuticals - 3.3%
Abbott Laboratories		66,902	$	3,481
Johnson & Johnson		23,000		1,512
Merck & Co., Inc.		116,200		4,176
Mylan, Inc. ‡		29,524		736
Pfizer, Inc.		160,000		3,354
Real Estate Investment Trusts - 1.0%
Alexandria Real Estate Equities, Inc.		1,500		123
AvalonBay Communities, Inc.		4,600		582
Boston Properties, Inc.		2,500		261
DCT Industrial Trust, Inc.		23,630		137
Digital Realty Trust, Inc.		9,600		579
Dupont Fabros Technology, Inc.		10,100		247
Essex Property Trust, Inc.		3,600		488
HCP, Inc.		12,700		503
Host Hotels & Resorts, Inc.		53,600		955
Vornado Realty Trust		3,000		290
Road & Rail - 1.4%
CSX Corp.		22,700		1,786
Norfolk Southern Corp.		29,600		2,211
Union Pacific Corp.		17,600		1,821
Semiconductors & Semiconductor Equipment - 1.6%
Applied Materials, Inc.		95,978		1,506
Broadcom Corp. — Class A		37,600		1,323
LAM Research Corp. ‡		14,700		710
Marvell Technology Group, Ltd. ‡		44,100		680
Novellus Systems, Inc. ‡		10,500		337
NVIDIA Corp. ‡		27,300		546
Xilinx, Inc.		38,786		1,352
Software - 2.5%
Adobe Systems, Inc. ‡		33,200		1,114
Citrix Systems, Inc. ‡		3,300		278
Microsoft Corp.		214,458		5,580
Oracle Corp.		95,300		3,436
Specialty Retail - 1.4%
Advance Auto Parts, Inc.		1,500		98
AutoZone, Inc. ‡		4,800		1,355
Bed Bath & Beyond, Inc. ‡		4,900		275
GameStop Corp. — Class A ‡		10,900		280
Lowe’s Cos., Inc.		71,800		1,886
Ross Stores, Inc.		4,500		332
Staples, Inc.		24,800		524
TJX Cos., Inc.		18,000		965
Textiles, Apparel & Luxury Goods - 0.2%
Coach, Inc.		4,500		269
V.F. Corp.		3,900		392
Thrifts & Mortgage Finance - 0.0% ∞
People’s United Financial, Inc.		7,200		99
Tobacco - 0.4%
Altria Group, Inc.		4,500		121
Philip Morris International, Inc.		19,533		1,356
Water Utilities - 0.1%
American Water Works Co., Inc.		7,500		220
Wireless Telecommunication Services - 0.4%
MetroPCS Communications, Inc. ‡		5,000		84
Sprint Nextel Corp. ‡		298,800		1,548
Total Common Stocks (cost $226,154)				245,673

	Principal		Value
REPURCHASE AGREEMENT - 2.4%
State Street Bank & Trust Co. 0.01% ▲, dated 04/29/2011, to be repurchased at $9,755 on 05/02/2011. Collateralized by U.S. Government Agency Obligations, 3.50% - 4.00%, due 05/01/2025 - 12/01/2025, with a total value of $9,953.	$	9,755		9,755
Total Repurchase Agreement (cost $9,755)
Total Investment Securities (cost $385,619) #				408,276
Other Assets and Liabilities — Net				2,156
Net Assets			$	410,420

FUTURES CONTRACTS:

							Net Unrealized
							Appreciation
Description	Type	Contracts Ã			Expiration Date		(Depreciation)
10-Year U.S. Treasury Note	Short		(57	)		06/21/2011	$	(18	)
2-Year U.S. Treasury Note	Short		(43	)		06/30/2011		(21	)
30-Year U.S. Treasury Bond	Short		(26	)		06/21/2011		(15	)
5-Year U.S. Treasury Note	Long		23			06/30/2011		(1	)
5-Year U.S. Treasury Note	Short		(16	)		06/30/2011
S&P 500 E-Mini Index	Long		42			06/17/2011		39
Ultra Long U.S. Treasury Bond	Short		(9	)		06/21/2011		(12	)
							$	(28	)

The notes to the financial statements are an integral part of this report.
Transamerica Funds Semi-Annual Report 2011

Page 32

Transamerica Multi-Managed Balanced
(formerly, Transamerica Balanced)

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts except share amounts in thousands)
(unaudited)

NOTES TO SCHEDULE OF INVESTMENTS:

‡	Non-income producing security.
∞	Percentage rounds to less than 0.1%.
*	Floating or variable rate note. Rate is listed as of 04/29/2011.
Ә	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 $815, or 0.20%, of the fund’s net assets.
▲	Rate shown reflects the yield at 04/29/2011.
┌	Contract amounts are not in thousands.
Y	A portion of these securities in the amount of $570 have been segregated as collateral with the broker to cover margin requirements for open futures contracts
Ž	The security has a perpetual maturity. The date shown is the next call date.
#	Aggregate cost for federal income tax purposes is $385,619. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $24,776 and $2,119, respectively. Net unrealized appreciation for tax purposes is $22,657.

DEFINITIONS:

144A	144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 04/29/2011, these securities aggregated $41,994, or 10.23%, of the fund’s net assets.
BRL	Brazilian Real
OAO	Otkrytoe Aktsionernoe Obschestvo (Russian: Open Joint Stock Corporation)
REMIC	Real Estate Mortgage Investment Conduits (consist of a fixed pool of mortgages broken apart and marketed to investors as individual securities)

VALUATION SUMMARY: Э

			Level 2 -
			Other		Level 3 -
	Level 1 -		Significant		Significant
	Quoted		Observable		Unobservable		Value at
Investment Securities	Prices		Inputs		Inputs		04/30/2011
Asset-Backed Securities	$	—	$	13,360	$	—	$	13,360
Common Stocks		239,855		5,818		—		245,673
Corporate Debt Securities		—		44,872		—		44,872
Mortgage-Backed Securities		—		26,175		—		26,175
Municipal Government Obligations		—		1,831		—		1,831
Preferred Corporate Debt Securities		—		1,723		—		1,723
Repurchase Agreement		—		9,755		—		9,755
U.S. Government Agency Obligations		—		7,643		—		7,643
U.S. Government Obligations		—		57,244		—		57,244
Total	$	239,855	$	168,421	$	—	$	408,276

				Level 2 -
				Other		Level 3 -
	Level 1 -			Significant		Significant
	Quoted			Observable		Unobservable		Total at
Other Financial Instruments₣	Prices			Inputs		Inputs		04/30/2011
Futures Contracts — Appreciation	$	39		$	—	$	—	$	39
Futures Contracts — Depreciation		(67	)		—		—		(67	)
Total	$	(28	)	$	—	$	—	$	(28	)

Э	See the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques.
₣	Other financial instruments are derivative instruments that are valued at unrealized appreciation (depreciation) on the instrument.

The notes to the financial statements are an integral part of this report.
Transamerica Funds Semi-Annual Report 2011

Page 33

Transamerica Systematic Small/Mid Cap Value
(formerly, Transamerica Small/Mid Cap Value)

SCHEDULE OF INVESTMENTS
At April 30, 2011
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
COMMON STOCKS - 97.2%
Aerospace & Defense - 1.4%
Curtiss-Wright Corp. ^		36,500	$	1,214
Ducommun, Inc. ^		63,500		1,445
Raytheon Co.		65,700		3,190
Triumph Group, Inc. ^		52,800		4,546
Air Freight & Logistics - 1.6%
Air Transport Services Group, Inc. ‡ ^		173,700		1,421
Atlas Air Worldwide Holdings, Inc. ‡		151,800		10,460
Auto Components - 1.5%
Lear Corp.		223,400		11,425
Automobiles - 0.5%
Harley-Davidson, Inc. ^		111,350		4,149
Beverages - 0.7%
Constellation Brands, Inc. — Class A ‡		223,900		5,013
Building Products - 0.6%
Gibraltar Industries, Inc. ‡ ^		194,919		2,277
Owens Corning, Inc. ‡		60,000		2,270
Capital Markets - 2.0%
LPL Investment Holdings, Inc. ‡		55,000		2,017
Piper Jaffray Cos. ‡ ^		55,000		1,972
Raymond James Financial, Inc. ^		202,500		7,594
Stifel Financial Corp. ‡ ^		43,500		1,987
Waddell & Reed Financial, Inc. — Class A ^		36,000		1,476
Chemicals - 2.6%
A Schulman, Inc. ^		90,300		2,286
Agrium, Inc.		40,800		3,690
Eastman Chemical Co.		23,900		2,563
Ferro Corp. ‡		91,800		1,377
Huntsman Corp. ^		255,158		5,320
Omnova Solutions, Inc. ‡ ^		230,894		1,963
PolyOne Corp. ^		159,500		2,310
Commercial Banks - 7.8%
Berkshire Hills Bancorp, Inc. ^		92,931		2,072
City National Corp. ^		25,000		1,428
Dime Community Bancshares, Inc. ^		90,000		1,391
Fifth Third Bancorp		730,700		9,696
First Citizens BancShares, Inc. — Class A		19,813		3,963
First Community Bancshares, Inc. ^		98,158		1,459
First Niagara Financial Group, Inc.		710,200		10,226
Flushing Financial Corp.		110,700		1,630
Huntington Bancshares, Inc. ^		888,937		6,036
KeyCorp		1,089,200		9,443
Lakeland Bancorp, Inc. ^		45,332		485
Sandy Spring Bancorp, Inc. ^		112,200		2,005
Texas Capital Bancshares, Inc. ‡ ^		52,600		1,357
Umpqua Holdings Corp. ^		206,000		2,392
United Financial Bancorp, Inc. ^		80,685		1,318
Washington Trust Bancorp, Inc. ^		47,921		1,123
Webster Financial Corp. ^		198,500		4,272
Commercial Services & Supplies - 0.8%
HNI Corp. ^		61,000		1,679
Steelcase, Inc. — Class A ^		147,400		1,702
United Stationers, Inc. ^		39,300		2,832
Communications Equipment - 0.9%
Alcatel-Lucent ADR ‡ ^		648,707		4,243
Harmonic Lightwaves, Inc. ‡ ^		240,700		1,993
KVH Industries, Inc. ‡ ^		73,891		968
Computers & Peripherals - 0.2%
QLogic Corp. ‡		102,000		1,834
Construction & Engineering - 1.5%
Chicago Bridge & Iron Co. NV		35,500		1,439
EMCOR Group, Inc. ‡		43,700		1,353
KBR, Inc.		222,687		8,545
Consumer Finance - 2.1%
Discover Financial Services		445,300		11,061
SLM Corp. ‡		281,600		4,672
Containers & Packaging - 0.4%
Packaging Corp. of America ^		49,900		1,424
Temple-Inland, Inc. ^		60,893		1,432
Diversified Consumer Services - 0.5%
Weight Watchers International, Inc.		52,400		4,074
Diversified Financial Services - 1.6%
Duff & Phelps Corp. — Class A ^		107,800		1,659
Invesco, Ltd.		408,000		10,147
Diversified Telecommunication Services - 0.5%
CenturyLink, Inc.		88,208		3,597
Electric Utilities - 0.2%
MGE Energy, Inc. ^		41,600		1,748
Electrical Equipment - 1.8%
AO Smith Corp. ^		51,000		2,242
Brady Corp. — Class A ^		53,800		2,029
PowerSecure International, Inc. ‡ ^		325,361		2,555
Regal Beloit Corp. ^		40,100		3,040
Thomas & Betts Corp. ‡		31,300		1,814
Woodward, Inc. ^		59,500		2,204
Electronic Equipment & Instruments - 1.4%
Orbotech, Ltd. ‡		224,957		2,884
Park Electrochemical Corp. ^		58,286		1,863
Rofin-Sinar Technologies, Inc. ‡ ^		33,200		1,438
TTM Technologies, Inc. ‡ ^		109,994		2,103
Universal Display Corp. ‡ ^		24,000		1,319
Vishay Intertechnology, Inc. ‡ ^		73,200		1,397
Energy Equipment & Services - 3.1%
Dresser-Rand Group, Inc. ‡ ^		26,900		1,413
Oil States International, Inc. ‡		77,550		6,437
Spectra Energy Corp. ^		246,627		7,162
Superior Energy Services, Inc. ‡ ^		222,180		8,537
Food Products - 1.9%
Hain Celestial Group, Inc. ‡ ^		211,125		7,181
J&J Snack Foods Group ^		25,145		1,278
Smithfield Foods, Inc. ‡ ^		256,110		6,034
Gas Utilities - 1.1%
Energen Corp.		83,400		5,422
Questar Corp. ^		172,269		3,027
Health Care Equipment & Supplies - 1.2%
Align Technology, Inc. ‡		58,600		1,415
Zimmer Holdings, Inc. ‡ ^		115,100		7,510
Health Care Providers & Services - 4.4%
AmerisourceBergen Corp. — Class A		76,925		3,126
AMN Healthcare Services, Inc. ‡ ^		218,900		1,889
Cardinal Health, Inc.		108,825		4,755
Coventry Health Care, Inc. ‡		117,700		3,798
Health Management Associates, Inc. — Class A ‡		32,200		9,387
Health Net, Inc. ‡		205,900		6,856
Healthways, Inc. ‡		198,230		3,354

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 34

Transamerica Systematic Small/Mid Cap Value
(formerly, Transamerica Small/Mid Cap Value)

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
Health Care Technology - 0.3%
Omnicell, Inc. ‡ ^		169,800	$	2,612
Hotels, Restaurants & Leisure - 0.9%
Cheesecake Factory, Inc. ‡ ^		36,000		1,059
Wendy’s/Arby’s Group, Inc. ^		427,029		2,058
Wyndham Worldwide Corp. ^		108,400		3,752
Household Durables - 0.6%
Harman International Industries, Inc. ^		41,000		1,990
MDC Holdings, Inc. ^		46,800		1,366
Ryland Group, Inc. ^		73,900		1,279
Industrial Conglomerates - 0.8%
Carlisle Cos., Inc.		33,000		1,635
McDermott International, Inc. ‡		176,810		4,082
Insurance - 5.1%
Alleghany Corp. ‡ ^		7,262		2,389
Aspen Insurance Holdings, Ltd. ^		60,400		1,726
Hartford Financial Services Group, Inc. ^		259,537		7,519
Lincoln National Corp. ^		241,700		7,548
Marsh & McLennan Cos., Inc.		210,400		6,371
Selective Insurance Group, Inc. ^		162,232		2,862
United Fire & Casualty Co. ^		99,721		1,974
Validus Holdings, Ltd. ^		50,000		1,627
XL Group PLC — Class A		282,211		6,892
Internet Software & Services - 0.5%
IAC/InterActiveCorp ‡		46,700		1,686
Knot, Inc. ‡		195,000		1,991
IT Services - 0.2%
VeriFone Holdings, Inc. ‡ ^		24,100		1,321
Leisure Equipment & Products - 0.2%
Arctic Cat, Inc. ‡ ^		100,000		1,679
Life Sciences Tools & Services - 0.2%
Nektar Therapeutics ‡ ^		182,733		1,897
Machinery - 6.6%
Actuant Corp. — Class A ^		50,700		1,407
Altra Holdings, Inc. ‡ ^		202,800		5,149
CIRCOR International, Inc. ^		53,500		2,431
Columbus McKinnon Corp. ‡ ^		145,000		2,900
Crane Co.		29,200		1,457
Eaton Corp.		118,300		6,333
Gardner Denver, Inc.		22,700		1,962
Harsco Corp.		62,300		2,218
Kennametal, Inc. ^		32,100		1,355
Manitowoc Co., Inc.		205,300		4,556
Mueller Industries, Inc. ^		107,800		4,217
NN, Inc. ‡		16,998		298
Oshkosh Corp. ‡ ^		72,000		2,280
Pentair, Inc. ^		163,900		6,581
Sauer-Danfoss, Inc. ‡ ^		21,600		1,275
Timken Co.		86,800		4,895
Wabash National Corp. ‡ ^		118,100		1,303
Media - 0.4%
CBS Corp. — Class B		131,800		3,324
Metals & Mining - 2.4%
Alcoa, Inc. ^		467,528		7,948
Thompson Creek Metals Co., Inc. ‡		180,000		2,219
Walter Energy, Inc.		50,575		6,990
Worthington Industries, Inc. ^		72,000		1,553
Multiline Retail - 1.2%
Macy’s, Inc.		373,150		8,922
Multi-Utilities - 3.3%
Black Hills Corp. ^		45,000		1,564
CMS Energy Corp. ^		488,214		9,666
NiSource, Inc. ^		462,600		8,997
NorthWestern Corp. ^		143,000		4,655
Office Electronics - 0.8%
Xerox Corp.		581,704		5,869
Oil, Gas & Consumable Fuels - 4.5%
Brigham Exploration Co. ‡ ^		52,200		1,750
Carrizo Oil & Gas, Inc. ‡ ^		27,500		1,096
Denbury Resources, Inc. ‡ ^		399,775		9,024
McMoRan Exploration Co. ‡ ^		76,900		1,408
SM Energy Co. ^		114,375		8,676
Tesoro Corp. ‡ ^		66,300		1,798
W&T Offshore, Inc. ^		97,575		2,616
Western Refining, Inc. ‡ ^		470,700		7,983
Paper & Forest Products - 1.3%
Domtar Corp.		22,600		2,102
MeadWestvaco Corp. ^		177,986		5,997
P.H. Glatfelter Co. ^		156,500		2,128
Personal Products - 0.3%
Nu Skin Enterprises, Inc. — Class A ^		63,300		2,031
Professional Services - 0.4%
On Assignment, Inc. ‡ ^		248,696		2,728
Real Estate Investment Trusts - 6.5%
BioMed Realty Trust, Inc. ^		118,181		2,345
Brandywine Realty Trust ^		237,000		3,010
CBL & Associates Properties, Inc. ^		382,500		7,102
DiamondRock Hospitality Co. ^		405,000		4,876
Dupont Fabros Technology, Inc. ^		130,000		3,180
Equity One, Inc. ^		127,400		2,525
Excel Trust, Inc. ^		112,519		1,339
Home Properties, Inc. ^		157,900		10,010
National Retail Properties, Inc. ^		78,615		2,071
Piedmont Office Realty Trust, Inc. — Class A ^		70,900		1,411
Realty Income Corp. ^		43,000		1,529
Vornado Realty Trust		65,900		6,371
Washington Real Estate Investment Trust ^		54,800		1,776
Weingarten Realty Investos ^		72,000		1,902
Road & Rail - 1.4%
Heartland Express, Inc. ^		82,936		1,431
Hertz Global Holdings, Inc. ‡		160,513		2,762
Ryder System, Inc.		127,800		6,837
Semiconductors & Semiconductor Equipment - 4.1%
Anadigics, Inc. ‡ ^		492,654		1,926
Applied Micro Circuits Corp. ‡ ^		231,000		2,421
Atmel Corp. ‡ ^		574,401		8,788
Brooks Automation, Inc. ‡ ^		228,700		2,797
COHU, Inc. ^		124,300		1,791
Entegris, Inc. ‡ ^		288,622		2,491
Fairchild Semiconductor International, Inc. -
Class A ‡ ^		168,775		3,539
MKS Instruments, Inc.		44,400		1,260
RF Micro Devices, Inc. ‡ ^		197,602		1,316
TriQuint Semiconductor, Inc. ‡ ^		157,594		2,170
Verigy, Ltd. ‡ ^		181,400		2,623

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 35

Transamerica Systematic Small/Mid Cap Value
(formerly, Transamerica Small/Mid Cap Value)

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
Software - 2.4%
Progress Software Corp. ‡ ^		239,200	$	7,092
Radiant Systems, Inc. ‡ ^		128,555		2,561
Symantec Corp. ‡		423,181		8,316
Specialty Retail - 2.1%
Ann, Inc. ‡ ^		122,901		3,836
Finish Line, Inc. — Class A ^		241,800		5,196
Foot Locker, Inc.		65,600		1,412
Pier 1 Imports, Inc. ‡ ^		257,425		3,135
Williams-Sonoma, Inc. ^		59,000		2,561
Textiles, Apparel & Luxury Goods - 4.3%
Columbia Sportswear Co.		29,000		1,972
G-III Apparel Group, Ltd. ‡ ^		55,600		2,494
K-Swiss, Inc. — Class A ‡ ^		169,572		2,087
Oxford Industries, Inc. ^		72,500		2,490
Phillips-Van Heusen Corp.		143,675		10,117
Signet Jewelers, Ltd. ‡		155,400		6,799
Steven Madden, Ltd. ‡ ^		62,225		3,307
Timberland Co. — Class A ‡ ^		53,700		2,427
Thrifts & Mortgage Finance - 1.6%
Brookline Bancorp, Inc. ^		176,200		1,625
Northwest Bancshares, Inc. ^		166,506		2,096
Provident Financial Services, Inc. ^		184,194		2,674
Provident New York Bancorp ^		239,700		2,248
Washington Federal, Inc. ^		215,600		3,470
Tobacco - 0.3%
Reynolds American, Inc.		67,100		2,490
Water Utilities - 1.6%
American Water Works Co., Inc.		403,723		11,861
Wireless Telecommunication Services - 0.6%
MetroPCS Communications, Inc. ‡		264,925		4,459
Total Common Stocks (cost $698,130)				739,432
SECURITIES LENDING COLLATERAL - 25.6%
State Street Navigator Securities Lending Trust — Prime Portfolio, 0.24% ▲		195,044,759		195,045
Total Securities Lending Collateral (cost $195,045)

	Principal		Value
REPURCHASE AGREEMENT - 3.3%
State Street Bank & Trust Co. 0.01% ▲, dated 04/29/2011, to be repurchased at $24,903 on 05/02/2011. Collateralized by a U.S. Government Obligation, 0.00%, due 05/19/2011, with a value of $25,405.	$	24,903		24,903
Total Repurchase Agreement (cost $24,903)
Total Investment Securities (cost $918,079) #				959,380
Other Assets and Liabilities — Net				(198,478	)
Net Assets			$	760,902

NOTES TO SCHEDULE OF INVESTMENTS:

^	All or a portion of this security is on loan. The value of all securities on loan is $190,000.
‡	Non-income producing security.
▲	Rate shown reflects the yield at 04/29/2011.
#	Aggregate cost for federal income tax purposes is $918,079. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $47,816 and $6,515, respectively. Net unrealized appreciation for tax purposes is $41,301.

DEFINITION:

ADR American Depositary Receipt

VALUATION SUMMARY: '

			Level 2 -
			Other		Level 3 -
	Level 1 -		Significant		Significant
	Quoted		Observable		Unobservable		Value at
Investment Securities	Prices		Inputs		Inputs		04/30/2011
Common Stocks	$	721,352	$	18,080	$	—	$	739,432
Repurchase Agreement		—		24,903		—		24,903
Securities Lending Collateral		195,045		—		—		195,045
Total	$	916,397	$	42,983	$	–	$	959,380

^' See the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques.

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 36

Transamerica TS&W International Equity

SCHEDULE OF INVESTMENTS
At April 30, 2011
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
PREFERRED STOCK - 0.9%
Russian Federation - 0.9%
Sberbank of Russia, 3.52 ▲		450,000	$	1,260
Total Preferred Stock (cost $1,121)
COMMON STOCKS - 97.5%
Australia - 2.9%
Apa Group		386,000		1,797
Computershare, Ltd.		140,400		1,490
Telstra Corp., Ltd.		240,000		766
Belgium - 1.2%
Anheuser-Busch InBev NV		26,700		1,702
Bermuda - 3.1%
Cosan, Ltd. — Class A		106,000		1,320
First Pacific Co.		2,050,200		1,927
RenaissanceRe Holdings, Ltd.		17,000		1,195
Brazil - 0.9%
Cia de Saneamento Basico do Estado de Sao Paulo ADR ‡		11,800		691
Redecard SA		44,000		636
Canada - 1.1%
Canadian Imperial Bank of Commerce		18,000		1,558
Denmark - 0.7%
Carlsberg AS — Class B		7,900		938
Finland - 1.0%
Sampo OYJ — Class A		41,578		1,399
France - 7.7%
AXA SA		62,283		1,399
Bouygues SA		36,600		1,822
Euler Hermes SA ‡		12,600		1,343
Sanofi-Aventis SA		31,500		2,491
Societe Generale		21,100		1,411
Veolia Environnement SA		23,700		792
Vivendi SA		52,300		1,641
Germany - 9.3%
Adidas AG		26,400		1,965
Allianz SE		11,000		1,732
Bayer AG		24,000		2,110
E.ON AG ADR		32,425		1,109
HeidelbergCement AG		22,900		1,751
Hochtief AG		15,400		1,458
Linde AG		4,200		756
Siemens AG		16,000		2,328
Greece - 0.8%
Opap SA		51,536		1,089
Ireland - 3.3%
Ryanair Holdings PLC ADR		59,400		1,811
Smurfit Kappa Group PLC ‡		147,200		2,021
Willis Group Holdings PLC		21,300		880
Italy - 4.9%
Fiat Industrial SpA ‡		158,349		1,489
Fiat SpA		184,349		1,560
Pirelli & C SpA		142,000		1,478
Prysmian SpA		58,501		1,380
Telecom Italia SpA — RSP		833,400		1,076
Japan - 18.2%
Air Water, Inc.		140,500		1,698
Aisin Seiki Co., Ltd.		48,500		1,711
Daito Trust Construction Co., Ltd.		12,900		1,032
DeNA Co., Ltd.		40,600		1,524
Elpida Memory, Inc. ‡		84,000		1,259
Fukuoka Financial Group, Inc.		425,000		1,766
Hitachi, Ltd.		440,000		2,388
Japan Petroleum Exploration Co.		22,000		1,079
Jupiter Telecommunications Co., Ltd.		1,861		2,000
Kintetsu World Express, Inc.		55,000		1,858
Komatsu, Ltd.		32,300		1,139
Mitsubishi Corp.		96,800		2,627
Nintendo Co., Ltd.		5,000		1,183
Nippon Telegraph & Telephone Corp.		55,400		2,581
USS Co., Ltd.		25,300		1,944
Jersey, Channel Islands - 2.2%
WPP PLC		235,100		3,079
Korea, Republic of - 1.8%
Kangwon Land, Inc.		50,300		1,143
SK Telecom Co., Ltd.		9,500		1,440
Mexico - 0.8%
Grupo Mexico SAB de CV — Series B		325,000		1,125
Netherlands - 4.1%
Binckbank NV		110,546		1,998
European Aeronautic Defence and Space Co., NV ‡		72,600		2,246
Wolters Kluwer NV		66,300		1,545
Singapore - 3.7%
Flextronics International, Ltd. ‡		199,000		1,387
Fraser and Neave, Ltd.		449,000		2,300
Sia Engineering Co., Ltd.		467,000		1,591
Spain - 0.7%
Viscofan SA		23,600		1,041
Sweden - 3.0%
Investor AB — Class B		99,700		2,483
Kinnevik Investment AB — Class B		69,900		1,805
Switzerland - 8.0%
GAM Holding, Ltd. ‡		94,500		1,863
Nestle SA		47,300		2,936
Noble Corp.		35,000		1,505
Novartis AG		55,300		3,283
Zurich Financial Services AG ‡		6,200		1,742
Thailand - 0.8%
Bangkok Bank PCL		208,000		1,185
United Kingdom - 17.0%
Afren PLC ‡		495,100		1,326
Barclays PLC		324,700		1,544
BHP Billiton PLC ADR		16,300		1,372
BP PLC ADR		56,000		2,584
Carnival PLC		12,700		511
Diageo PLC ADR		14,325		1,166
HSBC Holdings PLC		217,624		2,362
Imperial Tobacco Group PLC		45,000		1,587
Johnson Matthey PLC		42,500		1,424
Royal Dutch Shell PLC — Class A		93,400		3,637
Tesco PLC		199,000		1,342
Unilever PLC		62,600		2,034
Vodafone Group PLC		1,120,700		3,240
United States - 0.3%
Philip Morris International, Inc.		6,000		417
Total Common Stocks (cost $120,514)				138,343

	Principal		Value
REPURCHASE AGREEMENT - 0.4%
State Street Bank & Trust Co. 0.01% ▲, dated 04/29/2011, to be repurchased at $591 on 05/02/2011. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 06/01/2025, with a value of $603.	$	591		591
Total Repurchase Agreement (cost $591)
Total Investment Securities (cost $122,226) #				140,194
Other Assets and Liabilities — Net				1,752
Net Assets			$	141,946

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 37

Transamerica TS&W International Equity

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

	Percentage of
INVESTMENTS BY INDUSTRY :	Total Investments			Value
Commercial Banks		8.4	%	$	11,824
Insurance		6.8			9,690
Food Products		6.6			9,258
Oil, Gas & Consumable Fuels		6.1			8,626
Media		5.9			8,265
Pharmaceuticals		5.7			7,884
Wireless Telecommunication Services		3.5			4,680
Industrial Conglomerates		3.3			4,628
Diversified Telecommunication Services		3.1			4,423
Diversified Financial Services		3.1			4,288
Chemicals		2.7			3,878
Beverages		2.7			3,806
Electronic Equipment & Instruments		2.7			3,775
Construction & Engineering		2.3			3,280
Auto Components		2.3			3,189
Capital Markets		2.2			3,123
Hotels, Restaurants & Leisure		2.0			2,743
Machinery		2.0			2,628
Trading Companies & Distributors		1.9			2,627
Metals & Mining		1.8			2,497
Aerospace & Defense		1.6			2,246
IT Services		1.6			2,126
Containers & Packaging		1.5			2,021
Tobacco		1.4			2,004
Textiles, Apparel & Luxury Goods		1.4			1,965
Specialty Retail		1.4			1,944
Air Freight & Logistics		1.3			1,858
Airlines		1.3			1,811
Gas Utilities		1.3			1,797
Construction Materials		1.2			1,751
Transportation Infrastructure		1.1			1,591
Automobiles		1.1			1,560
Internet & Catalog Retail		1.1			1,524
Energy Equipment & Services		1.0			1,505
Electrical Equipment		1.0			1,380
Food & Staples Retailing		1.0			1,342
Semiconductors & Semiconductor Equipment		0.9			1,259
Software		0.8			1,183
Electric Utilities		0.8			1,109
Real Estate Management & Development		0.7			1,032
Multi-Utilities		0.6			792
Water Utilities		0.4			691
Investment Securities, at Value		99.6			139,603
Short-Term Investments		0.4			591
Total Investments		100.0	%	$	140,194

NOTES TO SCHEDULE OF INVESTMENTS:

▲	Rate shown reflects the yield at 04/29/2011.
‡	Non-income producing security.
#	Aggregate cost for federal income tax purposes is $122,226. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $19,456 and $1,488, respectively. Net unrealized appreciation for tax purposes is $17,968.

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 38

Transamerica TS&W International Equity

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

DEFINITION:

ADR	American Depositary Receipt
RSP	Refers to Risparmio shares, which are savings shares on the Italian Stock Exchange

VALUATION SUMMARY: '

			Level 2 -
			Other		Level 3 -
	Level 1 -		Significant		Significant
	Quoted		Observable		Unobservable		Value at
Investment Securities	Prices		Inputs		Inputs		04/30/2011
Common Stocks	$	8,869	$	129,474	$	—	$	138,343
Preferred Stocks		—		1,260		—		1,260
Repurchase Agreement		—		591		—		591
Total	$	8,869	$	131,325	$	–	$	140,194

^' See the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques.

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 39

Transamerica WMC Diversified Equity
(formerly, Transamerica Diversified Equity)

SCHEDULE OF INVESTMENTS
At April 30, 2011
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
COMMON STOCKS - 94.7%
Aerospace & Defense - 2.0%
Boeing Co.		85,477	$	6,819
Honeywell International, Inc.		194,846		11,931
Air Freight & Logistics - 0.4%
CH Robinson Worldwide, Inc.^		51,467		4,127
Automobiles - 0.7%
Ford Motor Co. ‡ ^		419,900		6,496
Biotechnology - 1.1%
Amgen, Inc. ‡		188,800		10,733
Communications Equipment - 4.5%
Alcatel-Lucent ADR ‡ ^		492,193		3,219
Cisco Systems, Inc.		1,625,251		28,539
Emulex Corp. ‡		456,300		4,422
Juniper Networks, Inc.‡		96,060		3,682
Riverbed Technology, Inc.‡ ^		98,063		3,446
Computers & Peripherals - 9.0%
Apple, Inc. ‡		97,773		34,046
Dell, Inc. ‡		408,845		6,341
EMC Corp. ‡		928,960		26,327
NetApp, Inc. ‡ ^		142,800		7,423
QLogic Corp. ‡		667,800		12,007
Consumer Finance - 0.7%
American Express Co.		137,800		6,763
Diversified Consumer Services - 0.9%
Apollo Group, Inc. — Class A‡		203,921		8,163
Electrical Equipment - 0.9%
Emerson Electric Co.		145,775		8,857
Energy Equipment & Services - 3.5%
Baker Hughes, Inc.		114,200		8,840
Cameron International Corp. ‡		176,500		9,305
Diamond Offshore Drilling, Inc. ^		121,343		9,206
Oceaneering International, Inc. ‡		69,100		6,041
Health Care Equipment & Supplies - 2.3%
Hologic, Inc. ‡		441,400		9,720
Intuitive Surgical, Inc.‡		16,500		5,770
Stryker Corp.		101,493		5,988
Health Care Providers & Services - 6.1%
Aetna, Inc.		190,379		7,878
AmerisourceBergen Corp. — Class A		222,003		9,022
Cardinal Health, Inc.		257,900		11,268
Express Scripts, Inc. ‡		125,100		7,098
Laboratory Corp. of America Holdings ‡ ^		76,244		7,355
UnitedHealth Group, Inc.		335,660		16,525
Hotels, Restaurants & Leisure - 1.4%
Ctrip.com International, Ltd.ADR ‡		70,000		3,410
Las Vegas Sands Corp. ‡		59,800		2,811
Starbucks Corp.		186,500		6,750
Industrial Conglomerates - 1.8%
General Electric Co.		841,595		17,211
Insurance - 0.7%
Lincoln National Corp.		225,731		7,050
Internet & Catalog Retail - 1.2%
Amazon.com, Inc. ‡		19,152		3,763
NetFlix, Inc. ‡ ^		16,600		3,862
priceline.com, Inc. ‡ ^		7,562		4,137
Internet Software & Services - 2.7%
Baidu, Inc. ADR ‡		28,900		4,292
eBay, Inc. ‡		248,598		8,552
Google, Inc. — Class A ‡		8,303		4,518
IAC/InterActiveCorp ‡		227,552		8,217
IT Services - 5.1%
Cognizant Technology Solutions Corp. - Class A ‡		64,400		5,339
International Business Machines Corp.		254,750		43,455
Life Sciences Tools & Services - 2.1%
Bruker Corp. ‡		247,392		4,884
Waters Corp. ‡		150,800		14,778
Machinery - 7.3%
Caterpillar, Inc.		207,401		23,936
Cummins, Inc.		34,800		4,182
Dover Corp.		128,115		8,717
Illinois Tool Works, Inc.		161,000		9,404
Joy Global, Inc.		85,100		8,591
Parker Hannifin Corp.		156,766		14,786
Media - 2.9%
DIRECTV — Class A ‡		108,529		5,273
News Corp. — Class A		361,744		6,446
Omnicom Group, Inc.		243,218		11,964
Sirius XM Radio, Inc. ‡		2,234,510		4,447
Metals & Mining - 4.1%
Cliffs Natural Resources, Inc. ^		88,900		8,332
Nucor Corp.		201,529		9,464
Rio Tinto PLC ADR		83,864		6,140
Teck Resources, Ltd. — Class B		147,806		8,018
Walter Energy, Inc.		45,000		6,220
Oil, Gas & Consumable Fuels - 7.9%
Anadarko Petroleum Corp.		140,600		11,099
BP PLC ADR		185,526		8,560
Canadian Natural Resources, Ltd.		213,635		10,032
Exxon Mobil Corp.		197,832		17,410
Occidental Petroleum Corp.		114,900		13,132
Petrohawk Energy Corp. ‡		78,811		2,129
Valero Energy Corp.		458,916		12,987
Semiconductors & Semiconductor Equipment - 6.1%
Altera Corp.		596,704		29,060
Analog Devices, Inc.		229,800		9,263
Intersil Corp. — Class A		501,961		7,414
Memc Electronic Materials, Inc. ‡		282,400		3,341
Xilinx, Inc. ^		257,518		8,977
Software - 10.5%
Adobe Systems, Inc. ‡		190,200		6,381
Autodesk, Inc. ‡		186,513		8,389
BMC Software, Inc. ‡		109,000		5,475
Check Point Software Technologies, Ltd. ‡		139,522		7,664
Citrix Systems, Inc. ‡		109,728		9,254
Longtop Financial Technologies, Ltd. ADR ‡ ^		26,100		589
Microsoft Corp.		983,707		25,596
Oracle Corp.		925,340		33,359
Red Hat, Inc. ‡		66,700		3,166
Specialty Retail - 5.7%
Abercrombie & Fitch Co. — Class A		65,700		4,652

The notes to the financial statements are an integral part of this report.
Transamerica Funds Semi-Annual Report 2011

Page 40

Transamerica WMC Diversified Equity
(formerly, Transamerica Diversified Equity)

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
Specialty Retail (continued)
Advance Auto Parts, Inc.		89,621	$	5,867
Aeropostale, Inc. ‡		99,583		2,542
Buckle, Inc. ^		132,800		6,041
Home Depot, Inc.		234,726		8,717
Ross Stores, Inc.		112,400		8,282
Sherwin-Williams Co.		86,000		7,077
TJX Cos., Inc.		137,038		7,348
Urban Outfitters, Inc.‡ ^		111,300		3,501
Textiles, Apparel & Luxury Goods - 2.2%
Coach, Inc.		148,688		8,893
Fossil, Inc. ‡		16,400		1,571
Lululemon Athletica, Inc.‡ ^		57,500		5,752
Polo Ralph Lauren Corp. — Class A		38,151		4,989
Wireless Telecommunication Services - 0.9%
Vodafone Group PLC ADR		288,037		8,388
Total Common Stocks (cost $812,259)				903,203
SECURITIES LENDING COLLATERAL - 6.2%
State Street Navigator Securities Lending		59,012,000		59,012
Trust — Prime Portfolio, 0.24% ▲
Total Securities Lending Collateral (cost $59,012)

	Principal		Value
REPURCHASE AGREEMENT - 5.4%
State Street Bank & Trust Co. 0.01%▲, dated 04/29/2011, to be repurchased at $51,120 on 05/02/2011. Collateralized by a U.S. Government Agency Obligation, 3.50%, due 12/01/2025, with a value of $52,147.	$	51,120		51,120
Total Repurchase Agreement (cost $51,120)
Total Investment Securities (cost $922,391) #				1,013,335
Other Assets and Liabilities — Net				(59,660	)
Net Assets			$	953,675

NOTES TO SCHEDULE OF INVESTMENTS:

^	All or a portion of this security is on loan. The value of all securities on loan is $57,634.
‡	Non-income producing security.
▲	Rate shown reflects the yield at 04/29/2011.
#	Aggregate cost for federal income tax purposes is $922,391. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $95,623 and $4,679, respectively. Net unrealized appreciation for tax purposes is $90,944.

DEFINITION:

ADR American Depositary Receipt

VALUATION SUMMARY: '

			Level 2 -
			Other		Level 3 -
	Level 1 -		Significant		Significant
	Quoted		Observable		Unobservable		Value at
Investment Securities	Prices		Inputs		Inputs		04/30/2011
Common Stocks	$	869,233	$	33,970	$	—	$	903,203
Repurchase Agreement		—		51,120		—		51,120
Securities Lending Collateral		59,012		—		—		59,012
Total	$	928,245	$	85,090	$	—	$	1,013,335

Level 3 Rollforward — Investment Securities

																				Net Change in
																				Unrealized
																				Appreciation/
																				(Depreciation)
												Net Change in								on
	Beginning							Accrued		Total		Unrealized				Transfers		Ending		Investments
	Balance at							Discounts/		Realized		Appreciation		Transfers		out of Level		Balance at		Held at
Securities	10/31/2010		Purchases		Sales			(Premiums)		Gain/(Loss)		/(Depreciation)		into Level 3		3		04/30/2011		04/30/2011
Common Stocks	$	1	$	—	$	(8	)	$	—	$	—	$	7	$	—	$	—	$	—	$	—

^ See the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques.

The notes to the financial statements are an integral part of this report.
Transamerica Funds Semi-Annual Report 2011

Page 41

Transamerica WMC Diversified Growth

SCHEDULE OF INVESTMENTS
At April 30, 2011
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
COMMON STOCKS - 96.0%
Aerospace & Defense - 2.2%
Boeing Co.		132,856	$	10,599
Honeywell International, Inc. ^		326,156		19,971
Air Freight & Logistics - 0.4%
CH Robinson Worldwide, Inc. ^		75,229		6,032
Automobiles - 0.9%
Ford Motor Co. ‡ ^		848,096		13,120
Beverages - 0.1%
Anheuser-Busch InBev NV            ADR		22,555		1,443
Biotechnology - 1.1%
Amgen, Inc. ‡ ^		276,862		15,740
Communications Equipment - 5.2%
Alcatel-Lucent ADR ‡ ^		617,995		4,042
Cisco Systems, Inc. ^		3,252,939		57,121
Emulex Corp. ‡ ^		725,097		7,026
Juniper Networks, Inc. ‡ ^		67,589		2,591
Riverbed Technology, Inc. ‡ ^		82,165		2,887
Computers & Peripherals - 10.0%
Apple, Inc. ‡		147,325		51,303
Dell, Inc. ‡		892,687		13,846
EMC Corp. ‡ ^		1,794,680		50,861
NetApp, Inc. ‡ ^		185,671		9,651
QLogic Corp. ‡		796,111		14,314
Consumer Finance - 0.8%
American Express Co.		237,486		11,655
Diversified Consumer Services - 1.5%
Apollo Group, Inc. — Class A ‡		182,498		7,305
ITT Educational Services, Inc. ‡ ^		187,788		13,470
Electrical Equipment - 1.0%
Emerson Electric Co.		232,513		14,127
Energy Equipment & Services - 3.2%
Baker Hughes, Inc.		142,917		11,063
Cameron International Corp. ‡ ^		240,648		12,687
Diamond Offshore Drilling, Inc. ^		186,614		14,158
Oceaneering International, Inc. ‡ ^		79,795		6,976
Health Care Equipment & Supplies - 1.8%
Hologic, Inc. ‡		515,243		11,346
Intuitive Surgical, Inc. ‡ ^		22,363		7,820
Stryker Corp. ^		94,015		5,547
Health Care Providers & Services - 5.3%
AmerisourceBergen Corp. — Class A		270,093		10,977
Cardinal Health, Inc.		328,732		14,362
Express Scripts, Inc. ‡		196,672		11,159
Laboratory Corp. of America Holdings ‡ ^		120,169		11,593
UnitedHealth Group, Inc.		537,643		26,467
Hotels, Restaurants & Leisure - 1.0%
Ctrip.com International, Ltd. ADR ‡ ^		63,811		3,109
Las Vegas Sands Corp. ‡ ^		31,531		1,482
Starbucks Corp. ^		278,107		10,065
Industrial Conglomerates - 1.9%
General Electric Co.		1,299,639		26,578
Insurance - 0.6%
Lincoln National Corp. ^		266,171		8,313
Internet & Catalog Retail - 1.0%
Amazon.com, Inc. ‡ ^		26,224		5,153
priceline.com, Inc. ‡ ^		16,522		9,038
Internet Software & Services - 1.5%
eBay, Inc. ‡ ^		243,892		8,390
Google, Inc. — Class A ‡		181		98
IAC/InterActiveCorp ‡ ^		354,308		12,794
IT Services - 5.5%
Cognizant Technology Solutions Corp. - Class A ‡ ^		106,102		8,796
International Business Machines Corp.		404,442		68,990
Life Sciences Tools & Services - 1.8%
Bruker Corp. ‡ ^		195,006		3,849
Waters Corp. ‡ ^		222,350		21,791
Machinery - 7.7%
Caterpillar, Inc. ^		326,034		37,627
Cummins, Inc. ^		61,226		7,358
Dover Corp.		210,904		14,350
Illinois Tool Works, Inc. ^		235,502		13,756
Joy Global, Inc. ^		133,235		13,450
Parker Hannifin Corp.		230,809		21,770
Media - 2.9%
DIRECTV — Class A ‡		173,026		8,407
News Corp. — Class A ^		601,011		10,710
Omnicom Group, Inc. ^		433,161		21,308
Metals & Mining - 4.0%
Cliffs Natural Resources, Inc. ^		131,153		12,292
Nucor Corp. ^		262,617		12,332
Rio Tinto PLC ADR		152,260		11,147
Teck Resources, Ltd. — Class B		223,741		12,138
Walter Energy, Inc.		62,223		8,600
Oil, Gas & Consumable Fuels - 8.2%
Anadarko Petroleum Corp.		200,996		15,867
BP PLC ADR		208,471		9,619
Canadian Natural Resources, Ltd. ^		303,246		14,240
Exxon Mobil Corp.		325,278		28,625
Occidental Petroleum Corp.		181,289		20,720
Petrohawk Energy Corp. ‡ ^		167,952		4,536
Valero Energy Corp. ^		768,501		21,749
Semiconductors & Semiconductor Equipment - 7.4%
Altera Corp. ^		1,046,911		50,985
Analog Devices, Inc. ^		374,417		15,093
Intersil Corp. — Class A ^		1,111,509		16,417
Memc Electronic Materials, Inc. ‡ ^		426,223		5,042
Xilinx, Inc. ^		457,444		15,946
Software - 11.4%
Adobe Systems, Inc. ‡ ^		308,855		10,362
Autodesk, Inc. ‡		284,517		12,798
BMC Software, Inc. ‡		208,307		10,463
Check Point Software Technologies, Ltd. ‡ ^		214,721		11,795
Citrix Systems, Inc. ‡		160,190		13,510
Longtop Financial Technologies, Ltd. ADR ‡ ^		86,113		1,943
Microsoft Corp.		1,534,380		39,925
Oracle Corp.		1,488,878		53,674
Red Hat, Inc. ‡ ^		81,049		3,847
Specialty Retail - 4.5%
Advance Auto Parts, Inc. ^		126,730		8,296
Buckle, Inc. ^		90,925		4,136
Home Depot, Inc. ^		404,006		15,004
Ross Stores, Inc.		173,206		12,764
Sherwin-Williams Co.^		126,330		10,396
TJX Cos., Inc. ^		227,791		12,214

The notes to the financial statements are an integral part of this report.
Transamerica Funds Semi-Annual Report 2011

Page 42

Transamerica WMC Diversified Growth

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
Textiles, Apparel & Luxury Goods - 2.2%
Coach, Inc.		203,944	$	12,197
Deckers Outdoor Corp. ‡ ^		22,412		1,902
Fossil, Inc. ‡		12,577		1,205
Lululemon Athletica, Inc. ‡ ^		77,871		7,789
Polo Ralph Lauren Corp. — Class A		60,477		7,909
Wireless Telecommunication Services - 0.9%
Vodafone Group PLC ADR		414,845		12,080
Total Common Stocks (cost $1,081,872)				1,347,998
SECURITIES LENDING COLLATERAL - 21.0%
State Street Navigator Securities Lending Trust — Prime Portfolio, 0.24%▲		294,690,570		294,691
Total Securities Lending Collateral (cost $294,691)
	Principal		Value
REPURCHASE AGREEMENT - 4.1%
State Street Bank & Trust Co. 0.01%▲ , dated 04/29/2011, to be repurchased at $58,265 on 05/02/2011. Collateralized by a U.S. Government Agency Obligation, 3.50%, due 12/01/2025, with a value of $59,435.	$	58,265	$	58,265
Total Repurchase Agreement (cost $58,265)
Total Investment Securities (cost $1,434,828) #				1,700,954
Other Assets and Liabilities — Net				(296,055	)
Net Assets			$	1,404,899

NOTES TO SCHEDULE OF INVESTMENTS:

^	All or a portion of this security is on loan. The value of all securities on loan is $287,853.
‡	Non-income producing security.
▲	Rate shown reflects the yield at 04/29/2011.
#	Aggregate cost for federal income tax purposes is $1,434,828. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $288,075 and $21,949, respectively. Net unrealized appreciation for tax purposes is $266,126.

DEFINITION:

ADR American Depositary Receipt

VALUATION SUMMARY:'

			Level 2 -
			Other		Level 3 -
	Level 1 -		Significant		Significant
	Quoted		Observable		Unobservable		Value at
Investment Securities	Prices		Inputs		Inputs		04/30/2011
Common Stocks	$	1,297,873	$	50,125	$	—	$	1,347,998
Repurchase Agreement		—		58,265		—		58,265
Securities Lending Collateral		294,691		—		—		294,691
Total	$	1,592,564	$	108,390	$	—	$	1,700,954

' See the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques.

The notes to the financial statements are an integral part of this report.
Transamerica Funds Semi-Annual Report 2011

Page 43

Transamerica WMC Quality Value

SCHEDULE OF INVESTMENTS
At April 30, 2011
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
COMMON STOCKS - 97.7%
Aerospace & Defense - 2.6%
General Dynamics Corp.		174,600	$	12,715
Honeywell International, Inc.		202,200		12,381
Northrop Grumman Corp.		181,700		11,558
Air Freight & Logistics - 1.4%
United Parcel Service, Inc. - Class B		266,700		19,994
Auto Components - 0.6%
Johnson Controls, Inc.		193,100		7,917
Beverages - 1.6%
PepsiCo, Inc.		319,100		21,983
Building Products - 0.5%
Masco Corp.		536,600		7,201
Capital Markets - 3.5%
Ameriprise Financial, Inc.		274,100		17,011
Goldman Sachs Group, Inc.		118,300		17,864
UBS AG ‡		725,200		14,504
Chemicals - 1.5%
Dow Chemical Co.		339,900		13,933
Praxair, Inc.		72,000		7,662
Commercial Banks - 7.2%
BB&T Corp.		558,400		15,032
M&T Bank Corp.		116,000		10,251
PNC Financial Services Group, Inc.		315,600		19,675
U.S. Bancorp		651,300		16,817
Wells Fargo & Co.		1,355,900		39,469
Commercial Services & Supplies - 1.3%
Avery Dennison Corp.		160,000		6,678
Waste Management, Inc.		283,600		11,191
Communications Equipment - 1.6%
Cisco Systems, Inc.		569,400		9,999
QUALCOMM, Inc.		217,600		12,368
Containers & Packaging - 1.4%
Owens-Illinois, Inc. ‡		477,900		14,179
Temple-Inland, Inc.		262,900		6,186
Diversified Financial Services - 5.0%
Bank of America Corp.		2,234,400		27,438
JPMorgan Chase & Co.		937,000		42,756
Diversified Telecommunication Services - 3.2%
AT&T, Inc.		1,431,500		44,548
Electric Utilities - 1.3%
Exelon Corp.		451,100		19,014
Electrical Equipment - 1.1%
Cooper Industries PLC - Class A		242,600		15,999
Energy Equipment & Services - 1.4%
Baker Hughes, Inc.		261,400		20,235
Food & Staples Retailing - 1.1%
CVS Caremark Corp.		439,200		15,917
Food Products - 1.2%
Unilever NV		509,100		16,800
Health Care Equipment & Supplies - 1.6%
Covidien PLC		132,400		7,373
Medtronic, Inc.		369,600		15,431
Health Care Providers & Services - 1.5%
Brookdale Senior Living, Inc. - Class A ‡		182,600		4,974
Cardinal Health, Inc.		378,000		16,515
Household Products - 2.4%
Colgate-Palmolive Co.		183,000		15,436
Procter & Gamble Co.		294,100		19,086
Industrial Conglomerates - 3.1%
General Electric Co.		1,402,600		28,684
Siemens AG ADR		103,400		15,090
Insurance - 5.7%
ACE, Ltd.		307,800		20,700
Chubb Corp.		280,300		18,273
Hartford Financial Services Group, Inc.		321,600		9,317
MetLife, Inc.		524,600		24,545
RenaissanceRe Holdings, Ltd.		109,300		7,682
Internet Software & Services - 0.6%
eBay, Inc. ‡		251,400		8,648
IT Services - 4.1%
Accenture PLC - Class A		241,300		13,785
Automatic Data Processing, Inc.		199,400		10,837
International Business Machines Corp.		196,600		33,537
Leisure Equipment & Products - 0.9%
Mattel, Inc.		491,500		13,133
Machinery - 2.4%
Caterpillar, Inc.		56,900		6,567
Deere & Co.		149,400		14,566
Pentair, Inc.		311,600		12,514
Media - 3.5%
Comcast Corp. - Class A		1,012,800		26,577
News Corp. - Class A		830,700		14,803
Omnicom Group, Inc.		140,600		6,916
Metals & Mining - 1.8%
Barrick Gold Corp.		151,700		7,738
Compass Minerals International, Inc.		83,800		8,180
Rio Tinto PLC ADR		121,200		8,873
Multiline Retail - 0.9%
Target Corp.		268,700		13,193
Multi-Utilities - 3.5%
Dominion Resources, Inc.		368,700		17,115
PG&E Corp.		253,800		11,695
Xcel Energy, Inc.		794,624		19,333
Oil, Gas & Consumable Fuels - 13.6%
Anadarko Petroleum Corp.		222,000		17,525
Chevron Corp.		578,700		63,333
Exxon Mobil Corp.		474,600		41,765
Marathon Oil Corp.		131,900		7,128
Occidental Petroleum Corp.		265,200		30,310
Petroleo Brasileiro SA ADR		413,300		15,428
Ultra Petroleum Corp. ‡		332,100		16,867
Pharmaceuticals - 9.2%
Eli Lilly & Co.		369,900		13,690
Johnson & Johnson		319,100		20,971
Merck & Co., Inc.		1,075,400		38,661
Pfizer, Inc.		2,165,100		45,380
Teva Pharmaceutical Industries, Ltd. ADR		248,800		11,378
Real Estate Investment Trusts - 0.8%
Duke Realty Corp.		769,100		11,729
Semiconductors & Semiconductor Equipment - 0.6%
Xilinx, Inc.		247,900		8,642

The notes to the financial statements are an integral part of this report.
Transamerica Funds Semi-Annual Report 2011

Page 44

Transamerica WMC Quality Value

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
| |
Software - 0.8%
Microsoft Corp.		423,500	$	11,019
Specialty Retail - 2.1%
Lowe’s Cos., Inc.		598,700		15,715
Staples, Inc.		689,100		14,568
Tobacco - 1.1%
Philip Morris International, Inc.		225,800		15,680
Total Common Stocks (cost $1,240,824)				1,380,180

	Principal		Value
REPURCHASE AGREEMENT - 2.2%
State Street Bank & Trust Co. 0.01%▲ , dated 04/29/2011, to be repurchased at $31,607 on 05/02/2011. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 12/25/2024, with a value of $32,241.	$	31,607		31,607
Total Repurchase Agreement (cost $31,607)
Total Investment Securities (cost $1,272,431) #				1,411,787
Other Assets and Liabilities — Net				1,160
Net Assets			$	1,412,947

NOTES TO SCHEDULE OF INVESTMENTS:

‡	Non-income producing security.
▲	Rate shown reflects the yield at 04/29/2011.
#	Aggregate cost for federal income tax purposes is $1,272,431. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $147,046 and $7,690, respectively. Net unrealized appreciation for tax purposes is $139,356.

DEFINITION:

ADR American Depositary Receipt

VALUATION SUMMARY: '

			Level 2 -
			Other		Level 3 -
	Level 1 -		Significant		Significant
	Quoted		Observable		Unobservable		Value at
Investment Securities	Prices		Inputs		Inputs		04/30/2011
Common Stocks	$	1,255,677	$	124,503	$	—	$	1,380,180
Repurchase Agreement		—		31,607		—		31,607
Total	$	1,255,677	$	156,110	$	—	$	1,411,787

^' See the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques.

The notes to the financial statements are an integral part of this report.
Transamerica Funds Semi-Annual Report 2011

Page 45

STATEMENTS OF ASSETS AND LIABILITIES
At April 30, 2011
(all amounts except per share amounts in thousands)
(unaudited)

	Transamerica			Transamerica			Transamerica			Transamerica			Transamerica
	AEGON Flexible			AEGON High			AEGON Money			AEGON Short-			Morgan Stanley
	Income(A)			Yield Bond			Market(B)			Term Bond(C)			Capital Growth(D)
Assets:
Investment securities, at value	$	270,409		$	846,379		$	171,405		$	2,927,842		$	222,020
Repurchase agreement, at value		4,427			47,097			26,123			28,758			127
Cash on deposit with broker		—			—			—			2,990			—
Receivables:
Investment securities sold		—			—			—			15,411			—
Shares of beneficial interest sold		737			2,560			332			13,372			293
Interest		3,952			14,681			1			33,744			—	(E)
Securities lending income (net)		7			29			—			37			7
Dividends		110			112			—			—			97
Dividend reclaims		—			—			—			—			21
Money market waiver		5			—			64			65			—
Due from advisor		—			—			40			—			—
Other		—			1			—			6			—
Prepaid expenses		1			3			1			13			—	(E)
	$	279,648		$	910,862		$	197,966		$	3,022,238		$	222,565
Liabilities:
Accounts payable and accrued liabilities:
Investment securities purchased		1,634			2,572			—			30,819			—
Shares of beneficial interest redeemed		421			526			699			7,873			169
Management and advisory fees		94			367			—	(E)		1,069			120
Distribution and service fees		57			114			99			891			55
Trustees fees		1			1			—	(E)		5			—	(E)
Transfer agent fees		12			30			65			67			45
Administration fees		4			12			3			46			3
Distribution payable		—			—			1			3,937			—
Variation margin		—			—			—			2,052			—
Other		25			74			27			83			16
Collateral for securities on loan		25,575			126,754			—			78,184			45,225
		27,823			130,450			894			125,026			45,633
Net assets	$	251,825		$	780,412		$	197,072		$	2,897,212		$	176,932
Net assets consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	316,571		$	767,859		$	197,072		$	2,817,744		$	122,491
Undistributed (accumulated) net investment income (loss)		722			2,307			—			(3,488	)		(755	)
Undistributed (accumulated) net realized gain (loss) from investments		(80,952	)		(33,780	)		—			16,656			25,390
Net unrealized appreciation (depreciation) on:
Investment securities		15,473			44,026			—			68,322			29,806
Futures contracts		—			—			—			(2,052	)		—
Translation of assets and liabilities denominated in foreign currencies		11			—			—			30			—
Net assets	$	251,825		$	780,412		$	197,072		$	2,897,212		$	176,932
Net assets by class:
Class A	$	60,205		$	215,317		$	106,778		$	821,537		$	66,760
Class B		8,728			12,076			14,881						10,184
Class C		42,606			48,996			29,384			839,250			17,276
Class I		22,135			28,264			55			232,525			2,870
Class I2		118,151			436,406			18,090			1,003,900
Class P					39,353			27,884						79,842
Shares outstanding:
Class A		6,582			22,889			106,778			78,215			3,959
Class B		954			1,284			14,881						655
Class C		4,679			5,225			29,380			80,051			1,112
Class I		2,415			2,989			55			22,518			168
Class I2		12,880			46,049			18,090			97,290
Class P					4,181			27,883						4,726
Net asset value per share:
Class A	$	9.15		$	9.41		$	1.00		$	10.50		$	16.86
Class B		9.15			9.41			1.00						15.55
Class C		9.11			9.38			1.00			10.48			15.54
Class I		9.17			9.46			1.00			10.33			17.03
Class I2		9.17			9.48			1.00			10.32
Class P					9.41			1.00						16.89
Maximum offering price per share (F)
Class A	$	9.61		$	9.88		$	1.00		$	10.77		$	17.84
Investment securities, at cost	$	254,936		$	802,353		$	171,405		$	2,859,520		$	192,214
Repurchase agreement, at cost	$	4,427		$	47,097		$	26,123		$	28,758		$	127
Securities loaned, at value	$	24,951		$	124,171		$	—		$	76,597		$	44,228

The notes to the financial statements are an integral part of this report.
Transamerica Funds Semi-Annual Report 2011

Page 46

STATEMENTS OF ASSETS AND LIABILITIES (continued)
At April 30, 2011
(all amounts except per share amounts in thousands)
(unaudited)

	Transamerica						Transamerica			Transamerica
	Morgan Stanley			Transamerica			Systematic			TS&W			Transamerica
	Growth			Multi-Managed			Small/Mid Cap			International			WMC Diversified
	Opportunities(G)			Balanced(H)			Value(I)			Equity			Equity(J)
Assets:
Investment securities, at value	$	506,847		$	398,521		$	934,477		$	139,603		$	962,215
Repurchase agreement, at value		13,972			9,755			24,903			591			51,120
Foreign currency, at value		5			—			—			129			—
Receivables:
Investment securities sold		208			27,404			5,260			1,305			—
Shares of beneficial interest sold		474			857			4,935			25			118
Interest		—	(E)		1,371			—	(E)		—	(E)		—	(E)
Securities lending income (net)		56			—			16			—			4
Dividends		45			280			345			674			340
Dividend reclaims		—			2			—			82			124
Other		1			1			2			—			2
Prepaid expenses		1			1			2			—			3
	$	521,609		$	438,192		$	969,940		$	142,409		$	1,013,926
Liabilities:
Accounts payable and accrued liabilities:
Investment securities purchased		—			26,798			11,955			316			—
Shares of beneficial interest redeemed		97			531			1,151			—			434
Management and advisory fees		294			184			457			76			433
Distribution and service fees		80			121			314			—	(E)		114
Trustees fees		—	(E)		—	(E)		—	(E)		2			1
Transfer agent fees		84			65			73			9			164
Administration fees		7			7			12			2			15
Variation margin		—			20			—			—			—
Capital gains tax		—			—			—			39			—
Other		24			46			31			19			78
Collateral for securities on loan		103,813			—			195,045			—			59,012
		104,399			27,772			209,038			463			60,251
Net assets	$	417,210		$	410,420		$	760,902		$	141,946		$	953,675
Net assets consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	300,887		$	328,005		$	652,407		$	124,470		$	789,549
Undistributed (accumulated) net investment income (loss)		(1,457	)		487			(2,672	)		1,669			(2,203	)
Undistributed (accumulated) net realized gain (loss) from investments		63,533			59,298			69,866			(2,134	)		75,365
Net unrealized appreciation (depreciation) on:
Investment securities		54,247			22,657			41,301			17,968			90,944
Futures contracts		—			(28	)		—			—			—
Translation of assets and liabilities denominated in foreign currencies		—			1			—			(27	)		20
Net assets	$	417,210		$	410,420		$	760,902		$	141,946		$	953,675
Net assets by class:
Class A	$	117,976		$	137,338		$	401,174		$	135		$	89,642
Class B		13,463			13,519			45,144						7,370
Class C		16,371			38,387			221,024			111			15,936
Class I		4,180			7,868			77,780			87,460			436
Class I2		136,610						15,780			54,240			469,254
Class P		128,610			213,308									371,037
Shares outstanding:
Class A		9,299			5,683			16,562			9			5,565
Class B		1,156			562			1,957						458
Class C		1,400			1,605			9,682			7			991
Class I		318			325			3,161			5,529			27
Class I2		10,340						641			3,429			29,046
Class P		10,095			8,823									23,001
Net asset value per share:
Class A	$	12.69		$	24.17		$	24.22		$	15.81		$	16.11
Class B		11.65			24.04			23.07						16.10
Class C		11.69			23.92			22.83			15.79			16.07
Class I		13.14			24.24			24.61			15.82			16.20
Class I2		13.21						24.60			15.82			16.16
Class P		12.74			24.18									16.13
Maximum offering price per share (F)
Class A	$	13.43		$	25.58		$	25.63		$	16.73		$	17.05
Investment securities, at cost	$	452,600		$	375,864		$	893,176		$	121,635		$	871,271
Repurchase agreement, at cost	$	13,972		$	9,755		$	24,903		$	591		$	51,120
Foreign currency, at cost	$	5		$	—		$	—		$	128		$	—
Securities loaned, at value	$	101,461		$	—		$	190,000		$	—		$	57,634

The notes to the financial statements are an integral part of this report.
Transamerica Funds
Semi-Annual Report 2011

Page 47

STATEMENTS OF ASSETS AND LIABILITIES (continued)
At April 30, 2011
(all amounts except per share amounts in thousands)
(unaudited)

	Transamerica			Transamerica
	WMC Diversified			WMC Quality
	Growth			Value
Assets:
Investment securities, at value	$	1,642,689		$	1,380,180
Repurchase agreement, at value		58,265			31,607
Receivables:
Investment securities sold		6,395			4,712
Shares of beneficial interest sold		689			53
Securities lending income (net)		60			—
Dividends		581			1,819
Dividend reclaims		482			51
Other		3			4
Prepaid expenses		5			—
	$	1,709,169		$	1,418,426
Liabilities:
Accounts payable and accrued liabilities:
Investment securities purchased		7,158			4,212
Shares of beneficial interest redeemed		911			390
Management and advisory fees		871			762
Distribution and service fees		218			1
Trustees fees		1			2
Transfer agent fees		259			15
Administration fees		22			22
Other		139			75
Collateral for securities on loan		294,691			—
		304,270			5,479
Net assets	$	1,404,899		$	1,412,947
Net assets consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	1,564,801		$	1,261,932
Undistributed (accumulated) net investment income (loss)		(864	)		2,155
Undistributed (accumulated) net realized gain (loss) from investments		(425,315	)		9,504
Net unrealized appreciation (depreciation) on:
Investment securities		266,126			139,356
Translation of assets and liabilities denominated in foreign currencies		151			—
Net assets	$	1,404,899		$	1,412,947
Net assets by class:
Class A	$	425,493		$	972
Class B		29,184
Class C		39,495			1,779
Class I		5,388			567
Class I2		553,821			1,409,629
Class P		249,374
Class T		102,144
Shares outstanding:
Class A		41,081			84
Class B		3,059
Class C		4,122			154
Class I		505			49
Class I2		52,096			121,460
Class P		24,079
Class T		3,485
Net asset value per share:
Class A	$	10.36		$	11.59
Class B		9.54
Class C		9.58			11.57
Class I		10.67			11.60
Class I2		10.63			11.61
Class P		10.36
Class T		29.31
Maximum offering price per share (F)
Class A	$	10.96		$	12.26
Investment securities, at cost	$	1,376,563		$	1,240,824
Repurchase agreement, at cost	$	58,265		$	31,607
Securities loaned, at value	$	287,853		$	—

The notes to the financial statements are an integral part of this report.
Transamerica Funds
Semi-Annual Report 2011

Page 48

STATEMENTS OF ASSETS AND LIABILITIES (continued)
At April 30, 2011
(all amounts except per share amounts in thousands)
(unaudited)

(A)	Formerly, Transamerica Flexible Income.
(B)	Formerly, Transamerica Money Market.
(C)	Formerly, Transamerica Short-Term Bond.
(D)	Formerly, Transamerica Focus.
(E)	Rounds to less than $1.
(F)	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,and P shares represents offering price. The redemption price for Classes B and C shares equals net asset value less any applicable contingent deferred sales charge. Classes B and T shares are closed to future investors.
(G)	Formerly, Transamerica Growth Opportunities.
(H)	Formerly, Transamerica Balanced.
(I)	Formerly, Transamerica Small/Mid Cap Value.
(J)	Formerly, Transamerica Diversified Equity

The notes to the financial statements are an integral part of this report.
Transamerica Funds
Semi-Annual Report 2011

Page 49

STATEMENTS OF OPERATIONS
For the period ended April 30, 2011
(all amounts in thousands)
(unaudited)

	Transamerica			Transamerica			Transamerica			Transamerica			Transamerica
	AEGON Flexible			AEGON High Yield			AEGON Money			AEGON Short-Term			Morgan Stanley
	Income(A)			Bond			Market(B)			Bond(C)			Capital Growth(D)
Investment income:
Dividend income	$	307		$	204		$	—		$	—		$	524
Withholding taxes on foreign income		—	(E)		—			—			—			(13	)
Interest income		7,895			27,840			237			63,217			1
Securities lending income (net)		46			187			—			86			24
		8,248			28,231			237			63,303			536
Expenses:
Management and advisory		572			2,089			419			6,626			652
Distribution and service:
Class A		99			347			195			1,445			103
Class B		47			64			84						50
Class C		192			221			163			4,138			75
Class P					28			—						97
Transfer agent:
Class A		42			161			228			191			110
Class B		12			12			34						28
Class C		19			22			32			260			21
Class I		9			17			1			118			2
Class I2		4			15			1			37
Class P					17			27						70
Printing and shareholder reports		8			18			9			70			10
Custody		25			47			22			153			11
Administration		24			72			21			284			16
Legal		4			11			4			46			3
Audit and tax		8			6			5			6			7
Trustees		2			6			2			25			1
Registration		38			99			56			86			53
Other		3			7			3			23			4
Total expenses		1,108			3,259			1,306			13,508			1,313
Fund expenses recaptured or (reimbursed)/(waived)		—			(29	)		(324	)		—			—
Class expense recaptured or (reimbursed)/(waived):
Class A		(28	)		—			(414	)		(413	)		(28	)
Class B		—			—			(116	)					(14	)
Class C		—			—			(192	)		—			1
Class I		—			—			(1	)		—			—	(E)
Class I2		—			—			(1	)		—
Class P					(16	)		(28	)					19
Total expense recaptured or (reimbursed)/(waived)		(28	)		(45	)		(1,076	)		(413	)		(22	)
Net expenses		1,080			3,214			230			13,095			1,291
Net investment income (loss)		7,168			25,017			7			50,208			(755	)
Net realized gain (loss) on transactions from:
Investment securities		4,096			19,283			—			12,938			38,503
Futures contracts		—			—			—			1,936			—
Foreign currency transactions		(59	)		—			—			34			(29	)
		4,037			19,283			—			14,908			38,474
Net increase (decrease) in unrealized appreciation
(depreciation) on:
Investment securities		(75	)		173			—			(13,437	)		(5,469	)
Futures contracts		—			—			—			(309	)		—
Translation of assets and liabilities denominated in
foreign currencies		5			—			—			5			—
Change in unrealized appreciation (depreciation)		(70	)		173			—			(13,741	)		(5,469	)
Net realized and unrealized gain:		3,967			19,456			—			1,167			33,005
Net increase in net assets resulting from operations	$	11,135		$	44,473		$	7		$	51,375		$	32,250

The notes to the financial statements are an integral part of this report.
Transamerica Funds
Semi-Annual Report 2011

Page 50

STATEMENTS OF OPERATIONS (continued)
For the period ended April 30, 2011
(all amounts in thousands)
(unaudited)

	Transamerica						Transamerica
	Morgan Stanley			Transamerica Multi-			Systematic			Transamerica
	Growth			Managed			Small/Mid Cap			TS&W International			Transamerica WMC
	Opportunities(F)			Balanced(G)			Value(H)			Equity			Diversified Equity(I)
Investment income:
Dividend income	$	1,521		$	1,364		$	2,326		$	2,503		$	4,058
Withholding taxes on foreign income		(5	)		(27	)		(5	)		(191	)		(21	)
Interest income		1			3,249			1			—	(E)		1
Securities lending income (net)		180			43			124			—			48
		1,697			4,629			2,446			2,312			4,086
Expenses:
Management and advisory		1,416			1,448			2,542			333			3,127
Distribution and service:
Class A		159			219			595			—	(E)		153
Class B		64			70			209						37
Class C		74			156			973			—	(E)		77
Class P		149			265									428
Transfer agent:
Class A		219			160			328			—	(E)		227
Class B		30			33			43						21
Class C		33			28			152			—	(E)		35
Class I		3			3			32			55			2
Class I2		5						1			2			16
Class P		119			201									781
Printing and shareholder reports		17			16			63			4			24
Custody		21			28			29			28			41
Administration		36			39			65			53			87
Legal		5			6			9			10			13
Audit and tax		7			5			8			4			9
Trustees		3			3			5			6			7
Registration		51			116			56			53			95
Other		5			5			8			9			8
Total expenses		2,416			2,801			5,118			557			5,188
Fund expenses recaptured or (reimbursed)/(waived)		—			(25	)		—			—			—
Class expense recaptured or (reimbursed)/(waived):
Class A		29			—			—			—			(53	)
Class B		6			—			—						(6	)
Class C		7			—			—			—			(4	)
Class I		—	(E)		1			—			(10	)		—	(E)
Class I2		—			—			—			—			—
Class P		—			(195	)								(568	)
Total expense recaptured or (reimbursed)/(waived)		42			(219	)		—			(10	)		(631	)
Net expenses		2,458			2,582			5,118			547			4,557
Net investment income (loss)		(761	)		2,047			(2,672	)		1,765			(471	)
Net realized gain (loss) on transactions from:
Investment securities		110,874			84,509			231,185			2,444			131,928
Futures contracts		—			(130	)		—			—			—
Foreign currency transactions		(284	)		—			—			(26	)		—
		110,590			84,379			231,185			2,418			131,928
Net increase (decrease) in unrealized appreciation
(depreciation) on:
Investment securities		(18,329	)		(39,035	)		(70,428	)		10,886			(18,101	)
Futures contracts		—			(28	)		—			—			—
Translation of assets and liabilities denominated in
foreign currencies		—			1			—			15			10
Change in unrealized appreciation (depreciation)		(18,329	)		(39,062	)		(70,428	)		10,901			(18,091	)
Net realized and unrealized gain:		92,261			45,317			160,757			13,319			113,837
Net increase in net assets resulting from operations	$	91,500		$	47,364		$	158,085		$	15,084		$	113,366

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 51

STATEMENTS OF OPERATIONS (continued)
For the period ended April 30, 2011
(all amounts in thousands)
(unaudited)

	Transamerica
	WMC Diversified			Transamerica WMC
	Growth			Quality Value(J)
Investment income:
Dividend income	$	6,477		$	11,379
Withholding taxes on foreign income		(20	)		(94	)
Interest income		2			3
Securities lending income (net)		171			—
		6,630			11,288
Expenses:
Management and advisory		4,619			3,549
Distribution and service:
Class A		654			1
Class B		146
Class C		189			4
Class P		330
Transfer agent:
Class A		669			3
Class B		74
Class C		78			4
Class I		4			—	(E)
Class I2		18			38
Class P		282
Class T		81
Printing and shareholder reports		40			35
Custody		82			49
Administration		130			102
Legal		19			22
Audit and tax		—			8
Trustees		11			11
Registration		67			79
Other		17			13
Total expenses		7,510			3,918
Class expense recaptured or (reimbursed)/(waived):
Class A		97			(3	)
Class B		(13	)
Class C		1			(3	)
Class I		—			—	(E)
Class I2		—			—
Class P		(101	)
Class T		—
Total expense recaptured or (reimbursed)/(waived)		(16	)		(6	)
Net expenses		7,494			3,912
Net investment income (loss)		(864	)		7,376
Net realized gain (loss) on transactions from:
Investment securities		68,199			9,504
Foreign currency transactions		1			—
		68,200			9,504
Net increase (decrease) in unrealized appreciation (depreciation) on:
Investment securities		130,677			139,356
Translation of assets and liabilities denominated in foreign currencies		58			—
Change in unrealized appreciation (depreciation)		130,735			139,356
Net realized and unrealized gain:		198,935			148,860
Net increase in net assets resulting from operations	$	198,071		$	156,236

(A)	Formerly, Transamerica Flexible Income.
(B)	Formerly, Transamerica Money Market.
(C)	Formerly, Transamerica Short-Term Bond.
(D)	Formerly, Transamerica Focus.
(E)	Rounds to less than $1.
(F)	Formerly, Transamerica Growth Opportunities.
(G)	Formerly, Transamerica Balanced.
(H)	Formerly, Transamerica Small/Mid Cap Value.
(I)	Formerly, Transamerica Diversified Equity

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 52

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

	Transamerica AEGON Flexible						Transamerica AEGON High Yield						Transamerica AEGON Money
	Income(A)						Bond						Market(B)
	April 30, 2011			October 31,			April 30, 2011			October 31,			April 30, 2011			October 31,
	(unaudited)			2010(C)			(unaudited)			2010(C)			(unaudited)			2010(C)
| | | | | |
From operations:
Net investment income	$	7,168		$	14,706		$	25,017		$	48,143		$	7		$	16
Net realized gain (loss) (D)		4,037			17,969			19,283			24,273			—			—
Change in unrealized appreciation (depreciation) (E)		(70	)		1,881			173			30,571			—			—
Net increase in net assets resulting from operations		11,135			34,556			44,473			102,987			7			16
Net equalization credit and charges		—			—			—			—			—			(84	)
Distributions to shareholders:
From net investment income:
Class A		(1,633	)		(2,777	)		(6,537	)		(7,929	)		(1	)		(5	)
Class B		(231	)		(566	)		(371	)		(917	)		—	(F)		(1	)
Class C		(1,000	)		(1,393	)		(1,320	)		(2,048	)		(1	)		(2	)
Class I		(421	)		(209	)		(949	)		(642	)		—	(F)		—	(F)
Class I2		(3,909	)		(10,854	)		(14,483	)		(35,273	)		(2	)		(3	)
Class P								(747	)		(2,091	)		(3	)		(4	)
Total distributions to shareholders		(7,194	)		(15,799	)		(24,407	)		(48,900	)		(7	)		(15	)
Capital share transactions:
Proceeds from shares sold:
Class A		13,575			40,020			47,126			175,590			40,104			87,174
Class B		459			4,135			282			5,029			3,343			7,885
Class C		16,417			34,689			9,712			25,217			11,668			20,292
Class I		14,961			10,503			11,677			27,869			—			55
Class I2		149			3,933			11,186			16,456			2,392			8,382
Class P								25,173			43,121			2,916			11,682
		45,561			93,280			105,156			293,282			60,423			135,470
Issued from fund acquisition:
Class A		—			13,041			—			—			—			—
Class B		—			2,469			—			—			—			—
Class C		—			5,997			—			—			—			—
Class I2		—			53,655			—			42,041			—			—
Class P								—			51,472			—			43,668
		—			75,162			—			93,513			—			43,668
Dividends and distributions reinvested:
Class A		1,308			2,040			5,696			6,300			1			4
Class B		163			400			236			565			—	(F)		1
Class C		535			718			819			1,325			1			1
Class I		214			41			574			264			—	(F)		—	(F)
Class I2		3,909			10,854			14,483			35,273			2			4
Class P								719			2,035			3			4
		6,129			14,053			22,527			45,762			7			14
Cost of shares redeemed:
Class A		(12,010	)		(29,821	)		(37,631	)		(67,766	)		(54,459	)		(119,147	)
Class B		(1,419	)		(3,008	)		(1,456	)		(2,899	)		(6,517	)		(18,940	)
Class C		(11,264	)		(20,023	)		(4,572	)		(6,669	)		(16,084	)		(32,675	)
Class I		(3,118	)		(1,014	)		(11,826	)		(1,970	)		—			—
Class I2		(34,394	)		(66,476	)		(9,246	)		(195,700	)		(6,077	)		(20,731	)
Class P								(9,160	)		(76,785	)		(7,094	)		(23,294	)
		(62,205	)		(120,342	)		(73,891	)		(351,789	)		(90,231	)		(214,787	)
Net Income equalization:
Class A		—			—			—			—			—			42
Class B		—			—			—			—			—			9
Class C		—			—			—			—			—			12
Class I		—			—			—			—			—			—	(F)
Class I2		—			—			—			—			—			9
Class P		—			—			—			—			—			12
		—			—			—			—			—			84
Automatic conversions:
Class A		1,245			2,342			1,229			1,788			1,387			5,116
Class B		(1,245	)		(2,342	)		(1,229	)		(1,788	)		(1,387	)		(5,116	)
		—			—			—			—			—			—
Fair fund settlement:
Class A		—			—			—			3			—			1
Class B		—			—			—			—	(F)		—			—	(F)
Class C		—			—			—			1			—			—	(F)
Class I		—			—			—			—	(F)		—			—	(F)
Class I2		—			—			—			21			—			—	(F)
Class P								—			2			—			—	(F)
		—			—			—			27			—			1
Net increase (decrease) in net assets resulting from capital shares transactions		(10,515	)		62,153			53,792			80,795			(29,801	)		(35,550	)
Net increase (decrease) in net assets		(6,574	)		80,910			73,858			134,882			(29,801	)		(35,633	)

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 53

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

	Transamerica AEGON Flexible						Transamerica AEGON High Yield						Transamerica AEGON Money
	Income(A)						Bond						Market(B)
	April 30, 2011			October 31,			April 30, 2011			October 31,			April 30, 2011			October 31,
	(unaudited)			2010(C)			(unaudited)			2010(C)			(unaudited)			2010(C)
Net assets:
Beginning of period/year	$	258,399		$	177,489		$	706,554		$	571,672		$	226,873		$	262,506
End of period/year	$	251,825		$	258,399		$	780,412		$	706,554		$	197,072		$	226,873
Undistributed net investment income	$	722		$	748		$	2,307		$	1,697		$	—		$	—
Share activity:
Shares issued:
Class A		1,504			4,626			5,107			19,958			40,104			87,173
Class B		51			479			31			578			3,344			7,884
Class C		1,825			4,015			1,054			2,873			11,668			20,292
Class I		1,651			1,195			1,256			3,130			—			55
Class I2		17			460			1,193			1,868			2,391			8,382
Class P								2,702			4,932			2,916			11,681
		5,048			10,775			11,343			33,339			60,423			135,467
Shares issued on fund acquisition:
Class A		—			1,554			—			—			—			—
Class B		—			294			—			—			—			—
Class C		—			717			—			—			—			—
Class I2		—			6,372			—			4,928			—			—
Class P								—			6,070			—			43,668
		—			8,937			—			10,998			—			43,668
Shares issued-reinvested from distributions:
Class A		145			236			619			718			1			4
Class B		18			46			26			65			—	(G)		1
Class C		60			83			89			152			1			1
Class I		24			5			62			30			—	(G)		—	(G)
Class I2		434			1,254			1,565			4,026			2			4
Class P								78			233			3			4
		681			1,624			2,439			5,224			7			14
Shares redeemed:
Class A		(1,332	)		(3,460	)		(4,083	)		(7,735	)		(54,459	)		(119,147	)
Class B		(157	)		(347	)		(158	)		(331	)		(6,517	)		(18,940	)
Class C		(1,255	)		(2,327	)		(499	)		(765	)		(16,084	)		(32,675	)
Class I		(345	)		(115	)		(1,269	)		(220	)		—			—
Class I2		(3,817	)		(7,637	)		(997	)		(22,168	)		(6,077	)		(20,731	)
Class P								(996	)		(8,838	)		(7,094	)		(23,294	)
		(6,906	)		(13,886	)		(8,002	)		(40,057	)		(90,231	)		(214,787	)
Automatic conversions:
Class A		138			270			132			205			1,387			5,116
Class B		(138	)		(270	)		(132	)		(205	)		(1,387	)		(5,116	)
		—			—			—			—			—			—
Net increase (decrease) in shares outstanding:
Class A		455			3,226			1,775			13,146			(12,966	)		(26,854	)
Class B		(226	)		202			(233	)		107			(4,560	)		(16,171	)
Class C		630			2,488			644			2,260			(4,415	)		(12,382	)
Class I		1,330			1,085			49			2,940						55
Class I2		(3,366	)		449			1,761			(11,346	)		(3,684	)		(12,345	)
Class P								1,784			2,397			(4,176	)		32,059
		(1,177	)		7,450			5,780			9,504			(29,801	)		(35,638	)

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 54

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

	Transamerica AEGON Short-Term						Transamerica Morgan Stanley						Transamerica Morgan Stanley
	Bond(H)						Capital Growth(I)						Growth Opportunities(J)
	April 30, 2011			October 31,			April 30, 2011			October 31,			April 30, 2011			October 31,
	(unaudited)			2010(C)			(unaudited)			2010(P)			(unaudited)			2010(C)
From operations:
Net investment income (loss)	$	50,208		$	89,019		$	(755	)	$	(1,060	)	$	(761	)	$	(384	)
Net realized gain (loss)(D)		14,908			19,510			38,474			4,802			110,590			22,355
Change in unrealized appreciation (depreciation)(E)		(13,741	)		35,517			(5,469	)		22,155			(18,329	)		51,638
Net increase in net assets resulting from operations		51,375			144,046			32,250			25,897			91,500			73,609
Distributions to shareholders:
From net investment income:
Class A		(15,454	)		(25,649	)		—			(54	)		—			—
Class B								—			(10	)		—			—
Class C		(12,319	)		(20,162	)		—			(9	)		—			—
Class I		(4,125	)		(4,071	)		—			—	(F)		(8	)		—
Class I2		(19,611	)		(39,448	)								(576	)		—
Class P								—			(105	)		(112	)		—
		(51,509	)		(89,330	)		—			(178	)		(696	)		—
From net realized gains:
Class A		(1,874	)		—			—			—			—			—
Class C		(1,877	)		—			—			—			—			—
Class I		(450	)		—			—			—			—			—
Class I2		(2,237	)		—									—			—
		(6,438	)		—			—			—			—			—
Total distributions to shareholders		(57,947	)		(89,330	)		—			(178	)		(696	)		—
Capital share transactions:
Proceeds from shares sold:
Investor Class								—			127
Class A		179,889			868,148			11,623			2,879			41,302			2,816
Class B								569			764			501			1,026
Class C		135,428			578,716			3,292			631			1,828			1,364
Class I		109,843			274,807			2,507			429			3,530			772
Class I2		37,996			338,251									283			19,035
Class P								4,051			2,885			6,395			3,868
		463,156			2,059,922			22,042			7,715			53,839			28,881
Issued from fund acquisition:
Class A		—			—			—			39,661			—			—
Class B								—			18,628			—			—
Class C		—			—			—			13,950			—			—
Class P								—			68,302			—			96,199
		—			—			—			140,541			—			96,199
Dividends and distributions reinvested:
Class A		13,753			18,561			—			51			—			—
Class B								—			9			—			—
Class C		9,801			13,088			—			8			—			—
Class I		1,893			810			—			—	(F)		3			—
Class I2		22,085			39,349									576			—
Class P								—			104			112			—
		47,532			71,808			—			172			691			—
Redeemed due to acquisition:
Investor Class								—			(68,302	)		—			—
Cost of shares redeemed:
Investor class											(166	)
Class A		(227,044	)		(335,135	)		(6,223	)		(8,976	)		(6,716	)		(10,186	)
Class B								(954	)		(3,226	)		(1,016	)		(2,202	)
Class C		(138,927	)		(88,854	)		(1,751	)		(3,668	)		(1,908	)		(2,378	)
Class I		(77,320	)		(79,367	)		(359	)		(50	)		(771	)		(33	)
Class I2		(52,956	)		(111,416	)								(2,018	)		(55,843	)
Class P								(10,163	)		(11,367	)		(13,233	)		(15,721	)
		(496,247	)		(614,772	)		(19,450	)		(27,453	)		(25,662	)		(86,363	)
Automatic conversions:
Class A								1,371			7,775			1,720			3,838
Class B								(1,371	)		(7,775	)		(1,720	)		(3,838	)
		—			—			—			—			—			—
Fair fund settlement:
Class A		—			—			—			—			1			31
Class B								—			—			—	(F)		9
Class C		—			—			—			—			—	(F)		7
Class I		—			—			—			—			—	(F)		—	(F)
Class I2		—			—									2			73
Class P								—			—			1			57
		—			—			—			—			4			177
Net increase in net assets resulting from capital shares transactions		14,441			1,516,958			2,592			52,673			28,872			38,894
Net increase in net assets		7,869			1,571,674			34,842			78,392			119,676			112,503

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 55

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

	Transamerica AEGON Short-Term						Transamerica Morgan Stanley						Transamerica Morgan Stanley
	Bond(H)						Capital Growth(I)						Growth Opportunities(J)
	April 30, 2011			October 31,			April 30, 2011			October 31,			April 30, 2011			October 31,
	(unaudited)			2010(C)			(unaudited)			2010(P)			(unaudited)			2010(C)
Net assets:
Beginning of period/year	$	2,889,343		$	1,317,669		$	142,090		$	63,698		$	297,534		$	185,031
End of period/year	$	2,897,212		$	2,889,343		$	176,932		$	142,090		$	417,210		$	297,534
Undistributed (accumulated) net investment income (loss)	$	(3,488	)	$	(2,187	)	$	(755	)	$	—		$	(1,457	)	$	—
Share activity:
Shares issued:
Investor Class											8
Class A		17,159			83,747			743			232			3,652			325
Class B								40			67			48			129
Class C		12,941			55,769			228			54			172			169
Class I		10,662			26,816			159			35			302			84
Class I2		3,688			33,121									23			2,050
Class P								258			234			554			444
		44,450			199,453			1,428			630			4,751			3,201
Shares issued on fund acquisition:
Class A		—			—			—			3,369			—			—
Class B								—			1,700			—			—
Class C		—			—			—			1,275			—			—
Class P								—			5,802			—			12,010
		—			—			—			12,146			—			12,010
Shares issued-reinvested from distributions:
Class A		1,313			1,783			—			4			—			—
Class B								—			1			—			—
Class C		938			1,260			—			1			—			—
Class I		184			79			—			—	(G)		—	(G)		—
Class I2		2,146			3,852									51			—
Class P								—			9			10			—
		4,581			6,974			—			15			61			—
Shares redeemed due to acquisition:
Investor Class		—			—			—			(3,672	)		—			—
Shares redeemed:
Investor Class											(10	)
Class A		(21,664	)		(32,381	)		(396	)		(734	)		(583	)		(1,176	)
Class B								(67	)		(288	)		(99	)		(278	)
Class C		(13,282	)		(8,542	)		(122	)		(324	)		(179	)		(298	)
Class I		(7,504	)		(7,719	)		(22	)		(4	)		(64	)		(4	)
Class I2		(5,145	)		(10,852	)								(187	)		(5,908	)
Class P								(634	)		(943	)		(1,116	)		(1,807	)
		(47,595	)		(59,494	)		(1,241	)		(2,303	)		(2,228	)		(9,471	)
Automatic conversions:
Class A								89			652			152			455
Class B								(96	)		(702	)		(165	)		(492	)
		—			—			(7	)		(50	)		(13	)		(37	)
Net increase (decrease) in shares outstanding:
Investor Class											(3,674	)
Class A		(3,192	)		53,149			436			3,523			3,221			(396	)
Class B								(123	)		778			(216	)		(641	)
Class C		597			48,487			106			1,006			(7	)		(129	)
Class I		3,342			19,176			137			31			238			80
Class I2		689			26,121									(113	)		(3,858	)
Class P								(376	)		5,102			(552	)		10,647
		1,436			146,933			180			6,766			2,571			5,703

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 56

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

	Transamerica Multi-Managed						Transamerica Systematic						Transamerica TS&W International
	Balanced(K)						Small/Mid Cap Value(L)						Equity
	April 30, 2011			October 31,			April 30, 2011			October 31,			April 30, 2011			October 31,
	(unaudited)			2010			(unaudited)			2010(C)			(unaudited)(Q)			2010*
From operations:
Net investment income (loss)	$	2,047		$	9,489		$	(2,672	)	$	(1,635	)	$	1,765		$	1,185
Net realized gain (loss)(D)		84,379			33,723			231,185			39,083			2,418			2,129
Change in unrealized appreciation (depreciation)(E)		(39,062	)		19,335			(70,428	)		69,238			10,901			5,643
Net increase in net assets resulting from operations		47,364			62,547			158,085			106,686			15,084			8,957
Distributions to shareholders:
From net investment income:
Fund Level														(1,049	)		(844	)
Class A		(571	)		(2,267	)		—			—			—
Class B		(27	)		(269	)		—			—
Class C		(82	)		(479	)		—			—			—
Class I		(24	)		(5	)		—			—			—
Class P		(1,182	)		(6,337	)
Total distributions to shareholders		(1,886	)		(9,357	)		—			—			(1,049	)		(844	)
Capital share transactions:
Proceeds from shares sold:
Fund Level														1,812			15,234
Class A		43,484			7,851			87,163			128,433			28
Class B		630			1,097			1,164			8,100
Class C		14,108			1,724			28,940			50,351			6
Class I		8,718			302			32,961			49,227			889
Class I2								771			2,506			50,396
Class P		13,012			25,698
		79,952			36,672			150,999			238,617			53,131			15,234
Issued from fund acquisition:
Class A		—			18,932			—			—			100
Class B		—			3,855			—			—
Class C		—			5,342			—			—			100
Class I		—			—			—			—			83,612
Class I2		—			—			—			—			—	(F)
Class P		—			281,788
		—			309,917			—			—			83,812			—
Dividends and distributions reinvested:
Fund Level														1,003			816
Class A		535			2,132			—			—			—
Class B		26			256			—			—
Class C		71			430			—			—			—
Class I		16			3			—			—			—
Class P		1,175			6,308
		1,823			9,129			—			—			1,003			816
Redemption due to acquisition:
Fund Level		—			—			—			—			(83,612	)
Cost of shares redeemed:
Fund Level														(1,336	)		(13,496	)
Class A		(18,518	)		(16,364	)		(53,767	)		(112,530	)		—	(F)
Class B		(1,330	)		(3,595	)		(3,406	)		(6,385	)
Class C		(3,466	)		(4,123	)		(25,369	)		(29,483	)		—
Class I		(1,367	)		(59	)		(8,477	)		(11,419	)		(358	)
Class I2								(4,900	)		(597	)		—
Class P		(25,753	)		(146,174	)
		(50,434	)		(170,315	)		(95,919	)		(160,414	)		(1,694	)		(13,496	)
Redemption fee:
Class I		—			—			—			—			—			4
Automatic conversions:
Class A		2,211			7,711			1,220			6,686
Class B		(2,211	)		(7,711	)		(1,220	)		(6,686	)
		—			—			—			—			—			—
Fair fund settlement:
Class A		—			2			—			—			—
Class B		—			—	(F)		—			—
Class C		—			1			—			—			—
Class I		—			—	(F)		—			—			—			—
Class P		—			6
		—			9			—			—			—			—
Net increase in net assets resulting from capital shares transactions		31,341			185,412			55,080			78,203			52,640			2,558
Net increase in net assets		76,819			238,602			213,165			184,889			66,675			10,671
Net assets:
Beginning of period/year	$	333,601		$	94,999		$	547,737		$	362,848		$	75,271		$	64,600
End of period/year	$	410,420		$	333,601		$	760,902		$	547,737		$	141,946		$	75,271
Undistributed (accumulated) net investment income (loss)	$	487		$	326		$	(2,672	)	$	—		$	1,669		$	953

The notes to the financial statements are an integral part of this report. Transamerica Funds		Semi-Annual Report 2011
	Page 57

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

	Transamerica Multi-Managed						Transamerica Systematic						Transamerica TS&W International
	Balanced(K)						Small/Mid Cap Value(L)						Equity
	April 30, 2011			October 31,			April 30, 2011			October 31,			April 30, 2011			October 31,
	(unaudited)			2010			(unaudited)			2010(C)			(unaudited)(Q)			2010*
Share activity:
Shares issued:
Fund Level														136			1,216
Class A		1,911			391			3,961			7,470			1
Class B		27			57			56			493
Class C		611			87			1,387			3,065			—
Class I		370			15			1,432			2,756			50
Class I2								34			141			3,429
Class P		564			1,305
		3,483			1,855			6,870			13,925			3,617			1,216
Shares issued on fund acquisition:
Class A		—			1,014			—			—			8
Class B		—			207			—			—
Class C		—			289			—			—			7
Class I		—			—			—			—			5,502
Class I2		—			—			—			—			—	(G)
Class P		—			15,093
		—			16,603			—			—			5,516			—
Shares issued-reinvested from distributions:
Fund Level														71			64
Class A		23			108			—			—			—
Class B		1			13			—			—
Class C		3			22			—			—			—
Class I		1			—	(G)		—			—			—
Class P		51			322
		79			465			—			—			71			64
Redemption due to acquisition:
Fund Level		—			—			—			—			(5,502	)
Shares redeemed:
Fund Level														(94	)		(1,039	)
Class A		(798	)		(842	)		(2,450	)		(6,565	)		—	(G)
Class B		(57	)		(186	)		(164	)		(393	)
Class C		(150	)		(214	)		(1,218	)		(1,833	)		—
Class I		(58	)		(3	)		(378	)		(649	)		(23	)
Class I2								(224	)		(35	)		—
Class P		(1,102	)		(7,410	)
		(2,165	)		(8,655	)		(4,434	)		(9,475	)		(117	)		(1,039	)
Automatic conversions:
Class A		95			403			57			400
Class B		(95	)		(404	)		(60	)		(417	)
		—			(1	)		(3	)		(17	)		—			—
Net increase (decrease) in shares outstanding:
Fund Level														(5,389	)		241
Class A		1,231			1,074			1,568			1,305			9
Class B		(124	)		(313	)		(168	)		(317	)
Class C		464			184			169			1,232			7
Class I		313			12			1,054			2,107			5,529
Class I2								(190	)		106			3,429
Class P		(487	)		9,310
		1,397			10,267			2,433			4,433			3,585			241

The notes to the financial statements are an integral part of this report. Transamerica Funds		Semi-Annual Report 2011
	Page 58

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

													Transamerica
	Transamerica WMC Diversified						Transamerica WMC Diversified						WMC Quality
	Equity(M)						Growth						Value(O)
	April 30, 2011			October 31,			April 30, 2011			October 31,			April 30, 2011
	(unaudited)			2010(C) (N)			(unaudited)			2010(C)			(unaudited)
From operations:
Net investment income (loss)	$	(471	)	$	11,516		$	(864	)	$	1,316		$	7,376
Net realized gain (loss)(D)		131,928			12,131			68,200			208,600			9,504
Change in unrealized appreciation (depreciation)(E)		(18,091	)		75,160			130,735			(14,928	)		139,356
Net increase in net assets resulting from operations		113,366			98,807			198,071			194,988			156,236
Distributions to shareholders:
From net investment income:
Investor Class					(879	)
Class A		(914	)		(118	)		—			—			(2	)
Class B		(19	)		(5	)		—			—			—
Class C		(61	)		(8	)		—			—			(3	)
Class I		(7	)		—	(F)		—			(45	)		(1	)
Class I2		(6,482	)		(144	)		—			(3,761	)		(5,215	)
Class P		(4,645	)		(519	)		—			(2,080	)		—
Total distributions to shareholders		(12,128	)		(1,673	)		—			(5,886	)		(5,221	)
Capital share transactions:
Proceeds from shares sold:
Investor Class					2,312
Class A		1,206			1,803			97,349			13,236			911
Class B		242			466			829			2,191			—
Class C		301			413			1,886			1,883			1,679
Class I		146			469			2,378			12,918			525
Class I2		58,344			273,045			58,464			40,492			1,264,655
Class P		36,623			46,384			6,085			26,286			—
Class T								4,184			3,704			—
		96,862			324,892			171,175			100,710			1,267,770
Issued from fund acquisition:
Class A		—			86,981			—			—			—
Class B		—			10,090			—			—			—
Class C		—			16,272			—			—			—
Class I2		—			63,778			—			80,466			—
Class P		—			276,775			—			459,628			—
		—			453,896			—			540,094			—
Dividends and distributions reinvested:
Investor Class		—			552			—			—			—
Class A		882			113			—			—			2
Class B		18			5			—			—			—
Class C		57			8			—			—			3
Class I		6			—	(F)		—			4			1
Class I2		6,482			144			—			3,733			5,215
Class P		2,688			325			—			2,040			—
		10,133			1,147			—			5,777			5,221
Redeemed due to acquisition:
Investor Class		—			(276,775	)		—			—			—
Cost of shares redeemed:
Investor Class		—			(2,056	)
Class A		(7,628	)		(15,911	)		(35,390	)		(63,192	)		(8	)
Class B		(622	)		(1,542	)		(2,414	)		(6,687	)		—
Class C		(1,342	)		(3,183	)		(4,163	)		(8,859	)		(1	)
Class I		(188	)		(62	)		(486	)		(10,518	)		(8	)
Class I2		(1,472	)		(14,522	)		(5,563	)		(421,721	)		(11,042	)
Class P		(32,659	)		(34,102	)		(61,712	)		(249,854	)		—
Class T								(10,535	)		(13,273	)		—
		(43,911	)		(71,378	)		(120,263	)		(774,104	)		(11,059	)
Automatic conversions:
Class A		958			2,053			3,629			10,681			—
Class B		(958	)		(2,053	)		(3,629	)		(10,681	)		—
	—			—			—			—			—
Fair fund settlement:
Class A		—	(F)		73			—			1			—
Class B		—	(F)		8			—			—	(F)		—
Class C		—	(F)		13			—			—	(F)		—
Class I		—	(F)		—	(F)		—			—	(F)		—
Class I2		2			275			—			1			—
Class P		2			242			—			1			—
Class T								—			—	(F)		—
		4			611			—			3			—
Net increase (decrease) in net assets resulting from
capital shares transactions		63,088			432,393			50,912			(127,520	)		1,261,932
Net increase in net assets		164,326			529,527			248,983			61,582			1,412,947

The notes to the financial statements are an integral part of this report. Transamerica Funds		Semi-Annual Report 2011
	Page 59

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

													Transamerica
	Transamerica WMC Diversified						Transamerica WMC Diversified						WMC Quality
	Equity(M)						Growth						Value(O)
	April 30, 2011			October 31,			April 30, 2011			October 31,			April 30, 2011
	(unaudited)			2010(C) (N)			(unaudited)			2010(C)			(unaudited)
Net assets:
Beginning of period/year	$	789,349		$	259,822		$	1,155,916		$	1,094,334		$	—
End of period/year	$	953,675		$	789,349		$	1,404,899		$	1,155,916		$	1,412,947
Undistributed (accumulated) net investment income (loss)	$	(2,203	)	$	10,396		$	(864	)	$	—		$	2,155
Share activity:
Shares issued:
Investor Class		—			139
Class A		78			135			10,176			1,615			85
Class B		16			36			92			288			—
Class C		19			31			211			248			154
Class I		10			33			237			1,551			50
Class I2		3,768			21,090			5,916			4,973			121,962
Class P		2,362			3,606			626			3,236			—
Class T								152			158			—
		6,253			25,070			17,410			12,069			122,251
Shares issued on fund acquisition:
Class A		—			6,767			—			—			—
Class B		—			785			—			—			—
Class C		—			1,266			—			—			—
Class I2		—			4,961			—			9,765			—
Class P		—			21,531			—			56,955			—
		—			35,310			—			66,720			—
Shares issued-reinvested from distributions:
Investor Class					43
Class A		58			9			—			—			—	(G)
Class B		1			—	(G)		—			—			—
Class C		4			1			—			—			—	(G)
Class I		—	(G)		—	(G)		—			—	(G)		—	(G)
Class I2		427			11			—			459			481
Class P		177			25			—			256			—
		667			89			—			715			481
Shares redeemed due to acquisition:
Investor Class		—			(21,531	)		—			—			—
Shares redeemed:
Investor Class					(166	)
Class A		(495	)		(1,209	)		(3,615	)		(7,654	)		(1	)
Class B		(41	)		(118	)		(271	)		(881	)		—
Class C		(88	)		(242	)		(464	)		(1,162	)		—	(G)
Class I		(12	)		(4	)		(49	)		(1,234	)		(1	)
Class I2		(98	)		(1,113	)		(562	)		(51,333	)		(983	)
Class P		(2,117	)		(2,583	)		(6,296	)		(30,698	)		—
Class T								(381	)		(581	)		—
		(2,851	)		(5,435	)		(11,638	)		(93,543	)		(985	)
Automatic conversions:
Class A		62			159			374			1,325			—
Class B		(62	)		(159	)		(405	)		(1,429	)		—
		—			—			(31	)		(104	)		—
Net increase (decrease) in shares outstanding:
Investor Class					(21,515	)
Class A		(296	)		5,861			6,935			(4,714	)		84
Class B		(86	)		544			(584	)		(2,022	)
Class C		(65	)		1,056			(253	)		(914	)		154
Class I		(2	)		29			188			317			49
Class I2		4,097			24,949			5,354			(36,136	)		121,460
Class P		422			22,579			(5,670	)		29,749
Class T								(229	)		(423	)
		4,070			33,503			5,741			(14,143	)		121,747

(A)	Formerly, Transamerica Flexible Income.
(B)	Formerly, Transamerica Money Market.
(C)	Effective November 30, 2009, all previously existing Class I shares were re-designated as Class I2 shares.
(D)	Net realized gain (loss) includes all items as listed in the Statement of Operations.
(E)	Change in unrealized appreciation (depreciation) includes all items as listed in the Statement of Operations.
(F)	Rounds to less than $1.
(G)	Rounds to less than 1 share.
(H)	Formerly, Transamerica Short-Term Bond.
(I)	Formerly, Transamerica Focus.

The notes to the financial statements are an integral part of this report. Transamerica Funds		Semi-Annual Report 2011
	Page 60

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

(J)	Formerly, Transamerica Growth Opportunities.
(K)	Formerly, Transamerica Balanced.
(L)	Formerly, Transamerica Small/Mid Cap Value.
(M)	Formerly, Transamerica Diversified Equity
(N)	For this period, information is based on 13 days as Transamerica Premier Diversified Equity and 352 days as Transamerica WMC Diversified Equity (formerly,Transamerica Diversified Equity). The 13 days represents Investor Class activity, which reflects activity of the predecessor’s fund.
(O)	Commenced Operations November 15, 2010.
(P)	For this period, information is based on 13 days as Transamerica Premier Focus and 352 days as Transamerica Morgan Stanley Capital Growth (formerly, Transamerica Focus). The 13 days represents Investor Class activity, which reflects activity of the predecessor’s portfolio.
(Q)	For this period, information is based on 120 days as TS&W International Equity and 61 days as Transamerica TS&W International Equity. The 120 days represent fund level activity, which reflects activity of the predecessor’s fund.
*	Prior to November 1, 2010, the statement of changes in net assets were audited by another independent registered public accounting firm.

The notes to the financial statements are an integral part of this report. Transamerica Funds		Semi-Annual Report 2011
	Page 61

FINANCIAL HIGHLIGHTS
For the period or years ended:

	Transamerica AEGON Flexible Income(A)
	Class A
	April 30, 2011			October			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			31, 2010			2009			2008			2007			2006
Net asset value
Beginning of period/year	$	8.99		$	8.33		$	7.22		$	9.14		$	9.38		$	9.31
											��
Investment operations
Net investment income(B)		0.26			0.50			0.46			0.44			0.48			0.43
Net realized and unrealized gain (loss) on investments		0.16			0.70			1.08			(1.89	)		(0.25	)		0.05
Total from investment operations		0.42			1.20			1.54			(1.45	)		0.23			0.48
Distributions
Net investment income		(0.26	)		(0.54	)		(0.43	)		(0.47	)		(0.47	)		(0.41	)
Total distributions		(0.26	)		(0.54	)		(0.43	)		(0.47	)		(0.47	)		(0.41	)
Net asset value
End of period/year	$	9.15		$	8.99		$	8.33		$	7.22		$	9.14		$	9.38
Total return(C)		4.73	%(D)		14.89	%		22.30	%		(16.57	%)		2.42	%		5.34	%
Net assets end of period/year (000’s)	$	60,205		$	55,103		$	24,173		$	13,360		$	15,409		$	17,005
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		0.96	%(E)		1.07	%(V)		1.47	%		1.39	%		1.40	%		1.47	%
Before reimbursement/fee waiver		1.06	%(E)		1.15	%(V)		1.47	%		1.39	%		1.40	%		1.47	%
Net investment income, to average net assets (BB)		5.84	%(E)		5.79	%		6.03	%		5.12	%		5.12	%		4.64	%
Portfolio turnover rate		22	%(D)		120	%		169	%		98	%		108	%		110	%

	Transamerica AEGON Flexible Income(A)
	Class B
	April 30, 2011			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2010			2009			2008			2007			2006
Net asset value
Beginning of period/year	$	9.00		$	8.34		$	7.23		$	9.14		$	9.39		$	9.32
Investment operations
Net investment income(B)		0.22			0.43			0.40			0.38			0.42			0.38
Net realized and unrealized gain (loss) on investments		0.15			0.71			1.09			(1.88	)		(0.26	)		0.06
Total from investment operations		0.37			1.14			1.49			(1.50	)		0.16			0.44
Distributions
Net investment income		(0.22	)		(0.48	)		(0.38	)		(0.41	)		(0.41	)		(0.37	)
Total distributions		(0.22	)		(0.48	)		(0.38	)		(0.41	)		(0.41	)		(0.37	)
Net asset value
End of period/year	$	9.15		$	9.00		$	8.34		$	7.23		$	9.14		$	9.39
Total return(C)		4.17	%(D)		14.02	%		21.39	%		(17.03	%)		1.66	%		4.81	%
Net assets end of period/year (000’s)	$	8,728		$	10,614		$	8,161		$	8,628		$	17,007		$	23,501
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		1.82	%(E)		1.88	%(V)		2.16	%		2.05	%		2.04	%		2.08	%
Before reimbursement/fee waiver		1.82	%(E)		1.88	%(V)		2.16	%		2.05	%		2.04	%		2.08	%
Net investment income, to average net assets (BB)		4.99	%(E)		4.97	%		5.36	%		4.42	%		4.48	%		4.08	%
Portfolio turnover rate		22	%(D)		120	%		169	%		98	%		108	%		110	%

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 62

FINANCIAL HIGHLIGHTS (continued)
For the period or years ended:

	Transamerica AEGON Flexible Income(A)
	Class C
	April 30, 2011			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2010			2009			2008			2007			2006
Net asset value
Beginning of period/year	$	8.96		$	8.31		$	7.21		$	9.12		$	9.36		$	9.30
Investment operations
Net investment income(B)		0.23			0.44			0.41			0.39			0.42			0.39
Net realized and unrealized gain (loss) on investments		0.15			0.70			1.08			(1.88	)		(0.25	)		0.04
Total from investment operations		0.38			1.14			1.49			(1.49	)		0.17			0.43
Distributions
Net investment income		(0.23	)		(0.49	)		(0.39	)		(0.42	)		(0.41	)		(0.37	)
Total distributions		(0.23	)		(0.49	)		(0.39	)		(0.42	)		(0.41	)		(0.37	)
Net asset value
End of period/year	$	9.11		$	8.96		$	8.31		$	7.21		$	9.12		$	9.36
Total return(C)		4.32	%(D)		14.15	%		21.50	%		(16.98	%)		1.81	%		4.74	%
Net assets end of period/year (000’s)	$	42,606		$	36,264		$	12,978		$	5,981		$	8,982		$	12,519
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		1.65	%(E)		1.74%	(V)		2.06	%		1.97	%		2.00	%		2.07	%
Before reimbursement/fee waiver		1.65	%(E)		1.74%	(V)		2.06	%		1.97	%		2.00	%		2.07	%
Net investment income, to average net assets (BB)		5.13	%(E)		5.14	%		5.43	%		4.52	%		4.51	%		4.15	%
Portfolio turnover rate		22	%(D)		120	%		169	%		98	%		108	%		110	%

	Transamerica AEGON Flexible Income(A)
	Class I
	April 30, 2011			October 31,
For a share outstanding throughout each period	(unaudited)			2010(F)
Net asset value
Beginning of period/year	$	9.02		$	8.48
Investment operations
Net investment income(B)		0.28			0.50
Net realized and unrealized gain on investments		0.15			0.57
Total from investment operations		0.43			1.07
Distributions
Net investment income		(0.28	)		(0.53	)
Total distributions		(0.28	)		(0.53	)
Net asset value
End of period/year	$	9.17		$	9.02
Total return(C)		4.81	%(D)		13.10	%(D)
Net assets end of period/year (000’s)	$	22,135		$	9,787
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		0.68	%(E)		0.76	%(E),(V)
Before reimbursement/fee waiver		0.68	%(E)		0.76	%(E),(V)
Net investment income, to average net assets (BB)		6.08	%(E)		6.25	%(E)
Portfolio turnover rate		22	%(D)		120	%(D)

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 63

FINANCIAL HIGHLIGHTS (continued)
For the period or years ended:

	Transamerica AEGON Flexible Income(A)
	Class I2(G)
	April 30, 2011			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2010			2009			2008			2007			2006
Net asset value
Beginning of period/year	$	9.03		$	8.37		$	7.25		$	9.17		$	9.42		$	9.35
Investment operations
Net investment income(B)		0.28			0.53			0.50			0.50			0.53			0.50
Net realized and unrealized gain (loss) on investments		0.14			0.71			1.10			(1.90	)		(0.26	)		0.05
Total from investment operations		0.42			1.24			1.60			(1.40	)		0.27			0.55
Distributions
Net investment income		(0.28	)		(0.58	)		(0.48	)		(0.52	)		(0.52	)		(0.48	)
Total distributions		(0.28	)		(0.58	)		(0.48	)		(0.52	)		(0.52	)		(0.48	)
Net asset value
End of period/year	$	9.17		$	9.03		$	8.37		$	7.25		$	9.17		$	9.42
Total return(C)		4.75	%(D)		15.39	%		23.16	%		(16.02	%)		2.93	%		6.04	%
Net assets end of period/year (000’s)	$	118,151		$	146,631		$	132,177		$	128,108		$	370,611		$	221,116
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		0.57	%(E)		0.64%	(V)		0.85	%		0.77	%		0.80	%		0.86	%
Before reimbursement/fee waiver		0.57	%(E)		0.64%	(V)		0.85	%		0.77	%		0.80	%		0.86	%
Net investment income, to average net assets (BB)		6.24	%(E)		6.18	%		6.64	%		5.67	%		5.71	%		5.35	%
Portfolio turnover rate		22	%(D)		120	%		169	%		98	%		108	%		110	%

	Transamerica AEGON High Yield Bond
	Class A
	April 30, 2011			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2010			2009			2008			2007			2006
Net asset value
Beginning of period/year	$	9.16		$	8.45		$	6.31		$	9.12		$	9.19		$	8.97
Investment operations
Net investment income(B)		0.31			0.66			0.65			0.64			0.60			0.61
Net realized and unrealized gain (loss) on investments		0.24			0.73			2.14			(2.83	)		(0.07	)		0.19
Total from investment operations		0.55			1.39			2.79			(2.19	)		0.53			0.80
Distributions
Net investment income		(0.30	)		(0.68	)		(0.66	)		(0.62	)		(0.60	)		(0.58	)
Total distributions		(0.30	)		(0.68	)		(0.66	)		(0.62	)		(0.60	)		(0.58	)
Net asset value
End of period/year	$	9.41		$	9.16		$	8.45		$	6.31		$	9.12		$	9.19
Total return(C)		6.12	%(D)		17.21	%		47.58	%		(25.46	%)		5.90	%		9.27	%
Net assets end of period/year (000’s)	$	215,317		$	193,332		$	67,290		$	24,506		$	35,147		$	43,514
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		1.16	%(E)		1.15	%		1.19	%		1.16	%		1.15	%		1.16	%
Before reimbursement/fee waiver		1.16	%(E)		1.15	%		1.19	%		1.16	%		1.15	%		1.16	%
Net investment income, to average net assets (BB)		6.68	%(E)		7.52	%		9.08	%		7.65	%		6.45	%		6.77	%
Portfolio turnover rate		44	%(D)		91	%		58	%		38	%		80	%		73	%

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 64

FINANCIAL HIGHLIGHTS (continued)
For the period or years ended:

	Transamerica AEGON High Yield Bond
	Class B
	April 30, 2011			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2010			2009			2008			2007			2006
Net asset value
Beginning of period/year	$	9.15		$	8.44		$	6.30		$	9.11		$	9.18		$	8.97
Investment operations
Net investment income(B)		0.28			0.61			0.60			0.58			0.53			0.55
Net realized and unrealized gain (loss) on investments		0.25			0.72			2.15			(2.83	)		(0.06	)		0.19
Total from investment operations		0.53			1.33			2.75			(2.25	)		0.47			0.74
Distributions
Net investment income		(0.27	)		(0.62	)		(0.61	)		(0.56	)		(0.54	)		(0.53	)
Total distributions		(0.27	)		(0.62	)		(0.61	)		(0.56	)		(0.54	)		(0.53	)
Net asset value
End of period/year	$	9.41		$	9.15		$	8.44		$	6.30		$	9.11		$	9.18
Total return(C)		5.86	%(D)		16.38	%		46.69	%		(26.04	%)		5.19	%		8.53	%
Net assets end of period/year (000’s)	$	12,076		$	13,887		$	11,898		$	9,091		$	21,370		$	27,753
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		1.81	%(E)		1.83	%		1.91	%		1.85	%		1.83	%		1.83	%
Before reimbursement/fee waiver		1.82	%(E)		1.83	%		1.91	%		1.85	%		1.83	%		1.83	%
Net investment income, to average net assets (BB)		6.03	%(E)		6.93	%		8.56	%		6.83	%		5.77	%		6.12	%
Portfolio turnover rate		44	%(D)		91	%		58	%		38	%		80	%		73	%

	Transamerica AEGON High Yield Bond
	Class C
	April 30, 2011			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2010			2009			2008			2007			2006
Net asset value
Beginning of period/year	$	9.13		$	8.42		$	6.30		$	9.10		$	9.17		$	8.96
Investment operations
Net investment income(B)		0.28			0.61			0.60			0.58			0.53			0.55
Net realized and unrealized gain (loss) on investments		0.24			0.73			2.14			(2.82	)		(0.06	)		0.19
Total from investment operations		0.52			1.34			2.74			(2.24	)		0.47			0.74
Distributions
Net investment income		(0.27	)		(0.63	)		(0.62	)		(0.56	)		(0.54	)		(0.53	)
Total distributions		(0.27	)		(0.63	)		(0.62	)		(0.56	)		(0.54	)		(0.53	)
Net asset value
End of period/year	$	9.38		$	9.13		$	8.42		$	6.30		$	9.10		$	9.17
Total return(C)		5.82	%(D)		16.54	%		46.63	%		(25.89	%)		5.21	%		8.54	%
Net assets end of period/year (000’s)	$	48,996		$	41,810		$	19,548		$	5,429		$	10,160		$	11,317
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		1.74	%(E)		1.77	%		1.81	%		1.80	%		1.83	%		1.83	%
Before reimbursement/fee waiver		1.75	%(E)		1.77	%		1.81	%		1.80	%		1.83	%		1.83	%
Net investment income, to average net assets (BB)		6.10	%(E)		6.96	%		8.23	%		6.93	%		5.77	%		6.12	%
Portfolio turnover rate		44	%(D)		91	%		58	%		38	%		80	%		73	%

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 65

FINANCIAL HIGHLIGHTS (continued)
For the period or years ended:

	Transamerica AEGON High
	Yield Bond
	Class I
	April 30, 2011			October 31,
For a share outstanding throughout each period	(unaudited)			2010(F)
Net asset value
Beginning of period/year	$	9.20		$	8.55
Investment operations
Net investment income(B)		0.33			0.63
Net realized and unrealized gain on investments		0.25			0.68
Total from investment operations		0.58			1.31
Distributions
Net investment income		(0.32	)		(0.66	)
Total distributions		(0.32	)		(0.66	)
Net asset value
End of period/year	$	9.46		$	9.20
Total return(C)		6.42	%(D)		15.92	%(D)
Net assets end of period/year (000’s)	$	28,264		$	27,057
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		0.77	%(E)		0.83	%(E)
Before reimbursement/fee waiver		0.78	%(E)		0.83	%(E)
Net investment income, to average net assets (BB)		7.07	%(E)		7.71	%(E)
Portfolio turnover rate		44	%(D)		91	%(D)

	Transamerica AEGON High Yield Bond
	Class I2(G)
	April 30, 2011			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2010			2009			2008			2007			2006
Net asset value
Beginning of period/year	$	9.22		$	8.50		$	6.35		$	9.17		$	9.24		$	9.02
Investment operations
Net investment income(B)		0.33			0.71			0.69			0.69			0.65			0.67
Net realized and unrealized gain (loss) on investments		0.25			0.73			2.16			(2.85	)		(0.07	)		0.18
Total from investment operations		0.58			1.44			2.85			(2.16	)		0.58			0.85
Distributions
Net investment income		(0.32	)		(0.72	)		(0.70	)		(0.66	)		(0.65	)		(0.63	)
Total distributions		(0.32	)		(0.72	)		(0.70	)		(0.66	)		(0.65	)		(0.63	)
Net asset value
End of period/year	$	9.48		$	9.22		$	8.50		$	6.35		$	9.17		$	9.24
Total return(C)		6.47	%(D)		17.74	%		48.39	%		(25.05	%)		6.39	%		9.81	%
Net assets end of period/year (000’s)	$	436,406		$	408,505		$	472,936		$	418,923		$	331,300		$	315,252
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		0.65	%(E)		0.66	%		0.67	%		0.65	%		0.65	%		0.66	%
Before reimbursement/fee waiver		0.66	%(E)		0.66	%		0.67	%		0.65	%		0.65	%		0.66	%
Net investment income, to average net assets (BB)		7.18	%(E)		8.11	%		9.96	%		8.34	%		6.96	%		7.29	%
Portfolio turnover rate		44	%(D)		91	%		58	%		38	%		80	%		73	%

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 66

FINANCIAL HIGHLIGHTS (continued)
For the period or years ended:

	Transamerica AEGON High Yield Bond
	Class P
	April 30, 2011			October 31,
For a share outstanding throughout each period	(unaudited)			2010(H)
Net asset value
Beginning of period/year	$	9.16		$	8.48
Investment operations
Net investment income(B)		0.31			0.65
Net realized and unrealized gain on investments		0.25			0.67
Total from investment operations		0.56			1.32
Distributions
Net investment income		(0.31	)		(0.64	)
Total distributions		(0.31	)		(0.64	)
Net asset value
End of period/year	$	9.41		$	9.16
Total return(C)		6.27	%(D)		16.21	%(D)
Net assets end of period/year (000’s)	$	39,353		$	21,963
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		0.90	%(E)		0.90	%(E)
Before reimbursement/fee waiver		1.05	%(E)		1.07	%(E)
Net investment income, to average net assets (BB)		6.86	%(E)		7.90	%(E)
Portfolio turnover rate		44	%(D)		91	%(D)

	Transamerica AEGON Money Market(I)
	Class A
	April 30, 2011			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2010			2009			2008			2007			2006
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)		—	(J)		—	(J)		—	(J)		0.02			0.05			0.04
Net realized and unrealized gain on investments		—			—	(J)		—	(J)		—	(J)		—			—
Total from investment operations		—	(J)		—	(J)		—	(J)		0.02			0.05			0.04
Net equalization credits and charges		—			—	(J)		—			—			—			—
Distributions
Net investment income		—	(J)		—	(J)		—	(J)		(0.02	)		(0.05	)		(0.04	)
Net realized gains on investments		—			—			—			—			—	(J)		—
Total distributions		—	(J)		—	(J)		—	(J)		(0.02	)		(0.05	)		(0.04	)
Net asset value
End of period/year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(C)		—	%(D),(K)		0.01	%		0.21	%		2.52	%		4.61	%		4.09	%
Net assets end of period/year (000’s)	$	106,778		$	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	%(E),(L)		0.22	%(L)		0.60	%(L)		0.83	%		0.83	%		0.83	%
Before reimbursement/fee waiver		1.27	%(E)		1.19	%		1.11	%		1.08	%		1.20	%		1.23	%
Net investment income, to average net assets (BB)		—	% (E),(K)		—	%(K)		0.20	%		2.40	%		4.54	%		3.98	%

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 67

FINANCIAL HIGHLIGHTS (continued)
For the period or years ended:

	Transamerica AEGON Money Market(I)
	Class B
	April 30, 2011			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2010			2009			2008			2007			2006
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)		—	(J)		—	(J)		—	(J)		0.02			0.04			0.03
Net realized and unrealized gain on investments		—			—	(J)		—	(J)		—	(J)		—			—
Total from investment operations		—	(J)		—	(J)		—	(J)		0.02			0.04			0.03
Net equalization credits and charges		—			—	(J)		—			—			—			—
Distributions
Net investment income		—	(J)		—	(J)		—	(J)		(0.02	)		(0.04	)		(0.03	)
Net realized gains on investments		—			—			—			—			—	(J)		—
Total distributions		—	(J)		—	(J)		—	(J)		(0.02	)		(0.04	)		(0.03	)
Net asset value
End of period/year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(C)		—	%(D),(K)		0.01	%		0.08	%		1.83	%		3.92	%		3.41	%
Net assets end of period/year (000’s)	$	14,881		$	19,442		$	35,612		$	40,110		$	23,324		$	25,727
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		0.22	%(E),(L)		0.21	% (L)		0.73	%(L)		1.48	%		1.48	%		1.48	%
Before reimbursement/fee waiver		1.91	%(E)		1.81	%		1.75	%		1.75	%		1.83	%		1.80	%
Net investment income, to average net assets (BB)		—	%(E),(K)		—	% (K)		0.08	%		1.75	%		3.87	%		3.50	%

	Transamerica AEGON Money Market(I)
	Class C
	April 30, 2011			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2010			2009			2008			2007			2006
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)		—	(J)		—	(J)		—	(J)		0.02			0.04			0.03
Net realized and unrealized gain on investments		—			—	(J)		—	(J)		—	(J)		—			—
Total from investment operations		—	(J)		—	(J)		—	(J)		0.02			0.04			0.03
Net equalization credits and charges		—			—	(J)		—			—			—			—
Distributions
Net investment income		—	(J)		—	(J)		—	(J)		(0.02	)		(0.04	)		(0.03	)
Net realized gains on investments		—			—			—			—			—	(J)		—
Total distributions		—	(J)		—	(J)		—	(J)		(0.02	)		(0.04	)		(0.03	)
Net asset value
End of period/year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(C)		—	%(D),(K)		0.01	%		0.07	%		1.86	%		3.92	%		3.16	%
Net assets end of period/year (000’s)	$	29,384		$	33,800		$	46,177		$	59,991		$	19,638		$	17,286
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		0.22	%(E),(L)		0.22	%(L)		0.76	%(L)		1.48	%		1.48	%		1.48	%
Before reimbursement/fee waiver		1.70	%(E)		1.66	%		1.64	%		1.67	%		1.73	%		1.82	%
Net investment income, to average net assets (BB)		—	%(E),(K)		—	%(K)		0.07	%		1.65	%		3.88	%		3.40	%

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 68

FINANCIAL HIGHLIGHTS (continued)
For the period or years ended:

	Transamerica AEGON Money
	Market(I)
	Class I
	April 30, 2011			October 31,
For a share outstanding throughout each period	(unaudited)			2010(F)
Net asset value
Beginning of period/year	$	1.00		$	1.00
Investment operations
Net investment income(B)		—	(J)		—	(J)
Net realized and unrealized gain on investments		—			—	(J)
Total from investment operations		—	(J)		—	(J)
Net equalization credits and charges		—			—	(J)
Distributions
Net investment income		—	(J)		—	(J)
Total distributions		—	(J)		—	(J)
End of period/year	$	1.00		$	1.00
Total return(C)		0.01	%(D)		0.01	%(D)
Net assets end of period/year (000’s)	$	55		$	55
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		0.21	% (E),(L)		0.22	%(E),(L)
Before reimbursement/fee waiver		4.05	%(E)		3.16	%(E)
Net investment income, to average net assets (BB)		0.02	%(E)		0.01	%(E)

	Transamerica AEGON Money Market(I)
	Class I2(G)
	April 30, 2011			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2010			2009			2008			2007			2006(M)
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)		—	(J)		—	(J)		—	(J)		0.03			0.05			0.04
Net realized and unrealized gain on investments		—			—	(J)		—	(J)		—	(J)		—			—
Total from investment operations		—	(J)		—	(J)		—	(J)		0.03			0.05			0.04
Net equalization credits and charges		—			—	(J)		—			—			—			—
Distributions
Net investment income		—	(J)		—	(J)		—	(J)		(0.03	)		(0.05	)		(0.04	)
Net realized gains on investments		—			—			—			—			—	(J)		—
Total distributions		—	(J)		—	(J)		—	(J)		(0.03	)		(0.05	)		(0.04	)
Net asset value
End of period/year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(C)		0.01	%(D)		0.01	%		0.35	%		2.84	%		4.98	%		4.30	%(D)
Net assets end of period/year (000’s)	$	18,090		$	21,773		$	34,119		$	29,327		$	34,673		$	26,466
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		0.21	%(E),(L)		0.21	%(L)		0.45	%(L)		0.48	%		0.48	%		0.48	%(E)
Before reimbursement/fee waiver		0.52	%(E)		0.50	%		0.53	%		0.49	%		0.52	%		0.51	%(E)
Net investment income, to average net assets (BB)		0.02	%(E)		0.01	%		0.36	%		2.89	%		4.88	%		4.39	%(E)

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 69

FINANCIAL HIGHLIGHTS (continued)

 For the period or years ended:

	Transamerica AEGON Money
	Market(I)
	Class P
	April 30, 2011			October 31,
For a share outstanding throughout each period	(unaudited)			2010(H)
Net asset value
Beginning of period/year	$	1.00		$	1.00
Investment operations
Net investment income(B)		—	(J)		—	(J)
Net realized and unrealized gain (loss) on investments		—			—	(J)
Total from investment operations		—	(J)		—	(J)
Net equalization credits and charges		—			—	(J)
Distributions
Net investment income		—	(J)		—	(J)
Net realized gains on investments		—			—
Total distributions		—	(J)		—	(J)
Net asset value
End of period/year	$	1.00		$	1.00
Total return(C)		0.01	%(D)		0.01	%(D)
Net assets end of period/year (000’s)	$	27,884		$	32,059
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		0.21	%(E),(L)		0.21	%(E),(L)
Before reimbursement/fee waiver		0.70	%(E)		0.66	%(E)
Net investment income, to average net assets (BB)		0.02	%(E)		0.01	%(E)

	Transamerica AEGON Short-Term Bond(DD)
	Class A
	April 30, 2011			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2010			2009			2008(EE)
Net asset value
Beginning of period/year	$	10.53		$	10.26		$	9.44		$	10.00
Investment operations
Net investment income(B)		0.19			0.43			0.51			0.38
Net realized and unrealized gain (loss) on investments		—	(J)		0.29			0.78			(0.54	)
Total from investment operations		0.19			0.72			1.29			(0.16	)
Distributions
Net investment income		(0.20	)		(0.45	)		(0.47	)		(0.40	)
Net realized gains on investments		(0.02	)		—			—			—
Total distributions		(0.22	)		(0.45	)		(0.47	)		(0.40	)
Net asset value
End of period/year	$	10.50		$	10.53		$	10.26		$	9.44
Total return(C)		1.81	%(D)		7.15	%		13.40	%		(1.70	%)(D)
Net assets end of period/year (000’s)	$	821,537		$	856,959		$	289,879		$	5,663
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		0.81	%(E)		0.83	%		0.91	%		1.11	%(E)
Before reimbursement/fee waiver		0.91	%(E)		0.97	%		1.09	%		1.11	%(E)
Net investment income, to average net assets (BB)		3.63	%(E)		4.16	%		5.14	%		3.92	%(E)
Portfolio turnover rate		24	%(D)		54	%		77	%		67	%(D)

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 70

FINANCIAL HIGHLIGHTS(continued)
For the period or years ended:

	Transamerica AEGON Short-Term Bond(DD)
	Class C									Class I
	April 30, 2011			October 31,			October 31,			October 31,			April 30, 2011			October 31,
For a share outstanding throughout each period	(unaudited)			2010			2009			2008(EE)			(unaudited)			2010(F)
Net asset value
Beginning of period/year	$	10.51		$	10.24		$	9.42		$	10.00		$	10.35		$	10.14
Investment operations
Net investment income(B)		0.15			0.36			0.43			0.32			0.19			0.39
Net realized and unrealized gain (loss) on investments		(0.01	)		0.28			0.80			(0.55	)		0.01			0.24
Total from investment operations		0.14			0.64			1.23			(0.23	)		0.20			0.63
Distributions
Net investment income		(0.15	)		(0.37	)		(0.41	)		(0.35	)		(0.20	)		(0.42	)
Net realized gains on investments		(0.02	)		—			—			—			(0.02	)		—
Total distributions		(0.17	)		(0.37	)		(0.41	)		(0.35	)		(0.22	)		(0.42	)
Net asset value
End of period/year	$	10.48		$	10.51		$	10.24		$	9.42		$	10.33		$	10.35
Total return(C)		1.43	%(D)		6.32	%		12.74	%		(2.43	%)(D)		1.99	%(D)		6.34	%(D)
Net assets end of period/year (000’s)	$	839,250		$	834,859		$	317,130		$	7,263		$	232,525		$	198,461
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		1.57	%(E)		1.59	%		1.65	%		1.76	%(E)		0.62	%(E)		0.65	%(E)
Before reimbursement/fee waiver		1.57	%(E)		1.63	%		1.74	%		1.76	%(E)		0.62	%(E)		0.67	%(E)
Net investment income, to average net assets (BB)		2.87	%(E)		3.40	%		4.38	%		3.28	%(E)		3.80	%(E)		4.17	%(E)
Portfolio turnover rate		24	%(D)		54	%		77	%		67	%(D)		24	%(D)		54	%(D)

	Transamerica AEGON Short-Term Bond(DD)
	Class I2(G)
	April 30, 2011			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2010			2009			2008			2007			2006
Net asset value
Beginning of period/year	$	10.34		$	10.08		$	9.28		$	9.82		$	9.84		$	9.79
Investment operations
Net investment income(B)		0.20			0.46			0.50			0.43			0.47			0.40
Net realized and unrealized gain (loss) on investments		0.01			0.27			0.80			(0.54	)		(0.04	)		0.05
Total from investment operations		0.21			0.73			1.30			(0.11	)		0.43			0.45
Distributions
Net investment income		(0.21	)		(0.47	)		(0.50	)		(0.43	)		(0.45	)		(0.40	)
Net realized gains on investments		(0.02	)		—			—			—			—			—
Total distributions		(0.23	)		(0.47	)		(0.50	)		(0.43	)		(0.45	)		(0.40	)
Net asset value
End of period/year	$	10.32		$	10.34		$	10.08			9.28		$	9.82		$	9.84
Total return(C)		2.06	%(D)		7.37	%		14.44	%		(1.22	%)		4.45	%		4.72	%
Net assets end of period/year (000’s)	$	1,003,900		$	999,064		$	710,660		$	492,333		$	563,889		$	379,442
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		0.52	%(E)		0.53	%		0.63	%		0.68	%		0.67	%		0.70	%
Before reimbursement/fee waiver		0.52	%(E)		0.58	%		0.69	%		0.68	%		0.67	%		0.70	%
Net investment income, to average net assets (BB)		3.92	%(E)		4.52	%		5.14	%		4.38	%		4.81	%		4.10	%
Portfolio turnover rate		24	%(D)		54	%		77	%		67	%		117	%		100	%

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 71

FINANCIAL HIGHLIGHTS (continued)
For the period or years ended:

	Transamerica Morgan Stanley Capital Growth(N)
	Class A						Class B						Class C
	April 30, 2011			October 31,			April 30, 2011			October 31,			April 30, 2011			October 31,
For a share outstanding throughout each period	(unaudited)			2010(O)			(unaudited)			2010(O)			(unaudited)			2010(O)
Net asset value
Beginning of period/year	$	13.78		$	11.77		$	12.75		$	10.95		$	12.74		$	10.94
Investment operations
Net investment loss(B)		(0.07	)		(0.09	)		(0.11	)		(0.15	)		(0.11	)		(0.15	)
Net realized and unrealized gain on investments		3.15			2.12			2.91			1.96			2.91			1.96
Total from investment operations		3.08			2.03			2.80			1.81			2.80			1.81
Distributions
Net investment income		—			(0.02	)		—			(0.01	)		—			(0.01	)
Total distributions		—			(0.02	)		—			(0.01	)		—			(0.01	)
Net asset value
End of period/year	$	16.86		$	13.78		$	15.55		$	12.75		$	15.54		$	12.74
Total return(C)		22.35	%(D)		17.24	%(D)		21.96	%(D)		16.51	%(D)		21.98	%(D)		16.53	%(D)
Net assets end of period/year (000’s)	$	66,760		$	48,547		$	10,184		$	9,916		$	17,276		$	12,814
Ratio and supplemental data
Expenses to average net assets
After reimbursement/recapture fee waiver		1.55	%(E)		1.55	%(E)		2.20	%(E)		2.20	%(E)		2.20	%(E)		2.20	%(E)
Before reimbursement/recapture fee waiver		1.64	%(E)		1.78	%(E)		2.48	%(E)		2.51	%(E)		2.19	%(E)		2.26	%(E)
Net investment loss, to average net assets (BB)		(0.89	%)(E)		(0.75	%)(E)		(1.54	%)(E)		(1.36	%)(E)		(1.55	%)(E)		(1.39	%)(E)
Portfolio turnover rate		94	%(D)		57	%(D)		94	%(D)		57	%(D)		94	%(D)		57	%(D)

	Transamerica Morgan Stanley
	Capital Growth(N)
	Class I
	April 30, 2011			October 31,
For a share outstanding throughout each period	(unaudited)			2010(F)
Net asset value
Beginning of period/year	$	13.89		$	11.64
Investment operations
Net investment loss(B)		(0.04	)		(0.06	)
Net realized and unrealized gain on investments		3.18			2.33
Total from investment operations		3.14			2.27
Distributions
Net investment income		—			(0.02	)
Total distributions		—			(0.02	)
Net asset value
End of period/year	$	17.03		$	13.89
Total return(C)		22.61	%(D)		19.58	%(D)
Net assets end of period/year (000’s)	$	2,870		$	434
Ratio and supplemental data
Expenses to average net assets
After reimbursement/recapture fee waiver		1.20	%(E)		1.20	%(E)
Before reimbursement/recapture fee waiver		1.15	%(E)		1.85	%(E)
Net investment loss, to average net assets (BB)		(0.58	%)(E)		(0.51	%)(E)
Portfolio turnover rate		94	%(D)		57	%(D)

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 72

FINANCIAL HIGHLIGHTS (continued)
For the period or years ended:

	Transamerica Morgan Stanley Capital Growth(N)
	Class P(CC)
							10 Months
	April 30, 2011			October 31,			Ended October			December 31,			December 31,			December 31,
For a share outstanding throughout each period	(unaudited)			2010			31, 2009			2008			2007			2006
Net asset value
Beginning of period/year	$	13.79		$	17.34		$	13.28		$	23.64		$	19.65		$	18.59
Investment operations
Net investment loss(B)		(0.06	)		(0.08	)		(0.10	)		(0.10	)		(0.11	)		(0.11	)
Net realized and unrealized gain (loss) on investments		3.16			(3.45	)		4.16			(9.65	)		4.11			1.17
Total from investment operations		3.10			(3.53	)		4.06			(9.75	)		4.00			1.06
Fund acquisition
Exchange Reduction		—		(6.83)(AA)				—			—			—			—
Distributions
Net investment income		—			(0.02	)		—			—			—			—
Net realized gains on investments		—			—			—			(0.61	)		(0.01	)		—
Total distributions		—			(0.02	)		—			(0.61	)		(0.01	)		—
Net asset value
End of period/year	$	16.89		$	13.79		$	17.34		$	13.28		$	23.64		$	19.65
Total return(C)		22.48	%(D)		25.87	%		30.57	%(E)		(41.19	%)		20.35	%		5.70	%
Net assets end of period/year (000’s)	$	79,842		$	70,379		$	63,698		$	50,834		$	95,372		$	87,200
Ratio and supplemental data
Expenses to average net assets
After reimbursement/recapture fee waiver		1.40	%(E)		1.42	%(P)		1.45	%(E), (P)		1.37	%		1.18	%		1.20	%
Before reimbursement/recapture fee waiver		1.35	%(E)		1.43	%(P)		1.56	%(E), (P)		1.37	%		1.18	%		1.20	%
Net investment loss, to average net assets (BB)		(0.75	%)(E)		(0.63	%)		(0.80	%)(E)		(0.52	%)		(0.50	%)		(0.61	%)
Portfolio turnover rate		94	%(D)		57	%		62	%(D)		66	%		51	%		46	%

	Transamerica Morgan Stanley Growth Opportunities(Q)
	Class A
	April 30, 2011			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2010			2009			2008			2007			2006
Net asset value
Beginning of period/year	$	9.82		$	7.54		$	6.57		$	11.40		$	8.36		$	7.85
Investment operations
Net investment loss(B)		(0.05	)		(0.05	)		(0.05	)		(0.06	)		(0.09	)		(0.07	)
Net realized and unrealized gain (loss) on investments		2.92			2.33			1.02			(4.77	)		3.13			0.58
Total from investment operations		2.87			2.28			0.97			(4.83	)		3.04			0.51
Net asset value
End of period/year	$	12.69		$	9.82		$	7.54		$	6.57		$	11.40		$	8.36
Total return(C)		29.23	%(D)		30.41	%		14.76	%		(42.37	%)		36.20	%		6.62	%
Net assets end of period/year (000’s)	$	117,976		$	59,685		$	48,788		$	41,005		$	64,825		$	56,588
Ratio and supplemental data
Expenses to average net assets
After reimbursement/recapture fee waiver		1.75	%(E)		1.75	%		1.75	%		1.75	%		1.75	%		1.72	%
Before reimbursement/recapture fee waiver		1.68	%(E)		1.98	%		2.23	%		1.81	%		1.77	%		1.72	%
Net investment loss, to average net assets (BB)		(0.91	%)(E)		(0.56	%)		(0.68	%)		(0.69	%)		(1.00	%)		(0.89	%)
Portfolio turnover rate		105	%(D)		63	%		71	%		45	%		85	%		59	%

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 73

FINANCIAL HIGHLIGHTS (continued)
For the period or years ended:

	Transamerica Morgan Stanley Growth Opportunities(Q)
	Class B
	April 30, 2011			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2010			2009			2008			2007			2006
Net asset value
Beginning of period/year	$	9.05		$	6.99		$	6.13		$	10.72		$	7.92		$	7.48
Investment operations
Net investment loss(B)		(0.07	)		(0.10	)		(0.08	)		(0.12	)		(0.14	)		(0.13	)
Net realized and unrealized gain (loss) on investments		2.67			2.16			0.94			(4.47	)		2.94			0.57
Total from investment operations		2.60			2.06			0.86			(4.59	)		2.80			0.44
Net asset value
End of period/year	$	11.65		$	9.05		$	6.99		$	6.13		$	10.72		$	7.92
Total return(C)		28.73	%(D)		29.47	%		14.03	%		(42.82	%)		35.35	%		5.88	%
Net assets end of period/year (000’s)	$	13,463		$	12,406		$	14,067		$	20,823		$	65,123		$	66,098
Ratio and supplemental data
Expenses to average net assets
After reimbursement/recapture fee waiver		2.40	%(E)		2.40	%		2.40	%		2.40	%		2.40	%		2.40	%
Before reimbursement/recapture fee waiver		2.31	%(E)		2.41	%		2.71	%		2.46	%		2.45	%		2.46	%
Net investment loss, to average net assets (BB)		(1.40	%)(E)		(1.21	%)		(1.25	%)		(1.39	%)		(1.66	%)		(1.57	%)
Portfolio turnover rate		105	%(D)		63	%		71	%		45	%		85	%		59	%

	Transamerica Morgan Stanley Growth Opportunities(Q)
	Class C
	April 30, 2011			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2010			2009			2008			2007			2006
Net asset value
Beginning of period/year	$	9.08		$	7.01		$	6.16		$	10.74		$	7.94		$	7.49
Investment operations
Net investment loss(B)		(0.07	)		(0.10	)		(0.08	)		(0.11	)		(0.14	)		(0.12	)
Net realized and unrealized gain (loss) on investments		2.68			2.17			0.93			(4.47	)		2.94			0.57
Total from investment operations		2.61			2.07			0.85			(4.58	)		2.80			0.45
Net asset value
End of period/year	$	11.69		$	9.08		$	7.01		$	6.16		$	10.74		$	7.94
Total return(C)		28.74	%(D)		29.53	%		13.80	%		(42.64	%)		35.26	%		6.01	%
Net assets end of period/year (000’s)	$	16,371		$	12,781		$	10,774		$	10,619		$	22,656		$	21,688
Ratio and supplemental data
Expenses to average net assets
After reimbursement/recapture fee waiver		2.40	%(E)		2.40	%		2.40	%		2.34	%		2.36	%		2.38	%
Before reimbursement/recapture fee waiver		2.30	%(E)		2.41	%		2.62	%		2.34	%		2.36	%		2.38	%
Net investment loss, to average net assets (BB)		(1.44	%)(E)		(1.21	%)		(1.31	%)		(1.29	%)		(1.61	%)		(1.54	%)
Portfolio turnover rate		105	%(D)		63	%		71	%		45	%		85	%		59	%

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Semi-Annual Report 2011
	Page 74

FINANCIAL HIGHLIGHTS (continued)
For the period or years ended:

	Transamerica Morgan Stanley
	Growth Opportunities(Q)
	Class I
	April 30, 2011			October 31,
For a share outstanding throughout each period	(unaudited)			2010(F)
Net asset value
Beginning of period/year	$	10.19		$	8.04
Investment operations
Net investment loss(B)		(0.02	)		(0.02	)
Net realized and unrealized gain on investments		3.01			2.17
Total from investment operations		2.99			2.15
Distributions
Net investment income		(0.04	)		—
Total distributions		(0.04	)		—
Net asset value
End of period/year	$	13.14		$	10.19
Total return(C)		29.45	%(D)		26.74	%(D)
Net assets end of period/year (000’s)	$	4,180		$	815
Ratio and supplemental data
Expenses to average net assets
After reimbursement/recapture fee waiver		1.07	%(E)		1.40	%(E)
Before reimbursement/recapture fee waiver		1.05	%(E)		1.48	%(E)
Net investment loss, to average net assets (BB)		(0.25	%)(E)		(0.23	%)(E)
Portfolio turnover rate		105	%(D)		63	%(D)

	Transamerica Morgan Stanley Growth Opportunities(Q)
	Class I2(G)
	April 30, 2011			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2010			2009			2008			2007			2006(M)
Net asset value
Beginning of period/year	$	10.23		$	7.78		$	6.74		$	11.59		$	8.43		$	7.99
Investment operations
Net investment income (loss)(B)		0.01			0.03			0.01			0.01			(0.01	)		—	(J)
Net realized and unrealized gain (loss) on investments		3.03			2.42			1.03			(4.86	)		3.17			0.44
Total from investment operations		3.04			2.45			1.04			(4.85	)		3.16			0.44
Distributions
Net investment income		(0.06	)		—			—			—			—			—
Total distributions		(0.06	)		—			—			—			—			—
Net asset value
End of period/year	$	13.21		$	10.23		$	7.78		$	6.74		$	11.59		$	8.43
Total return(C)		29.77	%(D)		31.49	%		15.43	%		(41.85	%)		37.49	%		5.51	%(D)
Net assets end of period/year (000’s)	$	136,610		$	106,970		$	111,402		$	86,425		$	206,863		$	214,775
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		0.87	%(E)		0.88	%		0.91	%		0.86	%		0.88	%		0.88	%(E)
Before reimbursement/fee waiver		0.87	%(E)		0.88	%		0.91	%		0.86	%		0.88	%		0.88	%(E)
Net investment income (loss), to average net assets (BB)		0.10	%(E)		0.32	%		0.15	%		0.15	%		(0.15	%)		(0.06	%)(E)
Portfolio turnover rate		105	%(D)		63	%		71	%		45	%		85	%		59	%(D)

The notes to the financial statements are an integral part of this report.
Transamerica Funds Semi-Annual Report 2011

Page 75

FINANCIAL HIGHLIGHTS (continued)
For the period or years ended:

	Transamerica Morgan Stanley
	Growth Opportunities(Q)
	Class P
	April 30, 2011			October 31,
For a share outstanding throughout each period	(unaudited)			2010(O)
Net asset value
Beginning of period/year	$	9.85		$	8.01
Investment operations
Net investment loss(B)		(0.02	)		(0.02	)
Net realized and unrealized gain on investments		2.92			1.85
Total from investment operations		2.90			1.84
Distributions
Net investment income		(0.01	)		—
Total distributions		(0.01	)		—
Net asset value
End of period/year	$	12.74		$	9.85
Total return(C)		29.47	%(D)		22.97	%(D)
Net assets end of period/year (000’s)	$	128,610		$	104,877
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		1.31	%(E)		1.37	%(E)
Before reimbursement/fee waiver		1.31	%(E)		1.37	%(E)
Net investment loss, to average net assets (BB)		(0.34	%)(E)		(0.18	%)(E)
Portfolio turnover rate		105	%(D)		63	%(D)

	Transamerica Multi-Managed Balanced(R)
	Class A
	April 30, 2011			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2010			2009			2008			2007			2006
Net asset value
Beginning of period/year	$	21.40		$	17.85		$	16.44		$	25.70		$	22.05		$	19.90
Investment operations
Net investment income(B)		0.11			0.52			0.28			0.28			0.17			0.12
Net realized and unrealized gain (loss) on investments		2.76			3.55			2.47			(8.64	)		3.62			2.12
Total from investment operations		2.87			4.07			2.75			(8.36	)		3.79			2.24
Distributions
Net investment income		(0.10	)		(0.52	)		(0.31	)		(0.24	)		(0.14	)		(0.09	)
Net realized gains on investments		—			—			(1.03	)		(0.66	)		—			—
Total distributions		(0.10	)		(0.52	)		(1.34	)		(0.90	)		(0.14	)		(0.09	)
Net asset value
End of period/year	$	24.17		$	21.40		$	17.85		$	16.44		$	25.70		$	22.05
Total return(C)		13.44	%(D)		23.08	%		18.43	%		(33.55	%)		17.28	%		11.27	%
Net assets end of period/year (000’s)	$	137,338		$	95,258		$	60,279		$	49,917		$	61,565		$	55,547
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		1.45	%(E)		1.56	%(S)		1.73	%(S)		1.52	%		1.56	%		1.58	%
Before reimbursement/fee waiver		1.46	%(E)		1.56	%(S)		1.73	%(S)		1.52	%		1.56	%		1.58	%
Net investment income, to average net assets (BB)		0.93	%(E)		2.67	%		1.72	%		1.27	%		0.73	%		0.57	%
Portfolio turnover rate		126	%(D)		99	%		100	%		52	%		52	%		51	%

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

Transamerica Funds Semi-Annual Report 2011

Page 76

FINANCIAL HIGHLIGHTS (continued)
For the period or years ended:

	Transamerica Multi-Managed Balanced(R)
	Class B
	April 30, 2011			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2010			2009			2008			2007			2006
Net asset value
Beginning of period/year	$	21.34		$	17.79		$	16.37		$	25.58		$	21.98		$	19.88
Investment operations
Net investment income(B)		0.01			0.33			0.16			0.13			0.04			—	(J)
Net realized and unrealized gain (loss) on investments		2.74			3.58			2.45			(8.58	)		3.60			2.12
Total from investment operations		2.75			3.91			2.61			(8.45	)		3.64			2.12
Distributions
Net investment income		(0.05	)		(0.36	)		(0.17	)		(0.10	)		(0.04	)		(0.02	)
Net realized gains on investments		—			—			(1.03	)		(0.66	)		—			—
Total distributions		(0.05	)		(0.36	)		(1.20	)		(0.76	)		(0.04	)		(0.02	)
Net asset value
End of period/year	$	24.04		$	21.34		$	17.79		$	16.37		$	25.58		$	21.98
Total return(C)		12.94	%(D)		22.15	%		17.50	%		(33.95	%)		16.57	%		10.65	%
Net assets end of period/year (000’s)	$	13,519		$	14,658		$	17,787		$	32,469		$	96,573		$	118,286
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		2.31	%(E)		2.34	%(S)		2.46	%(S)		2.15	%		2.14	%		2.15	%
Before reimbursement/fee waiver		2.32	%(E)		2.34	%(S)		2.46	%(S)		2.15	%		2.14	%		2.15	%
Net investment income, to average net assets (BB)		0.09	%(E)		1.73	%		1.02	%		0.59	%		0.15	%		0.01	%
Portfolio turnover rate		126	%(D)		99	%		100	%		52	%		52	%		51	%

	Transamerica Multi-Managed Balanced(R)
	Class C
	April 30, 2011			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2010			2009			2008			2007			2006
Net asset value
Beginning of period/year	$	21.20		$	17.69		$	16.30		$	25.50		$	21.91		$	19.82
Investment operations
Net investment income(B)		0.04			0.40			0.18			0.15			0.04			0.01
Net realized and unrealized gain (loss) on investments		2.73			3.53			2.46			(8.56	)		3.59			2.10
Total from investment operations		2.77			3.93			2.64			(8.41	)		3.63			2.11
Distributions
Net investment income		(0.05	)		(0.42	)		(0.22	)		(0.13	)		(0.04	)		(0.02	)
Net realized gains on investments		—			—			(1.03	)		(0.66	)		—			—
Total distributions		(0.05	)		(0.42	)		(1.25	)		(0.79	)		(0.04	)		(0.02	)
Net asset value
End of period/year	$	23.92		$	21.20		$	17.69		$	16.30		$	25.50		$	21.91
Total return(C)		13.09	%(D)		22.43	%		17.80	%		(33.92	%)		16.61	%		10.64	%
Net assets end of period/year (000’s)	$	38,387		$	24,194		$	16,933		$	17,719		$	32,569		$	36,750
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		2.02	%(E)		2.11	%(S)		2.27	%(S)		2.08	%		2.11	%		2.12	%
Before reimbursement/fee waiver		2.03	%(E)		2.11	%(S)		2.27	%(S)		2.08	%		2.11	%		2.12	%
Net investment income, to average net assets (BB)		0.37	%(E)		2.09	%		1.15	%		0.69	%		0.18	%		0.03	%
Portfolio turnover rate		126	%(D)		99	%		100	%		52	%		52	%		51	%

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

Transamerica Funds Semi-Annual Report 2011

Page 77

FINANCIAL HIGHLIGHTS (continued)
For the period or years ended:

	Transamerica Multi-Managed Balanced(R)
	Class I						Class P
	April 30, 2011			October 31,			April 30, 2011			October 31,
For a share outstanding throughout each period	(unaudited)			2010(F)			(unaudited)			2010(O)
Net asset value										��
Beginning of period/year	$	21.46		$	18.49		$	21.40		$	18.67
Investment operations
Net investment income(B)		0.16			0.57			0.15			0.54
Net realized and unrealized gain on investments		2.75			2.98			2.76			2.80
Total from investment operations		2.91			3.55			2.91			3.34
Distributions
Net investment income		(0.13	)		(0.58	)		(0.13	)		(0.61	)
Total distributions		(0.13	)		(0.58	)		(0.13	)		(0.61	)
Net asset value
End of period/year	$	24.24		$	21.46		$	24.18		$	21.40
Total return(C)		13.61	%(D)		19.52	%(D)		13.62	%(D)		18.19	%(D)
Net assets end of period/year (000’s)		7,868			265		$	213,308		$	199,226
Ratio and supplemental data
Expenses to average net assets
After reimbursement/recapture fee waiver		1.04	%(E)		1.46	%(E), (V)		1.10	%(E)		1.11	%(E), (V)
Before reimbursement/recapture fee waiver		1.01	%(E)		2.01	%(E), (V)		1.30	%(E)		1.33	%(E), (V)
Net investment income, to average net assets (BB)		1.37	%(E)		3.15	%(E)		1.29	%(E)		2.88	%(E)
Portfolio turnover rate		126	%(D)		99	%(D)		126	%(D)		99	%(D)

	Transamerica Systematic Small/Mid Cap Value(T)
	Class A
	April 30, 2011			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2010			2009			2008			2007			2006
Net asset value
Beginning of period/year	$	18.89		$	14.72		$	12.70		$	23.78		$	17.78		$	16.69
Investment operations
Net investment income (loss)(B)		(0.07	)		(0.02	)		—	(J)		0.21			0.14			0.28
Net realized and unrealized gain (loss) on investments		5.40			4.19			2.33			(8.64	)		6.30			1.96
Total from investment operations		5.33			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 period/year	$	24.22		$	18.89		$	14.72		$	12.70		$	23.78		$	17.78
Total return(C)		28.22	%(D)		28.33	%		19.12	%		(39.47	%)		36.99	%		13.97	%
Net assets end of period/year (000’s)	$	401,174		$	283,240		$	201,569		$	199,210		$	96,667		$	47,014
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		1.40	%(E)		1.47	%		1.59	%		1.41	%		1.41	%		1.39	%
Before reimbursement/fee waiver		1.40	%(E)		1.47	%		1.59	%		1.41	%		1.41	%		1.39	%
Net investment income (loss), to average net assets (BB)		(0.65	%)(E)		(0.12	%)		—	%(K)		1.18	%		0.71	%		1.61	%
Portfolio turnover rate		141	%(D)		57	%		101	%		48	%		22	%		21	%

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

Transamerica Funds Semi-Annual Report 2011

Page 78

FINANCIAL HIGHLIGHTS (continued)
For the period or years ended:

	Transamerica Systematic Small/Mid Cap Value(T)
	Class B
	April 30, 2011			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2010			2009			2008			2007			2006
Net asset value
Beginning of period/year	$	18.05		$	14.16		$	12.19		$	22.89		$	17.12		$	16.21
Investment operations
Net investment income (loss)(B)		(0.13	)		(0.12	)		(0.08	)		0.06			0.02			(0.01	)
Net realized and unrealized gain (loss) on investments		5.15			4.01			2.26			(8.27	)		6.06			2.07
Total from investment operations		5.02			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 period/year	$	23.07		$	18.05		$	14.16		$	12.19		$	22.89		$	17.12
Total return(C)		27.81	%(D)		27.47	%		18.37	%		(39.85	%)	��	36.09	%		13.21	%
Net assets end of period/year (000’s)	$	45,144		$	38,355		$	34,573		$	31,716		$	53,285		$	47,007
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		2.06	%(E)		2.12	%		2.24	%		2.07	%		2.07	%		2.10	%
Before reimbursement/fee waiver		2.06	%(E)		2.12	%		2.24	%		2.07	%		2.07	%		2.10	%
Net investment income (loss), to average net assets (BB)		(1.30	%)(E)		(0.74	%)		(0.66	%)		0.34	%		0.12	%		(0.06	%)
Portfolio turnover rate		141	%(D)		57	%		101	%		48	%		22	%		21	%

	Transamerica Systematic Small/Mid Cap Value(T)
	Class C
	April 30, 2011			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2010			2009			2008			2007			2006
Net asset value
Beginning of period/year	$	17.86		$	14.00		$	12.10		$	22.81		$	17.09		$	16.18
Investment operations
Net investment income (loss)(B)		(0.13	)		(0.12	)		(0.08	)		0.09					—	(J)
Net realized and unrealized gain (loss) on investments		5.10			3.98			2.23			(8.24	)		6.05			2.06
Total from investment operations		4.97			3.86			2.15			(8.15	)		6.07			2.06
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 period/year	$	22.83		$	17.86		$	14.00		$	12.10		$	22.81		$	17.09
Total return(C)		27.83	%(D)		27.57	%		18.42	%		(39.84	%)		36.16	%		13.23	%
Net assets end of period/year (000’s)	$	221,024		$	169,903		$	115,960		$	95,729		$	63,856		$	29,105
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		2.01	%(E)		2.07	%		2.20	%		2.04	%		2.04	%		2.08	%
Before reimbursement/fee waiver		2.01	%(E)		2.07	%		2.20	%		2.04	%		2.04	%		2.08	%
Net investment income (loss), to average net assets (BB)		(1.25	%)(E)		(0.73	%)		(0.63	%)		0.52	%		0.10	%		(0.03	%)
Portfolio turnover rate		141	%(D)		57	%		101	%		48	%		22	%		21	%

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

Transamerica Funds Semi-Annual Report 2011

Page 79

FINANCIAL HIGHLIGHTS (continued)
For the period or years ended:

	Transamerica Systematic
	Small/Mid Cap Value(T)
	Class I
	April 30, 2011			October 31,
For a share outstanding throughout each period	(unaudited)			2010(F)
Net asset value
Beginning of period/year	$	19.15		$	15.44
Investment operations
Net investment loss(B)		(0.03	)		(0.02	)
Net realized and unrealized gain on investments		5.49			3.73
Total from investment operations		5.46			3.71
Net asset value
End of period/year	$	24.61		$	19.15
Total return(C)		28.51	%(D)		24.03	%(D)
Net assets end of period/year (000’s)	$	77,780		$	40,346
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		0.98	%(E)		1.04	%(E)
Before reimbursement/fee waiver		0.98	%(E)		1.04	%(E)
Net investment loss, to average net assets (BB)		(0.23	%)(E)		(0.11	%)(E)
Portfolio turnover rate		141	%(D)		57	%(D)

	Transamerica Systematic Small/Mid Cap Value(T)
	Class I2(G)
	April 30, 2011			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2010			2009			2008			2007			2006(M)
Net asset value
Beginning of period/year	$	19.13		$	14.82		$	12.81		$	23.91		$	17.87		$	16.84
Investment operations
Net investment income (loss)(B)		(0.01	)		0.08			0.11			0.30			0.26			0.18
Net realized and unrealized gain (loss) on investments		5.48			4.23			2.31			(8.67	)		6.32			1.97
Total from investment operations		5.47			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 period/year	$	24.60		$	19.13		$	14.82		$	12.81		$	23.91		$	17.87
Total return(C)		28.59	%(D)		29.00	%		19.85	%		(39.11	%)		37.78	%		13.30	%(D)
Net assets end of period/year (000’s)	$	15,780		$	15,893		$	10,746		$	214,351		$	487,605		$	478,728
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		0.86	%(E)		0.88	%		0.91	%		0.85	%		0.85	%		0.86	%(E)
Before reimbursement/fee waiver		0.86	%(E)		0.88	%		0.91	%		0.85	%		0.85	%		0.86	%(E)
Net investment income (loss), to average net assets (BB)		(0.09	%)(E)		0.47	%		0.89	%		1.58	%		1.30	%		1.05	%(E)
Portfolio turnover rate		141	%(D)		57	%		101	%		48	%		22	%		21	%(D)

The notes to the financial statements are an integral part of this report.
Transamerica Funds
Semi-Annual Report 2011

Page 80

FINANCIAL HIGHLIGHTS (continued)
For the period or years ended:

	Transamerica TS&W
	International Equity
	Class A			Class C
	April 30,			April 30,
	2011(FF)			2011(FF)
For a share outstanding throughout each period	(unaudited)			(unaudited)
Net asset value
Beginning of period/year	$	15.03		$	15.03
Investment operations
Net investment income(B)		0.11			0.09
Net realized and unrealized gain on investments		0.67			0.67
Total from investment operations		0.78			0.76
Net asset value
End of period/year	$	15.81		$	15.79
Total return(C)		5.19	%(D)		5.06	%(D)
Net assets end of period/year (000’s)	$	135		$	111
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		1.50	%(E)		2.10	%(E)
Before reimbursement/fee waiver		1.50	%(E)		2.10	%(E)
Net investment income, to average net assets (BB)		4.56	%(E)		3.58	%(E)
Portfolio turnover rate		22	%(D)		22	%(D)

	Transamerica TS&W International Equity(GG)
	Class I
	April 30, 2011			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2010			2009			2008			2007			2006
Net asset value
Beginning of period/year	$	13.97		$	12.55		$	9.94		$	21.16		$	19.08		$	14.83
Investment operations
Net investment income(B)		0.24			0.22			0.19			0.26			0.28			0.16
Net realized and unrealized gain (loss) on investments		1.80			1.36			2.61			(8.99	)		4.37			4.17
Total from investment operations		2.04			1.58			2.80			(8.73	)		4.65			4.33
Distributions
Net investment income		(0.19	)		(0.16	)		(0.19	)		(0.20	)		(0.09	)		(0.08	)
Net realized gains on investments		—			—			—			(2.29	)		(2.48	)		—
Total distributions		(0.19	)		(0.16	)		(0.19	)		(2.49	)		(2.57	)		(0.08	)
Net asset value
End of period/year	$	15.82		$	13.97		$	12.55		$	9.94		$	21.16		$	19.08
Total return(C)		14.79	%(D)		12.73	%		28.58	%		(46.36	%)		26.86	%		29.33	%
Net assets end of period/year (000’s)	$	87,460		$	75,271		$	64,600		$	51,529		$	91,838		$	70,503
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		1.19	%(E)		1.43	%		1.67	%		1.53	%		1.55	%		1.61	%
Before reimbursement/fee waiver		1.21	%(E)		1.43	%		1.67	%		1.53	%		1.55	%		1.61	%
Net investment income, to average net assets (BB)		3.43	%(E)		1.76	%		1.87	%		1.67	%		1.47	%		0.96	%
Portfolio turnover rate		22	%(D)		43	%		42	%		40	%		41	%		74	%

The notes to the financial statements are an integral part of this report.
Transamerica Funds
Semi-Annual Report 2011

Page 81

FINANCIAL HIGHLIGHTS (continued)
For the period or years ended:

	Transamerica
	TS&W
	International
	Equity
	Class I2			Transamerica WMC Diversified Equity(U)
	April 30,			Class A						Class B
	2011(FF)			April 30, 2011			October 31,			April 30, 2011			October 31,
For a share outstanding throughout each period	(unaudited)			(unaudited)			2010(O)			(unaudited)			2010(O)
Net asset value
Beginning of period/year	$	15.03		$	14.29		$	12.85		$	14.22		$	12.85
Investment operations
Net investment income (loss)(B)		0.14			(0.04	)		0.15			(0.09	)		0.06
Net realized and unrealized gain on investments		0.65			2.02			1.31			2.01			1.32
Total from investment operations		0.79			1.98			1.46			1.92			1.38
Distributions
Net investment income		—			(0.16	)		(0.02	)		(0.04	)		(0.01	)
Total distributions		—			(0.16	)		(0.02	)		(0.04	)		(0.01	)
Net asset value
End of period/year	$	15.82		$	16.11		$	14.29		$	16.10		$	14.22
Total return(C)		5.26	%(D)		13.91	%(D)		11.32	%(D)		13.50	% (D)		10.68	%(D)
Net assets end of period/year (000’s)	$	54,240		$	89,642		$	83,766		$	7,370		$	7,735
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		1.07	%(E)		1.52	%(E)		1.52	%(E)		2.17	% (E)		2.17	%(E)
Before reimbursement/fee waiver		1.07	%(E)		1.64	%(E)		1.72	%(E)		2.33	% (E)		2.44	%(E)
Net investment income (loss), to average net assets (BB)		5.66	%(E)		(0.58	%)(E)		1.14	%(E)		(1.22	%) (E)		0.40	%(E)
Portfolio turnover rate		22	%(D)		112	%(D)		79	%(D)		112	%(D)		79	%(D)

	Transamerica WMC Diversified Equity(U)
	Class C						Class I						Class I2(G)
	April 30, 2011			October 31,			April 30, 2011			October 31,			April 30, 2011			October 31,
For a share outstanding throughout each period	(unaudited)			2010(O)			(unaudited)			2010(F)			(unaudited)			2010(O)
Net asset value
Beginning of period/year	$	14.22		$	12.85		$	14.41		$	12.65		$	14.38		$	12.85
Investment operations
Net investment income (loss)(B)		(0.09	)		0.06			(0.02	)		0.26			0.01			0.26
Net realized and unrealized gain on investments		2.00			1.32			2.04			1.53			2.03			1.30
Total from investment operations		1.91			1.38			2.02			1.79			2.04			1.56
Distributions
Net investment income		(0.06	)		(0.01	)		(0.23	)		(0.03	)		(0.26	)		(0.03	)
Total distributions		(0.06	)		(0.01	)		(0.23	)		(0.03	)		(0.26	)		(0.03	)
Net asset value
End of period/year	$	16.07		$	14.22		$	16.20		$	14.41		$	16.16		$	14.38
Total return(C)		13.45	%(D)		10.68	%(D)		14.10	%(D)		14.16	% (D)		14.30	%(D)		12.12	%(D)
Net assets end of period/year (000’s)	$	15,936		$	15,013		$	436		$	421		$	469,254		$	358,714
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		2.17	%(E)		2.17	%(E)		1.17	%(E)		1.17	%(E)		0.79	%(E)		0.81	%(E)
Before reimbursement/fee waiver		2.22	%(E)		2.31	%(E)		1.44	%(E)		1.81	%(E)		0.79	%(E)		0.81	%(E)
Net investment income (loss), to average net assets (BB)		(1.23	%)(E)		0.48	%(E)		(0.22	%)(E)		2.14	%(E)		0.14	%(E)		2.02	%(E)
Portfolio turnover rate		112	%(D)		79	%(D)		112	%(D)		79	%(D)		112	%(D)		79	%(D)

The notes to the financial statements are an integral part of this report.
Transamerica Funds
Semi-Annual Report 2011

Page 82

FINANCIAL HIGHLIGHTS (continued)
For the period or years ended:

	Transamerica WMC Diversified Equity(U)
	Class P (Z)
							10 Months
	April 30, 2011			October 31,			Ended October			December 31,			December 31,			December 31,
For a share outstanding throughout each period	(unaudited)			2010			31, 2009			2008			2007			2006
Net asset value
Beginning of period/year	$	14.34		$	12.08		$	9.82		$	17.15		$	14.84		$	13.69
Investment operations
Net investment income (loss)(B)		(0.02	)		0.21			0.02			0.05			0.01			0.01
Net realized and unrealized gain (loss) on investments		2.02			2.12			2.24			(7.08	)		2.77			1.28
Total from investment operations		2.00			2.33			2.26			(7.03	)		2.78			1.29
Distributions
Net investment income		(0.21	)		(0.07	)		—			(0.02	)		—	(J)		—
Net realized gains on investments		—			—			—			(0.28	)		(0.47	)		(0.14	)
Total distributions		(0.21	)		(0.07	)		—			(0.30	)		(0.47	)		(0.14	)
Net asset value
End of period/year	$	16.13		$	14.34		$	12.08		$	9.82		$	17.15		$	14.84
Total return(C)		14.06	%(D)		19.31	%		23.01	%(D)		(40.93	%)		18.68	%		9.42	%
Net assets end of period/year (000’s)	$	371,037		$	323,700		$	259,822		$	194,445		$	305,343		$	207,607
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		1.15	%(E)		1.15	%		1.15	%(E)		1.15	%		1.15	%		1.15	%
Before reimbursement/fee waiver		1.48	%(E)		1.38	%		1.32	%(E)		1.29	%		1.15	%		1.15	%
Net investment income (loss), to average net assets (BB)		(0.21	%)(E)		1.56	%		0.27	%(E)		0.35	%		0.08	%		0.04	%
Portfolio turnover rate		112	%(D)		79	%		25	%(D)		44	%		29	%		36	%

	Transamerica WMC Diversified Growth
	Class A
	April 30, 2011			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2010			2009			2008			2007			2006
Net asset value
Beginning of period/year	$	8.90		$	7.54		$	6.85		$	12.07		$	9.83		$	8.87
Investment operations
Net investment loss(B)		(0.02	)		(0.02	)		—	(J)		(0.01	)		(0.05	)		(0.07	)
Net realized and unrealized gain (loss) on investments		1.48			1.38			0.69			(5.21	)		2.29			1.11
Total from investment operations		1.46			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 period/year	$	10.36		$	8.90		$	7.54		$	6.85		$	12.07		$	9.83
Total return(C)		16.40	%(D)		18.04	%		10.07	%		(43.25	%)		22.79	%		11.71	%
Net assets end of period/year (000’s)	$	425,493		$	303,912		$	292,838		$	300,140		$	532,251		$	500,483
Ratio and supplemental data
Expenses to average net assets
After reimbursement/recapture fee waiver		1.52	%(E)		1.52	%		1.52	%		1.39	%		1.40	%		1.51	%
Before reimbursement/recapture fee waiver		1.46	%(E)		1.56	%		1.67	%		1.39	%		1.40	%		1.51	%
Net investment income (loss), to average net assets (BB)		(0.52	%)(E)		(0.28	%)		0.06	%		(0.07	%)		(0.48	%)		(0.70	%)
Portfolio turnover rate		45	%(D)		167	%		53	%		33	%		62	%		19	%

The notes to the financial statements are an integral part of this report.
Transamerica Funds
Semi-Annual Report 2011

Page 83

FINANCIAL HIGHLIGHTS (continued)
For the period or years ended:

	Transamerica WMC Diversified Growth
	Class B
	April 30, 2011			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2010			2009			2008			2007			2006
Net asset value
Beginning of period/year	$	8.22		$	7.01		$	6.42		$	11.39		$	9.35		$	8.49
Investment operations
Net investment loss(B)		(0.05	)		(0.07	)		(0.03	)		(0.08	)		(0.12	)		(0.12	)
Net realized and unrealized gain (loss) on investments		1.37			1.28			0.62			(4.89	)		2.16			1.06
Total from investment operations		1.32			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 period/year	$	9.54		$	8.22		$	7.01		$	6.42		$	11.39		$	9.35
Total return(C)		16.06	%(D)		17.26	%		9.19	%		(43.63	%)		21.82	%		11.06	%
Net assets end of period/year (000’s)	$	29,184		$	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	%(E)		2.17	%		2.17	%		2.17	%		2.17	%		2.17	%
Before reimbursement/fee waiver		2.26	%(E)		2.30	%		2.50	%		2.21	%		2.21	%		2.34	%
Net investment loss, to average net assets (BB)		(1.14	%)(E)		(0.92	%)		(0.53	%)		(0.87	%)		(1.25	%)		(1.34	%)
Portfolio turnover rate		45	%(D)		167	%		53	%		33	%		62	%		19	%

	Transamerica WMC Diversified Growth
	Class C
	April 30, 2011			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2010			2009			2008			2007			2006
Net asset value
Beginning of period/year	$	8.26		$	7.04		$	6.44		$	11.42		$	9.37		$	8.50
Investment operations
Net investment loss(B)		(0.05	)		(0.07	)		(0.03	)		(0.07	)		(0.11	)		(0.12	)
Net realized and unrealized gain (loss) on investments		1.37			1.29			0.63			(4.91	)		2.16			1.07
Total from investment operations		1.32			1.22			0.60			(4.98	)		2.05			0.95
Distributions
Net realized gains on investments		—			—			—			—			—			(0.08	)
Total distributions		—			—			—			—			—			(0.08	)
Net asset value
End of period/year	$	9.58		$	8.26		$	7.04		$	6.44		$	11.42		$	9.37
Total return(C)		15.98	%(D)		17.33	%		9.32	%		(43.61	%)		21.88	%		11.16	%
Net assets end of period/year (000’s)	$	39,495		$	36,135		$	37,225		$	46,676		$	101,226		$	97,047
Ratio and supplemental data
Expenses to average net assets
After reimbursement/recapture fee waiver		2.17	%(E)		2.17	%		2.17	%		2.04	%		2.07	%		2.10	%
Before reimbursement/recapture fee waiver		2.17	%(E)		2.22	%		2.32	%		2.04	%		2.07	%		2.10	%
Net investment loss, to average net assets (BB)		(1.15	%)(E)		(0.93	%)		(0.56	%)		(0.72	%)		(1.15	%)		(1.27	%)
Portfolio turnover rate		45	%(D)		167	%		53	%		33	%		62	%		19	%

The notes to the financial statements are an integral part of this report.
Transamerica Funds
Semi-Annual Report 2011

Page 84

FINANCIAL HIGHLIGHTS (continued)
For the period or years ended:

	Transamerica WMC Diversified
	Growth
	Class I
	April 30, 2011			October 31,
For a share outstanding throughout each period	(unaudited)			2010(F)
Net asset value
Beginning of period/year	$	9.14		$	8.12
Investment operations
Net investment income(B)		—	(J)		—	(J)
Net realized and unrealized gain on investments		1.53			1.06
Total from investment operations		1.53			1.06
Distributions
Net investment income		—			(0.04	)
Total distributions		—			(0.04	)
Net asset value
End of period/year	$	10.67		$	9.14
Total return(C)		16.61	%(D)		13.14	%(D)
Net assets end of period/year (000’s)	$	5,388		$	2,903
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		0.93	%(E)		1.01	%(E)
Before reimbursement/fee waiver		0.93	%(E)		1.01	%(E)
Net investment income, to average net assets (BB)		0.05	%(E)		(0.02	%)(E)
Portfolio turnover rate		45	%(D)		167	%(D)

	Transamerica WMC Diversified Growth
	Class I2(G)
	April 30, 2011			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2010			2009			2008			2007			2006(M)
Net asset value
Beginning of period/year	$	9.10		$	7.69		$	6.99		$	12.23		$	9.90		$	9.17
Investment operations
Net investment income(B)		0.01			0.04			0.05			0.06			0.01			—	(J)
Net realized and unrealized gain (loss) on investments		1.52			1.41			0.69			(5.30	)		2.32			0.81
Total from investment operations		1.53			1.45			0.74			(5.24	)		2.33			0.81
Distributions
Net investment income		—			(0.04	)		(0.04	)		—			—			—
Net realized gains on investments		—			—			—			—			—			(0.08	)
Total distributions		—			(0.04	)		(0.04	)		—			—			(0.08	)
Net asset value
End of period/year	$	10.63		$	9.10		$	7.69		$	6.99		$	12.23		$	9.90
Total return(C)		16.81	%(D)		18.94	%		10.73	%		(42.85	%)		23.54	%		8.83	%(D)
Net assets end of period/year (000’s)	$	553,821		$	425,431		$	637,103		$	500,722		$	888,019		$	714,803
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		0.77	%(E)		0.78	%		0.82	%		0.75	%		0.78	%		0.81	%(E)
Before reimbursement/fee waiver		0.77	%(E)		0.78	%		0.82	%		0.75	%		0.78	%		0.81	%(E)
Net investment income, to average net assets (BB)		0.24	%(E)		0.51	%		0.72	%		0.55	%		0.13	%		0.02	%(E)
Portfolio turnover rate		45	%(D)		167	%		53	%		33	%		62	%		19	%(D)

The notes to the financial statements are an integral part of this report.
Transamerica Funds
Semi-Annual Report 2011

Page 85

FINANCIAL HIGHLIGHTS (continued)
For the period or years ended:

	Transamerica WMC Diversified
	Growth
	Class P
	April 30, 2011			October 31,
For a share outstanding throughout each period	(unaudited)			2010(O)
Net asset value
Beginning of period/year	$	8.88		$	8.07
Investment operations
Net investment income (loss)(B)		(0.01	)		0.01
Net realized and unrealized gain on investments		1.49			0.84
Total from investment operations		1.48			0.85
Distributions
Net investment income		—			(0.04	)
Total distributions		—			(0.04	)
Net asset value
End of period/year	$	10.36		$	8.88
Total return(C)		16.67	%(D)		10.56	%(D)
Net assets end of period/year (000’s)	$	249,374		$	264,287
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		1.15	%(E)		1.15	%(E)
Before reimbursement/fee waiver		1.23	%(E)		1.23	%(E)
Net investment income (loss), to average net assets (BB)		(0.12	%)(E)		0.08	%(E)
Portfolio turnover rate		45	%(D)		167	%(D)

	Transamerica WMC Diversified Growth
	Class T
	April 30, 2011			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	(unaudited)			2010			2009			2008			2007			2006(X)
Net asset value
Beginning of period/year	$	25.12		$	21.14		$	19.14		$	33.53		$	27.18		$	27.10
Investment operations
Net investment income(B)		0.01			0.06			0.10			0.12			—			—	(J)
Net realized and unrealized gain (loss) on investments		4.18			3.92			1.90			(14.51	)		6.35			0.08
Total from investment operations		4.19			3.98			2.00			(14.39	)		6.35			0.08
Distributions
Net investment income		—			—			—	(J)		—			—			—
Total distributions		—			—			—	(J)		—			—			—
Net asset value
End of period/year	$	29.31		$	25.12		$	21.14		$	19.14		$	33.53		$	27.18
Total return(C)		16.68	%(D)		18.83	%		10.46	%		(42.92	%)		23.36	%		0.30	%(D)
Net assets end of period/year (000’s)	$	102,144		$	93,290		$	87,469		$	90,881		$	183,495		$	195,420
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		0.93	%(E)		0.96	%		1.03	%		0.89	%		0.91	%		0.84	%(E)
Before reimbursement/fee waiver		0.93	%(E)		0.96	%		1.03	%		0.89	%		0.91	%		0.84	%(E)
Net investment income (loss), to average net assets (BB)		0.10	%(E)		0.28	%		0.54	%		0.42	%		0.01	%		(0.21	%)(E)
Portfolio turnover rate		45	%(D)		167	%		53	%		33	%		62	%		19	%(D)

The notes to the financial statements are an integral part of this report.
Transamerica Funds
Semi-Annual Report 2011

Page 86

FINANCIAL HIGHLIGHTS (continued)
For the period or years ended:

	Transamerica WMC Quality Value
	Class A			Class C			Class I			Class I2
	April 30, 2011(Y)			April 30, 2011(Y)			April 30, 2011(Y)			April 30, 2011(Y)
For a share outstanding throughout each period	(unaudited)			(unaudited)			(unaudited)			(unaudited)
Net asset value
Beginning of period/year	$	10.00		$	10.00		$	10.00		$	10.00
Investment operations
Net investment income(B)		0.04			0.01			0.06			0.07
Net realized and unrealized gain on investments		1.58			1.58			1.58			1.59
Total from investment operations		1.62			1.59			1.64			1.66
Distributions
Net investment income		(0.03	)		(0.02	)		(0.04	)		(0.05	)
Total distributions		(0.03	)		(0.02	)		(0.04	)		(0.05	)
Net asset value
End of period/year	$	11.59		$	11.57		$	11.60		$	11.61
Total return(C)		16.24	%(D)		15.91	%(D)		16.43	%(D)		16.60	% (D)
Net assets end of period/year (000’s)	$	972		$	1,779		$	567		$	1,409,629
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		1.35	%(E)		2.00	%(E)		1.00	%(E)		0.76	% (E)
Before reimbursement/fee waiver		2.50	%(E)		2.69	%(E)		1.10	%(E)		0.76	% (E)
Net investment income, to average net assets (BB)		0.81	%(E)		0.16	%(E)		1.15	%(E)		1.43	% (E)
Portfolio turnover rate		16	%(D)		16	%(D)		16	%(D)		16	% (D)

(A)	Formerly, Transamerica Flexible Income.
(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 November 30, 2009.
(G)	Effective November 30, 2009, all previously existing Class I shares were re-designated as Class I2 Shares.
(H)	Commenced operations November 20, 2009.
(I)	Formerly, Transamerica Money Market.
(J)	Rounds to less than $(0.01) or $0.01.
(K)	Rounds to less than (0.01%) or 0.01%.
(L)	Transamerica Asset Management, Inc. or any of its affiliates waive fees or reimburse expenses in order to maintain a positive yield. Refer to the notes to the financial statements for details.
(M)	Commenced operations November 15, 2005.
(N)	Formerly, Transamerica Focus.
(O)	Commenced operations November 13, 2009.
(P)	Includes extraordinary expenses. The impact of the expenses were 0.02% and 0.05% for 2010 and 2009, respectively.
(Q)	Formerly, Transamerica Growth Opportunities.
(R)	Formerly, Transamerica Balanced.
(S)	Includes extraordinary expenses. The impact of the expenses were 0.01% and 0.02% for 2010 and 2009, respectively.
(T)	Formerly, Transamerica Small/Mid Cap Value.
(U)	Formerly, Transamerica Diversified Equity
(V)	Includes extraordinary expenses. The impact of the expenses was 0.01%.

The notes to the financial statements are an integral part of this report.
Transamerica Funds
Semi-Annual Report 2011

Page 87

FINANCIAL HIGHLIGHTS (continued)
For the period or years ended:

(X)	Commenced operations October 27, 2006.
(Y)	Commenced operations November 15, 2010.
(Z)	Prior to November 13, 2009, information provided in the previous periods reflects Transamerica Premier Diversified Equity, which is the accounting survivor pursuant to a Plan of Reorganization.
(AA)	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 the net asset value of $11.77.
(BB)	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.
(CC)	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.
(DD)	Formerly, Transamerica Short-Term Bond.
(EE)	Commenced Operations November 1, 2007.
(FF)	Commenced Operations March 1, 2011.
(GG)	Prior to March 1, 2011, information provided in the previous periods reflect TS&W International Equity Portfolio, which is the accounting survivor pursuant to a Plan of Reorganization.
*	Prior to November 1, 2010, 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
Semi-Annual Report 2011

Page 88

NOTES TO FINANCIAL STATEMENTS
At April 30, 2011
(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 WMC Quality Value commenced operations on November 15, 2010. Effective March 22, 2011, Transamerica Balanced changed its name to Transamerica Multi-Managed Balanced; Transamerica Diversified Equity changed its name to Transamerica WMC Diversified Equity; Transamerica Focus changed its name to Transamerica Morgan Stanley Capital Growth; Transamerica Growth Opportunities changed its name to Transamerica Morgan Stanley Growth Opportunities; Transamerica Small/Mid Cap Value changed its name to Transamerica Systematic Small/Mid Cap Value; Transamerica Flexible Income changed its name to Transamerica AEGON Flexible Income; Transamerica Money Market changed its name to Transamerica AEGON Money Market; and Transamerica Short-Term Bond changed its name to Transamerica AEGON Short-Term Bond.

Transamerica AEGON Flexible Income, Transamerica AEGON High Yield Bond, Transamerica AEGON Money Market, Transamerica AEGON Short-Term Bond, Transamerica Morgan Stanley Capital Growth, Transamerica Morgan Stanley Growth Opportunities, Transamerica Multi-Managed Balanced, Transamerica Systematic Small/Mid Cap Value, Transamerica TS&W International Equity, Transamerica WMC Diversified Equity, Transamerica WMC Diversified Growth and Transamerica WMC Quality Value (each, a “Fund”; collectively, the “Funds”) are part of Transamerica Funds.

Transamerica AEGON High Yield Bond, Transamerica AEGON Money Market, Transamerica Morgan Stanley Growth Opportunities, and Transamerica WMC Diversified Equity currently have six classes of shares; Class A, Class B, Class C, Class I, Class I2, and Class P. Transamerica Morgan Stanley Capital Growth and Transamerica Multi-Managed Balanced currently have five classes of shares; Class A, Class B, Class C, Class I, and Class P. Transamerica AEGON Flexible Income and Transamerica Systematic 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 P and Class T. Class T shares are not available to new investors. Transamerica AEGON Short-Term Bond, Transamerica TS&W International Equity and Transamerica WMC Quality Value currently have 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 were no longer offered for purchase.

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.

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.

Transamerica Funds Semi-Annual Report 2011

Page 89

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2011
(all amounts in thousands)

NOTE 1. (continued)

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.

At April 30, 2011, the Funds did not hold any open forward foreign currency contracts.

Futures contracts: The Funds are subject to equity price risk, interest rate risk, and foreign currency exchange rate risk in the normal course of pursuing their investment objectives. Certain Funds use futures contracts to gain exposure to, or hedge against, changes in the value of equities, interest rates, or foreign currencies. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date. Upon entering into such contracts, the Funds are required to deposit with the broker either in cash or securities an initial margin in an amount equal to a certain percentage of the contract amount.

Subsequent payments (variation margin) are paid or received by the Funds each day, depending on the daily fluctuations in the value of the contracts, and are recorded for financial statement purposes as unrealized gains or losses by the Funds. Upon entering into such contracts, the Funds bear the risk of interest or exchange rates or 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 future contracts at April 30, 2011 are listed in the Schedules of Investments. The variation margin receivable or payable, as applicable, is included in the Statements of Assets and Liabilities.

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

The restricted and illiquid securities at April 30, 2011 are listed in the Schedules of Investments.

Payment in-kind securities (“PIKs”): PIKs give the issuer the option at each interest payment date of making interest payments in either cash or additional debt securities. Those additional debt securities usually have the same terms, including maturity dates and interest rates, and associated risks as the original bonds. The daily market quotations of the original bonds may include the accrued interest (referred to as a “dirty price”) and require a pro-rata adjustment from interest receivable to the unrealized appreciation or depreciation on investments on the Statements of Assets and Liabilities.

The PIKs at April 30, 2011 are listed in the Schedules of Investments.

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

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

Such income is reflected separately on the Statements of Operations. The value of loaned securities and related collateral outstanding at April 30, 2011 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.

Transamerica Funds Semi-Annual Report 2011

Page 90

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2011
(all amounts in thousands)

NOTE 1. (continued)

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 period ended April 30, 2011, are included in net realized gain (loss) in the Statements of Operations and are summarized as follows:

Fund	Commissions
Transamerica Morgan Stanley Capital Growth	$	2
Transamerica Morgan Stanley Growth Opportunities		1
Transamerica WMC Diversified Growth		—	(A)
Transamerica WMC Quality Value		—	(A)

^(A) Rounds to less than $1.

Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the specific identification basis. Dividend income, if any, is recorded on the ex-dividend 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, excluding Transamerica TS&W International Equity, in a fund account during the first five (5) New York Stock Exchange (“NYSE”) trading days following their purchase date. This redemption fee will equal 2% of the amount redeemed and shares held the longest will be treated as being redeemed first and shares held the shortest as being redeemed last. Effective March 1, 2009, the Funds, excluding Transamerica TS&W International Equity, no longer charged redemption fees. Prior to March 1, 2011, TS&W International Equity Portfolio, the predecessor fund of Transamerica TS&W International Equity, retained a redemption fee of 1.00% on redemptions of capital shares held for less than 60 days. The redemption fees received are disclosed in the Funds’ Statements of Changes in Net Assets. Effective March 1, 2011, Transamerica TS&W International Equity no longer charges redemption fees.

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.

Transamerica Funds Semi-Annual Report 2011

Page 91

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2011
(all amounts in thousands)

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 NYSE, normally 4 p.m. ET, each day the NYSE is open for business. The Funds utilize various methods to measure the fair value of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three Levels of inputs are: Level 1—Unadjusted quoted prices in active markets for identical securities.

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

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

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

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

Fair value measurements: 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.

Transamerica Funds Semi-Annual Report 2011

Page 92

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2011
(all amounts in thousands)

NOTE 2. (continued)

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.

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. For instances which daily market quotes are not readily available, securities may be valued, pursuant to procedures adopted by the Board of Trustees, with reference to other instruments or indices. 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. When a Fund uses fair valuation methods that use significant unobservable inputs to determine a security’s value, the Valuation Committee will use another method that is believed to accurately reflect fair market value and are categorized as Level 3 of the fair value hierarchy.

The hierarchy classification of inputs used to value the Funds’ investments at April 30, 2011 are disclosed in the Valuation Summary of each Fund’s Schedule of Investments. Transfers between Levels are considered to have occurred at the end of the reporting period.

There were no significant transfers between Level 1 and Level 2 during the period ended April 30, 2011.

For assets and liabilities for which significant unobservable inputs (Level 3) were used, there is a reconciliation of the beginning to the ending balances for reported market values that presents changes attributable to total realized and unrealized gains or losses, purchases and sales, and transfers in/out of the Level 3 category during the period. The Level 3 reconciliation, if any, is disclosed in the Valuation Summary of each respective Fund’s Schedule of Investments.

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.

Prior to March 22, 2011, Transamerica Investment Management, LLC (“TIM”), served as sub-adviser to Transamerica AEGON Flexible Income, Transamerica AEGON Money Market, Transamerica AEGON Short-Term Bond, Transamerica Morgan Stanley Capital Growth, Transamerica Morgan Stanley Growth Opportunities, Transamerica Multi-Managed Balanced, Transamerica Systematic Small/Mid Cap Value, and Transamerica WMC Diversified Equity. On March 22, 2011, Transamerica AEGON Flexible Income, Transamerica AEGON Money Market, and Transamerica AEGON Short-Term Bond changed each of its sub-advisers to AEGON USA Investment Management, LLC (“AUIM”), an affiliate of the Funds.

Transamerica Funds Semi-Annual Report 2011

Page 93

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2011
(all amounts in thousands)

NOTE 3. (continued)

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 commencement of operations, TAM invested in the Funds. As of April 30, 2011, TAM had investments in each Fund as follows:

	Market			% of Fund’s
Fund Name	Value			Net Assets
Transamerica AEGON Money Market
Class I	$	50			0.03	%
Transamerica TS&W International Equity
Class A		105			0.08
Transamerica TS&W International Equity
Class C		105			0.08
Transamerica TS&W International Equity
Class I		—	(A)		—	(B)
Transamerica TS&W International Equity
Class I2		—	(A)		—	(B)
Transamerica WMC Diversified Equity
Class I		65			0.01
Transamerica WMC Quality Value
Class A		291			0.02
Transamerica WMC Quality Value
Class C		290			0.02
Transamerica WMC Quality Value
Class I		291			0.02

^(A)
(B) Rounds to less than $1.
Rounds to less than 0.01%.

Transamerica Funds Semi-Annual Report 2011

Page 94

NOTES TO FINANCIAL STATEMENTS (continued) 
At April 30, 2011
(all amounts in thousands)

NOTE 3. (continued)

The following schedule reflects the percentage of each Fund’s assets owned by affiliated investment companies at April 30, 2011:

			% of Net
Transamerica AEGON Flexible Income	Market Value		Assets
Transamerica Asset Allocation-Conservative Portfolio	$	17,223		6.84	%
Transamerica Asset Allocation-Moderate Portfolio		46,307		18.39
Transamerica Asset Allocation-Moderate Growth Portfolio		638		0.25
Transamerica Asset Allocation-Conservative VP		11,965		4.75
Transamerica Asset Allocation-Moderate Growth VP		16,891		6.71
Transamerica Asset Allocation-Moderate VP		23,931		9.50
Total	$	116,955		46.44	%

			% of Net
Transamerica AEGON High Yield Bond	Market Value		Assets
Transamerica Asset Allocation-Conservative Portfolio	$	74,423		9.53	%
Transamerica Asset Allocation-Moderate Portfolio		116,489		14.93
Transamerica Asset Allocation-Moderate Growth Portfolio		105,570		13.53
Transamerica Multi-Manager Alternative Strategies Portfolio		3,223		0.41
Transamerica Asset Allocation-Conservative VP		19,606		2.51
Transamerica Asset Allocation-Moderate Growth VP		29,970		3.84
Transamerica Asset Allocation-Moderate VP		35,174		4.51
Total	$	384,455		49.26	%

			% of Net
Transamerica AEGON Money Market	Market Value		Assets
Transamerica Asset Allocation-Conservative Portfolio	$	5,717		2.90	%
Transamerica Asset Allocation-Growth Portfolio		60		0.03
Transamerica Asset Allocation-Moderate Portfolio		4,541		2.31
Transamerica Asset Allocation-Moderate Growth Portfolio		196		0.10
Transamerica Multi-Manager Alternative Strategies Portfolio		5,092		2.58
Total	$	15,606		7.92	%

			% of Net
Transamerica AEGON Short-Term Bond	Market Value		Assets
Transamerica Asset Allocation-Conservative Portfolio	$	109,629		3.79	%
Transamerica Asset Allocation-Moderate Portfolio		128,419		4.43
Transamerica Asset Allocation-Moderate Growth Portfolio		60,346		2.08
Transamerica Asset Allocation-Conservative VP		219,633		7.58
Transamerica Asset Allocation-Moderate Growth VP		194,216		6.70
Transamerica Asset Allocation-Moderate VP		272,248		9.40
Transamerica International Moderate Growth VP		10,664		0.37
Total	$	995,155		34.35	%

			% of Net
Transamerica Morgan Stanley Growth Opportunities	Market Value		Assets
Transamerica Asset Allocation-Conservative Portfolio	$	13,884		3.33	%
Transamerica Asset Allocation-Growth Portfolio		17,579		4.21
Transamerica Asset Allocation-Moderate Portfolio		49,402		11.84
Transamerica Asset Allocation-Moderate Growth Portfolio		54,075		12.96
Total	$	134,940		32.34	%

			% of Net
Transamerica TS&W International Equity	Market Value		Assets
Transamerica International Moderate Growth VP	$	54,250		38.22	%

			% of Net
Transamerica WMC Diversified Equity	Market Value		Assets
Transamerica Asset Allocation-Conservative Portfolio	$	37,583		3.94	%
Transamerica Asset Allocation-Growth Portfolio		111,855		11.73
Transamerica Asset Allocation-Moderate Portfolio		97,943		10.27
Transamerica Asset Allocation-Moderate Growth Portfolio		214,353		22.48
Total	$	461,734		48.42	%

			% of Net
Transamerica WMC Diversified Growth	Market Value		Assets
Transamerica Asset Allocation-Conservative Portfolio	$	41,530		2.95	%
Transamerica Asset Allocation-Growth Portfolio		125,083		8.90
Transamerica Asset Allocation-Moderate Portfolio		135,253		9.63
Transamerica Asset Allocation-Moderate Growth Portfolio		233,885		16.65
Total	$	535,751		38.13	%

			% of Net
Transamerica WMC Quality Value	Market Value		Assets
Transamerica Asset Allocation-Conservative Portfolio	$	51,154		3.62	%
Transamerica Asset Allocation-Growth Portfolio		189,715		13.42
Transamerica Asset Allocation-Moderate Portfolio		125,780		8.90
Transamerica Asset Allocation-Moderate Growth Portfolio		269,717		19.09
Transamerica Asset Allocation-Conservative VP		72,899		5.16
Transamerica Asset Allocation-Growth VP		117,685		8.33
Transamerica Asset Allocation-Moderate Growth VP		383,301		27.13
Transamerica Asset Allocation-Moderate VP		191,154		13.53
Total	$	1,401,405		99.18	%

Transamerica Funds Semi-Annual Report 2011

Page 95

NOTES TO FINANCIAL STATEMENTS (continued) 
At April 30, 2011
(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 Flexible Income
First $250 million	0.475	%
Over $250 million up to $350 million	0.425	%
Over $350 million	0.40	%
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 AEGON Money Market
ANA	0.40	%
Transamerica AEGON Short-Term Bond
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 Morgan Stanley Capital Growth
First $500 million	0.80	%
Over $500 million	0.675	%
Transamerica Morgan Stanley Growth Opportunities
First $250 million	0.80	%
Over $250 million up to $500 million	0.75	%
Over $500 million	0.70	%
Transamerica Multi-Managed Balanced
First $500 million	0.75	%
Over $500 million up to $1 billion	0.65	%
Over $1 billion	0.60	%
Transamerica Systematic Small/Mid Cap Value
First $500 million	0.80	%
Over $500 million	0.75	%
Transamerica TS&W International Equity (Effective March 1, 2011)
First $250 million	0.80	%
Over $250 million up to 500 million	0.75	%
Over $500 million up to $1 billion	0.725	%
Over $1 billion	0.70	%
Transamerica TS&W International Equity (Prior to March 1, 2011)
ANA	0.65	%
Transamerica WMC Diversified Equity
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
First $500 million	0.73	%
Over $500 million up to $2.5 billion	0.70	%
Over $2.5 billion	0.65	%
Transamerica WMC Quality Value
First $1 billion	0.70	%
Over $1 billion	0.675	%

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 Flexible Income Ø	1.00%	—%
Transamerica AEGON High Yield Bond ε	0.95	0.90
Transamerica AEGON Money Market	0.48	0.48
Transamerica AEGON Short-Term Bond	0.85	—
Transamerica Morgan Stanley Capital Growth	1.20	1.40
Transamerica Morgan Stanley Growth Opportunities	1.40	1.40
Transamerica Multi-Managed Balanced	1.45	1.10
Transamerica Systematic Small/Mid Cap Value ⌂	1.25	—
Transamerica TS&W International Equity ◊	1.15	—
Transamerica WMC Diversified Equity	1.17	1.15
Transamerica WMC Diversified Growth	1.17	1.15
Transamerica WMC Quality Value	1.00	—

Ø	Effective March 1, 2011, Transamerica AEGON Flexible Income had an expense cap change to 1.00%. Prior to March 1, 2011, the expense cap was 1.35%.
ε	Effective March 1, 2011, Transamerica AEGON High Yield Bond had an expense cap change to 0.95%. Prior to March 1, 2011, the expense cap was 1.24%.
⌂	Effective March 1, 2011, Transamerica Systematic Small/Mid Cap Value had an expense cap change to 1.25%. Prior to March 1, 2011, the expense cap was 1.40%
◊	Effective March 1, 2011, Transamerica TS&W International Equity had an expense cap change to 1.15%. Prior to March 1, 2011, the predecessor fund, TS&W International Equity Portfolio, had an expense cap of 1.75%.
^	Inclusive of 12b-1 fees.

Transamerica Funds Semi-Annual Report 2011

Page 96

NOTES TO FINANCIAL STATEMENTS (continued) 
At April 30, 2011
(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.

Amounts recaptured by the adviser during the period ended April 30, 2011 were as follows:

Fund	Recaptured Amount
Transamerica Morgan Stanley Capital Growth
Class C	$1
Class I	– (A)
Class P	19
Transamerica Morgan Stanley Growth Opportunities
Class A	29
Class B	6
Class C	7
Class I	– (A)
Transamerica Multi-Managed Balanced
Class I	1
Transamerica WMC Diversified Growth
Class A	97
Class C	1
(A)      Rounds to less than $1.

The following amounts were available for recapture as of April 30, 2011:

	Reimbursement of		Available for
Fund	Class Expenses		Recapture Through
Transamerica AEGON High Yield Bond
Fiscal Year 2010:				10/31/2013
Class P	$	50
Transamerica AEGON 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 Morgan Stanley Capital Growth
Fiscal Year 2009:				10/31/2012
Class P **		31
Fiscal Year 2010:				10/31/2013
Class A		94
Class B		39
Class C		6
Class I		1
Class P **		7
Transamerica Morgan Stanley Growth Opportunities
Fiscal Year 2008:				10/31/2011
Class A		2
Class B		21
Fiscal Year 2009:				10/31/2012
Class A		203
Class B		48
Class C		15
Fiscal Year 2010:				10/31/2013
Class A		123
Class B		1
Class C		1
Transamerica Multi-Managed Balanced
Fiscal Year 2010:				10/31/2013
Class P		499
Transamerica WMC 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 WMC Diversified Growth
Fiscal Year 2008:				10/31/2011
Class B		54
Fiscal Year 2009:				10/31/2012
Class A		321
Class B		145
Class C		57
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.

Transamerica Funds Semi-Annual Report 2011

Page 97

NOTES TO FINANCIAL STATEMENTS (continued) 
At April 30, 2011
(all amounts in thousands)

NOTE 3. (continued)

In addition to the advisory fee waiver for Transamerica AEGON Money Market, TAM or any of its affiliates waive fees or reimburse expenses of one or more classes of Transamerica AEGON Money Market in order to avoid a negative yield. At any point in which Transamerica AEGON 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 AEGON 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 the period ended April 30, 2011, year ended October 31, 2010 and year ended October 31, 2009, the amounts waived were as follows:

		2011 Amount		2010 Amount		2009 Amount
	2011 Amount	Waived	2010 Amount	Waived	2009 Amount	Waived
Fund/Class	Waived ($)	(Basis Points)	Waived ($)	(Basis Points)	Waived ($)	(Basis Points)
Fund	$286	27	$700	27	$146	5
A	186	33	441	34	305	20
B	83	98	263	99	300	72
C	161	98	382	99	436	70
I	—	—
I2	—	—	—	–	3	1
P	—	—	— (A)	— (B)

(A)	Amount rounds to less than $1.
(B)	Amount rounds to less than 1 basis point.

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 AEGON Flexible Income and Transamerica AEGON Short-Term Bond through March 1, 2012.

Underwriter commissions relate to front-end sales charges imposed for Class A shares and contingent deferred sales charges from Class B, Class C, and certain Class A share redemptions. For the period ended April 30, 2011, the underwriter commissions were as follows:

Transamerica AEGON Flexible Income
Received by Underwriter	$	142
Retained by Underwriter		26
Contingent Deferred Sales Charge		19
Transamerica AEGON High Yield Bond
Received by Underwriter		172
Retained by Underwriter		32
Contingent Deferred Sales Charge		12
Transamerica AEGON Money Market
Received by Underwriter		—
Retained by Underwriter		—
Contingent Deferred Sales Charge		39
Transamerica AEGON Short-Term Bond
Received by Underwriter		709
Retained by Underwriter		144
Contingent Deferred Sales Charge		329
Transamerica Morgan Stanley Capital Growth
Received by Underwriter		115
Retained by Underwriter		17
Contingent Deferred Sales Charge		7
Transamerica Morgan Stanley Growth Opportunities
Received by Underwriter		78
Retained by Underwriter		12
Contingent Deferred Sales Charge		10
Transamerica Multi-Managed Balanced
Received by Underwriter	$	176
Retained by Underwriter		28
Contingent Deferred Sales Charge		6
Transamerica Systematic Small/Mid Cap Value
Received by Underwriter		350
Retained by Underwriter		52
Contingent Deferred Sales Charge		58
Transamerica TS&W International Equity
Received by Underwriter		—	(A)
Retained by Underwriter		—	(A)
Contingent Deferred Sales Charge		—
Transamerica WMC Diversified Equity
Received by Underwriter		26
Retained by Underwriter		4
Contingent Deferred Sales Charge		4
Transamerica WMC Diversified Growth
Received by Underwriter		157
Retained by Underwriter		24
Contingent Deferred Sales Charge		14
Transamerica WMC Quality Value
Received by Underwriter		9
Retained by Underwriter		1
Contingent Deferred Sales Charge		—
(A)     Amount rounds to less than $1.

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.

Transamerica Funds Semi-Annual Report 2011

Page 98

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2011
(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 agent services. Fees paid and the amounts due to TFS for the period ended April 30, 2011 are as follows:

Fund	Fees Paid to TFS		Fees Due to TFS
Transamerica AEGON Flexible Income	$	81	$	11
Transamerica AEGON High Yield Bond		236		29
Transamerica AEGON Money Market		289		57
Transamerica AEGON Short-Term Bond		597		66
Transamerica Morgan Stanley Capital Growth		213		38
Transamerica Morgan Stanley Growth Opportunities		377		71
Transamerica Multi-Managed Balanced		405		60
Transamerica TS&W International Equity		53		7
Transamerica Systematic Small/Mid Cap Value		550		72
Transamerica WMC Diversified Equity		1,058		160
Transamerica WMC Diversified Growth		1,108		221
Transamerica WMC Quality Value		45		14

Deferred compensation plan: Under a non-qualified deferred compensation plan effective January 1, 1996, as amended and restated (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.

Brokerage commissions: There were no brokerage commissions incurred on security transactions placed with affiliates of the advisers or sub-advisers for the period ended April 30, 2011.

NOTE 4. INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended April 30. 2011 were as follows:

	Purchases of				Proceeds from maturities
	securities:				and sales of securities:
Fund	Long-term		U.S. Government		Long-term		U.S. Government
Transamerica AEGON Flexible Income	$	39,829	$	15,398	$	51,226	$	2,175
Transamerica AEGON High Yield Bond		325,803		7,205		295,479		3,635
Transamerica AEGON Money Market		—		—		—		—
Transamerica AEGON Short-Term Bond		673,950		—		669,241		—
Transamerica Morgan Stanley Capital Growth		153,103		—		147,876		—
Transamerica Morgan Stanley Growth Opportunities		385,281		—		370,304		—
Transamerica Multi-Managed Balanced		410,779		90,269		430,503		38,524
Transamerica Systematic Small/Mid Cap Value		931,274		—		894,319		—
Transamerica TS&W International Equity		58,553		—		8,383		—
Transamerica WMC Diversified Equity		963,531		—		951,438		—
Transamerica WMC Diversified Growth		479,013		—		485,993		—
Transamerica WMC Quality Value		1,385,985		—		154,665		—

Transamerica Funds Semi-Annual Report 2011

Page 99

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2011
(all amounts in thousands)

NOTE 5. DERIVATIVE FINANCIAL INSTRUMENTS

Transamerica AEGON Flexible Income:

The Fund is subject to various risks in the normal course of pursuing its investment objective. The volume of forward foreign currency contracts held at period end decreased from one contract at the beginning of the period to zero contracts at the end of the period. The tables below highlight the types of risks and the derivative instruments used to mitigate the risks:

Effect of Derivative Instruments on the Statements of Operations for the period ended April 30, 2011:

Derivatives not accounted for as hedging instruments

	Foreign exchange
Location	contracts
Realized Gain / (Loss) on derivatives recognized in income
Net realized loss on transactions from foreign currency transactions	$	(60	)
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
Total	$	(57	)

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 AEGON Short-Term Bond:

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

Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of April 30, 2011

Derivatives not accounted for as hedging instruments

	Interest rate
Location	contracts
Liability derivatives
Unrealized depreciation on future contracts	$	(2,052)	*

* 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 period ended April 30, 2011

Derivatives not accounted for as hedging instruments

Location	Interest rate contracts
Realized Gain / (Loss) on derivatives recognized in income
Net realized gain on futures contracts	$	1,936
Change in Unrealized Appreciation / (Depreciation) on derivatives recognized in income
Net increase (decrease) in unrealized appreciation (depreciation) on futures contracts		(309	)
Total	$	1,627

Transamerica Funds Semi-Annual Report 2011

Page 100

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2011
(all amounts in thousands)

NOTE 5. (continued)

Transamerica Multi-Managed Balanced:

The Fund is subject to various risks in the normal course of pursuing its investment objective. The volume of futures contracts held at period end increased from zero contracts at the beginning of the period to seven contracts held at the end of the period. The tables below highlight the types of risks and the derivative instruments used to mitigate the risks:

Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of April 30, 2011

Derivatives not accounted for as hedging instruments

	Interest rate			Equity
Location	contracts			contracts		Total
Asset derivatives
Unrealized appreciation on future contracts	$	—		$	39	$	39	*
Liability derivatives
Unrealized depreciation on future contracts		(67	)		—		(67)	*
Total	$	(67	)	$	39	$	(28	)

* 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 period ended April 30, 2011

Derivatives not accounted for as hedging instruments

	Interest rate			Equity
Location	contracts			contracts		Total
Realized Gain / (Loss) on derivatives recognized in income
Net realized gain on futures contracts	$	(143	)	$	13	$	(130	)
Change in Unrealized Appreciation / (Depreciation) on derivatives recognized in income
Net increase (decrease) in unrealized appreciation (depreciation) on futures contracts		(67	)		39		(28	)
Total	$	(210	)	$	52	$	(158	)

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.

Transamerica Funds Semi-Annual Report 2011

Page 101

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2011
(all amounts in thousands)

NOTE 7. REORGANIZATION

Transamerica AEGON Flexible Income:

On November 13, 2009, Transamerica AEGON Flexible Income (formerly, Transamerica Flexible Income) acquired all of the net assets of Transamerica Convertible Securities pursuant to a Plan of Reorganization. Transamerica AEGON 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 AEGON 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 AEGON Flexible Income. The aggregate net assets of Transamerica AEGON Flexible Income immediately before the acquisition were $186,259; the combined net assets of Transamerica AEGON Flexible Income immediately after the acquisition were $261,421. Shares issued with the acquisition were as follows:

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

The exchange ratios of the reorganization for each class are as follows (Transamerica AEGON 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

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
I		4,928	$	42,041
P		6,070		51,472

Transamerica Funds Semi-Annual Report 2011

Page 102

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2011
(all amounts in thousands)

NOTE 7. (continued)

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

Transamerica AEGON Money Market:

On November 20, 2009, Transamerica AEGON Money Market (formerly, Transamerica Money Market) acquired all of the net assets of Transamerica Premier Cash Reserve Fund pursuant to a Plan of Reorganization. Transamerica AEGON 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 AEGON 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 AEGON Money Market. The aggregate net assets of Transamerica AEGON Money Market immediately before the acquisition were $254,159; the combined net assets of Transamerica AEGON 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 AEGON Money Market shares issuable/Transamerica Premier Cash Reserve Fund):

Transamerica Premier Cash Reserve Fund

Class	Exchange Ratio
P	1.00

Transamerica Morgan Stanley Capital Growth:

On November 13, 2009, Transamerica Morgan Stanley Capital Growth (formerly, Transamerica Focus) 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 Morgan Stanley Capital Growth. 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 Morgan Stanley Capital Growth. Transamerica Morgan Stanley Capital Growth’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 Morgan Stanley Capital Growth 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 Funds Semi-Annual Report 2011

Page 103

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2011
(all amounts in thousands)

NOTE 7. (continued)

Transamerica Morgan Stanley Capital Growth

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 Morgan Stanley Capital Growth shares issuable/Transamerica Premier Focus Fund):

Transamerica Premier Focus Fund

Class	Exchange Ratio
P	1.58

The exchange ratio of the reorganization for the class is as follows (Transamerica Morgan Stanley Capital Growth shares issuable/Transamerica Morgan Stanley Capital Growth)

Transamerica Morgan Stanley Capital Growth

Class	Exchange Ratio
A	1.00
B	1.00
C	1.00

Transamerica Morgan Stanley Growth Opportunities:

On November 13, 2009, Transamerica Morgan Stanley Growth Opportunities (formerly, Transamerica Growth Opportunities) acquired all of the net assets of Transamerica Premier Growth Opportunities Fund pursuant to a Plan of Reorganization. Transamerica Morgan Stanley 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 Morgan Stanley 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 Morgan Stanley Growth Opportunities. The aggregate net assets of Transamerica Morgan Stanley Growth Opportunities immediately before the acquisition were $197,060; the combined net assets of Transamerica Morgan Stanley 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 Morgan Stanley Growth Opportunities shares issuable/Transamerica Premier Growth Opportunities Fund):

Transamerica Premier Growth Opportunities Fund

Class	Exchange Ratio
P	2.68

Transamerica Funds Semi-Annual Report 2011

Page 104

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2011
(all amounts in thousands)

NOTE 7. (continued)

Transamerica Multi-Managed Balanced:

On November 13, 2009, Transamerica Multi-Managed Balanced (formerly, Transamerica Balanced) acquired all of the net assets of Transamerica Value Balanced and Transamerica Premier Balanced Fund pursuant to a Plan of Reorganization. Transamerica Multi-Managed 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 Multi-Managed 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 Multi-Managed Balanced. Transamerica Premier Balanced Fund’s net assets at that date, $281,788, including $32,655 unrealized appreciation, were combined with those of Transamerica Multi-Managed Balanced. The aggregate net assets of Transamerica Multi-Managed Balanced immediately before the acquisition were $98,823; the combined net assets of Transamerica Multi-Managed 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 Multi-Managed 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 Multi-Managed Balanced shares issuable/Transamerica Premier Balanced Fund):

Transamerica Premier Balanced Fund

Class	Exchange Ratio
P	1.11

Transamerica TS&W International Equity

On March 1, 2011, Transamerica TS&W International Equity acquired all of the net assets of TS&W International Equity Portfolio pursuant to a Plan of Reorganization. TS&W International Equity Portfolio is the accounting survivor. The purpose of the transaction was to achieve additional international exposure with a new client base within the Trust. The acquisition was accomplished by a tax-free exchange of 5,502 shares of Transamerica TS&W International Equity for 5,502 shares of TS&W International Equity Portfolio outstanding on March 1, 2011. Transamerica TS&W International Equity’s net assets at that date were $200, which were combined with those of TS&W International Equity Portfolio. The aggregate net assets of TS&W International Equity Portfolio were $83,612; the combined net assets of Transamerica TS&W International Equity immediately after the acquisition were $83,812. Shares issued with the acquisition were as follows:

Transamerica Funds Semi-Annual Report 2011

Page 105

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2011
(all amounts in thousands)

NOTE 7. (continued)

          TS&W International Equity Portfolio

Class	Shares	Amount
I	5,502	$83,612

          Transamerica TS&W International Equity

Classes	Shares	Amount
A	7	$100
C	7	$100
I	(a)	(a)
I2	(a)	(a)

(a) Classes I and I2 held less 1 share and $1 at time of acquisition.

The exchange ratios of the reorganization for each class are as follows (Transamerica TS&W International Equity shares issuable/TS&W International Equity Portfolio):

          TS&W International Equity Portfolio

Class	Exchange Ratio
I	1.00

The exchange ratios of the reorganization for each class are as follows (Transamerica TS&W International Equity shares issuable/ Transamerica TS&W International Equity):

          Transamerica TS&W International Equity

Classes	Exchange Ratio
A	1.00
C	1.00
I	1.00
I2	1.00

Assuming the reorganization had been completed on November 1, 2010, the beginning of the annual reporting period of the Fund, the Fund’s pro forma results of operations for the period ended April 30, 2011, are as follows:

Net investment income	$	5,061
Net realized and unrealized gain		32,139
Net increase in net assets resulting from operations		37,200

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 TS&W International Equity that have been included in the Fund’s Statement of Operations since March 1, 2011.

Transamerica Funds Semi-Annual Report 2011

Page 106

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2011
(all amounts in thousands)

NOTE 7. (continued)

Transamerica WMC Diversified Equity:

On November 13, 2009, Transamerica WMC Diversified Equity (formerly, 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 WMC 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 WMC Diversified Equity. Transamerica Templeton Global net assets at that date, $103,595, including $5,276 unrealized appreciation, were combined with those of Transamerica WMC 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 WMC 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 WMC Diversified Equity, which was newly organized on November 13, 2009; therefore, it had no assets before the acquisition. The combined net assets of Transamerica WMC 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 WMC 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 Semi-Annual Report 2011

Page 107

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2011
(all amounts in thousands)

NOTE 7. (continued)

The exchange ratios of the reorganization for each class are as follows (Transamerica WMC 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 WMC 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 WMC Diversified Equity shares issuable/Transamerica Premier Institutional Diversified Equity Fund):

          Transamerica Premier Institutional Diversified Equity Fund

Class	Exchange Ratio
I2	0.76

Transamerica WMC Diversified Growth:

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

          Transamerica Premier Equity Fund

Class	Shares	Amount
P	56,955	$459,628

          Transamerica Premier Institutional Equity Fund

Class	Shares	Amount
I2	9,765	$80,466

Transamerica Funds Semi-Annual Report 2011

Page 108

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2011
(all amounts in thousands)

NOTE 7. (continued)

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

Transamerica Funds Semi-Annual Report 2011

Page 109

TRANSAMERICA AEGON FLEXIBLE INCOME
(formerly Transamerica Flexible Income)

APPROVAL OF INVESTMENT SUB-ADVISORY AGREEMENT

(unaudited)

At a special meeting of the Board Members of Transamerica Funds (the “Board”) held on January 19, 2011, the Board, including the Independent Board Members, approved the termination of Transamerica Investment Management, LLC (“TIM”) as sub-adviser to Transamerica Flexible Income (the “Fund”), and approved a new investment sub-advisory agreement for the Fund between Transamerica Asset Management, Inc. (“TAM” or the “Manager”) and AEGON USA Investment Management, LLC (“AUIM” or the “Sub-Adviser”) the Fund’s proposed new Sub-Adviser, subject to shareholder approval. The Board Members noted that the proposal to replace TIM as sub-adviser to the Fund, was part of a broader initiative by AEGON to consolidate the fixed income activities of TIM and AUIM into a single investment platform under AUIM.

The Board considered the termination of TIM as sub-adviser for the Fund and the appointment of AUIM as replacement sub-adviser. The Board authorized TAM to terminate the sub-advisory agreement with TIM. The Board also approved the sub-advisory agreement with AUIM, with respect to the Fund, for an initial two-year period (the “New Sub-Advisory Agreement”), pending shareholder approval.

To assist the Board Members in their consideration of the New Sub-Advisory Agreement, the Board Members received in advance of their meeting certain materials and information. In addition, the Independent Board Members consulted with their independent legal counsel, discussing, among other things, the legal standards and certain other considerations relevant to the Board Members’ deliberations.

Among other matters, the Board Members considered:

(a) that TAM advised the Board Members that the appointment of AUIM 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 AUIM is an experienced and respected asset management firm, and that TAM believes that AUIM has the capabilities, resources and personnel necessary to provide advisory services to the Fund based on an assessment of the services that AUIM provides to other funds within the Transamerica fund complex;

(c) that AUIM and TAM are affiliated entities;

(d) that certain portfolio managers at TIM, the current sub-adviser for the Fund, are expected to join AUIM following the consolidation of all fixed income activities under AUIM;

(e) that in June 2010 the Board performed a full annual review of a number of sub-advisory agreements with AUIM with respect to Transamerica funds not discussed herein, and determined that AUIM has the capabilities, resources and personnel necessary to provide the sub-advisory services to the applicable Transamerica funds;

(f) the proposed responsibilities of AUIM for the Fund and the services expected to be provided by it;

(g) the fact that the sub-advisory fees payable by TAM to AUIM would be the same as those paid by TAM to the Fund’s current sub-adviser;

(h) that advisory fees paid by the Fund to TAM would not increase;

(i) that the sub-advisory fees paid by TAM to AUIM are consistent with TAM’s fiduciary duty under applicable law;

(j) that TAM recommended to the Board that AUIM be appointed as Sub-Adviser to the Fund based on its desire to engage a sub-adviser with strong research and management capabilities across the fixed income spectrum and with the ability to implement the current investment strategies of the Fund;

(k) that the Proposal is part of a broader initiative by AEGON to consolidate the fixed income activities of TIM and AUIM into a single investment platform under AUIM; and

(l) that the Fund would bear the costs of obtaining shareholder approval of the New Sub-Advisory Agreement, such costs to be allocated on the basis of the Fund’s net assets except where direct costs can reasonably be attributed to the Fund.

Further, the Board Members, including a majority of the Independent Board Members, found that the change in sub-adviser to AUIM is in the best interests of the Fund and its shareholders and does not involve a conflict of interest from which TAM and AUIM derives an inappropriate advantage. A discussion followed which included additional consideration of these and other matters.

In their deliberations, the Board Members did not identify any particular information that was all-important or controlling, and each Board Member may have attributed different weights to the various factors. The Board Members evaluated all information available to them, and the Board Members, including a majority of the Independent Board Members, concluded that the New Sub-Advisory Agreement should be approved and that the fees payable thereunder are consistent with TAM’s fiduciary duty under applicable law and that the New Sub-Advisory Agreement should be recommended to Fund shareholders for approval.

Transamerica Funds Semi-Annual Report 2011

Page 110

TRANSAMERICA AEGON FLEXIBLE INCOME (continued)
(formerly Transamerica Flexible Income)

APPROVAL OF INVESTMENT SUB-ADVISORY AGREEMENT

(unaudited)

Nature, Quality and Extent of Services Provided. In evaluating the nature, quality and extent of the services to be provided by AUIM under the New Sub-Advisory Agreement, the Board Members considered, among other things, information and assurances provided by TAM and AUIM as to the operations, facilities, organization and personnel of AUIM, the anticipated ability of AUIM to perform its duties under the New Sub-Advisory Agreement, and the anticipated ability of AUIM to implement the current investment strategies of the Fund. The Board Members also considered that AUIM and TAM are affiliated entities. The Board Members considered the proposed change to the Fund’s name. The Board Members considered that TAM has advised the Board Members that the appointment of AUIM 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 AUIM is an experienced and respected asset management firm and that TAM believes that AUIM has the capabilities, resources and personnel necessary to provide advisory services to the Fund based on the assessment of the services that AUIM provides to other funds within the Transamerica fund complex. The Board Members took into consideration that certain portfolio managers at TIM are expected to join AUIM following the consolidation of all fixed income activities under AUIM. The Board Members also considered that they recently had performed a full annual review of a number of sub-advisory agreements with AUIM and had determined that AUIM has the capabilities, resources and personnel necessary to provide the sub-advisory services to the funds subject to those agreements.

Based on their review of the materials provided and the assurances they had received from TAM, the Board Members determined that AUIM can provide sub-advisory services that are appropriate in scope and extent in light of the investment program for the Fund and that AUIM’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 New Sub-Advisory Agreement as well as the overall management fee structure of the Fund and noted that they would remain unchanged. The Board Members noted that the Fund does not pay the sub-advisory fee. The Board Members took into consideration that they had recently reviewed the Manager’s profitability with respect to the Fund and that advisory fees would remain unchanged. The Board Members determined that the sub-advisory fee payable by TAM to AUIM is consistent with TAM’s fiduciary duty under applicable law.

Economies of Scale. The Board Members noted that the advisory fee schedule of the Fund would remain unchanged and that TAM believes that the appointment of AUIM as sub-adviser has the potential to attract additional assets because of AUIM’s asset management capabilities across the fixed income spectrum. The Board Members also considered that breakpoint fee structures were in place with respect to the Fund, and determined that the breakpoints permit certain economies of scale for the benefit of shareholders as the Fund grows. The Board Members concluded that they would have the opportunity to periodically re-examine whether economies of scale had been achieved, and the appropriateness of management fees payable to TAM and fees payable by TAM to AUIM, in the future.

Fall-Out Benefits. The Board Members took into consideration the character of other incidental benefits received by AUIM, including the use of portfolio brokerage transactions to pay for research services that AUIM typically enters into with regard to other funds that it sub-advises within the Transamerica fund complex and noted that they had recently determined that such benefits are expected to be consistent with industry practice and the best interests of those funds and their shareholders. The Board Members also considered the potential for increased visibility in the marketplace as a result of AUIM’s relationship with the Fund.

Investment Performance. The Board Members considered AUIM’s investment management experience, capabilities and resources, including with respect to other funds that it sub-advises within the Transamerica fund complex. In addition, the Board Members noted that they had recently considered the performance of those other funds and, in that connection, determined that AUIM was capable of providing investment and related services that are appropriate in scope and extent in light of those funds’ operations, the competitive landscape of the investment company business and investor needs. Based on this information, the Board Members determined that AUIM is capable of generating a level of investment performance that is appropriate in light of the Fund’s investment objectives, policies and strategies.

Other Considerations. The Board Members considered that the Proposal is part of a broader initiative by AEGON to consolidate the fixed income activities of TIM and AUIM into a single investment platform under AUIM.

Transamerica Funds Semi-Annual Report 2011

Page 111

TRANSAMERICA AEGON MONEY MARKET
(formerly Transamerica Money Market)

APPROVAL OF INVESTMENT SUB-ADVISORY AGREEMENT

(unaudited)

At a special meeting of the Board Members of Transamerica Funds (the “Board”) held on January 19, 2011, the Board, including the Independent Board Members, approved the termination of Transamerica Investment Management, LLC (“TIM”) as sub-adviser to Transamerica Money Market (the “Fund”), and approved a new investment sub-advisory agreement for the Fund between Transamerica Asset Management, Inc. (“TAM” or the “Manager”) and AEGON USA Investment Management, LLC (“AUIM” or the “Sub-Adviser”) the Fund’s proposed new Sub-Adviser, subject to shareholder approval. The Board Members noted that the proposal to replace TIM as sub-adviser to the Fund, was part of a broader initiative by AEGON to consolidate the fixed income activities of TIM and AUIM into a single investment platform under AUIM.

The Board considered the termination of TIM as sub-adviser for the Fund and the appointment of AUIM as replacement sub-adviser. The Board authorized TAM to terminate the sub-advisory agreement with TIM. The Board also approved the sub-advisory agreement with AUIM, with respect to the Fund, for an initial two-year period (the “New Sub-Advisory Agreement”), pending shareholder approval.

To assist the Board Members in their consideration of the New Sub-Advisory Agreement, the Board Members received in advance of their meeting certain materials and information. In addition, the Independent Board Members consulted with their independent legal counsel, discussing, among other things, the legal standards and certain other considerations relevant to the Board Members’ deliberations.

Among other matters, the Board Members considered:

(a) that TAM advised the Board Members that the appointment of AUIM 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 AUIM is an experienced and respected asset management firm, and that TAM believes that AUIM has the capabilities, resources and personnel necessary to provide advisory services to the Fund based on an assessment of the services that AUIM provides to other funds within the Transamerica fund complex;

(c) that AUIM and TAM are affiliated entities;

(d) that certain portfolio managers at TIM, the current sub-adviser for the Fund, are expected to join AUIM following the consolidation of all fixed income activities under AUIM;

(e) that in June 2010 the Board performed a full annual review of a number of sub-advisory agreements with AUIM with respect to Transamerica funds not discussed herein, and determined that AUIM has the capabilities, resources and personnel necessary to provide the sub-advisory services to the applicable Transamerica funds;

(f) the proposed responsibilities of AUIM for the Fund and the services expected to be provided by it;

(g) the fact that the sub-advisory fees payable by TAM to AUIM would be the same as those paid by TAM to the Fund’s current sub-adviser;

(h) that advisory fees paid by the Fund to TAM would not increase;

(i) that the sub-advisory fees paid by TAM to AUIM are consistent with TAM’s fiduciary duty under applicable law;

(j) that TAM recommended to the Board that AUIM be appointed as Sub-Adviser to the Fund based on its desire to engage a sub-adviser with strong research and management capabilities across the fixed income spectrum and with the ability to implement the current investment strategies of the Fund;

(k) that the Proposal is part of a broader initiative by AEGON to consolidate the fixed income activities of TIM and AUIM into a single investment platform under AUIM; and

(l) that the Fund would bear the costs of obtaining shareholder approval of the New Sub-Advisory Agreement, such costs to be allocated on the basis of the Fund’s net assets except where direct costs can reasonably be attributed to the Fund.

Further, the Board Members, including a majority of the Independent Board Members, found that the change in sub-adviser to AUIM is in the best interests of the Fund and its shareholders and does not involve a conflict of interest from which TAM and AUIM derives an inappropriate advantage. A discussion followed which included additional consideration of these and other matters.

In their deliberations, the Board Members did not identify any particular information that was all-important or controlling, and each Board Member may have attributed different weights to the various factors. The Board Members evaluated all information available to them, and the Board Members, including a majority of the Independent Board Members, concluded that the New Sub-Advisory Agreement should be approved and that the fees payable thereunder are consistent with TAM’s fiduciary duty under applicable law and that the New Sub-Advisory Agreement should be recommended to Fund shareholders for approval.

Transamerica Funds Semi-Annual Report 2011

Page 112

TRANSAMERICA AEGON MONEY MARKET (continued)

(formerly Transamerica Money Market)

APPROVAL OF INVESTMENT SUB-ADVISORY AGREEMENT

(unaudited)

Nature, Quality and Extent of Services Provided. In evaluating the nature, quality and extent of the services to be provided by AUIM under the New Sub-Advisory Agreement, the Board Members considered, among other things, information and assurances provided by TAM and AUIM as to the operations, facilities, organization and personnel of AUIM, the anticipated ability of AUIM to perform its duties under the New Sub-Advisory Agreement, and the anticipated ability of AUIM to implement the current investment strategies of the Fund. The Board Members also considered that AUIM and TAM are affiliated entities. The Board Members considered the proposed change to the Fund’s name. The Board Members considered that TAM has advised the Board Members that the appointment of AUIM 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 AUIM is an experienced and respected asset management firm and that TAM believes that AUIM has the capabilities, resources and personnel necessary to provide advisory services to the Fund based on the assessment of the services that AUIM provides to other funds within the Transamerica fund complex. The Board Members took into consideration that certain portfolio managers at TIM are expected to join AUIM following the consolidation of all fixed income activities under AUIM. The Board Members also considered that they recently had performed a full annual review of a number of sub-advisory agreements with AUIM and had determined that AUIM has the capabilities, resources and personnel necessary to provide the sub-advisory services to the funds subject to those agreements.

Based on their review of the materials provided and the assurances they had received from TAM, the Board Members determined that AUIM can provide sub-advisory services that are appropriate in scope and extent in light of the investment program for the Fund and that AUIM’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 New Sub-Advisory Agreement as well as the overall management fee structure of the Fund and noted that they would remain unchanged. The Board Members noted that the Fund does not pay the sub-advisory fee. The Board Members took into consideration that they had recently reviewed the Manager’s profitability with respect to the Fund and that advisory fees would remain unchanged. The Board Members determined that the sub-advisory fee payable by TAM to AUIM is consistent with TAM’s fiduciary duty under applicable law.

Economies of Scale. The Board Members noted that the advisory fee schedule of the Fund would remain unchanged and that TAM believes that the appointment of AUIM as sub-adviser has the potential to attract additional assets because of AUIM’s asset management capabilities across the fixed income spectrum. The Board Members concluded that they would have the opportunity to periodically reexamine whether economies of scale had been achieved, and the appropriateness of management fees payable to TAM and fees payable by TAM to AUIM, in the future.

Fall-Out Benefits. The Board Members took into consideration the character of other incidental benefits received by AUIM, including the use of portfolio brokerage transactions to pay for research services that AUIM typically enters into with regard to other funds that it sub-advises within the Transamerica fund complex and noted that they had recently determined that such benefits are expected to be consistent with industry practice and the best interests of those funds and their shareholders. The Board Members also considered the potential for increased visibility in the marketplace as a result of AUIM’s relationship with the Fund.

Investment Performance. The Board Members considered AUIM’s investment management experience, capabilities and resources, including with respect to other funds that it sub-advises within the Transamerica fund complex. In addition, the Board Members noted that they had recently considered the performance of those other funds and, in that connection, determined that AUIM was capable of providing investment and related services that are appropriate in scope and extent in light of those funds’ operations, the competitive landscape of the investment company business and investor needs. Based on this information, the Board Members determined that AUIM is capable of generating a level of investment performance that is appropriate in light of the Fund’s investment objectives, policies and strategies.

Other Considerations. The Board Members considered that the Proposal is part of a broader initiative by AEGON to consolidate the fixed income activities of TIM and AUIM into a single investment platform under AUIM.

Transamerica Funds Semi-Annual Report 2011

Page 113

TRANSAMERICA AEGON SHORT-TERM BOND

(formerly Transamerica Short-Term Bond)

APPROVAL OF INVESTMENT SUB-ADVISORY AGREEMENT

(unaudited)

At a special meeting of the Board Members of Transamerica Funds (the “Board”) held on January 19, 2011, the Board, including the Independent Board Members, approved the termination of Transamerica Investment Management, LLC (“TIM”) as sub-adviser to Transamerica Short-Term Bond (the “Fund”), and approved a new investment sub-advisory agreement for the Fund between Transamerica Asset Management, Inc. (“TAM” or the “Manager”) and AEGON USA Investment Management, LLC (“AUIM” or the “Sub-Adviser”) the Fund’s proposed new Sub-Adviser, subject to shareholder approval. The Board Members noted that the proposal to replace TIM as sub-adviser to the Fund, was part of a broader initiative by AEGON to consolidate the fixed income activities of TIM and AUIM into a single investment platform under AUIM.

The Board considered the termination of TIM as sub-adviser for the Fund and the appointment of AUIM as replacement sub-adviser. The Board authorized TAM to terminate the sub-advisory agreement with TIM. The Board also approved the sub-advisory agreement with AUIM, with respect to the Fund, for an initial two-year period (the “New Sub-Advisory Agreement”), pending shareholder approval.

To assist the Board Members in their consideration of the New Sub-Advisory Agreement, the Board Members received in advance of their meeting certain materials and information. In addition, the Independent Board Members consulted with their independent legal counsel, discussing, among other things, the legal standards and certain other considerations relevant to the Board Members’ deliberations.

Among other matters, the Board Members considered:

(a) that TAM advised the Board Members that the appointment of AUIM 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 AUIM is an experienced and respected asset management firm, and that TAM believes that AUIM has the capabilities, resources and personnel necessary to provide advisory services to the Fund based on an assessment of the services that AUIM provides to other funds within the Transamerica fund complex;

(c) that AUIM and TAM are affiliated entities;

(d) that certain portfolio managers at TIM, the current sub-adviser for the Fund, are expected to join AUIM following the consolidation of all fixed income activities under AUIM;

(e) that in June 2010 the Board performed a full annual review of a number of sub-advisory agreements with AUIM with respect to Transamerica funds not discussed herein, and determined that AUIM has the capabilities, resources and personnel necessary to provide the sub-advisory services to the applicable Transamerica funds;

(f) the proposed responsibilities of AUIM for the Fund and the services expected to be provided by it;

(g) the fact that the sub-advisory fees payable by TAM to AUIM would be the same as those paid by TAM to the Fund’s current sub-adviser;

(h) that advisory fees paid by the Fund to TAM would not increase;

(i) that the sub-advisory fees paid by TAM to AUIM are consistent with TAM’s fiduciary duty under applicable law;

(j) that TAM recommended to the Board that AUIM be appointed as Sub-Adviser to the Fund based on its desire to engage a sub-adviser with strong research and management capabilities across the fixed income spectrum and with the ability to implement the current investment strategies of the Fund;

(k) that the Proposal is part of a broader initiative by AEGON to consolidate the fixed income activities of TIM and AUIM into a single investment platform under AUIM; and

(l) that the Fund would bear the costs of obtaining shareholder approval of the New Sub-Advisory Agreement, such costs to be allocated on the basis of the Fund’s net assets except where direct costs can reasonably be attributed to the Fund.

Further, the Board Members, including a majority of the Independent Board Members, found that the change in sub-adviser to AUIM is in the best interests of the Fund and its shareholders and does not involve a conflict of interest from which TAM and AUIM derives an inappropriate advantage. A discussion followed which included additional consideration of these and other matters.

In their deliberations, the Board Members did not identify any particular information that was all-important or controlling, and each Board Member may have attributed different weights to the various factors. The Board Members evaluated all information available to them, and the Board Members, including a majority of the Independent Board Members, concluded that the New Sub-Advisory Agreement should be approved and that the fees payable thereunder are consistent with TAM’s fiduciary duty under applicable law and that the New Sub-Advisory Agreement should be recommended to Fund shareholders for approval.

Transamerica Funds Semi-Annual Report 2011

Page 114

TRANSAMERICA AEGON SHORT-TERM BOND
(formerly Transamerica Short-Term Bond)

APPROVAL OF INVESTMENT SUB-ADVISORY AGREEMENT

(unaudited)

Nature, Quality and Extent of Services Provided. In evaluating the nature, quality and extent of the services to be provided by AUIM under the New Sub-Advisory Agreement, the Board Members considered, among other things, information and assurances provided by TAM and AUIM as to the operations, facilities, organization and personnel of AUIM, the anticipated ability of AUIM to perform its duties under the New Sub-Advisory Agreement, and the anticipated ability of AUIM to implement the current investment strategies of the Fund. The Board Members also considered that AUIM and TAM are affiliated entities. The Board Members considered the proposed change to the Fund’s name. The Board Members considered that TAM has advised the Board Members that the appointment of AUIM 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 AUIM is an experienced and respected asset management firm and that TAM believes that AUIM has the capabilities, resources and personnel necessary to provide advisory services to the Fund based on the assessment of the services that AUIM provides to other funds within the Transamerica fund complex. The Board Members took into consideration that certain portfolio managers at TIM are expected to join AUIM following the consolidation of all fixed income activities under AUIM. The Board Members also considered that they recently had performed a full annual review of a number of sub-advisory agreements with AUIM and had determined that AUIM has the capabilities, resources and personnel necessary to provide the sub-advisory services to the funds subject to those agreements.

Based on their review of the materials provided and the assurances they had received from TAM, the Board Members determined that AUIM can provide sub-advisory services that are appropriate in scope and extent in light of the investment program for the Fund and that AUIM’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 New Sub-Advisory Agreement as well as the overall management fee structure of the Fund and noted that they would remain unchanged. The Board Members noted that the Fund does not pay the sub-advisory fee. The Board Members took into consideration that they had recently reviewed the Manager’s profitability with respect to the Fund and that advisory fees would remain unchanged. The Board Members determined that the sub-advisory fee payable by TAM to AUIM is consistent with TAM’s fiduciary duty under applicable law.

Economies of Scale. The Board Members noted that the advisory fee schedule of the Fund would remain unchanged and that TAM believes that the appointment of AUIM as sub-adviser has the potential to attract additional assets because of AUIM’s asset management capabilities across the fixed income spectrum. The Board Members also considered that breakpoint fee structures were in place with respect to the Fund. The Board Members concluded that they would have the opportunity to periodically re-examine whether economies of scale had been achieved, and the appropriateness of management fees payable to TAM and fees payable by TAM to AUIM, in the future.

Fall-Out Benefits. The Board Members took into consideration the character of other incidental benefits received by AUIM, including the use of portfolio brokerage transactions to pay for research services that AUIM typically enters into with regard to other funds that it sub-advises within the Transamerica fund complex and noted that they had recently determined that such benefits are expected to be consistent with industry practice and the best interests of those funds and their shareholders. The Board Members also considered the potential for increased visibility in the marketplace as a result of AUIM’s relationship with the Fund.

Investment Performance. The Board Members considered AUIM’s investment management experience, capabilities and resources, including with respect to other funds that it sub-advises within the Transamerica fund complex. In addition, the Board Members noted that they had recently considered the performance of those other funds and, in that connection, determined that AUIM was capable of providing investment and related services that are appropriate in scope and extent in light of those funds’ operations, the competitive landscape of the investment company business and investor needs. Based on this information, the Board Members determined that AUIM is capable of generating a level of investment performance that is appropriate in light of the Fund’s investment objectives, policies and strategies.

Other Considerations. The Board Members considered that the Proposal is part of a broader initiative by AEGON to consolidate the fixed income activities of TIM and AUIM into a single investment platform under AUIM.

Transamerica Funds Semi-Annual Report 2011

Page 115

TRANSAMERICA MORGAN STANLEY CAPITAL GROWTH
(formerly known as Transamerica Focus)

APPROVAL OF NEW INVESTMENT SUB-ADVISORY AGREEMENT

(unaudited)

At a special meeting of the Board Members of Transamerica Funds (the “Board”) held on January 19, 2011, the Board, including the Independent Board Members, approved the termination of Transamerica Investment Management, LLC (“TIM”) as sub-adviser to Transamerica Focus (the “Fund”), and approved a new investment sub-advisory agreement for the Fund between Transamerica Asset Management, Inc. (“TAM” or the “Manager”) and Morgan Stanley Investment Management Inc. (“MSIM” or the “Sub-Adviser”) the Fund’s proposed new Sub-Adviser.

The Board considered the termination of TIM as sub-adviser for the Fund and the appointment of MSIM as replacement sub-adviser. The Board authorized TAM to terminate the sub-advisory agreement with TIM. The Board also approved the sub-advisory agreement with MSIM, with respect to the Fund, for an initial two-year period (the “New Sub-Advisory Agreement”).

To assist the Board Members in their consideration of the New Sub-Advisory Agreement, the Board Members received in advance of their meeting certain materials and information. In addition, the Independent Board Members consulted with their independent legal counsel, discussing, among other things, the legal standards and certain other considerations relevant to the Board Members’ deliberations.

Among other matters, the Board Members considered:

(a) that TAM 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 that TAM believes that the Sub-Adviser has the capabilities, resources and personnel necessary to provide advisory services to the Fund based on an assessment of the services the Sub-Adviser provides to other funds within the Transamerica fund complex;

(c) that in June 2010 the Board performed a full annual review of the sub-advisory agreements with the Sub-Adviser with respect to TAM funds not discussed herein, and determined that the Sub-Adviser has the capabilities, resources and personnel necessary to provide the sub-advisory services to the Fund;

(d) the proposed responsibilities of the Sub-Adviser for the Fund and the services expected to be provided by it;

(e) that advisory fee rates paid by the Fund to TAM would not increase; and

(f) that the sub-advisory fee payable to the Sub-Adviser would be paid by TAM and not the Fund, and that the sub-advisory fee payable by TAM to the Sub-Adviser are consistent with TAM’s fiduciary duty under applicable law.

Further, the Board Members, including a majority of the Independent Board Members, found that the change in sub-adviser is in the best interest of the Fund and its shareholders and does not involve a conflict of interest from which TAM derives an inappropriate advantage. A discussion followed which included additional consideration of these and other matters.

In their deliberations, the Board Members did not identify any particular information that was all-important or controlling, and each Board Member may have attributed different weights to the various factors. The Board Members evaluated all information available to them, and the Board Members, including a majority of the Independent Board Members, concluded that the New Sub-Advisory Agreement should be approved and that the fees payable thereunder are consistent with TAM’s fiduciary duty under applicable law and that the New Sub-Advisory Agreement should be recommended to Fund shareholders for approval.

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 New Sub-Advisory Agreement, the Board Members considered, among other things, information and assurances provided by TAM 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 New Sub-Advisory Agreement, and any anticipated changes to the name, current investment program, and other practices of the Fund. 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 the assessment of the services that the Sub-Adviser provides to other funds within the Transamerica fund complex. The Board also noted that TAM recommended to the Board that the Sub-Adviser be appointed based on TAM’s desire to engage a sub-adviser with a proven performance record for the particular investment strategy that is contemplated for 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 the Sub-Adviser’s appointment is not expected to adversely affect the nature, quality and extent of services provided to the Fund.

Transamerica Funds Semi-Annual Report 2011

Page 116

TRANSAMERICA MORGAN STANLEY CAPITAL GROWTH (continued)
(formerly known as Transamerica Focus)

APPROVAL OF NEW INVESTMENT SUB-ADVISORY AGREEMENT

(unaudited)

Fees and Costs of Services Provided. The Board Members considered the sub-advisory fee rate under the New Sub-Advisory Agreement as well as the overall management fee structure of the Fund. The Board Members noted that the Fund does not directly pay the sub-advisory fee. The Board Members took into consideration that they reviewed TAM’s anticipated profitability with respect to the Fund to the extent that the New Sub-Advisory Agreement was approved and noted that advisory fee rates would remain unchanged. The Board Members determined that the sub-advisory fees proposed to be paid by TAM to the Sub-Adviser are consistent with TAM’s fiduciary duty under applicable law.

Economies of Scale. The Board Members noted that TAM believes that the appointment of the Sub-Adviser has the potential to attract additional assets. The Board Members also noted that the advisory fee schedule, which contains breakpoints, would remain unchanged and determined that the breakpoints permit certain economies of scale for the benefit of shareholders as the Fund grows. The Board Members concluded that they would have the opportunity to periodically reexamine whether economies of scale had been achieved, and the appropriateness of management fees payable to TAM and fees payable by TAM to the Sub-Adviser, in the future.

Fall-Out Benefits. The Board Members took into consideration the character of other incidental benefits that may be received by the Sub-Adviser, including the potential use of portfolio brokerage transactions to pay for research services, and noted that TAM believes that such benefits are expected to be consistent with industry practice. The Board Members also considered the potential for increased visibility in the marketplace as a result of the Sub-Adviser’s relationship with the Fund.

Investment Performance. The Board Members noted the Sub-Adviser’s investment management experience, capabilities and resources. The Board Members also noted that TAM believes the appointment of the Sub-Adviser could benefit shareholders by offering them the potential for superior performance, but were unable to predict what effect execution of the New Sub-Advisory Agreement would actually have on the future performance of the Fund. Based on this information, the Board determined that the Sub-Adviser is capable of generating a level of investment performance that is appropriate in light of the Fund’s intended investment objectives, policies and strategies.

Other Considerations. The Board Members also considered that the proposed Sub-Adviser change is one of a number of recommendations by Management following a strategic review of AEGON’s asset management business. Further, the Board Members noted that TAM believes that the proposed changes are in the best interest of shareholders to protect shareholder value based on the unsettled state of TIM over the past year.

Transamerica Funds Semi-Annual Report 2011

Page 117

TRANSAMERICA MORGAN STANLEY GROWTH OPPORTUNITIES
(formerly known as Transamerica Growth Opportunities)

APPROVAL OF NEW INVESTMENT SUB-ADVISORY AGREEMENT

(unaudited)

At a special meeting of the Board Members of Transamerica Funds (the “Board”) held on January 19, 2011, the Board, including the Independent Board Members, approved the termination of Transamerica Investment Management, LLC (“TIM”) as sub-adviser to Transamerica Growth Opportunities (the “Fund”), and approved a new investment sub-advisory agreement for the Fund between Transamerica Asset Management, Inc. (“TAM” or the “Manager”) and Morgan Stanley Investment Management Inc. (“MSIM” or the “Sub-Adviser”) the Fund’s proposed new Sub-Adviser.

The Board considered the termination of TIM as sub-adviser for the Fund and the appointment of MSIM as replacement sub-adviser. The Board authorized TAM to terminate the sub-advisory agreement with TIM. The Board also approved the sub-advisory agreement with MSIM, with respect to the Fund, for an initial two-year period (the “New Sub-Advisory Agreement”).

To assist the Board Members in their consideration of the New Sub-Advisory Agreement, the Board Members received in advance of their meeting certain materials and information. In addition, the Independent Board Members consulted with their independent legal counsel, discussing, among other things, the legal standards and certain other considerations relevant to the Board Members’ deliberations.

Among other matters, the Board Members considered:

(a) that TAM 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 that TAM believes that the Sub-Adviser has the capabilities, resources and personnel necessary to provide advisory services to the Fund based on an assessment of the services the Sub-Adviser provides to other funds within the Transamerica fund complex;

(c) that in June 2010 the Board performed a full annual review of the sub-advisory agreements with the Sub-Adviser with respect to TAM funds not discussed herein, and determined that the Sub-Adviser has the capabilities, resources and personnel necessary to provide the sub-advisory services to the Fund;

(d) the proposed responsibilities of the Sub-Adviser for the Fund and the services expected to be provided by it;

(e) that advisory fee rates paid by the Fund to TAM would not increase; and

(f) that the sub-advisory fee payable to the Sub-Adviser would be paid by TAM and not the Fund, and that the sub-advisory fee payable by TAM to the Sub-Adviser are consistent with TAM’s fiduciary duty under applicable law.

Further, the Board Members, including a majority of the Independent Board Members, found that the change in sub-adviser is in the best interest of the Fund and its shareholders and does not involve a conflict of interest from which TAM derives an inappropriate advantage. A discussion followed which included additional consideration of these and other matters.

In their deliberations, the Board Members did not identify any particular information that was all-important or controlling, and each Board Member may have attributed different weights to the various factors. The Board Members evaluated all information available to them, and the Board Members, including a majority of the Independent Board Members, concluded that the New Sub-Advisory Agreement should be approved and that the fees payable thereunder are consistent with TAM’s fiduciary duty under applicable law and that the New Sub-Advisory Agreement should be recommended to Fund shareholders for approval.

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 New Sub-Advisory Agreement, the Board Members considered, among other things, information and assurances provided by TAM 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 New Sub-Advisory Agreement, and any anticipated changes to the name, current investment program, and other practices of the Fund. 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 the assessment of the services that the Sub-Adviser provides to other funds within the TAM fund complex. The Board also noted that TAM recommended to the Board that the Sub-Adviser be appointed based on TAM’s desire to engage a sub-adviser with a proven performance record for the particular investment strategy that is contemplated for 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.

Transamerica Funds Semi-Annual Report 2011

Page 118

TRANSAMERICA MORGAN STANLEY GROWTH OPPORTUNITIES (continued)
(formerly known as Transamerica Growth Opportunities)

APPROVAL OF NEW INVESTMENT SUB-ADVISORY AGREEMENT

(unaudited)

Fees and Costs of Services Provided. The Board Members considered the sub-advisory fee rate under the New Sub-Advisory Agreement as well as the overall management fee structure of the Fund. The Board Members noted that the Fund does not directly pay the sub-advisory fee. The Board Members took into consideration that they reviewed TAM’s anticipated profitability with respect to the Fund to the extent that the New Sub-Advisory Agreement was approved and noted that advisory fee rates would remain unchanged. The Board Members determined that the sub-advisory fees proposed to be paid by TAM to the Sub-Adviser are consistent with TAM’s fiduciary duty under applicable law.

Economies of Scale. The Board Members noted that TAM believes that the appointment of the Sub-Adviser has the potential to attract additional assets. The Board Members also noted that the advisory fee schedule, which contains breakpoints, would remain unchanged and determined that the breakpoints permit certain economies of scale for the benefit of shareholders as the Fund grows. The Board Members concluded that they would have the opportunity to periodically reexamine whether economies of scale had been achieved, and the appropriateness of management fees payable to TAM and fees payable by TAM to the Sub-Adviser, in the future.

Fall-Out Benefits. The Board Members took into consideration the character of other incidental benefits that may be received by the Sub-Adviser, including the potential use of portfolio brokerage transactions to pay for research services, and noted that TAM believes that such benefits are expected to be consistent with industry practice. The Board Members also considered the potential for increased visibility in the marketplace as a result of the Sub-Adviser’s relationship with the Fund.

Investment Performance. The Board Members noted the Sub-Adviser’s investment management experience, capabilities and resources. The Board Members also noted that TAM believes the appointment of the Sub-Adviser could benefit shareholders by offering them the potential for superior performance, but were unable to predict what effect execution of the New Sub-Advisory Agreement would actually have on the future performance of the Fund. Based on this information, the Board determined that the Sub-Adviser is capable of generating a level of investment performance that is appropriate in light of the Fund’s intended investment objectives, policies and strategies.

Other Considerations. The Board Members also considered that the proposed Sub-Adviser change is one of a number of recommendations by Management following a strategic review of AEGON’s asset management business. Further, the Board Members noted that TAM believes that the proposed changes are in the best interest of shareholders to protect shareholder value based on the unsettled state of TIM over the past year.

Transamerica Funds Semi-Annual Report 2011

Page 119

TRANSAMERICA MULTI-MANAGED BALANCED
(formerly known as Transamerica Balanced)

APPROVAL OF NEW INVESTMENT SUB-ADVISORY AGREEMENT

(unaudited)

At a special meeting of the Board Members of Transamerica Funds (the “Board”) held on January 19, 2011, the Board, including the Independent Board Members, approved the termination of Transamerica Investment Management, LLC (“TIM”) as sub-adviser to Transamerica Balanced (the “Fund”), and approved a new investment sub-advisory agreement for the Fund between Transamerica Asset Management, Inc. (“TAM” or the “Manager”), J.P. Morgan Investment Management Inc. (“JPMorgan”) and BlackRock Financial Management, Inc. (“BlackRock”) (collectively, the “Sub-Advisers”), as the Fund’s proposed new co-sub-advisers.

The Board considered the termination of TIM as sub-adviser for the Fund and the appointment of JPMorgan and BlackRock as replacement sub-advisers. The Board authorized TAM to terminate the sub-advisory agreement with TIM. The Board also approved the sub-advisory agreements with JPMorgan and BlackRock with respect to the Fund, for an initial two-year period (the “New Sub-Advisory Agreements”). Management reported that the equity sleeve of the Fund would be managed by JPMorgan, and the fixed income sleeve of the Fund would be managed by BlackRock. Management also reported that the advisory fees were not expected to change as a result of this Transaction.

To assist the Board Members in their consideration of the New Sub-Advisory Agreements, the Board Members received in advance of their meeting certain materials and information. In addition, the Independent Board Members consulted with their independent legal counsel, discussing, among other things, the legal standards and certain other considerations relevant to the Board Members’ deliberations.

Among other matters, the Board Members considered:

(a) that TAM advised the Board Members that the appointment of the Sub-Advisers 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-Advisers are experienced and respected asset management firms, and that TAM believes that the Sub-Advisers each have the capabilities, resources and personnel necessary to provide advisory services to the Fund based on an assessment of the services the Sub-Advisers provide to other funds within the TAM fund complex;

(c) that in June 2010 the Board performed a full annual review of the sub-advisory agreements with the Sub-Advisers with respect to TAM funds not discussed herein, and determined that the Sub-Advisers each have the capabilities, resources and personnel necessary to provide the sub-advisory services to the Fund;

(d) the proposed responsibilities of the Sub-Advisers for the Fund and the services expected to be provided by them;

(e) that advisory fee rates paid by the Fund to TAM would not increase; and

(f) that the sub-advisory fees payable to the Sub-Advisers would be paid by TAM and not the Fund, and that the sub-advisory fees payable by TAM to the Sub-Advisers are consistent with TAM’s fiduciary duty under applicable law.

Further, the Board Members, including a majority of the Independent Board Members, found that the change in sub-adviser is in the best interest of the Fund and its shareholders and does not involve a conflict of interest from which TAM derives an inappropriate advantage. A discussion followed which included additional consideration of these and other matters.

In their deliberations, the Board Members did not identify any particular information that was all-important or controlling, and each Board Member may have attributed different weights to the various factors. The Board Members evaluated all information available to them, and the Board Members, including a majority of the Independent Board Members, concluded that the New Sub-Advisory Agreement should be approved and that the fees payable thereunder are consistent with TAM’s fiduciary duty under applicable law and that the New Sub-Advisory Agreement should be recommended to Fund shareholders for approval.

Nature, Quality and Extent of Services Provided. In evaluating the nature, quality and extent of the services to be provided by the Sub-Advisers under the New Sub-Advisory Agreements, the Board Members considered, among other things, information and assurances provided by TAM as to the operations, facilities, organization and personnel of the Sub-Advisers, the anticipated ability of the Sub-Advisers to perform their duties under the New Sub-Advisory Agreements, and any anticipated changes to the name, current investment program, and other practices of the Fund. The Board Members considered that TAM has advised the Board Members that the appointment of each 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-Advisers are experienced and respected asset management firms and that TAM believes that the Sub-Advisers each have the capabilities, resources and personnel necessary to provide advisory services to the Fund based on the assessment of the services that the Sub-Advisers provide to other funds within the TAM fund complex. The Board also noted that TAM recommended to the Board that the Sub-Advisers be appointed based on TAM’s desire to engage sub-advisers with proven performance records for the particular investment strategy that is contemplated for 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-Advisers can provide sub-advisory services that are appropriate in scope and extent in light of the proposed investment program for the fund and that each Sub-Adviser’s appointment is not expected to adversely affect the nature, quality and extent of services provided to the Fund.

Transamerica Funds Semi-Annual Report 2011

Page 120

TRANSAMERICA MULTI-MANAGED BALANCED (continued)
(formerly known as Transamerica Balanced)

APPROVAL OF NEW INVESTMENT SUB-ADVISORY AGREEMENT

(unaudited)

Fees and Costs of Services Provided. The Board Members considered the sub-advisory fee rates under the New Sub-Advisory Agreements as well as the overall management fee structure of the Fund. The Board Members noted that the Fund does not directly pay the sub-advisory fee. The Board Members took into consideration that they reviewed TAM��s anticipated profitability with respect to the Fund to the extent that the New Sub-Advisory Agreements were approved and noted that advisory fee rates would remain unchanged. The Board Members determined that the sub-advisory fees proposed to be paid by TAM to the Sub-Advisers are consistent with TAM’s fiduciary duty under applicable law.

Economies of Scale. The Board Members noted that TAM believes that the appointment of the Sub-Advisers has the potential to attract additional assets. The Board Members also noted that the advisory fee schedule, which contains breakpoints, would remain unchanged and determined that the breakpoints permit certain economies of scale for the benefit of shareholders as the Fund grows. The Board Members concluded that they would have the opportunity to periodically reexamine whether economies of scale had been achieved, and the appropriateness of management fees payable to TAM and fees payable by TAM to the Sub-Advisers, in the future.

Fall-Out Benefits. The Board Members took into consideration the character of other incidental benefits that may be received by the Sub-Advisers, including the potential use of portfolio brokerage transactions to pay for research services, and noted that TAM believes that such benefits are expected to be consistent with industry practice. The Board Members also considered the potential for increased visibility in the marketplace as a result of each Sub-Adviser’s relationship with the Fund.

Investment Performance. The Board Members noted each Sub-Adviser’s investment management experience, capabilities and resources. The Board Members also noted that TAM believes the appointment of both Sub-Advisers could benefit shareholders by offering them the potential for superior performance, but were unable to predict what effect execution of the New Sub-Advisory Agreements would actually have on the future performance of the Fund. Based on this information, the Board determined that the Sub-Advisers are capable of generating a level of investment performance that is appropriate in light of the Fund’s intended investment objectives, policies and strategies.

Other Considerations. The Board Members also considered that the proposed sub-adviser change is one of a number of recommendations by Management following a strategic review of AEGON’s asset management business. Further, the Board Members noted that TAM believes that the proposed changes are in the best interest of shareholders to protect shareholder value based on the unsettled state of TIM over the past year.

Transamerica Funds Semi-Annual Report 2011

Page 121

TRANSAMERICA SYSTEMATIC SMALL/MID CAP VALUE
(formerly known as Transamerica Small/Mid Cap Value)

APPROVAL OF NEW INVESTMENT SUB-ADVISORY AGREEMENT

(unaudited)

At a special meeting of the Board Members of Transamerica Funds (the “Board”) held on January 19, 2011, the Board, including the Independent Board Members, approved the termination of Transamerica Investment Management, LLC (“TIM”) as sub-adviser to Transamerica Small/Mid Cap Value (the “Fund”), and approved a new investment sub-advisory agreement for the Fund between Transamerica Asset Management, Inc. (“TAM” or the “Manager”) and Systematic Financial Management L.P. (“Systematic” or the “Sub-Adviser”) the Fund’s proposed new Sub-Adviser.

The Board considered the termination of TIM as sub-adviser for the Fund and the appointment of Systematic as replacement sub-adviser. The Board authorized TAM to terminate the sub-advisory agreement with TIM. The Board also approved the sub-advisory agreement with Systematic, with respect to the Fund, for an initial two-year period (the “New Sub-Advisory Agreement”).

To assist the Board Members in their consideration of the New Sub-Advisory Agreement, the Board Members received in advance of their meeting certain materials and information. In addition, the Independent Board Members consulted with their independent legal counsel, discussing, among other things, the legal standards and certain other considerations relevant to the Board Members’ deliberations.

Among other matters, the Board Members considered:

(a) that TAM 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 that TAM believes that the Sub-Adviser has the capabilities, resources and personnel necessary to provide advisory services to the Fund;

(c) the proposed responsibilities of the Sub-Adviser for the Fund and the services expected to be provided by it;

(d) that advisory fee rates paid by the Fund to TAM would not increase; and

(e) that the sub-advisory fee payable to the Sub-Adviser would be paid by TAM and not the Fund, and that the sub-advisory fee payable by TAM to the Sub-Adviser are consistent with TAM’s fiduciary duty under applicable law.

Further, the Board Members, including a majority of the Independent Board Members, found that the change in sub-adviser is in the best interest of the Fund and its shareholders and does not involve a conflict of interest from which TAM derives an inappropriate advantage. A discussion followed which included additional consideration of these and other matters.

In their deliberations, the Board Members did not identify any particular information that was all-important or controlling, and each Board Member may have attributed different weights to the various factors. The Board Members evaluated all information available to them, and the Board Members, including a majority of the Independent Board Members, concluded that the New Sub-Advisory Agreement should be approved and that the fees payable thereunder are consistent with TAM’s fiduciary duty under applicable law and that the New Sub-Advisory Agreement should be recommended to Fund shareholders for approval.

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 New Sub-Advisory Agreement, the Board Members considered, among other things, information and assurances provided by TAM 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 New Sub-Advisory Agreement, and any anticipated changes to the name, current investment program, and other practices of the Fund. 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 Sub-Adviser is an experienced and respected asset management firm and that TAM believes the Sub-Adviser has the capabilities, resources and personnel necessary to provide advisory services to the Fund. The Board Members received and reviewed certain documentation and information relating to the sub-adviser, its personnel and operations, and other materials relevant to consideration of the sub-advisory agreement. The Board also noted that TAM recommended to the Board that the Sub-Adviser be appointed based on TAM’s desire to engage a sub-adviser with a proven performance record for the particular investment strategy that is contemplated for 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 New Sub-Advisory Agreement as well as the overall management fee structure of the Fund. The Board Members noted that the Fund does not directly pay the sub-advisory fee. The Board Members took into consideration that they reviewed TAM’s anticipated profitability with respect to the Fund to the extent that the New Sub-Advisory Agreement was approved and noted that advisory fee rates would remain unchanged. The Board Members determined that the sub-advisory fees proposed to be paid by TAM to the Sub-Adviser are consistent with TAM’s fiduciary duty under applicable law.

Transamerica Funds Semi-Annual Report 2011

Page 122

TRANSAMERICA SYSTEMATIC SMALL/MID CAP VALUE (continued)
(formerly known as Transamerica Small/Mid Cap Value)

APPROVAL OF NEW INVESTMENT SUB-ADVISORY AGREEMENT

(unaudited)

Economies of Scale. The Board Members noted that TAM believes that the appointment of the Sub-Adviser has the potential to attract additional assets. The Board Members also noted that the advisory fee schedule, which contains breakpoints, would remain unchanged and determined that the breakpoints permit certain economies of scale for the benefit of shareholders as the Fund grows. It was also noted that fund assets would be aggregated for purposes of calculating sub-advisory fees. The Board Members concluded that they would have the opportunity to periodically reexamine whether economies of scale had been achieved, and the appropriateness of management fees payable to TAM and fees payable by TAM to the Sub-Adviser, in the future.

Fall-Out Benefits. The Board Members took into consideration the character of other incidental benefits that may be received by the Sub-Adviser, including the potential use of portfolio brokerage transactions to pay for research services, and noted that TAM believes that such benefits are expected to be consistent with industry practice. The Board Members also considered the potential for increased visibility in the marketplace as a result of the Sub-Adviser’s relationship with the Fund.

Investment Performance. The Board Members noted the Sub-Adviser’s investment management experience, capabilities and resources. The Board Members also noted that TAM believes the appointment of the Sub-Adviser could benefit shareholders by offering them the potential for superior performance, but were unable to predict what effect execution of the New Sub-Advisory Agreement would actually have on the future performance of the Fund. Based on this information, the Board determined that the Sub-Adviser is capable of generating a level of investment performance that is appropriate in light of the Fund’s intended investment objectives, policies and strategies.

Other Considerations. The Board Members also considered that the proposed Sub-Adviser change is one of a number of recommendations by Management following a strategic review of AEGON’s asset management business. Further, the Board Members noted that TAM believes that the proposed changes are in the best interest of shareholders to protect shareholder value based on the unsettled state of TIM over the past year.

Transamerica Funds Semi-Annual Report 2011

Page 123

TRANSAMERICA TS&W INTERNATIONAL EQUITY

APPROVAL OF NEW INVESTMENT ADVISORY AND INVESTMENT SUB-ADVISORY AGREEMENT

(unaudited)

At a special meeting of the Board Members of Transamerica Funds (the “Board”) held on November 4, 2010, the Board, including the Independent Board Members, considered a proposal from Transamerica Asset Management, Inc. (“TAM” or “Management”) regarding approval of a new mandate, Transamerica TS&W International Equity (the “New Series”). In connection with the approval of the New Series, the Board Members reviewed and considered the proposed investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Funds and Transamerica TS&W International Equity and TAM, as well as the proposed investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the New Series between TAM and Thompson, Siegel & Walmsley, LLC (“TS&W” or the “Sub-Adviser”), to determine whether the agreements should be approved for an initial two-year period. Management also discussed the plans for the proposed adoption of an unaffiliated fund, TS&W International Equity (the “TS&W Fund”), advised by TS&W, which would then be reorganized into the New Series. The proposal to reorganize the TS&W Fund into the New Series was discussed and it was noted that TAM and TS&W, and not the New Series, would bear the costs of the reorganization transaction.

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

In reaching their decision, the Board Members requested and obtained from TAM and TS&W such information as they deemed reasonably necessary to evaluate the proposed agreements noting that TS&W currently manages the TS&W Fund. In considering the proposed approval of the investment advisory and 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. The Board Members based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decision 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, extent and quality of the services expected to be provided by TAM and TS&W. The Board also considered the experience, capability and integrity of TAM’s senior management, the financial resources of TAM and TS&W, TAM’s management oversight process and the professional qualifications of TS&W’s portfolio management team. The Board Members determined that TAM and TS&W 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 has no historical performance for the Board to review. The Board Members noted, however, that the New Series will have the same investment objective, main strategies and principal risks as the TS&W Fund, and thus, the Board Members evaluated the investment performance of the TS&W Fund. In this regard, the Board Members noted that the TS&W Fund had outperformed its benchmark over the one- and five-year periods ended September 30, 2010, although the performance of the TS&W Fund was lower than its benchmark over the ten-year period. The Board Members also noted that the New Series would be able to retain the TS&W Fund’s performance record subsequent to the adoption. 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 TS&W, the Board Members concluded that TAM and TS&W are capable of generating a level of investment performance that is appropriate in light of the New Series’ proposed investment objectives, policies and strategies.

The cost of advisory services provided and the level of profitability. The New Series is not yet in existence and therefore no revenue, cost or profitability data was available for the Board to review. However, the Board reviewed projected profitability information regarding TAM’s costs of procuring portfolio management services as well as the costs of providing administration, transfer agency, fund accounting and other services to the New Series at various asset levels by TAM and its affiliates. The Board Members noted that the advisory fee payable by the New Series would be slightly higher than the current advisory fee of the TS&W Fund, but that the overall expenses of Class I Shares of the New Series (which shareholders of the TS&W Fund would receive in the proposed reorganization) would be lower than the total expenses of the TS&W Fund. The Board Members also noted that the advisory fee of the TS&W Fund had been reduced recently and had been higher than the fee proposed for the New Series prior to that reduction, and noted that the proposed advisory fee for the New Series is below that of its Lipper category median. The Board Members noted the anticipated profitability of the relationship between the Fund, TAM and its affiliates, and TS&W, as applicable, and determined that the management and sub-advisory fees to be received by TAM and TS&W under the agreements are consistent with TAM’s fiduciary duty under applicable law.

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 Investment 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 and TS&W’s pricing schedule and the proposed advisory fee and sub-advisory fee breakpoints, as detailed in the materials provided to the Board, 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 may 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 Members also noted that, in the future, they would have the opportunity to periodically reexamine whether the New Series has achieved economies of scale and the appropriateness of management fees payable to TAM and fees payable by TAM to TS&W.

Transamerica Funds Semi-Annual Report 2011

Page 124

TRANSAMERICA TS&W INTERNATIONAL EQUITY (continued)

APPROVAL OF NEW INVESTMENT ADVISORY AND INVESTMENT SUB-ADVISORY AGREEMENT

(unaudited)

Benefits to TAM, its affiliates, or TS&W from their relationship with the New Series. The Board noted that TAM believes that other benefits anticipated to be derived by TAM, its affiliates, and TS&W from their relationships with the New Series are expected to be consistent with industry practice. The Board Members noted that TAM would not realize soft dollar benefits from its relationship with the New Series and that TS&W may engage in soft dollar arrangements consistent with applicable law and “best execution” requirements. The Board also noted that TS&W will be asked to participate in a brokerage program pursuant to which a portion of brokerage commissions paid by the New Series is recaptured for the benefit of the New Series and its shareholders, thus limiting the amount of soft dollar arrangements TS&W may engage in with respect to the New Series’ brokerage transactions.

Other considerations. The Board considered the investment objective of the New Series and its investment strategy and noted that TAM believes that the New Series will enhance the investment options for the Transamerica Funds’ retail fund space. The Board Members considered the terms of the Agreement entered into between TAM and TS&W, but noted that the New Series was not a party to such Agreement and that any penalties payable under the Agreement would be paid by TAM, not the New Series. The Board Members determined that TAM has made a substantial commitment to the recruitment and retention of high quality personnel, and maintains the financial, compliance and operational resources reasonably necessary to manage the New Series in a professional manner that is consistent with the best interests of the New Series and its shareholders. In this regard, the Board Members favorably considered the procedures and policies in place by TAM to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of TS&W. The Board Members also determined that TAM has made a significant entrepreneurial commitment to the management and success of the New Series, as reflected by TAM’s expense limitation arrangement with the New Series that may result in TAM waiving fees for the benefit of shareholders

Transamerica Funds Semi-Annual Report 2011

Page 125

TRANSAMERICA WMC DIVERSIFIED EQUITY
(formerly known as Transamerica Diversified Equity)

APPROVAL OF NEW INVESTMENT SUB-ADVISORY AGREEMENT

(unaudited)

At a special meeting of the Board Members of Transamerica Funds (the “Board”) held on January 19, 2011, the Board, including the Independent Board Members, approved the termination of Transamerica Investment Management, LLC (“TIM”) as sub-adviser to Transamerica Diversified Equity (the “Fund”), and approved a new investment sub-advisory agreement for the Fund between Transamerica Asset Management, Inc. (“TAM” or the “Manager”) and Wellington Management Company, LLP (“Wellington” or the “Sub-Adviser”) the Fund’s proposed new Sub-Adviser.

The Board considered the termination of TIM as sub-adviser for the Fund and the appointment of Wellington as replacement sub-adviser. The Board authorized TAM to terminate the sub-advisory agreement with TIM. The Board also approved the sub-advisory agreement with Wellington, with respect to the Fund, for an initial two-year period (the “New Sub-Advisory Agreement”).

To assist the Board Members in their consideration of the New Sub-Advisory Agreement, the Board Members received in advance of their meeting certain materials and information. In addition, the Independent Board Members consulted with their independent legal counsel, discussing, among other things, the legal standards and certain other considerations relevant to the Board Members’ deliberations.

Among other matters, the Board Members considered:

(a) that TAM 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 that TAM believes that the Sub-Adviser has the capabilities, resources and personnel necessary to provide advisory services to the Fund based on an assessment of the services the Sub-Adviser provides to other funds within the Transamerica fund complex;

(c) that in June 2010 the Board performed a full annual review of the sub-advisory agreements with the Sub-Adviser with respect to TAM funds not discussed herein, and determined that the Sub-Adviser has the capabilities, resources and personnel necessary to provide the sub-advisory services to the Fund; (d) the proposed responsibilities of the Sub-Adviser for the Fund and the services expected to be provided by it;

(e) that advisory fee rates paid by the Fund to TAM would not increase; and

(f) that the sub-advisory fee payable to the Sub-Adviser would be paid by TAM and not the Fund, and that the sub-advisory fee payable by TAM to the Sub-Adviser are consistent with TAM‘s fiduciary duty under applicable law.

Further, the Board Members, including a majority of the Independent Board Members, found that the change in sub-adviser is in the best interest of the Fund and its shareholders and does not involve a conflict of interest from which TAM derives an inappropriate advantage. A discussion followed which included additional consideration of these and other matters.

In their deliberations, the Board Members did not identify any particular information that was all-important or controlling, and each Board Member may have attributed different weights to the various factors. The Board Members evaluated all information available to them, and the Board Members, including a majority of the Independent Board Members, concluded that the New Sub-Advisory Agreement should be approved and that the fees payable thereunder are consistent with TAM’s fiduciary duty under applicable law and that the New Sub-Advisory Agreement should be recommended to Fund shareholders for approval.

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 New Sub-Advisory Agreement, the Board Members considered, among other things, information and assurances provided by TAM 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 New Sub-Advisory Agreement, and any anticipated changes to the name, current investment program, and other practices of the Fund. 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 the assessment of the services that the Sub-Adviser provides to other funds within the Transamerica fund complex. The Board also noted that TAM recommended to the Board that the Sub-Adviser be appointed based on TAM‘s desire to engage a sub-adviser with a proven performance record for the particular investment strategy that is contemplated for 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 the Sub-Adviser’s appointment is not expected to adversely affect the nature, quality and extent of services provided to the Fund.

Transamerica Funds Semi-Annual Report 2011

Page 126

TRANSAMERICA WMC DIVERSIFIED EQUITY
(formerly known as Transamerica Diversified Equity)

APPROVAL OF NEW INVESTMENT SUB-ADVISORY AGREEMENT

(unaudited)

Fees and Costs of Services Provided. The Board Members considered the sub-advisory fee rate under the New Sub-Advisory Agreement as well as the overall management fee structure of the Fund. The Board Members noted that the Fund does not directly pay the sub-advisory fee. The Board Members took into consideration that they reviewed TAM’s anticipated profitability with respect to the Fund to the extent that the New Sub-Advisory Agreement was approved and noted that advisory fee rates would remain unchanged. The Board Members determined that the sub-advisory fees proposed to be paid by TAM to the Sub-Adviser are consistent with TAM’s fiduciary duty under applicable law.

Economies of Scale. The Board Members noted that TAM believes that the appointment of the Sub-Adviser has the potential to attract additional assets. The Board Members also noted that the advisory fee schedule, which contains breakpoints, would remain unchanged and determined that the breakpoints permit certain economies of scale for the benefit of shareholders as the Fund grows. It was also noted that Fund assets would be aggregated for purposes of calculating sub-advisory fees. The Board Members concluded that they would have the opportunity to periodically reexamine whether economies of scale had been achieved, and the appropriateness of management fees payable to TAM and fees payable by TAM to the Sub-Adviser, in the future.

Fall-Out Benefits. The Board Members took into consideration the character of other incidental benefits that may be received by the Sub-Adviser, including the potential use of portfolio brokerage transactions to pay for research services, and noted that TAM believes that such benefits are expected to be consistent with industry practice. The Board Members also considered the potential for increased visibility in the marketplace as a result of the Sub-Adviser’s relationship with the Fund.

Investment Performance. The Board Members noted the Sub-Adviser’s investment management experience, capabilities and resources. The Board Members also noted that TAM believes the appointment of the Sub-Adviser could benefit shareholders by offering them the potential for superior performance, but were unable to predict what effect execution of the New Sub-Advisory Agreement would actually have on the future performance of the Fund. Based on this information, the Board determined that the Sub-Adviser is capable of generating a level of investment performance that is appropriate in light of the Fund’s intended investment objectives, policies and strategies.

Other Considerations. The Board Members also considered that the proposed Sub-Adviser change is one of a number of recommendations by Management following a strategic review of AEGON’s asset management business. Further, the Board Members noted that TAM believes that the proposed changes are in the best interest of shareholders to protect shareholder value based on the unsettled state of TIM over the past year.

Transamerica Funds Semi-Annual Report 2011

Page 127

TRANSAMERICA WMC QUALITY VALUE

APPROVAL OF NEW INVESTMENT ADVISORY AND INVESTMENT SUB-ADVISORY AGREEMENT

(unaudited)

At a meeting of the Board Members of Transamerica Funds (the “Board”) held on October 7, 2010, the Board, including the Independent Board Members, considered a proposal from Transamerica Asset Management, Inc. (“TAM” or “Management”) regarding approval of a new mandate, Transamerica WMC Quality Value (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 WMC Quality Value and TAM, as well as the proposed investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the New Series between TAM and Wellington Management Company, LLP (“Wellington” 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 and 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 and Sub-Advisory Agreements.

In reaching their decision, the Board Members requested and obtained from TAM and Wellington such information as they deemed reasonably necessary to evaluate the proposed agreements. In considering the proposed approval of the Investment Advisory and 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. The Board Members based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decision, 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, extent and quality of the services expected to be provided by TAM and Wellington. The Board also considered the experience, capability and integrity of TAM’s senior management, the financial resources of TAM and Wellington, TAM’s management oversight process and the professional qualifications of Wellington’s portfolio management team. The Board Members determined that TAM and Wellington 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. However, the Board Members were provided with performance data for a composite of investments managed by Wellington under its Quality Value strategy. The Board noted that the performance of the composite was higher than that of the benchmark over the 3-, 5- and 10-year periods ended June 30, 2010, although the composite’s year-to-date and 1-year performance was lower than the benchmark 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 Wellington, the Board Members concluded that TAM and Wellington are capable of generating a level of investment performance that is appropriate in light of the New Series’ proposed investment objectives, policies and strategies.

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 to review. However, the Board reviewed projected profitability information regarding TAM’s costs of procuring portfolio management services as well as the costs of providing administration, transfer agency, fund accounting and other services to the New Series by TAM and its affiliates. The Board Members noted that the proposed advisory fee for the New Series is below that of its Lipper category median. The Board Members noted the anticipated profitability of the relationship between the Fund, TAM and its affiliates, and Wellington, as applicable, and determined that the management and sub-advisory fees to be received by TAM and Wellington under the agreements are consistent with TAM’s fiduciary duty under applicable law.

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 and Wellington’s pricing schedule and the proposed advisory fee and sub-advisory fee breakpoints, as detailed in the materials provided to the Board, 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 may 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 Members also noted that, in the future, they would have the opportunity to periodically reexamine whether the New Series has achieved economies of scale and the appropriateness of management fees payable to TAM and fees payable by TAM to Wellington.

Benefits to TAM, its affiliates, or Wellington from their relationship with the New Series. The Board noted that TAM believes that other benefits anticipated to be derived by TAM, its affiliates, and Wellington from their relationships with the New Series are expected to be consistent with industry practice. The Board Members noted that TAM would not realize soft dollar benefits from its relationship with the New Series, and that Wellington may engage in soft dollar arrangements consistent with applicable law and “best execution” requirements. The Board also noted that Wellington currently participates in a brokerage program pursuant to which a portion of brokerage commissions paid by the funds for which it serves as sub-adviser is recaptured for the benefit of the applicable fund and its shareholders, thus limiting the amount of soft dollar arrangements Wellington may engage in with respect to the New Series’ brokerage transactions.

Transamerica Funds Semi-Annual Report 2011

Page 128

TRANSAMERICA WMC QUALITY VALUE (continued)

APPROVAL OF NEW INVESTMENT ADVISORY AND INVESTMENT SUB-ADVISORY AGREEMENT

(unaudited)

Other considerations. The Board considered the investment objective of the New Series and its investment strategy and noted that TAM believes that the New Series would enhance the investment options for the asset allocation funds, and would also provide an additional retail investment offering. 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 Wellington. The Board Members also determined that TAM has made a significant entrepreneurial commitment to the management and success of the New Series, as reflected by TAM’s expense limitation and fee waiver arrangements with the New Series that may result in TAM waiving fees for the benefit of shareholders.

Transamerica Funds Semi-Annual Report 2011

Page 129

Transamerica Funds
Transamerica AEGON Flexible Income (the “Fund”)

RESULTS OF SHAREHOLDER PROXY (unaudited)

Section 270.30e-1 under the Investment Company Act of 1940, as amended, titled “Reports to Stockholders of Management Companies,” requires regulated investment companies to report on all subject matters put to the vote of shareholders and provide final results. Accordingly, the Board of Trustees of the Fund solicited a vote by the shareholders for the following item:

At a special meeting of shareholders held on March 18, 2011, the results of Proposal 1 were as follows:

Proposal 1: To approve a new Sub-Advisory Agreement with a new sub-adviser:

For	Against	Abstentions/Broker Non-Votes
$137,397,823.48	$1,788,150.30	$1,075,823.17

Transamerica Funds Semi-Annual Report 2011

Page 130

Transamerica Funds
Transamerica AEGON Money Market (the “Fund”)

RESULTS OF SHAREHOLDER PROXY (unaudited)

Section 270.30e-1 under the Investment Company Act of 1940, as amended, titled “Reports to Stockholders of Management Companies,” requires regulated investment companies to report on all subject matters put to the vote of shareholders and provide final results. Accordingly, the Board of Trustees of the Fund solicited a vote by the shareholders for the following item:

At a special meeting of shareholders held on March 18, 2011, the results of Proposal 1 were as follows:

Proposal 1: To approve a new Sub-Advisory Agreement with a new sub-adviser:

For	Against	Abstentions/Broker Non-Votes
$97,148,124.61	$5,608,013.81	$9,046,996.45

Transamerica Funds Semi-Annual Report 2011

Page 131

Transamerica Funds
Transamerica AEGON Short-Term Bond (the “Fund”)

RESULTS OF SHAREHOLDER PROXY (unaudited)

Section 270.30e-1 under the Investment Company Act of 1940, as amended, titled “Reports to Stockholders of Management Companies,” requires regulated investment companies to report on all subject matters put to the vote of shareholders and provide final results. Accordingly, the Board of Trustees of the Fund solicited a vote by the shareholders for the following item:

At a special meeting of shareholders held on March 18, 2011, the results of Proposal 1 were as follows:

Proposal 1: To approve a new Sub-Advisory Agreement with a new sub-adviser:

For	Against	Abstentions/Broker Non-Votes
$1,426,025,386.40	$16,848,868.04	$27,194,836.16

Transamerica Funds Semi-Annual Report 2011

Page 132

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

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

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

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

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

Important Notice Regarding Delivery of Shareholder Documents

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

Transamerica Funds Semi-Annual Report 2011

Page 133

NOTICE OF PRIVACY POLICY

(unaudited)

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

What Information We Collect and From Whom We Collect It

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

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

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

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

What Information We Disclose and To Whom We Disclose It

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

Our Security Procedures

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

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

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

Transamerica Funds Semi-Annual Report 2011

Page 134

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

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

Class I2 Funds

Semi-Annual Report
April 30, 2011

www.transamericafunds.com

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

Dear Fellow Shareholder,

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

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

We believe it is important to recognize and understand current market conditions in order to provide a context for reading this report. Equity and fixed-income markets have generally been resilient during the past six months, especially considering recent political unrest in the Middle East and North Africa, a Japanese earthquake, and persistently high levels of unemployment. Strong corporate earnings and other improvements in economic data have contributed to this resiliency. The Federal Reserve has continued to keep the federal funds rate within a historically low range of 0-0.25% in an ongoing effort to promote economic expansion. Credit markets have continued to rally on improvements in the economy and as investors have sought incremental yield. However, concerns remain over the impact of high government debt levels and potential inflationary pressures, particularly within the energy and commodity sectors. Oil and food prices have risen materially during the period. For the six months ending April 30, 2011, the Dow Jones Industrial Average returned 16.71%, the Standard & Poor’s 500^® Index returned 16.36%, and the Barclays Capital U.S. Aggregate Bond Index returned 0.02%. Please keep in mind it is important to maintain a diversified portfolio as investment returns have historically been difficult to predict.

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

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

Sincerely,

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

Understanding Your Funds’ Expenses
(unaudited)

SHAREHOLDER EXPENSES

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

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

The examples are based on an investment of $1,000 invested at November 1, 2010 and held for the entire period until April 30, 2011.

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.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the information under the heading “Hypothetical Expenses” is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Expense ratios may vary period to period because of various factors, such as an increase in expenses that are not 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 Expense
Fund Name	Account Value		Value		During Period (A)		Value		During Period (A)		Ratio
Transamerica BlackRock Global Allocation	$	1,000.00	$	1,105.60	$	4.49	$	1,020.53	$	4.31		0.86	%
Transamerica BlackRock Large Cap Value		1,000.00		1,202.00		4.53		1,020.68		4.16		0.83
Transamerica Clarion Global Real Estate Securities		1,000.00		1,107.70		4.70		1,020.33		4.51		0.90
Transamerica Federated Market Opportunity		1,000.00		1,023.70		4.97		1,019.89		4.96		0.99
Transamerica First Quadrant Global Macro		1,000.00		993.50		7.81		1,016.96		7.90		1.58
Transamerica Hansberger International Value		1,000.00		1,085.40		5.02		1,019.98		4.86		0.97
Transamerica Jennison Growth		1,000.00		1,151.50		4.27		1,020.83		4.01		0.80
Transamerica JPMorgan Core Bond		1,000.00		1,003.70		2.43		1,022.36		2.46		0.49
Transamerica JPMorgan International Bond		1,000.00		1,014.00		3.15		1,021.67		3.16		0.63
Transamerica JPMorgan Long/Short Strategy		1,000.00		980.80		18.37		1,006.25		18.60		3.74	(C)
Transamerica JPMorgan Mid Cap Value		1,000.00		1,180.40		4.81		1,020.38		4.46		0.89
Transamerica Loomis Sayles Bond		1,000.00		1,065.50		3.58		1,021.32		3.51		0.70
Transamerica MFS International Equity		1,000.00		1,141.10		5.15		1,019.98		4.86		0.97
Transamerica Morgan Stanley Emerging Markets Debt		1,000.00		981.10		4.96		1,019.79		5.06		1.01
Transamerica Morgan Stanley Mid-Cap Growth		1,000.00		1,227.40		4.75		1,020.53		4.31		0.86
Transamerica Morgan Stanley Small Company Growth		1,000.00		1,250.50		5.64		1,019.79		5.06		1.01
Transamerica Neuberger Berman International		1,000.00		1,168.00		5.64		1,019.59		5.26		1.05
Transamerica Oppenheimer Developing Markets		1,000.00		1,078.70		6.55		1,018.50		6.36		1.27
Transamerica Oppenheimer Small- & Mid-Cap Value		1,000.00		1,201.00		5.18		1,020.08		4.76		0.95
Transamerica PIMCO Real Return TIPS		1,000.00		1,004.30		3.63		1,021.17		3.66		0.73
Transamerica PIMCO Total Return		1,000.00		997.40		3.62		1,021.17		3.66		0.73
Transamerica Schroders International Small Cap		1,000.00		1,171.20		6.14		1,019.14		5.71		1.14
Transamerica Third Avenue Value		1,000.00		1,159.60		4.66		1,020.48		4.36		0.87
Transamerica Thornburg International Value		1,000.00		1,141.50		5.68		1,019.49		5.36		1.07
Transamerica UBS Large Cap Value		1,000.00		1,165.90		4.35		1,020.78		4.06		0.81
Transamerica WMC Emerging Markets		1,000.00		1,043.00		7.04		1,017.90		6.95		1.39

(A)	Expenses are calculated using the fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days), and divided by the number of days in the year (365 days).
(B)	5% return per year before expenses.
(C)	Includes dividends and interest on securities sold short (representing 2.31% of average net assets).

Transamerica Funds Semi-Annual Report 2011

Page 1

Schedules of Investments Composition

At April 30, 2011
(The following charts summarize the Schedules of Investments of the funds by asset type)
(unaudited)

Transamerica BlackRock Global Allocation
Common Stocks	63.3	%
Securities Lending Collateral	8.6
Foreign Government Obligations	7.8
U.S. Government Obligations	7.3
Convertible Bonds	6.5
Corporate Debt Securities	3.7
Investment Companies	3.7
Short-Term U.S. Government Obligations	2.9
Preferred Stocks	1.7
Short-Term Foreign Government Obligations	1.0
Loan Assignments	0.3
Purchased Options	0.2
Preferred Corporate Debt Security	0.2
Mortgage-Backed Security	0.2
Warrants	0.1
Convertible Preferred Stock	0 .0	*
Repurchase Agreement	0 .0	*
Asset-Backed Security	0 .0	*
Other Assets and Liabilities — Net(A)	(7.5	)
Total	100.0	%

Transamerica BlackRock Large Cap Value
Common Stocks	99.7	%
Securities Lending Collateral	20.8
Short-Term Investment Company	0.2
Other Assets and Liabilities — Net(A)	(20.7	)
Total	100.0	%

Transamerica Clarion Global Real Estate Securities
Common Stocks	98.9	%
Securities Lending Collateral	16.9
Repurchase Agreement	0.8
Other Assets and Liabilities — Net(A)	(16.6	)
Total	100.0	%

Transamerica Federated Market Opportunity
Repurchase Agreement	100.0	%
Other Assets and Liabilities — Net(A)	(0.0	)*
Total	100.0	%

Transamerica First Quadrant Global Macro
Repurchase Agreement	71.5	%
Short-Term U.S. Government Obligations	29.2
Purchased Options	0.4
Other Assets and Liabilities — Net(A)	(1.1	)
Total	100.0	%

Transamerica Hansberger International Value
Common Stocks	97.0	%
Securities Lending Collateral	12.3
Repurchase Agreement	1.8
Preferred Stock	1.1
Rights	0.1
Other Assets and Liabilities — Net(A)	(12.3	)
Total	100.0	%

Transamerica Jennison Growth
Common Stocks	99.5	%
Securities Lending Collateral	18.1
Repurchase Agreement	0.4
Other Assets and Liabilities — Net(A)	(18.0	)
Total	100.0	%

Transamerica JPMorgan Core Bond
U.S. Government Agency Obligations	44.3	%
U.S. Government Obligations	21.3
Corporate Debt Securities	13.0
Mortgage-Backed Securities	11.3
Repurchase Agreement	6.5
Securities Lending Collateral	6.3
Asset-Backed Securities	2.7
Foreign Government Obligations	0.2
Municipal Government Obligations	0.1
Other Assets and Liabilities — Net(A)	(5.7	)
Total	100.0	%

Transamerica JPMorgan International Bond
Foreign Government Obligations	69.1	%
Corporate Debt Securities	25.8
Repurchase Agreement	1.3
Mortgage-Backed Security	1.2
Short-Term Foreign Government Obligation	0.4
Securities Lending Collateral	0.3
Asset-Backed Security	0.0	*
Other Assets and Liabilities — Net(A)	1.9
Total	100.0	%

Transamerica JPMorgan Long/Short Strategy
(formerly, Transamerica BNY Mellon Market Neutral
Strategy)
Common Stocks	101.3	%
Repurchase Agreement	0.1
Other Assets and Liabilities — Net(A)	(1.4	)
Total	100.0	%

Transamerica JPMorgan Mid Cap Value
Common Stocks	96.7	%
Securities Lending Collateral	25.6
Repurchase Agreement	2.9
Other Assets and Liabilities — Net(A)	(25.2	)
Total	100.0	%

Transamerica Loomis Sayles Bond
Corporate Debt Securities	43.5	%
Foreign Government Obligations	21.2
Convertible Bonds	11.2
Securities Lending Collateral	10.9
Mortgage-Backed Securities	8.1
Asset-Backed Securities	4.0
Preferred Stocks	3.7
U.S. Government Obligations	1.7
Convertible Preferred Stocks	1.5
Structured Notes Debt	1.1
Repurchase Agreement	1.0
Municipal Government Obligations	0.6
Loan Assignment	0.6
Preferred Corporate Debt Securities	0.2
Common Stocks	0.1
Other Assets and Liabilities — Net(A)	(9.4	)
Total	100.0	%

Transamerica Funds Semi-Annual Report 2011

Page 2

Schedules of Investments Composition (continued)

At April 30, 2011
(The following charts summarize the Schedules of Investments of the funds by asset type)
(unaudited)

Transamerica MFS International Equity
Common Stocks	97.9	%
Securities Lending Collateral	11.6
Repurchase Agreement	1.2
Other Assets and Liabilities — Net(A)	(10.7	)
Total	100.0	%

Transamerica Morgan Stanley Emerging Markets Debt
Foreign Government Obligations	73.2	%
Corporate Debt Securities	18.8
Securities Lending Collateral	16.7
Repurchase Agreement	6.0
Other Assets and Liabilities — Net(A)	(14.7	)
Total	100.0	%

Transamerica Morgan Stanley Mid-Cap Growth
Common Stocks	96.2	%
Securities Lending Collateral	10.0
Repurchase Agreement	2.0
Convertible Preferred Stock	1.2
Preferred Stock	0.6
Other Assets and Liabilities — Net(A)	(10.0	)
Total	100.0	%

Transamerica Morgan Stanley Small Company Growth
Common Stocks	93.3	%
Securities Lending Collateral	25.0
Repurchase Agreement	5.0
Preferred Stocks	1.9
Other Assets and Liabilities — Net(A)	(25.2	)
Total	100.0	%

Transamerica Neuberger Berman International
Common Stocks	98.9	%
Securities Lending Collateral	10.3
Repurchase Agreement	0.8
Right	0.0	*
Warrant	0.0	*
Other Assets and Liabilities — Net(A)	(10.0	)
Total	100.0	%

Transamerica Oppenheimer Developing Markets
Common Stocks	95.1	%
Securities Lending Collateral	7.0
Repurchase Agreement	4.8
Preferred Stocks	0.9
Other Assets and Liabilities — Net(A)	(7.8	)
Total	100.0	%

Transamerica Oppenheimer Small- & Mid-Cap Value
Common Stocks	92.3	%
Securities Lending Collateral	25.7
Repurchase Agreement	7.6
Other Assets and Liabilities — Net(A)	(25.6	)
Total	100.0	%

Transamerica PIMCO Real Return TIPS
U.S. Government Obligations	74.2	%
Corporate Debt Securities	17.6
Mortgage-Backed Securities	3.7
Securities Lending Collateral	2.1
Foreign Government Obligations	2.1
Asset-Backed Securities	1.2
U.S. Government Agency Obligations	0.6
Commercial Paper	0.5
Repurchase Agreement	0.5
Preferred Corporate Debt Securities	0.3
Municipal Government Obligations	0.1
Convertible Preferred Stock	0.0	*
Purchased Swaption	0.0	*
Other Assets and Liabilities — Net(A)	(2.9	)
Total	100.0	%

Transamerica PIMCO Total Return
U.S. Government Agency Obligations	39.1	%
Corporate Debt Securities	25.5
Short-Term U.S. Government Obligations	18.5
Securities Lending Collateral	16.4
Mortgage-Backed Securities	9.3
Foreign Government Obligations	6.6
Municipal Government Obligations	5.5
U.S. Government Obligations	3.8
Asset-Backed Securities	2.9
Preferred Corporate Debt Securities	2.0
Repurchase Agreement	1.4
Convertible Preferred Stocks	0.3
Loan Assignments	0.2
Preferred Stock	0.1
Other Assets and Liabilities — Net(A)	(31.6	)
Total	100.0	%

Transamerica Schroders International Small Cap
Common Stocks	97.3	%
Securities Lending Collateral	14.2
Repurchase Agreement	1.6
Other Assets and Liabilities — Net(A)	(13.1	)
Total	100.0	%

Transamerica Third Avenue Value
Common Stocks	87.4	%
Securities Lending Collateral	18.9
Repurchase Agreement	12.4
Other Assets and Liabilities — Net(A)	(18.7	)
Total	100.0	%

Transamerica Thornburg International Value
Common Stocks	97.0	%
Securities Lending Collateral	7.9
Preferred Stock	2.6
Repurchase Agreement	0.4
Other Assets and Liabilities — Net(A)	(7.9	)
Total	100.0	%

Transamerica Funds Semi-Annual Report 2011

Page 3

Schedules of Investments Composition (continued)

At April 30, 2011
(The following charts summarize the Schedules of Investments of the funds by asset type)
(unaudited)

Transamerica UBS Large Cap Value
Common Stocks	97.3	%
Securities Lending Collateral	20.5
Repurchase Agreement	1.4
Investment Company	1.2
Other Assets and Liabilities — Net(A)	(20.4	)
Total	100.0	%

Transamerica WMC Emerging Markets
Common Stocks	92.5	%
Preferred Stocks	2.9
Investment Company	2.3
Securities Lending Collateral	1.9
Repurchase Agreement	1.1
Other Assets and Liabilities — Net(A)	(0.7	)
Total	100.0	%

(A)	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, Securities Sold Short, and Cash Collateral.
*	Amount rounds to less than 0.1% or (0.1)%.

Transamerica Funds Semi-Annual Report 2011

Page 4

Transamerica BlackRock Global Allocation

SCHEDULE OF INVESTMENTS
At April 30, 2011
(all amounts in thousands)
(unaudited)

		Principal		Value
U.S. GOVERNMENT OBLIGATIONS - 7.3%
United States - 7.3%
U.S. Treasury Bond
2.63%, 11/15/2020 ^		$	1,618	$	1,530
U.S. Treasury Inflation Indexed Bond
2.38%, 01/15/2027			985		1,122
U.S. Treasury Note
2.13%, 11/30/2014 ^			1,984		2,040
2.25%, 01/31/2015			3,136		3,233
2.25%, 03/31/2016 ^			2,560		2,597
2.38%, 02/28/2015			3,798		3,932
2.50%, 03/31/2015 ^			3,827		3,978
2.63%, 12/31/2014 g			3,995		4,177
2.63%, 02/29/2016 - 08/15/2020			7,241		6,976
3.50%, 05/15/2020			8,392		8,614
Total U.S. Government Obligations (cost $37,910)					38,199
FOREIGN GOVERNMENT OBLIGATIONS - 7.8%
Australia - 0.3%
Australia Government Bond
5.75%, 06/15/2011	AUD		1,269		1,393
Brazil - 1.5%
Brazil Notas do Tesouro Nacional
6.00%, 05/15/2015	BRL		1,045		1,318
10.00%, 01/01/2017 - 01/01/2021	BRL		12,027		6,768
Canada - 0.3%
Canadian Government Bond
3.50%, 06/01/2020	CAD		686		742
4.00%, 06/01/2016	CAD		555		626
Germany - 2.1%
Bundesrepublik Deutschland
3.50%, 07/04/2019	EUR		1,480		2,260
4.00%, 01/04/2018	EUR		550		869
4.25%, 07/04/2017 - 07/04/2018	EUR		1,740		2,783
Deutsche Bundesrepublik Inflation Linked
1.50%, 04/15/2016	EUR		384		598
Federal Republic of Germany
1.50%, 09/21/2012 - 144A		$	1,450		1,474
4.00%, 07/04/2016	EUR		2,225		3,508
Hong Kong - 0.4%
Hong Kong Government Bond
2.03%, 03/18/2013	HKD		10,650		1,409
4.13%, 02/22/2013	HKD		3,350		459
Korea, Republic of - 0.3%
Export-Import Bank of Korea
4.13%, 09/09/2015 ^		$	725		754
Korea Development Bank
4.00%, 09/09/2016			527		534
4.38%, 08/10/2015			492		516
Malaysia - 0.5%
Malaysia Government Bond
2.51%, 08/27/2012	MYR		6,293		2,112
3.83%, 09/28/2011	MYR		800		272
Republic of Malaysia
3.46%, 07/31/2013	MYR		217		74
Netherlands - 0.1%
Netherlands Government Bond
3.75%, 07/15/2014	EUR		300		464
New Zealand - 0.1%
Republic of New Zealand
4.50%, 02/15/2016	NZD		400		505
Poland - 0.2%
Republic of Poland
3.00%, 08/24/2016	PLN		2,195		847
Turkey - 0.4%
Republic of Turkey
4.00%, 04/01/2020	TRY		394		286
10.00%, 01/09/2013	TRY		273		183
10.50%, 01/15/2020	TRY		1,955		1,394
Ukraine - 0.1%
Republic of Ukraine
6.88%, 09/23/2015 - 144A		$	110		115
7.75%, 09/23/2020 - 144A			195		204
United Kingdom - 1.5%
United Kingdom Gilt
4.75%, 03/07/2020	GBP		3,193		5,884
9.00%, 07/12/2011	GBP		1,560		2,648
Vietnam - 0.0%¥
Socialist Republic of Vietnam
6.75%, 01/29/2020 - Reg S		$	200		209
Total Foreign Government Obligations (cost $37,214)					41,208
MORTGAGE-BACKED SECURITY - 0.2%
United States - 0.2%
Banc of America Large Loan, Inc.
Series 2010-HLTN, Class HLTN
1.97%, 11/15/2015 - 144A *			1,214		1,160
Total Mortgage-Backed Security (cost $1,074)
ASSET-BACKED SECURITY - 0.0%¥
Cayman Islands - 0.0%¥
Latitude CLO, Ltd.
Series 2005-1I, Class SUB
Zero Coupon, 12/15/2017			200		140
Total Asset-Backed Security (cost $177)
PREFERRED CORPORATE DEBT SECURITY - 0.2%
United Kingdom - 0.2%
Lloyds TSB Bank PLC
13.00%, 01/21/2029 Ž	GBP		500		1,094
Total Preferred Corporate Debt Security (cost $896)
CORPORATE DEBT SECURITIES - 3.7%
Argentina - 0.0%¥
Empresa Distribuidora Y Comercializadora Norte
9.75%, 10/25/2022 - 144A		$	73		75
Brazil - 0.1%
Hypermarcas SA
6.50%, 04/20/2021 - 144A ^			170		172
Votorantim Cimentos SA
7.25%, 04/05/2041 - 144A			322		318
Canada - 0.1%
Viterra, Inc.
5.95%, 08/01/2020 - 144A			370		374
Cayman Islands - 0.4%
Cosan Finance, Ltd.
7.00%, 02/01/2017 - 144A			90		97
CSN Islands XII Corp.
7.00%, 09/23/2015 - 144A Ž			369		364
Hutchison Whampoa International 03/33, Ltd.
6.25%, 01/24/2014 - Reg S			100		111
Hutchison Whampoa International 09, Ltd.
7.63%, 04/09/2019 - 144A			400		480
Hutchison Whampoa International 09/16, Ltd.
4.63%, 09/11/2015 - 144A			242		258
4.63%, 09/11/2015 - Reg S			504		537

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 5

Transamerica BlackRock Global Allocation

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

		Principal		Value
Cayman Islands - (continued)
Odebrecht Drilling Norbe VIII/IX, Ltd.
6.35%, 06/30/2021 - 144A		$	389	$	410
Chile - 0.1%
Inversiones Alsacia SA
8.00%, 08/18/2018 - 144A			503		481
Korea, Republic of - 0.3%
Hana Bank
4.50%, 10/30/2015 - 144A			134		140
Hyundai Capital Services, Inc.
4.38%, 07/27/2016 - 144A			200		203
Hyundai Motor Manufacturing Czech SRO
4.50%, 04/15/2015 - 144A			148		153
Korea Electric Power Corp.
5.13%, 04/23/2034 - Reg S			579		616
7.95%, 04/01/2096 *			448		314
Luxembourg - 0.3%
Evraz Group SA
8.25%, 11/10/2015 - Reg S			100		112
9.50%, 04/24/2018 - 144A			225		261
Intelsat Jackson Holdings SA
7.50%, 04/01/2021 - 144A			389		395
TNK-BP Finance SA
6.63%, 03/20/2017 - 144A			452		485
7.50%, 07/18/2016 - 144A			200		225
Malaysia - 0.2%
Johor Corp.
1.00%, 07/31/2012 §	MYR		2,896		1,234
Mexico - 0.2%
BBVA Bancomer SA
6.50%, 03/10/2021 - 144A		$	474		484
7.25%, 04/22/2020 - 144A			267		275
Petroleos Mexicanos
6.00%, 03/05/2020 ^			499		534
Singapore - 0.1%
Bumi Investment Pte, Ltd.
10.75%, 10/06/2017 - 144A			244		282
Yanlord Land Group, Ltd.
9.50%, 05/04/2017 - 144A			370		376
Supranational - 0.2%
European Investment Bank
3.63%, 10/15/2011	EUR		196		293
4.38%, 04/15/2013	EUR		350		540
Switzerland - 0.2%
UBS AG
4.88%, 08/04/2020		$	1,043		1,073
United Arab Emirates - 0.0%¥
Abu Dhabi National Energy Co.
6.50%, 10/27/2036 - Reg S			100		97
United Kingdom - 0.0%¥
BP Capital Markets PLC
3.13%, 10/01/2015			207		210
United States - 1.5%
Advanced Micro Devices, Inc.
8.13%, 12/15/2017			140		148
Alberto-Culver Co.
5.15%, 06/01/2020			89		95
Ally Financial, Inc.
4.50%, 02/11/2014 ^			841		850
Building Materials Corp., of America
6.88%, 08/15/2018 - 144A			111		115
Calpine Corp.
7.50%, 02/15/2021 - 144A			73		77
7.88%, 07/31/2020 - 144A			177		191
Calpine Corp. Escrow
8.75%, 07/15/2013 Ə			2,142		t
CF Industries Holdings, Inc.
7.13%, 05/01/2020			256		293
Consol Energy, Inc.
8.00%, 04/01/2017			675		746
Cott Beverages, Inc.
8.13%, 09/01/2018			74		79
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			50		53
Ford Motor Credit Co., LLC
5.75%, 02/01/2021			679		694
6.63%, 08/15/2017			112		123
7.00%, 04/15/2015			100		110
8.00%, 12/15/2016			100		116
GCI, Inc.
7.25%, 02/15/2014			207		209
Hertz Corp.
7.50%, 10/15/2018 - 144A			48		50
HSBC Finance Corp.
6.68%, 01/15/2021 - 144A			97		103
Kraft Foods, Inc.
4.13%, 02/09/2016			339		356
Linn Energy LLC
7.75%, 02/01/2021 - 144A			335		359
Morgan Stanley
3.80%, 04/29/2016			159		160
NRG Energy, Inc.
8.25%, 09/01/2020			110		116
Pemex Project Funding Master Trust
6.63%, 06/15/2035			268		272
Phibro Animal Health Corp.
9.25%, 07/01/2018 - 144A			52		56
Reliance Holdings USA, Inc.
4.50%, 10/19/2020 - 144A			294		278
6.25%, 10/19/2040 - 144A			250		238
SunGard Data Systems, Inc.
7.38%, 11/15/2018 - 144A			180		186
Texas Industries, Inc.
9.25%, 08/15/2020			292		314
Thermo Fisher Scientific, Inc.
3.20%, 05/01/2015			171		177
Valeant Pharmaceuticals International, Inc.
6.75%, 10/01/2017 - 144A			114		113
6.88%, 12/01/2018 - 144A			202		202
7.00%, 10/01/2020 - 144A			189		186
Total Corporate Debt Securities (cost $18,273)					19,366

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 6

Transamerica BlackRock Global Allocation

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

		Principal		Value
CONVERTIBLE BONDS - 6.5%
Bermuda - 0.0%¥
Celestial Nutrifoods, Ltd.
Zero Coupon, 06/12/2011 §	SGD		1,400	$	229
Canada - 0.4%
Daylight Energy, Ltd.
6.25%, 12/31/2014	CAD		223		255
Petrobakken Energy, Ltd.
3.13%, 02/08/2016 - Reg S		$	900		878
Sino-Forest Corp.
5.00%, 08/01/2013 - 144A §			775		1,051
Cayman Islands - 0.4%
China Milk Products Group, Ltd.
Zero Coupon, 01/05/2012			600		120
FU JI Food and Catering Services Holdings, Ltd.
Zero Coupon, 10/18/2010 ‡ Џ §	CNY		2,700		75
Pyrus, Ltd.
7.50%, 12/20/2015 - 144A §		$	500		523
Subsea 7, Inc.
2.80%, 06/06/2011			400		428
Zeus Cayman
0.36%, 08/19/2013	JPY		87,000		1,082
China - 0.1%
China Petroleum & Chemical Corp.
1.66%, 04/24/2014 ▲	HKD		4,440		660
Germany - 0.2%
Kreditanstalt fuer Wiederaufbau
3.25%, 06/27/2013	EUR		800		1,250
India - 0.9%
REI Agro, Ltd.
5.50%, 11/13/2014 - 144A §		$	640		680
Reliance Communications, Ltd.
0.93%, 05/10/2011 - 03/06/2012 ▲			1,775		2,123
Suzlon Energy, Ltd.
Zero Coupon, 06/12/2012 - 10/11/2012			725		856
Zero Coupon, 07/25/2014 § Δ			442		415
Tata Steel, Ltd.
1.00%, 09/05/2012			300		363
Japan - 0.0%¥
Nagoya Railroad Co., Ltd.
0.69%, 03/30/2012 ▲	JPY		3,000		37
Jersey, Channel Islands - 0.7%
Aldar Funding, Ltd.
5.77%, 11/10/2011		$	225		227
Dana Gas Sukuk, Ltd.
7.50%, 10/31/2012			2,540		2,315
Fresenius Finance Jersey, Ltd.
5.63%, 08/14/2011	EUR		450		925
Luxembourg - 0.0%¥
Subsea 7 SA
2.25%, 10/11/2013		$	100		125
Malaysia - 0.2%
Berjaya Land Bhd
8.00%, 08/15/2011	MYR		1,240		432
IOI Capital Bhd
3.39%, 12/18/2011 ▲		$	445		581
Paka Capital, Ltd.
1.21%, 03/12/2013 ▲			200		202
Singapore - 1.3%
Capitaland, Ltd.
2.10%, 11/15/2016	SGD		750		611
2.95%, 06/20/2022	SGD		1,750		1,344
3.13%, 03/05/2018	SGD		1,750		1,493
Keppel Land, Ltd.
2.50%, 06/23/2013	SGD		200		168
Olam International, Ltd.
6.00%, 10/15/2016		$	700		922
Wilmar International, Ltd.
1.06%, 12/18/2012 ▲			400		509
Yanlord Land Group, Ltd.
5.85%, 07/13/2014	SGD		750		632
Ying Li International Real Estate Ltd
4.00%, 03/03/2015	SGD		750		539
Spain - 0.1%
Telvent GIT SA
5.50%, 04/15/2015 - 144A		$	339		405
United Kingdom - 0.1%
Anglo American PLC
4.00%, 05/07/2014 - Reg S			100		196
Essar Energy PLC
4.25%, 02/01/2016			500		488
United States - 2.1%
Advanced Micro Devices, Inc.
6.00%, 05/01/2015			1,201		1,242
Amylin Pharmaceuticals, Inc.
3.00%, 06/15/2014			560		510
Chesapeake Energy Corp.
2.50%, 05/15/2037			604		663
Gilead Sciences, Inc.
0.50%, 05/01/2011			183		183
0.63%, 05/01/2013 ^			610		707
1.63%, 05/01/2016 - 144A			148		165
Hologic, Inc.
2.00%, 12/15/2037 ^			1,002		1,208
Intel Corp.
2.95%, 12/15/2035			492		525
3.25%, 08/01/2039 ^			1,046		1,330
Kinetic Concepts, Inc.
3.25%, 04/15/2015 - 144A			110		144
McMoRan Exploration Co.
5.25%, 10/06/2011			170		198
Mylan, Inc.
1.25%, 03/15/2012 ^			713		815
3.75%, 09/15/2015			67		133
Omnicare, Inc.
3.75%, 12/15/2025			489		652
SanDisk Corp.
1.00%, 05/15/2013			1,047		1,029
SBA Communications Corp.
1.88%, 05/01/2013			251		279
4.00%, 10/01/2014			207		295
SM Energy Co.
3.50%, 04/01/2027			302		436
Sonosite, Inc.
3.75%, 07/15/2014			108		123
Virgin Islands, British - 0.0%¥
Hongkong Land CB 2005, Ltd.
2.75%, 12/21/2012 - Reg S			100		193
Total Convertible Bonds (cost $29,504)					33,969

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 7

Transamerica BlackRock Global Allocation

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts except share amounts in thousands)
(unaudited)

		Principal		Value
LOAN ASSIGNMENTS - 0.3%
Indonesia - 0.1%
Multi Daerah Bersaing PT
7.31%, 04/13/2012 * § D		$	366	$	369
United States - 0.2%
Obsidian Natural Gas Trust
7.00%, 11/02/2015 * § D			1,264		1,295
Total Loan Assignments (cost $1,617)					1,664
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 2.9%
U.S. Treasury Bill
0.02%, 06/30/2011 5			1,860		1,860
0.02%, 06/09/2011 - 07/14/2011 ^ 5			4,250		4,250
0.03%, 07/07/2011 5			5,075		5,075
0.03%, 06/23/2011 - 07/21/2011 ^ 5			3,675		3,675
0.05%, 07/28/2011 5			500		500
Total Short-Term U.S. Government Obligations (cost $15,358)					15,358
SHORT-TERM FOREIGN GOVERNMENT OBLIGATIONS - 1.0%
Malaysia - 0.3%
Bank Negara Malaysia Monetary Notes
3.04%, 09/15/2011 5	MYR		4,792		1,601
Mexico - 0.7%
Mexico Cetes
5.03%, 09/22/2011 5	MXN		11,731		1,001
5.11%, 09/08/2011 5	MXN		8,069		685
5.14%, 08/11/2011 5	MXN		20,755		1,780
Total Short-Term Foreign Government Obligations (cost $4,880)					5,067
		Shares		Value
COMMON STOCKS - 63.3%
Argentina - 0.1%
Banco Macro SA ADR			1,900		70
Cresud SACIF y A ADR ^			5,300		92
IRSA Inversiones y Representaciones SA ADR			6,200		79
Pampa Energia SA ADR ^			6,400		99
Telecom Argentina SA ADR			2,000		46
Australia - 1.3%
Asciano, Ltd.			60,000		109
BHP Billiton, Ltd.			50,489		2,535
CSL, Ltd.			15,854		597
Newcrest Mining, Ltd.			37,923		1,723
Rio Tinto, Ltd. ^			14,492		1,306
Telstra Corp., Ltd.			80,446		257
Woodside Petroleum, Ltd.			5,800		298
Austria - 0.0%∞
Telekom Austria AG			9,096		141
Belgium - 0.1%
RHJ International ‡			42,300		352
RHJ International - 144A ‡ Ə			17,100		142
Bermuda - 0.7%
Arch Capital Group, Ltd. ‡^			3,300		343
Axis Capital Holdings, Ltd.			1,656		59
Cheung Kong Infrastructure Holdings, Ltd.			48,200		235
China Gas Holdings, Ltd.			62,500		24
China Resources Gas Group, Ltd.			136,000		198
Cosan, Ltd. - Class A			34,900		435
Endurance Specialty Holdings, Ltd. ^			9,502		420
Katanga Mining, Ltd. ‡^			63,682		136
Marvell Technology Group, Ltd. ± ‡			16,300		252
Noble Group, Ltd. ^			82,305		150
PartnerRe, Ltd.			1,919		154
Platinum Underwriters Holdings, Ltd. ^			4,089		155
Ports Design, Ltd.			1,300		4
RenaissanceRe Holdings, Ltd.			4,012		282
Validus Holdings, Ltd.			6,161		200
VimpelCom, Ltd. ADR			28,300		412
Brazil - 1.7%
All America Latina Logistica SA			22,930		189
Banco do Brasil SA			4,500		83
Banco Santander Brasil SA			17,200		198
Cia Brasileira de Distribuicao Grupo Pao de Acucar ‡			116		5
Cia Energetica de Minas Gerais ADR			7,963		166
Cyrela Brazil Realty SA
Empreendimentos e Participacoes			44,500		467
Hypermarcas SA ‡			108,200		1,451
MRV Engenharia e Participacoes SA			52,100		450
OGX Petroleo e Gas Participacoes SA ‡			21,700		233
Petroleo Brasileiro SA - Class A ADR			117,452		3,920
SLC Agricola SA			35,900		452
VIVO Participacoes SA ADR			29,100		1,217
Canada - 2.8%
Agrium, Inc.			383		35
Alamos Gold, Inc.			27,650		464
Barrick Gold Corp.			37,485		1,912
BCE, Inc.			1,200		45
Canadian Natural Resources, Ltd.			16,200		760
Canadian Pacific Railway, Ltd.			13,794		914
Cenovus Energy, Inc.			3,880		149
Daylight Energy, Ltd. ^			49,360		566
Eldorado Gold Corp.			63,327		1,179
Goldcorp, Inc.			37,659		2,102
Iamgold Corp.			66,525		1,381
Kinross Gold Corp.			93,034		1,475
Magna International, Inc. - Class A			1,200		62
Potash Corp., of Saskatchewan, Inc.			5,560		313
Research In Motion, Ltd. ‡^			1,000		49
Rogers Communications, Inc. - Class B ^			11,200		424
Silver Wheaton Corp.			22,900		930
Sino-Forest Corp. - Class A ‡^			27,400		681
Suncor Energy, Inc.			9,625		444
Talisman Energy, Inc.			10,670		258
Teck Resources, Ltd. - Class B			1,110		60
TELUS Corp. ‡ Ə			3,770		199
Viterra, Inc.			11,400		137
Cayman Islands - 0.3%
Chaoda Modern Agriculture Holdings, Ltd.			742,890		464
China Dongxiang Group Co.			339,288		119
China Huiyuan Juice Group, Ltd.			63,700		42
Mindray Medical International, Ltd. ADR ^			2,700		72
Mongolian Mining Corp. ‡			138,500		162
Tianjin Port Development Holdings, Ltd.			1,345,300		312
Zhongsheng Group Holdings, Ltd. ‡			148,500		280
Chile - 0.1%
Banco Santander Chile ADR			1,800		165
E.CL SA			103,900		280
Sociedad Quimica y Minera de Chile SA ADR			4,400		269

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 8

Transamerica BlackRock Global Allocation

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
China - 0.5%
China BlueChemical, Ltd.		267,200	$	217
China Life Insurance Co., Ltd. ADR ^		5,002		269
China Life Insurance Co., Ltd. - Class H		70,800		252
China Shenhua Energy Co., Ltd. - Class H		64,752		302
China Telecom Corp., Ltd.		327,500		189
CSR Corp., Ltd.		98,900		109
Dongfeng Motor Group Co., Ltd. - Class H		85,600		133
Guangshen Railway Co., Ltd.		398,300		157
Guangzhou Automobile Group Co., Ltd.		216,086		243
Jiangsu Expressway Co., Ltd. - Class H		72,500		77
Ping An Insurance Group Co. of China, Ltd. - Class H		22,238		243
Sinopharm Group Co., Ltd. - Class H		165,700		573
Xiamen International Port Co., Ltd. - Class H		382,400		81
Cyprus - 0.0%¥
AFI Development PLC GDR ‡		3,400		4
AFI Development PLC - Class B ‡		25,200		27
Czech Republic - 0.1%
CEZ AS		7,500		430
Egypt - 0.1%
Telecom Egypt		122,968		338
Finland - 0.2%
Fortum OYJ		22,783		785
Nokia OYJ ADR ^		3,800		35
France - 1.5%
BNP Paribas		8,870		702
Cie Generale D’optique Essilor International SA		12,401		1,038
France Telecom SA		16,167		379
GDF Suez ^		31,400		1,285
LVMH Moet Hennessy Louis Vuitton SA		4,060		729
Sanofi-Aventis SA		9,840		778
Sanofi-Aventis SA ADR		1,461		58
Societe Generale		3,570		239
Technip SA		1,460		165
Total SA		15,816		1,013
Total SA ADR		15,000		963
Vivendi SA		24,670		774
Germany - 1.2%
Allianz SE ^		2,436		383
BASF SE		11,370		1,168
Bayer AG ^		7,681		675
Bayer AG ADR		300		26
Bayerische Motoren Werke AG		2,810		265
Beiersdorf AG ^		960		63
Daimler AG ^		10,000		773
Deutsche Bank AG		6,150		402
Deutsche Telekom AG ADR ‡		2,700		45
Infineon Technologies AG		27,990		318
Kabel Deutschland Holding AG ‡		8,330		521
Lanxess AG		2,850		261
Muenchener Rueckversicherungs AG		1,320		218
Siemens AG		7,710		1,122
Guernsey, Channel Islands - 0.0%¥
Amdocs, Ltd. ‡		2,036		63
Hong Kong - 1.1%
AIA Group, Ltd. ‡		61,700		209
Beijing Enterprises Holdings, Ltd.		196,720		1,049
Cheung Kong Holdings, Ltd.		24,500		386
China Mobile, Ltd.		135,500		1,247
China Unicom, Ltd.		127,700		261
Hutchison Whampoa, Ltd.		44,700		511
Link Real Estate Investment Trust		257,067		809
Shougang Concord International
Enterprises Co., Ltd. ‡		442,100		59
Tianjin Development Holdings, Ltd. ‡		839,800		630
Wharf Holdings, Ltd.		65,077		477
India - 0.8%
Adani Enterprises, Ltd.		36,000		511
Adani Power, Ltd. ‡		161,901		415
Bharat Heavy Electricals, Ltd.		18,500		838
Container Corp., of India		3,230		84
Housing Development Finance Corp.		56,520		905
Larsen & Toubro, Ltd.		7,300		263
Reliance Industries, Ltd.		28,270		630
State Bank of India		10,070		640
Indonesia - 0.1%
Bumi Resources PT		1,424,101		570
Telekomunikasi Indonesia PT		161,700		145
Ireland - 0.4%
Accenture PLC - Class A		1,032		59
Covidien PLC		6,712		374
Ingersoll-Rand PLC ^		800		40
Seagate Technology PLC ^		2,100		37
XL Group PLC - Class A		56,971		1,391
Israel - 0.2%
Check Point Software Technologies, Ltd. ‡		1,400		77
Teva Pharmaceutical Industries, Ltd. ADR		19,580		895
Italy - 0.5%
Assicurazioni Generali SpA		10,320		247
Enel SpA		79,300		565
ENI SpA		26,620		712
Intesa Sanpaolo SpA		83,620		278
Telecom Italia SpA		137,540		207
UniCredit SpA		255,280		657
Japan - 6.1%
Aisin Seiki Co., Ltd. ^		8,930		315
Asahi Kasei Corp.		12,800		88
Astellas Pharma, Inc. ^		6,500		248
Bank of Kyoto, Ltd. ^		16,860		156
Bridgestone Corp.		14,400		318
Canon, Inc.		18,364		865
Daihatsu Motor Co., Ltd. ^		17,480		282
Dainippon Sumitomo Pharma Co., Ltd. ^		1,000		10
Daiwa House Industry Co., Ltd.		19,370		234
Denso Corp.		11,770		394
East Japan Railway Co.		18,806		1,045
Fanuc Corp.		2,150		360
Fuji Heavy Industries, Ltd.		88,420		658
Futaba Industrial Co., Ltd. ^		19,400		111
Hitachi Chemical Co., Ltd. ^		15,100		311
Hitachi, Ltd. ^		42,300		230
Hokkaido Coca-Cola Bottling Co., Ltd.		800		4
Honda Motor Co., Ltd.		18,982		731
Hoya Corp. ^		25,289		544
INPEX Corp.		146		1,122
Japan Real Estate Investment Corp. REIT		9		89

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 9

Transamerica BlackRock Global Allocation

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
Japan - (continued)
Japan Retail Fund Investment Corp. REIT		19	$	31
JGC Corp. ^		26,410		662
JSR Corp.		6,200		130
KDDI Corp. ^		149		995
Kinden Corp. ^		19,600		167
Kirin Holdings Co., Ltd.		35,500		499
Komatsu, Ltd.		11,300		398
Kubota Corp. ^		80,684		774
Kuraray Co., Ltd.		24,730		360
Kyowa Hakko Kirin Co., Ltd.		27,980		278
Marubeni Corp. ^		34,300		251
Mikuni Coca-Cola Bottling Co., Ltd.		1,100		10
Mitsubishi Corp.		56,420		1,530
Mitsubishi Tanabe Pharma Corp. ^		13,000		216
Mitsubishi UFJ Financial Group, Inc.		93,620		449
Mitsui & Co., Ltd.		65,932		1,173
Mitsui Fudosan Co., Ltd.		11,500		200
Mitsui O.S.K. Lines, Ltd. ^		33,840		189
MS&AD Insurance Group Holdings		31,017		726
Murata Manufacturing Co., Ltd. ^		7,150		516
NGK Insulators, Ltd. ^		17,500		304
Nintendo Co., Ltd.		800		189
Nippon Building Fund, Inc. REIT		12		121
Nippon Electric Glass Co., Ltd.		19,200		291
Nippon Telegraph & Telephone Corp.		12,830		598
NKSJ Holdings, Inc.		87,180		562
NTT DoCoMo, Inc. ^		970		1,799
NTT Urban Development Corp.		155		129
Okumura Corp. ^		69,300		271
Rinnai Corp. ^		4,080		271
ROHM Co., Ltd.		5,160		311
Sekisui House, Ltd.		54,900		532
Seven & I Holdings Co., Ltd.		12,257		308
Shin-Etsu Chemical Co., Ltd. ^		19,976		1,040
Shionogi & Co., Ltd. ^		15,220		247
Sony Financial Holdings, Inc. ^		9,100		169
Sumitomo Chemical Co., Ltd. ^		220,820		1,175
Sumitomo Electric Industries, Ltd. ^		20,000		278
Sumitomo Mitsui Financial Group, Inc.		10,580		329
Suzuki Motor Corp. ^		48,662		1,159
Tadano, Ltd. ^		4,000		21
TDK Corp. ^		5,520		285
Terumo Corp.		4,950		276
Toda Corp.		66,300		246
Toho Co., Ltd. ^		13,181		200
Tokio Marine Holdings, Inc.		48,300		1,352
Tokyo Gas Co., Ltd.		121,370		541
Toyota Industries Corp.		22,937		695
Toyota Motor Corp.		12,570		501
UBE Industries, Ltd.		116,600		373
West Japan Railway Co.		99		361
Yamada Denki Co., Ltd. ^		2,800		197
Jersey, Channel Islands - 0.0%¥
Shire PLC ADR ^		300		28
Kazakhstan - 0.2%
KazMunaiGas Exploration Production GDR		35,800		813
Korea, Republic of - 0.9%
Cheil Industries, Inc.		2,900		319
Hyundai Motor Co.		1,800		414
KT Corp.		1,700		61
KT Corp. ADR		24,540		498
KT&G Corp.		7,110		421
LG Corp.		4,000		368
LG Display Co., Ltd.		5,000		180
Mando Corp.		500		88
POSCO		700		306
POSCO ADR		3,100		341
Samsung Electronics Co., Ltd.		1,250		1,041
Samsung Fine Chemicals Co., Ltd.		3,700		274
SK Telecom Co., Ltd.		2,860		434
Luxembourg - 0.0%¥
Millicom International Cellular SA		1,400		152
Tenaris SA ADR ^		1,245		63
Malaysia - 0.6%
Axiata Group Bhd ‡		611,612		1,012
British American Tobacco Malaysia Bhd ‡		12,100		196
IOI Corp., Bhd		54,998		98
Plus Expressways Bhd		295,881		449
Telekom Malaysia Bhd		451,524		608
Tenaga Nasional Bhd		28,446		58
YTL Power International Bhd		755,105		576
Mexico - 0.2%
America Movil SAB de CV ADR		12,300		704
Fomento Economico Mexicano SAB de CV ADR		2,900		182
Netherlands - 0.4%
CNH Global N.V. ‡		1,200		58
ING Groep NV ‡		16,700		220
Koninklijke KPN NV		25,681		408
Koninklijke Philips Electronics NV		22,910		679
Koninklijke Philips Electronics NV - Class Y		1,800		53
Lyondellbasell Industries NV - Class A ‡		1,500		67
Unilever NV		14,520		478
Netherlands Antilles - 0.4%
Schlumberger, Ltd.		23,680		2,125
Norway - 0.2%
DnB NOR ASA ^		23,800		387
Statoil ASA		17,380		509
Telenor ASA		10,210		176
Panama - 0.1%
McDermott International, Inc. ‡		26,842		620
Philippines - 0.0%¥
Philippine Long Distance Telephone Co. ADR		3,700		215
Poland - 0.0%¥
Powszechny Zaklad Ubezpieczen SA		1,000		141
Portugal - 0.0%¥
Zon Multimedia		10,900		62
Russian Federation - 1.4%
Federal Hydrogenerating Co. JSC CLS ‡ Ə		18,520		1
Federal Hydrogenerating Co. JSC 038D ‡		1,845,426		92
Federal Hydrogenerating Co. JSC ADR ‡		202,046		1,050
Gazprom OAO ADR		45,000		762
Kuzbassrazrezugol ‡		504,760		192
LSR Group - 144A GDR		70,300		657
Magnitogorsk Iron & Steel Works GDR		36,700		463

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 10

Transamerica BlackRock Global Allocation

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
Russian Federation (continued)
MMC Norilsk Nickel OJSC ADR		13,134	$	364
Novorossiysk Commercial Sea Port PJSC GDR ‡		0,512		382
Polyus Gold OJSC ADR		30,000		1,087
Rosneft Oil Co. GDR		74,000		663
Rushydro JSC Depository Receipt ‡ Ə		1,421		t
Sberbank of Russian Federation		410,100		1,499
Uralkali GDR		900		38
Singapore - 0.8%
Capitaland, Ltd. ‡		81,450		226
DBS Group Holdings, Ltd.		20,770		254
Fraser and Neave, Ltd.		98,100		503
Global Logistic Properties, Ltd. - Class L ‡^		109,500		173
Keppel Corp., Ltd.		83,611		813
MobileOne, Ltd. ^		111,730		218
Oversea-Chinese Banking Corp.		89,190		696
Raffles Medical Group, Ltd.		86,100		160
SembCorp Marine, Ltd. ^		50,610		234
Singapore Press Holdings, Ltd. ^		52,080		169
Singapore Telecommunications, Ltd.		237,550		605
United Overseas Bank, Ltd.		11,770		189
South Africa - 0.3%
Anglo Platinum, Ltd. ^		935		95
AngloGold Ashanti, Ltd. ADR		2,300		117
Harmony Gold Mining Co., Ltd. ADR ^		44,000		685
Impala Platinum Holdings, Ltd.		3,200		100
Life Healthcare Group Holdings, Ltd.		89,000		228
Sasol, Ltd.		1,600		92
Spain - 0.5%
Banco Santander SA ^		79,462		1,015
Repsol YPF SA		13,150		470
Telefonica SA ^		40,419		1,086
Telefonica SA ADR		6,900		186
Switzerland - 1.4%
ACE, Ltd.		19,146		1,287
Credit Suisse Group AG		8,350		379
Garmin, Ltd. ‡^		1,373		47
Nestle SA		25,667		1,593
Noble Corp. ‡		1,286		55
Novartis AG		12,398		736
Roche Holding AG		3,665		594
Swiss Reinsurance Co., Ltd. ‡		900		54
Swisscom AG		810		372
TE Connectivity, Ltd.		3,732		134
Transocean, Ltd. ‡		6,782		494
Tyco International, Ltd.		3,659		178
UBS AG ‡		23,120		463
Weatherford International, Ltd. ‡		19,146		413
Zurich Financial Services AG ‡		1,551		436
Taiwan - 1.1%
Asustek Computer, Inc.		12,617		114
Catcher Technology Co., Ltd.		25,100		158
Cheng Shin Rubber Industry Co., Ltd.		75,500		191
Chunghwa Telecom Co., Ltd.		103,116		328
Chunghwa Telecom Co., Ltd. ADR ^		19,886		627
Compal Electronics, Inc.		60,242		68
Delta Electronics, Inc.		138,541		619
Far EasTone Telecommunications Co., Ltd.		168,000		255
Formosa Chemicals & Fibre Corp.		50,000		202
High Tech Computer Corp.		32,262		1,464
Hon Hai Precision Industry Co., Ltd.		63,042		239
Mediatek, Inc.		21,025		232
Nan Ya Plastics Corp.		60,000		184
Taiwan Semiconductor Manufacturing Co., Ltd.		288,888		739
Yulon Motor Co., Ltd.		139,000		289
Thailand - 0.3%
Hana Microelectronics PCL		112,658		93
PTT PCL		34,397		432
PTT Chemical PCL		133,966		719
Siam Commercial Bank PCL		118,675		461
Turkey - 0.3%
Bim Birlesik Magazalar AS		9,300		324
Tupras Turkiye Petrol Rafinerileri AS		11,362		369
Turk Telekomunikasyon AS		62,080		323
Turkcell Iletisim Hizmetleri AS		28,147		166
Turkiye Garanti Bankasi AS		83,936		435
United Kingdom - 2.8%
Amlin PLC		15,900		111
Anglo American PLC		14,300		750
Antofagasta PLC		35,000		805
AstraZeneca PLC ADR		1,000		50
BG Group PLC		72,600		1,869
BP PLC		91,569		704
BP PLC ADR		18,800		867
British American Tobacco PLC		7,306		319
BT Group PLC - Class A		196,200		644
Diageo PLC ADR		14,538		1,183
Ensco PLC ADR		800		48
GlaxoSmithKline PLC ADR ^		1,600		70
Guinness Peat Group PLC		400,977		263
HSBC Holdings PLC		137,228		1,495
International Power PLC		111,400		617
Lloyds TSB Group PLC ‡		429,216		426
National Grid PLC		95,500		980
Petropavlovsk PLC		5,900		88
Prudential PLC		7,800		101
Royal Dutch Shell PLC - Class A ADR		7,551		585
Scottish & Southern Energy PLC		28,700		651
Standard Chartered PLC		10,425		290
Unilever PLC		7,086		231
Unilever PLC ADR ^		4,400		143
Vodafone Group PLC		281,622		814
Vodafone Group PLC ADR		20,761		605
United States - 31.5%
3M Co.		8,100		787
Abbott Laboratories		20,727		1,079
Activision Blizzard, Inc.		62,200		708
Adobe Systems, Inc. ‡		5,200		174
Advance Auto Parts, Inc. ^		963		63
Advanced Micro Devices, Inc. ± ‡		54,600		497
AES Corp. ‡		23,497		311
Aetna, Inc.		24,860		1,029
Agilent Technologies, Inc. ‡		12,100		604
Albemarle Corp.		1,100		78
Alcoa, Inc.		29,100		495
Allergan, Inc.		2,700		215
Alliance Resource Partners, LP		3,773		311
Allstate Corp.		5,316		180

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 11

Transamerica BlackRock Global Allocation

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
United States (continued)
Altera Corp.		1,700	$	83
Altria Group, Inc.		20,162		541
American Electric Power Co., Inc.		6,472		236
American Tower Corp. - Class A ‡		9,950		521
American Water Works Co., Inc.		10,172		299
Ameriprise Financial, Inc.		1,000		62
AmerisourceBergen Corp. - Class A		10,434		424
Amgen, Inc. ‡		10,016		570
Anadarko Petroleum Corp.		10,893		860
Analog Devices, Inc.		1,600		64
Apache Corp.		9,433		1,258
Apple, Inc. ‡		15,401		5,364
Arrow Electronics, Inc. ‡^		1,500		68
AT&T, Inc.		100,492		3,128
Autodesk, Inc. ‡		1,500		67
Autoliv, Inc.		700		56
Ball Corp.		1,700		63
Bank of America Corp.		138,219		1,697
Bank of New York Mellon Corp.		37,618		1,089
Becton, Dickinson and Co.		800		69
Biogen Idec, Inc. ‡		908		88
BMC Software, Inc. ‡		1,469		74
Boeing Co.		14,398		1,150
BorgWarner, Inc. ‡^		3,100		239
Bristol-Myers Squibb Co.		111,673		3,138
Broadcom Corp. - Class A ‡		7,838		276
CA, Inc. ^		39,860		980
Capital One Financial Corp.		3,100		170
Cardinal Health, Inc.		1,459		64
Celgene Corp. ‡		4,600		271
CenturyLink, Inc.		22,172		904
Cephalon, Inc. ± ‡		4,300		330
Charter Communications, Inc. ‡		1,700		100
Chevron Corp.		34,466		3,772
Chubb Corp.		8,610		561
CIGNA Corp.		9,710		455
Cimarex Energy Co.		700		77
Cisco Systems, Inc. ±		99,998		1,756
Citigroup, Inc. ‡		412,364		1,893
CMS Energy Corp. ^		12,873		255
CNA Financial Corp. ^		1,400		43
Coach, Inc.		1,100		66
Coca-Cola Co.		6,068		410
Coca-Cola Enterprises, Inc.		2,300		65
Cognizant Technology Solutions Corp. - Class A ‡		2,304		191
Colgate-Palmolive Co.		9,724		820
Comcast Corp. - Class A		61,168		1,605
Complete Production Services, Inc. ‡^		10,645		361
Computer Sciences Corp. ^		1,988		101
Comverse Technology, Inc. ‡^		27,119		207
ConAgra Foods, Inc.		6,060		148
ConocoPhillips		26,340		2,079
Consol Energy, Inc.		37,770		2,043
Constellation Brands, Inc. - Class A ‡		7,110		159
Corning, Inc.		64,410		1,349
Crown Holdings, Inc. ‡		6,686		250
CVS Caremark Corp.		21,668		785
Darden Restaurants, Inc.		700		33
DaVita, Inc. ‡		6,149		542
Dell, Inc. ± ‡		40,681		631
Devon Energy Corp.		12,569		1,144
DISH Network Corp. - Class A ‡		6,680		167
Dominion Resources, Inc.		5,600		260
Dow Chemical Co.		23,192		951
Dr. Pepper Snapple Group, Inc.		4,137		162
E.I. du Pont de Nemours & Co.		16,032		910
Eastman Chemical Co.		700		75
Eaton Corp.		1,136		61
eBay, Inc. ‡		11,709		403
Edison International		1,500		59
El Paso Corp.		101,811		1,976
Electronic Arts, Inc. ‡		21,830		441
Eli Lilly & Co.		9,835		364
EMC Corp. ‡		26,791		759
Endo Pharmaceuticals Holdings, Inc. ‡		1,977		77
Energizer Holdings, Inc. ‡		500		38
Entergy Corp.		5,442		379
EOG Resources, Inc. ±		5,400		610
Exelon Corp.		6,637		280
Expedia, Inc. ^		1,570		39
Exxon Mobil Corp.		76,120		6,698
Fidelity National Financial, Inc. - Class A ^		38,380		593
Fidelity National Information Services, Inc.		1,167		39
FMC Corp.		16,777		1,481
Ford Motor Co. ‡		48,300		747
Forest Laboratories, Inc. ‡		2,994		99
Freeport-McMoRan Copper & Gold, Inc.		13,976		769
General Communication, Inc. - Class A ‡^		2,624		30
General Dynamics Corp.		4,600		335
General Electric Co.		169,130		3,459
General Mills, Inc.		18,628		719
General Motors Co. ‡		28,400		912
Gilead Sciences, Inc. ‡		14,291		555
Global Industries, Ltd. ‡^		49,163		485
Goldman Sachs Group, Inc.		8,140		1,230
Google, Inc. - Class A ± ‡		3,136		1,706
Halliburton Co.		23,042		1,163
Harris Corp.		1,079		57
Healthsouth Corp. ‡^		11,805		303
Hecla Mining Co. ‡		20,800		196
Hess Corp.		8,861		762
Hewlett-Packard Co.		39,175		1,581
HJ Heinz Co.		4,294		220
Hologic, Inc. ‡		35,016		771
Humana, Inc. ‡		8,946		681
Huntington Ingalls Industries, Inc. ‡^		1,240		50
Intel Corp.		55,265		1,281
International Business Machines Corp.		22,587		3,853
International Game Technology		19,047		337
International Paper Co.		5,810		179
Intuit, Inc. ‡		1,300		72
Johnson & Johnson		47,761		3,139
JPMorgan Chase & Co.		61,610		2,811
KBR, Inc.		12,582		483
Kimberly-Clark Corp.		400		26
KLA-Tencor Corp.		1,300		57
Kraft Foods, Inc. - Class A ±		32,146		1,080
L-3 Communications Holdings, Inc. ^		700		56

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 12

Transamerica BlackRock Global Allocation

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
United States (continued)
LAM Research Corp. ‡		1,100	$	53
Leucadia National Corp.		1,700		66
Lexmark International, Inc. - Class A ‡		3,794		122
Liberty Global, Inc. ‡^		1,600		74
Life Technologies Corp. ‡		9,967		550
Limited Brands, Inc.		2,117		87
Lincoln National Corp.		1,500		47
Lockheed Martin Corp.		10,173		806
Lorillard, Inc. ^		2,285		243
Lubrizol Corp.		606		82
Macy’s, Inc.		1,800		43
Marathon Oil Corp.		17,775		961
Mastercard, Inc. - Class A ±		1,000		276
Mattel, Inc.		15,807		422
McDonald’s Corp.		6,717		526
McGraw-Hill Cos., Inc.		1,600		65
McKesson Corp.		7,758		644
Mead Johnson Nutrition Co. - Class A		14,144		946
MeadWestvaco Corp.		2,129		72
Medco Health Solutions, Inc. ‡		14,611		867
Medtronic, Inc.		25,978		1,084
Merck & Co., Inc.		52,243		1,878
MetLife, Inc.		4,428		207
MetroPCS Communications, Inc. ‡		11,900		200
Mettler-Toledo International, Inc. ‡^		1,755		329
Micron Technology, Inc. ‡		4,400		50
Microsoft Corp.		167,286		4,354
Molson Coors Brewing Co. - Class B		1,300		63
Morgan Stanley		25,793		674
Motorola Solutions, Inc. ‡		6,937		318
Murphy Oil Corp.		800		62
Mylan, Inc. ‡		28,433		709
National Oilwell Varco, Inc.		17,859		1,370
Newmont Mining Corp.		26,255		1,538
News Corp. - Class A		23,580		420
Nextera Energy, Inc.		14,054		795
NII Holdings, Inc. ‡		1,200		50
Northern Trust Corp.		5,216		261
Northrop Grumman Corp.		7,441		473
NRG Energy, Inc. ‡^		5,180		125
Occidental Petroleum Corp.		20,206		2,309
Oceaneering International, Inc. ‡		700		61
Oracle Corp.		52,570		1,895
Pall Corp.		3,203		187
Parker Hannifin Corp.		700		66
PerkinElmer, Inc.		8,167		231
Perrigo Co. ^		5,500		497
Pfizer, Inc.		132,359		2,774
PG&E Corp.		6,097		281
PharMerica Corp. ‡^		183		2
Philip Morris International, Inc.		13,391		930
Pitney Bowes, Inc. ^		1,257		31
Polo Ralph Lauren Corp. - Class A		500		65
Polycom, Inc. ‡		11,445		685
PPG Industries, Inc.		700		66
PPL Corp.		20,300		557
Praxair, Inc.		2,837		302
Precision Castparts Corp.		3,420		528
Pride International, Inc. ‡		800		35
Principal Financial Group, Inc.		4,846		164
Procter & Gamble Co.		27,456		1,782
Progressive Corp.		11,340		249
Pulte Group, Inc. ‡^		37,800		307
QUALCOMM, Inc.		41,697		2,370
Quicksilver Resources, Inc. ‡^		54,600		811
R.R. Donnelley & Sons Co.		1,813		34
Raytheon Co.		7,131		346
Reinsurance Group of America, Inc. - Class A		700		44
Ross Stores, Inc.		608		45
Ryder System, Inc.		755		40
Safeway, Inc.		1,270		31
SanDisk Corp. ± ‡		10,094		496
Sara Lee Corp. ±		48,098		923
Sempra Energy		2,800		154
Simon Property Group, Inc. REIT		2,800		321
SM Energy Co. ± ^		10,862		824
Southern Co.		13,650		533
Southwest Airlines Co.		3,200		38
Spirit Aerosystems Holdings, Inc. - Class A ‡		24,811		610
St. Joe Co. ‡^		72,253		1,887
State Street Corp.		11,388		530
SunTrust Banks, Inc.		5,600		158
Symantec Corp. ± ‡		30,572		601
Teradata Corp. ‡		1,841		103
Texas Instruments, Inc.		25,318		900
Thermo Fisher Scientific, Inc. ‡		10,174		610
Time Warner, Inc.		6,203		235
Time Warner Cable, Inc.		3,073		240
Torchmark Corp.		1,000		67
Transatlantic Holdings, Inc.		2,220		109
Travelers Cos., Inc.		18,725		1,185
TRW Automotive Holdings Corp. ‡		1,100		63
U.S. Bancorp		41,839		1,080
Union Pacific Corp.		20,387		2,110
United Technologies Corp. ±		11,684		1,047
UnitedHealth Group, Inc.		15,920		784
Unum Group		1,402		37
Urban Outfitters, Inc. ‡		1,600		50
Valero Energy Corp.		17,909		507
VeriSign, Inc. ^		1,868		69
Verizon Communications, Inc.		47,173		1,782
Viacom, Inc. - Class B		15,401		788
Visa, Inc. - Class A		4,700		367
Wal-Mart Stores, Inc.		29,718		1,634
Walt Disney Co.		14,700		634
Waters Corp. ‡^		5,651		554
WellPoint, Inc.		17,312		1,328
Wells Fargo & Co.		82,124		2,391
Western Digital Corp. ‡		3,018		120
Western Union Co. ^		2,900		62
Whiting Petroleum Corp. ‡		4,300		299
Williams Cos., Inc.		1,800		60
Windstream Corp.		5,304		68
Wisconsin Energy Corp. ^		4,586		143
Wyndham Worldwide Corp.		1,400		48
Xerox Corp.		56,425		569
Total Common Stocks (cost $271,594)				333,545

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 13

Transamerica BlackRock Global Allocation

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
INVESTMENT COMPANIES - 3.7%
Cayman Islands - 0.1%
Dragon Capital - Vietnam Enterprise Investments, Ltd.		51,468	$	112
Vinaland, Ltd.		234,300		214
United States - 3.6%
Consumer Staples Select Sector SPDR Fund		14,761		465
Energy Select Sector SPDR Fund		37,385		3,007
Financial Select Sector SPDR Fund		43,910		719
Health Care Select Sector SPDR Fund ^		14,779		521
iShares Dow Jones U.S. Telecommunications Sector Index Fund ^		8,125		199
iShares Silver Trust ^		29,800		1,398
Market Vectors - Gold Miners ETF		51,673		3,212
SPDR Gold Shares		55,782		8,499
SPDR KBW Regional Banking Trust ETF ^		9,607		257
Technology Select Sector SPDR Fund ^		23,800		637
Utilities Select Sector SPDR Fund ^		1,800		60
Vanguard Telecommunication Services ETF		300		21
Total Investment Companies (cost $12,248)				19,321
CONVERTIBLE PREFERRED STOCK - 0.0%∞
Bermuda - 0.0%¥
Bunge, Ltd. 4.88% ^		1,390		149
Total Convertible Preferred Stock (cost $80)
PREFERRED STOCKS - 1.7%
Brazil - 0.5%
Cia Brasileira de Distribuicao Grupo Pao de Acucar 0.98% ▲		22,092		983
Itau Unibanco Holding SA 2.68% ▲		20,000		472
Usinas Siderurgicas de Minas Gerais
SA 3.89% ▲		10,300		106
Vale SA 3.43% ▲		33,500		980
Germany - 0.2%
Volkswagen AG 1.75% ▲ ^		5,990		1,180
Ireland - 0.0%¥
XL Group PLC 10.75% ^		4,470		147
Switzerland - 0.1%
UBS AG 9.38% ^		13,325		372
United Kingdom - 0.1%
HSBC Holdings PLC 8.00%		13,400		368
United States - 0.8%
Chesapeake Energy Corp. 5.75% -144A		1,083		1,503
Citigroup Capital XIII 7.88% *		10,132		281
General Motors Co. 4.75%		15,450		770
GMAC Capital Trust I 8.13% *		26,000		676
Health Care REIT, Inc. 6.50%		6,650		357
Omnicare Capital Trust II 4.00%		4,800		231
PPL Corp. 8.75%		6,400		344
SandRidge Energy, Inc. 7.00% -144A		2,400		433
Total Preferred Stocks (cost $7,110)				9,203

	Notional
	Amount		Value
PURCHASED OPTIONS - 0.2%
Call Options - 0.2%
Citi TAIEX Index	$	2	$	40
Call Strike TWD 290.81
Expires 12/19/2011
Citi TAIEX Index		2		42
Call Strike TWD 301.94
Expires 12/19/2012
Deutsche Bank MSCI Europe Excluding United Kingdom Index		49		527
Call Strike $96.02
Expires 09/01/2011
Euro STOXX 50 Price Index		1		20
Call Strike EUR 2,958.17
Expires 04/04/2012
General Mills, Inc.		6		10
Call Strike $38.00
Expires 07/16/2011
Google, Inc. Class A		1		5
Call Strike $575.00
Expires 06/18/2011
S&P 500 Index		1		49
Call Strike $1,379.67
Expires 03/16/2012
Taiwan TAIEX Index		3		42
Call Strike TWD 9,000.00
Expires 12/21/2011
UBS Euro Stoxx 50 Index		t		30
Call Strike EUR 3,069.55
Expires 12/16/2011
Put Options - 0.0%¥
Brazil Bovespa Index		t		4
Put Strike BRL 63,229.00
Expires 10/13/2011
Citi S&P 500 Index		t		—
Put Strike $1,263.03
Expires 10/10/2011
Euro Stoxx Index		t		—
Put Strike EUR 2,747.77
Expires 06/15/2012
iShares Russell 2000 Index		12		—
Put Strike $78.04
Expires 10/12/2011
KOSPI 200 Index		3,300		8
Put Strike KRW 230.71
Expires 12/08/2011
Market Vectors		19		18
Put Strike $50.00
Expires 09/17/2011
Market Vectors - Gold Miners ETF		21		48
Put Strike $56.00
Expires 09/17/2011
Market Vectors - Gold Miners ETF		16		18
Put Strike $57.19
Expires 11/11/2011
Market Vectors - Gold Miners ETF		41		84
Put Strike $50.00
Expires 01/21/2012
Total Purchased Options (cost $503)				945

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 14

Transamerica BlackRock Global Allocation

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts except share amounts in thousands)
(unaudited)

	Shares			Value
WARRANTS - 0.1%
United States - 0.1%
Bank of America Corp. ‡
Expiration: 01/16/2019
Exercise Price: $13.30		22,336		$	152
Citigroup, Inc. ‡
Expiration: 10/28/2018
Exercise Price: $178.50		18,400			3
Ford Motor Co. ‡
Expiration: 01/01/2013
Exercise Price: $9.20		43,117			286
Canada - 0.0%¥
Kinross Gold Corp. ‡
Expiration: 09/03/2013
Exercise Price: $32.00		9,602			14
Total Warrants (cost $427)					455
SECURITIES LENDING COLLATERAL - 8.6%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.24% ▲		45,105,532			45,106
Total Securities Lending Collateral (cost $45,106)
	Principal			Value
REPURCHASE AGREEMENT - 0.0%¥
State Street Bank & Trust Co.
0.01% ▲, dated 04/29/2011, to be repurchased at $130 on 05/02/2011. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 06/01/2025, with a value of $134.	$	130			130
Total Repurchase Agreement (cost $130)
Total Investment Securities (cost $484,101) #					566,079
Other Assets and Liabilities - Net					(39,682	)
Net Assets				$	526,397
	Notional
	Amount			Value
WRITTEN-OPTIONS - (0.2)% Ж
Call Options - (0.1)%
Advanced Micro Devices, Inc.	$	(33	)		(30	)
Call Strike $10.00
Expires 01/21/2012
Brazil Bovespa Index		(t	)		—
Call Strike BRL 75,043.00
Expires 10/13/2011
Cephalon, Inc.		(2	)		(29	)
Call Strike $65.00
Expires 01/21/2012
Cisco Systems, Inc.		(27	)		(18	)
Call Strike $20.00
Expires 01/21/2012
Cisco Systems, Inc.		(14	)		(21	)
Call Strike $17.50
Expires 01/21/2012
Citi S&P 500 Index		(t	)		(6	)
Call Strike $1,403.95
Expires 10/10/2011
Dell, Inc.		(9	)		(17	)
Call Strike $15.00
Expires 01/21/2012
Dell, Inc.		(11	)		(9	)
Call Strike $16.00
Expires 08/20/2011
EOG Resources, Inc.		(3	)		(53	)
Call Strike $100.00
Expires 01/21/2012
Euro STOXX 50 Price Index		(t	)		—
Call Strike EUR 3,011.25
Expires 06/15/2012
Hutchinson Whampoa		(23	)		(2	)
Call Strike $103.02
Expires 07/08/2011
Hutchinson Whampoa, Ltd. OTC		(21	)		(2	)
Call Strike $97.50
Expires 06/29/2011
iShares Russell 2000 Index		(12	)		(30	)
Call Strike $87.28
Expires 10/12/2011
Kraft Foods, Inc.		(16	)		(21	)
Call Strike $34.00
Expires 01/20/2012
Kraft Foods, Inc. Class A		(16	)		(16	)
Call Strike $35.00
Expires 01/21/2012
Marvell Technology Group, Ltd.		(16	)		(17	)
Call Strike $17.50
Expires 01/21/2012
Mastercard, Inc. Class A		(1	)		(16	)
Call Strike $285.00
Expires 10/22/2011
Nikkei 225 Index		(t	)		(19	)
Call Strike JPY 10,996.49
Expires 11/18/2011
Pultegroup, Inc.		(18	)		(23	)
Call Strike $10.00
Expires 01/19/2013
SanDisk Corp.		(6	)		(43	)
Call Strike $46.00
Expires 10/22/2011
Sara Lee Corp.		(48	)		(66	)
Call Strike $18.00
Expires 07/16/2011
SM Energy Co.		(3	)		(18	)
Call Strike $80.00
Expires 11/19/2011
SM Energy Co.		(2	)		(25	)
Call Strike $65.00
Expires 08/20/2011
Symantec Corp.		(19	)		(61	)
Call Strike $17.50
Expires 01/21/2012
United Technologies Corp.		(7	)		(77	)
Call Strike $80.00
Expires 01/21/2012
Urban Outfitters, Inc.		(2	)		(4	)
Call Strike $34.00
Expires 01/20/2012

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 15

Transamerica BlackRock Global Allocation

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

	Notional
	Amount			Value
Put Options - (0.1%)
Beiersdorf AG	$	(3	)	$	(4	)
Put Strike $38.00
Expires 01/20/2012
Beiersdorf AG		(5	)		(6	)
Put Strike $38.00
Expires 12/16/2011
Broadcom Corp. Class A		(5	)		(11	)
Put Strike $35.00
Expires 08/20/2011
Citi TAIEX Index		(2	)		(38	)
Put Strike TWD 252.72
Expires 12/19/2012
Citi TAIEX Index		(2	)		(31	)
Put Strike TWD 243.41
Expires 12/19/2011
Deutsche Bank MSCI Europe
Excluding United Kingdom Index		(49	)		—
Put Strike $90.74
Expires 09/01/2011
Euro STOXX 50 Price Index		(1	)		—
Put Strike EUR 2,662.35
Expires 04/04/2012
Euro Stoxx 50 Price Index OTC		(t	)		(25	)
Put Strike EUR 2,761.62
Expires 09/16/2011
General Mills, Inc.		(6	)		(1	)
Put Strike $34.00
Expires 07/16/2011
Google, Inc. Class A		(1	)		(32	)
Put Strike $560.00
Expires 06/18/2011
Market Vectors - Gold Miners ETF		(29	)		(19	)
Put Strike $40.00
Expires 01/21/2012
Market Vectors - Gold Miners ETF		(41	)		(29	)
Put Strike $48.00
Expires 09/17/2011
Mastercard, Inc. Class A		(1	)		(4	)
Put Strike $220.00
Expires 10/22/2011
S&P 500 Index		(1	)		—
Put Strike $1,131.30
Expires 03/16/2012
SPX Index		(1	)		(6	)
Put Strike $988.57
Expires 12/08/2011
Taiwan TAIEX Index		(3	)		(45	)
Put Strike TWD 8,400.00
Expires 12/21/2011
UBS Euro Stoxx 50 Index		(t	)		(15	)
Put Strike EUR 2,437.08
Expires 12/16/2011
Urban Outfitters, Inc.		(9	)		(10	)
Put Strike $27.00
Expires 09/17/2011
Visa, Inc. Class A		(11	)		(2	)
Put Strike $65.00
Expires 06/18/2011
Total Written Options (Premiums: $(740))					(901	)

FUTURES CONTRACTS:
							Net Unrealized
							Appreciation
Description	Type	Contracts ┌			Expiration Date		(Depreciation)
ASX SPI 200 Index	Long		1			06/16/2011	$	8
DAX Index	Long		2			06/17/2011		65
Euro Stoxx 50 Index	Short		(30	)		06/17/2011		(30	)
FTSE 100 Index	Long		6			06/17/2011		39
Russell 2000 Mini Index	Short		(71	)		06/17/2011		(271	)
S&P 500 Index	Short		(21	)		06/16/2011		(152	)
							$	(341	)

FORWARD FOREIGN CURRENCY CONTRACTS:
					Amount in U.S.		Net Unrealized
			Settlement		Dollars Bought		Appreciation
Currency	Bought (Sold)		Date		(Sold)		(Depreciation)
Brazilian Real		7		05/03/2011	$	5	$	t
Canadian Dollar		208		05/13/2011		216		4
Canadian Dollar		1,163		05/13/2011		1,208		21
Chinese Yuan Renminbi (Offshore)		5,769		03/12/2012		900		6
Chinese Yuan Renminbi (Offshore)		1,914		04/11/2012		297		4
Euro		886		05/05/2011		1,256		56
Euro		937		05/05/2011		1,328		61
Euro		366		05/06/2011		525		18
Euro		515		05/06/2011		736		26
Euro		700		05/12/2011		1,011		25
Euro		1,466		05/12/2011		2,117		53

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 16

Transamerica BlackRock Global Allocation

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

FORWARD FOREIGN CURRENCY CONTRACTS (continued):
						Amount in U.S.			Net Unrealized
				Settlement		Dollars Bought			Appreciation
Currency	Bought (Sold)			Date		(Sold)			(Depreciation)
Euro		1,069			05/20/2011	$	1,527		$	55
Euro		515			05/20/2011		736			26
Euro		225			05/20/2011		321			12
Euro		732			05/26/2011		1,069			15
Euro		732			05/26/2011		1,071			13
Euro		370			05/26/2011		542			5
Euro		651			05/27/2011		954			10
Euro		1,099			05/27/2011		1,608			18
Japanese Yen		91,333			05/06/2011		1,099			27
Japanese Yen		53,572			05/06/2011		627			33
Japanese Yen		61,531			05/06/2011		741			17
Japanese Yen		(26,865	)		05/06/2011		(321	)		(10	)
Japanese Yen		(63,176	)		05/06/2011		(750	)		(29	)
Japanese Yen		(63,159	)		05/06/2011		(750	)		(29	)
Japanese Yen		17,768			05/09/2011		219			t
Malaysian Ringgit		(4,792	)		09/15/2011		(1,578	)		(24	)
Malaysian Ringgit		(815	)		09/28/2011		(268	)		(5	)
Mexican Peso		(8,292	)		08/11/2011		(675	)		(38	)
Mexican Peso		(6,099	)		08/11/2011		(494	)		(31	)
Mexican Peso		(4,146	)		08/11/2011		(338	)		(19	)
Mexican Peso		(2,218	)		08/11/2011		(180	)		(11	)
Mexican Peso		(8,069	)		09/08/2011		(660	)		(33	)
Mexican Peso		(3,944	)		09/22/2011		(321	)		(17	)
Mexican Peso		(7,788	)		09/22/2011		(640	)		(27	)
Norwegian Krone		5,618			05/13/2011		1,033			37
Norwegian Krone		5,779			05/13/2011		1,061			40
Republic of Korea Won		(1,276,909	)		05/04/2011		(1,190	)		(2	)
Republic of Korea Won		228,010			05/04/2011		207			6
Republic of Korea Won		1,276,910			05/04/2011		1,155			37
Republic of Korea Won		(228,010	)		05/04/2011		(212	)		t
Republic of Korea Won		1,276,911			06/07/2011		1,189			3
Republic of Korea Won		228,010			06/07/2011		212			1
Singapore Dollar		644			05/16/2011		500			26
Singapore Dollar		507			09/12/2011		400			14
South African Rand		(2,157	)		05/05/2011		(319	)		(9	)
Swiss Franc		(19	)		05/02/2011		(22	)		t
Swiss Franc		1,279			05/05/2011		1,383			96
Swiss Franc		1,690			05/12/2011		1,882			72
Taiwan Dollar		(5,919	)		05/16/2011		(205	)		(2	)
Taiwan Dollar		5,919			05/16/2011		200			7
									$	557

FORWARD FOREIGN CROSS CURRENCY CONTRACTS:
							Unrealized
					Settlement		Appreciation
Bought/Sold	Currency	Amount			Date		(Depreciation)
Buy	Swiss Franc		886			05/19/2011	$	20
Sell	Euro		(690	)		05/19/2011		(18	)
Buy	Swiss Franc		1,676			05/19/2011		38
Sell	Euro		(1,305	)		05/19/2011		(32	)
Buy	Swiss Franc		1,638			05/13/2011		107
Sell	Euro		(1,247	)		05/13/2011		(59	)
Buy	Swiss Franc		1,187			05/13/2011		77
Sell	Euro		(904	)		05/13/2011		(43	)
							$	90

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 17

Transamerica BlackRock Global Allocation

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

	Percentage of
INVESTMENTS BY INDUSTRY:	Total Investments			Value
Oil, Gas & Consumable Fuels		10.6	%	$	59,933
Foreign Government Obligation		7.3			41,208
U.S. Government Obligation		6.7			38,199
Metals & Mining		4.9			27,470
Capital Markets		4.1			23,412
Pharmaceuticals		3.6			20,383
Commercial Banks		3.5			19,658
Diversified Telecommunication Services		2.8			15,700
Diversified Financial Services		2.6			14,857
Wireless Telecommunication Services		2.4			13,470
Insurance		2.4			13,397
Industrial Conglomerates		2.1			11,793
Chemicals		2.0			11,470
Food Products		1.9			10,576
Computers & Peripherals		1.8			10,424
Real Estate Management & Development		1.8			10,203
Software		1.7			9,695
Automobiles		1.7			9,496
Semiconductors & Semiconductor Equipment		1.7			9,399
Electric Utilities		1.6			9,319
Health Care Providers & Services		1.6			9,058
Energy Equipment & Services		1.4			8,011
Communications Equipment		1.2			6,941
Health Care Equipment & Supplies		1.1			6,137
Media		1.1			6,054
IT Services		1.0			5,539
Aerospace & Defense		1.0			5,401
Road & Rail		0.9			5,096
Electronic Equipment & Instruments		0.9			5,017
Food & Staples Retailing		0.9			4,992
Biotechnology		0.7			3,976
Trading Companies & Distributors		0.6			3,615
Multi-Utilities		0.6			3,312
Life Sciences Tools & Services		0.5			3,055
Beverages		0.5			2,858
Machinery		0.5			2,810
Household Products		0.5			2,666
Tobacco		0.5			2,650
Auto Components		0.4			2,532
Electrical Equipment		0.4			2,387
Internet Software & Services		0.4			2,178
Construction & Engineering		0.4			2,092
Household Durables		0.4			2,074
Paper & Forest Products		0.4			1,983
Independent Power Producers & Energy Traders		0.3			1,852
Transportation Infrastructure		0.3			1,782
Personal Products		0.3			1,781
Real Estate Investment Trusts		0.3			1,728
Hotels, Restaurants & Leisure		0.3			1,451
Office Electronics		0.3			1,434
Construction Materials		0.2			1,404
Mortgage-Backed Security		0.2			1,160
Consumer Finance		0.2			1,123
Textiles, Apparel & Luxury Goods		0.2			983
Purchased Options		0.2			945
Thrifts & Mortgage Finance		0.2			905
Specialty Retail		0.1			722
Gas Utilities		0.1			565

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 18

Transamerica BlackRock Global Allocation

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

	Percentage of
INVESTMENTS BY INDUSTRY (continued):	Total Investments			Value
Building Products		0.1	%	$	539
Leisure Equipment & Products		0.1			422
Containers & Packaging		0.1			313
Water Utilities		0.1			299
Marine		0.0	∞		189
Asset-Backed Security		0.0	∞		140
Commercial Services & Supplies		0.0	∞		65
Multiline Retail		0.0	∞		43
Internet & Catalog Retail		0.0	∞		39
Airlines		0.0	∞		38
Investment Securities, at Value		88.4			500,418
Short-Term Investments		11.6			65,661
Total Investments		100.0	%	$	566,079

NOTES TO SCHEDULE OF INVESTMENTS:

^	All or a portion of this security is on loan. The value of all securities on loan is $43,707.
∞	Percentage rounds to less than 0.1% or (0.1)%.
*	Floating or variable rate note. Rate is listed as of 04/30/2011.
Ž	The security has a perpetual maturity. The date shown is the next call date.
Ə	Security fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. These securities had a total market value of $342, or 0.06%, of the fund’s net assets.
t	Value and/or principal rounds to less than $1 or $(1).
Џ	In default.
‡	Non-income producing security.
§	Illiquid. These securities aggregated to $5,871, or 1.12%, of the fund’s net assets.
▲	Rate shown reflects the yield at 04/29/2011.
#	Aggregate cost for federal income tax purposes is $484,101. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $92,678 and $10,700, respectively. Net unrealized appreciation for tax purposes is $81,978.
┌	Contract amounts are not in thousands.
±	All or a portion of these securities have been segregated as collateral with the broker for open written option contracts. The total value of these securities at 04/30/2011 is $6,102.
g	A portion of this security in the amount of $1,333 has been segregated as collateral with the broker to cover margin requirements for open futures contracts.
Ж	Cash in the amount of $3,557 has been segregated as collateral with the broker and cash in the amount of $100 has been pledged by the broker as collateral, with the custodian for open written option contracts.
Δ	Restricted security. At 04/30/2011, the fund owned the following securities (representing 0.39% of net assets) which were restricted as to public resale:

Description	Date of Acquisition		Principal		Cost		Market Value		Price ¥
Suzlon Energy, Ltd., Zero Coupon, 07/25/2014		07/21/2009	$	442	$	454	$	415	$	94.00
Multi Daerah Bersaing PT, 7.31%, 04/13/2012		04/13/2010		366		363		369		100.70
Obsidian Natural Gas Trust, 7.00%, 11/02/2015		11/05/2010		1,264		1,253		1,295		102.50

¥ — Price is not in thousands.

DEFINITIONS:

144A	144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 04/30/2011, these securities aggregated $17,171, or 3.26%, of the fund’s net assets.
ADR	American Depositary Receipt
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CNY	Chinese Yuan Renminbi
ETF	Exchange-Traded Fund
EUR	Euro
GBP	Pound Sterling
GDR	Global Depositary Receipt
HKD	Hong Kong Dollar
JPY	Japanese Yen
JSC	Joint Stock Company
KRW	South Korean Won
MXN	Mexican Peso
MYR	Malaysian Riggit

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 19

Transamerica BlackRock Global Allocation

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

DEFINITIONS (continued):

NZD	New Zealand Dollar
OJSC	Open Joint Stock Company
OTC	Over the Counter
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
TRY	Turkish New Lira
TWD	Taiwan New Dollar

VALUATION SUMMARY: '

			Level 2 -
			Other		Level 3 -
	Level 1-		Significant		Significant
	Quoted		Observable		Unobservable		Value at
Investment Securities	Prices		Inputs		Inputs		04/30/2011
Asset-Backed Security	$	—	$	140	$	—	$	140
Common Stocks		199,230		134,315		—		333,545
Convertible Bonds		—		33,969		—		33,969
Convertible Preferred Stock		149		—		—		149
Corporate Debt Securities		—		19,366		t		19,366
Foreign Government Obligations		—		41,208		—		41,208
Investment Companies		19,321		—		—		19,321
Loan Assignments		—		1,664		—		1,664
Mortgage-Backed Security		—		1,160		—		1,160
Preferred Corporate Debt Security		—		1,094		—		1,094
Preferred Stocks		7,136		2,067		—		9,203
Purchased Options		945		—		—		945
Repurchase Agreement		—		130		—		130
Securities Lending Collateral		45,106		—		—		45,106
Short-Term Foreign Government Obligations		—		5,067		—		5,067
Short-Term U.S. Government Obligations		—		15,358		—		15,358
U.S. Government Obligations		—		38,199		—		38,199
Warrants		455		—		—		455
Total	$	272,342	$	293,737	$	t	$	566,079

			Level 2 -
			Other			Level 3 -
	Level 1 -		Significant			Significant
	Quoted		Observable			Unobservable		Value at
Other Financial Instruments	Prices		Inputs			Inputs		04/30/2011
Written Options	$	—	$	(901	)	$	—	$	(901	)

				Level 2 -
				Other			Level 3 -
	Level 1 -			Significant			Significant
	Quoted			Observable			Unobservable		Total at
Other Financial Instruments ₣	Prices			Inputs			Inputs		04/30/2011
Futures Contracts - Appreciation	$	112		$	—		$	—	$	112
Futures Contracts - Depreciation		(453	)		—			—		(453	)
Forward Foreign Currency Contracts - Appreciation		—			1,085			—		1,085
Forward Foreign Currency Contracts - Depreciation		—			(438	)		—		(438	)
Total	$	(341	)	$	647		$	—	$	306

Level 3 Rollforward - Investment Securities

Net Change in

Unrealized

Appreciation/

(Depreciation)

Net Change in

on

Beginning

Accrued

Total

Unrealized

Transfers

Transfers

Ending

Investments

Balance at

Discounts/

Realized

Appreciation

into

out of

Balance at

Held at

Securities

10/31/2010

Purchases

Sales

(Premiums)

Gain/(Loss)

/(Depreciation)

Level 3

Level 3

04/30/2011

04/30/2011

Corporate Debt Securities

$

t

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

t

$

—

'	See the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques.
₣	Other financial instruments are derivative instruments that are valued at unrealized appreciation (depreciation) on the instrument.

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 20

Transamerica BlackRock Large Cap Value

SCHEDULE OF INVESTMENTS

At April 30, 2011

(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
COMMON STOCKS - 99.7%
Aerospace & Defense - 1.1%
Raytheon Co.		150,000	$	7,283
Auto Components - 0.6%
Autoliv, Inc.		54,000		4,327
Beverages - 1.3%
Coca-Cola Enterprises, Inc.		62,000		1,761
Constellation Brands, Inc. - Class A ‡		295,000		6,605
Biotechnology - 1.8%
Amgen, Inc. ‡^		214,000		12,166
Capital Markets - 1.9%
Ameriprise Financial, Inc.		124,000		7,695
Legg Mason, Inc.		127,000		4,718
Chemicals - 0.9%
Huntsman Corp. ^		87,000		1,814
Lubrizol Corp.		20,100		2,703
RPM International, Inc. ^		77,000		1,810
Commercial Banks - 2.8%
CapitalSource, Inc.		377,000		2,518
Fifth Third Bancorp		478,000		6,343
KeyCorp		875,000		7,587
SunTrust Banks, Inc.		75,000		2,114
Wells Fargo & Co.		7,000		204
Commercial Services & Supplies - 0.9%
Avery Dennison Corp.		137,000		5,718
Communications Equipment - 0.9%
Motorola Solutions, Inc. ‡		128,571		5,899
Computers & Peripherals - 2.9%
Lexmark International, Inc. - Class A ‡^		175,000		5,644
Seagate Technology PLC ^		373,000		6,572
Western Digital Corp. ‡		176,000		7,005
Construction & Engineering - 0.4%
KBR, Inc.		72,000		2,763
Consumer Finance - 2.7%
Capital One Financial Corp.		173,000		9,468
Discover Financial Services		338,000		8,396
Diversified Consumer Services - 0.2%
Service Corp., International ^		126,000		1,483
Diversified Financial Services - 1.5%
Ares Capital Corp. ^		60,000		1,063
Citigroup, Inc. ‡		841,000		3,860
JPMorgan Chase & Co.		104,000		4,745
Leucadia National Corp.		13,000		503
Diversified Telecommunication Services - 4.1%
AT&T, Inc.		141,000		4,388
CenturyLink, Inc.		162,739		6,636
Verizon Communications, Inc. ^		424,000		16,020
Electric Utilities - 2.4%
Edison International		196,000		7,697
FirstEnergy Corp. ^		208,000		8,312
Electronic Equipment & Instruments - 1.4%
Corning, Inc.		444,000		9,297
Energy Equipment & Services - 1.9%
Nabors Industries, Ltd. ‡		221,000		6,772
Oceaneering International, Inc. ‡		55,000		4,808
SEACOR Holdings, Inc. ^		12,000		1,186
Food & Staples Retailing - 1.5%
Kroger Co.		89,000		2,164
Safeway, Inc. ^		311,000		7,561
Food Products - 1.0%
Tyson Foods, Inc. - Class A		349,000		6,945
Gas Utilities - 1.1%
Atmos Energy Corp. ^		99,100		3,458
UGI Corp. ^		126,000		4,195
Health Care Equipment & Supplies - 0.1%
Beckman Coulter, Inc.		12,000		994
Health Care Providers & Services - 10.6%
Aetna, Inc.		204,000		8,442
AmerisourceBergen Corp. - Class A		162,000		6,584
Brookdale Senior Living, Inc. - Class A ‡^		66,000		1,798
Cardinal Health, Inc.		140,000		6,117
CIGNA Corp.		169,000		7,914
Coventry Health Care, Inc. ‡		218,000		7,035
Humana, Inc. ‡		107,000		8,145
Lincare Holdings, Inc. ^		77,700		2,441
UnitedHealth Group, Inc.		259,000		12,750
WellPoint, Inc.		126,000		9,676
Household Products - 0.5%
Procter & Gamble Co.		56,000		3,634
Independent Power Producers & Energy Traders - 2.6%
AES Corp. ‡		520,000		6,884
GenOn Energy, Inc. ‡		1,099,980		4,323
NRG Energy, Inc. ‡^		247,800		5,997
Industrial Conglomerates - 3.4%
General Electric Co.		1,103,000		22,556
Insurance - 7.5%
American Financial Group, Inc.		133,800		4,786
American International Group, Inc. ‡^		179,000		5,576
Assurant, Inc.		46,000		1,826
Axis Capital Holdings, Ltd.		24,000		849
Berkshire Hathaway, Inc. - Class B ‡^		6,000		500
Endurance Specialty Holdings, Ltd. ^		117,200		5,197
HCC Insurance Holdings, Inc. ^		212,000		6,898
Principal Financial Group, Inc.		202,000		6,818
Travelers Cos., Inc. ^		119,000		7,529
Unitrin, Inc.		78,000		2,359
Unum Group ^		267,000		7,070
XL Group PLC - Class A		18,000		440
IT Services - 0.8%
Computer Sciences Corp. ^		42,000		2,141
Convergys Corp. ‡^		216,000		3,132
Life Sciences Tools & Services - 0.2%
PerkinElmer, Inc.		57,000		1,611
Machinery - 0.9%
Harsco Corp.		4,000		142
Oshkosh Corp. ‡		73,000		2,311
Timken Co.		61,200		3,452
Media - 6.3%
CBS Corp. - Class B		318,000		8,020
Comcast Corp. - Class A		529,000		13,881
News Corp. - Class A		527,000		9,391
Time Warner Cable, Inc.		115,000		8,985
Virgin Media, Inc. ^		57,000		1,725
Metals & Mining - 2.2%
Alcoa, Inc. ^		474,000		8,058
Walter Energy, Inc.		47,000		6,496
Multiline Retail - 1.1%
Macy’s, Inc.		297,000		7,101

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 21

Transamerica BlackRock Large Cap Value

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
Multi-Utilities - 1.1%
Ameren Corp.		13,000	$	381
CMS Energy Corp. ^		108,000		2,138
Integrys Energy Group, Inc. ^		90,000		4,713
Oil, Gas & Consumable Fuels - 8.2%
Arch Coal, Inc. ^		33,000		1,132
Chevron Corp. ^		62,000		6,785
ConocoPhillips		166,000		13,102
Marathon Oil Corp. ^		177,000		9,565
Murphy Oil Corp.		99,000		7,671
Teekay Corp. ^		44,000		1,496
Tesoro Corp. ‡^		251,000		6,807
Valero Energy Corp.		288,000		8,150
Paper & Forest Products - 2.1%
Domtar Corp.		34,000		3,163
International Paper Co. ^		220,000		6,794
MeadWestvaco Corp. ^		107,600		3,625
Pharmaceuticals - 8.7%
Bristol-Myers Squibb Co. ^		408,000		11,465
Eli Lilly & Co. ^		259,000		9,586
Endo Pharmaceuticals Holdings, Inc. ‡^		61,200		2,397
Forest Laboratories, Inc. ‡		221,000		7,328
Johnson & Johnson		61,000		4,009
Pfizer, Inc.		1,103,000		23,118
Road & Rail - 0.2%
Ryder System, Inc.		30,000		1,605
Semiconductors & Semiconductor Equipment - 3.3%
Intel Corp. ^		473,000		10,970
International Rectifier Corp. ‡^		6,000		207
Novellus Systems, Inc. ‡^		70,000		2,247
Texas Instruments, Inc. ^		253,000		8,989
Software - 1.7%
Amdocs, Ltd. ‡		128,000		3,936
CA, Inc.		207,600		5,104
Symantec Corp. ‡		107,000		2,103
Specialty Retail - 1.0%
GameStop Corp. - Class A ‡^		259,000		6,651
Tobacco - 1.3%
Philip Morris International, Inc.		126,000		8,749
Wireless Telecommunication Services - 2.6%
NII Holdings, Inc. ‡		127,000		5,281
Sprint Nextel Corp. ‡^		1,701,000		8,810
Telephone & Data Systems, Inc. ^		101,000		3,390
Total Common Stocks (cost $534,852)				665,257
SHORT-TERM INVESTMENT COMPANY - 0.2%
Capital Markets 0.2%
BlackRock Provident TempFund 24		1,168,296		1,168
Total Short-Term Investment Company (cost $1,168)
SECURITIES LENDING COLLATERAL - 20.8%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.24% ▲		138,589,143		138,589
Total Securities Lending Collateral (cost $138,589)
Total Investment Securities (cost $674,609) #				805,014
Other Assets and Liabilities - Net				(138,282	)
Net Assets			$	666,732

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 $135,227.
▲	Rate shown reflects the yield at 04/29/2011.
#	Aggregate cost for federal income tax purposes is $674,609. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $136,445 and $6,040, respectively. Net unrealized appreciation for tax purposes is $130,405.

VALUATION SUMMARY: '

			Level 2 -
			Other		Level 3 -
	Level 1 -		Significant		Significant
	Quoted		Observable		Unobservable		Value at
Investment Securities	Prices		Inputs		Inputs		04/30/2011
Common Stocks	$	652,814	$	12,443	$	—	$	665,257
Securities Lending Collateral		138,589		—		—		138,589
Short-Term Investment Company		1,168		—		—		1,168
Total	$	792,571	$	12,443	$	—	$	805,014

^' See the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques.

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 22

Transamerica Clarion Global Real Estate Securities

SCHEDULE OF INVESTMENTS
At April 30, 2011
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
COMMON STOCKS - 98.9%
Australia - 9.7%
Dexus Property Group REIT		3,729,698	$	3,598
Goodman Group REIT		3,298,855		2,567
GPT Group REIT		1,149,573		3,982
Investa Office Fund REIT		3,016,800		2,083
Lend Lease Corp., Ltd.		63,113		602
Mirvac Group REIT		1,330,351		1,852
Stockland REIT		973,840		4,035
Westfield Group REIT		546,343		5,401
Westfield Retail Trust REIT		1,234,027		3,584
Bermuda - 2.5%
Great Eagle Holdings, Ltd.		348,400		1,238
Hongkong Land Holdings, Ltd.		647,700		4,852
Kerry Properties, Ltd.		215,000		1,147
Brazil - 0.2%
Sonae Sierra Brasil SA		44,500		676
Canada - 3.4%
Brookfield Asset Management, Inc. - Class A ^		25,900		871
Brookfield Office Properties, Inc.		159,300		3,151
Calloway Real Estate Investment Trust		52,500		1,389
Canadian Real Estate Investment Trust		15,500		549
Primaris Retail Real Estate Investment Trust		37,900		833
RioCan Real Estate Investment Trust		106,900		2,864
Cayman Islands - 0.3%
Longfor Properties Co., Ltd.		532,000		852
France - 7.5%
Accor SA		29,690		1,319
ICADE REIT		20,000		2,566
Klepierre REIT		40,960		1,683
Mercialys SA REIT		34,781		1,504
Nexity SA		28,630		1,556
Societe Immobiliere de Location pour l’Industrie et le Commerce REIT		5,930		889
Unibail-Rodamco Se REIT ^		50,860		11,899
Germany - 0.7%
GSW Immobilien AG ‡		37,430		1,206
IVG Immobilien AG ‡		85,820		724
Hong Kong - 8.6%
Cheung Kong Holdings, Ltd.		468,924		7,378
Hang Lung Group, Ltd.		238,848		1,608
Hang Lung Properties, Ltd.		361,400		1,608
Hysan Development Co., Ltd.		125,500		586
Link Real Estate Investment Trust		1,080,300		3,401
Sun Hung Kai Properties, Ltd.		521,245		8,169
Wharf Holdings, Ltd.		254,405		1,867
Japan - 12.6%
Advance Residence Investment Corp. - Class A REIT		474		993
Daito Trust Construction Co., Ltd. ^		24,000		1,920
Daiwa House Industry Co., Ltd.		135,200		1,638
Frontier Real Estate Investment Corp. REIT		199		1,845
Japan Real Estate Investment Corp. REIT		313		3,098
Japan Retail Fund Investment Corp. REIT		965		1,560
Kenedix Realty Investment Corp. REIT ^		123		523
Mitsubishi Estate Co., Ltd.		496,820		8,695
Mitsui Fudosan Co., Ltd.		322,046		5,589
Nippon Accommodations Fund, Inc. REIT		147		1,079
Nippon Building Fund, Inc. REIT		238		2,395
Nomura Real Estate Holdings, Inc.		77,000		1,189
Sumitomo Realty & Development Co., Ltd.		197,100		4,080
United Urban Investment Corp. - Class A REIT		876		1,112
Netherlands - 1.2%
Corio NV REIT ^		28,170		1,994
Eurocommercial Properties NV REIT		16,727		860
Wereldhave NV REIT		5,740		600
Norway - 0.1%
Norwegian Property ASA ‡		111,490		225
Singapore - 4.5%
Ascendas REIT		360,000		597
Capitacommercial Trust REIT ^		2,240,000		2,636
Capitaland, Ltd. ‡		1,307,050		3,630
CapitaMall Trust REIT ^		370,114		571
CapitaMalls Asia, Ltd.		205,300		297
City Developments, Ltd.		61,500		595
Frasers Centrepoint Trust REIT		227,100		275
Global Logistic Properties, Ltd. - Class L ‡^		1,815,200		2,862
Keppel Land, Ltd. ^		229,000		780
Suntec Real Estate Investment Trust ^		452,000		561
Sweden - 0.5%
Castellum AB		55,550		862
Hufvudstaden AB - Class A		46,570		597
Switzerland - 0.4%
Swiss Prime Site AG ‡		13,810		1,152
United Kingdom - 4.8%
British Land Co., PLC REIT		219,688		2,212
Derwent London PLC REIT		97,119		2,914
Grainger PLC		155,000		299
Great Portland Estates PLC REIT		229,460		1,617
Hammerson PLC REIT		118,432		931
Land Securities Group PLC REIT		310,175		4,077
Safestore Holdings PLC		345,100		887
Segro PLC REIT		108,445		590
United States - 41.9%
Alexandria Real Estate Equities, Inc. REIT ^		35,200		2,892
AMB Property Corp. REIT ^		68,600		2,497
Apartment Investment & Management Co. - Class A REIT ^		109,900		2,963
AvalonBay Communities, Inc. REIT ^		41,325		5,232
Boston Properties, Inc. REIT ^		80,700		8,436
BRE Properties, Inc. REIT ^		59,600		3,023
Developers Diversified Realty Corp. REIT		177,700		2,619
Equity Residential REIT		149,200		8,910
Federal Realty Investment Trust REIT ^		33,300		2,916
General Growth Properties, Inc. REIT ^		266,690		4,454
HCP, Inc. REIT		115,500		4,576
Health Care REIT, Inc. REIT		24,600		1,323
Highwoods Properties, Inc. REIT ^		32,300		1,192
Host Hotels & Resorts, Inc. REIT ^		321,377		5,717
Kimco Realty Corp. REIT		104,100		2,034
Liberty Property Trust REIT		108,100		3,802
Macerich Co. REIT ^		108,107		5,710
Nationwide Health Properties, Inc. REIT		77,800		3,408
Pebblebrook Hotel Trust REIT ^		50,000		1,073
ProLogis REIT		274,000		4,463
Public Storage REIT ^		27,900		3,273
Regency Centers Corp. REIT ^		64,300		3,026
Simon Property Group, Inc. REIT ^		92,403		10,584
SL Green Realty Corp. REIT ^		49,600		4,093
Starwood Hotels & Resorts Worldwide, Inc.		52,900		3,151
Tanger Factory Outlet Centers REIT ^		42,500		1,174
Taubman Centers, Inc. REIT ^		41,600		2,419
UDR, Inc. REIT ^		150,783		3,904
Ventas, Inc. REIT ^		35,500		1,986
Vornado Realty Trust REIT		85,737		8,289
Total Common Stocks (cost $205,280)			$	281,565

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 23

Transamerica Clarion Global Real Estate Securities

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
SECURITIES LENDING COLLATERAL - 16.9%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.24%▲		48,099,412	$	48,099
Total Securities Lending Collateral (cost $48,099)

	Principal		Value
REPURCHASE AGREEMENT - 0.8%
State Street Bank & Trust Co. 0.01% ▲, dated 04/29/2011, to be repurchased at $2,337 on 05/02/2011. Collateralized by a U.S. Government Agency Obligation, 3.50%, due 12/01/2025, with a value of $2,385.	$	2,337		2,337
Total Repurchase Agreement (cost $2,337)
Total Investment Securities (cost $255,716) #				332,001
Other Assets and Liabilities - Net				(47,287	)
Net Assets			$	284,714

	Percentage of
INVESTMENTS BY INDUSTRY:	Total Investments			Value
Real Estate Investment Trusts		61.4	%	$	203,707
Real Estate Management & Development		22.1			73,388
Hotels, Restaurants & Leisure		1.3			4,470
Investment Securities, at Value		84.8			281,565
Short-Term Investments		15.2			50,436
Total Investments		100.0	%	$	332,001

NOTES TO SCHEDULE OF INVESTMENTS:

^	All or a portion of this security is on loan. The value of all securities on loan is $46,535.
‡	Non-income producing security.
▲	Rate shown reflects the yield at 04/29/2011.
#	Aggregate cost for federal income tax purposes is $255,716. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $77,881 and $1,596, respectively. Net unrealized appreciation for tax purposes is $76,285.
DEFINITION:
REIT	Real Estate Investment Trust (includes domestic REITs and Foreign Real Estate Investment Companies)

VALUATION SUMMARY: '

			Level 2 -
			Other		Level 3 -
	Level 1 -		Significant		Significant
	Quoted		Observable		Unobservable		Value at
Investment Securities	Prices		Inputs		Inputs		04/30/2011
Common Stocks	$	137,560	$	144,005	$	—	$	281,565
Repurchase Agreement		—		2,337		—		2,337
Securities Lending Collateral		48,099		—		—		48,099
Total	$	185,659	$	146,342	$	—	$	332,001

^' See the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques.

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 24

Transamerica Federated Market Opportunity

SCHEDULE OF INVESTMENTS
At April 30, 2011
(all amounts in thousands)
(unaudited)

	Principal		Value
REPURCHASE AGREEMENT - 100.0%
State Street Bank & Trust Co. 0.01% ▲, dated 04/29/2011, to be repurchased at $53,657 on 05/02/2011. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 05/01/2025, with a value of $54,732.	$	53,657	$	53,657
Total Repurchase Agreement (cost $53,657)
Total Investment Securities (cost $53,657) #				53,657
Other Assets and Liabilities — Net				(19	)
Net Assets			$	53,638

FORWARD FOREIGN CURRENCY CONTRACTS:
						Amount in U.S.			Net Unrealized
				Settlement		Dollars Bought			Appreciation
Currency	Bought (Sold)			Date		(Sold)			(Depreciation)
Australian Dollar		500			06/16/2011	$	531		$	14
Australian Dollar		(500	)		06/16/2011		(500	)		(44	)
Canadian Dollar		(530	)		07/20/2011		(541	)		(18	)
Canadian Dollar		530			07/20/2011		555			4
Euro		380			07/20/2011		550			11
Euro		(380	)		07/20/2011		(522	)		(39	)
Japanese Yen		130,004			06/28/2011		1,552			51
Japanese Yen		(130,004	)		06/28/2011		(1,608	)		5
Japanese Yen		(141,740	)		06/28/2011		(1,754	)		5
Japanese Yen		141,740			06/28/2011		1,717			31
Japanese Yen		130,004			06/28/2011		1,578			25
Japanese Yen		(130,004	)		06/28/2011		(1,556	)		(48	)
Swiss Franc		(330	)		05/31/2011		(344	)		(37	)
Swiss Franc		330			05/31/2011		371			11
									$	(29	)

NOTES TO SCHEDULE OF INVESTMENTS:

▲	Rate shown reflects the yield at 04/29/2011.
#	Aggregate cost for federal income tax purposes is $53,657.

VALUATION SUMMARY: '

			Level 2 -
			Other		Level 3 -
	Level 1 -		Significant		Significant
	Quoted		Observable		Unobservable		Value at
Investment Securities	Prices		Inputs		Inputs		04/30/2011
Repurchase Agreement	$	—	$	53,657	$	—	$	53,657

			Level 2 -
			Other			Level 3 -
	Level 1 -		Significant			Significant
	Quoted		Observable			Unobservable		Total at
Other Financial Instruments ₣	Prices		Inputs			Inputs		04/30/2011
Forward Foreign Currency Contracts - Appreciation	$	—	$	157		$	—	$	157
Forward Foreign Currency Contracts - Depreciation		—		(186	)		—		(186	)
Total	$	—	$	(29	)	$	—	$	(29	)

'	See the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques.
₣	Other financial instruments are derivative instruments that are valued at unrealized appreciation (depreciation) on the instrument.

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 25

Transamerica First Quadrant Global Macro

SCHEDULE OF INVESTMENTS
At April 30, 2011
(all amounts in thousands)
(unaudited)

	Notional
	Amount		Value
PURCHASED OPTIONS - 0.4%
Call Options - 0.4%
CBOE SPX Volitility Index	$	23	$	2
Call Strike $30.00
Expires 05/18/2011
S&P 500 Index		15		638
Call Strike $1,325.00
Expires 05/21/2011
S&P 500 Index		5		—
Call Strike $1,475.00
Expires 05/21/2011
S&P 500 Index		15		8
Call Strike $1,475.00
Expires 06/18/2011
S&P 500 Index		16		9
Call Strike $1,500.00
Expires 07/16/2011
Put Options - 0.0% ¥
S&P 500 Index		31		44
Put Strike $1,050.00
Expires 07/16/2011
S&P 500 Index		31		63
Put Strike $1,075.00
Expires 07/16/2011
Total Purchased Options (cost $552)				764

	Principal		Value
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 29.2%
United States - 29.2%
U.S. Treasury Bill
0.02%, 06/16/2011 ▲ ■ ☼ Υ		24,000		23,996
0.05%, 08/11/2011 ▲ ☼		2,000		1,999
0.06%, 08/18/2011 ▲ ■ ☼		7,000		6,997
0.09%, 09/22/2011 ▲ ■ ☼		9,500		9,494
Total Short-Term U.S. Government Obligations (cost $42,486)				42,486

	Principal		Value
REPURCHASE AGREEMENT - 71.5%
State Street Bank & Trust Co. 0.01% ▲, dated 04/29/2011, to be repurchased at $104,059 on 05/02/2011. Collateralized by U.S. Government Agency Obligations, 4.00%, due 05/01/2025 - 06/01/2025, with a total value of $106,143.	$	104,059	$	104,059
Total Repurchase Agreement (cost $104,059)
Total Investment Securities (cost $147,097) #				147,309
Other Assets and Liabilities - Net				(1,672	)
Net Assets			$	145,637

	Notional
	Amount			Value
WRITTEN-OPTIONS - (0.7%)
Call Options - (0.4%)
S&P 500 Index		(16	)		(241	)
Call Strike $1,400.00
Expires 07/16/2011
S&P 500 Index		(15	)		(266	)
Call Strike $1,375.00
Expires 06/18/2011
Put Options - (0.3%)
S&P 500 Index		(31	)		(439	)
Put Strike $1,275.00
Expires 07/16/2011
Total Written Options (Premiums: $(1,080))				$	(946	)

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 26

Transamerica First Quadrant Global Macro

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

FUTURES CONTRACTS:
							Net Unrealized
							Appreciation
Description	Type	Contracts ┌			Expiration Date		(Depreciation)
10-Year Australian Treasury Bond	Short		(503	)		06/15/2011	$	(149	)
10-Year Government of Canada Bond	Short		(165	)		06/21/2011		(145	)
10-Year Japan Government Bond Mini	Long		22			06/08/2011		3
10-Year U.S. Treasury Note	Long		520			06/21/2011		1,249
AEX Index	Long		1			05/20/2011		—
ASX SPI 200 Index	Short		(36	)		06/16/2011		(161	)
DAX Index	Long		9			06/17/2011		211
FTSE 100 Index	Long		21			06/17/2011		94
FTSE MIB Index	Long		21			06/17/2011		190
German Euro Bund	Long		347			06/08/2011		743
Hang Seng Index	Short		(12	)		05/30/2011		21
IBEX 35 Index	Long		14			05/20/2011		5
S&P 500 E-Mini Index	Long		28			06/17/2011		69
S&P 500 E-Mini Index	Short		(143	)		06/17/2011		(459	)
S&P TSE 60 Index	Short		(11	)		06/16/2011		(13	)
TOPIX Index	Long		29			06/10/2011		(29	)
United Kingdom Long Gilt Bond	Short		(298	)		06/28/2011		(1,201	)
							$	428

FORWARD FOREIGN CURRENCY CONTRACTS:
						Amount in U.S.			Net Unrealized
				Settlement		Dollars Bought			Appreciation
Currency	Bought (Sold)			Date		(Sold)			(Depreciation)
Australian Dollar		(2,930	)		06/15/2011	$	(2,881	)	$	(311	)
Australian Dollar		683			06/15/2011		664			80
Australian Dollar		(3,444	)		06/15/2011		(3,397	)		(354	)
Australian Dollar		(833	)		06/15/2011		(871	)		(37	)
Australian Dollar		1,973			06/15/2011		1,943			207
Australian Dollar		(2,841	)		06/15/2011		(2,868	)		(228	)
Australian Dollar		(782	)		06/15/2011		(801	)		(51	)
Australian Dollar		(648	)		06/15/2011		(659	)		(48	)
Australian Dollar		558			06/15/2011		596			12
Australian Dollar		918			06/15/2011		953			47
Australian Dollar		194			06/15/2011		207			5
Australian Dollar		(1,361	)		06/15/2011		(1,413	)		(70	)
Australian Dollar		(295	)		06/15/2011		(310	)		(12	)
Australian Dollar		116			06/15/2011		126			¨
Australian Dollar		362			06/15/2011		393			2
Australian Dollar		(95	)		06/15/2011		(103	)		(1	)
Australian Dollar		(28,439	)		06/15/2011		(28,539	)		(2,446	)
Australian Dollar		385			06/15/2011		395			25
Australian Dollar		76			06/15/2011		80			3
Canadian Dollar		(2,285	)	��	06/15/2011		(2,337	)		(75	)
Canadian Dollar		(191	)		06/15/2011		(195	)		(7	)
Canadian Dollar		2,739			06/15/2011		2,780			112
Canadian Dollar		(1,652	)		06/15/2011		(1,691	)		(53	)
Canadian Dollar		401			06/15/2011		412			11
Canadian Dollar		(576	)		06/15/2011		(586	)		(23	)
Canadian Dollar		1,745			06/15/2011		1,757			86
Canadian Dollar		2,361			06/15/2011		2,450			42
Canadian Dollar		(1,371	)		06/15/2011		(1,426	)		(22	)
Canadian Dollar		(1,560	)		06/15/2011		(1,614	)		(34	)
Canadian Dollar		(2,299	)		06/15/2011		(2,343	)		(83	)
Canadian Dollar		979			06/15/2011		997			37
Canadian Dollar		(2,010	)		06/15/2011		(2,085	)		(37	)
Euro		(2,682	)		06/15/2011		(3,877	)		(91	)
Euro		2,401			06/15/2011		3,325			226
Euro		(2,242	)		06/15/2011		(3,199	)		(118	)
Euro		1,135			06/15/2011		1,606			72
Euro		1,807			06/15/2011		2,596			77

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 27

Transamerica First Quadrant Global Macro

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

FORWARD FOREIGN CURRENCY CONTRACTS (continued):
						Amount in U.S.			Net Unrealized
				Settlement		Dollars Bought			Appreciation
Currency	Bought (Sold)			Date		(Sold)			(Depreciation)
Euro		1,846			06/15/2011	$	2,597		$	134
Euro		1,479			06/15/2011		2,197			(9	)
Euro		1,741			06/15/2011		2,444			131
Euro		1,489			06/15/2011		2,095			107
Euro		(1,913	)		06/15/2011		(2,661	)		(170	)
Euro		1,730			06/15/2011		2,414			144
Euro		(3,538	)		06/15/2011		(4,938	)		(295	)
Euro		(753	)		06/15/2011		(1,047	)		(67	)
Euro		445			06/15/2011		613			45
Euro		(1,959	)		06/15/2011		(2,736	)		(161	)
Japanese Yen		(260,626	)		06/15/2011		(3,145	)		(69	)
Japanese Yen		(192,047	)		06/15/2011		(2,355	)		(13	)
Japanese Yen		74,054			06/15/2011		936			(23	)
Japanese Yen		125,336			06/15/2011		1,550			(5	)
Japanese Yen		(425,521	)		06/15/2011		(5,180	)		(67	)
Japanese Yen		(230,193	)		06/15/2011		(2,843	)		5
Japanese Yen		297,809			06/15/2011		3,687			(15	)
Japanese Yen		219,471			06/15/2011		2,649			57
Japanese Yen		226,307			06/15/2011		2,711			79
Japanese Yen		80,564			06/15/2011		946			48
Japanese Yen		(109,903	)		06/15/2011		(1,325	)		(31	)
Japanese Yen		(255,609	)		06/15/2011		(3,018	)		(134	)
Japanese Yen		(143,373	)		06/15/2011		(1,756	)		(12	)
Japanese Yen		(163,066	)		06/15/2011		(1,994	)		(17	)
Japanese Yen		(291,193	)		06/15/2011		(3,537	)		(54	)
Japanese Yen		208,305			06/15/2011		2,527			41
New Zealand Dollar		(5,734	)		06/15/2011		(4,203	)		(422	)
New Zealand Dollar		(2,911	)		06/15/2011		(2,118	)		(230	)
New Zealand Dollar		(1,247	)		06/15/2011		(931	)		(75	)
New Zealand Dollar		4,540			06/15/2011		3,430			232
New Zealand Dollar		1,706			06/15/2011		1,332			45
New Zealand Dollar		2,066			06/15/2011		1,521			146
New Zealand Dollar		1,942			06/15/2011		1,475			92
New Zealand Dollar		(2,972	)		06/15/2011		(2,319	)		(78	)
New Zealand Dollar		5,574			06/15/2011		4,102			395
New Zealand Dollar		4,832			06/15/2011		3,854			44
New Zealand Dollar		2,296			06/15/2011		1,851			1
New Zealand Dollar		135			06/15/2011		99			10
New Zealand Dollar		3,495			06/15/2011		2,767			52
New Zealand Dollar		3,374			06/15/2011		2,672			49
New Zealand Dollar		3,134			06/15/2011		2,481			47
New Zealand Dollar		3,125			06/15/2011		2,498			23
New Zealand Dollar		899			06/15/2011		647			78
Pound Sterling		(62	)		06/15/2011		(102	)		(2	)
Pound Sterling		31			06/15/2011		52			¨
Pound Sterling		(136	)		06/15/2011		(222	)		(5	)
Pound Sterling		247			06/15/2011		396			16
Pound Sterling		920			06/15/2011		1,482			54
Pound Sterling		(181	)		06/15/2011		(292	)		(11	)
Pound Sterling		(163	)		06/15/2011		(264	)		(9	)
Pound Sterling		34			06/15/2011		55			1
Pound Sterling		94			06/15/2011		151			6
Pound Sterling		(29	)		06/15/2011		(48	)		(1	)
Pound Sterling		(34	)		06/15/2011		(56	)		(1	)
Pound Sterling		233			06/15/2011		379			10
Pound Sterling		182			06/15/2011		292			12
Pound Sterling		(180	)		06/15/2011		(293	)		(7	)
Pound Sterling		50			06/15/2011		80			3
Pound Sterling		(69	)		06/15/2011		(110	)		(4	)
Pound Sterling		735			06/15/2011		1,198			29
Pound Sterling		17			06/15/2011		27			1
Pound Sterling		(4	)		06/15/2011		(6	)		¨
Pound Sterling		157			06/15/2011		254			7
Pound Sterling		(105	)		06/15/2011		(172	)		(2	)
Pound Sterling		127			06/15/2011		204			9

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 28

Transamerica First Quadrant Global Macro

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

FORWARD FOREIGN CURRENCY CONTRACTS (continued):
						Amount in U.S.			Net Unrealized
				Settlement		Dollars Bought			Appreciation
Currency	Bought (Sold)			Date		(Sold)			(Depreciation)
Pound Sterling		336			06/15/2011	$	539		$	22
Pound Sterling		151			06/15/2011		244			8
Pound Sterling		(211	)		06/15/2011		(347	)		(5	)
Pound Sterling		(19	)		06/15/2011		(31	)		(1	)
Pound Sterling		(122	)		06/15/2011		(200	)		(4	)
Pound Sterling		21,839			06/15/2011		35,460			997
Pound Sterling		(89	)		06/15/2011		(145	)		(4	)
Pound Sterling		(15	)		06/15/2011		(25	)		(1	)
Swedish Krona		5,691			06/15/2011		935			4
Swedish Krona		(8,825	)		06/15/2011		(1,384	)		(73	)
Swedish Krona		(740	)		06/15/2011		(115	)		(7	)
Swedish Krona		5,227			06/15/2011		842			20
Swedish Krona		6,308			06/15/2011		1,014			27
Swedish Krona		(6,463	)		06/15/2011		(1,014	)		(53	)
Swedish Krona		(2,765	)		06/15/2011		(443	)		(14	)
Swedish Krona		(19,430	)		06/15/2011		(3,050	)		(158	)
Swedish Krona		(8,576	)		06/15/2011		(1,352	)		(64	)
Swedish Krona		3,345			06/15/2011		532			20
Swedish Krona		(14,087	)		06/15/2011		(2,186	)		(140	)
Swedish Krona		5,292			06/15/2011		816			58
Swedish Krona		169,542			06/15/2011		26,590			1,402
Swedish Krona		4,450			06/15/2011		700			35
Swedish Krona		(11,305	)		06/15/2011		(1,781	)		(85	)
Swedish Krona		19,444			06/15/2011		3,027			183
Swedish Krona		(19,546	)		06/15/2011		(3,086	)		(141	)
Swedish Krona		8,727			06/15/2011		1,376			65
Swiss Franc		725			06/15/2011		779			60
Swiss Franc		2,171			06/15/2011		2,369			141
Swiss Franc		653			06/15/2011		713			42
Swiss Franc		(6,717	)		06/15/2011		(7,247	)		(518	)
Swiss Franc		(2,453	)		06/15/2011		(2,634	)		(203	)
Swiss Franc		(2,286	)		06/15/2011		(2,577	)		(67	)
Swiss Franc		(1,622	)		06/15/2011		(1,756	)		(120	)
Swiss Franc		(609	)		06/15/2011		(681	)		(23	)
Swiss Franc		(2,331	)		06/15/2011		(2,678	)		(17	)
Swiss Franc		1,488			06/15/2011		1,658			62
Swiss Franc		2,089			06/15/2011		2,281			135
Swiss Franc		(2,243	)		06/15/2011		(2,486	)		(108	)
Swiss Franc		(2,334	)		06/15/2011		(2,612	)		(87	)
Swiss Franc		1,389			06/15/2011		1,508			98
Swiss Franc		(1,992	)		06/15/2011		(2,201	)		(102	)
Swiss Franc		2,122			06/15/2011		2,352			103
Swiss Franc		2,806			06/15/2011		3,043			202
									$	(1,204	)

NOTES TO SCHEDULE OF INVESTMENTS:

∞	Percentage rounds to less than 0.1%.
▲	Rate shown reflects the yield at 04/29/2011.
¨	Net unrealized appreciation (depreciation) is less than $1 or $(1).
☼	All or a portion of these securities, in the amount of $16,905, have been segregated with the broker to cover open forward contracts.
■	All or a portion of these securities, in the amount of $17,494, have been segregated with the broker to cover open written options.
Υ	A portion of this security, in the amount of $6,999, has been segregated with the broker to cover margin requirements for open futures contracts.
#	Aggregate cost for federal income tax purposes is $147,097. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $315 and $103, respectively. Net unrealized appreciation for tax purposes is $212.

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 29

Transamerica First Quadrant Global Macro

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

DEFINITIONS:

AEX	Amsterdam Exchange
ASX	Australian Stock Exchange
CBOE	Chicago Board Options Exchange
DAX	Deutscher Aktien Index
FTSE	Financial Times and the London Stock Exchange
TOPIX	Tokyo Stock Price Index

VALUATION SUMMARY: '

			Level 2 -
			Other		Level 3 -
	Level 1 -		Significant		Significant
	Quoted		Observable		Unobservable		Value at
Investment Securities	Prices		Inputs		Inputs		04/30/2011
Purchased Options	$	764	$	—	$	—	$	764
Repurchase Agreement		—		104,059		—		104,059
Short-Term U.S. Government Obligations		—		42,486		—		42,486
Total	$	764	$	146,545	$	—	$	147,309

			Level 2 -
			Other			Level 3 -
	Level 1 -		Significant			Significant
	Quoted		Observable			Unobservable		Value at
Other Financial Instruments	Prices		Inputs			Inputs		04/30/2011
Written Options	$	—	$	(946	)	$	—	$	(946	)

				Level 2-
				Other			Level 3 -
	Level 1 -			Significant			Significant
	Quoted			Observable			Unobservable		Total at
Other Financial Instruments ₣	Prices			Inputs			Inputs		04/30/2011
Futures Contracts - Appreciation	$	2,585		$	—		$	—	$	2,585
Futures Contracts - Depreciation		(2,157	)		—			—		(2,157	)
Forward Foreign Currency Contracts - Appreciation		—			6,881			—		6,881
Forward Foreign Currency Contracts - Depreciation		—			(8,085	)		—		(8,085	)
Total	$	428		$	(1,204	)	$	—	$	(776	)

'	See the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques.
₣	Other financial instruments are derivative instruments that are valued at unrealized appreciation (depreciation) on the instrument.

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 30

Transamerica Hansberger International Value
(formerly, Transamerica AllianceBernstein International Value)

SCHEDULE OF INVESTMENTS
At April 30, 2011
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
PREFERRED STOCK - 1.1%
Germany - 1.1%
Henkel AG & Co., KGaA, 1.50% ▲		43,994	$	2,996
Total Preferred Stock (cost $2,703)
COMMON STOCKS - 97.0%
Australia - 2.8%
Commonwealth Bank of Australia		60,505		3,562
Westpac Banking Corp.		157,909		4,299
Bermuda - 0.9%
GOME Electrical Appliances Holdings, Ltd. ‡		6,863,000		2,474
Brazil - 4.7%
Cia Energetica de Minas Gerais ADR ^		161,870		3,378
Gafisa SA ADR ‡^		192,642		2,381
Petroleo Brasileiro SA ADR		72,907		2,722
Vale SA - Class B ADR ^		157,704		4,715
Canada - 5.9%
Bank of Nova Scotia ^		84,921		5,177
Canadian National Railway Co.		54,338		4,207
Suncor Energy, Inc.		81,226		3,740
Teck Resources, Ltd. - Class B		67,438		3,659
Cayman Islands - 2.1%
China State Construction International Holdings, Ltd.		6,154,000		6,014
China - 6.7%
China Construction Bank Corp. - Class H		2,810,000		2,659
China Shenhua Energy Co., Ltd. - Class H		734,500		3,429
Guangzhou Automobile Group Co., Ltd.		2,874,000		3,227
Ping An Insurance Group Co. - Class H		293,500		3,210
Weichai Power Co., Ltd.		922,000		6,299
Denmark - 1.0%
Vestas Wind Systems A/S ‡^		80,870		2,872
France - 6.3%
BNP Paribas		53,751		4,254
Carrefour SA ^		59,010		2,798
Faurecia ‡^		34,885		1,439
GDF Suez ^		68,565		2,805
PPR SA		17,215		3,079
Total SA		55,566		3,557
Germany - 5.1%
Adidas AG		43,510		3,239
Bayer AG ^		31,102		2,734
SAP AG		57,572		3,709
Siemens AG		31,722		4,615
Hong Kong - 1.0%
China Overseas Land & Investment, Ltd.		1,440,000		2,774
India - 1.4%
ICICI Bank, Ltd. ADR ^		28,459		1,434
Sterlite Industries India, Ltd. ADR ^		147,346		2,409
Italy - 1.3%
ENI SpA		133,533		3,570
Japan - 12.7%
Asahi Glass Co., Ltd.		205,000		2,603
Bank of Yokohama, Ltd. ^		475,000		2,353
Canon, Inc.		85,400		4,022
Fanuc Corp.		26,700		4,471
Mitsui & Co., Ltd.		226,400		4,028
Nintendo Co., Ltd. ^		12,300		2,910
Shin-Etsu Chemical Co., Ltd. ^		72,900		3,792
Sumitomo Corp.		182,500		2,518
Sumitomo Mitsui Trust Holdings, Inc.		841,850		2,898
THK Co., Ltd. ^		132,700		3,411
Yamada Denki Co., Ltd. ^		41,200		2,895
Jersey, Channel Islands - 1.3%
WPP PLC		274,993		3,602
Korea, Republic of - 2.1%
KB Financial Group, Inc.		53,901		2,892
Samsung Electronics Co., Ltd.		3,773		3,144
Luxembourg - 3.4%
ArcelorMittal		70,877		2,608
Evraz Group SA GDR ‡		100,507		3,415
Subsea 7 SA ^		138,932		3,654
Mexico - 1.2%
America Movil SAB de CV - Series L ADR		59,853		3,424
Netherlands - 1.3%
STMicroelectronics NV		315,603		3,727
Russian Federation - 4.7%
Gazprom OAO ADR		180,290		3,076
Lukoil OAO ADR		63,786		4,446
MMC Norilsk Nickel OJSC ADR		108,332		2,990
Sberbank of Russian Federation		753,572		2,754
Singapore - 1.3%
DBS Group Holdings, Ltd.		294,000		3,598
South Africa - 1.9%
MTN Group, Ltd.		240,153		5,340
Spain - 1.0%
Banco Santander SA ^		219,168		2,799
Sweden - 2.1%
Sandvik AB		149,264		3,167
Telefonaktiebolaget LM Ericsson - Class B		190,140		2,887
Switzerland - 7.9%
ABB, Ltd. ‡		200,528		5,536
Credit Suisse Group AG		58,782		2,671
Lonza Group AG ‡		27,094		2,327
Nestle SA		89,392		5,550
Novartis AG		43,290		2,570
Roche Holding AG		22,796		3,698
Taiwan - 1.0%
Taiwan Semiconductor Manufacturing Co., Ltd. ADR ^		219,960		2,969
United Kingdom - 15.9%
Barclays PLC		752,932		3,579
BHP Billiton PLC		110,575		4,676
Eurasian Natural Resources Corp., PLC		280,108		4,293
GlaxoSmithKline PLC		114,675		2,505
HSBC Holdings PLC (Hong Kong Stock Exchange)		252,400		2,740
ICAP PLC		321,440		2,789
Kazakhmys PLC		106,992		2,485
Lloyds TSB Group PLC ‡		3,060,113		3,038
Man Group PLC		799,488		3,346
Standard Chartered PLC		133,127		3,701
Tesco PLC		464,238		3,130
Unilever PLC		165,155		5,365
Vodafone Group PLC		1,220,918		3,529
Total Common Stocks (cost $257,103)			$	274,361
RIGHTS - 0.1%
Cayman Islands - 0.1%
China State Construction International Holdings, Ltd. ‡		1,230,800		247
Total Rights (cost $0)
SECURITIES LENDING COLLATERAL - 12.3%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.24% ▲		34,852,143		34,852
Total Securities Lending Collateral (cost $34,852)

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 31

Transamerica Hansberger International Value
(formerly, Transamerica AllianceBernstein International Value)

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

	Principal		Value
REPURCHASE AGREEMENT - 1.8%
State Street Bank & Trust Co. 0.01% ▲, dated 04/29/2011, to be repurchased at $5,132 on 05/02/2011. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 04/01/2025, with a value of $5,237.	$	5,132	$	5,132
Total Repurchase Agreement (cost $5,132)
Total Investment Securities (cost $299,790) #				317,588
Other Assets and Liabilities - Net				(34,774	)
Net Assets			$	282,814

	Percentage of
INVESTMENTS BY INDUSTRY:	Total Investments			Value
Commercial Banks		16.3	%	$	51,737
Metals & Mining		9.8			31,250
Oil, Gas & Consumable Fuels		7.7			24,540
Machinery		5.5			17,348
Wireless Telecommunication Services		3.9			12,293
Pharmaceuticals		3.6			11,507
Food Products		3.4			10,915
Semiconductors & Semiconductor Equipment		3.1			9,840
Capital Markets		2.8			8,806
Electrical Equipment		2.6			8,408
Software		2.1			6,619
Trading Companies & Distributors		2.1			6,546
Construction & Engineering		2.0			6,261
Food & Staples Retailing		1.9			5,928
Specialty Retail		1.7			5,369
Industrial Conglomerates		1.5			4,615
Road & Rail		1.3			4,207
Office Electronics		1.3			4,022
Chemicals		1.2			3,792
Energy Equipment & Services		1.2			3,654
Media		1.1			3,602
Electric Utilities		1.1			3,378
Textiles, Apparel & Luxury Goods		1.0			3,239
Automobiles		1.0			3,227
Insurance		1.0			3,210
Multiline Retail		1.0			3,079
Household Products		0.9			2,996
Communications Equipment		0.9			2,887
Multi-Utilities		0.9			2,805
Real Estate Management & Development		0.9			2,774
Building Products		0.8			2,603
Household Durables		0.7			2,381
Life Sciences Tools & Services		0.7			2,327
Auto Components		4			1,439
Investment Securities, at Value		87.4			277,604
Short-Term Investments		12.6			39,984
Total Investments		100.0	%	$	317,588

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 32

Transamerica Hansberger International Value
(formerly, Transamerica AllianceBernstein International Value)

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

NOTES TO SCHEDULE OF INVESTMENTS:
▲	Rate shown reflects the yield at 04/29/2011.
‡	Non-income producing security.
Ù	All or a portion of this security is on loan. The value of all securities on loan is $33,423.
#	Aggregate cost for federal income tax purposes is $299,790. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $23,704 and $5,906, respectively. Net unrealized appreciation for tax purposes is $17,798.

DEFINITIONS:

ADR	American Depositary Receipt
GDR	Global Depositary Receipt
OAO	Otkrytoe Aktsionernoe Obschestvo (Russian: Open Joint Stock Corporation)
OJSC	Open Joint Stock Company

VALUATION SUMMARY: ^Э

			Level 2 -
			Other		Level 3 -
	Level 1 -		Significant		Significant
	Quoted		Observable		Unobservable		Value at
Investment Securities	Prices		Inputs		Inputs		04/30/2011
Common Stocks	$	41,893	$	232,468	$	—	$	274,361
Preferred Stock		—		2,996		—		2,996
Repurchase Agreement		—		5,132		—		5,132
Rights		247		—		—		247
Securities Lending Collateral		34,852		—		—		34,852
Total	$	76,992	$	240,596	$	—	$	317,588

^Э See the Notes to the Schedules of Investments for more information regarding pricing inputs and valuation techniques.

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 33

Transamerica Jennison Growth

SCHEDULE OF INVESTMENTS
At April 30, 2011
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
COMMON STOCKS - 99.5%
Aerospace & Defense - 5.2%
Boeing Co.		164,057	$	13,088
Precision Castparts Corp. ^		108,951		16,835
United Technologies Corp.		153,107		13,715
Air Freight & Logistics - 1.4%
Expeditors International of Washington, Inc. ^		76,036		4,126
United Parcel Service, Inc. - Class B ^		105,874		7,938
Auto Components - 1.0%
BorgWarner, Inc. ‡^		108,764		8,401
Automobiles - 1.2%
Bayerische Motoren Werke AG		105,216		9,922
Biotechnology - 2.7%
Alexion Pharmaceuticals, Inc. ‡^		23,392		2,266
Celgene Corp. ‡^		227,584		13,401
Vertex Pharmaceuticals, Inc. ‡^		122,398		6,734
Capital Markets - 2.5%
Charles Schwab Corp. ^		502,282		9,197
Goldman Sachs Group, Inc.		73,815		11,147
Chemicals - 3.6%
E.I. du Pont de Nemours & Co. ^		236,670		13,440
Monsanto Co.		244,723		16,651
Communications Equipment - 3.2%
Juniper Networks, Inc. ‡^		365,722		14,019
QUALCOMM, Inc.		228,949		13,013
Computers & Peripherals - 7.6%
Apple, Inc. ‡		111,004		38,655
EMC Corp. ‡^		524,372		14,861
NetApp, Inc. ‡^		206,661		10,742
Consumer Finance - 1.6%
American Express Co.		281,485		13,815
Energy Equipment & Services - 3.6%
Schlumberger, Ltd.		338,274		30,360
Food & Staples Retailing - 3.2%
Costco Wholesale Corp. ^		159,246		12,886
Whole Foods Market, Inc. ^		219,168		13,755
Food Products - 1.1%
Mead Johnson Nutrition Co. - Class A		136,853		9,153
Health Care Providers & Services - 1.8%
Express Scripts, Inc. ‡^		269,723		15,304
Hotels, Restaurants & Leisure - 3.9%
Chipotle Mexican Grill, Inc. - Class A ‡^		34,800		9,284
Marriott International, Inc. - Class A ^		286,999		10,131
Starbucks Corp.		366,375		13,259
Internet & Catalog Retail - 4.9%
Amazon.com, Inc. ‡		178,753		35,125
priceline.com, Inc. ‡^		10,618		5,808
Internet Software & Services - 5.6%
Baidu, Inc. ADR ‡		115,972		17,224
Google, Inc. - Class A ‡		36,222		19,709
Mail.ru Group, Ltd. - 144A GDR ‡ Ə		107,075		3,243
Tencent Holdings, Ltd.		250,770		7,168
IT Services - 6.0%
Cognizant Technology Solutions Corp. - Class A ‡		105,490		8,745
International Business Machines Corp.		143,971		24,559
Mastercard, Inc. - Class A		62,095		17,131
Life Sciences Tools & Services - 2.8%
Agilent Technologies, Inc. ‡		260,671		13,010
Illumina, Inc. ‡^		144,264		10,240
Machinery - 2.9%
Deere & Co.		122,588		11,952
Ingersoll-Rand PLC ^		247,237		12,486
Media - 2.3%
Walt Disney Co.		444,704		19,167
Oil, Gas & Consumable Fuels - 2.3%
Occidental Petroleum Corp.		171,446		19,595
Personal Products - 1.2%
Estee Lauder Cos., Inc. - Class A		105,312		10,215
Pharmaceuticals - 5.2%
Allergan, Inc. ^		150,979		12,012
Novo Nordisk A/S ADR		65,985		8,406
Pfizer, Inc.		455,083		9,539
Shire PLC ADR ^		148,838		13,872
Road & Rail - 1.1%
Union Pacific Corp. ^		86,892		8,991
Semiconductors & Semiconductor Equipment - 3.5%
Altera Corp.		170,133		8,285
ARM Holdings PLC ADR ^		78,684		2,475
Atmel Corp. ‡^		319,214		4,884
Avago Technologies, Ltd.		172,193		5,762
Broadcom Corp. - Class A ‡		238,163		8,379
Software - 8.2%
Oracle Corp.		714,943		25,775
Red Hat, Inc. ‡		216,709		10,287
Salesforce.com, Inc. ‡^		112,079		15,534
Successfactors, Inc. ‡^		69,190		2,399
VMware, Inc. - Class A ‡^		147,105		14,038
Specialty Retail - 2.7%
Bed Bath & Beyond, Inc. ‡^		165,579		9,292
Tiffany & Co. ^		135,901		9,437
Urban Outfitters, Inc. ‡^		115,254		3,626
Textiles, Apparel & Luxury Goods - 5.9%
Burberry Group PLC		302,711		6,569
Coach, Inc.		176,136		10,535
LVMH Moet Hennessy Louis Vuitton SA ADR		153,204		5,514
Nike, Inc. - Class B		183,248		15,085
Polo Ralph Lauren Corp. - Class A		99,835		13,055
Wireless Telecommunication Services - 1.3%
American Tower Corp. - Class A ‡		215,120		11,253
Total Common Stocks (cost $608,280)				836,479
SECURITIES LENDING COLLATERAL - 18.1%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.24% ▲		151,859,480		151,859
Total Securities Lending Collateral (cost $151,859)

	Principal		Value
REPURCHASE AGREEMENT - 0.4%
State Street Bank & Trust Co. 0.01% ▲, dated 04/29/2011, to be repurchased at $3,135 on 05/02/2011. Collateralized by a U.S. Government Obligation, zero coupon, due 05/19/2011, with a value of $3,200.	$	3,135		3,135
Total Repurchase Agreement (cost $3,135)
Total Investment Securities (cost $763,274) #				991,473
Other Assets and Liabilities - Net				(151,026	)
Net Assets			$	840,447

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 34

Transamerica Jennison Growth

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

NOTES TO SCHEDULE OF INVESTMENTS:
Ù	All or a portion of this security is on loan. The value of all securities on loan is $148,505.
‡	Non-income producing security.
Ə	Security fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. This security had a market value of $3,243, or 0.39%, of the fund’s net assets.
▲	Rate shown reflects the yield at 04/29/2011.
#	Aggregate cost for federal income tax purposes is $763,274. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $229,329 and $1,130, respectively. Net unrealized appreciation for tax purposes is $228,199.

DEFINITIONS:

144A	144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 04/30/2011, these securities aggregated $3,243, or 0.39%, of the fund’s net assets.
ADR	American Depositary Receipt
GDR	Global Depositary Receipt

VALUATION SUMMARY: ^Э

			Level 2 -
			Other		Level 3 -
	Level 1 -		Significant		Significant
	Quoted		Observable		Unobservable		Value at
Investment Securities		Prices		Inputs		Inputs		04/30/2011
Common Stocks	$	768,230	$	68,249	$	—	$	836,479
Repurchase Agreement		—		3,135		—		3,135
Securities Lending Collateral		151,859		—		—		151,859
Total	$	920,089	$	71,384	$	—	$	991,473

^Э See the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques.

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 35

Transamerica JPMorgan Core Bond

SCHEDULE OF INVESTMENTS
At April 30, 2011
(all amounts in thousands)
(unaudited)

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS - 21.3%
U.S. Treasury Bond
4.50%, 02/15/2036	$	100	$	102
5.38%, 02/15/2031 ^		500		581
5.50%, 08/15/2028		800		941
6.00%, 02/15/2026		200		247
6.13%, 11/15/2027		350		439
6.25%, 05/15/2030		200		256
6.38%, 08/15/2027		50		64
6.50%, 11/15/2026		600		777
6.63%, 02/15/2027		150		197
6.75%, 08/15/2026		250		331
7.50%, 11/15/2016		12,450		15,935
8.13%, 08/15/2019 ^		9,783		13,560
8.50%, 02/15/2020 ^		50		71
8.75%, 05/15/2017 ^		1,190		1,533
8.75%, 05/15/2020 - 08/15/2020		3,100		4,589
8.88%, 08/15/2017 - 02/15/2019 ^		23,549		32,603
U.S. Treasury Inflation Indexed Bond
2.50%, 01/15/2029		1,030		1,197
U.S. Treasury Note
2.13%, 05/31/2015		3,000		3,067
2.13%, 12/31/2015 ^		4,535		4,595
2.38%, 02/28/2015 - 03/31/2016		3,300		3,373
2.63%, 04/30/2016		6,815		7,029
2.75%, 05/31/2017		4,170		4,254
2.88%, 03/31/2018		1,425		1,445
3.00%, 09/30/2016		1,000		1,044
3.13%, 10/31/2016 - 05/15/2019		32,427		33,646
3.25%, 12/31/2016		27,450		28,932
3.25%, 03/31/2017 ^		2,300		2,416
3.38%, 11/15/2019		6,500		6,660
3.88%, 05/15/2018 ^		3,330		3,591
4.13%, 05/15/2015		3,100		3,416
4.25%, 11/15/2017 ^		1,250		1,381
4.50%, 05/15/2017 ^		6,180		6,926
4.75%, 08/15/2017		7,630		8,662
U.S. Treasury STRIPS
0.96%, 02/15/2014 ^ ▲		4,500		4,380
1.11%, 05/15/2014 ^ ▲		5,400		5,220
1.22%, 08/15/2014 ▲		4,000		3,842
1.48%, 02/15/2015 ▲		5,100		4,821
2.09%, 05/15/2016 ▲		200		180
2.32%, 11/15/2016 ^ ▲		150		132
2.42%, 02/15/2017 ▲		3,960		3,445
2.61%, 08/15/2017 ▲		300		255
2.69%, 11/15/2017 ^ ▲		3,625		3,044
2.77%, 02/15/2018 ▲		2,100		1,741
2.91%, 08/15/2018 ^ ▲		550		445
3.13%, 05/15/2019 ▲		3,090		2,405
3.19%, 08/15/2019 ▲		2,550		1,959
3.43%, 05/15/2020 ^ ▲		7,400		5,437
3.50%, 08/15/2020 ▲		3,450		2,497
3.56%, 11/15/2020 ▲		700		500
3.73%, 08/15/2021 ^ ▲		400		273
3.84%, 02/15/2022 ▲		400		265
4.14%, 02/15/2024 ▲		75		44
4.17%, 05/15/2024 ▲		300		175
4.20%, 08/15/2024 ▲		475		273
4.24%, 11/15/2024 ▲		1,600		905
4.26%, 02/15/2025 ^ ▲		1,150		642
4.30%, 05/15/2025 ▲		700		385
4.31%, 08/15/2025 ▲		400		217
4.38%, 05/15/2026 ▲		600		312
4.45%, 02/15/2027 ▲		200		100
4.47%, 05/15/2027 ^ ▲		1,000		491
4.48%, 08/15/2027 ▲		100		48
4.50%, 11/15/2027 ▲		350		167
4.51%, 02/15/2028 ▲		1,250		589
4.53%, 05/15/2028 ^ ▲		100		47
4.54%, 08/15/2028 ▲		1,000		459
4.55%, 11/15/2028 ▲		2,000		906
4.56%, 02/15/2029 ▲		1,950		871
4.58%, 05/15/2029 ▲		100		44
4.58%, 08/15/2029 ^ ▲		500		218
4.61%, 02/15/2030 ▲		1,050		445
4.62%, 08/15/2030 ▲		250		103
4.66%, 11/15/2031 ▲		100		39
4.67%, 02/15/2032 ▲		50		19
4.78%, 05/15/2036 ▲		100		31
Total U.S. Government Obligations (cost $235,068)				242,231
U.S. GOVERNMENT AGENCY OBLIGATIONS - 44.3%
Fannie Mae
Zero Coupon, 07/05/2014 - 06/01/2017		4,800		4,463
0.41%, 10/27/2037 *		1,600		1,589
0.43%, 02/25/2036 - 03/25/2045 *		710		702
0.45%, 10/25/2046 *		685		678
0.46%, 06/27/2036 *		3,005		2,976
0.47%, 11/25/2046 *		1,387		1,372
0.51%, 03/25/2036 *		537		536
0.61%, 06/25/2037 - 05/25/2042 *		1,340		1,335
0.66%, 07/25/2034 *		744		738
1.00%, 05/25/2051 *		2,000		2,158
2.60%, 05/01/2036 *		665		698
3.03%, 03/01/2036 *		1,367		1,430
3.29%, 03/01/2036 *		542		569
3.50%, 12/25/2018 - 09/01/2020		4,985		5,072
3.52%, 01/01/2018		4,000		4,083
3.77%, 01/01/2021		1,500		1,493
3.80%, 03/01/2018		1,998		2,066
4.00%, 04/01/2020 - 12/25/2039		2,357		2,467
4.07%, 07/01/2020		1,800		1,853
4.37%, 04/01/2020		990		1,033
4.40%, 02/01/2020		2,000		2,095
4.50%, 12/25/2017 - 10/25/2039		11,293		12,039
4.53%, 12/01/2019		1,188		1,244
4.55%, 06/25/2043		397		420
4.75%, 09/25/2018		1,000		1,079
5.00%, 05/11/2017 ^		8,650		9,826
5.00%, 04/25/2016 - 08/01/2040		15,340		16,350
5.38%, 06/12/2017 ^		10,000		11,544
5.39%, 11/01/2037 *		340		361
5.50%, 01/01/2018 - 10/25/2040		43,659		47,098
5.54%, 07/01/2037 *		281		299
5.59%, 12/01/2036 *		578		609

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 36

Transamerica JPMorgan Core Bond

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS - (continued)
Fannie Mae (continued)
5.61%, 01/25/2032 *	$	303	$	331
5.68%, 11/01/2036 *		164		173
5.71%, 04/01/2037 *		105		111
5.74%, 08/01/2037 *		428		454
5.75%, 08/25/2034		1,000		1,086
5.84%, 09/01/2036 - 12/01/2036 *		407		430
5.85%, 11/01/2036 *		677		714
5.92%, 04/01/2036 *		546		584
5.93%, 07/01/2037 *		265		280
5.94%, 09/01/2037 *		322		346
5.95%, 06/25/2040 *		772		842
5.96%, 02/01/2037 *		172		183
5.97%, 09/01/2037 *		32		34
6.00%, 03/01/2019 - 12/25/2049		38,256		42,045
6.08%, 06/01/2036 *		396		414
6.11%, 07/01/2037 *		293		312
6.14%, 02/25/2040 *		939		1,050
6.15%, 11/01/2037 *		332		351
6.24%, 08/01/2036 *		137		148
6.25%, 09/25/2038		808		899
6.28%, 02/01/2037 *		353		375
6.29%, 09/01/2036 *		434		455
6.30%, 10/01/2036 *		243		255
6.44%, 03/25/2040 *		842		950
6.49%, 09/01/2036 *		160		168
6.50%, 05/25/2017 - 07/25/2042		23,974		26,883
6.75%, 04/25/2037		875		948
7.00%, 12/25/2033 - 02/25/2044		5,791		6,598
7.26%, 12/25/2042 *		267		307
7.50%, 05/17/2024 - 12/25/2045		4,212		4,910
8.00%, 02/25/2023 - 10/01/2031		2,927		3,422
8.66%, 11/25/2037 *		1,409		1,686
12.23%, 03/25/2040 *		1,380		1,510
15.77%, 01/25/2034 *		167		190
16.34%, 08/25/2035 - 10/25/2035 *		598		719
16.96%, 04/25/2040 *		398		454
17.29%, 09/25/2024 *		573		759
19.55%, 05/25/2035 *		913		1,214
21.96%, 04/25/2037 *		590		760
23.79%, 11/25/2035 *		456		631
Fannie Mae, IO
0.64%, 10/25/2016 *		980		13
3.00%, 01/25/2021		4,823		521
4.00%, 10/25/2014		2,734		228
4.23%, 11/25/2040 *		4,877		496
4.77%, 04/25/2041 *		4,815		405
4.79%, 07/25/2040 *		5,700		728
5.00%, 07/25/2039		740		142
5.50%, 10/25/2039		1,714		328
5.69%, 10/25/2039 *		1,177		130
5.79%, 02/25/2038 - 06/25/2039 *		9,769		1,399
5.97%, 12/25/2039 *		314		43
6.04%, 01/25/2040 *		4,095		534
6.14%, 12/25/2037 *		5,165		666
6.19%, 07/25/2037 - 05/25/2040 *		8,443		1,187
6.21%, 04/25/2040 *		2,163		287
6.24%, 10/25/2037 - 12/25/2037 *		2,298		320
6.35%, 01/25/2038 *		392		34
6.41%, 07/25/2037 *		3,554		482
6.44%, 10/25/2026 - 03/25/2039 *		6,880		1,030
6.78%, 03/25/2038 *		1,316		191
6.89%, 02/25/2040 *		1,625		233
Fannie Mae, PO
04/25/2019 - 07/25/2040		11,861		10,440
Fannie Mae STRIPS
4.14%, 11/15/2021 ▲		1,000		635
Fannie Mae STRIPS, PO
12/01/2024		944		814
Federal Farm Credit Bank
5.13%, 11/15/2018		2,000		2,265
Financing Corp. STRIPS
3.42%, 09/26/2019 ▲		500		371
Freddie Mac
0.47%, 08/15/2023 *		1,229		1,228
0.52%, 04/15/2035 - 03/15/2036 *		1,245		1,244
1.42%, 07/15/2039 *		1,032		1,038
3.38%, 03/01/2036 *		1,155		1,212
3.78%, 10/25/2037 *		1,054		1,066
4.00%, 01/15/2018		642		676
4.25%, 10/15/2030		662		682
4.50%, 07/01/2014 - 07/15/2039		15,601		16,642
5.00%, 10/01/2018 - 08/01/2040		16,262		17,503
5.04%, 05/01/2037 *		315		331
5.06%, 07/01/2036 *		2,871		3,050
5.13%, 11/17/2017		19,930		22,710
5.16%, 11/01/2036 *		1,139		1,203
5.23%, 05/25/2043		1,923		2,090
5.28%, 05/01/2038 *		215		228
5.30%, 06/15/2012		602		627
5.50%, 08/23/2017 - 01/15/2039		25,925		28,472
5.60%, 04/01/2037 *		134		143
5.67%, 06/01/2037 *		398		427
5.73%, 05/01/2037 *		953		1,009
5.75%, 10/15/2035		1,810		1,970
5.75%, 05/01/2037 *		265		282
5.82%, 11/01/2036 *		319		336
5.84%, 05/01/2036 *		274		288
5.89%, 04/01/2037 *		250		264
5.92%, 04/01/2037 *		140		150
5.94%, 11/01/2036 - 03/01/2037 *		639		677
6.00%, 05/01/2017 - 06/15/2038		19,407		21,350
6.05%, 10/01/2037 *		356		372
6.08%, 05/01/2037 *		257		273
6.16%, 12/01/2036 *		685		720
6.22%, 09/01/2037 *		311		331
6.25%, 10/15/2023		1,158		1,243
6.31%, 12/01/2036 *		782		822

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 37

Transamerica JPMorgan Core Bond

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS - (continued)
Freddie Mac (continued)
6.31%, 10/01/2036 *	$	363	$	381
6.34%, 10/01/2037 *		729		782
6.41%, 02/01/2037 *		327		351
6.50%, 02/15/2026		13,909		15,530
6.50%, 09/25/2043 *		357		429
6.82%, 11/15/2021 *		1,562		1,709
7.00%, 12/15/2036 - 07/25/2043		3,448		3,924
7.16%, 11/15/2046 *		2,735		3,158
7.50%, 11/15/2036 - 09/25/2043		5,241		6,056
8.00%, 06/15/2035 *		453		457
8.50%, 09/01/2015		144		155
8.67%, 11/15/2033 *		38		37
8.71%, 11/15/2033 *		375		378
8.82%, 10/15/2033 *		243		241
9.23%, 12/15/2028 *		219		224
10.00%, 03/17/2026 - 10/01/2030		1,425		1,670
11.00%, 02/17/2021		607		677
14.45%, 06/15/2033 *		264		291
15.83%, 10/15/2033 *		149		160
15.97%, 10/15/2033 *		371		401
16.77%, 02/15/2040 *		500		564
16.90%, 02/15/2038 *		130		155
19.56%, 07/15/2035 *		141		182
20.36%, 08/15/2031 *		231		309
21.13%, 05/15/2035 *		151		204
23.77%, 06/15/2035 *		133		169
Freddie Mac, IO
3.50%, 09/15/2024		2,898		366
4.00%, 11/15/2029 - 10/15/2037		17,679		2,887
4.50%, 07/15/2037		4,852		876
4.53%, 01/15/2040 *		4,806		377
5.00%, 04/15/2032 - 08/15/2040		4,590		671
5.50%, 07/15/2037		764		107
5.78%, 11/15/2037 - 10/15/2040 *		5,808		882
5.83%, 05/15/2038 *		3,992		475
5.88%, 05/15/2039 *		3,004		415
6.03%, 12/15/2039 *		3,196		441
6.12%, 12/15/2039 *		2,142		388
6.18%, 01/15/2037 *		1,481		213
6.23%, 11/15/2037 *		230		33
6.48%, 01/15/2019 *		1,515		107
6.58%, 09/15/2039 *		1,403		209
7.48%, 08/15/2036 *		6,321		1,037
Freddie Mac, PO
03/15/2019 - 10/15/2039		12,659		11,101
Freddie Mac Re-REMIC
6.00%, 05/15/2036		3,087		3,385
Ginnie Mae
0.42%, 04/16/2037 *		233		232
5.50%, 05/16/2019 - 09/20/2039		6,406		6,949
5.75%, 02/20/2036 - 08/20/2036		3,686		3,992
5.86%, 10/20/2033 *		858		955
6.00%, 04/20/2020 - 12/20/2039		3,956		4,336
6.50%, 04/20/2028 - 12/15/2035		4,650		5,191
7.00%, 09/15/2031 - 10/16/2040		3,702		4,244
7.00%, 09/20/2034 *		83		85
7.42%, 03/17/2033 *		323		320
7.50%, 12/20/2029 - 10/15/2037		1,931		2,232
8.79%, 04/20/2034 *		430		471
14.31%, 11/17/2032 *		146		163
16.88%, 02/20/2034 *		73		93
Ginnie Mae, IO
4.00%, 09/16/2037		4,908		772
5.62%, 02/20/2038 *		495		65
5.69%, 09/20/2038 *		3,842		500
5.74%, 02/20/2039 - 06/20/2039 *		1,754		227
5.79%, 02/20/2038 *		4,671		641
5.83%, 02/20/2039 *		585		68
5.83%, 08/16/2039 *		3,445		445
5.88%, 09/20/2039 *		3,469		420
5.88%, 07/16/2039 *		3,669		502
5.89%, 11/20/2034 - 08/20/2039 *		6,254		777
5.94%, 07/20/2038 *		3,213		361
5.99%, 03/20/2037 - 06/20/2038 *		7,661		949
6.09%, 03/20/2039 *		641		72
6.18%, 06/16/2039 - 11/16/2039 *		5,020		586
6.19%, 12/20/2038 *		1,125		129
6.32%, 12/20/2037 *		241		35
6.33%, 11/16/2033 *		327		61
6.34%, 11/20/2037 *		360		53
6.44%, 09/20/2033 *		2,894		277
6.47%, 07/20/2037 *		2,247		304
6.49%, 06/20/2037 *		3,719		529
6.50%, 03/20/2039		327		59
7.09%, 12/20/2038 *		2,595		380
7.39%, 09/20/2038 *		301		48
7.48%, 04/16/2038 *		175		24
Ginnie Mae, PO
12/20/2032 - 12/20/2040		5,098		4,446
Tennessee Valley Authority
4.63%, 09/15/2060		236		222
5.25%, 09/15/2039		40		42
Tennessee Valley Authority
Generic STRIPS, PO
2.78%, 05/01/2019 ▲		500		372
Total U.S. Government Agency Obligations (cost $494,449)				504,030
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		723
2.95%, 02/05/2015 ^		515		539
Province of Quebec Canada
6.35%, 01/30/2026		285		343
Total Foreign Government Obligations (cost $1,668)				1,708

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 38

Transamerica JPMorgan Core Bond

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

	Principal		Value
MORTGAGE-BACKED SECURITIES - 11.3%
American General Mortgage Loan Trust
Series 2006-1, Class A5
5.75%, 12/25/2035 - 144A *	$	397	$	426
Series 2009-1, Class A4
5.75%, 09/25/2048 - 144A *		1,650		1,684
Series 2009-1, Class A5
5.75%, 09/25/2048 - 144A *		1,100		1,118
Series 2009-1, Class A7
5.75%, 09/25/2048 - 144A *		1,900		1,933
Series 2010-1A, Class A1
5.15%, 03/25/2058 - 144A *		828		855
ASG Resecuritization Trust
Series 2009-1, Class A60
5.35%, 06/26/2037 - 144A *		201		204
Series 2009-2, Class A55
5.40%, 05/24/2036 - 144A *		345		353
Series 2009-2, Class G60
5.40%, 05/24/2036 - 144A *		400		403
Series 2009-3, Class A65
5.37%, 03/26/2037 - 144A *		1,575		1,583
Series 2009-4, Class A60
6.00%, 06/28/2037 - 144A		277		289
Series 2010-3, Class 2A22
0.42%, 10/28/2036 - 144A *		1,042		1,025
Series 2010-4, Class 2A20
0.38%, 11/28/2036 - 144A *		640		632
Banc of America Alternative Loan Trust
Series 2003-7, Class 2A4
5.00%, 09/25/2018		570		582
Series 2003-9, Class 1CB2
5.50%, 11/25/2033		280		287
Series 2003-11, Class 1A1
6.00%, 01/25/2034		187		187
Series 2003-11, Class 2A1
6.00%, 01/25/2034		237		237
Series 2004-1, Class 1A1
6.00%, 02/25/2034		740		778
Series 2004-1, Class 5A1
5.50%, 02/25/2019		112		113
Series 2004-6, Class 3A2
6.00%, 07/25/2034		303		310
Series 2004-8, Class 3A1
5.50%, 09/25/2019		141		144
Banc of America Commercial Mortgage, Inc.
Series 2005-3, Class A4
4.67%, 07/10/2043		300		320
Series 2005-3, Class AM
4.73%, 07/10/2043		800		831
Series 2005-5, Class A4
5.12%, 10/10/2045 *		200		217
Series 2006-3, Class A4
5.89%, 07/10/2044 *		600		663
Series 2006-4, Class A4
5.63%, 07/10/2046		500		551
Series 2006-5, Class A4
5.41%, 09/10/2047		150		163
Banc of America Funding Corp.
Series 2004-3, Class 1A1
5.50%, 10/25/2034		829		852
Series 2004-3, Class 1A7
5.50%, 10/25/2034		59		59
Series 2004-C, Class 1A1
5.02%, 12/20/2034 *		273		276
Series 2010-R4, Class 5A1
0.40%, 07/26/2036 - 144A *		423		409
Series 2010-R5, Class 5A6
0.55%, 05/26/2037 - 144A *		2,355		2,324
Series 2010-R7, Class A1
0.43%, 06/25/2046 - 144A § *		628		620
Series 2010-R11A, Class 1A6
5.44%, 08/26/2035 - 144A *		1,047		1,098
Banc of America Mortgage Securities, Inc.
Series 2003-3, Class 1A7
5.50%, 05/25/2033		1,000		1,023
Series 2003-3, Class 2A1
0.76%, 05/25/2018 *		154		148
Series 2003-6, Class 2A1
0.66%, 08/25/2018 *		264		254
Series 2003-C, Class 3A1
2.87%, 04/25/2033 *		379		382
Series 2003-E, Class 2A2
2.88%, 06/25/2033 *		555		532
Series 2004-3, Class 1A23
4.50%, 04/25/2034		16		16
Series 2004-3, Class 1A26
5.50%, 04/25/2034		1,300		1,334
Series 2004-3, Class 3A1
5.00%, 04/25/2019		222		226
Series 2004-5, Class 4A1
4.75%, 06/25/2019		168		173
Series 2004-C, Class 2A2
2.89%, 04/25/2034 *		1,131		1,101
BCAP LLC Trust
Series 2009-RR5, Class 8A1
5.50%, 11/26/2034 - 144A		704		721
Series 2009-RR10, Class 17A1
5.75%, 06/26/2037 - 144A		232		232
Series 2009-RR13, Class 17A2
5.50%, 04/26/2037 - 144A *		803		837
Series 2009-RR14, Class 3A2
2.88%, 08/26/2035 - 144A *		500		472
Series 2010-RR5, Class 2A5
5.19%, 04/26/2037 - 144A *		953		970
Series 2010-RR6, Class 22A3
5.27%, 06/26/2036 - 144A *		878		910
Series 2010-RR6, Class 5A1
5.50%, 11/26/2037 - 144A *		571		577
Series 2010-RR7, Class 1A5
5.03%, 04/26/2035 - 144A *		1,545		1,560
Series 2010-RR7, Class 15A1
1.05%, 01/26/2036 - 144A *		715		692
Series 2010-RR7, Class 16A1
1.01%, 02/26/2047 - 144A *		822		799
Series 2010-RR7, Class 2A1
5.11%, 07/26/2045 - 144A *		2,025		2,038
Series 2010-RR8, Class 3A3
5.08%, 05/26/2035 - 144A *		704		719
Series 2010-RR12, Class 2A5
4.50%, 01/26/2036 - 144A *		942		963

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 39

Transamerica JPMorgan Core Bond

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

	Principal		Value
MORTGAGE-BACKED SECURITIES - (continued)
Bear Stearns Adjustable Rate Mortgage Trust
Series 2003-4, Class 3A1
5.01%, 07/25/2033 *	$	272	$	276
Series 2004-2, Class 14A
5.14%, 05/25/2034 *		392		405
Series 2005-5, Class A1
2.34%, 08/25/2035 *		439		422
Bear Stearns Alt-A Trust
Series 2005-2, Class 1A1
0.71%, 03/25/2035 *		519		444
Bear Stearns Commercial Mortgage Securities
Series 2006-PW11, Class A4
5.62%, 03/11/2039 *		200		221
Chase Mortgage Finance Corp.
Series 2003-S2, Class A1
5.00%, 03/25/2018		392		403
Series 2007-A1, Class 2A1
2.89%, 02/25/2037 *		782		783
Series 2007-A1, Class 7A1
2.92%, 02/25/2037 *		676		668
Series 2007-A1, Class 9A1
3.49%, 02/25/2037 *		297		300
Series 2007-A2, Class 1A1
2.85%, 07/25/2037 *		154		146
Chase Mortgage Finance Corp., PO
Series 2003-S9, Class AP
10/25/2018		114		99
Citicorp Mortgage Securities, Inc.
Series 2003-6, Class 1A2
4.50%, 05/25/2033		96		97
Series 2004-4, Class A4
5.50%, 06/25/2034		956		998
Citigroup Commercial Mortgage Trust
Series 2005-C3, Class AM
4.83%, 05/15/2043 *		440		458
Citigroup Mortgage Loan Trust, Inc.
Series 2003-1, Class 3A4
5.25%, 09/25/2033		827		868
Series 2005-2, Class 2A11
5.50%, 05/25/2035		502		500
Series 2008-AR4, Class 1A1A
5.31%, 11/25/2038 *		1,398		1,407
Series 2009-10, Class 1A1
2.72%, 09/25/2033 - 144A *		1,174		1,166
Series 2009-11, Class 3A1
5.75%, 05/25/2037 - 144A *		1,000		1,020
Series 2010-7, Class 10A1
2.74%, 02/25/2035 - 144A *		519		493
Commercial Mortgage Asset Trust
Series 1999-C1, Class D
7.35%, 01/17/2032 *		1,000		1,086
Countrywide Alternative Loan Trust, PO
Series 2002-7
08/25/2032		157		110
Countrywide Home Loan Mortgage Pass-Through Trust
Series 2003-34, Class A6
5.25%, 09/25/2033		157		159
Series 2003-39, Class A6
5.00%, 10/25/2033		730		717
Series 2003-J13, Class 1A7
5.25%, 01/25/2034		1,468		1,522
Series 2004-5, Class 1A4
5.50%, 06/25/2034		1,006		1,049
Series 2004-8, Class 2A1
4.50%, 06/25/2019		148		152
Series 2004-J4, Class 2A1
5.00%, 05/25/2019		281		289
Credit Suisse First Boston Mortgage Securities Corp.
Series 2003-27, Class 5A3
5.25%, 11/25/2033		734		767
Series 2003-27, Class 5A4
5.25%, 11/25/2033		713		739
Series 2003-29, Class 5A1
7.00%, 12/25/2033		313		334
Series 2003-29, Class 8A1
6.00%, 11/25/2018		152		156
Series 2003-AR15, Class 3A1
2.75%, 06/25/2033 *		453		446
Series 2004-4, Class 2A4
5.50%, 09/25/2034		920		973
Series 2004-5, Class 3A1
5.25%, 08/25/2019		656		670
Series 2004-8, Class 1A4
5.50%, 12/25/2034		859		901
Series 2004-8, Class 3A5
5.50%, 12/25/2034		661		671
Series 2005-C3, Class AM
4.73%, 07/15/2037		400		418
Credit Suisse Mortgage Capital Certificates
Series 2006-C2, Class A3
5.85%, 03/15/2039 *		600		658
Series 2009-3R, Class 19A3
6.00%, 01/27/2038 - 144A		499		520
Series 2010-1R, Class 5A1
5.00%, 01/27/2036 - 144A *		843		879
Series 2010-11R, Class A1
1.26%, 06/28/2047 - 144A *		872		862
Series 2010-12R, Class 14A1
4.50%, 09/26/2046 - 144A *		717		709
Series 2010-15R, Class 7A1
5.34%, 10/26/2037 - 144A *		480		484
Series 2010-16, Class A3
4.25%, 06/25/2050 - 144A *		400		382
Series 2010-17R, Class 1A1
2.63%, 06/26/2036 - 144A *		452		442
Series 2011-1R, Class A1
1.25%, 02/27/2047 - 144A *		1,846		1,826
CW Capital Cobalt, Ltd.
Series 2006-C1, Class A4
5.22%, 08/15/2048		600		642
CW Capital Cobalt, Ltd., IO
Series 2006-C1
0.93%, 08/15/2048 *		13,498		384
Deutsche ALT-A Securities, Inc., Alternate Loan Trust
Series 2005-1, Class 2A1
5.59%, 02/25/2020 *		348		353
Deutsche Mortgage Securities, Inc.
Series 2010-RS2, Class A1
1.50%, 06/28/2047 - 144A *		692		691

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 40

Transamerica JPMorgan Core Bond

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

	Principal		Value
MORTGAGE-BACKED SECURITIES - (continued)
FDIC Structured Sale Guaranteed Notes
Series 2010-C1, Class A
2.98%, 12/06/2020 - 144A	$	1,422	$	1,434
First Horizon Asset Securities, Inc.
Series 2003-8, Class 2A1
4.50%, 09/25/2018		219		223
GMAC Mortgage Corp., Loan Trust
Series 2003-AR1, Class A4
3.40%, 10/19/2033 *		256		254
Series 2003-AR2, Class 2A4
3.26%, 12/19/2033 *		1,487		1,445
Series 2004-J2, Class A2
0.71%, 06/25/2034 *		139		137
Series 2004-J5, Class A7
6.50%, 01/25/2035		534		554
Series 2004-J6, Class 1A1
5.00%, 01/25/2020		313		318
Series 2010-1, Class A
4.25%, 07/25/2040 - 144A		227		229
Greenwich Capital Commercial Funding Corp.
Series 2005-GG3, Class AJ
4.86%, 08/10/2042 *		220		229
GS Mortgage Securities Corp. II
Series 2004-GG2, Class A6
5.40%, 08/10/2038 *		1,000		1,085
GS Mortgage Securities Corp. II, IO
Series 2006-GG8, Class X
0.86%, 11/10/2039 - 144A *		13,062		293
GSR Mortgage Loan Trust
Series 2003-7F, Class 1A4
5.25%, 06/25/2033		1,494		1,468
Series 2004-8F, Class 2A3
6.00%, 09/25/2034		680		714
Series 2005-5F, Class 2A3
5.50%, 06/25/2035		315		316
Series 2005-5F, Class 8A3
0.71%, 06/25/2035 *		439		429
Impac Secured Assets CMN Owner Trust
Series 2003-2, Class A1
5.50%, 08/25/2033		158		164
Series 2006-2, Class 2A1
0.56%, 08/25/2036 *		731		652
JP Morgan Re-REMIC
Series 2009-6, Class 4A1
5.98%, 09/26/2036 - 144A *		568		588
Series 2010-4, Class 7A1
4.29%, 08/26/2035 - 144A *		676		675
JPMorgan Chase Commercial Mortgage Securities Corp.
Series 2005-CB13, Class A4
5.46%, 01/12/2043 *		385		417
JPMorgan Chase Commercial Mortgage
Securities Corp., IO
Series 2006-CB15, Class X1
0.11%, 06/12/2043 *		56,620		406
JPMorgan Mortgage Trust
Series 2004-A3, Class 4A1
4.26%, 07/25/2034 *		188		189
Series 2004-A4, Class 1A1
4.54%, 09/25/2034 *		270		273
Series 2004-S1, Class 1A7
5.00%, 09/25/2034		124		128
Series 2005-A1, Class 3A4
5.02%, 02/25/2035 *		688		669
Series 2005-A1, Class 5A1
4.48%, 02/25/2035 *		300		305
Series 2006-A2, Class 4A1
2.93%, 08/25/2034 *		620		611
Series 2006-A3, Class 6A1
2.99%, 08/25/2034 *		169		155
LB-UBS Commercial Mortgage Trust
Series 2006-C1, Class A4
5.16%, 02/15/2031		150		163
Series 2006-C4, Class A4
6.08%, 06/15/2038 *		400		448
LB-UBS Commercial Mortgage Trust, IO
Series 2006-C1, Class XCL
0.16%, 02/15/2041 - 144A *		26,439		266
LVII Resecuritization Trust
Series 2009-1, Class A1
5.95%, 11/27/2037 - 144A *		65		67
Series 2009-2, Class A3
3.00%, 09/27/2037 - 144A *		385		384
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 *		166		166
MASTR Alternative Loans Trust
Series 2003-9, Class 2A1
6.00%, 12/25/2033		245		246
MASTR Asset Securitization Trust
Series 2003-2, Class 1A1
5.00%, 03/25/2018		179		182
Series 2003-3, Class 3A18
5.50%, 04/25/2033		500		524
Series 2003-7, Class 4A1
4.25%, 09/25/2033		44		44
Series 2004-P7, Class A6
5.50%, 12/27/2033 - 144A		782		829
MASTR Resecuritization Trust, PO
Series 2005, Class 3
05/28/2035 - 144A		333		216
Merrill Lynch Mortgage Investors, Inc.
Series 2003-A4, Class 2A
2.84%, 07/25/2033 *		233		237
Series 2003-A5, Class 2A6
2.52%, 08/25/2033 *		222		211
Series 2004-A4, Class A2
2.75%, 08/25/2034 *		348		346
Merrill Lynch Mortgage Trust
Series 2005-LC1, Class AJ
5.51%, 01/12/2044 *		500		505
Series 2006-C1, Class A4
5.85%, 05/12/2039 *		730		809
MLCC Mortgage Investors, Inc.
Series 2004-D, Class A2
0.83%, 08/25/2029 *		494		463
Morgan Stanley Capital I
Series 2006-T21, Class A4
5.16%, 10/12/2052 *		200		217
Series 2007-T27, Class A4
5.79%, 06/11/2042 *		200		223

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 41

Transamerica JPMorgan Core Bond

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

	Principal			Value
MORTGAGE-BACKED SECURITIES - (continued)
Morgan Stanley Mortgage Loan Trust
Series 2004-3, Class 4A
5.65%, 04/25/2034 *	$	813		$	826
Morgan Stanley Re-REMIC Trust
Series 2009-IO, Class A1
3.00%, 07/17/2056		520			521
Series 2010-HQ4B, Class A7A
4.97%, 04/16/2040 - 144A		1,400			1,494
NCUA Guaranteed Notes
Series 2010-C1, Class APT
2.65%, 10/29/2020		3,108			3,100
Series 2010-R3, Class 1A
0.76%, 12/08/2020 *		966			971
Series 2010-R3, Class 3A
2.40%, 12/08/2020		525			512
Prime Mortgage Trust
Series 2004-CL1, Class 1A1
6.00%, 02/25/2034		339			357
Prime Mortgage Trust, PO
Series 2004-CL1, Class 1
02/25/2034		33			25
RBSSP Resecuritization Trust
Series 2009-1, Class 1A1
6.50%, 02/26/2036 - 144A		679			717
Series 2010-4, Class 12A1
4.50%, 03/26/2021 - 144A		729			744
Series 2010-9, Class 7A5
4.00%, 05/26/2037 - 144A *		1,000			967
Residential Accredit Loans, Inc.
Series 2003-QS1, Class A6
4.25%, 01/25/2033		210			211
Series 2003-QS13, Class A5
0.86%, 07/25/2033 *		552			490
Series 2003-QS15, Class A7
5.50%, 08/25/2033		1,218			1,199
Series 2003-QS18, Class A1
5.00%, 09/25/2018		207			214
Series 2004-QS7, Class A4
5.50%, 05/25/2034		365			320
Residential Asset Mortgage Products, Inc.
Series 2004-SL2, Class A3
7.00%, 10/25/2031		572			599
Residential Asset Securitization Trust
Series 2002-A13, Class A4
5.25%, 12/25/2017		137			139
Residential Funding Mortgage Securities I
Series 2003-S4, Class A4
5.75%, 03/25/2033		937			987
Series 2003-S20, Class 2A1
4.75%, 12/25/2018		184			187
Salomon Brothers Mortgage Securities VII, Inc.
Series 2003-HYB1, Class A
3.22%, 09/25/2033 *		692			690
Series 2003-UP1, Class A
3.95%, 04/25/2032 - 144A *		67			58
Sequoia Mortgage Trust
Series 2004-12, Class A3
0.78%, 01/20/2035 *		502			431
Station Place Securitization Trust
Series 2010-1, Class A
1.25%, 12/20/2042 - 144A *		1,500			1,500
Structured Asset Mortgage Investments, Inc.
Series 2004-AR5, Class 1A1
0.54%, 10/19/2034 *		193			175
Structured Asset Securities Corp.
Series 2003-16, Class A3
0.71%, 06/25/2033 *		194			187
Series 2003-32, Class 1A1
5.21%, 11/25/2033 *		251			261
Series 2003-33H, Class 1A1
5.50%, 10/25/2033		220			224
Series 2003-35, Class 3A1
0.71%, 12/25/2033 *		719			687
Series 2003-37A, Class 2A
5.02%, 12/25/2033 *		366			376
Series 2004-4XS, Class 1A5
5.49%, 02/25/2034 *		770			781
Series 2004-5H, Class A4
5.54%, 12/25/2033		1,000			990
Thornburg Mortgage Securities Trust
Series 2004-1, Class II2A
1.77%, 03/25/2044 *		263	��		243
TIAA Seasoned Commercial Mortgage Trust
Series 2007-C4, Class A3
5.98%, 08/15/2039 *		650			713
Vendee Mortgage Trust
Series 1993-1, Class ZB
7.25%, 02/15/2023		477			546
Series 1998-2, Class 1G
6.75%, 06/15/2028		825			944
WaMu Mortgage Pass-Through Certificates
Series 2003-AR6, Class A1
2.69%, 06/25/2033 *		236			232
Series 2003-AR7, Class A7
2.67%, 08/25/2033 *		456			452
Series 2003-AR8, Class A
2.72%, 08/25/2033 *		153			153
Series 2003-AR9, Class 1A6
2.72%, 09/25/2033 *		778			762
Series 2003-S4, Class 2A10
16.88%, 06/25/2033 *		60			67
Series 2003-S8, Class A4
4.50%, 09/25/2018		363			367
Series 2003-S9, Class A8
5.25%, 10/25/2033		592			618
Series 2004-AR3, Class A1
2.65%, 06/25/2034 *		103			102
Series 2004-AR3, Class A2
2.65%, 06/25/2034 *		1,061			1,053
Series 2004-CB2, Class 7A
5.50%, 08/25/2019		251			262
Series 2004-CB3, Class 4A
6.00%, 10/25/2019		682			707
Series 2004-S1, Class 1A3
0.61%, 03/25/2034 *		256			248
Series 2004-S2, Class 2A4
5.50%, 06/25/2034		585			584
Washington Mutual MSC Mortgage Pass-Through Certificates
Series 2003-MS2, Class 1A1
5.75%, 02/25/2033		709			739
Series 2004-RA2, Class 2A
7.00%, 07/25/2033		222			226

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 42

Transamerica JPMorgan Core Bond

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

	Principal		Value
MORTGAGE-BACKED SECURITIES - (continued)
Wells Fargo Mortgage Backed Securities Trust
Series 2003-15, Class 1A1
4.75%, 12/25/2018	$	284	$	293
Series 2003-J, Class 2A5
4.42%, 10/25/2033 *		37		38
Series 2003-K, Class 1A1
4.45%, 11/25/2033 *		102		102
Series 2004-4, Class A9
5.50%, 05/25/2034		765		803
Series 2004-7, Class 2A2
5.00%, 07/25/2019		421		434
Series 2004-E, Class A8
4.87%, 05/25/2034 *		160		160
Series 2004-EE, Class 2A1
2.85%, 12/25/2034 *		589		571
Series 2004-EE, Class 2A2
2.85%, 12/25/2034 *		147		148
Series 2004-EE, Class 3A1
2.95%, 12/25/2034 *		138		136
Series 2004-EE, Class 3A2
2.95%, 12/25/2034 *		207		208
Series 2004-I, Class 1A1
2.88%, 07/25/2034 *		177		172
Series 2004-U, Class A1
2.90%, 10/25/2034 *		1,831		1,812
Series 2004-V, Class 1A1
2.86%, 10/25/2034 *		353		354
Series 2004-V, Class 1A2
2.86%, 10/25/2034 *		158		159
Series 2004-W, Class A9
2.76%, 11/25/2034 *		457		451
Series 2005-1, Class 2A1
5.00%, 01/25/2020		421		433
Series 2005-13, Class A1
5.00%, 11/25/2020		293		306
Series 2005-AR8, Class 2A1
2.83%, 06/25/2035 *		262		258
Total Mortgage-Backed Securities (cost $126,014)				128,072
ASSET-BACKED SECURITIES - 2.7%
AH Mortgage Advance Trust
Series 2010-ADV1, Class A1
3.97%, 08/15/2022 - 144A		530		535
Series 2010-ADV2, Class A1
4.21%, 05/10/2041 - 144A		1,134		1,138
Ally Auto Receivables Trust
Series 2009-A, Class A3
2.33%, 06/17/2013 - 144A		100		101
Series 2010-1, Class A3
1.45%, 05/15/2014		330		333
Series 2010-3, Class A3
1.11%, 10/15/2014		920		922
Series 2010-3, Class A4
1.55%, 08/17/2015		357		356
Series 2010-4, Class A3
0.91%, 11/17/2014		431		431
Series 2011-1, Class A3
1.38%, 01/15/2015		285		286
American Airlines Pass-Through Trust
Series 2011-1, Class A
5.25%, 01/31/2021		109		106
AmeriCredit Automobile Receivables Trust
Series 2010-1, Class A2
0.97%, 01/15/2013		36		36
Series 2010-1, Class A3
1.66%, 03/17/2014		95		96
Series 2010-3, Class A3
1.14%, 04/08/2015		535		535
Series 2010-4, Class A2
0.96%, 05/08/2014		250		250
Series 2010-4, Class A3
1.27%, 04/08/2015		125		125
Series 2011-1, Class A2
0.84%, 06/09/2014		480		480
Series 2011-1, Class A3
1.39%, 09/08/2015		200		201
Arch Bay Asset-Backed Securities
Series 2010-2, Class A
4.13%, 04/25/2057 - 144A *		493		492
Asset Backed Funding Certificates
Series 2005-AQ1, Class A4
5.01%, 06/25/2035 *		813		817
Bank of America Auto Trust
Series 2009-2A, Class A3
2.13%, 09/15/2013 - 144A		69		69
Series 2009-3A, Class A3
1.67%, 12/16/2013 - 144A		87		88
Series 2010-1A, Class A3
1.39%, 03/15/2014 - 144A		260		261
Series 2010-1A, Class A4
2.18%, 02/15/2017 - 144A		185		189
Series 2010-2, Class A2
0.91%, 10/15/2012		360		361
Series 2010-2, Class A3
1.31%, 07/15/2014		310		312
Series 2010-2, Class A4
1.94%, 06/15/2017		510		518
CarMax Auto Owner Trust
Series 2010-1, Class A3
1.56%, 07/15/2014		200		201
Series 2011-1, Class A3
1.29%, 09/15/2015		630		631
Series 2011-1, Class A4
2.16%, 09/15/2016		530		534
Chase Funding Mortgage Loan Asset-Backed Certificates
Series 2003-2, Class 2A2
0.77%, 02/25/2033 *		639		596
Series 2003-5, Class 1A4
4.40%, 02/25/2030		336		334
Series 2003-6, Class 1A4
4.50%, 11/25/2034		432		430
Series 2003-6, Class 1A5
5.35%, 11/25/2034 *		500		445
Chrysler Financial Auto Securitization Trust
Series 2010-A, Class A3
0.91%, 08/08/2013		1,000		1,002
Citibank Credit Card Issuance Trust
Series 2007-A7, Class A7
0.56%, 08/20/2014 *		1,000		1,003

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 43

Transamerica JPMorgan Core Bond

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

	Principal		Value
ASSET-BACKED SECURITIES - (continued)
CNH Equipment Trust
Series 2009-C, Class A3
1.85%, 12/16/2013	$	19	$	19
Series 2010-A, Class A3
1.54%, 07/15/2014		463		466
Series 2010-C, Class A3
1.17%, 05/15/2015		500		501
Continental Airlines Pass-Through Trust
Series 2007-1A, Class A
5.98%, 04/19/2022		284		291
Delta Air Lines, Inc., Pass-Through Trust
Series 2010-2, Class A
4.95%, 05/23/2019		280		280
Series 2011-1, Class A
5.30%, 04/15/2019		92		92
Freedom Trust
Series 2011-1, Class A13
0.16%, 11/30/2037 - 144A § *		600		590
GE Capital Credit Card Master Note Trust
Series 2009-2, Class A
3.69%, 07/15/2015		600		621
HSBC Home Equity Loan Trust
Series 2005-2, Class A1
0.48%, 01/20/2035 *		95		86
Series 2006-1, Class A1
0.37%, 01/20/2036 *		173		158
Series 2007-1, Class A2F
5.60%, 03/20/2036 *		200		204
Series 2007-1, Class AS
0.41%, 03/20/2036 *		186		170
Series 2007-3, Class APT
1.41%, 11/20/2036 *		133		121
Hyundai Auto Receivables Trust
Series 2010-B, Class A3
0.97%, 04/15/2015		340		341
Series 2010-B, Class A4
1.63%, 03/15/2017		375		372
Series 2011-A, Class A3
1.16%, 04/15/2015		275		276
Series 2011-A, Class A4
1.78%, 12/15/2015		310		312
John Deere Owner Trust
Series 2011-A, Class A3
1.29%, 01/15/2016		335		336
Series 2011-A, Class A4
1.96%, 04/16/2018		285		287
LAI Vehicle Lease Securitization Trust
Series 2010-A, Class A
2.55%, 09/15/2016 - 144A		733		733
Lake Country Mortgage Loan Trust
Series 2006-HE1, Class A3
0.56%, 07/25/2034 - 144A *		873		843
Mercedes-Benz Auto Receivables Trust
Series 2010-1, Class A3
1.42%, 08/15/2014		250		252
Morgan Stanley ABS Capital I
Series 2004-WMC3, Class M1
0.96%, 01/25/2035 *		57		56
NCUA Guaranteed Notes
Series 2010-A1, Class A
0.59%, 12/07/2020 *		287		288
Newcastle Investment Trust
Series 2011-MH1, Class A
2.45%, 12/10/2033 - 144A Ə		319		319
Nissan Auto Receivables Owner Trust
Series 2010-A, Class A3
0.87%, 07/15/2014		455		455
Series 2010-A, Class A4
1.31%, 09/15/2016		300		299
PennyMac Loan Trust
Series 2010-NPL1, Class A
4.25%, 05/25/2050 - 144A *		310		309
Series 2010-NPL1, Class M1
5.00%, 05/25/2050 - 144A *		800		800
Residential Asset Mortgage Products, Inc.
Series 2004-RS6, Class AI4
5.46%, 05/25/2032 *		407		413
Series 2005-EFC5, Class A3
0.55%, 10/25/2035 *		600		516
Residential Asset Securities Corp.
Series 2005-KS9, Class A3
0.58%, 10/25/2035 *		500		476
Santander Drive Auto Receivables Trust
Series 2010-A, Class A3
1.83%, 11/17/2014 - 144A		400		405
Saxon Asset Securities Trust
Series 2003-1, Class AF6
4.80%, 06/25/2033 *		380		386
Structured Asset Investment Loan Trust
Series 2005-5, Class A9
0.48%, 06/25/2035 *		400		372
Structured Asset Securities Corp.
Series 2002-AL1, Class A2
3.45%, 02/25/2032		307		291
Series 2004-6XS, Class A5A
5.53%, 03/25/2034 *		594		567
Series 2004-6XS, Class A5B
5.55%, 03/25/2034 *		594		567
Series 2005-NC1, Class A11
4.69%, 02/25/2035 *		1,120		1,136
Toyota Auto Receivables Owner Trust
Series 2010-C, Class A3
0.77%, 04/15/2014		70		70
Series 2011-A, Class A3
0.98%, 10/15/2014		845		847
USAA Auto Owner Trust
Series 2009-2, Class A3
1.54%, 10/15/2012		88		89
Series 2009-2, Class A4
2.53%, 06/17/2013		115		118
World Omni Auto Receivables Trust
Series 2010-A, Class A4
2.21%, 05/15/2015		275		281
Total Asset-Backed Securities (cost $30,457)				30,625
MUNICIPAL GOVERNMENT OBLIGATIONS - 0.1%
American Municipal Power-Ohio, Inc.
7.50%, 02/15/2050		640		688
New York State Dormitory Authority
5.60%, 03/15/2040		280		283
Port Authority of New York & New Jersey
5.65%, 11/01/2040		485		486

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 44

Transamerica JPMorgan Core Bond

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS - (continued)
State of Illinois
5.10%, 06/01/2033	$	85	$	71
Total Municipal Government Obligations (cost $1,494)				1,528
CORPORATE DEBT SECURITIES - 13.0%
Aerospace & Defense - 0.1%
BAE Systems Holdings, Inc.
5.20%, 08/15/2015 - 144A		380		409
Lockheed Martin Corp.
4.25%, 11/15/2019		150		153
5.72%, 06/01/2040 - 144A^		108		112
United Technologies Corp.
8.88%, 11/15/2019		250		339
Auto Components - 0.0% ∞
Johnson Controls, Inc.
4.25%, 03/01/2021 ^		335		335
Automobiles - 0.1%
Daimler Finance North America LLC
6.50%, 11/15/2013		80		90
7.30%, 01/15/2012		460		481
Beverages - 0.1%
Anheuser-Busch InBev Worldwide, Inc.
7.20%, 01/15/2014		60		69
7.75%, 01/15/2019		650		814
PepsiCo, Inc.
7.90%, 11/01/2018		21		27
SABMiller PLC
5.50%, 08/15/2013 - 144A		180		196
Biotechnology - 0.1%
Amgen, Inc.
3.45%, 10/01/2020		400		381
4.50%, 03/15/2020		56		58
5.75%, 03/15/2040		165		171
Capital Markets - 1.7%
Bank of New York Mellon Corp.
2.95%, 06/18/2015 ^		675		695
3.10%, 01/15/2015 ^		125		130
4.60%, 01/15/2020		40		42
BlackRock, Inc.
6.25%, 09/15/2017 ^		635		743
BP Capital Markets PLC
3.88%, 03/10/2015		675		708
4.74%, 03/11/2021 ^		100		102
Charles Schwab Corp.
4.95%, 06/01/2014		100		110
Credit Suisse
4.38%, 08/05/2020		316		315
5.30%, 08/13/2019		600		643
6.00%, 02/15/2018		400		434
Credit Suisse AG
5.40%, 01/14/2020		200		206
Credit Suisse USA, Inc.
5.13%, 08/15/2015 ^		170		186
Deutsche Bank AG
2.38%, 01/11/2013		250		255
3.25%, 01/11/2016		400		408
3.88%, 08/18/2014		100		105
Goldman Sachs Group, Inc.
3.63%, 02/07/2016		255		257
3.70%, 08/01/2015		308		316
5.25%, 10/15/2013		225		243
5.38%, 03/15/2020		390		406
6.00%, 06/15/2020 ^		122		132
6.15%, 04/01/2018		200		221
6.25%, 09/01/2017		650		724
6.75%, 10/01/2037		200		207
7.50%, 02/15/2019		2,050		2,435
Jefferies Group, Inc.
3.88%, 11/09/2015		171		173
6.25%, 01/15/2036		260		244
6.45%, 06/08/2027		180		182
8.50%, 07/15/2019 ^		575		690
Macquarie Group, Ltd.
6.25%, 01/14/2021 - 144A		525		538
7.30%, 08/01/2014 - 144A		500		562
Morgan Stanley
4.00%, 07/24/2015		333		343
4.20%, 11/20/2014		156		163
5.45%, 01/09/2017		500		535
5.63%, 09/23/2019		610		634
7.30%, 05/13/2019		1,000		1,148
Morgan Stanley - Series F
5.55%, 04/27/2017		170		183
6.25%, 08/28/2017		450		497
6.63%, 04/01/2018		200		223
Nomura Holdings, Inc.
4.13%, 01/19/2016		200		202
5.00%, 03/04/2015 ^		350		366
6.70%, 03/04/2020		543		588
UBS AG
2.25%, 08/12/2013		250		254
3.88%, 01/15/2015		600		623
4.88%, 08/04/2020		525		540
5.88%, 12/20/2017		110		123
Chemicals - 0.3%
Dow Chemical Co.
4.25%, 11/15/2020		174		170
7.60%, 05/15/2014		190		221
8.55%, 05/15/2019		456		586
E.I. du Pont de Nemours & Co.
1.95%, 01/15/2016		173		169
4.90%, 01/15/2041		125		119
Potash Corp., of Saskatchewan, Inc.
6.50%, 05/15/2019		260		303
PPG Industries, Inc.
5.75%, 03/15/2013		120		130
7.40%, 08/15/2019		300		354
9.00%, 05/01/2021		310		404
Praxair, Inc.
4.38%, 03/31/2014		375		404
5.20%, 03/15/2017		150		168
Union Carbide Corp.
7.75%, 10/01/2096		210		219
Commercial Banks - 2.1%
ANZ National International, Ltd.
2.38%, 12/21/2012 - 144A		105		107

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 45

Transamerica JPMorgan Core Bond

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

	Principal		Value
Commercial Banks - (continued)
Australia & New Zealand Banking Group, Ltd.
3.25%, 03/01/2016 - 144A	$	130	$	131
4.88%, 01/12/2021 - 144A		137		139
Bank of Nova Scotia
1.65%, 10/29/2015 - 144A		359		349
2.38%, 12/17/2013		200		205
3.40%, 01/22/2015		205		214
Bank of Tokyo-Mitsubishi UFJ, Ltd.
3.85%, 01/22/2015 - 144A		227		237
Barclays Bank PLC
2.50%, 09/21/2015 - 144A^		510		499
2.50%, 01/23/2013		150		153
3.90%, 04/07/2015 ^		170		178
5.00%, 09/22/2016		100		108
5.13%, 01/08/2020		350		360
5.20%, 07/10/2014		125		136
6.75%, 05/22/2019 ^		400		457
BB&T Corp.
3.38%, 09/25/2013		195		204
3.85%, 07/27/2012		485		502
3.95%, 04/29/2016 ^		515		538
4.90%, 06/30/2017		550		589
5.25%, 11/01/2019		90		94
6.85%, 04/30/2019		250		294
Canadian Imperial Bank of Commerce
2.60%, 07/02/2015 - 144A		1,750		1,780
Comerica, Inc.
3.00%, 09/16/2015		150		151
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
4.50%, 01/11/2021		300		308
DnB NOR Boligkreditt
2.10%, 10/14/2015 - 144A		757		738
HSBC Bank PLC
3.50%, 06/28/2015 - 144A		1,175		1,209
4.13%, 08/12/2020 - 144A		275		265
HSBC Holdings PLC
5.10%, 04/05/2021		111		114
KeyBank NA
5.70%, 11/01/2017 ^		245		263
5.80%, 07/01/2014		250		275
M&T Bank Corp.
5.38%, 05/24/2012		80		84
Manufacturers & Traders Trust Co.
1.80%, 04/01/2013 *		300		300
National Australia Bank, Ltd.
2.50%, 01/08/2013 - 144A		400		408
2.75%, 09/28/2015 - 144A^		280		279
3.75%, 03/02/2015 - 144A		280		291
National Bank of Canada
1.65%, 01/30/2014 - 144A^		271		273
National City Corp.
4.90%, 01/15/2015 ^		165		180
Nordea Bank AB
1.75%, 10/04/2013 - 144A		200		202
PNC Funding Corp.
3.00%, 05/19/2014 ^		180		185
4.38%, 08/11/2020 ^		433		437
5.13%, 02/08/2020		250		267
5.25%, 11/15/2015		130		141
5.63%, 02/01/2017		130		143
6.70%, 06/10/2019		150		175
Rabobank Nederland NV
2.13%, 10/13/2015		105		103
3.20%, 03/11/2015 - 144A		500		516
Stadshypotek AB
1.45%, 09/30/2013 - 144A		1,394		1,397
Toronto-Dominion Bank
2.20%, 07/29/2015 - 144A^		295		295
U.S. Bancorp
2.00%, 06/14/2013		540		551
2.88%, 11/20/2014		121		126
Wachovia Bank NA
0.64%, 03/15/2016 *		450		433
5.00%, 08/15/2015		500		540
6.00%, 11/15/2017		2,000		2,260
Wachovia Corp.
5.50%, 05/01/2013		420		454
5.75%, 06/15/2017 ^		970		1,090
5.75%, 02/01/2018		1,200		1,339
Wells Fargo & Co.
3.75%, 10/01/2014		390		413
5.63%, 12/11/2017		100		112
Westpac Banking Corp.
4.88%, 11/19/2019		750		785
Commercial Services & Supplies - 0.1%
Browning-Ferris Industries, Inc.
9.25%, 05/01/2021		105		145
Pitney Bowes, Inc.
4.88%, 08/15/2014		350		374
5.00%, 03/15/2015		250		269
5.60%, 03/15/2018		100		107
Waste Management, Inc.
4.75%, 06/30/2020		319		328
Communications Equipment - 0.0% ∞
Cisco Systems, Inc.
4.45%, 01/15/2020		150		156
5.50%, 01/15/2040		250		252
5.90%, 02/15/2039		100		107
Computers & Peripherals - 0.2%
Dell, Inc.
3.10%, 04/01/2016 ^		371		375
5.65%, 04/15/2018 ^		90		100
HP Enterprise Services LLC
7.45%, 10/15/2029		500		632
Consumer Finance - 0.3%
American Express Co.
7.00%, 03/19/2018		400		474
American Express Credit Corp.
5.13%, 08/25/2014		200		218
7.30%, 08/20/2013		200		225
American Express Credit Corp. - Series C
5.88%, 05/02/2013		300		325
Capital One Financial Corp.
6.75%, 09/15/2017		180		211
7.38%, 05/23/2014		75		87

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 46

Transamerica JPMorgan Core Bond

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

	Principal		Value
Consumer Finance - (continued)
Caterpillar Financial Services Corp.
7.15%, 02/15/2019	$	100	$	123
Caterpillar Financial Services Corp. - Series F
5.85%, 09/01/2017		150		173
7.05%, 10/01/2018		150		184
HSBC Finance Corp.
4.75%, 07/15/2013 ^		165		177
5.00%, 06/30/2015		455		494
5.50%, 01/19/2016		260		288
Toyota Motor Credit Corp.
3.20%, 06/17/2015		385		397
Diversified Financial Services - 2.4%
AGL Capital Corp.
5.88%, 03/15/2041		109		110
Allstate Life Global Funding Trust
5.38%, 04/30/2013		200		216
ASIF Global Financing XIX
4.90%, 01/17/2013 - 144A		836		874
Associates Corp.
6.95%, 11/01/2018		700		796
Bank of America Corp.
5.63%, 07/01/2020		1,340		1,406
5.75%, 12/01/2017		220		237
6.50%, 08/01/2016		500		564
Bank of America Corp. - Series L
5.65%, 05/01/2018 ^		700		746
7.38%, 05/15/2014		650		741
Blackstone Holdings Finance Co., LLC
5.88%, 03/15/2021 - 144A		1,205		1,194
Caisse Centrale Desjardins du Quebec
2.55%, 03/24/2016 - 144A ^		580		580
Capital One Bank USA NA
8.80%, 07/15/2019		900		1,153
Citigroup, Inc.
4.75%, 05/19/2015		62		66
5.38%, 08/09/2020		355		371
6.00%, 12/13/2013 - 08/15/2017		1,870		2,060
6.01%, 01/15/2015		420		466
6.13%, 11/21/2017		345		383
6.38%, 08/12/2014		310		346
6.50%, 08/19/2013		110		121
8.13%, 07/15/2039		100		129
8.50%, 05/22/2019		550		685
CME Group, Inc.
5.75%, 02/15/2014		196		218
Countrywide Financial Corp.
6.25%, 05/15/2016		550		595
Diageo Capital PLC
4.83%, 07/15/2020		90		94
5.75%, 10/23/2017		230		262
Diageo Finance BV
5.50%, 04/01/2013		290		314
ERAC USA Finance LLC
2.25%, 01/10/2014 - 144A		257		258
FUEL Trust
4.21%, 04/15/2016 - 144A		401		409
General Electric Capital Corp.
4.38%, 09/16/2020		600		592
5.40%, 02/15/2017 ^		400		439
5.50%, 06/04/2014 ^		685		755
5.50%, 01/08/2020		1,140		1,226
5.63%, 09/15/2017 - 05/01/2018		3,500		3,851
6.00%, 08/07/2019		1,420		1,581
Goldman Sachs Group, LP
8.00%, 03/01/2013 - 144A		325		361
International Lease Finance Corp.
5.25%, 01/10/2013		100		102
John Deere Capital Corp.
5.75%, 09/10/2018 ^		100		114
MassMutual Global Funding II
2.88%, 04/21/2014 - 144A		100		104
3.63%, 07/16/2012 - 144A		600		617
Merrill Lynch & Co., Inc.
5.00%, 01/15/2015		650		697
5.45%, 02/05/2013 ^		390		415
6.88%, 04/25/2018		100		113
Merrill Lynch & Co., Inc. - Series C
6.40%, 08/28/2017		850		947
National Rural Utilities Cooperative Finance Corp.
2.63%, 09/16/2012		25		26
10.38%, 11/01/2018		250		345
Rio Tinto Finance USA, Ltd.
3.50%, 11/02/2020		80		76
8.95%, 05/01/2014		400		484
Tyco International Finance SA
8.50%, 01/15/2019		100		128
Volkswagen International Finance NV
1.63%, 08/12/2013 - 144A		116		117
Diversified Telecommunication Services - 0.9%
AT&T Corp.
8.00%, 11/15/2031		27		35
AT&T, Inc.
4.85%, 02/15/2014		400		435
5.35%, 09/01/2040 - 144A		898		841
5.50%, 02/01/2018 ^		300		331
6.30%, 01/15/2038		500		527
BellSouth Corp.
6.55%, 06/15/2034		500		536
BellSouth Telecommunications, Inc.
6.30%, 12/15/2015		150		161
7.00%, 10/01/2025		300		336
British Telecommunications PLC
5.95%, 01/15/2018		200		222
9.88%, 12/15/2030		180		254
COX Enterprises, Inc.
7.38%, 07/15/2027 - 144A		200		224
Deutsche Telekom International Finance BV
6.00%, 07/08/2019 ^		395		453
8.75%, 06/15/2030		130		175
France Telecom SA
8.50%, 03/01/2031		130		179
GTE Corp.
6.84%, 04/15/2018		1,500		1,746
8.75%, 11/01/2021 ^		250		330

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 47

Transamerica JPMorgan Core Bond

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

	Principal		Value
Diversified Telecommunication Services - (continued)
Telecom Italia Capital SA
4.95%, 09/30/2014	$	250	$	264
6.18%, 06/18/2014 ^		281		306
7.00%, 06/04/2018		250		279
Telefonica Emisiones SAU
5.46%, 02/16/2021		91		94
6.22%, 07/03/2017		650		721
Verizon Communications, Inc.
6.10%, 04/15/2018		411		468
Verizon Global Funding Corp.
5.85%, 09/15/2035		175		179
7.75%, 12/01/2030		300		371
Verizon Maryland, Inc.
7.15%, 05/01/2023		600		644
Verizon Pennsylvania, Inc.
8.35%, 12/15/2030		240		281
Electric Utilities - 0.8%
AEP Texas Central Co.
6.65%, 02/15/2033		100		110
Alabama Power Co. - Series S
5.88%, 12/01/2022		370		414
Appalachian Power Co.
5.95%, 05/15/2033		50		51
Carolina Power & Light Co.
5.30%, 01/15/2019		80		88
CenterPoint Energy Houston Electric LLC - Series U
7.00%, 03/01/2014		100		115
Cleveland Electric Illuminating Co.
7.88%, 11/01/2017		180		218
Consolidated Edison Co., of New York, Inc.
5.70%, 06/15/2040		154		163
Consumers Energy Co.
6.70%, 09/15/2019		100		119
Duke Energy Carolinas LLC
4.30%, 06/15/2020 ^		156		160
Duke Energy Indiana, Inc.
3.75%, 07/15/2020		200		195
Enel Finance International NV
5.13%, 10/07/2019 - 144A		450		466
Exelon Generation Co., LLC
4.00%, 10/01/2020		600		566
5.75%, 10/01/2041		86		81
Florida Power & Light Co.
5.95%, 10/01/2033		150		164
Georgia Power Co.
4.75%, 09/01/2040 ^		77		71
Indiana Michigan Power Co.
7.00%, 03/15/2019		338		400
Jersey Central Power & Light Co.
7.35%, 02/01/2019		330		399
KCP&L Greater Missouri Operations Co.
11.88%, 07/01/2012		300		334
Massachusetts Electric Co.
5.90%, 11/15/2039 - 144A		55		58
MidAmerican Energy, Co.
5.30%, 03/15/2018		500		552
Nevada Power Co.
5.38%, 09/15/2040		52		51
6.50%, 08/01/2018		50		58
Nevada Power Co. - Series V
7.13%, 03/15/2019		100		119
Niagara Mohawk Power Corp.
4.88%, 08/15/2019 - 144A		50		53
NiSource Finance Corp.
6.80%, 01/15/2019		200		230
Northern States Power Co.
5.35%, 11/01/2039		19		20
6.25%, 06/01/2036 ^		100		115
Oncor Electric Delivery Co., LLC
6.80%, 09/01/2018		375		435
Pacific Gas & Electric Co.
5.40%, 01/15/2040		42		41
6.05%, 03/01/2034		60		64
8.25%, 10/15/2018 ^		150		192
PacifiCorp
5.65%, 07/15/2018		100		113
6.25%, 10/15/2037		200		225
Progress Energy, Inc.
4.40%, 01/15/2021 ^		140		141
4.88%, 12/01/2019		200		211
6.00%, 12/01/2039		50		53
7.75%, 03/01/2031		150		188
PSEG Power LLC
5.13%, 04/15/2020 ^		151		157
5.32%, 09/15/2016 ^		800		870
5.50%, 12/01/2015		100		110
Public Service Co., of Colorado
3.20%, 11/15/2020		56		53
Public Service Co., of Oklahoma
5.15%, 12/01/2019		133		142
Public Service Electric & Gas Co.
2.70%, 05/01/2015		150		152
5.38%, 11/01/2039 ^		28		28
Southern California Edison Co.
5.50%, 03/15/2040		130		134
6.65%, 04/01/2029		300		342
Southwestern Public Service Co. - Series G
8.75%, 12/01/2018		405		516
Electronic Equipment & Instruments - 0.1%
Arrow Electronics, Inc.
3.38%, 11/01/2015 ^		35		35
6.00%, 04/01/2020		385		411
6.88%, 07/01/2013 - 06/01/2018		292		321
Energy Equipment & Services - 0.2%
ANR Pipeline Co.
9.63%, 11/01/2021		200		280
CenterPoint Energy Resources Corp.
4.50%, 01/15/2021 - 144A		51		52
5.95%, 01/15/2014		150		165
Halliburton Co.
6.15%, 09/15/2019		70		81
Spectra Energy Capital LLC
6.20%, 04/15/2018		325		366
8.00%, 10/01/2019		490		604
TransCanada PipeLines, Ltd.
6.50%, 08/15/2018		175		206
7.13%, 01/15/2019 ^		400		488

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 48

Transamerica JPMorgan Core Bond

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

	Principal		Value
Energy Equipment & Services - (continued)
Transocean, Inc.
6.50%, 11/15/2020	$	500	$	561
Food & Staples Retailing - 0.0% ∞
CVS Caremark Corp.
6.13%, 09/15/2039		150		155
Kroger Co.
5.40%, 07/15/2040		51		49
7.50%, 04/01/2031		100		121
Food Products - 0.3%
Bunge, Ltd. Finance Corp.
5.88%, 05/15/2013		400		430
8.50%, 06/15/2019		110		134
Cargill, Inc.
6.00%, 11/27/2017 - 144A		220		250
7.35%, 03/06/2019 - 144A		250		305
Kraft Foods, Inc.
5.38%, 02/10/2020		609		659
6.13%, 08/23/2018		225		255
6.50%, 08/11/2017		875		1,016
Gas Utilities - 0.1%
AGL Capital Corp.
4.45%, 04/15/2013		300		317
5.25%, 08/15/2019		100		106
Atmos Energy Corp.
4.95%, 10/15/2014		200		217
Health Care Providers & Services - 0.0% ∞
Medco Health Solutions, Inc.
2.75%, 09/15/2015		140		140
Household Durables - 0.0% ∞
Newell Rubbermaid, Inc.
4.70%, 08/15/2020 ^		183		184
Industrial Conglomerates - 0.1%
Koninklijke Philips Electronics NV
7.20%, 06/01/2026		500		588
Insurance - 0.8%
ACE INA Holdings, Inc.
5.60%, 05/15/2015		425		472
Aflac, Inc.
6.45%, 08/15/2040 ^		108		111
8.50%, 05/15/2019		235		288
Allstate Corp.
5.00%, 08/15/2014		70		77
7.45%, 05/16/2019		100		120
AON Corp.
3.50%, 09/30/2015		46		47
6.25%, 09/30/2040 ^		83		88
Berkshire Hathaway Finance Corp.
2.45%, 12/15/2015		187		188
5.40%, 05/15/2018 ^		900		1,004
5.75%, 01/15/2040		100		106
CNA Financial Corp.
5.85%, 12/15/2014		200		218
5.88%, 08/15/2020		282		298
Jackson National Life Global Funding
5.38%, 05/08/2013 - 144A		950		1,024
MetLife Institutional Funding II
1.20%, 04/04/2014 - 144A *		230		231
Metropolitan Life Global Funding I
2.50%, 01/11/2013 - 144A		670		683
2.88%, 09/17/2012 - 144A		200		204
5.13%, 06/10/2014 - 144A		300		328
Nationwide Mutual Insurance Co.
9.38%, 08/15/2039 - 144A		300		377
New York Life Global Funding
3.00%, 05/04/2015 - 144A		600		613
4.65%, 05/09/2013 - 144A		150		161
Pacific Life Global Funding
5.00%, 05/15/2017 - 144A		100		103
5.15%, 04/15/2013 - 144A		280		298
Principal Life Income Funding Trusts
5.10%, 04/15/2014		385		419
5.30%, 12/14/2012 - 04/24/2013		510		545
Travelers Property Casualty Corp.
7.75%, 04/15/2026		450		567
IT Services - 0.0% ∞
International Business Machines Corp.
8.00%, 10/15/2038		100		138
Machinery - 0.0% ∞
Caterpillar, Inc.
7.90%, 12/15/2018 ^		250		321
Media - 0.8%
CBS Corp.
5.50%, 05/15/2033	��	150		142
5.75%, 04/15/2020		63		68
7.88%, 07/30/2030		130		154
8.88%, 05/15/2019		100		127
Comcast Cable Communications LLC
8.88%, 05/01/2017		250		317
Comcast Cable Holdings LLC
10.13%, 04/15/2022		414		569
Comcast Corp.
5.85%, 11/15/2015		300		338
6.45%, 03/15/2037		100		106
6.50%, 11/15/2035		100		107
COX Communications, Inc.
5.45%, 12/15/2014		50		56
DIRECTV Holdings LLC
4.60%, 02/15/2021 ^		400		399
6.00%, 08/15/2040		700		696
Historic TW, Inc.
9.15%, 02/01/2023		200		267
NBCUniversal Media LLC
5.95%, 04/01/2041 - 144A		210		210
News America, Inc.
6.20%, 12/15/2034		250		258
7.25%, 05/18/2018		155		188
7.30%, 04/30/2028		130		145
7.70%, 10/30/2025		300		365
8.88%, 04/26/2023		200		264
TCI Communications, Inc.
7.13%, 02/15/2028		100		115
8.75%, 08/01/2015		700		855
Thomson Reuters Corp.
4.70%, 10/15/2019 ^		75		80
Time Warner Cable, Inc.
6.75%, 07/01/2018		40		46
7.30%, 07/01/2038		90		103
8.25%, 02/14/2014 - 04/01/2019		930		1,125
8.75%, 02/14/2019		380		482

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 49

Transamerica JPMorgan Core Bond

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

	Principal		Value
Media - (continued)
Time Warner Entertainment Co., LP
8.38%, 07/15/2033	$	250	$	316
Time Warner, Inc.
4.75%, 03/29/2021		140		143
6.20%, 03/15/2040		100		102
6.25%, 03/29/2041		87		91
7.63%, 04/15/2031		300		360
7.70%, 05/01/2032		100		121
Metals & Mining - 0.0% ∞
BHP Billiton Finance USA, Ltd.
6.50%, 04/01/2019 ^		270		323
Multiline Retail - 0.0% ∞
Target Corp.
7.00%, 01/15/2038		140		170
Multi-Utilities - 0.1%
Dominion Resources, Inc.
6.00%, 11/30/2017		450		516
6.40%, 06/15/2018		170		197
Sempra Energy
2.00%, 03/15/2014		110		110
6.00%, 10/15/2039		150		156
8.90%, 11/15/2013		180		209
9.80%, 02/15/2019		140		187
Xcel Energy, Inc.
4.70%, 05/15/2020		50		52
Office Electronics - 0.0% ∞
Xerox Corp.
6.75%, 02/01/2017		330		384
8.25%, 05/15/2014		90		106
Oil, Gas & Consumable Fuels - 0.7%
Alberta Energy Co., Ltd.
7.38%, 11/01/2031		500		597
Anadarko Petroleum Corp.
7.63%, 03/15/2014		400		459
8.70%, 03/15/2019		150		188
ConocoPhillips
6.00%, 01/15/2020		105		122
6.65%, 07/15/2018		350		416
EnCana Corp.
6.50%, 05/15/2019 ^		150		178
ENI SpA
5.70%, 10/01/2040 - 144A		900		876
EOG Resources, Inc.
4.10%, 02/01/2021 ^		300		295
Petro-Canada
6.05%, 05/15/2018		312		354
7.88%, 06/15/2026		100		125
Shell International Finance BV
3.10%, 06/28/2015 ^		478		496
4.30%, 09/22/2019		300		313
4.38%, 03/25/2020 ^		410		429
6.38%, 12/15/2038		100		116
Statoil ASA
3.13%, 08/17/2017		200		200
Suncor Energy, Inc.
6.10%, 06/01/2018		250		285
Talisman Energy, Inc.
7.75%, 06/01/2019		385		475
Tosco Corp.
7.80%, 01/01/2027		160		203
8.13%, 02/15/2030		230		303
Total Capital SA
2.30%, 03/15/2016		400		396
4.13%, 01/28/2021 ^		82		83
Union Pacific Resources Group, Inc.
7.15%, 05/15/2028 ^		52		56
Pharmaceuticals - 0.0% ∞
Pharmacia Corp.
6.50%, 12/01/2018		260		305
Real Estate Investment Trusts - 0.2%
CommonWealth
5.88%, 09/15/2020 ^		400		414
6.25%, 08/15/2016		100		109
6.65%, 01/15/2018		215		238
ERP Operating, LP
5.25%, 09/15/2014		205		225
5.75%, 06/15/2017		120		134
HCP, Inc.
5.38%, 02/01/2021		105		109
Simon Property Group, LP
4.38%, 03/01/2021		60		60
5.65%, 02/01/2020 ^		247		270
6.13%, 05/30/2018		280		317
6.75%, 05/15/2014		50		56
10.35%, 04/01/2019		220		306
WEA Finance LLC
6.75%, 09/02/2019 - 144A		180		209
7.13%, 04/15/2018 - 144A		60		70
Road & Rail - 0.3%
Burlington Northern Santa Fe LLC
3.60%, 09/01/2020 ^		125		120
4.70%, 10/01/2019		75		79
5.65%, 05/01/2017		150		169
5.75%, 03/15/2018		500		565
7.29%, 06/01/2036 ^		90		107
Canadian National Railway Co.
5.85%, 11/15/2017		180		206
CSX Corp.
6.25%, 04/01/2015 ^		125		143
6.25%, 03/15/2018		160		185
7.38%, 02/01/2019		350		427
Ryder System, Inc.
3.60%, 03/01/2016		132		135
Union Pacific Corp.
5.70%, 08/15/2018		200		227
5.78%, 07/15/2040 ^		300		315
7.00%, 02/01/2016		150		178
Software - 0.1%
Intuit, Inc.
5.75%, 03/15/2017		70		78
Microsoft Corp.
1.63%, 09/25/2015		390		384
4.50%, 10/01/2040 ^		70		64
Oracle Corp.
5.00%, 07/08/2019		100		108
5.38%, 07/15/2040 - 144A		123		123
6.50%, 04/15/2038		200		231
Specialty Retail - 0.0% ∞
Lowe’s Cos., Inc.
7.11%, 05/15/2037		120		147
Staples, Inc.
9.75%, 01/15/2014		80		96

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 50

Transamerica JPMorgan Core Bond

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts except share amounts in thousands)
(unaudited)

	Principal		Value
Transportation Infrastructure - 0.0% ∞
United Parcel Service of America, Inc.
8.38%, 04/01/2020	$	60	$	80
8.38%, 04/01/2030 *		200		266
Water Utilities - 0.0% ∞
American Water Capital Corp.
6.09%, 10/15/2017		400		455
Wireless Telecommunication Services - 0.0% ∞
Vodafone Group PLC
5.45%, 06/10/2019 ^		75		83
Total Corporate Debt Securities (cost $143,735)				148,134
	Shares		Value
SECURITIES LENDING COLLATERAL - 6.3%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.24% ▲		71,973,405		71,973
Total Securities Lending Collateral (cost $71,973)
	Principal		Value
REPURCHASE AGREEMENT - 6.5%
State Street Bank & Trust Co. 0.01% ▲, dated 04/29/2011, to be repurchased at $73,434 on 05/02/2011. Collateralized by U.S. Government Agency Obligations, 3.50%, due 12/01/2025 - 03/01/2034, with a total value of $74,905.	$	73,434	$	73,434
Total Repurchase Agreement (cost $73,434)
Total Investment Securities (cost $1,178,292) #				1,201,735
Other Assets and Liabilities - Net				(64,769	)
Net Assets			$	1,136,966

NOTES TO SCHEDULE OF INVESTMENTS:
Ù	All or a portion of this security is on loan. The value of all securities on loan is $70,527.
*	Floating or variable rate note. Rate is listed as of 04/30/2011.
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 $319, or 0.03%, of the fund’s net assets.
§	Illiquid. At 04/30/2011, the market value of illiquid investment securities aggregated to $1,210, or 0.11%, of the fund’s net assets.
∞	Percentage rounds to less than 0.1%.
▲	Rate shown reflects the yield at 04/29/2011.
#	Aggregate cost for federal income tax purposes is $1,178,292. Aggregate gross unrealized appreciation for all securities in which there is an excess of value over tax cost were $27,165 and $3,722, respectively. Net unrealized appreciation for tax purposes is $23,443.

DEFINITIONS:

144A	144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 04/30/2011, these securities aggregated $77,458, or 6.81%, 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: ^Э

			Level 2 -
			Other		Level 3 -
	Level 1 -		Significant		Significant
	Quoted		Observable		Unobservable		Value at
Investment Securities	Prices		Inputs		Inputs		04/30/2011
Asset-Backed Securities	$	—	$	30,625	$	—	$	30,625
Corporate Debt Securities		—		148,134		—		148,134
Foreign Government Obligations		—		1,708		—		1,708
Mortgage-Backed Securities		—		128,072		—		128,072
Municipal Government Obligations		—		1,528		—		1,528
Repurchase Agreement		—		73,434		—		73,434
Securities Lending Collateral		71,973		—		—		71,973
U.S. Government Agency Obligations		—		504,030		—		504,030
U.S. Government Obligations		—		242,231		—		242,231
Total	$	71,973	$	1,129,762	$	—	$	1,201,735

^Э See the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques.

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 51

Transamerica JPMorgan International Bond

SCHEDULE OF INVESTMENTS
At April 30, 2011
(all amounts in thousands)
(unaudited)

		Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS - 69.1%
Australia - 0.9%
New South Wales Treasury Corp.
5.50%, 03/01/2017	AUD		3,100	$	3,380
Belgium - 3.0%
Belgium Government Bond
4.00%, 03/28/2018	EUR		7,410		11,049
Brazil - 0.9%
Brazil Notas Do Tesouro Nacional
10.00%, 01/01/2013	BRL		5,480		3,347
Canada - 1.8%
Canadian Government Bond
2.50%, 06/01/2015	CAD		3,800		4,037
5.00%, 06/01/2037	CAD		890		1,138
5.75%, 06/01/2033	CAD		983		1,354
Denmark - 1.7%
Denmark Government Bond
4.00%, 11/15/2019	DKK		10,150		2,127
5.00%, 11/15/2013	DKK		19,000		4,047
France - 4.4%
Caisse D’amortissement de La Dette Sociale
3.75%, 10/25/2020	EUR		1,520		2,251
France Government Bond
5.75%, 10/25/2032	EUR		6,950		12,810
France Government Bond O.A.T.
2.50%, 10/25/2020	EUR		800		1,085
Germany - 4.4%
Bundesrepublik Deutschland
3.25%, 01/04/2020	EUR		6,000		8,974
3.50%, 07/04/2019	EUR		4,100		6,260
4.75%, 07/04/2034	EUR		670		1,137
Indonesia - 0.8%
Indonesia Treasury Bond
9.00%, 09/15/2013	IDR		24,000,000		2,958
Italy - 10.7%
Italy Buoni Poliennali del Tesoro
4.00%, 09/01/2020 - 02/01/2037	EUR		7,750		10,466
4.25%, 08/01/2014	EUR		8,000		12,133
5.00%, 08/01/2034	EUR		4,660		6,527
5.25%, 08/01/2017	EUR		6,600		10,350
Japan - 23.2%
Japan Government Bond
1.30%, 03/20/2015	JPY		3,560,000		45,426
1.90%, 06/20/2025	JPY		50,000		636
2.10%, 12/20/2026 - 09/20/2028	JPY		2,365,000		30,234
2.20%, 09/20/2039	JPY		720,000		8,997
Korea, Republic of - 1.9%
Korea Treasury Bond
4.00%, 06/10/2012	KRW		4,600,000		4,311
Republic of Korea
5.75%, 09/10/2013	KRW		2,900,000		2,827
Mexico - 1.6%
Mexican Bonos - Series MI10
8.00%, 12/19/2013	MXN		66,200		6,057
Netherlands - 1.1%
Netherlands Government Bond
3.75%, 01/15/2042	EUR		2,870		4,212
Norway - 1.2%
Kommunalbanken AS
4.88%, 12/10/2012	GBP		2,500		4,392
Philippines - 1.3%
Republic of The Philippines
8.75%, 03/03/2013	PHP		185,000		4,754
South Africa - 2.8%
Republic of South Africa
13.50%, 09/15/2015	ZAR		57,000		10,532
Spain - 2.7%
Spain Government Bond
4.25%, 01/31/2014	EUR		1,300		1,952
4.60%, 07/30/2019	EUR		3,240		4,662
4.90%, 07/30/2040	EUR		2,580		3,263
Sweden - 1.3%
Sweden Government Bond
4.50%, 08/12/2015	SEK		28,000		4,923
United Kingdom - 3.4%
United Kingdom Gilt
4.25%, 06/07/2032	GBP		2,650		4,480
4.50%, 12/07/2042	GBP		4,620		8,170
Total Foreign Government Obligations (cost $230,934)					255,258
MORTGAGE-BACKED SECURITY - 1.2%
Spain - 1.2%
Union de Creditos Inmobiliarios
Series 15, Class A
1.31%, 12/18/2048 § *	EUR		3,749		4,449
Total Mortgage-Backed Security (cost $5,079)
ASSET-BACKED SECURITY - 0.0% ∞
Spain - 0.0% ∞
Fondo de Titulizacion de Activos Santander Auto
Series 1, Class A
1.15%, 11/25/2021 § *	EUR		38		55
Total Asset-Backed Security (cost $48)
CORPORATE DEBT SECURITIES - 25.8%
Australia - 0.6%
Suncorp-Metway, Ltd.
4.00%, 01/16/2014	GBP		1,290		2,261
Denmark - 0.9%
Spar Nord Bank A/S
2.50%, 07/10/2012	EUR		2,280		3,389
Finland - 1.1%
Nordea Bank Finland PLC
2.25%, 11/16/2015	EUR		2,800		3,975
France - 3.0%
Cie de Financement Foncier
4.75%, 06/25/2015	EUR		2,400		3,737
Credit Agricole Home Loan SFH
3.50%, 07/21/2014	EUR		2,500		3,749
GCE Covered Bonds
2.75%, 01/14/2015	EUR		2,600		3,764
Germany - 6.2%
Bayerische Landesbank
1.40%, 04/22/2013	JPY		1,008,000		12,619
IKB Deutsche Industriebank AG
2.63%, 03/13/2012	EUR		1,669		2,492
Kreditanstalt fuer Wiederaufbau
2.60%, 06/20/2037	JPY		170,000		2,281
5.50%, 12/07/2015	GBP		2,150		4,026
Landwirtschaftliche Rentenbank
1.38%, 04/25/2013	JPY		101,000		1,273

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 52

Transamerica JPMorgan International Bond

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts except share amounts in thousands)
(unaudited)

		Principal		Value
Netherlands - 5.4%
ABN Amro Bank NV
3.75%, 07/15/2014	EUR		2,500	$	3,780
Fortis Bank Nederland NV
3.38%, 05/19/2014	EUR		3,200		4,844
ING Bank NV
3.00%, 09/30/2014	EUR		2,650		3,907
LeasePlan Corp. NV
3.25%, 05/22/2014	EUR		4,950		7,451
Norway - 0.5%
Sparebanken Vest Boligkreditt AS
2.50%, 06/09/2015	EUR		1,400		2,014
Supranational - 4.5%
European Investment Bank
1.40%, 06/20/2017	JPY		946,000		12,085
4.25%, 10/15/2014 ^	EUR		2,900		4,521
Sweden - 1.0%
Swedbank Hypotek AB
2.50%, 06/15/2015	EUR		2,500		3,589
United Kingdom - 2.6%
Abbey National Treasury Services PLC
3.38%, 06/08/2015	EUR		1,300		1,878
Bank of Scotland PLC
3.25%, 01/25/2013	EUR		3,200		4,773
3.88%, 01/15/2014	EUR		800		1,195
Nationwide Building Society
2.88%, 09/14/2015	EUR		1,300		1,855
Total Corporate Debt Securities (cost $81,064)					95,458
SHORT-TERM FOREIGN GOVERNMENT OBLIGATION - 0.4%
France Treasury Bill
1.04%, 07/28/2011 ▲ γ	EUR		898		1,328
Total Short-Term Foreign Government Obligation (cost $1,229)

	Shares		Value
SECURITIES LENDING COLLATERAL - 0.3%
State Street Navigator Securities Lending Trust — Prime Portfolio, 0.24% ▲		977,580		978
Total Securities Lending Collateral (cost $978)

	Principal		Value
REPURCHASE AGREEMENT - 1.3%
State Street Bank & Trust Co. 0.01% ▲, dated 04/29/2011, to be repurchased at $4,938 on 05/02/2011. Collateralized by a U.S. Government Agency Obligation, 3.50%, due 12/01/2025, with a value of $5,041.	$	4,938		4,938
Total Repurchase Agreement (cost $4,938)
Total Investment Securities (cost $324,270) #				362,464
Other Assets and Liabilities — Net				7,195
Net Assets			$	369,659

	Percentage of
INVESTMENTS BY INDUSTRY:	Total Investments			Value
Foreign Government Obligation		70.4	%	$	255,258
Commercial Banks		22.5			81,877
Diversified Financial Services		3.2			11,320
Mortgage-Backed Security		1.3			4,449
Insurance		0.6			2,261
Asset-Backed Security		0.0	∞		55
Investment Securities, at Value		98.0			355,220
Short-Term Investments		2.0			7,244
Total Investments		100.0	%	$	362,464

FUTURES CONTRACTS:
							Net Unrealized
							Appreciation
Description	Type	Contracts ┌			Expiration Date		(Depreciation)
10-Year Government of Canada Bond	Long		16			06/21/2011	$	52
10-Year Japan Government Bond	Long		26			06/09/2011		400
3-Year Australian Treasury Bond	Long		4			06/15/2011		1
German Euro BOBL	Short		(291	)		06/08/2011		(219	)
German Euro Bund	Long		86			06/08/2011		54
German Euro Schatz	Short		(247	)		06/08/2011		31
United Kingdom Long Gilt Bond	Long		54			06/28/2011		338
							$	657

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 53

Transamerica JPMorgan International Bond

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts except share amounts in thousands)
(unaudited)

FORWARD FOREIGN CROSS CURRENCY CONTRACTS:
							Unrealized
					Settlement		Appreciation
Bought/Sold	Currency	Amount			Date		(Depreciation)
Buy	Australian Dollar		170			06/09/2011	$	8
Sell	Euro		(124	)		06/09/2011		(6	)
Buy	Canadian Dollar		594			06/09/2011		16
Sell	Japanese Yen		(50,719	)		06/09/2011		(14	)
Buy	Canadian Dollar		1,276			06/09/2011		28
Sell	Euro		(932	)		06/09/2011		(60	)
Buy	Canadian Dollar		409			06/09/2011		3
Sell	Swedish Krona		(2,690	)		06/09/2011		(16	)
Buy	Czech Republic Koruna		30,700			06/09/2011		106
Sell	Euro		(1,256	)		06/09/2011		(84	)
Buy	Euro		298			06/09/2011		13
Sell	Swedish Krona		(2,707	)		06/09/2011		(19	)
Buy	Euro		441			06/09/2011		15
Sell	Japanese Yen		(53,590	)		06/09/2011		(24	)
Buy	Euro		427			06/09/2011		7
Sell	Pound Sterling		(381	)		06/09/2011		(10	)
Buy	Euro		843			06/09/2011		25
Sell	Canadian Dollar		(1,175	)		06/09/2011		(19	)
Buy	Euro		1,815			06/09/2011		92
Sell	Japanese Yen		(222,588	)		06/09/2011		(150	)
Buy	Euro		1,864			06/09/2011		104
Sell	Pound Sterling		(1,627	)		06/09/2011		(62	)
Buy	Euro		673			06/09/2011		23
Sell	Japanese Yen		(80,826	)		06/09/2011		(24	)
Buy	Euro		406			06/09/2011		12
Sell	Pound Sterling		(362	)		06/09/2011		(16	)
Buy	Euro		302			06/09/2011		18
Sell	Australian Dollar		(418	)		06/09/2011		(27	)
Buy	Euro		456			06/09/2011		27
Sell	Japanese Yen		(53,518	)		06/09/2011		(12	)
Buy	Euro		359			06/09/2011		25
Sell	Swedish Krona		(3,210	)		06/09/2011		(25	)
Buy	Euro		595			06/09/2011		36
Sell	Japanese Yen		(70,466	)		06/09/2011		(24	)
Buy	Euro		437			06/09/2011		13
Sell	Japanese Yen		(53,087	)		06/09/2011		(22	)
Buy	Euro		1,258			06/09/2011		47
Sell	Japanese Yen		(148,536	)		06/09/2011		(18	)
Buy	Japanese Yen		67,804			06/09/2011		16
Sell	Euro		(561	)		06/09/2011		(10	)
Buy	Japanese Yen		81,066			06/09/2011		23
Sell	Euro		(692	)		06/09/2011		(47	)
Buy	Japanese Yen		36,252			06/09/2011		18
Sell	Norwegian Krone		(2,333	)		06/09/2011		(15	)
Buy	Japanese Yen		54,403			06/09/2011		11
Sell	Norwegian Krone		(3,539	)		06/09/2011		(13	)
Buy	Japanese Yen		56,899			06/09/2011		23
Sell	Pound Sterling		(419	)		06/09/2011		(21	)
Buy	Japanese Yen		61,283			06/09/2011		19
Sell	Euro		(518	)		06/09/2011		(30	)
Buy	Japanese Yen		46,700			06/09/2011		10
Sell	Canadian Dollar		(537	)		06/09/2011		(1	)
Buy	Japanese Yen		66,448			06/09/2011		14
Sell	Euro		(555	)		06/09/2011		(16	)
Buy	Japanese Yen		217,478			06/09/2011		136
Sell	Euro		(1,790	)		06/09/2011		(102	)
Buy	Japanese Yen		41,671			06/09/2011		17
Sell	Euro		(347	)		06/09/2011		(16	)
Buy	Japanese Yen		45,255			06/09/2011		26
Sell	Euro		(370	)		06/09/2011		(16	)
Buy	Mexican Peso		21,552			06/09/2011		56
Sell	Euro		(1,279	)		06/09/2011		(82	)
Buy	New Zealand Dollar		678			06/09/2011		7
Sell	Euro		(374	)		06/09/2011		(13	)

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 54

Transamerica JPMorgan International Bond

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts except share amounts in thousands)
(unaudited)

FORWARD FOREIGN CROSS CURRENCY CONTRACTS (continued):
							Unrealized
					Settlement		Appreciation
Bought/Sold	Currency	Amount			Date		(Depreciation)
Buy	New Zealand Dollar		703			06/09/2011	$	2
Sell	Canadian Dollar		(539	)		06/09/2011		(4	)
Buy	New Zealand Dollar		907			06/09/2011		14
Sell	Canadian Dollar		(690	)		06/09/2011		(10	)
Buy	Norwegian Krone		8,461			06/09/2011		66
Sell	Japanese Yen		(129,711	)		06/09/2011		(56	)
Buy	Norwegian Krone		5,110			06/09/2011		40
Sell	Euro		(655	)		06/09/2011		(37	)
Buy	Norwegian Krone		5,114			06/09/2011		42
Sell	Euro		(655	)		06/09/2011		(39	)
Buy	Norwegian Krone		8,460			06/09/2011		70
Sell	Japanese Yen		(129,155	)		06/09/2011		(54	)
Buy	Pound Sterling		872			06/09/2011		33
Sell	Euro		(984	)		06/09/2011		(33	)
Buy	Pound Sterling		331			06/09/2011		6
Sell	Euro		(373	)		06/09/2011		(4	)
Buy	Swedish Krona		11,216			06/09/2011		75
Sell	Euro		(1,246	)		06/09/2011		(66	)
Buy	Swedish Krona		11,161			06/09/2011		50
Sell	Euro		(1,246	)		06/09/2011		(49	)
Buy	Swedish Krona		14,004			06/09/2011		99
Sell	Norwegian Krone		(12,215	)		06/09/2011		(109	)
Buy	Swedish Krona		6,826			06/09/2011		46
Sell	Euro		(756	)		06/09/2011		(37	)
Buy	Swedish Krona		5,162			06/09/2011		34
Sell	Canadian Dollar		(792	)		06/09/2011		(18	)
Buy	Swedish Krona		5,217			06/09/2011		35
Sell	Canadian Dollar		(793	)		06/09/2011		(10	)
							$	66

FORWARD FOREIGN CURRENCY CONTRACTS:
						Amount in U.S.			Net Unrealized
				Settlement		Dollars Bought			Appreciation
Currency	Bought (Sold)			Date		(Sold)			(Depreciation)
Australian Dollar		(2,748	)		06/09/2011	$	(2,833	)	$	(163	)
Canadian Dollar		9,566			06/09/2011		9,956			145
Canadian Dollar		(692	)		06/09/2011		(719	)		(12	)
Czech Republic Koruna		31,738			06/09/2011		1,855			88
Danish Krone		(13,722	)		06/09/2011		(2,626	)		(97	)
Euro		2,200			06/09/2011		3,117			138
Euro		(1,252	)		06/09/2011		(1,832	)		(21	)
Euro		(502	)		06/09/2011		(733	)		(10	)
Euro		2,500			06/09/2011		3,597			102
Euro		(35,469	)		06/09/2011		(50,637	)		(1,838	)
Euro		(324	)		06/09/2011		(466	)		(13	)
Euro		(800	)		06/09/2011		(1,135	)		(49	)
Euro		3,200			06/09/2011		4,744			(9	)
Euro		(983	)		06/09/2011		(1,391	)		(63	)
Euro		(496	)		06/09/2011		(724	)		(9	)
Euro		700			06/09/2011		995			41
Euro		(765	)		06/09/2011		(1,105	)		(27	)
Euro		900			06/09/2011		1,300			32
Japanese Yen		3,746,995			06/09/2011		43,954			2,247
Japanese Yen		(56,349	)		06/09/2011		(683	)		(11	)
Japanese Yen		(100,149	)		06/09/2011		(1,225	)		(10	)
Japanese Yen		77,765			06/09/2011		939			20
Japanese Yen		(44,897	)		06/09/2011		(540	)		(13	)
Mexican Peso		10,775			06/09/2011		914			18
Mexican Peso		(58,203	)		06/09/2011		(4,905	)		(134	)
Norwegian Krone		(1,960	)		06/09/2011		(357	)		(16	)
Norwegian Krone		45,354			06/09/2011		8,292			333
Pound Sterling		4,609			06/09/2011		7,491			204
Pound Sterling		(375	)		06/09/2011		(605	)		(22	)

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 55

Transamerica JPMorgan International Bond

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts except share amounts in thousands)
(unaudited)

FORWARD FOREIGN CURRENCY CONTRACTS (continued):
						Amount in U.S.			Net Unrealized
				Settlement		Dollars Bought			Appreciation
Currency	Bought (Sold)			Date		(Sold)			(Depreciation)
South African Rand		(73,221	)		06/09/2011	$	(10,822	)	$	(268	)
South African Rand		6,113			06/09/2011		891			35
Swedish Krona		(19,908	)		06/09/2011		(3,145	)		(143	)
									$	475

NOTES TO SCHEDULE OF INVESTMENTS:

*	Floating or variable rate note. Rate is listed as of 04/30/2011.
∞	Percentage rounds to less than 0.1%.
§	Illiquid. At 04/30/2011, the market value of illiquid investment securities aggregated to $4,504, or 1.22%, of the fund’s net assets.
^	All or a portion of this security is on loan. The value of all securities on loan is $959.
▲	Rate shown reflects the yield at 04/29/2011.
#	Aggregate cost for federal income tax purposes is $324,270. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $40,864 and $2,670, respectively. Net unrealized appreciation for tax purposes is $38,194.
┌	Contract amounts are not in thousands.
γ	This security in the amount of $1,328 has been segregated as collateral with the broker 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: '

			Level 2 -
			Other		Level 3 -
	Level 1 -		Significant		Significant
	Quoted		Observable		Unobservable		Value at
Investment Securities	Prices		Inputs		Inputs		04/30/2011
Asset-Backed Security	$	—	$	55	$	—	$	55
Corporate Debt Securities		—		95,458		—		95,458
Foreign Government Obligations		—		255,258		—		255,258
Mortgage-Backed Security		—		4,449		—		4,449
Repurchase Agreement		—		4,938		—		4,938
Securities Lending Collateral		978		—		—		978
Short-Term Foreign Government Obligation		—		1,328		—		1,328
Total	$	978	$	361,486	$	—	$	362,464

				Level 2 -
				Other			Level 3 -
	Level 1 -			Significant			Significant
	Quoted			Observable			Unobservable		Total at
Other Financial Instruments	Prices			Inputs			Inputs		04/30/2011
Futures Contracts - Appreciation	$	876		$	—		$	—	$	876
Futures Contracts - Depreciation		(219	)					—		(219	)
Forward Foreign Currency Contracts - Appreciation		—			5,009			—		5,009
Forward Foreign Currency Contracts - Depreciation		—			(4,468	)		—		(4,468	)
Total	$	657		$	541		$	—	$	1,198

'	See the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques.
Ғ	Other financial instruments are derivative instruments that are valued at unrealized appreciation (depreciation) on the instrument.

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 56

Transamerica JPMorgan Long/Short Strategy
(formerly, Transamerica BNY Mellon Market Neutral Strategy)

SCHEDULE OF INVESTMENTS
At April 30, 2011
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
COMMON STOCKS - 101.3%
Aerospace & Defense - 3.0%
Honeywell International, Inc. µ		13,050	$	799
Huntington Ingalls Industries, Inc. ‡		12,828		513
Northrop Grumman Corp. µ		7,020		447
United Technologies Corp. µ		20,110		1,801
Auto Components - 1.0%
Johnson Controls, Inc. µ		29,870		1,225
Automobiles - 0.9%
General Motors Co. ‡ µ		33,360		1,071
Beverages - 3.6%
Coca-Cola Co. µ		32,800		2,212
Dr. Pepper Snapple Group, Inc. µ		22,850		896
PepsiCo, Inc. µ		15,500		1,068
Biotechnology - 2.2%
Biogen Idec, Inc. ‡ µ		7,720		752
Celgene Corp. ‡ µ		19,260		1,133
Dendreon Corp. ‡ µ		17,760		771
Capital Markets - 1.5%
Goldman Sachs Group, Inc. µ		5,980		903
Morgan Stanley µ		13,250		346
State Street Corp. µ		10,800		503
Chemicals - 6.0%
Air Products & Chemicals, Inc. µ		14,320		1,368
Dow Chemical Co. µ		37,690		1,545
E.I. du Pont de Nemours & Co. µ		47,400		2,691
Georgia Gulf Corp. ‡ µ		24,300		957
Westlake Chemical Corp. µ		6,560		431
Commercial Banks - 2.5%
Fifth Third Bancorp µ		31,370		416
Huntington Bancshares, Inc.		54,390		369
Popular, Inc. ‡ µ		90,590		285
Regions Financial Corp. µ		34,960		257
SVB Financial Group ‡ µ		4,800		290
TCF Financial Corp. µ		19,080		297
Wells Fargo & Co. µ		26,530		773
Zions Bancorporation µ		10,750		263
Communications Equipment - 2.0%
Cisco Systems, Inc. µ		34,020		597
Juniper Networks, Inc. ‡ µ		28,040		1,076
Motorola Mobility Holdings, Inc. ‡ µ		24,880		648
Computers & Peripherals - 1.7%
Apple, Inc. ‡ µ		2,830		985
SanDisk Corp. ‡ µ		20,970		1,031
Construction & Engineering - 0.8%
Fluor Corp. µ		13,420		939
Diversified Financial Services - 0.7%
Bank of America Corp. µ		44,760		549
Citigroup, Inc. ‡		61,390		282
Diversified Telecommunication Services - 1.3%
Verizon Communications, Inc. µ		39,170		1,480
Electric Utilities - 4.3%
FirstEnergy Corp.		17,580		702
Nextera Energy, Inc. µ		32,880		1,861
Northeast Utilities µ		26,700		951
NV Energy, Inc. µ		94,430		1,434
PPL Corp.		6,100		167
Electronic Equipment & Instruments - 0.9%
Corning, Inc. µ		28,260		591
TE Connectivity, Ltd.		13,380		480
Energy Equipment & Services - 1.1%
Baker Hughes, Inc. µ		5,720		443
Cameron International Corp. ‡ µ		6,830		360
Schlumberger, Ltd.		5,730		514
Food & Staples Retailing - 0.6%
Kroger Co. µ		27,860		677
Food Products - 4.8%
Archer-Daniels-Midland Co. µ		18,020		667
Campbell Soup Co. µ		21,930		737
ConAgra Foods, Inc. µ		33,580		821
General Mills, Inc. µ		80,370		3,101
Kellogg Co. µ		5,950		341
Health Care Equipment & Supplies - 1.6%
Baxter International, Inc.		10,780		613
Becton, Dickinson and Co.		5,710		491
Covidien PLC		13,370		745
Hotels, Restaurants & Leisure - 0.5%
Carnival Corp. µ		15,010		571
Household Durables - 0.6%
Lennar Corp. — Class A µ		11,900		226
NVR, Inc. ‡ µ		710		525
Household Products - 3.5%
Colgate-Palmolive Co. µ		32,670		2,755
Kimberly-Clark Corp.		8,850		585
Procter & Gamble Co. µ		12,620		819
Independent Power Producers & Energy Traders - 0.7%
Constellation Energy Group, Inc.		21,230		773
Industrial Conglomerates - 2.0%
3M Co. µ		9,010		876
Tyco International, Ltd. µ		31,400		1,530
Insurance - 7.4%
ACE, Ltd. µ		36,890		2,482
Aflac, Inc. µ		12,740		716
Allstate Corp. µ		9,290		314
Everest RE Group, Ltd. µ		7,840		714
MetLife, Inc. µ		34,670		1,622
PartnerRe, Ltd. µ		4,640		373
Prudential Financial, Inc. µ		28,390		1,800
RenaissanceRe Holdings, Ltd. µ		4,320		304
XL Group PLC — Class A µ		16,890		412
Internet & Catalog Retail - 1.4%
Amazon.com, Inc. ‡ µ		8,670		1,704
IT Services - 1.5%
Cognizant Technology Solutions Corp. - Class A ‡ µ		10,250		850
Genpact, Ltd. ‡ µ		27,230		438
VeriFone Holdings, Inc. ‡ µ		7,810		428
Machinery - 2.7%
Deere & Co.		3,610		352
PACCAR, Inc. µ		47,620		2,529
Parker Hannifin Corp. µ		3,160		298
Media - 6.7%
CBS Corp. — Class B µ		62,350		1,572
Discovery Communications, Inc. — Series A ‡ µ		14,020		621
Gannett Co., Inc. µ		32,500		489
Time Warner, Inc. µ		88,790		3,361

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 57

Transamerica JPMorgan Long/Short Strategy
(formerly, Transamerica BNY Mellon Market Neutral Strategy)

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
Media (continued)
Walt Disney Co. µ		39,390	$	1,698
Metals & Mining - 1.5%
Alcoa, Inc. µ		75,860		1,290
Freeport-McMoRan Copper & Gold, Inc. µ		9,180		505
Multi-Utilities - 1.8%
PG&E Corp. µ		12,460		574
Public Service Enterprise Group, Inc. µ		16,850		542
Sempra Energy µ		18,500		1,020
Oil, Gas & Consumable Fuels - 2.2%
Devon Energy Corp. µ		6,250		569
EOG Resources, Inc. µ		7,020		793
Occidental Petroleum Corp. µ		6,330		723
Southwestern Energy Co. ‡		10,640		467
Pharmaceuticals - 1.8%
Abbott Laboratories µ		18,030		938
Merck & Co., Inc. µ		22,720		817
Mylan, Inc. ‡		14,550		363
Real Estate Investment Trusts - 10.1%
Alexandria Real Estate Equities, Inc.		13,650		1,121
Apartment Investment & Management Co. - Class A		34,900		941
AvalonBay Communities, Inc.		5,900		747
Boston Properties, Inc. µ		16,070		1,681
Camden Property Trust µ		12,810		804
DCT Industrial Trust, Inc. µ		113,200		658
Developers Diversified Realty Corp. µ		56,530		833
Digital Realty Trust, Inc. µ		11,860		716
Dupont Fabros Technology, Inc. µ		27,330		668
Education Realty Trust, Inc. µ		46,450		395
General Growth Properties, Inc.		30,520		510
HCP, Inc. µ		31,510		1,249
Regency Centers Corp. µ		22,180		1,044
Senior Housing Properties Trust µ		24,640		584
Road & Rail - 3.9%
CSX Corp. µ		25,450		2,003
Norfolk Southern Corp. µ		15,370		1,148
Union Pacific Corp. µ		12,970		1,342
Semiconductors & Semiconductor Equipment - 7.6%
Analog Devices, Inc. µ		33,670		1,357
Applied Materials, Inc. µ		36,740		576
Broadcom Corp. — Class A µ		29,380		1,034
Intersil Corp. — Class A µ		37,040		547
LAM Research Corp. ‡ µ		17,100		826
LSI Corp. ‡ µ		31,730		233
Marvell Technology Group, Ltd. ‡ µ		77,910		1,202
Novellus Systems, Inc. ‡ µ		18,720		601
NVIDIA Corp. ‡ µ		33,870		677
Xilinx, Inc. µ		54,830		1,912
Software - 0.9%
Adobe Systems, Inc. ‡ µ		15,170		509
Citrix Systems, Inc. ‡ µ		6,360		536
Specialty Retail - 0.6%
AutoZone, Inc. ‡ µ		2,370		669
Textiles, Apparel & Luxury Goods - 0.2%
Coach, Inc. µ		4,750		284
Thrifts & Mortgage Finance - 0.2%
People’s United Financial, Inc.		18,190		249
Water Utilities - 0.7%
American Water Works Co., Inc. µ		27,380		804
Wireless Telecommunication Services - 2.3%
American Tower Corp. — Class A ‡		16,440		860
Sprint Nextel Corp. ‡ µ		360,840		1,869
Total Common Stocks (cost $111,914)				119,192

	Principal		Value
REPURCHASE AGREEMENT - 0.1%
State Street Bank & Trust Co. 0.01% ▲, dated 04/29/2011, to be repurchased at $67 on 05/02/2011. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 04/01/2025, with a value of $71.	$	67		67
Total Repurchase Agreement (cost $67)
Total Investment Securities (cost $111,981) #				119,259
Other Assets and Liabilities - Net				(1,633	)
Net Assets			$	117,626

	Shares			Value
SECURITIES SOLD SHORT (80.9%)
COMMON STOCKS (80.9%)
Aerospace & Defense (3.7%)
Boeing Co.		(16,840	)		(1,343	)
Lockheed Martin Corp.		(31,430	)		(2,492	)
Raytheon Co.		(11,460	)		(556	)
Air Freight & Logistics (1.4%)
FedEx Corp.		(9,310	)		(891	)
United Parcel Service, Inc. - Class B		(10,730	)		(804	)
Automobiles (0.6%)
Ford Motor Co. ‡		(46,120	)		(713	)
Biotechnology (0.3%)
Isis Pharmaceuticals, Inc. ‡		(18,920	)		(178	)
Regeneron Pharmaceuticals, Inc. ‡		(1,280	)		(65	)
Vertex Pharmaceuticals,Inc. ‡		(2,880	)		(158	)
Capital Markets (1.0%)
Ameriprise Financial, Inc.		(5,390	)		(335	)
Federated Investors, Inc. - Class B		(15,520	)		(400	)
Franklin Resources, Inc.		(3,290	)		(424	)
Chemicals (3.1%)
Nalco Holding Co.		(11,650	)		(340	)
OM Group, Inc. ‡		(12,950	)		(469	)
Praxair, Inc.		(17,060	)		(1,816	)
Valspar Corp.		(24,460	)		(962	)
Commercial Banks (3.0%)
Bank of Hawaii Corp.		(8,830	)		(431	)
Commerce Bancshares, Inc.		(8,540	)		(363	)
Cullen/Frost Bankers, Inc.		(9,860	)		(584	)
KeyCorp		(58,180	)		(504	)
Prosperity Bancshares, Inc.		(10,580	)		(485	)
UMB Financial Corp.		(13,620	)		(574	)
Valley National Bancorp		(36,980	)		(530	)
Communications Equipment (1.0%)
JDS Uniphase Corp. ‡		(11,800	)		(246	)
Motorola Solutions, Inc. ‡		(10,920	)		(501	)
Nokia OYJ ADR		(52,770	)		(487	)
Computers & Peripherals (0.6%)
Hewlett-Packard Co.		(16,710	)		(675	)
Diversified Telecommunication Services (1.2%)
AT&T, Inc.		(47,340	)		(1,473	)

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 58

Transamerica JPMorgan Long/Short Strategy
(formerly, Transamerica BNY Mellon Market Neutral Strategy)

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts except share amounts in thousands)
(unaudited)

	Shares			Value
Electric Utilities (5.9%)
American Electric Power Co., Inc.		(29,230	)	$	(1,066	)
Consolidated Edison, Inc.		(30,090	)		(1,569	)
Edison International		(34,380	)		(1,350	)
Entergy Corp.		(19,410	)		(1,353	)
Wisconsin Energy Corp.		(50,100	)		(1,564	)
Electrical Equipment (0.7%)
Rockwell Automation, Inc.		(9,550	)		(832	)
Energy Equipment & Services (1.7%)
Diamond Offshore Drilling, Inc.		(3,390	)		(257	)
Tenaris SA ADR		(35,720	)		(1,815	)
Food & Staples Retailing (0.3%)
Whole Foods Market, Inc.		(4,950	)		(311	)
Food Products (2.1%)
Hershey Co.		(36,340	)		(2,097	)
Mead Johnson Nutrition Co. - Class A		(5,190	)		(347	)
Health Care Equipment & Supplies (1.1%)
Edwards Lifesciences Corp. ‡		(4,150	)		(358	)
Stryker Corp.		(7,810	)		(461	)
Zimmer Holdings, Inc. ‡		(7,800	)		(509	)
Hotels, Restaurants & Leisure (0.5%)
Starwood Hotels & Resorts Worldwide, Inc.		(8,910	)		(531	)
Household Durables (0.4%)
MDC Holdings, Inc.		(7,240	)		(211	)
Ryland Group, Inc.		(11,620	)		(201	)
Household Products (1.7%)
Church & Dwight Co., Inc.		(10,280	)		(848	)
Clorox Co.		(16,320	)		(1,137	)
Independent Power Producers & Energy Traders (0.6%)
NRG Energy, Inc. ‡		(31,280	)		(757	)
Insurance (6.9%)
American International Group, Inc. ‡		(6,510	)		(203	)
AON Corp.		(25,690	)		(1,340	)
Chubb Corp.		(11,600	)		(756	)
Hartford Financial Services Group, Inc.		(15,530	)		(450	)
Lincoln National Corp.		(17,370	)		(542	)
Principal Financial Group, Inc.		(22,030	)		(744	)
Progressive Corp.		(47,200	)		(1,036	)
Travelers Cos., Inc.		(19,990	)		(1,265	)
WR Berkley Corp.		(54,690	)		(1,783	)
Internet Software & Services (0.7%)
AOL, Inc. ‡		(4,360	)		(89	)
eBay, Inc. ‡		(12,000	)		(412	)
Google, Inc. — Class A ‡		(560	)		(305	)
IT Services (0.9%)
Automatic Data Processing, Inc.		(5,090	)		(277	)
Paychex, Inc.		(12,740	)		(416	)
SAIC, Inc. ‡		(20,850	)		(363	)
Life Sciences Tools & Services (0.4%)
Agilent Technologies, Inc. ‡		(10,350	)		(517	)
Machinery (4.3%)
Caterpillar, Inc.		(5,660	)		(653	)
Dover Corp.		(25,680	)		(1,747	)
Eaton Corp.		(29,440	)		(1,576	)
Ingersoll-Rand PLC		(20,350	)		(1,028	)
Media (4.2%)
New York Times Co. — Class A ‡		(59,830	)		(486	)
News Corp. — Class B		(71,210	)		(1,346	)
Omnicom Group, Inc.		(16,400	)		(807	)
Scripps Networks Interactive, Inc. - Class A		(22,110	)		(1,137	)
Time Warner Cable, Inc.		(6,460	)		(505	)
Washington Post Co. — Class B		(1,870	)		(815	)
Metals & Mining (2.0%)
AK Steel Holding Corp.		(36,930	)		(599	)
Cliffs Natural Resources, Inc.		(4,050	)		(380	)
Nucor Corp.		(10,450	)		(491	)
U.S. Steel Corp.		(11,040	)		(527	)
Vale SA ADR		(11,290	)		(377	)
Multi-Utilities (1.1%)
Dominion Resources, Inc.		(28,660	)		(1,330	)
Oil, Gas & Consumable Fuels (0.8%)
Denbury Resources, Inc. ‡		(30,220	)		(682	)
Sunoco, Inc.		(5,680	)		(242	)
Personal Products (1.0%)
Estee Lauder Cos., Inc. - Class A		(12,650	)		(1,227	)
Pharmaceuticals (2.2%)
Eli Lilly & Co.		(31,230	)		(1,157	)
Forest Laboratories, Inc. ‡		(7,460	)		(247	)
Johnson & Johnson		(15,680	)		(1,030	)
Real Estate Investment Trusts (11.0%)
BioMed Realty Trust, Inc.		(37,210	)		(738	)
Douglas Emmett, Inc.		(38,840	)		(808	)
Duke Realty Corp.		(58,530	)		(893	)
Equity One, Inc.		(27,470	)		(544	)
Essex Property Trust, Inc.		(4,630	)		(627	)
Extra Space Storage, Inc.		(53,350	)		(1,155	)
Federal Realty Investment Trust		(13,380	)		(1,172	)
Highwoods Properties, Inc.		(26,800	)		(989	)
Kimco Realty Corp.		(41,620	)		(813	)
National Retail Properties, Inc.		(22,890	)		(603	)
Post Properties, Inc.		(18,580	)		(754	)
Realty Income Corp.		(30,880	)		(1,098	)
SL Green Realty Corp.		(14,310	)		(1,182	)
Taubman Centers, Inc.		(16,380	)		(952	)
U-Store-It Trust		(46,230	)		(525	)
Road & Rail (1.4%)
Heartland Express, Inc.		(29,240	)		(504	)
Knight Transportation, Inc.		(21,040	)		(379	)
Werner Enterprises, Inc.		(28,230	)		(739	)
Semiconductors & Semiconductor Equipment (7.3%)
Cypress Semiconductor Corp. ‡		(53,600	)		(1,166	)
Intel Corp.		(47,110	)		(1,092	)
Linear Technology Corp.		(61,560	)		(2,143	)
Microchip Technology, Inc.		(65,990	)		(2,709	)
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		(48,220	)		(651	)
Texas Instruments, Inc.		(22,270	)		(791	)
Software (0.8%)
Electronic Arts, Inc. ‡		(33,990	)		(686	)
THQ, Inc. ‡		(67,850	)		(274	)
Tobacco (3.3%)
Altria Group, Inc.		(56,730	)		(1,523	)
Philip Morris International, Inc.		(34,810	)		(2,417	)
Trading Companies & Distributors (0.4%)
WW Grainger, Inc.		(3,290	)		(499	)
Water Utilities (0.6%)
Aqua America, Inc.		(29,770	)		(671	)
Wireless Telecommunication Services (0.7%)
SBA Communications Corp. — Class A ‡		(21,090	)		(815	)
Total Common Stocks (proceeds $(88,219))					(95,172	)
Total Securities Sold Short (proceeds $(88,219))				$	(95,172	)

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 59

Transamerica JPMorgan Long/Short Strategy
(formerly, Transamerica BNY Mellon Market Neutral Strategy)

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

NOTES TO SCHEDULE OF INVESTMENTS:

‡	Non-income producing security.
▲	Rate shown reflects the yield at 04/29/2011.
µ	Securities or a portion thereof with an aggregate market value of $92,501 have been pledged to the broker as collateral for open securities sold short transactions.
#	Aggregate cost for federal income tax purposes is $111,981. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $8,614 and $1,336, respectively. Net unrealized appreciation for tax purposes is $7,278.

DEFINITION:

ADR American Depositary Receipt

VALUATION SUMMARY: '

			Level 2 -
			Other		Level 3 -
	Level 1 -		Significant		Significant
	Quoted		Observable		Unobservable		Value at
Investment Securities	Prices		Inputs		Inputs		04/30/2011
Common Stocks	$	113,543	$	5,649	$	—	$	119,192
Repurchase Agreement				67		—		67
Total	$	113,543	$	5,716	$	—	$	119,259

				Level 2 -
				Other			Level 3 -
	Level 1 -			Significant			Significant
	Quoted			Observable			Unobservable		Value at
Securities Sold Short	Prices			Inputs			Inputs		04/30/2011
Common Stocks	$	(91,191	)	$	(3,981	)	$	—	$	(95,172	)

^' See the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques.

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 60

Transamerica JPMorgan Mid Cap Value

SCHEDULE OF INVESTMENTS
At April 30, 2011
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
COMMON STOCKS - 96.7%
Aerospace & Defense - 1.4%
Alliant Techsystems, Inc. ^		20,600	$	1,455
L-3 Communications Holdings, Inc. ^		14,500		1,163
Beverages - 1.2%
Brown-Forman Corp. — Class B ^		16,825		1,209
Dr. Pepper Snapple Group, Inc.		25,700		1,007
Capital Markets - 2.5%
Ameriprise Financial, Inc.		37,700		2,339
Northern Trust Corp. ^		17,100		855
T. Rowe Price Group, Inc.		24,200		1,555
Chemicals - 3.3%
Airgas, Inc.		20,090		1,395
Albemarle Corp.		27,285		1,925
PPG Industries, Inc.		10,000		947
Sigma-Aldrich Corp. ^		27,600		1,948
Commercial Banks - 5.2%
BancorpSouth, Inc. ^		16,800		228
BB&T Corp. ^		27,700		746
City National Corp. ^		21,400		1,222
Cullen/Frost Bankers, Inc. ^		18,200		1,078
Fifth Third Bancorp		122,200		1,622
Huntington Bancshares, Inc.		78,400		532
M&T Bank Corp. ^		27,200		2,404
SunTrust Banks, Inc. ^		36,600		1,032
Zions Bancorporation ^		41,500		1,015
Commercial Services & Supplies - 2.1%
Republic Services, Inc. - Class A		127,100		4,019
Containers & Packaging - 2.8%
Ball Corp.		75,300		2,809
Rock-Tenn Co. - Class A ^		22,800		1,575
Silgan Holdings, Inc.		19,800		908
Distributors - 1.0%
Genuine Parts Co. ^		36,000		1,933
Diversified Financial Services - 0.8%
Invesco, Ltd.		61,700		1,534
Diversified Telecommunication Services - 1.1%
CenturyLink, Inc.		48,900		1,994
Electric Utilities - 2.8%
Northeast Utilities ^		25,600		911
Westar Energy, Inc.		82,700		2,251
Wisconsin Energy Corp. ^		71,400		2,228
Electrical Equipment - 3.1%
AMETEK, Inc.		28,400		1,308
Cooper Industries PLC - Class A ^		24,100		1,589
Regal Beloit Corp. ^		14,700		1,114
Roper Industries, Inc. ^		21,200		1,834
Electronic Equipment & Instruments - 3.5%
Amphenol Corp. - Class A ^		29,500		1,649
Arrow Electronics, Inc. ‡ ^		38,800		1,769
TE Connectivity, Ltd.		87,500		3,137
Food & Staples Retailing - 1.1%
Safeway, Inc. ^		88,000		2,139
Food Products - 2.2%
JM Smucker Co. ^		30,700		2,305
Ralcorp Holdings, Inc. ‡ ^		26,000		2,023
Gas Utilities - 5.0%
Energen Corp.		61,832		4,020
EQT Corp.		45,500		2,394
Oneok, Inc. ^		42,600		2,979
Health Care Equipment & Supplies - 1.1%
Becton, Dickinson and Co. ^		23,185		1,993
Health Care Providers & Services - 4.9%
AmerisourceBergen Corp. - Class A		38,800		1,577
Coventry Health Care, Inc. ‡		40,550		1,309
HCA Holdings, Inc. ‡		30,700		1,007
Humana, Inc. ‡		23,700		1,804
Lincare Holdings, Inc. ^		95,324		2,994
VCA Antech, Inc. ‡ ^		30,700		755
Hotels, Restaurants & Leisure - 2.8%
Darden Restaurants, Inc. ^		33,480		1,573
Marriott International, Inc. - Class A ^		36,555		1,290
Royal Caribbean Cruises, Ltd. ‡ ^		25,400		1,011
Yum! Brands, Inc.		26,100		1,400
Household Durables - 3.3%
Fortune Brands, Inc.		49,800		3,241
Jarden Corp. ^		27,700		1,008
Snap-On, Inc.		33,900		2,094
Household Products - 0.7%
Energizer Holdings, Inc. ‡		17,200		1,299
Industrial Conglomerates - 0.9%
Carlisle Cos., Inc. ^		35,900		1,778
Insurance - 9.8%
AON Corp. ^		30,400		1,586
Arch Capital Group, Ltd. ‡ ^		10,200		1,061
Cincinnati Financial Corp. ^		35,255		1,117
Loews Corp.		80,800		3,577
Old Republic International Corp. ^		130,150		1,649
OneBeacon Insurance Group, Ltd. - Class A ^		58,965		828
Principal Financial Group, Inc.		36,000		1,215
Torchmark Corp. ^		13,900		930
Transatlantic Holdings, Inc. ^		50,300		2,479
WR Berkley Corp. ^		77,100		2,515
XL Group PLC - Class A		69,100		1,687
Internet & Catalog Retail - 0.7%
Expedia, Inc. ^		54,600		1,367
Media - 4.9%
Cablevision Systems Corp. - Class A		49,600		1,747
CBS Corp. - Class B		86,500		2,183
Clear Channel Outdoor Holdings, Inc. - Class A ‡		64,273		884
DISH Network Corp. - Class A ‡		55,300		1,385
Gannett Co., Inc. ^		106,800		1,608
Omnicom Group, Inc.		19,600		964
Washington Post Co. - Class B ^		1,005		438
Multiline Retail - 0.7%
Kohl’s Corp. ^		25,200		1,328
Multi-Utilities - 4.5%
CMS Energy Corp. ^		150,200		2,973
NSTAR ^		40,300		1,866
Sempra Energy ^		20,800		1,146
Xcel Energy, Inc. ^		102,900		2,504
Oil, Gas & Consumable Fuels - 6.9%
CVR Energy, Inc. ‡		34,900		776
Devon Energy Corp.		34,700		3,158
El Paso Corp.		90,000		1,747
Kinder Morgan Management LLC ‡		15,095		1,029
Newfield Exploration Co. ‡		28,600		2,025
Teekay Corp. ^		43,800		1,489

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 61

Transamerica JPMorgan Mid Cap Value

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Williams Cos., Inc.		83,700	$	2,776
Real Estate Investment Trusts - 2.9%
HCP, Inc.		32,900		1,303
Kimco Realty Corp. ^		24,200		473
Regency Centers Corp. ^		39,300		1,849
Vornado Realty Trust		19,856		1,921
Real Estate Management & Development - 0.7%
Brookfield Office Properties, Inc.		66,750		1,320
Semiconductors & Semiconductor Equipment - 0.6%
Analog Devices, Inc.		29,100		1,173
Software - 2.0%
Jack Henry & Associates, Inc. ^		59,700		2,028
Synopsys, Inc. ‡		64,300		1,761
Specialty Retail - 7.2%
AutoZone, Inc. ‡		5,200		1,468
Bed Bath & Beyond, Inc. ‡		49,600		2,784
Gap, Inc. ^		136,500		3,173
Sherwin-Williams Co.		22,800		1,876
Staples, Inc. ^		41,900		886
Tiffany & Co. ^		21,300		1,479
TJX Cos., Inc.		36,500		1,957
Textiles, Apparel & Luxury Goods - 0.7%
Phillips-Van Heusen Corp.		19,600		1,380
Thrifts & Mortgage Finance - 1.1%
Capitol Federal Financial, Inc.		40,900		463
People’s United Financial, Inc. ^		114,500		1,567
Tobacco - 0.4%
Lorillard, Inc.		6,400		682
Wireless Telecommunication Services - 0.8%
Telephone & Data Systems, Inc.
(Special Shares) - Class L		54,660		1,593
Total Common Stocks (cost $133,126)				183,405
SECURITIES LENDING COLLATERAL - 25.6%
State Street Navigator Securities Lending
Trust - Prime Portfolio, 0.24% ▲		48,471,404		48,471
Total Securities Lending Collateral (cost $48,471)
	Principal		Value
REPURCHASE AGREEMENT - 2.9%
State Street Bank & Trust Co. 0.01% ▲, dated 04/29/2011, to be repurchased at $5,537 on 05/02/2011. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 04/01/2025, with a value of $5,650.	$	5,537		5,537
Total Repurchase Agreement (cost $5,537)
Total Investment Securities (cost $187,134) #				237,413
Other Assets and Liabilities - Net				(47,787	)
Net Assets			$	189,626

NOTES TO SCHEDULE OF INVESTMENTS:

^	All or a portion of this security is on loan. The value of all securities on loan is $47,354.
‡	Non-income producing security.
▲	Rate shown reflects the yield at 04/29/2011.
#	Aggregate cost for federal income tax purposes is $187,134. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $51,703 and $1,424, respectively. Net unrealized appreciation for tax purposes is $50,279.

VALUATION SUMMARY: '

			Level 2 -
			Other		Level 3 -
	Level 1 -		Significant		Significant
	Quoted		Observable		Unobservable		Value at
Investment Securities	Prices		Inputs		Inputs		04/30/2011
Common Stocks	$	174,492	$	8,913	$	—	$	183,405
Repurchase Agreement		—		5,537		—		5,537
Securities Lending Collateral		48,471						48,471
Total	$	222,963	$	14,450	$	—	$	237,413

^' See the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques.

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 62

Transamerica Loomis Sayles Bond

SCHEDULE OF INVESTMENTS
At April 30, 2011
(all amounts in thousands)
(unaudited)

		Principal		Value
U.S. GOVERNMENT OBLIGATIONS - 1.7%
United States - 1.7%
U.S. Treasury Note
0.75%, 12/15/2013 ^		$	5,800	$	5,783
2.75%, 10/31/2013			3,865		4,052
Total U.S. Government Obligations (cost $9,791)					9,835
FOREIGN GOVERNMENT OBLIGATIONS - 21.2%
Australia - 1.1%
New South Wales Treasury Corp.
5.50%, 08/01/2013	AUD		1,105		1,219
Queensland Treasury Corp.
7.13%, 09/18/2017 - 144A	NZD		5,865		5,137
Brazil - 2.2%
Republic of Brazil
10.25%, 01/10/2028	BRL		19,500		13,257
Canada - 7.4%
Canada Housing Trust No. 1
3.55%, 09/15/2013 - 144A	CAD		1,825		1,998
Canadian Government Bond
3.00%, 12/01/2015	CAD		17,160		18,535
3.75%, 06/01/2012	CAD		6,690		7,247
5.25%, 06/01/2012	CAD		5,115		5,627
Province of Ontario Canada
4.20%, 03/08/2018 - 06/02/2020	CAD		6,965		7,536
Province of Quebec Canada
6.75%, 11/09/2015	NZD		2,825		2,439
Colombia - 0.5%
Republic of Colombia
9.85%, 06/28/2027	COP		665,000		471
12.00%, 10/22/2015 ^	COP		3,500,000		2,544
Korea, Republic of - 5.1%
Export-Import Bank of Korea
4.00%, 11/26/2015 - 144A	PHP		386,300		8,690
5.10%, 10/29/2013 - 144A	INR		184,600		3,931
Korea Treasury Bond
5.00%, 09/10/2014	KRW		18,384,830		17,654
Malaysia - 0.5%
Republic of Malaysia
3.21%, 05/31/2013	MYR		9,370		3,164
Mexico - 3.2%
United Mexican States
8.00%, 12/07/2023	MXN		207,000		18,800
Philippines - 0.2%
Republic of The Philippines
4.95%, 01/15/2021 ^	PHP		50,000		1,142
Supranational - 1.0%
Inter-American Development Bank
2.50%, 03/11/2013	INR		291,000		6,121
Total Foreign Government Obligations (cost $112,107)					125,512
MORTGAGE-BACKED SECURITIES - 8.1%
United States - 8.1%
Banc of America Commercial Mortgage, Inc.
Series 2007-2, Class A4
5.65%, 04/10/2049 *		$	500		542
Banc of America Funding Corp.
Series 2006-I, Class 1A1
2.63%, 12/20/2036 *			163		156
Banc of America Mortgage Securities, Inc.
Series 2005-F, Class 2A2
2.94%, 07/25/2035 *			411		356
Bear Stearns Commercial Mortgage Securities
Series 2007-PW15, Class A4
5.33%, 02/11/2044			1,300		1,389
Series 2007-PW16, Class A4
5.72%, 06/11/2040 *			700		774
Commercial Mortgage Pass-Through Certificates
Series 2007-C9, Class A4
5.81%, 12/10/2049 *			1,050		1,168
Credit Suisse Mortgage Capital Certificates
Series 2007-C3, Class A4
5.91%, 06/15/2039 *			2,410		2,602
Series 2007-C4, Class A4
6.00%, 09/15/2039 *			1,200		1,298
Series 2007-C5, Class A4
5.70%, 09/15/2040 *			4,785		5,086
Series 2008-C1, Class A3
6.42%, 02/15/2041 *			1,540		1,691
Extended Stay America Trust
Series 2010-ESHA, Class D
5.50%, 11/05/2027 - 144A			4,035		4,179
Greenwich Capital Commercial Funding Corp.
Series 2007-GG9, Class A4
5.44%, 03/10/2039			3,000		3,262
Series 2007-GG11, Class A4
5.74%, 12/10/2049			3,100		3,359
IndyMac Index Mortgage Loan Trust
Series 2005-AR1, Class 3A1
2.64%, 03/25/2035 *			571		480
JPMorgan Chase Commercial Mortgage Securities Corp.
Series 2007-CB19, Class A4
5.74%, 02/12/2049 *			740		815
Series 2007-LD11, Class A4
6.01%, 06/15/2049 *			5,310		5,794
Series 2007-LDPX, Class A3
5.42%, 01/15/2049			3,250		3,522
JPMorgan Mortgage Trust
Series 2007-A1, Class 4A2
2.98%, 07/25/2035 *			391		381
MASTR Adjustable Rate Mortgages Trust
Series 2004-15, Class 4A1
2.97%, 12/25/2034 *			2,048		1,759
Series 2005-2, Class 5A1
2.64%, 03/25/2035 *			1,194		1,065
MLCC Mortgage Investors, Inc.
Series 2004-1, Class 2A1
2.22%, 12/25/2034 *			396		377
Morgan Stanley Mortgage Loan Trust
Series 2005-2AR, Class A
0.47%, 04/25/2035 *			1,122		889
Series 2005-7, Class 7A5
5.50%, 11/25/2035			1,575		1,401
Morgan Stanley Re-REMIC Trust
Series 2009-GG10, Class A4B
5.81%, 08/12/2045 - 144A *			2,900		3,042
Wells Fargo Mortgage Backed Securities Trust
Series 2005-AR2, Class 2A2
2.74%, 03/25/2035 *			1,056		945
Series 2005-AR4, Class 2A2
2.75%, 04/25/2035 *			1,519		1,452
Total Mortgage-Backed Securities (cost $37,506)					47,784

The notes to the financial statements are an integral part of this report.
Transamerica Funds Semi-Annual Report 2011

Page 63

Transamerica Loomis Sayles Bond

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

		Principal		Value
ASSET-BACKED SECURITIES - 4.0%
United States - 4.0%
American Airlines Pass-Through Trust
Series 2001-2, Class A2
7.86%, 10/01/2011		$	2,965	$	3,032
Series 2009-1A
10.38%, 07/02/2019 ^			975		1,135
Chesapeake Funding LLC
Series 2009-2A, Class B
1.97%, 09/15/2021 - 144A *			1,000		1,011
Series 2009-2A, Class C
1.97%, 09/15/2021 - 144A *			1,200		1,204
Continental Airlines Pass-Through Trust
Series 2001-1, Class 01A1
6.70%, 06/15/2021			694		724
Countrywide Asset-Backed Certificates
Series 2004-4, Class M1
0.93%, 07/25/2034 *			450		345
Series 2004-13, Class AF5B
5.10%, 05/25/2035 *			625		534
CVS Pass-Through Trust
6.94%, 01/10/2030			1,232		1,375
Delta Air Lines, Inc., Pass-Through Trust
Series 2007-1, Class A
6.82%, 08/10/2022			2,359		2,453
Series 2007-1, Class B
8.02%, 08/10/2022			2,136		2,179
Diamond Resorts Owner Trust
Series 2009-1, Class A
9.31%, 03/20/2026 - 144A			887		895
DSC Floorplan Master Owner Trust
Series 2011-1, Class B
8.11%, 03/15/2016 - 144A			850		857
JP Morgan Mortgage Acquisition Corp.
Series 2005-OPT1, Class M2
0.68%, 06/25/2035 *			350		255
Sierra Receivables Funding Co. LLC
Series 2009-3A, Class A1
7.62%, 07/20/2026 - 144A			1,093		1,115
UAL Pass-Through Trust
Series 2007-1, Class A
6.64%, 07/02/2022			6,612		6,678
Total Asset-Backed Securities (cost $22,721)					23,792
MUNICIPAL GOVERNMENT OBLIGATIONS - 0.6%
United States - 0.6%
California Health Facilities Financing Authority
5.25%, 11/15/2046			660		580
State of Illinois
5.10%, 06/01/2033			3,705		3,106
Total Municipal Government Obligations (cost $3,402)					3,686
PREFERRED CORPORATE DEBT SECURITIES - 0.2%
United States - 0.2%
Bank of America Corp.
8.00%, 01/30/2018 * Ž			215		233
Hercules, Inc.
6.50%, 06/30/2029			1,260		1,078
NGC Corp., Capital Trust I
8.32%, 06/01/2027 §			200		110
Total Preferred Corporate Debt Securities (cost $1,448)					1,421
CORPORATE DEBT SECURITIES - 43.5%
Australia - 1.9%
Australia & New Zealand Banking Group, Ltd.
6.75%, 11/10/2014	AUD		7,300		8,112
General Electric Capital Australia Funding, Ltd.
8.00%, 02/13/2012	AUD		1,635		1,823
National Australia Bank, Ltd.
6.50%, 11/05/2015	AUD		1,070		1,166
Canada - 0.2%
Bell Canada
6.10%, 03/16/2035 - 144A	CAD		475		501
Bombardier, Inc.
7.45%, 05/01/2034 - 144A		$	800		796
Nortel Networks, Ltd.
6.88%, 09/01/2023 ‡ Џ			250		70
Cayman Islands - 0.2%
Odebrecht Drilling Norbe VIII/IX, Ltd.
6.35%, 06/30/2021 - 144A ^			1,100		1,159
India - 0.3%
ICICI Bank, Ltd.
5.75%, 11/16/2020 - 144A			1,900		1,907
Luxembourg - 0.9%
ArcelorMittal
5.25%, 08/05/2020 ^			1,265		1,272
7.00%, 10/15/2039 ^			1,650		1,726
Telecom Italia Capital SA
6.00%, 09/30/2034 ^			2,760		2,527
Mexico - 0.2%
America Movil SAB de CV
8.46%, 12/18/2036	MXN		12,000		941
Netherlands - 0.0% ∞
EDP Finance BV
4.90%, 10/01/2019 - 144A		$	100		89
Supranational - 2.3%
European Investment Bank
Zero Coupon, 04/24/2013 - 144A	IDR		118,809,000		12,280
7.00%, 01/18/2012	NZD		1,580		1,313
United Arab Emirates - 1.4%
DP World, Ltd.
6.85%, 07/02/2037 - 144A		$	6,410		6,105
Dubai Electricity & Water Authority
7.38%, 10/21/2020 - 144A ^			2,100		2,095
United States - 36.1%
Advanced Micro Devices, Inc.
7.75%, 08/01/2020 ^			715		745
Alcatel-Lucent USA, Inc.
6.50%, 01/15/2028			1,275		1,161
American International Group, Inc.
8.18%, 05/15/2058 *			5,210		5,835
Associates Corp.
6.95%, 11/01/2018			1,645		1,871
Bruce Mansfield Unit
6.85%, 06/01/2034			2,757		2,927
CenturyLink, Inc.
7.20%, 12/01/2025			595		598
7.60%, 09/15/2039 ^			1,425		1,438
Citigroup, Inc.
5.38%, 08/09/2020 ^			4,420		4,621
5.88%, 02/22/2033			180		174
6.00%, 10/31/2033			1,280		1,256
6.13%, 08/25/2036			760		751

The notes to the financial statements are an integral part of this report.
Transamerica Funds Semi-Annual Report 2011

Page 64

Transamerica Loomis Sayles Bond

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

		Principal		Value
United States (continued)
CommScope, Inc.
8.25%, 01/15/2019 - 144A		$	635	$	668
Developers Diversified Realty Corp. REIT
7.88%, 09/01/2020			1,585		1,842
Dillard’s, Inc.
7.13%, 08/01/2018			990		1,010
Dynegy Holdings, Inc.
7.63%, 10/15/2026 ^			450		326
El Paso Corp.
7.42%, 02/15/2037			1,235		1,301
Energy Future Holdings Corp.
5.55%, 11/15/2014 ^			6,735		5,894
6.50%, 11/15/2024 ^			1,110		599
6.55%, 11/15/2034 ^			305		162
Equifax, Inc.
7.00%, 07/01/2037			400		434
Ford Motor Co.
6.50%, 08/01/2018			100		107
6.63%, 02/15/2028			4,788		4,839
7.45%, 07/16/2031 ^			2,875		3,279
7.50%, 08/01/2026 ^			115		124
Forethought Financial Group, Inc.
8.63%, 04/15/2021 - 144A			1,430		1,441
Fortune Brands, Inc.
5.88%, 01/15/2036			2,060		1,892
Frontier Communications Corp.
7.88%, 01/15/2027			2,160		2,082
General Electric Capital Corp.
2.96%, 05/18/2012	SGD		2,500		2,074
3.49%, 03/08/2012	SGD		2,400		1,995
7.63%, 12/10/2014	NZD		320		279
Harley-Davidson Funding Corp.
6.80%, 06/15/2018 - 144A		$	3,865		4,327
Hasbro, Inc.
6.60%, 07/15/2028			4,730		5,000
HCA, Inc.
7.05%, 12/01/2027			55		49
7.19%, 11/15/2015			2,555		2,571
7.50%, 12/15/2023 ^			3,200		2,979
7.58%, 09/15/2025			755		707
7.69%, 06/15/2025			1,545		1,462
7.75%, 07/15/2036			125		117
8.36%, 04/15/2024			190		190
Highwoods Realty, LP REIT
5.85%, 03/15/2017			1,175		1,267
IFM U.S. Colonial Pipeline 2 LLC
6.45%, 05/01/2021 - 144A			2,300		2,377
International Lease Finance Corp.
6.50%, 09/01/2014 - 144A			3,905		4,139
8.25%, 12/15/2020 ^			1,135		1,266
JC Penney Corp., Inc.
7.63%, 03/01/2097 ^			430		384
Joy Global, Inc.
6.63%, 11/15/2036			2,780		2,916
Level 3 Financing, Inc.
8.75%, 02/15/2017			4,745		4,910
9.25%, 11/01/2014			287		298
9.38%, 04/01/2019 - 144A^			100		106
Mackinaw Power LLC
6.30%, 10/31/2023 - 144A			1,486		1,582
Macy’s Retail Holdings, Inc.
6.79%, 07/15/2027			1,065		1,033
Masco Corp.
5.85%, 03/15/2017 ^			2,440		2,467
6.50%, 08/15/2032 ^			485		445
7.13%, 03/15/2020			1,505		1,571
7.75%, 08/01/2029			200		199
Merrill Lynch & Co., Inc.
6.05%, 06/01/2034			820		823
6.11%, 01/29/2037			3,810		3,731
Midwest Generation LLC
8.56%, 01/02/2016			669		680
Morgan Stanley
5.50%, 07/24/2020			2,560		2,616
5.75%, 01/25/2021			2,400		2,496
Mosaic Global Holdings, Inc.
7.30%, 01/15/2028			420		489
Motorola Solutions, Inc.
6.50%, 09/01/2025			1,180		1,259
New Albertsons, Inc.
6.63%, 06/01/2028			4,210		3,263
7.45%, 08/01/2029 ^			1,305		1,093
7.75%, 06/15/2026			680		590
8.00%, 05/01/2031			905		778
NLV Financial Corp.
7.50%, 08/15/2033 - 144A			190		185
Nortel Networks Capital Corp.
7.88%, 06/15/2026 ‡ Џ			295		224
Northwest Airlines Pass-Through Trust - Class A
7.03%, 11/01/2019			6,382		6,510
Owens & Minor, Inc.
6.35%, 04/15/2016 §			835		870
Owens Corning, Inc.
7.00%, 12/01/2036			4,585		4,694
Parker Drilling Co.
9.13%, 04/01/2018			325		360
Plains All American Pipeline, LP
6.70%, 05/15/2036			930		1,012
Pride International, Inc.
6.88%, 08/15/2020			5,000		5,779
ProLogis REIT
6.63%, 05/15/2018			525		581
6.88%, 03/15/2020			2,970		3,329
Pulte Group, Inc.
6.00%, 02/15/2035			305		236
6.38%, 05/15/2033			1,850		1,522
7.88%, 06/15/2032			1,500		1,380
Qwest Capital Funding, Inc.
6.50%, 11/15/2018			560		576
6.88%, 07/15/2028 ^			1,510		1,491
7.63%, 08/03/2021			1,000		1,045
Qwest Corp.
6.88%, 09/15/2033			2,770		2,715
7.20%, 11/10/2026			895		902
7.25%, 09/15/2025 ^			1,705		1,787
7.50%, 06/15/2023			1,670		1,674
Ralcorp Holdings, Inc.
6.63%, 08/15/2039			3,060		3,283
Reynolds American, Inc.
7.25%, 06/15/2037			880		959

The notes to the financial statements are an integral part of this report.
Transamerica Funds Semi-Annual Report 2011

Page 65

Transamerica Loomis Sayles Bond

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts except share amounts in thousands)
(unaudited)

		Principal		Value
United States (continued)
Reynolds Group Issuer, Inc.
8.25%, 02/15/2021 - 144A ^		$	800	$	813
SLM Corp.
5.00%, 06/15/2018 ^			175		166
5.63%, 08/01/2033 ^			779		681
8.45%, 06/15/2018 ^			4,030		4,574
Springleaf Finance Corp.
4.88%, 07/15/2012 ^			1,600		1,588
5.38%, 10/01/2012 ^			1,500		1,500
5.85%, 06/01/2013 ^			600		603
6.90%, 12/15/2017			6,260		5,869
Sprint Capital Corp.
6.88%, 11/15/2028			7,420		7,113
Toro Co.
6.63%, 05/01/2037 §			2,500		2,474
Toys “R” Us, Inc.
7.38%, 10/15/2018			6,440		6,456
U.S. Steel Corp.
6.65%, 06/01/2037			1,790		1,607
USG Corp.
6.30%, 11/15/2016			4,585		4,379
9.75%, 01/15/2018 ^			1,070		1,126
Valeant Pharmaceuticals International, Inc.
6.75%, 08/15/2021 - 144A ^			1,595		1,545
7.25%, 07/15/2022 - 144A ^			1,240		1,220
Valero Energy Corp.
6.63%, 06/15/2037			2,850		2,998
Verizon Maryland, Inc.
5.13%, 06/15/2033			200		184
Westvaco Corp.
7.95%, 02/15/2031			1,135		1,211
8.20%, 01/15/2030			2,985		3,217
Weyerhaeuser Co. REIT
6.88%, 12/15/2033			4,740		4,848
6.95%, 10/01/2027 ^			130		134
7.38%, 03/15/2032			1,530		1,651
Wyndham Worldwide Corp.
6.00%, 12/01/2016 ^			2,010		2,152
7.38%, 03/01/2020			1,835		2,032
Total Corporate Debt Securities (cost $236,565)					257,042
STRUCTURED NOTES DEBT - 1.1%
United States - 1.1%
JPMorgan Chase & Co.
0.90%, 04/12/2012 - 144A ▲	IDR		21,967,355		2,433
0.90%, 09/10/2012 - 144A ▲	IDR		37,004,100		3,985
Total Structure Notes Debt (cost $5,577)					6,418
CONVERTIBLE BONDS - 11.2%
Canada - 0.1%
Nortel Networks Corp.
2.13%, 04/15/2014 ‡ Џ		$	385		335
United States - 11.1%
Chesapeake Energy Corp.
2.25%, 12/15/2038 ^			390		365
2.50%, 05/15/2037			1,845		2,023
Ciena Corp.
0.25%, 05/01/2013 ^			125		128
0.88%, 06/15/2017 ^			3,595		3,550
3.75%, 10/15/2018 - 144A			445		714
Ford Motor Co.
4.25%, 11/15/2016			3,715		6,928
Hologic, Inc.
2.00%, 12/15/2037 ^			280		338
2.00%, 12/15/2037 *			3,145		3,050
Human Genome Sciences, Inc.
2.25%, 08/15/2012			1,170		2,015
Intel Corp.
2.95%, 12/15/2035 ^			2,745		2,927
3.25%, 08/01/2039 ^			10,315		13,126
Lennar Corp.
2.00%, 12/01/2020 - 144A			65		66
Level 3 Communications, Inc.
3.50%, 06/15/2012			205		203
7.00%, 03/15/2015 - 144A §			2,110		2,659
Liberty Media LLC
3.50%, 01/15/2031			122		68
Micron Technology, Inc.
1.88%, 06/01/2014 ^			495		533
Nektar Therapeutics
3.25%, 09/28/2012			1,960		1,989
Omnicare, Inc.
3.25%, 12/15/2035 ^			4,545		4,250
3.75%, 12/15/2025			1,245		1,659
Owens-Brockway Glass Container, Inc.
3.00%, 06/01/2015 - 144A ^			2,520		2,536
Peabody Energy Corp.
4.75%, 12/15/2041			1,325		1,699
Trinity Industries, Inc.
3.88%, 06/01/2036 ^			2,785		3,046
Valeant Pharmaceuticals International, Inc.
4.00%, 11/15/2013			1,300		5,404
Vertex Pharmaceuticals, Inc.
3.35%, 10/01/2015			5,205		6,721
Total Convertible Bonds (cost $48,527)					66,332
LOAN ASSIGNMENT - 0.6%
United States - 0.6%
Level 3 Financing, Inc.
11.50%, 03/13/2014 *			3,250		3,469
Total Loan Assignment (cost $3,229)

	Shares		Value
CONVERTIBLE PREFERRED STOCKS - 1.5%
United States - 1.5%
AES Trust III
6.75% ^		10,950		532
Bank of America Corp.
7.25%		805		840
El Paso Energy Capital Trust I
4.75% ^		6,300		278
Lucent Technologies Capital Trust I
7.75%		4,900		4,851
Newell Financial Trust I
5.25%		12,300		566
Sovereign Capital Trust IV
4.38% ^		8,050		360
Wells Fargo & Co.
7.50%		1,340		1,447
Total Convertible Preferred Stocks (cost $7,556)				8,874

The notes to the financial statements are an integral part of this report.
Transamerica Funds Semi-Annual Report 2011

Page 66

Transamerica Loomis Sayles Bond

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts in except share amounts in thousands)
(unaudited)

	Shares			Value
PREFERRED STOCKS - 3.7%
United States - 3.7%
Ally Financial, Inc.
7.00% -144A Ə^		1,675		$	1,558
8.50% * ^		93,825			2,451
Countrywide Capital IV
6.75%		88,375			2,185
General Motors Co.
4.75% ^		226,600			11,287
Goodyear Tire & Rubber Co.
5.88%		27,100			1,620
Health Care REIT, Inc.
6.50%		15,000			805
SLM Corp.
6.00%		78,825	��		1,700
Total Preferred Stocks (cost $20,035)					21,606
COMMON STOCKS - 0.1%
United States - 0.1%
Dex One Corp. ‡^		1,218			5
Ford Motor Co. ‡^		7,110			110
Owens-Illinois, Inc. ‡^		10,796			320
Total Common Stocks (cost $845)					435
SECURITIES LENDING COLLATERAL - 10.9%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.24% ▲		64,436,658			64,437
Total Securities Lending Collateral (cost $64,437)

	Principal		Value
REPURCHASE AGREEMENT - 1.0%
State Street Bank & Trust Co.
0.01% ▲, dated 04/29/2011, to be repurchased at $5,859 on 05/02/2011. Collateralized by a U.S. Government Agency Obligation, 3.50%, due 12/01/2025, with a value of $5,980.	$	5,859		5,859
Total Repurchase Agreement (cost $5,859)
Total Investment Securities (cost $579,605) #				646,502
Other Assets and Liabilities - Net				(55,580	)
Net Assets			$	590,922

	Percentage of
INVESTMENTS BY INDUSTRY:	Total Investments			Value
Foreign Government Obligation		19.4	%	$	125,512
Mortgage-Backed Security		7.4			47,784
Diversified Telecommunication Services		6.4			41,129
Diversified Financial Services		6.2			40,867
Automobiles		4.1			26,674
Commercial Banks		4.0			26,225
Asset-Backed Security		3.7			23,792
Consumer Finance		3.2			20,690
Semiconductors & Semiconductor Equipment		2.7			17,331
Building Products		2.3			14,881
Health Care Providers & Services		2.3			14,854
Real Estate Investment Trusts		2.2			14,457
Oil, Gas & Consumable Fuels		1.6			11,041
Pharmaceuticals		1.5			10,158
U.S. Government Obligation		1.5			9,835
Electric Utilities		1.4			9,353
Biotechnology		1.4			8,736
Machinery		1.3			8,436
Communications Equipment		1.3			8,109
Insurance		1.2			7,461
Energy Equipment & Services		1.1			7,151
Airlines		1.0			6,510
Specialty Retail		1.0			6,456
Transportation Infrastructure		1.0			6,105
Food & Staples Retailing		0.9			5,724
Household Durables		0.9			5,662
Capital Markets		0.8			5,112
Leisure Equipment & Products		0.8			5,000
Metals & Mining		0.7			4,605
Paper & Forest Products		0.7			4,428
Hotels, Restaurants & Leisure		0.6			4,184

The notes to the financial statements are an integral part of this report.
Transamerica Funds Semi-Annual Report 2011

Page 67

Transamerica Loomis Sayles Bond

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

	Percentage of
INVESTMENTS BY INDUSTRY (continued):	Total Investments			Value
Municipal Government Obligation		0.6	%	$	3,686
Independent Power Producers & Energy Traders		0.6			3,459
Health Care Equipment & Supplies		0.5			3,388
Food Products		0.5			3,283
Containers & Packaging		0.5			2,856
Multiline Retail		0.4			2,427
Multi-Utilities		0.3			2,095
Auto Components		0.3			1,620
Chemicals		0.3			1,567
Tobacco		0.1			959
Wireless Telecommunication Services		0.1			941
Aerospace & Defense		0.1			796
Professional Services		0.1			434
Thrifts & Mortgage Finance		0.1			360
Media		0.0	∞		73
Investment Securities, at Value		89.1			576,206
Short-Term Investments		10.9			70,296
Total Investments		100.0	%	$	646,502

NOTES TO SCHEDULE OF INVESTMENTS:
Ù	All or a portion of this security is on loan. The value of all securities on loan is $62,763.
*	Floating or variable rate note. Rate is listed as of 04/29/2011.
Ž	The security has a perpetual maturity. The date shown is the next call date.
Џ	In default.
‡	Non-income producing security.
§	Illiquid. These securities aggregated to $6,113, or 1.03%, of the fund’s net assets.
∞	Percentage rounds to less than 0.01%.
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 $1,558, or 0.26%, of the fund’s net assets.
▲	Rate shown reflects the yield at 04/29/2011.
#	Aggregate cost for federal income tax purposes is $579,605. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $71,523 and $4,626, respectively. Net unrealized appreciation for tax purposes is $66,897.

DEFINITIONS:

144A	144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 04/30/2011, these securities aggregated $89,345, or 15.12%, 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
REMIC	Real Estate Mortgage Investment Conduits (consist of a fixed pool of mortgages broken apart and marketed to investors as individual securities)
REIT	Real Estate Investment Trust
SGD	Singapore Dollar

The notes to the financial statements are an integral part of this report.
Transamerica Funds Semi-Annual Report 2011

Page 68

Transamerica Loomis Sayles Bond

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

VALUATION SUMMARY: ^Э

			Level 2 -
			Other		Level 3 -
	Level 1 -		Significant		Significant
	Quoted		Observable		Unobservable		Value at
Investment Securities	Prices		Inputs		Inputs		04/30/2011
Asset-Backed Securities	$	—	$	23,792	$	—	$	23,792
Common Stocks		435		—		—		435
Convertible Bonds		—		66,332		—		66,332
Convertible Preferred Stocks		8,874		—		—		8,874
Corporate Debt Securities		—		257,042		—		257,042
Foreign Government Obligations		—		125,512		—		125,512
Loan Assignment		—		3,469		—		3,469
Mortgage-Backed Securities		—		47,784		—		47,784
Municipal Government Obligations		—		3,686		—		3,686
Preferred Corporate Debt Securities		—		1,421		—		1,421
Preferred Stocks		21,606		—		—		21,606
Repurchase Agreement		—		5,859		—		5,859
Securities Lending Collateral		64,437		—		—		64,437
Structured Notes Debt		—		6,418		—		6,418
U.S. Government Obligations		—		9,835		—		9,835
Total	$	95,352	$	551,150	$	—	$	646,502

^Э
See the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques.

The notes to the financial statements are an integral part of this report.
Transamerica Funds Semi-Annual Report 2011

Page 69

Transamerica MFS International Equity

SCHEDULE OF INVESTMENTS
At April 30, 2011
(all amounts in except share amounts in thousands)
(unaudited)

	Shares		Value
COMMON STOCKS - 97.9%
Australia - 2.5%
QBE Insurance Group, Ltd.		260,451	$	5,341
Westpac Banking Corp.		350,960		9,556
Austria - 0.5%
Erste Group Bank AG		65,735		3,322
Bermuda - 1.6%
Esprit Holdings, Ltd.		975,500		4,045
Li & Fung, Ltd.		1,096,000		5,616
Brazil - 0.6%
BM&FBOVESPA SA		465,800		3,497
Canada - 2.3%
Canadian National Railway Co.		177,843		13,770
Czech Republic - 0.9%
Komercni Banka AS		20,033		5,283
France - 12.2%
Air Liquide SA		83,939		12,418
Groupe Danone SA		141,290		10,350
Legrand SA		169,502		7,740
LVMH Moet Hennessy Louis Vuitton SA		91,214		16,381
Pernod-Ricard SA		95,437		9,592
Schneider Electric SA ^		100,652		17,785
Germany - 11.0%
Bayer AG ^		91,279		8,024
Beiersdorf AG ^		148,920		9,699
Deutsche Boerse AG		87,878		7,302
Linde AG		140,131		25,238
Man AG ‡		39,994		5,574
Merck KGaA ^		41,813		4,429
SAP AG		103,054		6,640
Hong Kong - 2.0%
AIA Group, Ltd. ‡		1,194,600		4,038
China Unicom, Ltd.		2,292,000		4,686
CNOOC, Ltd.		1,436,000		3,543
India - 2.6%
ICICI Bank, Ltd. ADR ^		186,350		9,392
Infosys Technologies, Ltd. ADR ^		101,050		6,586
Japan - 11.4%
AEON Credit Service Co., Ltd.		53,500		725
Canon, Inc.		152,000		7,158
Denso Corp.		183,900		6,154
Fanuc Corp.		46,900		7,851
Honda Motor Co., Ltd.		155,300		5,970
Hoya Corp. ^		410,200		8,835
INPEX Corp.		1,503		11,556
Lawson, Inc. ^		148,300		7,276
Nomura Holdings, Inc.		571,400		2,919
Shin-Etsu Chemical Co., Ltd.		208,400		10,842
Jersey, Channel Islands - 1.6%
WPP PLC		722,654		9,466
Korea, Republic of - 1.6%
Samsung Electronics Co., Ltd.		11,848		9,873
Netherlands - 9.5%
Akzo Nobel NV ^		159,756		12,408
Heineken NV ^		317,867		19,029
ING Groep NV ‡		1,008,788		13,298
Randstad Holding NV		144,772		8,144
Wolters Kluwer NV		197,967		4,612
Singapore - 0.9%
Keppel Corp., Ltd.		205,700		2,000
Singapore Telecommunications, Ltd.		1,352,150		3,446
South Africa - 1.0%
MTN Group, Ltd.		277,066		6,161
Spain - 1.9%
Amadeus IT Holding SA - Class A ‡		158,285		3,315
Banco Santander SA ^		500,168		6,387
Red Electrica Corp. SA		30,905		1,972
Sweden - 1.3%
Hennes & Mauritz AB - Class B ^		104,970		3,709
Svenska Cellulosa AB - Class B		287,149		4,400
Switzerland - 10.8%
Cie Financiere Richemont SA		87,490		5,654
Givaudan SA ‡		4,134		4,598
Julius Baer Group, Ltd. ‡		227,063		10,609
Nestle SA		279,017		17,322
Roche Holding AG		65,353		10,600
Sonova Holding AG		31,784		3,210
Swiss Reinsurance Co., Ltd. ‡		56,327		3,357
UBS AG ‡		497,690		9,948
Taiwan - 2.5%
Hon Hai Precision Industry Co., Ltd.		1,311,000		4,967
Taiwan Semiconductor Manufacturing Co., Ltd. ADR ^		756,171		10,208
United Kingdom - 18.5%
Barclays PLC		789,601		3,754
BG Group PLC		220,834		5,687
Burberry Group PLC		43,178		937
Compass Group PLC		727,010		7,114
Diageo PLC		660,699		13,441
Hays PLC		1,517,589		3,023
HSBC Holdings PLC		1,701,828		18,564
Reckitt Benckiser Group PLC		312,819		17,407
Rio Tinto PLC		80,050		5,841
Royal Dutch Shell PLC - Class A		244,982		9,542
Smiths Group PLC		307,405		6,854
Standard Chartered PLC		374,224		10,401
Tesco PLC		1,464,839		9,876
United States - 0.7%
Synthes, Inc. -144A		24,921		4,293
Total Common Stocks (cost $483,062)				594,560
SECURITIES LENDING COLLATERAL - 11.6%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.24% ▲		70,372,784		70,373
Total Securities Lending Collateral (cost $70,373)

	Principal		Value
REPURCHASE AGREEMENT - 1.2%
State Street Bank & Trust Co.
0.01% ▲, dated 04/29/2011, to be repurchased at $7,257 on 05/02/2011. Collateralized by a U.S. Government Agency Obligation, 3.50%, due 12/01/2025, with a value of $7,407.	$	7,257		7,257
Total Repurchase Agreement (cost $7,257)
Total Investment Securities (cost $560,692) #				672,190
Other Assets and Liabilities - Net				(65,105	)
Net Assets			$	607,085

The notes to the financial statements are an integral part of this report.
Transamerica Funds Semi-Annual Report 2011

Page 70

Transamerica MFS International Equity

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

	Percentage of
INVESTMENTS BY INDUSTRY:	Total Investments			Value
Commercial Banks		9.9	%	$	66,659
Chemicals		9.7			65,504
Beverages		6.3			42,062
Oil, Gas & Consumable Fuels		4.5			30,328
Food Products		4.1			27,672
Electrical Equipment		3.8			25,525
Diversified Financial Services		3.6			24,097
Capital Markets		3.5			23,476
Pharmaceuticals		3.4			23,053
Textiles, Apparel & Luxury Goods		3.4			22,972
Semiconductors & Semiconductor Equipment		3.0			20,081
Household Products		2.6			17,407
Food & Staples Retailing		2.6			17,152
Media		2.1			14,078
Electronic Equipment & Instruments		2.1			13,802
Road & Rail		2.0			13,770
Machinery		2.0			13,425
Insurance		1.9			12,736
Professional Services		1.6			11,167
IT Services		1.5			9,901
Personal Products		1.4			9,699
Industrial Conglomerates		1.3			8,854
Diversified Telecommunication Services		1.2			8,132
Specialty Retail		1.2			7,754
Health Care Equipment & Supplies		1.1			7,503
Office Electronics		1.1			7,158
Hotels, Restaurants & Leisure		1.1			7,114
Software		1.0			6,640
Wireless Telecommunication Services		0.9			6,161
Auto Components		0.9			6,154
Automobiles		0.9			5,970
Metals & Mining		0.9			5,841
Distributors		0.8			5,616
Paper & Forest Products		0.6			4,400
Electric Utilities		0.3			1,972
Consumer Finance		0.1			725
Investment Securities, at Value		88.4			594,560
Short-Term Investments		11.6			77,630
Total Investments		100.0	%	$	672,190

NOTES TO SCHEDULE OF INVESTMENTS:
Ù	All or a portion of this security is on loan. The value of all securities on loan is $67,217.
‡	Non-income producing security.
▲	Rate shown reflects the yield at 04/29/2011.
#	Aggregate cost for federal income tax purposes is $560,692. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $116,125 and $4,627, respectively. Net unrealized appreciation for tax purposes is $111,498.

DEFINITIONS:

144A	144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 04/30/2011, these securities aggregated $4,293, or 0.71%, of the fund’s net assets.
ADR	American Depositary Receipt

The notes to the financial statements are an integral part of this report.
Transamerica Funds Semi-Annual Report 2011

Page 71

Transamerica MFS International Equity

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

VALUATION SUMMARY: ^Э

			Level 2 -
			Other		Level 3 -
	Level 1 -		Significant		Significant
	Quoted		Observable		Unobservable		Value at
Investment Securities	Prices		Inputs		Inputs		04/30/2011
Common Stocks	$	31,221	$	563,339	$	—	$	594,560
Repurchase Agreement		—		7,257		—		7,257
Securities Lending Collateral		70,373		—		—		70,373
Total	$	101,594	$	570,596	$	—	$	672,190

^Э
See the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques.

The notes to the financial statements are an integral part of this report.
Transamerica Funds Semi-Annual Report 2011

Page 72

Transamerica Morgan Stanley Emerging Markets Debt

SCHEDULE OF INVESTMENTS
At April 30, 2011
(all amounts in thousands)
(unaudited)

		Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS - 73.2%
Argentina - 4.4%
Republic of Argentina
2.50%, 12/31/2038 ^		$	2,310	$	1,001
7.00%, 10/03/2015			5,562		5,303
8.28%, 12/31/2033 ^			7,614		6,778
Belarus - 0.5%
Republic of Belarus
8.75%, 08/03/2015 - Reg S ^			1,020		955
8.95%, 01/26/2018 - Reg S			460		415
Belize - 0.2%
Republic of Belize
6.00%, 02/20/2029 - Reg S			810		680
Brazil - 8.5%
Banco Nacional de Desenvolvimento
Economico e Social
5.50%, 07/12/2020 - 144A			2,970		3,034
5.50%, 07/12/2020 - Reg S			2,800		2,860
6.37%, 06/16/2018 - 144A			2,020		2,192
Republic of Brazil
5.88%, 01/15/2019			4,560		5,120
7.13%, 01/20/2037			3,310		3,972
8.00%, 01/15/2018			1,424		1,693
8.88%, 10/14/2019 - 04/15/2024			4,833		6,473
Chile - 1.9%
Republic of Chile
5.50%, 08/05/2020	CLP		2,554,500		5,499
Colombia - 3.0%
Republic of Colombia
7.38%, 03/18/2019 ^		$	830		1,008
11.75%, 02/25/2020 ^			3,160		4,843
12.00%, 10/22/2015 Ù	COP		4,200,000		3,052
Croatia - 0.6%
Republic of Croatia
6.63%, 07/14/2020 - 144A ^		$	1,630		1,711
Dominican Republic - 0.8%
Republic of The Dominican Republic
7.50%, 05/06/2021 - 144A			720		754
7.50%, 05/06/2021 - Reg S			440		461
9.04%, 01/23/2018 - Reg S			929		1,052
Ecuador - 1.0%
Republic of Ecuador
9.38%, 12/15/2015 - Reg S			2,870		2,827
Ghana - 1.3%
Republic of Ghana
8.50%, 10/04/2017 - 144A ^			2,596		2,908
8.50%, 10/04/2017 - Reg S			800		896
Indonesia - 2.5%
Republic of Indonesia
6.88%, 01/17/2018 - 144A			740		848
7.75%, 01/17/2038 - 144A			584		712
7.75%, 01/17/2038 - Reg S			670		817
11.63%, 03/04/2019 - Reg S			3,350		4,884
Ivory Coast - 0.3%
Republic of The Ivory Coast
2.50%, 12/31/2032 - Reg S ‡ Џ			1,659		912
Jamaica - 0.2%
Jamaica Government International Bond
8.00%, 06/24/2019 Ù			670		705
Lithuania - 1.0%
Republic of Lithuania
6.13%, 03/09/2021 - 144A ^			550		572
6.75%, 01/15/2015 - 144A			710		789
7.38%, 02/11/2020 - Reg S ^			1,370		1,551
Malaysia - 1.1%
Republic of Malaysia
3.21%, 05/31/2013	MYR		9,280		3,134
Mexico - 6.1%
United Mexican States
5.63%, 01/15/2017		$	2,020		2,252
5.95%, 03/19/2019			860		966
6.05%, 01/11/2040			2,750		2,853
6.75%, 09/27/2034			5,407		6,164
8.00%, 06/11/2020	MXN		63,590		5,822
Pakistan - 0.8%
Republic of Pakistan
6.88%, 06/01/2017 - Reg S		$	2,625		2,297
Panama - 2.0%
Republic of Panama
5.20%, 01/30/2020			2,480		2,642
8.88%, 09/30/2027			1,694		2,328
9.38%, 04/01/2029 ^			700		1,008
Peru - 2.5%
Republic of Peru
7.35%, 07/21/2025			10		12
8.20%, 08/12/2026 - Reg S	PEN		10,970		4,116
8.75%, 11/21/2033		$	2,631		3,382
Philippines - 4.2%
Republic of The Philippines
4.00%, 01/15/2021 ^			6,993		6,723
8.38%, 06/17/2019 ^			1,841		2,333
8.88%, 03/17/2015 ^			771		946
9.50%, 02/02/2030			1,796		2,541
Russian Federation - 8.4%
Russian Federation
7.50%, 03/31/2030 - Reg S			5,816		6,780
7.85%, 03/10/2018 - 144A	RUB		80,000		3,102
12.75%, 06/24/2028 - Reg S		$	4,470		7,850
Russian Foreign Bond — Eurobond
5.00%, 04/29/2020 - Reg S ^			7,100		7,189
South Africa - 1.3%
Eskom Holdings, Ltd.
5.75%, 01/26/2021 - 144A			3,754		3,829
Sri Lanka - 0.7%
Republic of Sri Lanka
6.25%, 10/04/2020 - 144A			680		683
6.25%, 10/04/2020 - Reg S			1,310		1,315
Turkey - 8.3%
Republic of Turkey
5.63%, 03/30/2021 ^			3,310		3,436
6.75%, 05/30/2040			4,030		4,340
6.88%, 03/17/2036			4,584		5,017
7.00%, 03/11/2019			4,170		4,796
7.50%, 11/07/2019			3,980		4,726
8.00%, 02/14/2034			1,720		2,122
Ukraine - 4.4%
Republic of Ukraine
6.58%, 11/21/2016 - Reg S ^			5,882		5,977
7.75%, 09/23/2020 - Reg S ^			4,980		5,192
7.75%, 09/23/2020 - 144A ^			1,780		1,860

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 73

Transamerica Morgan Stanley Emerging Markets Debt

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts except share amounts in thousands)
(unaudited)

		Principal		Value
Uruguay - 0.4%
Republic of Uruguay
8.00%, 11/18/2022		$	953	$	1,194
Venezuela - 6.8%
Republic of Venezuela
5.75%, 02/26/2016 - Reg S			3,400		2,610
6.00%, 12/09/2020 - Reg S			1,940		1,165
7.00%, 03/31/2038 - Reg S			2,907		1,650
7.65%, 04/21/2025			4,700		2,879
9.00%, 05/07/2023 - Reg S			2,110		1,442
9.25%, 09/15/2027 ^			11,300		8,203
9.25%, 05/07/2028 - Reg S			3,035		2,053
Total Foreign Government Obligations (cost $205,686)					216,206
CORPORATE DEBT SECURITIES - 18.8%
Cayman Islands - 2.2%
Banco Safra Cayman Islands, Ltd.
6.75%, 01/27/2021 - 144A			1,440		1,487
6.75%, 01/27/2021 - Reg S			240		248
Fibria Overseas Finance, Ltd.
6.75%, 03/03/2021 - 144A			1,730		1,821
Odebrecht Finance, Ltd.
6.00%, 04/05/2023 - 144A ^			3,030		3,022
Chile - 0.1%
Banco Santander Chile
6.50%, 09/22/2020 - Reg S	CLP		175,000		358
Ireland - 1.4%
Novatek Finance, Ltd.
6.60%, 02/03/2021 - 144A ^		$	2,520		2,653
Vimpel Communications Via VIP Finance Ireland, Ltd. OJSC
7.75%, 02/02/2021 - 144A			1,480		1,561
Kazakhstan - 3.4%
Development Bank of Kazakhstan JSC
5.50%, 12/20/2015 - 144A			1,280		1,341
KazMunayGas National Co.
6.38%, 04/09/2021 - 144A ^			2,550		2,658
9.13%, 07/02/2018 - Reg S			550		666
9.13%, 07/02/2018 - 144A			4,370		5,299
Luxembourg - 2.2%
Russian Agricultural Bank OJSC Via RSHB Capital SA
6.30%, 05/15/2017 - 144A			1,527		1,602
7.18%, 05/16/2013 - Reg S			450		489
7.18%, 05/16/2013 - 144A			4,130		4,488
Mexico - 3.8%
Cemex SAB de CV
9.00%, 01/11/2018 - 144A ^			2,020		2,094
9.00%, 01/11/2018 - Reg S			340		352
Petroleos Mexicanos
5.50%, 01/21/2021 ^			5,790		5,932
8.00%, 05/03/2019 ^			2,097		2,535
Netherlands - 1.8%
Intergas Finance BV
6.38%, 05/14/2017 - Reg S			900		950
Majapahit Holding BV
7.75%, 01/20/2020 - Reg S			3,000		3,464
Pindo Deli Finance BV
0.00%, 04/28/2025 - Reg S * ‡ Џ §			1,500		45
2.28%, 04/28/2015 - Reg S * ‡ Џ §			297		42
3.27%, 04/28/2015 - 144A * ‡ Џ §			t		t
3.28%, 04/28/2018 - Reg S * ‡ Џ §			1,500		120
3.28%, 04/28/2018 - 144A * ‡ Џ §			150		12
Pindo Deli Finance BV -Class C
0.00%, 04/28/2025 - 144A * ‡ Џ §			9,415		283
Tjiwi Kimia Finance BV -Class A
3.28%, 04/28/2015 - Reg S * ‡ Џ §			988		128
3.28%, 04/28/2015 - 144A * ‡ Џ §			t		t
Tjiwi Kimia Finance BV -Class B
3.28%, 04/28/2015 - 144A * ‡ Џ §			2,148		215
3.28%, 04/30/2018 - Reg S * ‡ Џ §			1,000		100
Tjiwi Kimia Finance BV -Class C
0.00%, 04/28/2027 - 144A * ‡ Џ §			1,045		31
4.94%, 04/28/2027 - Reg S * ‡ Џ §			1,500		45
Peru - 0.4%
Banco de Credito del Peru
5.38%, 09/16/2020 - Reg S			1,280		1,187
United States - 2.8%
Pemex Project Funding Master Trust
6.63%, 06/15/2035			3,076		3,123
6.63%, 06/15/2038 ^			2,097		2,119
8.63%, 12/01/2023			1,750		2,109
Reliance Holdings USA, Inc.
6.25%, 10/19/2040 - 144A			850		809
Venezuela - 0.7%
Petroleos de Venezuela SA
5.13%, 10/28/2016			3,380		2,155
Total Corporate Debt Securities (cost $60,065)					55,543

	Shares		Value
SECURITIES LENDING COLLATERAL - 16.7%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.24% ▲		49,349,141		49,349
Total Securities Lending Collateral (cost $49,349)
	Principal		Value
REPURCHASE AGREEMENT - 6.0%
State Street Bank & Trust Co. 0.01% ▲, dated 04/29/2011, to be repurchased at $17,675 on 05/02/2011. Collateralized by a U.S. Government Agency Obligation, 3.50%, due 12/01/2025, with a value of $18,029.	$	17,675		17,675
Total Repurchase Agreement (cost $17,675)
Total Investment Securities (cost $332,775) #				338,773
Other Assets and Liabilities - Net				(43,516	)
Net Assets			$	295,257

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 74

Transamerica Morgan Stanley Emerging Markets Debt

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

	Percentage of
INVESTMENTS BY INDUSTRY:	Total Investments			Value
Foreign Government Obligation		63.8	%	$	216,206
Oil, Gas & Consumable Fuels		8.9			30,058
Diversified Financial Services		2.4			8,400
Commercial Banks		1.4			4,621
Electric Utilities		1.0			3,464
Construction & Engineering		0.9			3,022
Construction Materials		0.7			2,446
Wireless Telecommunication Services		0.5			1,561
Paper & Forest Products		0.3			1,021
Gas Utilities		0.3			950
Investment Securities, at Value		80.2			271,749
Short-Term Investments		19.8			67,024
Total Investments		100.0	%	$	338,773

FUTURES CONTRACTS: µ

						Net Unrealized
Description	Type	Contracts ┌		Expiration Date		Appreciation
10-Year U.S. Treasury Note	Long		51		06/21/2011	$	119

NOTES TO SCHEDULE OF INVESTMENTS:

Ù	All or a portion of this security is on loan. The value of all securities on loan is $48,309.
Џ	In default.
‡	Non-income producing security.
*	Floating or variable rate note. Rate is listed as of 04/30/2011.
t	Value and/or principal rounds to less than $1 or $(1).
§	Illiquid. These securities aggregated to $1,021, or 0.35%, of the fund’s net assets.
▲	Rate shown reflects the yield at 04/29/2011.
#	Aggregate cost for federal income tax purposes is $332,775. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $15,841 and $9,843, respectively. Net unrealized appreciation for tax purposes is $5,998.
µ	Cash in the amount of $28 has been pledged by the broker as collateral with the custodian to cover margin requirement for open futures 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 04/30/2011, these securities aggregated $52,370, or 17.74%, of the fund’s net assets.
CLP	Chilean Peso
COP	Columbian Peso
JSC	Joint Stock Company
MXN	Mexican Peso
MYR	Malaysian Riggit
OJSC	Open Joint Stock Company
PEN	Peruvian Nuevo Sol
RUB	Russian Ruble

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 75

Transamerica Morgan Stanley Emerging Markets Debt

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

VALUATION SUMMARY: ^Э

			Level 2 -
			Other		Level 3 -
	Level 1 -		Significant		Significant
	Quoted		Observable		Unobservable		Value at
Investment Securities	Prices		Inputs		Inputs		04/30/2011
Corporate Debt Securities	$	—	$	55,543	$	—	$	55,543
Foreign Government Obligations		—		216,206		—		216,206
Repurchase Agreement		—		17,675		—		17,675
Securities Lending Collateral		49,349		—		—		49,349
Total	$	49,349	$	289,424	$	—	$	338,773

			Level 2 -
			Other		Level 3 -
	Level 1 -		Significant		Significant
	Quoted		Observable		Unobservable		Total at
Other Financial Instruments ₣	Prices		Inputs		Inputs		04/30/2011
Futures Contracts — Appreciation	$	119	$	—	$	—	$	119

Level 3 Rollforward — Investment Securities

Net Change in

Unrealized

Appreciation/

(Depreciation)

Net Change in

Transfers

on

Beginning

Accrued

Total

Unrealized

Transfers

out of

Ending

Investments

Balance at

Discounts/

Realized

Appreciation

into

Level

Balance at

Held at

Securities

10/31/2010

Purchases

Sales

(Premiums)

Gain/(Loss)

/(Depreciation)

Level 3

3 φ

04/30/2011

04/30/2011

Corporate Debt Securities

$

234

$

—

$

—

$

—

$

—

$

135

$

—

$

(369

)

$

—

$

135

Э	See the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques.
₣	Other financial instruments are derivative instruments that are valued at unrealized appreciation (depreciation) on the instrument.
φ	Transferred out of Level 3 because of availability of observable inputs.

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 76

Transamerica Morgan Stanley Mid-Cap Growth

SCHEDULE OF INVESTMENTS
At April 30, 2011
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
CONVERTIBLE PREFERRED STOCK - 1.2%
Internet & Catalog Retail - 1.2%
Groupon, Inc. Ə § Δ		72,847	$	4,429
Total Convertible Preferred Stock (cost $2,301)
PREFERRED STOCK - 0.6%
Internet Software & Services - 0.6%
Zynga - Series C Ə § Δ		79,262		2,224
Total Preferred Stock (cost $2,224)
COMMON STOCKS - 96.2%
Air Freight & Logistics - 3.2%
CH Robinson Worldwide, Inc.		59,893	$	4,802
Expeditors International of Washington, Inc.		124,253		6,743
Automobiles - 0.5%
Better Place ‡ Ə § Δ		555,742		1,667
Capital Markets - 0.9%
Greenhill & Co., Inc. ^		54,644		3,224
Chemicals - 4.3%
Intrepid Potash, Inc. ‡		156,589		5,365
Nalco Holding Co.		147,070		4,296
Rockwood Holdings, Inc. ‡		104,714		5,941
Commercial Services & Supplies - 6.0%
Covanta Holding Corp.		232,241		3,988
Edenred ‡		405,364		12,572
Stericycle, Inc. ‡^		58,648		5,353
Communications Equipment - 3.4%
Motorola Solutions, Inc. ‡		268,843		12,335
Computers & Peripherals - 1.5%
Teradata Corp. ‡		96,229		5,381
Construction Materials - 1.1%
Martin Marietta Materials, Inc. ^		45,230		4,125
Diversified Consumer Services - 1.4%
New Oriental Education & Technology
Group ADR ‡		40,976		5,107
Diversified Financial Services - 5.3%
IntercontinentalExchange, Inc. ‡		36,932		4,445
Leucadia National Corp.		162,482		6,282
Moody’s Corp. ^		46,713		1,828
MSCI, Inc. - Class A ‡		183,657		6,514
Electrical Equipment - 0.8%
First Solar, Inc. ‡^		19,587		2,734
Food Products - 2.2%
Mead Johnson Nutrition Co. - Class A		116,229		7,773
Health Care Equipment & Supplies - 5.8%
Gen-Probe, Inc. ‡^		88,143		7,309
Idexx Laboratories, Inc. ‡		57,909		4,716
Intuitive Surgical, Inc. ‡		24,280		8,490
Hotels, Restaurants & Leisure - 6.1%
Betfair Group PLC ‡^		65,206		945
Chipotle Mexican Grill, Inc. - Class A ‡^		23,973		6,396
Ctrip.com International, Ltd. ADR ‡		185,409		9,034
Wynn Resorts, Ltd.		39,745		5,848
Household Durables - 1.3%
Gafisa SA ADR ‡^		126,821		1,568
NVR, Inc. ‡		4,243		3,136
Internet & Catalog Retail - 5.5%
NetFlix, Inc. ‡^		43,076		10,023
priceline.com, Inc. ‡		17,652		9,656
Internet Software & Services - 2.8%
Akamai Technologies, Inc. ‡		88,682		3,054
Alibaba.com, Ltd.		1,602,700		2,844
Youku.com, Inc. ADR ‡^		68,069		4,024
IT Services - 1.6%
Gartner, Inc. ‡^		130,951		5,619
Life Sciences Tools & Services - 4.2%
Illumina, Inc. ‡		149,652		10,623
Techne Corp. ^		60,177		4,676
Machinery - 1.9%
Schindler Holding AG		52,372		6,775
Media - 2.6%
Groupe Aeroplan, Inc.		222,219		3,046
Naspers, Ltd. - Class N		106,338		6,398
Metals & Mining - 3.3%
Lynas Corp., Ltd. ‡		1,183,582		2,711
Molycorp, Inc. ‡		123,242		9,034
Multiline Retail - 1.4%
Dollar Tree, Inc. ‡		85,969		4,943
Oil, Gas & Consumable Fuels - 3.8%
Range Resources Corp.		104,248		5,885
Ultra Petroleum Corp. ‡^		151,646		7,702
Personal Products - 1.2%
Natura Cosmeticos SA		159,586		4,494
Pharmaceuticals - 2.2%
Ironwood Pharmaceuticals, Inc. ‡		54,887		802
Ironwood Pharmaceuticals, Inc. - Class A ‡^		119,874		1,753
Valeant Pharmaceuticals International, Inc.		102,554		5,397
Professional Services - 5.4%
IHS, Inc. - Class A ‡		59,319		5,234
Intertek Group PLC		218,468		7,761
Verisk Analytics, Inc. - Class A ‡		196,034		6,450
Semiconductors & Semiconductor Equipment - 2.0%
ARM Holdings PLC ADR		187,444		5,897
NVIDIA Corp. ‡		66,144		1,323
Software - 10.2%
Autodesk, Inc. ‡		103,233		4,643
Citrix Systems, Inc. ‡		39,479		3,330
FactSet Research Systems, Inc. ^		51,645		5,650
Red Hat, Inc. ‡		120,191		5,705
Rovi Corp. ‡		56,337		2,736
Salesforce.com, Inc. ‡		50,068		6,939
Solera Holdings, Inc.		137,868		7,583
Textiles, Apparel & Luxury Goods - 1.6%
Lululemon Athletica, Inc. ‡		56,319		5,634
Trading Companies & Distributors - 1.4%
Fastenal Co.		72,434		4,860
Wireless Telecommunication Services - 1.3%
Millicom International Cellular SA		44,307		4,800
Total Common Stocks (cost $223,300)				345,921
SECURITIES LENDING COLLATERAL - 10.0%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.24% ▲		35,981,524		35,982
Total Securities Lending Collateral (cost $35,982)

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 77

Transamerica Morgan Stanley Mid-Cap Growth

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts except share amounts in thousands)
(unaudited)

	Principal		Value
REPURCHASE AGREEMENT - 2.0%
State Street Bank & Trust Co. 0.01% ▲, dated 04/29/2011, to be repurchased at $7,327 on 05/02/2011. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 06/01/2025, with a value of $7,476.	$	7,327	$	7,327
Total Repurchase Agreement (cost $7,327)
Total Investment Securities (cost $271,134) #				395,883
Other Assets and Liabilities - Net				(35,897	)
Net Assets			$	359,986

NOTES TO SCHEDULE OF INVESTMENTS:

▲	Rate shown reflects the yield at 04/29/2011.
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 $8,320, or 2.31%, of the fund’s net assets.
‡	Non-income producing security.
Ù	All or a portion of this security is on loan. The value of all securities on loan is $35,174.
§	Illiquid. These securities aggregated to $8,320, or 2.31%, of the fund’s net assets.
#	Aggregate cost for federal income tax purposes is $271,134. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $127,230 and $2,481, respectively. Net unrealized appreciation for tax purposes is $124,749.
Δ	Restricted Security. At 04/30/2011, the fund owned the respective securities (representing 2.31% of net assets) which were restricted as to public resale:

Description	Date of Acquisition	Shares		Cost		Market Value		Price ¥
Groupon Inc.	12/17/2010		72,847	$	2,301	$	4,429	$	60.80
Zynga - Series C	02/28/2011		79,262		2,224		2,224		28.06
Better Place	01/25/2010		555,742		1,667		1,667		3.00

¥ Price is not in thousands.

DEFINITION:

ADR American Depositary Receipt

VALUATION SUMMARY: ^Э

			Level 2 -
			Other		Level 3 -
	Level 1 -		Significant		Significant
	Quoted		Observable		Unobservable		Value at
Investment Securities	Prices		Inputs		Inputs		04/30/2011
Common Stocks	$	296,395	$	47,859	$	1,667	$	345,921
Convertible Preferred Stock		—		—		4,429		4,429
Preferred Stock		—		—		2,224		2,224
Repurchase Agreement		—		7,327		—		7,327
Securities Lending Collateral		35,982		—		—		35,982
Total	$	332,377	$	55,186	$	8,320	$	395,883

Level 3 Rollforward — Investment Securities

																			Net Change in
																			Unrealized
																			Appreciation/
																			(Depreciation)
											Net Change in								on
	Beginning						Accrued		Total		Unrealized		Transfers		Transfers		Ending		Investments
	Balance at						Discounts/		Realized		Appreciation		into		out of		Balance at		Held at
Securities	10/31/2010		Purchases		Sales		(Premiums)		Gain/(Loss)		/(Depreciation)		Level 3		Level 3		04/30/2011		04/30/2011
Common Stocks	$	1,667	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	1,667	$	—
Convertible Preferred Stock		—		2,301		—		—		—		2,128		—		—		4,429		2,128
Preferred Stock		—		2,224		—		—		—		—		—		—		2,224		—
Total	$	1,667	$	4,525	$	—	$	—		—	$	2,128	$	—	$	—	$	8,320	$	2,128

^Э
See the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques.

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 78

Transamerica Morgan Stanley Small Company Growth

SCHEDULE OF INVESTMENTS
At April 30, 2011
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
PREFERRED STOCKS - 1.9%
Internet Software & Services - 1.1%
Twitter, Inc. ‡ Ə § Δ		123,927	$	1,892
Xoom, Inc. ‡ Ə § Δ		264,130		607
IT Services - 0.2%
Ning, Inc. ‡ Ə § Δ		108,208		444
Pharmaceuticals - 0.6%
Microbia, Inc. - Series F ‡		96,357		1,409
Total Preferred Stocks (cost $2,792)				4,352
COMMON STOCKS - 93.3%
Automobiles - 0.4%
Better Place ‡ Ə § Δ		289,277		868
Capital Markets - 3.7%
CETIP SA - Balcao Organizado de Ativos e Derivativos		101,571		1,685
Financial Engines, Inc. ‡		67,709		1,925
Greenhill & Co., Inc. ^		82,979		4,896
Chemicals - 4.4%
Intrepid Potash, Inc. ‡^		99,081		3,395
Rockwood Holdings, Inc. ‡^		116,215		6,594
Commercial Services & Supplies - 1.2%
Covanta Holding Corp. ^		160,672		2,759
Construction Materials - 3.3%
Eagle Materials, Inc. ^		146,027		4,248
Texas Industries, Inc. ^		79,204		3,340
Diversified Financial Services - 3.3%
MSCI, Inc. - Class A ‡^		182,417		6,470
PICO Holdings, Inc. ‡^		33,558		1,078
Diversified Telecommunication Services - 1.3%
Cogent Communications Group, Inc. ‡^		211,904		3,075
Electric Utilities - 4.6%
Brookfield Infrastructure Partners, LP		448,925		10,550
Prime AET&D Holdings No. 1 Pty, Ltd. ‡ Ə		737,572		—
Health Care Equipment & Supplies - 2.6%
Gen-Probe, Inc. ‡^		73,110		6,062
Health Care Providers & Services - 2.4%
Castlight Health, Inc. ‡ Ə § Δ		193,841		797
HMS Holdings Corp. ‡^		52,621		4,142
LCA-Vision, Inc. ‡		86,498		583
Health Care Technology - 3.0%
Athenahealth, Inc. ‡^		114,618		5,298
MedAssets, Inc. ‡		101,348		1,624
Hotels, Restaurants & Leisure - 6.8%
BJ’s Restaurants, Inc. ‡^		56,079		2,633
Country Style Cooking Restaurant Chain Co., Ltd. ADR ‡^		98,960		1,659
PF Chang’s China Bistro, Inc. ^		149,267		5,986
Vail Resorts, Inc. ‡^		111,081		5,442
Household Durables - 3.2%
Brookfield Incorporacoes SA ‡		554,321		3,083
Gafisa SA ADR ‡^		122,979		1,520
iRobot Corp. ‡^		75,392		2,670
Insurance - 2.1%
Greenlight Capital Re, Ltd. - Class A ‡^		167,028		4,702
Internet & Catalog Retail - 5.6%
Blue Nile, Inc. ‡^		115,202		6,566
E-Commerce China Dangdang, Inc. ADR ‡^		77,454		1,782
MakeMyTrip, Ltd. ‡^		53,178		1,677
Shutterfly, Inc. ‡^		47,189		2,905
Internet Software & Services - 12.0%
comScore, Inc. ‡^		78,216		2,332
Cornerstone OnDemand, Inc. ‡^		109,258		2,091
Mercadolibre, Inc. ^		56,398		5,155
Opentable, Inc. ‡^		54,174		6,028
Sohu.com, Inc. ‡^		26,900		2,845
VistaPrint NV ‡^		63,116		3,434
Youku.com, Inc. - Class A ‡ Ə § Δ		1,712,512		5,428
IT Services - 2.8%
Acxiom Corp. ‡^		175,336		2,553
Forrester Research, Inc. ^		84,331		3,332
Information Services Group, Inc. ‡^		259,602		605
Leisure Equipment & Products - 2.0%
Universal Entertainment Corp.		124,700		4,564
Life Sciences Tools & Services - 3.7%
Pacific Biosciences of California, Inc. ‡^		31,739		388
Techne Corp. ^		100,630		7,821
Media - 0.1%
Lakes Entertainment, Inc. ‡		61,344		140
Metals & Mining - 4.9%
Lynas Corp., Ltd. ‡^		4,950,061		11,339
Oil, Gas & Consumable Fuels - 2.4%
Brigham Exploration Co. ‡^		161,829		5,426
Pharmaceuticals - 0.5%
Ironwood Pharmaceuticals, Inc. - Class A ‡^		81,311		1,189
Professional Services - 7.6%
Advisory Board Co. ‡^		119,759		5,595
Corporate Executive Board Co. ^		123,089		4,905
CoStar Group, Inc. ‡^		102,857		6,996
Real Estate Management & Development - 0.2%
Consolidated-Tomoka Land Co. ^		14,745		456
Semiconductors & Semiconductor Equipment - 1.6%
Tessera Technologies, Inc. ‡^		181,686		3,590
Software - 6.7%
Blackboard, Inc. ‡^		44,638		2,148
Netsuite, Inc. ‡^		89,111		3,084
Solera Holdings, Inc.		119,227		6,557
Successfactors, Inc. ‡^		102,438		3,552
Specialty Retail - 0.9%
Citi Trends, Inc. ‡^		92,236		2,053
Total Common Stocks (cost $147,703)				213,620
SECURITIES LENDING COLLATERAL - 25.0%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.24% ▲		57,296,508		57,297
Total Securities Lending Collateral (cost $57,297)

	Principal		Value
REPURCHASE AGREEMENT - 5.0%
State Street Bank & Trust Co. 0.01% ▲, dated 04/29/2011, to be repurchased at $11,429 on 05/02/2011. Collateralized by a U.S. Government Agency Obligation, 3.50%, due 12/01/2025, with a value of $11,663.	$	11,429		11,429
Total Repurchase Agreement (cost $11,429)
Total Investment Securities (cost $219,221) #				286,698
Other Assets and Liabilities - Net				(57,658	)
Net Assets			$	229,040

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 79

Transamerica Morgan Stanley Small Company Growth

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts except share amounts in thousands)
(unaudited)

NOTES TO SCHEDULE OF INVESTMENTS:

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 $10,036, or 4.38%, of the fund’s net assets.
‡	Non-income producing security.
§	Illiquid. These securities aggregated to $10,036, or 4.38%, of the fund’s net assets.
Ù	All or a portion of this security is on loan. The value of all securities on loan is $55,981.
▲	Rate shown reflects the yield at 04/29/2011.
#	Aggregate cost for federal income tax purposes is $219,221. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $72,702 and $5,225, respectively. Net unrealized appreciation for tax purposes is $67,477.
Δ	Restricted Security. At 04/30/2011, the fund owned the respective securities (representing 4.38% of net assets) which were restricted as to public resale:

Description	Date of Acquisition	Shares		Cost		Value		Price ¥
Twitter, Inc.	09/24/2009		123,927	$	660	$	1,892	$	15.27
Xoom, Inc.	02/23/2010		264,130		756		607		2.30
Ning, Inc.	03/19/2008		108,208		774		444		4.10
Better Place	01/25/2010		289,277		868		868		3.00
Castlight Health, Inc.	06/04/2010		193,841		797		797		4.11
Youku.com, Inc. — Class A	09/16/2010		1,712,512		852		5,428		3.17

¥ Price is not in thousands.

DEFINITION:

ADR American Depositary Receipt

VALUATION SUMMARY: ^Э

			Level 2 -
			Other		Level 3 -
	Level 1 -		Significant		Significant
	Quoted		Observable		Unobservable		Value at
Investment Securities	Prices		Inputs		Inputs		04/30/2011
Common Stocks	$	185,513	$	21,014	$	7,093	$	213,620
Preferred Stocks		1,409		—		2,943		4,352
Repurchase Agreement		—		11,429		—		11,429
Securities Lending Collateral		57,297		—		—		57,297
Total	$	244,219	$	32,443	$	10,036	$	286,698

Level 3 Rollforward — Investment Securities

																				Net Change in
																				Unrealized
																				Appreciation/
																				(Depreciation)
												Net Change in								on
	Beginning							Accrued		Total		Unrealized		Transfers		Transfers		Ending		Investments
	Balance at							Discounts/		Realized		Appreciation		into		out of		Balance at		Held at
Securities	10/31/2010		Purchases		Sales			(Premiums)		Gain/(Loss)		/(Depreciation)		Level 3		Level 3		04/30/2011		04/30/2011
Common Stocks	$	1,665	$	852	$	—		$	—	$	—	$	4,576	$	—	$	—	$	7,093	$	4,576
Convertible Preferred Stocks		852		—		(852	)		—		—		—		—		—		—		—
Preferred Stocks		2,298		—		(444	)		—		t		1,089		—		—		2,943		1,089
Total	$	4,815	$	852	$	(1,296	)	$	—	$	t	$	5,665	$	—	$	—	$	10,036	$	5,665

Э	See the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques.
t	Value rounds to less than $1.

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 80

Transamerica Neuberger Berman International

SCHEDULE OF INVESTMENTS
At April 30, 2011
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
COMMON STOCKS - 98.9%
Australia - 1.6%
Centamin Egypt, Ltd. ‡		1,938,100	$	4,220
Fortescue Metals Group, Ltd.		681,745		4,595
Whitehaven Coal, Ltd. ^		300,087		2,112
Austria - 0.7%
Vienna Insurance Group AG Wiener Versicherung Gruppe ^		75,922		4,532
Belgium - 3.5%
Anheuser-Busch InBev NV ^		61,350		3,911
Anheuser-Busch InBev NV - STRIP VVPR ‡		130,726		1
Colruyt SA		86,270		4,979
Omega Pharma ^		111,980		5,739
Telenet Group Holding NV ‡		166,278		8,267
Brazil - 2.7%
Banco Santander Brasil SA ADR ‡		349,600		4,059
HRT Participacoes em Petroleo SA		2,900		2,968
Porto Seguro SA		413,500		6,965
Totvs SA		201,425		3,841
Canada - 8.4%
Cenovus Energy, Inc.		87,200		3,353
Corus Entertainment, Inc. - Class B		248,210		5,218
Crescent Point Energy Corp. Ù		94,500		4,291
Eldorado Gold Corp.		305,600		5,688
MacDonald Dettwiler & Associates, Ltd.		164,165		9,892
Neo Material Technologies, Inc. ‡		582,400		6,026
Peyto Exploration & Development Corp. Ù		225,125		4,792
Potash Corp., of Saskatchewan, Inc.		55,800		3,152
Silver Wheaton Corp.		224,000		9,115
Vermilion Energy, Inc. ^		76,200		4,091
Cayman Islands - 0.8%
China Liansu Group Holdings, Ltd. ‡		5,898,900		5,492
Chile - 1.2%
Sociedad Quimica y Minera de Chile SA - Series B ADR		129,485		7,902
China - 1.4%
Bank of China, Ltd.		10,932,400		6,053
China Vanke Co., Ltd.		2,479,000		3,511
Cyprus - 0.9%
ProSafe SE ^		703,270		5,710
Denmark - 3.1%
Novo Nordisk A/S - Class B		54,297		6,864
Sydbank A/S		245,725		7,125
Tryg A/S ^		103,815		6,629
France - 9.0%
Alcatel-Lucent ‡^		1,235,080		7,963
Arkema SA		84,808		8,837
BNP Paribas		79,455		6,288
CFAO SA ^		84,030		3,379
Cie Generale des Etablissements Michelin - Class B		38,710		3,880
CNP Assurances		252,750		5,801
Eutelsat Communications SA		159,734		6,891
LVMH Moet Hennessy Louis Vuitton SA		31,015		5,570
Sodexo		144,395		11,251
Germany - 8.0%
Brenntag AG ‡		76,580		9,414
Deutsche Boerse AG		96,112		7,986
Deutsche Telekom AG		398,215		6,615
Fresenius Medical Care AG & Co., KGaA		123,046		9,671
HeidelbergCement AG		36,200		2,768
Linde AG		49,794		8,968
Tognum AG		193,583		7,426
Hong Kong - 0.7%
China Mobile, Ltd. ADR Ù		103,365		4,764
India - 0.6%
Bank of Baroda		195,920		4,024
Ireland - 1.8%
DCC PLC		140,971		4,698
Willis Group Holdings PLC ^		169,600		7,008
Japan - 9.6%
Brother Industries, Ltd.		428,200		6,557
Circle K Sunkus Co., Ltd.		280,900		4,338
Jupiter Telecommunications Co., Ltd. §		9,940		10,683
KDDI Corp. ^		969		6,469
Kenedix Realty Investment Corp. REIT		1,402		5,959
Makita Corp. ^		124,700		5,734
Nihon Kohden Corp. §		423,200		8,988
Nippon Electric Glass Co., Ltd.		638,600		9,668
Sundrug Co., Ltd. ^		181,400		5,131
Jersey, Channel Islands - 2.2%
Experian Group, Ltd.		764,655		10,318
Informa PLC		640,011		4,466
Korea, Republic of - 3.2%
Hyundai Mobis		36,296		12,159
Samsung Electronics Co., Ltd.		6,101		5,084
Shinhan Financial Group Co., Ltd.		74,700		3,660
Luxembourg - 0.8%
Subsea 7 SA ^		191,853		5,046
Netherlands - 9.0%
Akzo Nobel NV ^		109,070		8,472
Fugro NV		72,775		6,675
Koninklijke Ahold NV		500,448		7,026
Nutreco NV		120,445		9,375
Sligro Food Group NV ^§		189,183		7,033
TNT NV		269,756		6,643
Unilever NV		250,803		8,254
USG People NV ‡		303,900		6,016
Norway - 1.7%
DnB NOR ASA ^		683,705		11,116
South Africa - 1.1%
MTN Group, Ltd.		336,215		7,477
Sweden - 1.4%
Elekta AB - Class B		120,895		5,510
Telefonaktiebolaget LM Ericsson - Class B		237,585		3,608
Switzerland - 10.2%
Bucher Industries AG		29,907		7,295
Credit Suisse Group AG		176,302		8,012
Givaudan SA ‡		7,709		8,573
Nestle SA		110,408		6,854
Novartis AG		110,666		6,570
Roche Holding AG		44,172		7,164
SGS SA		4,649		9,228
Sulzer AG		78,061		14,070
Turkey - 0.7%
Sinpas Gayrimenkul Yatirim Ortakligi AS REIT ‡		3,276,911		4,697
United Kingdom - 14.6%
Amlin PLC		1,162,074		8,128
Antofagasta PLC		78,099		1,796
Avanti Communications Group PLC ^		287,871		2,236
BG Group PLC		316,720		8,156
Bunzl PLC		266,000		3,312
Chemring Group PLC		1,023,505		11,480
Fidessa Group PLC §		115,882		3,414
Jazztel PLC ‡^		1,198,385		7,331
Mitie Group PLC ^		1,726,070		6,112
Reed Elsevier PLC		651,884		5,775
Rio Tinto PLC ADR		82,300		6,025
RPS Group PLC §		1,359,973		5,191
Synergy Health PLC §		345,452		4,884
Travis Perkins PLC		209,369		3,771
Tullow Oil PLC		270,847		6,498
Vodafone Group PLC		4,568,494		13,207
Total Common Stocks (cost $483,611)				655,539

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 81

Transamerica Neuberger Berman International

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
RIGHT - 0.0% ∞
Brazil - 0.0% ∞
HRT Participacoes em Petroleo SA ‡§		835	$	5
Total Right (cost $—)
WARRANT - 0.0% ∞
Italy - 0.0% ∞
UBI Banca SCpA ‡ Ù
Expiration: 06/30/2011
Exercise Price: 12.30 EUR		138,395		t
Total Warrant (cost $ )
SECURITIES LENDING COLLATERAL - 10.3%
State Street Navigator Securities Lending Trust - Prime Portfolio, .24%▲		68,431,038		68,431
Total Securities Lending Collateral (cost $68,431)

	Principal		Value
REPURCHASE AGREEMENT - 0.8%
State Street Bank & Trust Co. 0.01% ▲, dated 04/29/2011, to be repurchased at $5,327 on 05/02/2011. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 04/01/2025, with a value of $5,437.	$	5,327	$	5,327
Total Repurchase Agreement (cost $5,327)
Total Investment Securities (cost $557,369) #				729,302
Other Assets and Liabilities - Net				(66,217	)
Net Assets			$	663,085

	Percentage of
INVESTMENTS BY INDUSTRY:	Total Investments			Value
Chemicals		7.1	%	$	51,930
Commercial Banks		5.8			42,325
Insurance		5.4			39,063
Oil, Gas & Consumable Fuels		5.0			36,266
Media		4.5			33,033
Wireless Telecommunication Services		4.3			31,917
Metals & Mining		4.3			31,439
Food Products		3.3			24,483
Diversified Telecommunication Services		3.3			24,449
Food & Staples Retailing		3.3			24,169
Machinery		2.9			21,365
Pharmaceuticals		2.8			20,598
Health Care Equipment & Supplies		2.8			20,237
Professional Services		2.7			19,546
Auto Components		2.7			19,418
Energy Equipment & Services		2.4			17,431
Commercial Services & Supplies		2.4			17,319
Software		2.4			17,147
Trading Companies & Distributors		2.3			16,497
Health Care Providers & Services		2.0			14,555
Communications Equipment		1.6			11,571
Aerospace & Defense		1.6			11,480
Hotels, Restaurants & Leisure		1.5			11,251
Real Estate Investment Trusts		1.5			10,656
Electronic Equipment & Instruments		1.3			9,668
Capital Markets		1.1			8,012
Diversified Financial Services		1.1			7,986
Electrical Equipment		1.0			7,426
Air Freight & Logistics		0.9			6,643
Office Electronics		0.9			6,557
Household Durables		0.8			5,734
Textiles, Apparel & Luxury Goods		0.8			5,570
Building Products		0.8			5,492
Semiconductors & Semiconductor Equipment		0.7			5,084
Industrial Conglomerates		0.6			4,698
Multiline Retail		0.6			4,338
Beverages		0.5			3,912
Real Estate Management & Development		0.5			3,511
Construction Materials		0.4			2,768
Investment Securities, at Value		89.9			655,544
Short-Term Investments		10.1			73,758
Total Investments		100.0	%	$	729,302

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 82

Transamerica Neuberger Berman International

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

NOTES TO SCHEDULE OF INVESTMENTS:

‡	Non-income producing security.
^	All or a portion of this security is on loan. The value of all securities on loan is $65,203.
∞	Percentage rounds to less than 0.1%.
§	Illiquid. These securities aggregated to $40,198, or 6.06%, of the fund’s net assets.
t	Amount rounds to less than $1.
▲	Rate shown reflects the yield at 04/29/2011.
#	Aggregate cost for federal income tax purposes is $557,369. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $177,392 and $5,459, respectively. Net unrealized appreciation for tax purposes is $171,933.

DEFINITIONS:

ADR	American 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: ^Э

			Level 2 -
			Other		Level 3 -
	Level 1 -		Significant		Significant
	Quoted		Observable		Unobservable		Value at
Investment Securities	Prices		Inputs		Inputs		04/30/2011
Common Stocks	$	86,845	$	568,694	$	—	$	655,539
Repurchase Agreement		—		5,327		—		5,327
Right		—		5		—		5
Securities Lending Collateral		68,431		—		—		68,431
Warrant		—		t		—		t
Total	$	155,276	$	574,026	$	—	$	729,302

^Э See the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques.

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 83

Transamerica Oppenheimer Developing Markets

SCHEDULE OF INVESTMENTS
At April 30, 2011
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
PREFERRED STOCKS - 0.9%
Brazil - 0.8%
Lojas Americanas SA, 0.64% ▲		577,390	$	5,138
Colombia - 0.1%
Banco Davivienda SA, 1.67% ▲		56,133		666
Total Preferred Stocks (cost $3,963)				5,804
COMMON STOCKS - 95.1%
Bermuda - 1.9%
Credicorp, Ltd.		33,700		3,253
Dairy Farm International Holdings, Ltd.		266,542		2,356
VimpelCom, Ltd. ADR		455,950		6,643
Brazil - 13.5%
Anhanguera Educacional Participacoes SA		131,100		2,917
B2W Cia Global Do Varejo		275,000		3,776
B2W Cia Global Do Varejo (Subscription Receipts) ‡§		114,204		1,599
BM&FBOVESPA SA		1,248,246		9,371
Cia Brasileira de Distribuicao Grupo Pao de Acucar - Class A ADR ^		179,460		8,158
Cia de Bebidas das Americas ADR ^		186,000		6,060
Cyrela Brazil Realty SA Empreendimentos e Participacoes		363,700		3,817
Diagnosticos da America SA ‡		285,200		3,816
Embraer SA ADR ‡^		242,320		7,871
Estacio Participacoes SA		237,800		3,476
Kroton Educacional SA		1,300		17
Multiplan Empreendimentos Imobiliarios SA		114,700		2,388
Natura Cosmeticos SA		237,000		6,674
Petroleo Brasileiro SA - Class A ADR		555,400		18,534
Vale SA - Class B ADR ^		338,060		10,108
Cayman Islands - 4.4%
Ambow Education Holding, Ltd. ADR ‡		76,490		558
Baidu, Inc. ADR ‡		13,570		2,015
Ctrip.com International, Ltd.ADR ‡		61,760		3,009
Eurasia Drilling Co., Ltd. GDR		4,870		164
Eurasia Drilling Co., Ltd. -144A GDR ə		4,400		148
Li Ning Co., Ltd.		1,753,000		2,993
Netease.com ADR ‡^		58,810		2,898
New Oriental Education & Technology Group ADR ‡^		16,710		2,083
Tencent Holdings, Ltd.		265,400		7,588
Tingyi Cayman Islands Holding Corp.		2,101,000		5,586
Want Want China Holdings, Ltd.		1,649,000		1,480
Chile - 0.9%
Banco Santander Chile ‡		24,889,753		2,195
Cencosud SA		428,704		3,375
China - 1.4%
China Shenhua Energy Co., Ltd. - Class H		1,591,000		7,426
PetroChina Co., Ltd.		644,000		922
Shanghai Zhenhua Heavy Industries Co., Ltd. ‡		1,229,770		749
Colombia - 0.9%
Almacenes Exito SA		50,469		776
Almacenes Exito SA -144A GDR ə		101,100		1,554
BanColombia SA ADR		58,560		3,880
Denmark - 2.0%
Carlsberg AS - Class B		109,596		13,016
Egypt - 0.8%
Commercial International Bank Egypt SAE		570,577		2,641
Eastern Co. ‡		39,982		693
Egyptian Financial Group-Hermes Holding		538,555		1,630
France - 0.6%
CFAO SA		105,232		4,232
Hong Kong - 5.5%
AIA Group, Ltd. ‡		1,665,000		5,628
China Resources Enterprise, Ltd.		1,137,000		4,553
CNOOC, Ltd.		4,887,000		12,056
Hang Lung Group, Ltd.		501,750		3,379
Hang Lung Properties, Ltd.		961,549		4,278
Hong Kong Exchanges & Clearing, Ltd.		254,200		5,800
India - 14.0%
Asian Paints, Ltd.		33,486		2,102
Cipla, Ltd.		334,003		2,342
Colgate Palmolive Co.		198,553		4,073
Dabur India, Ltd.		793,065		1,812
Divi’s Laboratories, Ltd.		95,782		1,532
Godrej Consumer Products, Ltd.		83,052		716
HDFC Bank, Ltd. ADR ^		34,540		5,944
Hindustan Unilever, Ltd.		1,356,837		8,772
Housing Development Finance Corp.		654,259		10,476
IBN18 Broadcast, Ltd. ‡		171,473		364
ICICI Bank, Ltd. ADR		135,240		6,816
Infosys Technologies, Ltd.		386,532		25,352
Jain Irrigation Systems, Ltd.		164,360		680
Marico, Ltd.		837,725		2,708
Network 18 Media & Investments, Ltd. ‡		12,994		48
Sun Pharmaceuticals Industries, Ltd.		364,385		3,831
Tata Consultancy Services, Ltd.		289,263		7,606
Television Eighteen India, Ltd. ‡		222,685		407
Zee Entertainment Enterprises, Ltd.		1,978,252		6,013
Zee Learn, Ltd. ‡		178,613		92
Indonesia - 2.0%
Astra International PT		718,100		4,708
Bank Central Asia PT		2,048,400		1,770
Kalbe Farma PT		782,000		326
Telekomunikasi Indonesia PT		4,034,175		3,627
Unilever Indonesia PT		1,641,500		2,933
Korea, Republic of - 5.2%
MegaStudy Co., Ltd.		13,235		1,881
NHN Corp. ‡		101,836		20,194
Shinsegae Co., Ltd. ə^		46,575		11,734
Luxembourg - 1.6%
Oriflame Cosmetics SA ^		26,568		1,501
Tenaris SA ADR ^		180,100		9,147
Mexico - 11.4%
America Movil SAB de CV - Series L ADR		451,590		25,831
Fomento Economico Mexicano SAB de CV		1,488,355		9,359
Fomento Economico Mexicano SAB de CV ADR		215,800		13,575
Grupo Financiero Inbursa SA - Class O ^		686,939		3,595
Grupo Modelo SAB de CV - Series C ^		807,031		5,114
Grupo Televisa SA ADR ‡		261,570		6,204
Wal-Mart de Mexico SAB de CV - Series V ^		3,450,401		10,790
Norway - 0.3%
DNO International ASA ‡		1,263,600		1,895
Peru - 0.0% ¥
Alicorp SA		61,000		114
Philippines - 2.8%
Jollibee Foods Corp.		1,317,300		2,908
Philippine Long Distance Telephone Co.		52,415		3,044
SM Investments Corp.		259,050		3,504
SM Prime Holdings, Inc.		32,778,570		9,187
Russian Federation - 4.0%
Magnit OJSC		95,863		12,462
Novatek OAO GDR		69,100		9,745
Novatek OAO -144A GDR ə		28,700		4,047
South Africa - 6.5%
Anglo Platinum, Ltd. ^		90,293		9,174
Impala Platinum Holdings, Ltd.		488,336		15,251
JSE, Ltd.		36,021		360
MTN Group, Ltd.		494,986		11,007
Standard Bank Group, Ltd.		449,772		7,059
Taiwan - 5.3%
Epistar Corp.		2,227,500		7,381
High Tech Computer Corp.		304,537		13,824

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Semi-Annual Report 2011
	Page 84

Transamerica Oppenheimer Developing Markets

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
Taiwan (continued)
Mediatek, Inc.		293,922	$	3,248
Synnex Technology International Corp.		1,373,801		3,507
Taiwan Semiconductor Manufacturing Co., Ltd.		2,726,459		6,969
Thailand - 0.6%
CP ALL PCL		245,400		356
Siam Commercial Bank PCL		973,100		3,781
Turkey - 3.7%
Anadolu Efes Biracilik Ve Malt Sanayii AS		144,659		2,226
Bim Birlesik Magazalar AS		123,946		4,319
Enka Insaat VE Sanayi AS		1,732,902		7,587
Haci Omer Sabanci Holding AS		1,248,746		6,683
Turkiye Garanti Bankasi AS		636,537		3,298
United Kingdom - 5.8%
Anglo American PLC		168,698		8,843
Antofagasta PLC		68,450		1,574
Cairn Energy PLC ‡		940,299		7,114
SABMiller PLC		287,720		10,749
Tullow Oil PLC		401,460		9,632
Total Common Stocks (cost $469,758)				622,962
SECURITIES LENDING COLLATERAL - 7.0%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.24% ▲		45,873,790		45,874
Total Securities Lending Collateral (cost $45,874)

	Principal		Value
REPURCHASE AGREEMENT - 4.8%
State Street Bank & Trust Co. 0.01% ▲, dated 04/29/2011, to be repurchased at $31,275 on 05/02/2011. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 04/01/2025, with a value of $31,902.	$	31,275		31,275
Total Repurchase Agreement (cost $31,275)
Total Investment Securities (cost $550,870) #				705,915
Other Assets and Liabilities - Net				(51,050	)
Net Assets			$	654,865

	Percentage of
INVESTMENTS BY INDUSTRY:	Total Investments		Value
Oil, Gas & Consumable Fuels		10.1%	$	71,519
Beverages		8.5		60,099
Food & Staples Retailing		7.9		55,880
Metals & Mining		6.4		44,950
Commercial Banks		6.4		44,898
Wireless Telecommunication Services		5.7		39,882
IT Services		4.7		32,958
Internet Software & Services		4.6		32,695
Diversified Financial Services		3.2		22,214
Real Estate Management & Development		2.7		19,232
Semiconductors & Semiconductor Equipment		2.5		17,598
Household Products		2.2		15,778
Computers & Peripherals		2.0		13,824
Personal Products		1.9		13,411
Media		1.9		13,036
Industrial Conglomerates		1.6		11,091
Diversified Consumer Services		1.6		11,024
Thrifts & Mortgage Finance		1.5		10,476
Diversified Telecommunication Services		1.5		10,270
Energy Equipment & Services		1.3		9,311
Aerospace & Defense		1.1		7,871
Food Products		1.0		7,180
Pharmaceuticals		0.9		6,499
Hotels, Restaurants & Leisure		0.8		5,917
Insurance		0.8		5,628
Internet & Catalog Retail		0.8		5,375
Multiline Retail		0.7		5,138
Automobiles		0.7		4,708
Distributors		0.6		4,553
Auto Components		0.6		4,232
Household Durables		0.5		3,817
Health Care Providers & Services		0.5		3,816
Electronic Equipment & Instruments		0.5		3,507
Leisure Equipment & Products		0.4		2,993
Chemicals		0.3		2,102
Capital Markets		0.2		1,630

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Semi-Annual Report 2011
	Page 85

Transamerica Oppenheimer Developing Markets

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

	Percentage of
INVESTMENTS BY INDUSTRY (continued):	Total Investments			Value
Life Sciences Tools & Services		0.2	%	$	1,532
Machinery		0.2			1,429
Tobacco		0.1			693
Investment Securities, at Value		89.1			628,766
Short-Term Investments		10.9			77,149
Total Investments		100.0	%	$	705,915

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 $44,454.
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 $17,483, or 2.67%, of the fund’s net assets.
§	Illiquid. This security had a market value of $1,599, or 0.24%, of the fund’s net assets.
¥	Percentage rounds to less than 0.1%.
▲	Rate shown reflects the yield at 04/29/2011.
#	Aggregate cost for federal income tax purposes is $550,870. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $161,283 and $6,238, respectively. Net unrealized appreciation for tax purposes is $155,045.

DEFINITIONS:

144A	144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 04/30/2011, these securities aggregated $5,749, or 0.88%, of the fund’s net assets.
ADR	American Depositary Receipt
GDR	Global Depositary Receipt
OAO	Otkrytoe Aktsionernoe Obschestvo (Russian: Open Joint Stock Corporation)
OJSC	Open Joint Stock Company

VALUATION SUMMARY: э

			Level 2 -
			Other		Level 3 -
	Level 1 -		Significant		Significant
	Quoted		Observable		Unobservable		Value at
Investment Securities	Prices		Inputs		Inputs		04/30/2011
Common Stocks	$	214,016	$	408,946	$	—	$	622,962
Preferred Stocks		5,804		—		—		5,804
Repurchase Agreement		—		31,275		—		31,275
Securities Lending Collateral		45,874		—		—		45,874
Total	$	265,694	$	440,221	$	—	$	705,915

^э See the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques.

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Semi-Annual Report 2011
	Page 86

Transamerica Oppenheimer Small- & Mid-Cap Value

SCHEDULE OF INVESTMENTS
At April 30, 2011
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
COMMON STOCKS - 92.3%
Aerospace & Defense - 1.9%
Aercap Holdings NV ‡^		209,280	$	2,997
Goodrich Corp.		41,860		3,699
Airlines - 1.3%
United Continental Holdings, Inc. ‡^		209,280		4,776
Auto Components - 3.8%
Lear Corp.		111,620		5,709
Tenneco, Inc. ‡^		55,810		2,579
WABCO Holdings, Inc. ‡^		69,760		5,152
Beverages - 1.0%
Molson Coors Brewing Co. - Class B ^		69,600		3,393
Capital Markets - 1.1%
Affiliated Managers Group, Inc. ‡		34,884		3,805
Chemicals - 2.0%
Celanese Corp. - Series A ^		139,520		6,965
Commercial Banks - 6.0%
Associated Banc-Corp. ^		69,760		1,018
Comerica, Inc.^		139,520		5,292
Fifth Third Bancorp		348,800		4,629
First Niagara Financial Group, Inc.		250,814		3,612
M&T Bank Corp. ^		41,860		3,699
TCF Financial Corp. ^		209,280		3,263
Computers & Peripherals - 0.7%
Seagate Technology PLC		141,240		2,489
Containers & Packaging - 2.9%
Owens-Illinois, Inc. ‡^		111,620		3,312
Rock-Tenn Co. - Class A ^		104,640		7,227
Diversified Consumer Services - 0.4%
Coinstar, Inc. ‡^		28,270		1,526
Diversified Financial Services - 2.7%
CIT Group, Inc. ‡		111,620		4,739
Fifth Street Finance Corp. ^		99,330		1,324
Invesco, Ltd.		139,520		3,470
Electric Utilities - 4.1%
Cleco Corp. ^		167,420		5,877
NV Energy, Inc.		348,800		5,298
Pepco Holdings, Inc. ^		181,380		3,495
Electrical Equipment - 3.8%
Babcock & Wilcox Co. ‡		108,320		3,402
Cooper Industries PLC - Class A		69,760		4,601
General Cable Corp. ‡^		111,620		5,413
Electronic Equipment & Instruments - 1.8%
Arrow Electronics, Inc. ‡		42,000		1,915
Jabil Circuit, Inc.		222,660		4,417
Energy Equipment & Services - 4.1%
Ensco PLC ADR ^		90,690		5,407
Nabors Industries, Ltd. ‡		167,420		5,130
Tidewater, Inc. ^		69,760		4,151
Food & Staples Retailing - 0.6%
Kroger Co.		83,710		2,035
Food Products - 3.0%
Adecoagro SA ‡		279,040		3,443
Chiquita Brands International, Inc. ‡^		97,660		1,555
ConAgra Foods, Inc. ^		139,520		3,411
Sara Lee Corp. ^		139,520		2,679
Gas Utilities - 1.8%
AGL Resources, Inc.		97,660		4,054
EQT Corp.		41,860		2,202
Health Care Equipment & Supplies - 2.0%
Hospira, Inc. ‡		125,570		7,124
Health Care Providers & Services - 5.7%
Aetna, Inc.		55,810		2,309
DaVita, Inc. ‡		41,857		3,687
Humana, Inc. ‡		69,760		5,310
Quest Diagnostics, Inc.		69,760		3,933
Universal Health Services, Inc. - Class B ^		97,390		5,335
Hotels, Restaurants & Leisure - 1.9%
Bally Technologies, Inc. ‡^		83,710		3,264
Pinnacle Entertainment, Inc. ‡^		251,141		3,486
Household Durables - 2.3%
Mohawk Industries, Inc. ‡^		69,760		4,188
Newell Rubbermaid, Inc.		209,280		3,989
Household Products - 2.0%
Church & Dwight Co., Inc. ^		41,860		3,453
Energizer Holdings, Inc. ‡^		48,828		3,688
Independent Power Producers & Energy Traders - 1.1%
Constellation Energy Group, Inc.		111,620		4,065
Insurance - 5.0%
ACE, Ltd.		83,708		5,630
AON Corp. ^		69,760		3,639
Everest RE Group, Ltd.		55,804		5,085
Genworth Financial, Inc. - Class A ‡^		279,040		3,401
Internet Software & Services - 0.7%
VeriSign, Inc. ^		69,760		2,578
IT Services - 0.9%
Teletech Holdings, Inc. ‡^		167,427		3,327
Leisure Equipment & Products - 1.7%
Mattel, Inc.		222,730		5,951
Machinery - 2.7%
AGCO Corp. ‡^		69,760		4,017
Ingersoll-Rand PLC ^		111,620		5,637
Media - 1.2%
Cablevision Systems Corp. - Class A		125,210		4,411
Metals & Mining - 1.7%
Allegheny Technologies, Inc. ^		83,710		6,027
Multi-Utilities - 1.5%
CMS Energy Corp. ^		279,038		5,525
Oil, Gas & Consumable Fuels - 6.1%
Bill Barrett Corp. ‡^		97,660		4,075
Consol Energy, Inc.		55,810		3,019
Noble Energy, Inc.		55,810		5,373
Plains Exploration & Production Co. ‡	��	111,620		4,246
Whiting Petroleum Corp. ‡		69,760		4,848
Pharmaceuticals - 1.0%
Mylan, Inc. ‡^		139,520		3,477
Real Estate Investment Trusts - 2.4%
BioMed Realty Trust, Inc. ^		209,276		4,152
ProLogis ^		279,040		4,546
Road & Rail - 0.8%
Swift Transportation Co. - Class A ‡^		211,370		2,966
Semiconductors & Semiconductor Equipment - 3.7%
Atmel Corp. ‡^		209,280		3,202
Avago Technologies, Ltd.		83,710		2,801
MagnaChip Semiconductor Corp. ‡^		32,630		455
Marvell Technology Group, Ltd. ‡^		279,040		4,306
Xilinx, Inc. ^		69,760		2,432

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Semi-Annual Report 2011
	Page 87

Transamerica Oppenheimer Small- & Mid-Cap Value

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
Software - 1.4%
Aspen Technology, Inc. ‡^		139,520	$	2,091
Electronic Arts, Inc. ‡^		139,730		2,820
Specialty Retail - 1.1%
Children’s Place Retail Stores, Inc. ‡^		41,860		2,225
Talbots, Inc. ‡^		348,800		1,877
Textiles, Apparel & Luxury Goods - 1.4%
Phillips-Van Heusen Corp.		69,760		4,912
Wireless Telecommunication Services - 1.0%
NII Holdings, Inc. ‡		83,710		3,481
Total Common Stocks (cost $260,964)				329,523
SECURITIES LENDING COLLATERAL - 25.7%
State Street Navigator Securities Lending
Trust - Prime Portfolio, 0.24% ▲		91,868,463		91,868
Total Securities Lending Collateral (cost $91,868)

	Principal		Value
REPURCHASE AGREEMENT - 7.6%
State Street Bank & Trust Co. 0.01% ▲ , dated 04/29/2011, to be repurchased at $27,105 on 05/02/2011. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 04/01/2025, with a value of $27,648.	$	27,105		27,105
Total Repurchase Agreement (cost $27,105)
Total Investment Securities (cost $379,937) #				448,496
Other Assets and Liabilities — Net				(91,438	)
Net Assets			$	357,058

NOTES TO SCHEDULE OF INVESTMENTS:

^	All or a portion of this security is on loan. The value of all securities on loan is $89,726.
‡	Non-income producing security.
▲	Rate shown reflects the yield at 04/29/2011.
#	Aggregate cost for federal income tax purposes is $379,937. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $70,914 and $2,355, respectively. Net unrealized appreciation for tax purposes is $68,559.

DEFINITION:

ADR American Depositary Receipt

VALUATION SUMMARY: э

			Level 2 -
			Other		Level 3 -
	Level 1 -		Significant		Significant
	Quoted		Observable		Unobservable		Value at
Investment Securities	Prices		Inputs		Inputs		04/30/2011
Common Stocks	$	296,518	$	33,005	$	—	$	329,523
Repurchase Agreement		—		27,105		—		27,105
Securities Lending Collateral		91,868		—		—		91,868
Total	$	388,386	$	60,110	$	—	$	448,496

^э See the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques.

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Semi-Annual Report 2011
	Page 88

Transamerica PIMCO Real Return TIPS

SCHEDULE OF INVESTMENTS
At April 30, 2011
(all amounts in thousands)
(unaudited)

		Principal		Value
U.S. GOVERNMENT OBLIGATIONS - 74.2%
U.S. Treasury Inflation Indexed Bond
0.13%, 04/15/2016		$	19,896	$	20,519
1.13%, 01/15/2021			3,034		3,146
1.75%, 01/15/2028			20,804		21,742
2.00%, 01/15/2026			28,758		31,405
2.38%, 01/15/2025 g			27,699		31,735
2.38%, 01/15/2027			9,808		11,172
2.50%, 01/15/2029			41		48
3.38%, 04/15/2032			623		824
3.63%, 04/15/2028			41,190		54,336
3.88%, 04/15/2029 •			49,741		68,118
U.S. Treasury Inflation Indexed Note
0.50%, 04/15/2015			12,557		13,264
0.63%, 04/15/2013			1,256		1,321
1.25%, 04/15/2014			1,568		1,694
1.38%, 01/15/2020 g			6,548		7,010
1.63%, 01/15/2015 g			30,009		33,017
1.63%, 01/15/2018			15,735		17,321
1.88%, 07/15/2013 - 07/15/2019			86,317		95,323
2.00%, 04/15/2012 - 07/15/2014			42,275		45,962
2.00%, 01/15/2014 g			39,520		43,469
2.00%, 01/15/2016 g			37,122		41,736
2.13%, 01/15/2019			21		23
2.38%, 01/15/2017 g			48,437		55,615
2.63%, 07/15/2017			6,938		8,118
3.00%, 07/15/2012			8,121		8,684
3.38%, 01/15/2012			27,727		28,995
Total U.S. Government Obligations (cost $610,971)					644,597
U.S. GOVERNMENT AGENCY OBLIGATIONS - 0.6%
Fannie Mae
0.36%, 08/25/2034 *			118		112
0.89%, 02/25/2041 *			3,798		3,827
1.51%, 10/01/2044 *			44		45
Freddie Mac
0.45%, 02/15/2019 *			1,533		1,531
Total U.S. Government Agency Obligations (cost $5,515)					5,515
FOREIGN GOVERNMENT OBLIGATIONS - 2.1%
Australia Government Bond
2.50%, 09/20/2030	AUD		900		992
3.00%, 09/20/2025	AUD		5,500		6,658
4.00%, 08/20/2020	AUD		1,800		3,272
Italy Buoni Poliennali Del Tesoro
2.10%, 09/15/2016 - 09/15/2021	EUR		3,151		4,586
New South Wales Treasury Corp.
2.75%, 11/20/2025	AUD		2,200		2,566
Total Foreign Government Obligations (cost $14,964)					18,074
MORTGAGE-BACKED SECURITIES - 3.7%
Arran Residential Mortgages Funding PLC
Series 2010-1A, Class A1B
2.29%, 05/16/2047 - 144A *		$	464		688
Series 2011-1A, Class A1B
2.62%, 11/19/2047 - 144A *			3,800		5,631
Series 2011-1A, Class A2B
2.87%, 11/19/2047 - 144A *§			7,900		11,701
Banc of America Commercial Mortgage, Inc.
Series 2007-3, Class A2
5.80%, 06/10/2049 *			138		143
Series 2007-3, Class A2FL
0.37%, 06/10/2049 - 144A *			138		132
Series 2007-5, Class A4
5.49%, 02/10/2051			530		576
Banc of America Mortgage Securities, Inc.
Series 2004-1, Class 5A1
6.50%, 09/25/2033			35		37
Bear Stearns Adjustable Rate Mortgage Trust
Series 2005-2, Class A1
2.71%, 03/25/2035 *			695		665
Series 2005-2, Class A2
2.73%, 03/25/2035 *			215		205
Series 2005-5, Class A1
2.34%, 08/25/2035 *			221		212
Series 2005-5, Class A2
2.40%, 08/25/2035 *			387		365
Citigroup Mortgage Loan Trust, Inc.
Series 2005-6, Class A1
2.37%, 08/25/2035 *			272		255
Series 2005-6, Class A2
2.56%, 08/25/2035 *			331		294
Series 2005-6, Class A3
2.21%, 08/25/2035 *			46		43
Series 2005-11, Class A1A
2.66%, 12/25/2035 *			36		32
Citigroup/Deutsche Bank Commercial Mortgage Trust
Series 2007-CD5, Class A4
5.89%, 11/15/2044 *			400		443
Countrywide Home Loan Mortgage Pass-Through Trust
Series 2005-3, Class 1A2
0.50%, 04/25/2035 *			1,074		713
Series 2005-R2, Class 1AF1
0.55%, 06/25/2035 - 144A *			228		215
Granite Master Issuer PLC
Series 2006-3, Class A3
0.25%, 12/20/2054 *			786		749
Series 2006-3, Class A7
0.31%, 12/20/2054 *			205		195
Greenpoint Mortgage Funding Trust
Series 2005-AR1, Class A2
0.43%, 06/25/2045 *			424		294
GSR Mortgage Loan Trust
Series 2005-AR6, Class 2A1
2.79%, 09/25/2035 *			717		691
JPMorgan Chase Commercial Mortgage Securities Corp.
Series 2006-CB17, Class A4
5.43%, 12/12/2043			510		557
LB-UBS Commercial Mortgage Trust
Series 2007-C7, Class A3
5.87%, 09/15/2045 *			200		219
MASTR Alternative Loans Trust
Series 2006-2, Class 2A1
0.61%, 03/25/2036 *			694		250
Merrill Lynch/Countrywide Commercial Mortgage Trust
Series 2007-9, Class A4
5.70%, 09/12/2049			300		327
Morgan Stanley Capital I
Series 2007-IQ15, Class A4
6.07%, 06/11/2049 *			1,200		1,316

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Semi-Annual Report 2011
	Page 89

Transamerica PIMCO Real Return TIPS

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

		Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Permanent Master Issuer PLC
Series 2011-1A, Class 1A3
2.62%, 07/15/2042 - 144A *		$	400	$	593
Residential Accredit Loans, Inc.
Series 2006-QO6, Class A1
0.39%, 06/25/2046 *			1,109		444
Sequoia Mortgage Trust
Series 5, Class A
0.56%, 10/19/2026 *			117		101
Structured Asset Mortgage Investments, Inc.
Series 2006-AR5, Class 1A1
0.42%, 05/25/2046 *			982		543
Wachovia Bank Commercial Mortgage Trust
Series 2006-C23, Class A4
5.42%, 01/15/2045 *			720		786
Series 2006-C28, Class A4
5.57%, 10/15/2048			400		436
WaMu Mortgage Pass-Through Certificates
Series 2003-AR9, Class 2A
2.78%, 09/25/2033 *			700		701
Wells Fargo Mortgage Backed Securities Trust
Series 2006-AR8, Class 2A1
2.90%, 04/25/2036 *			2,024		1,826
Total Mortgage-Backed Securities (cost $31,494)					32,378
ASSET-BACKED SECURITIES - 1.2%
ARES CLO Funds
Series 2006-6RA, Class A1B
0.54%, 03/12/2018 - 144A *			890		856
Countrywide Asset-Backed Certificates
Series 2005-13, Class 3AV3
0.46%, 04/25/2036 *			271		241
CSAB Mortgage Backed Trust
Series 2006-1, Class A6A
6.17%, 06/25/2036 *			1,194		811
Duane Street CLO
Series 2005-1A, Class A2
0.52%, 11/08/2017 - 144A * ə			485		464
Equity One, Inc.
Series 2004-1, Class AV2
0.51%, 04/25/2034 *			47		36
Gazprom OAO Via GAZ Capital SA
5.09%, 11/29/2015 - 144A			500		523
Series 16
7.34%, 04/11/2013 - 144A			300		330
Harvest CLO SA
Series IX, Class A1
2.00%, 03/29/2017 * ə			303		428
Magnolia Funding, Ltd.
Series 2010-1A, Class A1
3.00%, 04/20/2017 - 144A ə			397		590
Morgan Stanley Mortgage Loan Trust
Series 2006-12XS, Class A6A
5.73%, 10/25/2036 *			454		264
Saxon Asset Securities Trust
Series 2003-1, Class AF7
4.03%, 06/25/2033 *			520		484
SLM Student Loan Trust
Series 2003-6, Class A4
0.51%, 12/17/2018 *			680		678
Series 2009-B, Class A1
6.22%, 07/15/2042 - 144A *			2,971		2,857
Series 2010-B, Class A1
2.14%, 08/15/2016 - 144A *			1,181		1,181
Truman Capital Mortgage Loan Trust
Series 2004-1, Class A1
0.55%, 01/25/2034 - 144A *			♦		♦
Wood Street CLO BV
Series II-A, Class A1
1.76%, 03/29/2021 - 144A * ə			296		403
Total Asset-Backed Securities (cost $10,215)					10,146
MUNICIPAL GOVERNMENT OBLIGATIONS - 0.1%
Buckeye Tobacco Settlement Financing Authority
5.88%, 06/01/2047			500		336
Tobacco Settlement Finance Authority -Series A
7.47%, 06/01/2047			670		467
Tobacco Settlement Financing Corp. -Series A
6.00%, 06/01/2023			385		385
Total Municipal Government Obligations (cost $1,472)					1,188
PREFERRED CORPORATE DEBT SECURITIES - 0.3%
Commercial Banks - 0.3%
Wells Fargo & Co. - Series K
7.98%, 03/15/2018 * Ž ^			1,500		1,650
Wells Fargo Capital XIII
7.70%, 03/26/2013 * Ž ^			800		828
Total Preferred Corporate Debt Securities (cost $2,300)					2,478
CORPORATE DEBT SECURITIES - 17.6%
Capital Markets - 2.0%
Goldman Sachs Group, Inc.
0.76%, 03/22/2016 *^			5,455		5,255
1.39%, 11/15/2014 *	EUR		300		430
Morgan Stanley
1.39%, 11/29/2013 *	EUR		100		144
1.42%, 03/01/2013 *	EUR		1,000		1,461
2.81%, 05/14/2013 *			8,800		9,073
Morgan Stanley - Series F
0.73%, 10/18/2016 * ^			800		759
Commercial Banks - 7.1%
ANZ National International, Ltd.
0.75%, 08/19/2014 - 144A *			2,000		2,012
Banco Mercantil del Norte SA
4.38%, 07/19/2015 - 144A			100		101
Banco Santander Brazil SA
2.41%, 03/18/2014 - 144A *			7,500		7,535
Barclays Bank PLC
1.41%, 12/16/2011 *			10,600		10,600
BBVA Bancomer SA
6.50%, 03/10/2021 - 144A ^			1,900		1,940
CIT Group, Inc.
5.25%, 04/01/2014 - 144A			1,000		1,024
Commonwealth Bank of Australia
1.04%, 03/17/2014 - 144A *§			5,000		5,020
Danske Bank A/S
1.33%, 04/14/2014 - 144A *			3,800		3,800
HBOS PLC
0.51%, 09/06/2017 *			9,400		8,210
6.75%, 05/21/2018 - 144A			1,000		1,008
ICICI Bank, Ltd.
2.06%, 02/24/2014 - 144A *			600		596
National Australia Bank, Ltd.
1.01%, 04/11/2014 - 144A *^§			5,700		5,795
5.35%, 06/12/2013 - 144A			1,400		1,511
Royal Bank of Scotland PLC
2.73%, 08/23/2013 *			7,000		7,219
3.00%, 12/09/2011 - 144A ^			1,000		1,016

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Semi-Annual Report 2011
	Page 90

Transamerica PIMCO Real Return TIPS

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts except share amounts in thousands)
(unaudited)

		Principal		Value
Commercial Banks (continued)
Societe Generale
1.33%, 04/11/2014 - 144A * §		$	3,800	$	3,805
Turkiye Garanti Bankasi AS
2.77%, 04/20/2016 - 144A *Ù§			500		503
Consumer Finance - 0.7%
Ally Financial, Inc.
3.47%, 02/11/2014 *			100		101
3.67%, 06/20/2014 *			200		202
6.63%, 05/15/2012			5,000		5,200
6.88%, 09/15/2011 Ù			500		508
8.30%, 02/12/2015 Ù			100		113
SLM Corp.
5.05%, 11/14/2014			300		311
Diversified Financial Services - 3.8%
Citigroup, Inc.
7.38%, 06/16/2014	EUR		1,100		1,793
Countrywide Financial Corp.
5.80%, 06/07/2012 Ù		$	500		525
Credit Agricole Home Loan SFH
1.02%, 07/21/2014 - 144A *			3,400		3,408
Ford Motor Credit Co., LLC
7.00%, 10/01/2013			1,000		1,084
7.25%, 10/25/2011 Ù			1,950		2,000
7.80%, 06/01/2012			450		476
International Lease Finance Corp.
6.50%, 09/01/2014 - 144A			600		636
6.75%, 09/01/2016 - 144A			500		533
7.13%, 09/01/2018 - 144A			1,000		1,075
JPMorgan Chase & Co.
1.02%, 05/02/2014 *			2,700		2,698
Merrill Lynch & Co., Inc.
1.62%, 01/31/2014 *	EUR		800		1,155
1.95%, 09/27/2012 *	EUR		7,400		10,704
Mystic Re, Ltd.
10.31%, 06/07/2011 - 144A * §		$	1,000		1,001
SSIF Nevada, LP
0.98%, 04/14/2014 - 144A * Ə			5,700		5,695
Vita Capital III, Ltd.
1.42%, 01/01/2012 - 144A * §			400		396
Energy Equipment & Services - 0.3%
Transocean, Inc.
4.95%, 11/15/2015			2,300		2,461
Food Products - 0.7%
Tyson Foods, Inc.
10.50%, 03/01/2014			5,000		6,038
Health Care Providers & Services - 0.1%
HCA, Inc.
9.25%, 11/15/2016			1,000		1,073
Household Durables - 0.4%
Black & Decker Corp.
8.95%, 04/15/2014			3,000		3,560
Insurance - 1.6%
American International Group, Inc.
8.18%, 05/15/2058 * Ù			3,650		4,088
8.63%, 05/22/2038 - Reg S *	GBP		500		873
Marsh & McLennan Cos., Inc.
5.75%, 09/15/2015 Ù		$	6,000		6,601
New York Life Global Funding
4.65%, 05/09/2013 - 144A			1,600		1,713
Pacific Life Global Funding
5.15%, 04/15/2013 - 144A			500		531
Media - 0.4%
CSC Holdings LLC
8.50%, 06/15/2015			3,200		3,492
Oil, Gas & Consumable Fuels - 0.5%
Petrobras International Finance Co.
3.88%, 01/27/2016 Ù			3,700		3,751
Petroleos Mexicanos
5.50%, 01/21/2021 Ù			800		820
Total Corporate Debt Securities (cost $145,041)					153,432
COMMERCIAL PAPER - 0.5%
Commercial Banks - 0.5%
Banco Bradesco SA
1.37%, 06/27/2011 ▲ §			3,700		3,692
Banco do Brasil SA
1.31%, 11/15/2011 ▲			250		248
Total Commercial Paper (cost $3,940)					3,940

	Shares		Value
CONVERTIBLE PREFERRED STOCK - 0.0% ∞
Commercial Banks - 0.0% ∞
Wells Fargo & Co. 7.50%, Ù		400		432
Total Convertible Preferred Stock (cost $400)

	Notional
	Amount		Value
PURCHASED SWAPTION - 0.0% ∞
Call Swaptions - 0.0% ∞
If exercised the Series receives 1.25%, and pays floating 3 month LIBOR, European Style		46,300		177
Expires 04/30/2012 §
Total Purchased Swaption (cost $145)

	Shares		Value
SECURITIES LENDING COLLATERAL - 2.1%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.24% ▲		17,852,543		17,853
Total Securities Lending Collateral (cost $17,853)

	Principal		Value
REPURCHASE AGREEMENTS - 0.5%
Barclays Capital, Inc. 0.03% ▲, dated 04/29/2011, to be repurchased at $1,900 on 05/02/2011. Collateralized by a U.S. Government Obligation, 4.50%, due 08/15/2039, with a value of $1,931.	$	1,900		1,900
State Street Bank & Trust Co. 0.01% ▲, dated 04/29/2011, to be repurchased at $2,278 on 05/02/2011. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 12/15/2017, with a value of $2,325.		2,278		2,278
Total Repurchase Agreements (cost $4,178)				4,178
Total Investment Securities (cost $848,488) #				894,388
Other Assets and Liabilities - Net				(26,120	)
Net Assets			$	868,268

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Semi-Annual Report 2011
	Page 91

Transamerica PIMCO Real Return TIPS

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

	Principal			Value
REVERSE REPURCHASE AGREEMENT - (0.6)%
BNP Paribas 0.19% ▲, dated 03/30/2011, to be repurchased at $(5,441) on 05/02/2011.	$	(5,441	)	$	(5,441	)
Total Reverse Repurchase Agreement (cost $(5,411))

	Notional
	Amount			Value
WRITTEN-OPTIONS - (0.0)% ∞
Call Options - (0.0)% ∞
10-Year U.S. Treasury Note Future	$	(139	)		(41	)
Call Strike $122.00
Expires 05/20/2011
10-Year U.S. Treasury Note Future		(19	)		(14	)
Call Strike $121.00
Expires 05/20/2011
Euro Future		(90	)		(27	)
Call Strike $99.38
Expires 09/19/2011
Put Options - (0.0)% ∞
10-Year U.S. Treasury Note Future		(23	)		(w	)
Put Strike $117.00
Expires 05/20/2011
10-Year U.S. Treasury Note Future		(43	)		(1	)
Put Strike $116.00
Expires 05/20/2011
Euro Future		(90	)		(2	)
Put Strike $99.38
Expires 09/19/2011
Total Written Options (premiums: $(135))					(85	)

WRITTEN SWAPTIONS:

											Premiums
		Pay/Receive	Exercise			Expiration		Notional			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	)	$	(203	)
Call - Interest Rate Swap, European Style §	2-Year OC FVA USD	Receive		0.00			11/14/2011		(13,400	)		(146	)		(230	)
Call - Interest Rate Swap, European Style §	10-Year IRO USD	Receive		0.01			10/11/2011		(5,500	)		(28	)		(44	)
Call - Interest Rate Swap, European Style	5-Year CDX 0.8 IG15 BRC	Receive		0.80			06/15/2011		(1,100	)		(3	)		(2	)
Call - Interest Rate Swap, European Style	5-Year CDX 0.8 IG15 UAG	Receive		0.80			06/15/2011		(600	)		(2	)		(1	)
Call - Interest Rate Swap, European Style	10-Year IRO USD	Receive		3.50			06/13/2011		(2,500	)		(14	)		(33	)
Put - Interest Rate Swap, European Style	10-Year IRO USD	Pay		0.00			03/10/2020		(1,800	)		(14	)		(9	)
Put - Interest Rate Swap, European Style	10-Year IRO USD	Pay		0.00			03/12/2020		(7,600	)		(64	)		(34	)
Put - Interest Rate Swap, European Style	10-Year IRO USD	Pay		0.00			04/07/2020		(14,200	)		(127	)		(65	)
Put - Interest Rate Swap, European Style	10-Year IRO USD	Pay		0.00			09/29/2020		(1,700	)		(22	)		(8	)
Put - Interest Rate Swap, European Style	5-Year CDX 1.2 IG15 BRC	Pay		1.20			06/15/2011		(1,700	)		(5	)		(w	)
Put - Interest Rate Swap, European Style	5-Year CDX 1.2 IG15 UAG	Pay		1.20			09/21/2011		(400	)		(2	)		(w	)
Put - Interest Rate Swap, European Style	5-Year CDX.O 1.3 MYC	Pay		1.30			09/21/2011		(1,300	)		(6	)		(2	)
Put - Interest Rate Swap, European Style	1-Year IRO USD	Pay		2.00			04/30/2012		(92,600	)		(152	)		(137	)
Put - Interest Rate Swap, European Style	2-Year IRO USD	Pay		2.25			09/24/2012		(1,400	)		(9	)		(13	)
Put - Interest Rate Swap, European Style	2-Year IRO USD	Pay		2.25			09/24/2012		(67,100	)		(538	)		(605	)
Put - Interest Rate Swap, European Style	2-Year IRO USD	Pay		2.25			09/24/2012		(3,300	)		(23	)		(30	)
Put - Interest Rate Swap, European Style	3-Year IRO USD	Pay		3.00			06/18/2012		(8,100	)		(90	)		(57	)
Put - Interest Rate Swap, European Style	3-Year IRO USD	Pay		3.00			06/18/2012		(10,600	)		(96	)		(75	)
Put - Interest Rate Swap, European Style	3-Year IRO USD	Pay		3.00			06/18/2012		(16,600	)		(172	)		(118	)
Put - Interest Rate Swap, European Style	3-Year IRO USD	Pay		3.00			06/18/2012		(7,000	)		(78	)		(50	)
Put - Interest Rate Swap, European Style	3-Year IRO USD	Pay		3.00			06/18/2012		(13,300	)		(147	)		(94	)
Put - Interest Rate Swap, European Style	10-Year IRO USD	Pay		4.00			06/13/2011		(2,500	)		(16	)		(1	)
Put - Interest Rate Swap, European Style	10-Year IRO USD	Pay		10.00			07/10/2012		(1,400	)		(9	)		(w	)
Put - Interest Rate Swap, European Style	10-Year IRO USD	Pay		10.00			07/10/2012		(2,600	)		(18	)		(w	)
											$	(1,912	)	$	(1,811	)

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Semi-Annual Report 2011
	Page 92

Transamerica PIMCO Real Return TIPS

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

SWAP AGREEMENTS: p

CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - BUY PROTECTION: ⁽¹⁾

							Implied Credit							Premiums		Net Unrealized
	Fixed Deal			Maturity			Spread (BP) at		Notional		Market			Paid		Appreciation
Reference Obligation	Pay Rate			Date		Counterparty	04/30/2011 (3)		Amount (4)		Value			(Received)		(Depreciation)
Black and Decker Corp., 8.95%, 04/15/2014		2.20	%		06/20/2014	CBK		22.60	$	3,000	$	(184	)	$	—	$	(184	)
Marsh & McLennan Cos., Inc., 5.75%, 09/15/2015		0.76			09/20/2015	BRC		82.13		6,000		21			—		21
Tyson Foods, Inc., 6.60%, 03/20/2014		1.00			03/20/2014	BPS		87.82		6,000		(16	)		256		(272	)
											$	(179	)	$	256	$	(435	)

CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION: ⁽²⁾

	Fixed Deal						Implied Credit							Premiums			Net Unrealized
	Receive			Maturity			Spread (BP) at		Notional		Market			Paid			Appreciation
Reference Obligation	Rate			Date		Counterparty	04/30/2011 (3)		Amount (4)		Value			(Received)			(Depreciation)
20-Year Japan Government Bond, 2.00%, 03/21/2022 §		1.00	%		12/20/2015	RYL		72.29	$	700	$	8		$	14		$	(6	)
20-Year Japan Government Bond, 2.00%, 03/21/2022 §		1.00			12/20/2015	BOA		72.29		500		(6	)		9			(15	)
20-Year Japan Government Bond, 2.00%, 03/21/2022 §		1.00			12/20/2015	GST		72.29		500		(6	)		9			(15	)
20-Year Japan Government Bond, 2.00%, 03/21/2022 §		1.00			12/20/2015	BOA		72.29		2,900		34			59			(25	)
American International Group, Inc., 6.25%, 05/01/2036		5.00			12/20/2013	DUB		87.00		6,500		694			(347	)		1,041
Emerging Markets Index - Series 14, 5.00%		1.00			12/20/2015	CBK		193.73		2,500		323			302			21
Emerging Markets Index - Series 14, 5.00%		1.00			12/20/2015	RYL		193.73		600		78			78			w
Emerging Markets Index - Series 14, 5.00%		1.00			12/20/2015	UAG		193.73		1,300		168			164			4
Emerging Markets Index - Series 14, 5.00%		1.00			12/20/2015	DUB		193.73		1,100		142			146			(4	)
Emerging Markets Index - Series 15, 5.00% §		1.00			06/20/2016	BRC		201.69		8,900		1,226			1,178			48
Federative Republic of Brazil, 12.25%, 03/06/2030		1.00			06/20/2015	BRC		91.55		1,000		2			(15	)		17
Federative Republic of Brazil, 12.25%, 03/06/2030		1.00			06/20/2015	HUS		91.55		1,000		2			(11	)		13
Federative Republic of Brazil, 12.25%, 03/06/2030		1.00			06/20/2015	BRC		91.55		1,000		2			(7	)		9
Federative Republic of Brazil, 12.25%, 03/06/2030		1.00			06/20/2020	DUB		144.20		2,500		(88	)		(75	)		(13	)
France Government Bond, 4.25%, 04/25/2019		1.00			06/20/2015	DUB		60.40		1,300		(20	)		(35	)		15
France Government Bond, 4.25%, 04/25/2019		1.00			06/20/2015	CBK		60.40		1,300		(20	)		(25	)		5
France Government Bond, 4.25%, 04/25/2019		1.00			12/20/2015	RYL		67.76		900		(18	)		(16	)		(2	)
France Government Bond, 4.25%, 04/25/2019		1.00			12/20/2015	CBK		67.76		600		(12	)		(15	)		3
France Government Bond, 4.25%, 04/25/2019		1.00			12/20/2015	BOA		67.76		800		(16	)		(15	)		(1	)
France Government Bond, 4.25%, 04/25/2019		1.00			12/20/2015	BRC		67.76		1,100		(22	)		(20	)		(2	)
France Government Bond, 4.25%, 04/25/2019		1.00			12/20/2015	BOA		67.76		1,200		(24	)		(29	)		5
Petrobras International Finance Co., 8.38%, 12/10/2018		1.00			09/20/2012	DUB		67.85		300		1			(2	)		3
Republic of Italy, 6.88%, 09/27/2023 §		1.00			06/20/2011	BOA		43.12		200		(w	)		(w	)		w
United Kingdom Gilt, 4.25%, 06/07/2032 §		1.00			06/20/2015	DUB		46.42		2,200		45			15			30
United Kingdom Gilt, 4.25%, 06/07/2032 §		1.00			06/20/2015	DUB		46.42		700		15			3			12
United Kingdom Gilt, 4.25%, 06/07/2032 §		1.00			06/20/2015	CBK		46.42		1,600		34			10			24
United Kingdom Gilt, 4.25%, 06/07/2032 §		1.00			12/20/2015	DUB		52.45		900		19			19			w
											$	2,561		$	1,394		$	1,167

INTEREST RATE SWAP AGREEMENTS - FIXED RATE RECEIVABLE:

													Premiums		Net Unrealized
				Maturity			Currency	Notional		Market			Paid		Appreciation
Floating Rate Index	Fixed Rate			Date		Counterparty	Code	Amount		Value			(Received)		(Depreciation)
3-Month USD-LIBOR		4.25	%		06/15/2041	BRC	USD	$	2,700	$	(24	)	$	16	$	(40	)
3-Month USD-LIBOR		4.25			06/15/2041	GLM	USD		6,000		(54	)		206		(260	)
BRL-CDI		14.77			01/02/2012	MLC	BRL		1,100		71			1		70
BRL-CDI		14.77			01/02/2012	HUS	BRL		200		13			w		13
BRL-CDI		11.89			01/02/2013	HUS	BRL		4,800		14			4		10
										$	20		$	227	$	(207	)

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Semi-Annual Report 2011
	Page 93

Transamerica PIMCO Real Return TIPS

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

SWAP AGREEMENTS (continued): p

INTEREST RATE SWAP AGREEMENTS - FIXED RATE PAYABLE:

													Premiums			Net Unrealized
				Maturity			Currency	Notional		Market			Paid			Appreciation
Floating Rate Index	Fixed Rate			Date		Counterparty	Code	Amount		Value			(Received)			(Depreciation)
BRL-CDI		11.14	%		01/02/2012	ZCS	BRL	$	2,600	$	27		$	4		$	23
BRL-CDI		11.63			01/02/2012	MYC	BRL		20,100		79			(9	)		88
BRL-CDI		11.36			01/02/2012	HUS	BRL		29,800		270			15			255
BRL-CDI		10.12			01/02/2012	MYC	BRL		3,000		(71	)		(5	)		(66	)
BRL-CDI		10.58			01/02/2012	UAG	BRL		13,000		(139	)		(1	)		(138	)
BRL-CDI		10.68			01/02/2012	BRC	BRL		14,800		(110	)		(24	)		(86	)
BRL-CDI		11.89			01/02/2013	GLM	BRL		20,100		59			7			52
BRL-CDI		12.07			01/02/2013	IRS	BRL		14,900		82			(32	)		114
BRL-CDI		11.98			01/02/2013	MYC	BRL		5,300		21			—			21
FRC - Excluding Tobacco-Non-Revised CPI		2.10			10/15/2011	UAG	EUR		2,800		130			—			130
										$	348		$	(45	)	$	393

FUTURES CONTRACTS:

						Net Unrealized
Description	Type	Contracts ┌		Expiration Date		Appreciation
90-Day Euro	Long		114		09/19/2011	$	51
90-Day Euro	Long		121		12/19/2011		33
90-Day Euro	Long		223		03/19/2012		91
90-Day Euro	Long		45		06/18/2012		12
						$	187

FORWARD FOREIGN CURRENCY CONTRACTS: p

						Amount in U.S.			Net Unrealized
				Settlement		Dollars Bought			Appreciation
Currency	Bought (Sold)			Date		(Sold)			(Depreciation)
Australian Dollar		1,227			05/31/2011	$	1,338		$	2
Australian Dollar		(1,550	)		05/31/2011		(1,670	)		(22	)
Brazilian Real		8,962			06/02/2011		5,290			398
Brazilian Real		(8,962	)		06/02/2011		(5,615	)		(73	)
Brazilian Real		8,962			08/02/2011		5,544			95
Canadian Dollar		7,874			06/20/2011		8,057			255
Canadian Dollar		919			06/20/2011		967			3
Chinese Yuan Renminbi		1,708			11/15/2011		266			1
Chinese Yuan Renminbi		2,169			11/15/2011		337			2
Chinese Yuan Renminbi		4,195			11/15/2011		653			3
Chinese Yuan Renminbi		10,270			11/15/2011		1,581			26
Chinese Yuan Renminbi		16,915			02/13/2012		2,611			52
Euro		337			05/06/2011		500			(1	)
Euro		(398	)		07/18/2011		(565	)		(24	)
Euro		(916	)		07/18/2011		(1,356	)		2
Euro		(33,397	)		07/18/2011		(48,189	)		(1,165	)
Euro		(1,627	)		07/18/2011		(2,400	)		(4	)
Indian Rupee		317,287			08/12/2011		6,759			269
Indian Rupee		43,000			08/12/2011		920			33
Indonesian Rupiah		4,810,000			10/31/2011		520			24
Indonesian Rupiah		4,259,600			10/31/2011		463			19
Indonesian Rupiah		8,816,000			10/31/2011		950			48
Indonesian Rupiah		3,562,800			01/31/2012		393			6
Japanese Yen		(79,081	)		07/14/2011		(944	)		(31	)
Malaysian Ringgit		(643	)		05/11/2011		(217	)		(w	)
Malaysian Ringgit		643			05/11/2011		209			8
Malaysian Ringgit		600			08/11/2011		195			6
Malaysian Ringgit		900			08/11/2011		292			10
Malaysian Ringgit		800			08/11/2011		260			8
Malaysian Ringgit		600			08/11/2011		195			6

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Semi-Annual Report 2011
	Page 94

Transamerica PIMCO Real Return TIPS

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

FORWARD FOREIGN CURRENCY CONTRACTS (continued): p

						Amount in U.S.			Net Unrealized
				Settlement		Dollars Bought			Appreciation
Currency	Bought (Sold)			Date		(Sold)			(Depreciation)
Malaysian Ringgit		600			08/11/2011	$	193		$	8
Malaysian Ringgit		1,060			08/11/2011		343			13
Malaysian Ringgit		989			08/11/2011		321			10
Malaysian Ringgit		600			08/11/2011		195			7
Malaysian Ringgit		1,299			08/11/2011		420			15
Malaysian Ringgit		600			08/11/2011		194			7
Malaysian Ringgit		643			11/10/2011		216			(2	)
Mexican Peso		3,384			07/07/2011		280			12
Mexican Peso		3,579			07/07/2011		300			9
Mexican Peso		242			07/07/2011		20			1
Mexican Peso		11,798			07/07/2011		1,000			18
Mexican Peso		5,801			07/07/2011		480			21
Mexican Peso		6,653			07/07/2011		550			24
Mexican Peso		9,188			07/07/2011		760			33
Mexican Peso		5,923			07/07/2011		500			11
Philippine Peso		21,230			06/15/2011		480			15
Philippine Peso		5,000			06/15/2011		116			1
Philippine Peso		20,720			06/15/2011		486			(3	)
Philippine Peso		10,900			06/15/2011		248			6
Philippine Peso		10,625			06/15/2011		242			5
Philippine Peso		39,375			06/15/2011		900			18
Philippine Peso		10,343			06/15/2011		236			5
Philippine Peso		7,770			06/15/2011		178			4
Philippine Peso		8,000			06/15/2011		184			2
Philippine Peso		10,300			06/15/2011		234			6
Philippine Peso		5,302			06/15/2011		120			4
Philippine Peso		9,628			11/15/2011		215			8
Philippine Peso		12,300			11/15/2011		279			6
Philippine Peso		12,400			11/15/2011		280			7
Philippine Peso		29,200			11/15/2011		658			17
Philippine Peso		24,300			11/15/2011		548			14
Philippine Peso		12,400			11/15/2011		279			8
Pound Sterling		(603	)		06/13/2011		(968	)		(39	)
Republic of Korea Won		(11,696,417	)		05/09/2011		(10,714	)		(202	)
Republic of Korea Won		375,000			05/09/2011		335			15
Republic of Korea Won		227,500			05/09/2011		200			12
Republic of Korea Won		595,000			05/09/2011		526			29
Republic of Korea Won		227,300			05/09/2011		200			12
Republic of Korea Won		3,127,364			05/09/2011		2,700			218
Republic of Korea Won		1,387,590			05/09/2011		1,225			70
Republic of Korea Won		548,000			05/09/2011		489			23
Republic of Korea Won		683,600			05/09/2011		603			35
Republic of Korea Won		608,500			05/09/2011		539			29
Republic of Korea Won		126,699			05/09/2011		112			7
Republic of Korea Won		157,300			05/09/2011		140			7
Republic of Korea Won		296,000			05/09/2011		264			13
Republic of Korea Won		754,420			05/09/2011		670			34
Republic of Korea Won		2,095,920			05/09/2011		1,862			94
Republic of Korea Won		113,820			05/09/2011		100			6
Republic of Korea Won		372,405			05/09/2011		330			18
Republic of Korea Won		11,696,417			08/12/2011		10,650			227
Singapore Dollar		2,809			06/09/2011		2,195			100
Singapore Dollar		498			06/09/2011		400			7
Singapore Dollar		377			06/09/2011		300			8
Singapore Dollar		200			09/09/2011		156			7
Singapore Dollar		1,004			09/09/2011		785			35
Singapore Dollar		200			09/09/2011		157			7
Singapore Dollar		200			09/09/2011		156			7
Singapore Dollar		200			09/09/2011		156			8
									$	1,053

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Semi-Annual Report 2011
	Page 95

Transamerica PIMCO Real Return TIPS

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

NOTES TO SCHEDULE OF INVESTMENTS:

*	Floating or variable rate note. Rate is listed as of 04/30/2011.
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 $7,580, or 0.87%, of the fund’s net assets.
w	Value and/or principal rounds to less than $1.
§	Illiquid. At 04/30/2011, the market value of illiquid investment securities aggregated to $32,090, or 3.70%, of the fund’s net assets, and illiquid derivatives aggregated to $893, or 0.10%, of the fund’s net assets.
Ž	The security has a perpetual maturity. The date shown is the next call date.
Ù	All or a portion of this security is on loan. The value of all securities on loan is $17,493.
∞	Percentage rounds to less than 0.1% or (0.1)%.
▲	Rate shown reflects the yield at 04/29/2011.
#	Aggregate cost for federal income tax purposes is $848,488. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $48,010 and $2,110, respectively. Net unrealized appreciation for tax purposes is $45,900.
•	A portion of this security in the amount of $5,568 has been segregated as collateral with the broker to cover the open BNP Paribas reverse repurchase agreement.
┌	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.
g	A portion of these securities in the amount of $579 has been segregated as collateral with the broker to cover margin requirements for open futures contracts.
p	Cash in the amount of $3,110 has been pledged by the broker as collateral with the custodian to cover open swap contracts and/or swaptions.
p	Cash in the amount of $1,320 has been pledged by the broker as collateral with the custodian to cover open forward foreign currency contracts.

DEFINITIONS:

144A	144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 04/30/2011, these securities aggregated $76,818, or 8.85%, of the fund’s net assets.
AUD	Australian Dollar
BOA	Bank of America
BP	Basis Point
BPS	BNP Paribas
BRC	Barclays Bank PLC
BRL	Brazilian Real
CBK	Citibank N.A.
CDI	Credit Default Index
CDX	A series of indices that track North American and emerging market credit derivative indices.
CLO	Collateralized Loan Obligation
CPI	Consumer Price Index
DUB	Deutsche Bank AG
EUR	Euro
FRC	Fixed Rate Credit
FVA	Forward Volatility Agreement
GBP	Pound Sterling
GLM	Goldman Sachs Global Liquidity Management
GST	Goldman Sachs Trust
HUS	HSBC Bank USA
IRO	Interest Rate Option

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Semi-Annual Report 2011
	Page 96

Transamerica PIMCO Real Return TIPS

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

DEFINITIONS (continued):

LIBOR	London Interbank Offered Rate
OAO	Otkrytoe Aktsionernoe Obschestvo (Russian: Open Joint Stock Corporation)
MLC	Merrill Lynch Capital Services
MYC	Morgan Stanley Capital Services
RYL	Royal Bank of Scotland PLC
UAG	UBS AG
USD	United States Dollar

VALUATION SUMMARY: ^'

			Level 2 -
			Other			Level 3 -
	Level 1 -		Significant			Significant
	Quoted		Observable			Unobservable		Value at
Investment Securities	Prices		Inputs			Inputs		04/30/2011
Asset-Backed Securities	$	—	$	9,279		$	867	$	10,146
Commercial Paper		—		3,940			—		3,940
Convertible Preferred Stock		432		—			—		432
Corporate Debt Securities		—		147,737			5,695		153,432
Foreign Government Obligations		—		18,074			—		18,074
Mortgage-Backed Securities		—		32,378			—		32,378
Municipal Government Obligations		—		1,188			—		1,188
Preferred Corporate Debt Securities		—		2,478			—		2,478
Purchased Swaption		—		177			—		177
Repurchase Agreements		—		4,178			—		4,178
Securities Lending Collateral		17,853		—			—		17,853
U.S. Government Agency Obligations		—		5,515			—		5,515
U.S. Government Obligations		—		644,597			—		644,597
Total	$	18,285	$	869,541		$	6,562	$	894,388
			Level 2 -
			Other			Level 3 -
	Level 1 -		Significant			Significant
	Quoted		Observable			Unobservable		Value at
Other Financial Instruments	Prices		Inputs			Inputs		04/30/2011
Written Options	$	—	$	(85	)	$	—	$	(85	)
Written Swaptions		—		(1,811	)		—		(1,811	)
Reverse Repurchase Agreement		—		(5,441	)		—		(5,441	)
Total	$	—	$	(7,337	)	$	—	$	(7,337	)
			Level 2 -
			Other			Level 3 -
	Level 1 -		Significant			Significant
	Quoted		Observable			Unobservable		Total at
Other Financial Instruments ₣	Prices		Inputs			Inputs		04/30/2011
Futures Contracts - Appreciation	$	187	$	—		$	—	$	187
Interest Rate Swap - Appreciation		—		776			—		776
Interest Rate Swap - Depreciation		—		(590	)		—		(590	)
Credit Default Swap - Appreciation		—		1,271			—		1,271
Credit Default Swap - Depreciation		—		(539	)		—		(539	)
Forward Foreign Currency Contracts - Appreciation		—		2,619			—		2,619
Forward Foreign Currency Contracts - Depreciation		—		(1,566	)		—		(1,566	)
Total	$	187	$	1,971		$	—	$	2,158

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Semi-Annual Report 2011
	Page 97

Transamerica PIMCO Real Return TIPS

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

VALUATION SUMMARY (continued): ^'

Level 3 Rollforward — Investment Securities

																				Net Change in
																				Unrealized
																				Appreciation/
																				(Depreciation)
											Net Change in									on
	Beginning						Accrued		Total		Unrealized			Transfers		Transfers		Ending		Investments
	Balance at						Discounts/		Realized		Appreciation			into		out of		Balance at		Held at
Securities	10/31/2010		Purchases		Sales		(Premiums)		Gain/(Loss)		/(Depreciation)			Level 3 ¥		Level 3		04/30/2011		04/30/2011
Asset-Backed Securities	$	—	$	465	$	—	$	—	$	—	$	(1	)	$	403	$	—	$	867	$	20
Corporate Debt Securities		—		5,700		—		—		—		(5	)		—		—		5,695		(5	)
Total	$	—	$	6,165	$	—	$	—	$	—	$	(6	)	$	403	$	—	$	6,562	$	15

'	See the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques.
₣	Other financial instruments are derivative instruments that are valued at unrealized appreciation (depreciation) on the instrument.
¥	Transferred into Level 3 because of unavailability of observable inputs.

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Semi-Annual Report 2011
	Page 98

Transamerica PIMCO Total Return

SCHEDULE OF INVESTMENTS
At April 30, 2011
(all amounts in thousands)
(unaudited)

		Principal		Value
U.S. GOVERNMENT OBLIGATIONS - 3.8%
U.S. Treasury Bond
1.88%, 08/31/2017 ^		$	2,500	$	2,410
3.63%, 02/15/2021 ^			1,200		1,233
4.38%, 02/15/2038			700		700
6.25%, 08/15/2023			5,400		6,781
7.13%, 02/15/2023 ^			3,600		4,825
7.50%, 11/15/2024			1,400		1,954
8.13%, 05/15/2021			600		848
U.S. Treasury Inflation Indexed Bond
1.13%, 01/15/2021			3,540		3,671
U.S. Treasury Note
2.63%, 08/15/2020			400		380
2.88%, 03/31/2018			100		101
Total U.S. Government Obligations (cost $22,761)					22,903
U.S. GOVERNMENT AGENCY OBLIGATIONS - 39.1%
Fannie Mae
0.31%, 01/25/2021 *			352		352
0.56%, 09/25/2042 *			474		472
1.51%, 03/01/2044 - 10/01/2044 *			1,698		1,730
2.41%, 07/01/2035 *			490		508
2.41%, 09/01/2035 *			803		840
2.45%, 03/01/2034 *			297		311
2.49%, 01/01/2028 *			47		49
2.53%, 11/01/2033 *			183		192
2.56%, 01/01/2026 *			3		4
4.00%, 04/01/2024 - 04/01/2041			66,967		67,638
4.50%, 03/01/2023 - 08/01/2025			19,135		20,223
5.00%, 06/01/2013 - 01/01/2030			7,738		8,260
5.50%, 01/01/2035 - 03/01/2037			17,297		18,670
6.00%, 07/01/2038 - 09/01/2038			2,750		3,010
6.30%, 10/17/2038			542		590
Fannie Mae, IO
6.89%, 07/25/2034 * §			1,993		327
Fannie Mae, TBA
3.00%			2,000		1,967
4.00%			16,000		16,580
4.50%			48,000		49,388
5.50%			17,000		18,297
Freddie Mac
1.50%, 10/25/2044 *			462		460
1.71%, 07/25/2044 *			473		475
2.37%, 03/01/2034 *			184		191
2.47%, 11/01/2033 *			177		185
2.48%, 03/01/2034 *			199		208
2.51%, 01/01/2036 *			3,218		3,366
2.52%, 09/01/2035 *			52		54
3.06%, 09/01/2035 *			787		829
4.00%, 01/01/2041			4,988		4,962
4.50%, 06/15/2017 - 09/15/2018			929		953
5.00%, 02/15/2020 - 08/15/2020			1,221		1,277
5.50%, 03/15/2017			36		36
6.50%, 04/15/2029 - 07/25/2043			29		33
Ginnie Mae
3.38%, 05/20/2024 *			51		53
6.50%, 06/20/2032			29		32
Ginnie Mae, IO
6.34%, 04/16/2033 - 10/16/2033 * §			1,714		303
6.38%, 08/16/2033 * §			2,409		475
6.39%, 09/20/2034 * §			1,528		228
Overseas Private Investment Corp.
1.08%, 05/02/2013 ▲ Ə			9,320		9,332
5.10%, 12/10/2012 ▲ Ə			2,600		2,727
U.S. Small Business Administration
4.50%, 02/01/2014			42		44
Total U.S. Government Agency Obligations (cost $230,687)					235,631
FOREIGN GOVERNMENT OBLIGATIONS - 6.6%
Australia Government Bond
4.75%, 06/15/2016	AUD		12,900		13,821
6.00%, 02/15/2017	AUD		4,000		4,538
Canadian Government Bond
1.50%, 03/01/2012	CAD		8,100		8,574
1.75%, 03/01/2013	CAD		5,300		5,606
Export-Import Bank of Korea
0.52%, 10/04/2011 - 144A *		$	2,500		2,501
8.13%, 01/21/2014			3,300		3,792
Korea Expressway Corp.
5.13%, 05/20/2015 - 144A Ù			200		214
Republic of Brazil
10.25%, 01/10/2028	BRL		1,000		680
Total Foreign Government Obligations (cost $35,039)					39,726
MORTGAGE-BACKED SECURITIES - 9.3%
American Home Mortgage Assets
Series 2006-2, Class 2A1
0.40%, 09/25/2046 *		$	981		549
Series 2006-4, Class 1A12
0.42%, 10/25/2046 *			2,228		1,221
Banc of America Commercial Mortgage, Inc.
Series 2007-1, Class A4
5.45%, 01/15/2049			200		216
Banc of America Funding Corp.
Series 2005-D, Class A1
2.81%, 05/25/2035 *			958		926
Series 2006-J, Class 4A1
5.80%, 01/20/2047 *			123		86
Bear Stearns Adjustable Rate Mortgage Trust
Series 2003-5, Class 2A1
2.75%, 08/25/2033 *			807		795
Series 2003-8, Class 2A1
2.86%, 01/25/2034 *			18		18
Series 2003-8, Class 4A1
3.07%, 01/25/2034 *			143		138
Series 2005-2, Class A2
2.73%, 03/25/2035 *			631		603
Series 2005-5, Class A2
2.40%, 08/25/2035 *			283		268
Bear Stearns Alt-A Trust
Series 2005-7, Class 22A1
2.93%, 09/25/2035 *			311		238
Series 2006-6, Class 32A1
5.07%, 11/25/2036 *			360		220
Bear Stearns Structured Products, Inc.
Series 2007-R6, Class 1A1
2.67%, 01/26/2036 *			313		204

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 99

Transamerica PIMCO Total Return

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

		Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
CC Mortgage Funding Corp.
Series 2004-3A, Class A1
0.46%, 08/25/2035 - 144A *		$	238	$	172
Citigroup Mortgage Loan Trust, Inc.
Series 2005-6, Class A2
2.56%, 08/25/2035 *			331		294
Series 2007-10, Class 22AA
5.75%, 09/25/2037 *			2,202		1,537
Citigroup/Deutsche Bank Commercial Mortgage Trust
Series 2006-CD3, Class A5
5.62%, 10/15/2048			330		363
Series 2007-CD5, Class A4
5.89%, 11/15/2044 *			200		222
Countrywide Alternative Loan Trust
Series 2003-J1, Class 4A1
6.00%, 10/25/2032			3		3
Series 2005-81, Class A1
0.49%, 02/25/2037 *			671		402
Series 2006-30T1, Class 1A3
6.25%, 11/25/2036			467		373
Series 2006-J8, Class A2
6.00%, 02/25/2037			415		297
Series 2006-OA17, Class 1A1A
0.41%, 12/20/2046 *			2,584		1,452
Series 2007-2CB, Class 1A13
5.75%, 03/25/2037 *			700		514
Series 2007-HY4, Class 1A1
3.46%, 06/25/2037 *			1,164		825
Series 2007-OA6, Class A1B
0.41%, 06/25/2037 *			1,197		727
Countrywide Home Loan Mortgage Pass-Through Trust
Series 2002-30, Class M
2.82%, 10/19/2032 *			16		11
Series 2004-12, Class 12A1
2.97%, 08/25/2034 *			473		399
Series 2004-R1, Class 2A
6.50%, 11/25/2034 - 144A			593		596
Series 2005-R2, Class 1AF1
0.55%, 06/25/2035 - 144A *			1,567		1,475
Credit Suisse First Boston Mortgage Securities Corp.
Series 2002-P1A, Class A
0.88%, 03/25/2032 - 144A *			1		1
Series 2003-AR15, Class 2A1
2.50%, 06/25/2033 *			992		953
Deutsche ALT-A Securities, Inc., Alternate Loan Trust
Series 2005-6, Class 2A3
5.50%, 12/25/2035			890		603
First Horizon Alternative Mortgage Securities
Series 2007-FA4, Class 1A8
6.25%, 08/25/2037			428		323
First Horizon Asset Securities, Inc.
Series 2005-AR3, Class 2A1
2.92%, 08/25/2035 *			79		62
GS Mortgage Securities Corp. II
Series 2007-EOP, Class A1
1.14%, 03/06/2020 - 144A *			770		762
GSR Mortgage Loan Trust
Series 2005-AR6, Class 2A1
2.79%, 09/25/2035 *			148		142
Harborview Mortgage Loan Trust
Series 2006-1, Class 2A1A
0.45%, 03/19/2036 *			1,686		1,047
Series 2006-6, Class 5A1A
5.45%, 08/19/2036 *			654		519
Series 2006-12, Class 2A2A
0.40%, 01/19/2038 *			1,129		732
Series 2007-1, Class 2A1A
0.34%, 04/19/2038 *			1,190		772
IndyMac Index Mortgage Loan Trust
Series 2004-AR11, Class 2A
2.67%, 12/25/2034 *			49		36
JPMorgan Mortgage Trust
Series 2005-A1, Class 6T1
5.04%, 02/25/2035 *			184		186
Series 2007-A1, Class 5A5
2.97%, 07/25/2035 *			851		850
LB-UBS Commercial Mortgage Trust
Series 2007-C7, Class A3
5.87%, 09/15/2045 *			1,900		2,078
Luminent Mortgage Trust
Series 2006-6, Class 2A1
0.41%, 10/25/2046 *			676		457
MASTR Alternative Loans Trust
Series 2006-2, Class 2A1
0.61%, 03/25/2036 *			146		53
Mellon Residential Funding Corp.
Series 2000-TBC3, Class A1
0.66%, 12/15/2030 *			361		342
MLCC Mortgage Investors, Inc.
Series 2005-2, Class 3A
1.25%, 10/25/2035 *			43		37
Series 2005-3, Class 4A
0.46%, 11/25/2035 *			42		36
Series 2005-A10, Class A	��
0.42%, 02/25/2036 *			188		140
Morgan Stanley Capital I
Series 2007-IQ15, Class A4
6.07%, 06/11/2049 *			100		110
Series 2007-XLFA, Class A1
0.28%, 10/15/2020 - 144A *			478		463
Permanent Master Issuer PLC
Series 2011-1A, Class 1A1
1.67%, 07/15/2042 - 144A *			6,000		6,008
Series 2011-1A, Class 1A3
2.62%, 07/15/2042 - 144A *			4,200		6,221
Residential Accredit Loans, Inc.
Series 2006-QO6, Class A1
0.39%, 06/25/2046 *			333		133
Residential Asset Securitization Trust
Series 2006-R1, Class A2
0.61%, 01/25/2046 *			335		150
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
0.46%, 06/12/2044 *			3,800		3,128
Sequoia Mortgage Trust
Series 10, Class 2A1
0.97%, 10/20/2027 *			49		45

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 100

Transamerica PIMCO Total Return

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Sequoia Mortgage Trust (continued)
Series 2007-1, Class 1A1
2.53%, 01/20/2047 *	$	738	$	587
Structured Adjustable Rate Mortgage Loan Trust
Series 2004-19, Class 2A1
1.71%, 01/25/2035 *		216		143
Structured Asset Mortgage Investments, Inc.
Series 2002-AR3, Class A1
0.87%, 09/19/2032 *		22		19
Series 2005-AR5, Class A1
0.46%, 07/19/2035 *		39		28
Series 2005-AR5, Class A2
0.46%, 07/19/2035 *		71		61
Series 2005-AR5, Class A3
0.46%, 07/19/2035 *		136		126
Series 2005-AR8, Class A1A
0.49%, 02/25/2036 *		580		344
Series 2006-AR3, Class 12A1
0.43%, 05/25/2036 *		670		393
Series 2006-AR6, Class 2A1
0.40%, 07/25/2046 *		2,416		1,472
Structured Asset Securities Corp.
Series 2003-22A, Class 2A1
2.49%, 06/25/2033 *		1,114		1,055
Thornburg Mortgage Securities Trust
Series 2006-6, Class A1
0.32%, 11/25/2046 *		526		519
Wachovia Bank Commercial Mortgage Trust
Series 2006-WL7A, Class A1
0.31%, 09/15/2021 - 144A *		1,020		1,011
WaMu Mortgage Pass-Through Certificates
Series 2002-AR2, Class A
2.72%, 02/27/2034 *		21		21
Series 2002-AR9, Class 1A
1.71%, 08/25/2042 *		11		10
Series 2003-AR5, Class A7
2.68%, 06/25/2033 *		732		712
Series 2003-AR9, Class 2A
2.78%, 09/25/2033 *		1,382		1,383
Series 2005-AR11, Class A1A
0.53%, 08/25/2045 *		618		520
Series 2006-AR9, Class 2A
2.98%, 08/25/2046 *		628		481
Series 2006-AR19, Class 1A
1.05%, 01/25/2047 *		1,130		671
Series 2006-AR19, Class 1A1A
1.04%, 01/25/2047 *		962		628
Series 2007-HY1, Class 4A1
2.98%, 02/25/2037 *		2,275		1,792
Series 2007-OA1, Class A1A
1.01%, 02/25/2047 *		2,411		1,528
Wells Fargo Mortgage Backed Securities Trust
Series 2003-13, Class A5
4.50%, 11/25/2018		192		195
Series 2004-CC, Class A1
4.91%, 01/25/2035 *		260		259
Series 2006-AR4, Class 2A6
5.63%, 04/25/2036 *		245		120
Series 2006-AR8, Class 2A4
2.90%, 04/25/2036 *		606		560
Total Mortgage-Backed Securities (cost $60,034)				56,174
ASSET-BACKED SECURITIES - 2.9%
ACE Securities Corp.
Series 2006-NC3, Class A2A
0.26%, 12/25/2036 *		68		66
Amortizing Residential Collateral Trust
Series 2002-BC4, Class A
0.79%, 07/25/2032 *		4		3
Asset Backed Funding Certificates
Series 2004-OPT5, Class A1
0.56%, 06/25/2034 *		397		320
Series 2006-HE1, Class A2A
0.27%, 01/25/2037 *		22		22
Bear Stearns Asset Backed Securities Trust
Series 2002-2, Class A1
0.87%, 10/25/2032 *		15		14
Series 2006-SD4, Class 1A1
3.17%, 10/25/2036 *		842		619
Series 2007-AQ1, Class A1
0.32%, 11/25/2036 *		882		645
Citigroup Mortgage Loan Trust, Inc.
Series 2007-AHL1, Class A2A
0.25%, 12/25/2036 *		326		313
Countrywide Asset-Backed Certificates
Series 2007-1, Class 2A1
0.26%, 07/25/2037 *		373		363
Series 2007-7, Class 2A1
0.29%, 10/25/2047 *		53		52
Credit-Based Asset Servicing and Securitization LLC
Series 2007-CB1, Class AF1A
0.28%, 01/25/2037 *		460		161
First Franklin Mortgage Loan Asset Backed Certificates
Series 2005-FF1, Class A2C
0.58%, 12/25/2034 *		15		14
Gazprom OAO Via GAZ Capital SA
8.15%, 04/11/2018 - 144A		1,000		1,175
6.51%, 03/07/2022 ^		3,500		3,693
Series 2, Class
8.63%, 04/28/2034		1,500		1,838
Harbourmaster CLO, Ltd.
Series 5A, Class A1
1.43%, 06/15/2020 - 144A * Ə		867		1,217
Home Equity Asset Trust
Series 2002-1, Class A4
0.81%, 11/25/2032 *		1		1
JPMorgan Mortgage Acquisition Corp.
Series 2007-CH3, Class A5
0.47%, 03/25/2037 *		3,500		1,464
Mid-State Trust
Series 4, Class A
8.33%, 04/01/2030		194		200
Morgan Stanley Home Equity Loans
Series 2007-1, Class A1
0.26%, 12/25/2036 *		190		186
Morgan Stanley Mortgage Loan Trust
Series 2007-10XS, Class A1
6.00%, 07/25/2047 *		374		281
Series 2007-3XS, Class 2A1A
0.28%, 01/25/2047 *		157		141
Series 2007-8XS, Class A1
5.75%, 04/25/2037 *		395		290

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 101

Transamerica PIMCO Total Return

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

		Principal			Value
ASSET-BACKED SECURITIES - (continued)
New Century Home Equity Loan Trust
Series 2006-1, Class A2B
0.39%, 05/25/2036 *		$	176		$	120
Park Place Securities, Inc.
Series 2005-WCW1, Class A1B
0.47%, 09/25/2035 *			77			70
Plymouth Rock CLO, Ltd.
Series 2010-1A, Class A
1.92%, 02/16/2019 - 144A * ə			3,700			3,693
Residential Asset Securities Corp.
Series 2007-KS2, Class AI1
0.28%, 02/25/2037 *			114			113
Securitized Asset Backed Receivables LLC Trust
Series 2007-HE1, Class A2A
0.27%, 12/25/2036 *			86			30
Small Business Administration Participation Certificates
Series 2003-20I, Class 1
5.13%, 09/01/2023			46			49
Series 2004-20C, Class 1
4.34%, 03/01/2024			289			303
Structured Asset Securities Corp.
Series 2002-HF1, Class A
0.50%, 01/25/2033 *			3			3
Series 2006-BC3, Class A2
0.26%, 10/25/2036 *			24			23
Series 2006-BC6, Class A2
0.29%, 01/25/2037 *			166			163
Total Asset-Backed Securities (cost $17,752)						17,645
MUNICIPAL GOVERNMENT OBLIGATIONS - 5.5%
Buckeye Tobacco Settlement Financing Authority
5.88%, 06/01/2047			600			403
Chicago Board of Education -Class A
5.00%, 12/01/2012			255			273
Chicago Transit Authority -Class A
6.90%, 12/01/2040			4,900			5,047
Chicago Transit Authority -Class B
6.90%, 12/01/2040			2,700			2,781
City of Chicago, IL -Series A
4.75%, 01/01/2036			6,930			5,924
Kentucky State Property & Building Commission
5.37%, 11/01/2025			100			95
Los Angeles Unified School District -Series A-1
4.50%, 01/01/2028			1,200			1,111
New York City Transitional Finance Authority
4.73%, 11/01/2023			100			103
State of California
5.65%, 04/01/2039 *			5,900			6,260
State of California - Build America Bonds
7.50%, 04/01/2034			300			335
7.55%, 04/01/2039			700			794
State of Illinois
2.77%, 01/01/2012			8,100			8,163
Tobacco Settlement Finance Authority -Series A
7.47%, 06/01/2047			1,135			792
Tobacco Settlement Financing Corp.
5.25%, 06/01/2019			100			102
5.50%, 06/01/2026			200			221
5.88%, 05/15/2039			40			36
Tobacco Settlement Financing Corp. -Series 1A
5.00%, 06/01/2041			1,400			869
Total Municipal Government Obligations (cost $33,771)						33,309
				��
PREFERRED CORPORATE DEBT SECURITIES - 2.0%
Commercial Banks - 2.0%
Barclays Bank PLC
7.43%, 12/15/2017 - 144A * Ž ^			900			934
HSBC Capital Funding, LP
10.18%, 06/30/2030 - 144A * Ž			150			203
Lloyds TSB Bank PLC
12.00%, 12/16/2024 - 144A * Ž			5,300			6,122
Rabobank Nederland NV
11.00%, 06/30/2019 - 144A * Ž			378			493
Royal Bank of Scotland Group PLC
7.64%, 09/29/2017 Ž ^			3,000			2,471
Wells Fargo & Co. - Series K
7.98%, 03/15/2018 * Ž			1,800			1,980
Total Preferred Corporate Debt Securities (cost $11,637)						12,203
CORPORATE DEBT SECURITIES - 25.5%
Airlines - 0.4%
Continental Airlines, Inc.
6.75%, 09/15/2015 - 144A			2,200			2,217
Capital Markets - 3.0%
Goldman Sachs Group, Inc.
1.38%, 02/04/2013 * ^	EUR		300			440
1.39%, 11/15/2014 *	EUR		500			717
6.75%, 10/01/2037		$	900			933
Lehman Brothers Holdings, Inc.
2.85%, 12/23/2008 ‡ Џ			1,600			408
5.63%, 01/24/2013 ‡ Џ			4,100			1,056
6.88%, 05/02/2018 ‡ Џ			500			130
Lehman Brothers Holdings, Inc. - Series H
Zero Coupon, 10/22/2008 ‡ Џ			200			51
Lehman Brothers Holdings, Inc. - Series I
6.75%, 12/28/2017 ‡ Џ			1,700			t
Morgan Stanley
1.25%, 04/29/2013 *			6,100			6,106
1.71%, 04/13/2016 *	EUR		1,900			2,622
3.45%, 11/02/2015 ^		$	4,200			4,201
UBS AG
1.41%, 02/23/2012 *			1,400			1,411
Commercial Banks - 5.9%
ANZ National International, Ltd.
6.20%, 07/19/2013 - 144A			3,700			4,040
Barclays Bank PLC
5.45%, 09/12/2012			2,600			2,756
6.05%, 12/04/2017 - 144A			2,600			2,765
10.18%, 06/12/2021 - 144A			2,240			2,914
Canadian Imperial Bank of Commerce
2.00%, 02/04/2013 - 144A ^			1,200			1,224
Cie de Financement Foncier
2.50%, 09/16/2015 - 144A ^			6,000			5,925
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
4.50%, 01/11/2021 ^			7,800			8,012
Fortis Bank Nederland NV
1.51%, 06/10/2011 *	EUR		1,200			1,776
Lloyds TSB Bank PLC
1.32%, 06/09/2011 *	EUR		1,000			1,480
4.38%, 01/12/2015 - 144A		$	4,400			4,550
5.80%, 01/13/2020 - 144A			700			717
Consumer Finance - 1.5%
Ally Financial, Inc.
3.67%, 06/20/2014 *			3,100			3,128

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 102

Transamerica PIMCO Total Return

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

		Principal		Value
Consumer Finance (continued)
American Express Co.
6.15%, 08/28/2017 ^		$	700	$	795
American Express Credit Corp. - Series C
5.88%, 05/02/2013			4,500		4,874
Diversified Financial Services - 9.2%
Bank of America Corp. - Series L
5.65%, 05/01/2018 ^			3,900		4,154
Bank of America Corp.
7.63%, 06/01/2019 ^			4,000		4,720
Bear Stearns Cos., LLC
5.70%, 11/15/2014			1,900		2,104
6.40%, 10/02/2017			900		1,028
7.25%, 02/01/2018			2,100		2,467
Citigroup, Inc.
0.43%, 03/07/2014 *			2,000		1,955
2.31%, 08/13/2013 *			1,200		1,234
5.38%, 08/09/2020 ^			200		209
5.50%, 04/11/2013			1,400		1,499
6.00%, 08/15/2017			600		662
Ford Motor Credit Co., LLC
7.00%, 10/01/2013			400		433
7.80%, 06/01/2012			600		635
General Electric Capital Corp.
6.38%, 11/15/2067 *			100		104
6.50%, 09/15/2067 - 144A *	GBP		500		818
International Lease Finance Corp.
7.13%, 09/01/2018 - 144A		$	6,600		7,094
JPMorgan Chase & Co.
4.25%, 10/15/2020 ^			1,900		1,847
4.95%, 03/25/2020 ^			900		925
6.30%, 04/23/2019			900		1,017
Merrill Lynch & Co., Inc.
1.62%, 01/31/2014 *	EUR		1,000		1,443
6.88%, 04/25/2018		$	3,900		4,426
Merrill Lynch & Co., Inc. - Series C
6.40%, 08/28/2017			400		446
SMFG Preferred Capital, Ltd.
10.23%, 01/25/2029 - Reg S * Ž	GBP		2,900		5,655
SSIF Nevada, LP
0.98%, 04/14/2014 - 144A * Ə		$	500		500
TNK-BP Finance SA
7.50%, 03/13/2013 - Reg S			4,000		4,385
Volkswagen International Finance NV
0.76%, 10/01/2012 - 144A *			3,500		3,510
0.92%, 04/01/2014 - 144A *			2,600		2,609
Diversified Telecommunication Services - 0.1%
Deutsche Telekom International Finance BV
8.13%, 05/29/2012	EUR		124		195
KT Corp.
4.88%, 07/15/2015 - 144A		$	200		212
Electric Utilities - 0.0% ∞
PSEG Power LLC
6.95%, 06/01/2012			210		223
Energy Equipment & Services - 0.8%
NGPL Pipeco LLC
7.12%, 12/15/2017 - 144A			1,800		1,977
Pride International, Inc.
6.88%, 08/15/2020			2,500		2,889
Food Products - 1.0%
Wrigley WM Jr., Co.
2.45%, 06/28/2012 - 144A			6,300		6,321
Health Care Providers & Services - 0.0% ∞
HCA, Inc.
9.25%, 11/15/2016			200		215
Household Durables - 0.1%
Urbi Desarrollos Urbanos SAB de CV
9.50%, 01/21/2020 - 144A			400		448
Insurance - 1.2%
American International Group, Inc.
5.60%, 10/18/2016 ^			1,000		1,066
8.25%, 08/15/2018			5,300		6,291
Metals & Mining - 0.1%
CSN Resources SA
6.50%, 07/21/2020 - 144A			300		319
Oil, Gas & Consumable Fuels - 0.1%
Petroleum Export, Ltd.
5.27%, 06/15/2011 - 144A			15		15
Sonat, Inc.
7.63%, 07/15/2011			370		374
Tobacco - 2.1%
Altria Group, Inc.
4.13%, 09/11/2015 ^			4,300		4,523
9.25%, 08/06/2019			2,800		3,686
9.70%, 11/10/2018			1,900		2,530
Reynolds American, Inc.
7.63%, 06/01/2016			200		239
7.75%, 06/01/2018			1,000		1,185
Wireless Telecommunication Services - 0.0% ∞
AT&T Mobility LLC
6.50%, 12/15/2011			180		187
Total Corporate Debt Securities (cost $150,196)					154,022
LOAN ASSIGNMENTS - 0.2%
Health Care Providers & Services - 0.1%
HCA, Inc., 1st Lien, Tranche B
2.56%, 11/18/2013 *			942		939
Paper & Forest Products - 0.1%
Georgia-Pacific LLC, 1st Lien, Tranche B2
2.31%, 12/20/2012 *			317		317
Total Loan Assignments (cost $1,254)					1,256
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 18.5%
Fannie Mae
0.09%, 07/06/2011 ▲			1,000		1,000
0.09%, 07/21/2011 ▲			3,900		3,899
U.S. Treasury Bill
0.02%, 06/16/2011 ^ ▲ γ α			802		802
0.03%, 06/23/2011 ^ ▲			1,700		1,700
0.05%, 08/04/2011- 08/11/2011 ^ ▲ γ α			72,300		72,265
0.06%, 08/25/2011 ▲			18,098		18,089
0.06%, 09/01/2011 ▲			10,100		10,095
0.07%, 09/08/2011 ^ ▲			3,700		3,698
Total Short-Term U.S. Government Obligations (cost $111,548)					111,548

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 103

Transamerica PIMCO Total Return

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
CONVERTIBLE PREFERRED STOCKS - 0.3%
Commercial Banks - 0.3%
Wells Fargo & Co. 7.50%		1,600	$	1,727
Insurance - 0.0% ∞
American International Group, Inc. 8.50%		26,600		80
Total Convertible Preferred Stocks (cost $3,333)				1,807
PREFERRED STOCK - 0.1%
Thrifts & Mortgage Finance - 0.1%
DG Funding Trust 0.00% - 144A * Ə §		119		903
Total Preferred Stock (cost $1,266)
SECURITIES LENDING COLLATERAL - 16.4%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.24% ▲		99,295,618		99,296
Total Securities Lending Collateral (cost $99,296)

	Principal			Value
REPURCHASE AGREEMENTS - 1.4%
Barclays Capital, Inc.
0.05% ▲, dated 04/29/2011, to be repurchased at $6,500 on 05/02/2011. Collateralized by a U.S. Government Obligation, 4.50%, due 09/20/2040, with a value of $6,721.	$	6,500			6,500
Morgan Stanley & Co.
0.04% ▲, dated 04/29/2011, to be repurchased at $1,000 on 05/02/2011. Collateralized by a U.S. Government Obligation, 3.13%, due 05/15/2019, with a value of $1,010.		1,000			1,000
State Street Bank & Trust Co.
0.01% ▲, dated 04/29/2011, to be repurchased at $877 on 05/02/2011. Collateralized by a U.S. Government Agency Obligation, 5.50%, due 05/25/2039, with a value of $897.		877			877
Total Repurchase Agreements (cost $8,377)					8,377
Total Investment Securities (cost $786,951) #					794,800
Other Assets and Liabilities - Net					(191,010	)
Net Assets				$	603,790
SECURITIES SOLD SHORT - (11.4%)
U.S. GOVERNMENT AGENCY OBLIGATIONS - (11.4%)
Fannie Mae, TBA Φ
4.50%		(23,800	)		(24,958	)
5.00%		(5,000	)		(5,277	)
5.50%		(34,000	)		(36,534	)
6.00%		(2,000	)		(2,187	)
Total Securities Sold Short (proceeds $(68,234))					(68,956	)

	Notional
	Amount			Value
WRITTEN-OPTIONS - (0.0)% ∞
Call Options - (0.0)% ∞
10-Year U.S. Treasury Note Future	$	(116	)	$	(62	)
Call Strike $121.00
Expires 06/24/2011
10-Year U.S. Treasury Note Future		(179	)		(129	)
Call Strike $121.00
Expires 05/20/2011
Euro Future		(180	)		(54	)
Call Strike $99.38
Expires 09/19/2011
Put Options - (0.0)% ∞
10-Year U.S. Treasury Note Future		(116	)		(33	)
Put Strike $117.00
Expires 06/24/2011
10-Year U.S. Treasury Note Future		(179	)		(3	)
Put Strike $117.00
Expires 05/20/2011
Euro Future		(180	)		(5	)
Put Strike $99.38
Expires 09/19/2011
Total Written Options (premiums: $(286))				$	(286	)

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 104

Transamerica PIMCO Total Return

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

WRITTEN SWAPTIONS:

			Pay/Receive
			Floating	Exercise			Expiration		Notional			Premiums
Description		Floating Rate Index	Rate	Rate			Date		Amount			(Received)			Value
Call - Interest Rate Swap, European Style	§	2-Year OC FVA USD	Receive		0.00	%§		11/14/2011	$	(2,500	)	$	(27	)	$	(43	)
Put - Interest Rate Swap, European Style		5-Year CDX.O 1.2 BRC	Pay		1.20			09/21/2011		(12,900	)		(33	)		(33	)
Put - Interest Rate Swap, European Style		5-Year CDX.O 1.2 MYC	Pay		1.20			12/21/2011		(17,300	)		(80	)		(75	)
Put - Interest Rate Swap, European Style		2-Year IRO USD	Pay		2.25			09/24/2012		(29,400	)		(234	)		(265	)
Put - Interest Rate Swap, European Style		2-Year IRO USD	Pay		2.25			09/24/2012		(1,600	)		(10	)		(14	)
Put - Interest Rate Swap, European Style		2-Year IRO USD	Pay		2.25			09/24/2012		(1,500	)		(10	)		(14	)
Put - Interest Rate Swap, European Style		2-Year IRO USD	Pay		2.25			09/24/2012		(2,800	)		(15	)		(25	)
Put - Interest Rate Swap, European Style		3-Year IRO USD	Pay		2.75			06/18/2012		(6,200	)		(61	)		(55	)
Put - Interest Rate Swap, European Style		3-Year IRO USD	Pay		2.75			06/18/2012		(6,500	)		(67	)		(58	)
Put - Interest Rate Swap, European Style		3-Year IRO USD	Pay		3.00			06/18/2012		(1,200	)		(11	)		(9	)
Put - Interest Rate Swap, European Style		3-Year IRO USD	Pay		3.00			06/18/2012		(8,500	)		(96	)		(60	)
Put - Interest Rate Swap, European Style		3-Year IRO USD	Pay		3.00			06/18/2012		(9,800	)		(88	)		(69	)
Put - Interest Rate Swap, European Style		10-Year IRO USD	Pay		10.00			07/10/2012		(700	)		(5	)		(t	)
Put - Interest Rate Swap, European Style		10-Year IRO USD	Pay		10.00			07/10/2012		(400	)		(3	)		(t	)
Put - Interest Rate Swap, European Style		10-Year IRO USD	Pay		10.00			07/10/2012		(7,400	)		(45	)		(t	)
Put - Interest Rate Swap, European Style		10-Year IRO USD	Pay		10.00			07/10/2012		(100	)		(1	)		(t	)
												$	(786	)	$	(720	)

SWAP AGREEMENTS: π

CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES — BUY PROTECTION: ⁽¹⁾

							Implied Credit
	Fixed Deal			Maturity			Spread (BP) at		Notional		Market			Premiums			Net Unrealized
Reference Obligation	Pay Rate			Date		Counterparty	04/30/2011(3)		Amount(4)		Value			(Received)			(Depreciation)
North America High Yield Index - Series 15, 5.00%		5.00	%		12/20/2015	MYC		386.74	$	24,400	$	(951	)	$	(838	)	$	(113	)
North America Investment Grade Index - Series 15,1.00%		1.00			12/20/2015	MYC		75.39		8,300		(73	)		(36	)		(37	)
											$	(1,024	)	$	(874	)	$	(150	)

CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES — SELL PROTECTION: ⁽²⁾

	Fixed Deal						Implied Credit							Premiums			Net Unrealized
	Receive			Maturity			Spread (BP) at		Notional		Market			Paid			Appreciation
Reference Obligation	Rate			Date		Counterparty	04/30/2011(3)		Amount(4)		Value			(Received)			(Depreciation)
Goldman Sachs Group, Inc., 6.60%, 01/15/2012		1.00	%		03/20/2012	BRC		26.72	$	200	$	1		$	(t	)	$	1
Time Warner, Inc., 5.88%, 11/15/2016		1.19			03/20/2014	DUB		35.02		20		(t	)		—			(t	)
											$	1		$	(t	)	$	1

CREDIT DEFAULT SWAPS ON CREDIT INDICES — BUY PROTECTION: ⁽¹⁾

															Net Unrealized
	Fixed Deal			Maturity			Currency	Notional		Market			Premiums		Appreciation
Reference Obligation	Pay Rate			Date		Counterparty	Code	Amount(4)		Value(5)			Paid		(Depreciation)
Dow Jones North America
Investment Grade Index - Series 5, 0.14%		0.14	%		12/20/2012	MYC	USD	$	4,500	$	8		$	—	$	8
North America High Yield Index - Series 14, 5.00%		5.00			06/20/2015	DUB	USD		6,600		(299	)		412		(711	)
North America High Yield Index - Series 14, 5.00%		5.00			06/20/2015	CBK	USD		8,000		(363	)		532		(895	)
										$	(654	)	$	944	$	(1,598	)

CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION: ⁽²⁾

Premiums

Fixed Deal

Maturity

Currency

Notional

Market

Paid

Net Unrealized

Reference Obligation

Pay Rate

Date

Counterparty

Code

Amount(4)

Value(5)

(Received)

(Depreciation)

Dow Jones North America

Investment Grade Index - Series 5, 0.46%

0.46

%

12/20/2015

MYC

USD

$

3,200

$

(239

)

$

—

$

(239

)

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 105

Transamerica PIMCO Total Return

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

SWAP AGREEMENTS (continued): π

INTEREST RATE SWAP AGREEMENTS - FIXED RATE RECEIVABLE:

Maturity

Currency

Notional

Market

Premiums

Net Unrealized

Floating Rate Index

Fixed Rate

Date

Counterparty

Code

Amount

Value

Paid

Appreciation

BRL-CDI

11.89

%

01/02/2013

HUS

BRL

$

6,700

$

20

$

18

$

2

INTEREST RATE SWAP AGREEMENTS - FIXED RATE PAYABLE:

													Premiums			Net Unrealized
				Maturity			Currency	Notional		Market			Paid			Appreciation
Floating Rate Index	Fixed Rate			Date		Counterparty	Code	Amount		Value			(Received)			(Depreciation)
6-Month AUD BBR-BBSW		5.25	%		12/15/2017	DUB	AUD	$	2,200	$	(49	)	$	(9	)	$	(40	)
6-Month AUD BBR-BBSW		5.25			12/15/2017	BRC	AUD		3,600		(80	)		(17	)		(63	)
6-Month EURIBOR		3.00			09/21/2016	DUB	EUR		16,700		(249	)		(497	)		248
BRL-CDI		10.68			01/02/2012	BRC	BRL		1,300		(10	)		(2	)		(8	)
BRL-CDI		11.67			01/02/2012	MYC	BRL		5,200		93			13			80
BRL-CDI		11.91			01/02/2013	BRL	BRL		39,900		89			124			(35	)
BRL-CDI		12.51			01/02/2013	UAG	BRL		6,100		(5	)		(6	)		1
BRL-CDI		12.59			01/02/2013	MYC	BRL		2,800		22			2			20
BRL-CDI		11.93			01/02/2013	MYC	BRL		2,500		8			(4	)		12
BRL-CDI		11.94			01/02/2014	BRL	BRL		9,900		(43	)		23			(66	)
BRL-CDI		12.12			01/02/2014	HUS	BRL		11,600		34			20			14
BRL-CDI		11.96			01/02/2014	GLM	BRL		37,100		(3	)		(22	)		19
BRL-CDI		11.99			01/02/2014	GLM	BRL		4,000		1			1			t
MXN-TIIE-Banxico §		6.50			03/05/2013	MYC	MXN		64,800		22			(3	)		25
										$	(170	)	$	(377	)	$	207

FUTURES CONTRACTS:

						Net Unrealized
						Appreciation
Description	Type	Contracts ┌		Expiration Date		(Depreciation)
3-Month EURIBOR	Long		593		06/13/2011	$	(319	)
3-Month Sterling	Long		39		06/15/2011		21
90-Day Euro	Long		962		12/19/2011		612
90-Day Euro	Long		122		03/19/2012		87
						$	401

FORWARD FOREIGN CURRENCY CONTRACTS:

						Amount in U.S.			Net Unrealized
				Settlement		Dollars Bought			Appreciation
Currency	Bought (Sold)			Date		(Sold)			(Depreciation)
Australian Dollar		(16,973	)		05/31/2011	$	(18,292	)	$	(241	)
Brazilian Real		1,362			06/02/2011		853			11
Brazilian Real		715			06/02/2011		422			32
Brazilian Real		(1,447	)		06/02/2011		(850	)		(68	)
Brazilian Real		(630	)		06/02/2011		(370	)		(30	)
Brazilian Real		(1,362	)		08/02/2011		(842	)		(15	)
Canadian Dollar		(6,633	)		06/20/2011		(6,787	)		(215	)
Canadian Dollar		707			06/20/2011		717			29
Chinese Yuan Renminbi		2,324			09/14/2011		350			12
Chinese Yuan Renminbi		1,847			09/14/2011		278			10
Chinese Yuan Renminbi		1,445			09/14/2011		218			7
Chinese Yuan Renminbi		3,461			09/14/2011		522			17
Chinese Yuan Renminbi		645			11/04/2011		101			(t	)
Chinese Yuan Renminbi		4,808			11/15/2011		726			26
Chinese Yuan Renminbi		3,176			02/13/2012		493			7
Chinese Yuan Renminbi		9,245			02/13/2012		1,434			21
Chinese Yuan Renminbi		9,360			02/13/2012		1,453			21

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 106

Transamerica PIMCO Total Return

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

FORWARD FOREIGN CURRENCY CONTRACTS (continued):

						Amount in U.S.			Net Unrealized
				Settlement		Dollars Bought			Appreciation
Currency	Bought (Sold)			Date		(Sold)			(Depreciation)
Chinese Yuan Renminbi		9,196			02/13/2012	$	1,427		$	20
Chinese Yuan Renminbi		1,810			02/13/2012		279			6
Chinese Yuan Renminbi		11,209			02/13/2012		1,743			21
Chinese Yuan Renminbi		8,849			02/13/2012		1,373			19
Chinese Yuan Renminbi		9,703			02/13/2012		1,505			22
Chinese Yuan Renminbi		3,751			02/13/2012		582			9
Chinese Yuan Renminbi		3,351			02/13/2012		521			7
Chinese Yuan Renminbi		2,751			02/13/2012		428			5
Chinese Yuan Renminbi		7,389			02/13/2012		1,147			16
Chinese Yuan Renminbi		6,353			02/01/2013		1,004			18
Chinese Yuan Renminbi		8,367			02/01/2013		1,330			17
Danish Krone		1,190			05/05/2011		220			16
Euro		(14,051	)		07/18/2011		(20,265	)		(497	)
Euro		258			07/18/2011		373			8
Euro		(4,200	)		07/18/2011		(5,957	)		(250	)
Indian Rupee		(94,234	)		05/09/2011		(2,111	)		(16	)
Indian Rupee		65,234			05/09/2011		1,400			72
Indian Rupee		29,000			05/09/2011		626			29
Indian Rupee		94,234			08/12/2011		2,077			11
Indian Rupee		148,024			08/12/2011		3,155			124
Japanese Yen		(195,332	)		07/14/2011		(2,332	)		(77	)
Malaysian Ringgit		9			08/11/2011		3			t
Mexican Peso		16,959			07/07/2011		1,453			11
Mexican Peso		16,971			07/07/2011		1,453			12
Mexican Peso		16,954			07/07/2011		1,453			11
Mexican Peso		84			07/07/2011		7			t
Mexican Peso		19,785			07/07/2011		1,696			12
Norwegian Krone		21,030			05/05/2011		3,746			261
Norwegian Krone		2,349			05/05/2011		414			33
Norwegian Krone		13,778			05/05/2011		2,392			233
Pound Sterling		(6,862	)		06/13/2011		(11,016	)		(439	)
Republic of Korea Won		1,325,000			05/09/2011		1,171			65
Republic of Korea Won		1,356,400			05/09/2011		1,201			65
Republic of Korea Won		837,000			05/09/2011		747			34
Republic of Korea Won		(937,000	)		05/09/2011		(864	)		(11	)
Republic of Korea Won		(7,999,999	)		05/09/2011		(7,308	)		(158	)
Republic of Korea Won		(6,106,676	)		05/09/2011		(5,642	)		(57	)
Republic of Korea Won		282,058			05/09/2011		249			15
Republic of Korea Won		1,416,700			05/09/2011		1,240			82
Republic of Korea Won		1,255,608			05/09/2011		1,099			73
Republic of Korea Won		4,586,536			05/09/2011		3,960			320
Republic of Korea Won		661,000			05/09/2011		589			28
Republic of Korea Won		1,524,100			05/09/2011		1,344			78
Republic of Korea Won		227,274			05/09/2011		200			12
Republic of Korea Won		1,222,000			05/09/2011		1,089			51
Republic of Korea Won		350,000			05/09/2011		312			15
Republic of Korea Won		937,000			08/12/2011		859			12
Republic of Korea Won		6,106,675			08/12/2011		5,610			69
Republic of Korea Won		7,999,999			08/12/2011		7,268			172
Singapore Dollar		2,850			06/09/2011		2,185			144
Singapore Dollar		3,528			06/09/2011		2,756			126
Singapore Dollar		1,575			06/09/2011		1,211			76
Singapore Dollar		27			09/09/2011		21			1
Taiwan Dollar		122,831			01/11/2012		4,286			31
									$	581

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 107

Transamerica PIMCO Total Return

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

NOTES TO SCHEDULE OF INVESTMENTS:
^	All or a portion of this security is on loan. The value of all securities on loan is $96,089.
*	Floating or variable rate note. Rate is listed as of 04/30/2011.
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 $18,372, or 3.04%, of the fund’s net assets.
Ž	The security has a perpetual maturity. The date shown is the next call date.
§	Illiquid. At 04/30/2011, the market value of illiquid investment securities aggregated to $2,236, or 0.37%, of the fund’s net assets, and illiquid derivatives aggregated to $(21), or less than (0.01)%, of the fund’s net assets.
Џ	In default.
‡	Non-income producing security.
t	Value and/or principal is less than $1 or zero.
§	Amount rounds to less than $0.01.
∞	Percentage rounds to less than 0.1%.
▲	Rate shown reflects the yield at 04/29/2011.
#	Aggregate cost for federal income tax purposes is $786,951. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $25,306 and $17,457, respectively. Net unrealized appreciation for tax purposes is $7,849.
┌	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.
(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.
γ	A portion of these securities in the amount of $1,858 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 $1,667, have been segregated with the broker to cover open swap contracts.
Φ	Cash, in the amount of $360, has been pledged by the broker as collateral with the custodian to cover open short TBA transactions.
π	Securities with an aggregate market value of $280 and cash in the amount of $520 have been pledged by the broker as collateral with the custodian for open swap contracts and/or swaptions

DEFINITIONS:

144A	144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 04/30/2011, these securities aggregated $82,339, or 13.64%, of the fund’s net assets.
AUD	Australian Dollar
BBR-BBSW	Bankers Buying Rate-Bank Bill Swap reference rate. The average mid rate for the exchange of Australian Dollars.
BP	Basis Point
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
FVA	Forward Volatility Agreement
GBP	Pound Sterling
GLM	Goldman Sachs Global Liquidity Management
HUS	HSBC Bank USA

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 108

Transamerica PIMCO Total Return

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

DEFINITIONS (continued):

IO	Interest Only
IRO	Interest Rate Option
MXN	Mexican Peso
MYC	Morgan Stanley Capital Services
OAO	Otkrytoe Aktsionernoe Obschestvo (Russian: Open Joint Stock Corporation)
TBA	To Be Announced
UAG	UBS AG
USD	United States Dollar

VALUATION SUMMARY: ^Э

			Level 2 -
			Other		Level 3 -
	Level 1 -		Significant		Significant
	Quoted		Observable		Unobservable		Value at
Investment Securities	Prices		Inputs		Inputs		04/30/2011
Asset-Backed Securities	$	—	$	13,952	$	3,693	$	17,645
Convertible Preferred Stocks		1,807		—		—		1,807
Corporate Debt Securities		—		153,522		500		154,022
Foreign Government Obligations		—		39,726		—		39,726
Loan Assignments		—		1,256		—		1,256
Mortgage-Backed Securities		—		56,174		—		56,174
Municipal Government Obligations		—		33,309		—		33,309
Preferred Corporate Debt Securities		—		12,203		—		12,203
Preferred Stock		—		—		903		903
Repurchase Agreements		—		8,377		—		8,377
Securities Lending Collateral		99,296		—		—		99,296
Short-Term U.S. Government Obligations		—		111,548		—		111,548
U.S. Government Agency Obligations		—		226,299		9,332		235,631
U.S. Government Obligations		—		22,903		—		22,903
Total	$	101,103	$	679,269	$	14,428	$	794,800

			Level 2 -
			Other			Level 3 -
	Level 1 -		Significant			Significant
	Quoted		Observable			Unobservable		Value at
Securities Sold Short	Prices		Inputs			Inputs		04/30/2011
U.S. Government Agency Obligations	$	—	$	(68,956	)	$	—	$	(68,956	)

			Level 2 -
			Other			Level 3 -
	Level 1 -		Significant			Significant
	Quoted		Observable			Unobservable		Value at
Other Financial Instruments	Prices		Inputs			Inputs		04/30/2011
Written Options	$	—	$	(286	)	$	—	$	(286	)
Written Swaptions		—		(720	)		—		(720	)
Total	$	—	$	(1,006	)	$	—	$	(1,006	)

				Level 2 -
				Other			Level 3 -
	Level 1 -			Significant			Significant
	Quoted			Observable			Unobservable		Total at
Other Financial Instruments ₣	Prices			Inputs			Inputs		04/30/2011
Futures Contracts - Appreciation	$	720		$	—		$	—	$	720
Futures Contracts - Depreciation		(319	)		—			—		(319	)
Credit Default Swap - Appreciation		—			9			—		9
Credit Default Swap - Depreciation		—			(1,995	)		—		(1,995	)
Interest Rate Swap - Appreciation		—			421			—		421
Interest Rate Swap - Depreciation		—			(212	)		—		(212	)
Forward Foreign Currency Contracts - Appreciation		—			2,655			—		2,655
Forward Foreign Currency Contracts - Depreciation		—			(2,074	)		—		(2,074	)
Total	$	401		$	(1,196	)	$	—	$	(795	)

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 109

Transamerica PIMCO Total Return

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

VALUATION SUMMARY (continued): ^Э

Level 3 Rollforward — Investment Securities

																				Net Change in
																				Unrealized
																				Appreciation/
																				(Depreciation)
											Net Change in									on
	Beginning						Accrued		Total		Unrealized			Transfers		Transfers		Ending		Investments
	Balance at						Discounts/		Realized		Appreciation			into		out of		Balance at		Held at
Securities	10/31/2010		Purchases		Sales		(Premiums)		Gain/(Loss)		/(Depreciation)			Level 3 ¥		Level 3		04/30/2011		04/30/2011
Asset-Backed Securities	$	—	$	3,700	$	—	$	—	$	—	$	(7	)	$	—	$	—	$	3,693	$	(7	)
Corporate Debt Securities		—		500		—		—		—		(t	)		—		—		500		(t	)
Mortgage- Backed Securities		45		—		—		—		—		(45	)		—		—		—		—
Preferred Stock		—		—		—		—		—		—			903		—		903		(12	)
U.S. Government Agency Obligations		—		9,326		—		—		—		6			—		—		9,332	$	6
Total	$	45	$	13,526	$	—	$	—	$	—	$	(46	)	$	903	$	—	$	14,428	$	(13	)

Э	See the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques.
₣	Other financial instruments are derivative instruments that are valued at unrealized appreciation (depreciation) on the instrument.
¥	Transferred into Level 3 because of unavailability of observable inputs.
t	Amount rounds to less than $(1).

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 110

Transamerica Schroders International Small Cap

SCHEDULE OF INVESTMENTS
At April 30, 2011
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
COMMON STOCKS - 97.3%
Australia - 7.3%
Adelaide Brighton, Ltd.		362,972	$	1,257
Amcor, Ltd.		699,696		5,369
Ansell, Ltd. ^		356,395		5,442
Aston Resources, Ltd. ‡		204,114		2,125
Computershare, Ltd.		663,216		7,037
Dart Energy, Ltd. ‡ ^		2,084,627		1,737
Dart Energy, Ltd. (Entitlement Shares) ‡ Ə		385,579		321
Fairfax Media, Ltd. ^		2,678,571		3,875
Iluka Resources, Ltd.		325,406		4,462
Mesoblast, Ltd. ‡		146,085		1,305
Mirvac Group REIT		1,347,359		1,876
Myer Holdings, Ltd. ^		1,087,247		3,766
Sims Metal Management, Ltd.		211,687		4,051
Starpharma Holdings, Ltd. ‡		798,748		1,103
Transfield Services, Ltd.		645,222		2,510
Transpacific Industries Group, Ltd. ‡		74,424		91
Austria - 2.2%
Kapsch TrafficCom AG		40,000		3,792
Mayr Melnhof Karton AG ^		40,000		4,858
RHI AG ‡		65,000		2,322
Rosenbauer International AG §		53,000		3,219
Belgium - 1.6%
EVS Broadcast Equipment SA		44,000		3,014
Kinepolis Group NV		27,000		2,315
Melexis NV		8,924		171
Nyrstar		255,000		3,520
Nyrstar STRIP VVPR ‡		105,000		1
Tessenderlo Chemie NV		36,028		1,434
Bermuda - 2.6%
Aquarius Platinum, Ltd. ^		289,058		1,666
Biosensors International Group, Ltd. ‡ ^		4,846,000		5,345
Dockwise, Ltd. ‡ ^		129,554		3,753
Ports Design, Ltd.		1,995,000		5,523
Brazil - 0.8%
Cia Brasileira de Distribuicao Grupo Pao de Acucar - Class A ADR ^		46,306		2,105
Cyrela Brazil Realty SA Empreendimentos e Participacoes		179,633		1,885
PDG Realty SA Empreendimentos e Participacoes		197,368		1,159
Canada - 0.9%
Niko Resources, Ltd.		20,030		1,693
Sino-Forest Corp. - Class A ‡ ^		161,188		4,005
Cayman Islands - 1.8%
Bawang International Group Holding, Ltd.		854,000		238
Concord Medical Services Holdings, Ltd. ADR ‡ ^		368,786		2,006
Evergreen International Holdings, Ltd. ‡		4,115,000		2,035
Intime Department Store Group Co., Ltd.		1,182,000		1,835
Leoch International Technology, Ltd. ‡		7,959,000		3,976
Parkson Retail PLC		931,500		1,437
China - 0.2%
China National Building Material Co., Ltd.		616,000		1,294
Denmark - 2.9%
Jyske Bank A/S ‡		87,000		4,325
Solar A/S - Class B ^ §		58,000		5,080
Sydbank A/S		150,000		4,349
Tryg A/S ^		70,000		4,470
France - 5.1%
Bourbon SA ^		110,000		5,210
Canal +		36,396		298
Club Mediterranee ‡ ^		145,000		3,380
Groupe Eurotunnel SA		365,000		3,965
Lectra ‡		178,581		1,719
Medica SA ‡		97,702		2,016
Meetic		63,417		1,430
Pierre & Vacances		21,057		1,878
Rubis ^		66,847		8,217
Saft Groupe SA		27,500		1,263
Store Electronic ‡ §		55,000		958
Sword Group		63,000		2,066
Germany - 9.3%
Aixtron SE NA ^		60,000		2,559
Bijou Brigitte AG ^		5,848		838
Bilfinger Berger SE ‡		65,000		6,261
Brenntag AG ‡		40,000		4,917
Cewe Color Holding AG		71,500		3,472
CompuGroup Medical AG ^ §		195,878		3,315
Freenet AG ^		530,000		6,750
Grenkeleasing AG		13,500		808
MTU Aero Engines Holding AG ‡		45,000		3,449
R. Stahl AG		30,000		1,381
Rheinmetall AG		94,000		8,431
SFC Energy AG ‡ §		130,000		924
Stratec Biomedical Systems AG ^		28,200		1,270
Takkt AG §		126,000		2,169
Tipp24 SE ‡		55,000		2,641
Tom Tailor Holding AG ‡		155,000		3,042
Wirecard AG ^		185,000		3,532
Xing AG ‡		45,000		3,199
Greece - 0.1%
Eurobank Properties Real Estate Investment Co. REIT		63,348		563
Hong Kong - 0.9%
Dah Sing Banking Group, Ltd.		2,715,240		4,398
Shougang Concord International Enterprises Co., Ltd. ‡		9,966,000		1,322
Indonesia - 0.9%
Bank Mandiri PT		2,719,082		2,270
Ciputra Property PT		36,066,000		1,748
United Tractors PT		730,000		1,982
Ireland - 2.7%
DCC PLC		220,000		7,423
Grafton Group PLC		550,000		2,830
IFG Group PLC		680,000		1,420
Irish Continental Group PLC		60,000		1,549
James Hardie Industries SE ‡		274,557		1,776
Smurfit Kappa Group PLC ‡		175,500		2,410
Isle of Man - 0.8%
Exillon Energy PLC ‡ ^		400,000		3,127
Lamprell PLC ^		300,000		1,863
Israel - 0.3%
Oridion Systems, Ltd. ‡ §		150,000		2,185
Italy - 3.2%
Azimut Holding SpA		580,000		7,414
Cairo Communication SpA		454,277		2,177
CIR-Compagnie Industriali Riunite SpA ‡ ^		600,000		1,573
Davide Campari-Milano SpA		200,000		1,440
Natuzzi SpA ADR ‡ §		400,000		1,764
Prysmian SpA ^		198,000		4,672
Sorin SpA ‡		477,000		1,371
Japan - 14.8%
Accordia Golf Co., Ltd.		3,213		2,072
AICA Kogyo Co., Ltd. ^		94,100		1,245
Arcs Co., Ltd.		192,700		2,985
Asahi Diamond Industrial Co., Ltd. ^		134,000		2,787
Daido Steel Co., Ltd. ^		336,000		1,921
Exedy Corp. ^		39,200		1,252
Fujikura Kasei Co., Ltd.		246,100		1,440
Glory, Ltd.		104,300		2,291
Hisaka Works, Ltd.		100,000		1,130
Hitachi Transport System, Ltd. ^		127,600		1,773
Icom, Inc. ^		29,100		862

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 111

Transamerica Schroders International Small Cap

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts except share amounts in thousands)
(unaudited)

	Shares			Value
Japan (continued)
JSP Corp. ^		191,700		$	3,414
Koito Manufacturing Co., Ltd. ^		211,000			3,318
Kuroda Electric Co., Ltd.		214,600			2,391
Lintec Corp.		97,600			2,888
Miura Co., Ltd. ^		57,800			1,642
Modec, Inc. ^		240,400			4,448
Moshi Moshi Hotline, Inc. ^		82,250			1,509
Musashi Seimitsu Industry Co., Ltd.		179,000			4,321
Nabtesco Corp.		36,000			922
NEC Networks & System Integration Corp. ^		142,700			1,865
Nichi-Iko Pharmaceutical Co., Ltd. ^		103,800			2,683
Nidec Copal Corp. ^		102,400			1,194
Nifco, Inc. ^		116,400			2,943
Nihon Parkerizing Co., Ltd.		259,000			3,603
Nippon Thompson Co., Ltd. ^		573,000			4,266
Nishimatsuya Chain Co., Ltd. ^		69,600			589
Nitta Corp. ^		213,200			3,822
OSAKA Titanium Technologies Co. ^		64,200			4,986
Shinko Plantech Co., Ltd.		147,800			1,656
Shinmaywa Industries, Ltd.		520,000			2,219
Sumida Corp.		147,700			1,412
Takasago International Corp.		409,000			2,128
Tokai Tokyo Financial Holdings, Inc.		1,087,000			3,258
Toyo Tanso Co., Ltd. ^		18,500			1,028
Trusco Nakayama Corp.		162,000			2,743
Tsumura & Co. ^		77,100			2,398
Tsuruha Holdings, Inc. ^		46,400			2,195
Tsutsumi Jewelry Co., Ltd. §		75,100			1,874
Yushin Precision Equipment Co., Ltd.		108,700			2,014
Jersey, Channel Islands - 0.3%
Regus PLC		1,000,000			1,875
Korea, Republic of - 2.6%
BS Financial Group, Inc. ‡		355,020			5,168
Hyundai Glovis Co., Ltd.		28,565			4,078
Samsung SDI Co., Ltd.		28,264			5,051
Taewoong Co., Ltd. ‡		50,663			2,236
Luxembourg - 1.0%
APERAM ^		71,000			2,989
SAF-Holland SA ‡ ^		253,532			3,068
Netherlands - 4.5%
Delta Lloyd NV ^		275,000			7,238
Fugro NV		35,000			3,210
Imtech NV		164,050			6,230
Koninklijke Ten Cate NV ^		100,000			4,629
LBi International NV ‡		803,385			2,154
Sligro Food Group NV		64,000			2,379
TomTom NV ‡ ^		280,000			2,534
New Zealand - 1.3%
Fletcher Building, Ltd. ^		1,100,777			8,175
Norway - 1.3%
Morpol ASA ‡		605,000			2,352
Pronova BioPharma AS ‡		730,000			1,197
Statoil Fuel & Retail ASA ‡		202,000			2,266
Storebrand ASA		241,391			2,507
Singapore - 2.9%
First Resources, Ltd. ^		2,239,000			2,524
Mapletree Industrial Trust REIT ^		1,935,000			1,707
SATS, Ltd.		741,000			1,562
Sia Engineering Co., Ltd.		1,207,000			4,113
STX OSV Holdings, Ltd. ‡		1,912,000			1,749
Tiger Airways Holdings, Ltd. ‡ ^		1,967,000			2,410
UOL Group, Ltd.		317,000			1,253
Yanlord Land Group, Ltd. ^		2,398,000			2,841
Spain - 0.6%
Codere SA ‡ ^		130,000			2,106
Pescanova SA ^		45,000			1,873
Sweden - 1.1%
Byggmax Group AB		510,000			4,895
Kungsleden AB		207,199			2,186
Switzerland - 5.7%
Bank Sarasin & Cie AG		41,054			1,804
Banque Cantonale Vaudoise		1,200			737
Forbo Holding AG ‡		3,720			3,045
Gategroup Holding AG ‡		170,000			9,098
Helvetia Holding AG ‡		9,930			4,658
Implenia AG ‡		59,119			2,143
Inficon Holding AG		12,240			2,887
Kuoni Reisen Holding AG ‡ ^		7,544			3,471
Micronas Semiconductor Holding AG ‡		27,642			264
Newave Energy Holding SA ‡ §		45,930			2,870
Orior AG ‡ §		53,000			3,223
Uster Technologies AG ‡ §		49,500			2,003
Taiwan - 0.6%
Bank of Kaohsiung ‡		6,486,000			3,171
Hung Poo Real Estate Development Corp.		710,000			850
Thailand - 0.2%
Big C Supercenter PCL		8,700			25
Quality Houses PCL		17,121,000			1,342
United Kingdom - 16.8%
A.G.BARR PLC		60,000			1,383
Albemarle & Bond Holdings §		410,000			2,030
Anglo Pacific Group PLC		424,426			2,247
Ashtead Group PLC		750,000			2,539
Berendsen PLC		250,000			2,169
Berkeley Group Holdings PLC ‡		100,000			1,774
Bodycote PLC		470,000			3,062
Bovis Homes Group PLC		270,000			1,990
Burberry Group PLC		100,000			2,170
Carillion PLC		300,000			1,969
Consort Medical PLC		195,489			1,887
Cranswick PLC		75,218			949
CSR PLC ‡		235,000			1,471
Dechra Pharmaceuticals PLC		263,470			2,112
Derwent London PLC REIT		90,000			2,700
Devro PLC		450,000			2,151
Dignity PLC ‡ ^		180,000			2,305
E2V Technologies PLC		1,871,727			4,221
Elementis PLC		1,400,000			3,862
Fidessa Group PLC		83,775			2,468
Forth Ports PLC		50,000			1,355
Future PLC		1,400,000			453
Go-Ahead Group PLC		50,000			1,183
Grainger PLC		857,639			1,652
Hamworthy PLC		390,342			3,706
Helphire Group PLC ‡ §		1,477,353			333
Homeserve PLC		240,715			1,967
Hunting PLC		160,000			2,166
John Wood Group PLC		308,963			3,585
Keller Group PLC		154,801			1,703
Kier Group PLC		165,497			3,686
Mears Group PLC		284,685			1,148
Micro Focus International PLC		223,338			1,386
Millennium & Copthorne Hotels PLC		228,234			2,019
Morgan Crucible Co. PLC		225,000			1,169
Premier Farnell PLC		450,000			2,146
Premier Oil PLC ‡		110,000			3,698
PV Crystalox Solar PLC		711,762			642
PZ Cussons PLC ^		450,000			2,464
SDL PLC ‡		255,000			2,758
Senior PLC		900,000	��		2,300
Shanks Group PLC		1,194,041			2,401
SIG PLC ‡		1,000,000			2,348
Tate & Lyle PLC		207,076			2,058
Travis Perkins PLC ^		117,166			2,110

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 112

Transamerica Schroders International Small Cap

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
United Kingdom (continued)
TT electronics PLC		221,688	$	661
Ultra Electronics Holdings PLC		57,177		1,650
Victrex PLC		90,000		2,212
Vitec Group PLC		117,844		1,211
WH Smith PLC		250,000		1,969
William Hill PLC		562,042		2,101
Total Common Stocks (cost $480,417)				617,119
SECURITIES LENDING COLLATERAL - 14.2%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.24% ▲		89,873,847		89,874
Total Securities Lending Collateral (cost $89,874)

	Principal		Value
REPURCHASE AGREEMENT - 1.6%
State Street Bank & Trust Co.
0.01% ▲, dated 04/29/2011, to be repurchased at $10,111 on 05/02/2011. Collateralized by U.S. Government Agency Obligations, 4.00%, due 03/01/2025 - 04/01/2025, with a total value of $10,313.	$	10,111		10,111
Total Repurchase Agreement (cost $10,111)
Total Investment Securities (cost $580,402) #				717,104
Other Assets and Liabilities - Net				(83,332	)
Net Assets			$	633,772

	Percentage of
INVESTMENTS BY INDUSTRY:	Total Investments			Value
Machinery		5.9	%	$	42,151
Metals & Mining		3.8			27,043
Commercial Services & Supplies		3.8			26,240
Trading Companies & Distributors		3.5			24,958
Chemicals		3.3			23,924
Construction & Engineering		3.3			23,857
Energy Equipment & Services		3.3			23,725
Commercial Banks		3.3			23,681
Electronic Equipment & Instruments		2.9			21,128
Hotels, Restaurants & Leisure		2.8			19,668
Insurance		2.7			18,873
Health Care Equipment & Supplies		2.5			17,500
Industrial Conglomerates		2.4			17,427
Specialty Retail		2.3			16,670
Electrical Equipment		2.1			15,375
Oil, Gas & Consumable Fuels		2.0			14,989
Construction Materials		2.0			14,824
Household Durables		1.9			14,151
Software		1.9			13,712
Textiles, Apparel & Luxury Goods		1.9			13,160
Food & Staples Retailing		1.8			12,912
Containers & Packaging		1.8			12,637
Capital Markets		1.8			12,476
Auto Components		1.7			11,959
Food Products		1.7			11,907
Real Estate Management & Development		1.6			11,872
IT Services		1.5			10,569
Pharmaceuticals		1.4			9,493
Media		1.2			9,118
Gas Utilities		1.2			8,217

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 113

Transamerica Schroders International Small Cap

SCHEDULE OF INVESTMENTS (continued)

At April 30, 2011

(all amounts in thousands)
(unaudited)

	Percentage of
INVESTMENTS BY INDUSTRY (continued):	Total Investments			Value
Road & Rail		1.0	%	$	7,254
Multiline Retail		1.0			7,038
Transportation Infrastructure		1.0			7,030
Real Estate Investment Trusts		1.0			6,846
Internet Software & Services		0.9			6,783
Diversified Telecommunication Services		0.9			6,750
Aerospace & Defense		0.7			5,099
Semiconductors & Semiconductor Equipment		0.6			4,465
Air Freight & Logistics		0.6			4,078
Health Care Providers & Services		0.6			4,022
Paper & Forest Products		0.6			4,005
Communications Equipment		0.5			3,876
Marine		0.4			3,298
Diversified Financial Services		0.4			2,965
Beverages		0.4			2,823
Household Products		0.3			2,464
Airlines		0.3			2,410
Leisure Equipment & Products		0.3			2,405
Diversified Consumer Services		0.3			2,305
Internet & Catalog Retail		0.3			2,169
Consumer Finance		0.3			2,030
Biotechnology		0.2			1,305
Building Products		0.2			1,245
Personal Products		0.0	∞		238
Investment Securities, at Value		86.1			617,119
Short-Term Investments		13.9			99,985
Total Investments		100.0	%	$	717,104

NOTES TO SCHEDULE OF INVESTMENTS:
^	All or a portion of this security is on loan. The value of all securities on loan is $85,372.
‡	Non-income producing security.
Ə	Security fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. This security had a market value of $321, or 0.05%, of the fund’s net assets.
§	Illiquid. These securities aggregated to $31,947, or 5.04%, of the fund’s net assets.
▲	Rate shown reflects the yield at 04/29/2011.
∞	Percentage rounds to less than 0.1%.
#	Aggregate cost for federal income tax purposes is $580,402. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $152,285 and $15,583, respectively. Net unrealized appreciation for tax purposes is $136,702.

DEFINITIONS:

ADR	American Depositary Receipt
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.
REIT	Real Estate Investment Trust (includes domestic REITs and Foreign Real Estate Investment Companies)

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 114

Transamerica Schroders International Small Cap

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

VALUATION SUMMARY: ^Э

			Level 2 - Other		Level 3 -
	Level 1 -		Significant		Significant
	Quoted		Observable		Unobservable		Value at
Investment Securities	Prices		Inputs		Inputs		04/30/2011
Common Stocks	$	40,340	$	576,779	$	—	$	617,119
Repurchase Agreement		—		10,111		—		10,111
Securities Lending Collateral		89,874		—		—		89,874
Total	$	130,214	$	586,890	$	—	$	717,104

Level 3 Rollforward — Investment Securities

Net Change in

Unrealized

Appreciation/

(Depreciation)

Net Change in

on

Beginning

Accrued

Total

Unrealized

Transfers

Transfers

Ending

Investments

Balance at

Discounts/

Realized

Appreciation

into

out of

Balance at

Held at

Securities

10/31/2010

Purchases

Sales

(Premiums)

Gain/(Loss)

/(Depreciation)

Level 3

Level 3

04/30/2011

04/30/2011

Rights

$

t

$

—

$

(t

)▲

$

—

$

—

$

—

$

—

$

—

$

—

$

—

Э	See the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques.
▲	Rights exercised on 11/03/2010.
t	Amount rounds to less than $1 or $(1).

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 115

Transamerica Third Avenue Value

SCHEDULE OF INVESTMENTS
At April 30, 2011
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
COMMON STOCKS - 87.4%
Austria - 0.8%
Andritz AG		35,000	$	3,614
Bermuda - 1.4%
Nabors Industries, Ltd. ‡		196,865		6,032
Canada - 16.0%
Brookfield Asset Management, Inc. - Class A ^		734,586		24,697
Canfor Corp. ‡		589,723		7,766
Cenovus Energy, Inc.		327,000		12,556
EnCana Corp.		367,000		12,302
Viterra, Inc.		1,107,150		13,305
France - 0.6%
Sanofi-Aventis SA		32,950		2,606
Germany - 2.6%
Lanxess AG		123,000		11,282
Guernsey, Channel Islands - 2.5%
Resolution, Ltd. ^		2,127,500		10,774
Hong Kong - 15.7%
Cheung Kong Holdings, Ltd.		1,279,153		20,127
Henderson Land Development Co., Ltd.		2,944,727		20,154
Hutchison Whampoa, Ltd.		1,845,888		21,106
Wharf Holdings, Ltd.		398,141		2,922
Wheelock & Co., Ltd.		1,062,000		4,396
Japan - 9.9%
Mitsui Fudosan Co., Ltd.		649,462		11,272
Tokio Marine Holdings, Inc.		470,080		13,150
Toyota Industries Corp.		630,107		19,100
Korea, Republic of - 3.9%
POSCO ADR		154,261		17,015
Singapore - 0.2%
Verigy, Ltd. ‡		50,944		737
Sweden - 4.8%
Investor AB - Class A ^		866,546		20,895
Switzerland - 0.9%
Pargesa Holding SA (Bearer Shares)		36,741		3,776
United States - 28.1%
Alamo Group, Inc. ^		118,983		3,404
Alexander & Baldwin, Inc. ^		68,770		3,624
Applied Materials, Inc.		493,961		7,750
AVX Corp.		836,145		13,637
Bank of New York Mellon Corp. ^		560,052		16,219
Bristow Group, Inc. ‡ ^		173,630		8,056
Capital Southwest Corp.		19,256		1,853
Cross Country Healthcare, Inc. ‡ ^		148,956		1,105
Electro Scientific Industries, Inc. ‡ ^		149,410		2,458
Electronics for Imaging, Inc. ‡ ^		202,436		3,635
Forest City Enterprises, Inc. - Class A ‡		679,836		13,059
Intel Corp. ^		355,961		8,255
Investment Technology Group, Inc. ‡ ^		424,815		7,269
KeyCorp		230,000		1,994
Leucadia National Corp. ^		95,000		3,673
Lexmark International, Inc. - Class A ‡ ^		36,205		1,168
MDC Holdings, Inc. ^		28,363		828
Pharmaceutical Product Development, Inc.		300,710		9,277
Sanderson Farms, Inc. ^		35,000		1,666
Sycamore Networks, Inc. ^		95,818		2,348
Tejon Ranch Co. ‡ ^		86,299		3,076
Tellabs, Inc. ^		941,479		4,632
Westwood Holdings Group, Inc. ^		111,753		4,208
Total Common Stocks (cost $381,999)				382,778
SECURITIES LENDING COLLATERAL - 18.9%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.24%▲		82,701,350		82,701
Total Securities Lending Collateral (cost $82,701)

	Principal		Value
REPURCHASE AGREEMENT - 12.4%
State Street Bank & Trust Co. 0.01% ▲, dated 04/29/2011, to be repurchased at $54,168 on 05/02/2011. Collateralized by a U.S. Government Agency Obligation, 3.50%, due 12/01/2025, with a value of $55,254.	$	54,168		54,168
Total Repurchase Agreement (cost $54,168)
Total Investment Securities (cost $518,868) #				519,647
Other Assets and Liabilities - Net				(82,020	)
Net Assets			$	437,627

	Percentage of
INVESTMENTS BY INDUSTRY:	Total Investments			Value
Real Estate Management & Development		19.2	%	$	99,703
Capital Markets		5.6			29,549
Diversified Financial Services		5.4			28,344
Oil, Gas & Consumable Fuels		4.7			24,858
Insurance		4.6			23,924
Industrial Conglomerates		4.1			21,106
Auto Components		3.7			19,100
Metals & Mining		3.3			17,015
Semiconductors & Semiconductor Equipment		3.2			16,742
Electronic Equipment & Instruments		3.1			16,095
Food Products		2.9			14,971
Energy Equipment & Services		2.8			14,088
Chemicals		2.2			11,282
Life Sciences Tools & Services		1.8			9,277
Paper & Forest Products		1.5			7,766
Machinery		1.4			7,018
Communications Equipment		1.3			6,980
Computers & Peripherals		0.9			4,803

The notes to the financial statements are an integral part of this report.
Transamerica Funds Semi-Annual Report 2011

Page 116

Transamerica Third Avenue Value

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

	Percentage of
INVESTMENTS BY INDUSTRY (continued):	Total Investments			Value
Marine		0.7	%	$	3,624
Pharmaceuticals		0.5			2,606
Commercial Banks		0.4			1,994
Health Care Providers & Services		0.2			1,105
Household Durables		0.2			828
Investment Securities, at Value		73.7			382,778
Short-Term Investments		26.3			136,869
Total Investments		100.0	%	$	519,647

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 $80,008.
▲	Rate shown reflects the yield at 04/29/2011.
#	Aggregate cost for federal income tax purposes is $518,868. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $49,579 and $48,800, respectively. Net unrealized appreciation for tax purposes is $779.

DEFINITION:

ADR      American Depositary Receipt

VALUATION SUMMARY: ^Э

			Level 2 -
			Other		Level 3 -
	Level 1 -		Significant		Significant
	Quoted		Observable		Unobservable		Value at
Investment Securities	Prices		Inputs		Inputs		04/30/2011
Common Stocks	$	199,853	$	182,925	$	—	$	382,778
Repurchase Agreement		—		54,168		—		54,168
Securities Lending Collateral		82,701		—		—		82,701
Total	$	282,554	$	237,093	$	—	$	519,647

^Э See the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques.

The notes to the financial statements are an integral part of this report.
Transamerica Funds Semi-Annual Report 2011

Page 117

Transamerica Thornburg International Value

SCHEDULE OF INVESTMENTS
At April 30, 2011
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
PREFERRED STOCK - 2.6%
Germany - 2.6%
Volkswagen AG, 1.75% ^ ▲		109,921	$	21,654
Total Preferred Stock (cost $10,489)
COMMON STOCKS - 97.0%
Australia - 1.9%
BHP Billiton, Ltd.		309,792		15,562
Bermuda - 1.0%
SeaDrill, Ltd. ^		227,958		8,077
Brazil - 3.2%
BM&FBOVESPA SA		1,206,000		9,053
Embraer SA ADR ‡		203,127		6,598
Natura Cosmeticos SA		396,000		11,151
Canada - 4.7%
Canadian National Railway Co.		153,889		11,937
Canadian Natural Resources, Ltd. ^		253,314		11,916
Cenovus Energy, Inc. ^		148,897		5,725
Potash Corp., of Saskatchewan, Inc.		164,345		9,266
China - 4.9%
China Life Insurance Co., Ltd. - Class H		2,016,688		7,167
China Merchants Bank Co., Ltd. - Class H		4,310,950		11,102
Industrial & Commercial Bank of China - Class H		17,475,200		14,783
Sinopharm Group Co., Ltd. - Class H		2,235,114		7,713
Denmark - 2.7%
Novo Nordisk A/S - Class B ^		145,042		18,335
Vestas Wind Systems A/S ‡ ^		115,265		4,093
France - 9.3%
Air Liquide SA		112,192		16,597
BNP Paribas		209,730		16,598
Lafarge SA		171,593		12,142
LVMH Moet Hennessy Louis Vuitton SA		106,990		19,214
Publicis Groupe SA		213,447		12,096
Germany - 10.8%
Adidas AG		126,700		9,432
Allianz SE ^		86,300		13,588
Deutsche Bank AG		212,846		13,903
Fresenius Medical Care AG & Co., KGaA		193,335		15,194
SAP AG		294,367		18,965
Siemens AG		125,900		18,316
Hong Kong - 4.1%
CNOOC, Ltd.		6,845,355		16,888
Hong Kong Exchanges & Clearing, Ltd.		751,100		17,138
India - 1.1%
Coal India, Ltd.		1,043,200		8,994
Ireland - 1.0%
Covidien PLC		154,115		8,583
Israel - 1.9%
Teva Pharmaceutical Industries, Ltd. ADR		339,338		15,518
Japan - 10.2%
Canon, Inc. ^		228,727		10,771
Dai-ichi Life Insurance Co., Ltd. ^		4,673		7,719
Fanuc Corp.		61,826		10,350
KDDI Corp. ^		882		5,888
Komatsu, Ltd.		605,160		21,337
Mitsubishi UFJ Financial Group, Inc.		2,629,600		12,621
Toyota Motor Corp. ^		389,574		15,541
Korea, Republic of - 2.2%
Hyundai Motor Co.		78,233		17,995
Luxembourg - 1.9%
ArcelorMittal ^		422,700		15,552
Mexico - 2.4%
America Movil SAB de CV - Series L ADR		149,389		8,545
Wal-Mart de Mexico SAB de CV - Series V		3,633,080		11,362
Netherlands - 1.4%
ING Groep NV ‡		878,300		11,578
Netherlands Antilles - 1.9%
Schlumberger, Ltd.		173,214		15,546
Spain - 2.0%
Telefonica SA		615,612		16,549
Sweden - 1.6%
Hennes & Mauritz AB - Class B ^		364,030		12,862
Switzerland - 6.8%
Credit Suisse Group AG		274,900		12,493
Julius Baer Group, Ltd. ‡		182,855		8,545
Logitech International SA ‡^		60,893		843
Nestle SA		274,696		17,053
Novartis AG		284,441		16,886
Taiwan - 2.7%
High Tech Computer Corp.		498,015		22,607
Turkey - 1.2%
Turkiye Garanti Bankasi AS		1,932,943		10,014
United Kingdom - 16.1%
ARM Holdings PLC		852,614		8,837
BG Group PLC		660,966		17,021
British American Tobacco PLC		417,029		18,223
Carnival PLC		324,955		13,084
Kingfisher PLC		2,903,490		13,340
Pearson PLC		447,707		8,581
Reckitt Benckiser Group PLC		236,726		13,173
SABMiller PLC		215,865		8,064
Standard Chartered PLC		517,577		14,384
Tesco PLC		2,714,223		18,299
United States - 0.0% ∞
Southern Copper Corp.		10,800		405
Total Common Stocks (cost $622,036)				801,712
SECURITIES LENDING COLLATERAL - 7.9%
State Street Navigator Securities Lending Trust - Prime Portfolio 0.24%▲		65,003,171		65,003
Total Securities Lending Collateral (cost $65,003)

	Principal		Value
REPURCHASE AGREEMENT - 0.4%
State Street Bank & Trust Co. 0.01% ▲, dated 04/29/2011, to be repurchased at $2,915 on 05/02/2011. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 04/01/2025, with a value of $2,975.	$	2,915		2,915
Total Repurchase Agreement (cost $2,915)
Total Investment Securities (cost $700,443) #				891,284
Other Assets and Liabilities - Net				(65,433	)
Net Assets			$	825,851

The notes to the financial statements are an integral part of this report.
Transamerica Funds Semi-Annual Report 2011

Page 118

Transamerica Thornburg International Value

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

FORWARD FOREIGN CURRENCY CONTRACTS:

						Amount in U.S.			Net Unrealized
				Settlement		Dollars Bought			Appreciation
Currency	Bought (Sold)			Date		(Sold)			(Depreciation)
Mexican Peso		34,799			05/24/2011	$	2,841		$	176
Mexican Peso		(237,961	)		05/24/2011		(19,021	)		(1,607	)
									$	(1,431	)

	Percentage of
INVESTMENTS BY INDUSTRY:	Total Investments			Value
Commercial Banks		8.8	%	$	79,502
Oil, Gas & Consumable Fuels		6.9			60,544
Automobiles		6.1			55,190
Pharmaceuticals		5.6			50,739
Diversified Financial Services		4.2			37,769
Capital Markets		4.0			34,941
Machinery		3.7			31,687
Metals & Mining		3.4			31,519
Food & Staples Retailing		3.3			29,661
Textiles, Apparel & Luxury Goods		3.2			28,646
Insurance		3.2			28,474
Specialty Retail		2.9			26,202
Chemicals		2.9			25,863
Energy Equipment & Services		2.6			23,623
Computers & Peripherals		2.6			23,450
Health Care Providers & Services		2.6			22,907
Media		2.4			20,677
Software		2.1			18,965
Industrial Conglomerates		2.1			18,316
Tobacco		2.0			18,223
Food Products		1.9			17,053
Diversified Telecommunication Services		1.9			16,549
Wireless Telecommunication Services		1.7			14,433
Household Products		1.5			13,173
Hotels, Restaurants & Leisure		1.5			13,084
Construction Materials		1.4			12,142
Road & Rail		1.3			11,937
Personal Products		1.3			11,151
Office Electronics		1.2			10,771
Semiconductors & Semiconductor Equipment		1.0			8,837
Health Care Equipment & Supplies		1.0			8,583
Beverages		0.9			8,064
Aerospace & Defense		0.7			6,598
Electrical Equipment		0.5			4,093
Investment Securities, at Value		92.4			823,366
Short-Term Investments		7.6			67,918
Total Investments		100.0	%	$	891,284

NOTES TO SCHEDULE OF INVESTMENTS:

▲	Rate shown reflects the yield at 04/29/2011.
^	All or a portion of this security is on loan. The value of all securities on loan is $61,874.
‡	Non-income producing security.
∞	Percentage rounds to less than 0.1%.
#	Aggregate cost for federal income tax purposes is $700,443. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $198,536 and $7,695, respectively. Net unrealized appreciation for tax purposes is $190,841.

The notes to the financial statements are an integral part of this report.
Transamerica Funds Semi-Annual Report 2011

Page 119

Transamerica Thornburg International Value

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

DEFINITION:

ADR      American Depositary Receipt

VALUATION SUMMARY: ^Э

			Level 2 -
			Other		Level 3 -
	Level 1 -		Significant		Significant
	Quoted		Observable		Unobservable		Value at
Investment Securities	Prices		Inputs		Inputs		04/30/2011
Common Stocks	$	109,581	$	692,131	$	—	$	801,712
Preferred Stocks		—		21,654		—		21,654
Repurchase Agreement		—		2,915		—		2,915
Securities Lending Collateral		65,003		—		—		65,003
Total	$	174,584	$	716,700	$	—	$	891,284

			Level 2 -
			Other			Level 3 -
	Level 1 -		Significant			Significant
	Quoted		Observable			Unobservable		Total at
Other Financial Instruments ₣	Prices		Inputs			Inputs		04/30/2011
Forward Foreign Currency Contracts - Appreciation	$	—	$	176		$	—	$	176
Forward Foreign Currency Contracts - Depreciation		—		(1,607	)		—		(1,607	)
Total	$	—	$	(1,431	)	$	—	$	(1,431	)

Э	See the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques.
₣	Other financial instruments are derivative instruments that are valued at unrealized appreciation (depreciation) on the instrument.

The notes to the financial statements are an integral part of this report.
Transamerica Funds Semi-Annual Report 2011

Page 120

Transamerica UBS Large Cap Value

SCHEDULE OF INVESTMENTS
At April 30, 2011
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
COMMON STOCKS - 97.3%
Aerospace & Defense - 3.4%
Boeing Co.		152,100	$	12,134
General Dynamics Corp.		165,900		12,081
Air Freight & Logistics - 1.3%
FedEx Corp. ^		93,900		8,983
Airlines - 1.1%
Southwest Airlines Co. ^		672,500		7,902
Auto Components - 1.5%
Johnson Controls, Inc.		258,600		10,603
Automobiles - 1.1%
General Motors Co. ‡^		231,000		7,413
Beverages - 1.6%
PepsiCo, Inc.		160,500		11,057
Capital Markets - 4.5%
Bank of New York Mellon Corp.		316,055		9,153
Goldman Sachs Group, Inc.		69,600		10,510
Morgan Stanley ^		467,400		12,223
Chemicals - 1.6%
Celanese Corp. - Series A ^		231,900		11,576
Commercial Banks - 5.3%
U.S. Bancorp		561,000		14,485
Wells Fargo & Co.		781,300		22,744
Computers & Peripherals - 1.3%
Hewlett-Packard Co.		220,600		8,906
Diversified Consumer Services - 0.5%
Apollo Group, Inc. - Class A ‡		88,100		3,527
Diversified Financial Services - 6.3%
Citigroup, Inc. ‡		4,196,800		19,263
JPMorgan Chase & Co.		540,800		24,677
Diversified Telecommunication Services - 2.8%
AT&T, Inc.		632,000		19,668
Electric Utilities - 5.9%
American Electric Power Co., Inc.		338,900		12,363
Edison International		232,700		9,138
FirstEnergy Corp. ^		326,800		13,059
Nextera Energy, Inc. ^		123,700		6,998
Energy Equipment & Services - 2.5%
Noble Corp. ^		409,000		17,591
Food & Staples Retailing - 1.9%
Kroger Co.		557,100		13,543
Food Products - 1.8%
Kraft Foods, Inc. - Class A ^		372,400		12,505
Health Care Equipment & Supplies - 5.1%
Baxter International, Inc.		124,200		7,067
Boston Scientific Corp. ‡^		801,000		5,999
Covidien PLC		249,400		13,890
Medtronic, Inc.		205,900		8,596
Health Care Providers & Services - 2.5%
UnitedHealth Group, Inc.		361,200		17,782
Hotels, Restaurants & Leisure - 1.3%
Carnival Corp. ^		235,200		8,954
Household Durables - 1.0%
Fortune Brands, Inc. ^		104,000		6,768
Household Products - 4.5%
Colgate-Palmolive Co.		93,300		7,870
Procter & Gamble Co. ^		366,500		23,786
Insurance - 3.7%
Aflac, Inc.		189,000		10,620
MetLife, Inc.		325,900		15,249
Machinery - 2.0%
Illinois Tool Works, Inc. ^		237,300		13,861
Media - 5.1%
Comcast Corp. - Class A		653,900		17,158
Viacom, Inc. - Class B		375,300		19,200
Oil, Gas & Consumable Fuels - 8.3%
EOG Resources, Inc. ^		79,700		8,999
Exxon Mobil Corp.		302,400		26,611
Hess Corp.		80,500		6,920
Ultra Petroleum Corp. ‡^		303,300		15,405
Personal Products - 0.9%
Avon Products, Inc. ^		212,600		6,246
Pharmaceuticals - 6.1%
Johnson & Johnson		377,500		24,809
Merck & Co., Inc.		501,000		18,011
Road & Rail - 3.5%
Hertz Global Holdings, Inc. ‡		642,500		11,057
Norfolk Southern Corp.		179,800		13,428
Semiconductors & Semiconductor Equipment - 1.1%
Intersil Corp. - Class A ^		535,100		7,903
Software - 5.0%
Adobe Systems, Inc. ‡^		366,400		12,293
Microsoft Corp.		550,600		14,327
Symantec Corp. ‡		442,000		8,685
Specialty Retail - 2.8%
GameStop Corp. - Class A ‡^		277,900		7,136
Lowe’s Cos., Inc.		473,900		12,440
Total Common Stocks (cost $570,871)				683,171
INVESTMENT COMPANY - 1.2%
Capital Markets - 1.2%
SPDR S&P 500 ETF Trust ^		62,000		8,465
Total Investment Company (cost $7,105)
SECURITIES LENDING COLLATERAL - 20.5%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.24% ▲		143,765,687		143,766
Total Securities Lending Collateral (cost $143,766)
	Principal		Value
REPURCHASE AGREEMENT - 1.4%
State Street Bank & Trust Co. 0.01% ▲, dated 04/29/2011, to be repurchased at $10,116 on 05/02/2011. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 04/01/2025, with a value of $10,320.	$	10,116		10,116
Total Repurchase Agreement (cost $10,116)
Total Investment Securities (cost $731,858) #				845,518
Other Assets and Liabilities - Net				(143,340	)
Net Assets			$	702,178

The notes to the financial statements are an integral part of this report.
Transamerica Funds Semi-Annual Report 2011

Page 121

Transamerica UBS Large Cap Value

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

NOTES TO SCHEDULE OF INVESTMENTS:

^	All or a portion of this security is on loan. The value of all securities on loan is $140,506.
‡	Non-income producing security.
▲	Rate shown reflects the yield at 04/29/2011.
#	Aggregate cost for federal income tax purposes is $731,858. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $117,761 and $4,101, respectively. Net unrealized appreciation for tax purposes is $113,660.

DEFINITION:

ETF       Exchange-Traded Fund

VALUATION SUMMARY: ^Э

			Level 2 -
			Other		Level 3 -
	Level 1 -		Significant		Significant
	Quoted		Observable		Unobservable		Value at
Investment Securities	Prices		Inputs		Inputs		04/30/2011
Common Stocks	$	651,690	$	31,481	$	—	$	683,171
Investment Company		8,465		—		—		8,465
Repurchase Agreement		—		10,116		—		10,116
Securities Lending Collateral		143,766		—		—		143,766
Total	$	803,921	$	41,597	$	—	$	845,518

^Э See the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques.

The notes to the financial statements are an integral part of this report.
Transamerica Funds Semi-Annual Report 2011

Page 122

Transamerica WMC Emerging Markets

SCHEDULE OF INVESTMENTS
At April 30, 2011
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
PREFERRED STOCKS - 2.9%
Brazil - 2.9%
Braskem SA, 3.77% 5		345,300	$	5,026
Cia Paranaense de Energia, 2.49% 5		156,000		4,264
Lojas Americanas SA, 0.64% 5		462,100		4,112
Total Preferred Stocks (cost $11,593)				13,402
COMMON STOCKS - 92.5%
Bermuda - 2.6%
Aquarius Platinum, Ltd. ^		703,901		4,058
Central European Media Enterprises, Ltd. - Class A ‡		83,200		1,906
Cosco Pacific, Ltd.		802,000		1,656
Shangri-La Asia, Ltd.		1,490,000		4,154
Brazil - 15.1%
Banco Bradesco SA ADR		216,900		4,388
Banco Santander Brasil SA ADR		410,100		4,761
CCR SA		146,900		4,575
Centrais Eletricas Brasileiras SA ‡		197,000		2,868
Cia de Bebidas das Americas ADR ^		79,400		2,587
Cielo SA		259,900		2,403
Estacio Participacoes SA		81,000		1,184
GOL Linhas Aereas Inteligentes SA ADR ‡		48,100		685
Itau Unibanco Holding SA ADR		195,330		4,639
Julio Simoes Logistica SA ‡		239,300		1,696
MRV Engenharia e Participacoes SA		212,000		1,833
Natura Cosmeticos SA		156,500		4,407
OGX Petroleo e Gas Participacoes SA ‡		546,400		5,866
Petroleo Brasileiro SA ADR		487,800		18,211
Redecard SA		160,400		2,320
TAM SA ADR		21,300		445
Totvs SA		112,000		2,136
Vale SA - Class B ADR ^		137,400		4,589
Canada - 1.3%
Pacific Rubiales Energy Corp.		120,700		3,668
Sino-Forest Corp. - Class A ‡		90,600		2,251
Cayman Islands - 3.0%
Baidu, Inc. ADR ‡		31,900		4,739
Ctrip.com International, Ltd. ADR ‡		26,400		1,286
Hengan International Group Co., Ltd.		562,500		4,367
Simcere Pharmaceutical Group ADR ‡		36,200		459
Tencent Holdings, Ltd.		96,800		2,767
Chile - 0.7%
Enersis S.A. ADR		148,800		3,178
China - 8.6%
Bank of China, Ltd.		8,978,000		4,971
Changsha Zoomlion Heavy Industry Science and Technology Development Co., Ltd. ‡		1,259,400		3,341
China Construction Bank Corp. - Class H		7,134,230		6,752
China Merchants Bank Co., Ltd. - Class H		671,985		1,731
China Petroleum & Chemical Corp. ADR		21,100		2,126
China Shenhua Energy Co., Ltd. - Class H		1,944,500		9,076
China Shipping Development Co., Ltd. - Class H		2,702,000		2,846
Ping An Insurance Group Co. - Class H		627,000		6,858
Sinopharm Group Co., Ltd. - Class H		575,600		1,986
Egypt - 0.2%
Egyptian Financial Group-Hermes Holding		353,352		1,070
Hong Kong - 2.6%
AIA Group, Ltd. ‡		1,154,800		3,903
China Merchants Holdings International Co., Ltd.		352,000		1,632
China Mobile, Ltd.		674,500		6,210
Hungary - 1.4%
OTP Bank PLC ‡		109,170		3,870
Richter Gedeon		11,269		2,358
India - 5.1%
Canara Bank		203,302		2,897
Hero Honda Motors, Ltd.		104,063		4,020
Infosys Technologies, Ltd. ADR ^		69,600		4,536
Larsen & Toubro, Ltd.		70,354		2,538
Oil & Natural Gas Corp., Ltd.		195,823		1,357
Reliance Industries, Ltd.		144,292		3,216
Rural Electrification Corp., Ltd.		413,382		2,225
Tata Consultancy Services, Ltd.		110,533		2,906
Korea, Republic of - 18.3%
Amorepacific Corp.		3,601		3,629
Cheil Industries, Inc.		46,383		5,107
Dong-A Pharmaceutical Co., Ltd.		15,859		1,554
Green Cross Corp.		9,501		1,232
GS Engineering & Construction Corp.		33,554		4,039
Hana Financial Group, Inc.		52,200		2,211
Hyundai Mobis		7,092		2,376
Hyundai Motor Co.		35,957		8,271
KB Financial Group, Inc.		107,958		5,793
LG Chem, Ltd.		5,649		2,794
LG Electronics, Inc.		35,353		3,398
Lotte Shopping Co., Ltd.		1,809		825
Mirae Asset Securities Co., Ltd.		44,214		1,786
NCSoft Corp.		9,707		2,568
NHN Corp. ‡		23,433		4,647
POSCO		13,223		5,775
Samsung Card Co.		42,890		2,129
Samsung Electronics Co., Ltd.		23,213		19,344
Samsung Heavy Industries Co., Ltd.		45,790		2,072
Shinhan Financial Group Co., Ltd.		94,437		4,626
Malaysia - 3.2%
AMMB Holdings Bhd		1,009,800		2,175
Axiata Group Bhd ‡		2,469,200		4,085
CIMB Group Holdings Bhd		1,314,800		3,635
Genting Bhd		1,259,400		4,932
Mexico - 2.9%
America Movil SAB de CV - Series L ADR		112,490		6,435
Fomento Economico Mexicano SAB de CV ADR		54,300		3,415
Wal-Mart de Mexico SAB de CV - Series V		1,140,400		3,566
Netherlands - 0.6%
X5 Retail Group NV GDR ‡		73,315		2,591
Philippines - 0.5%
Metropolitan Bank & Trust ‡		734,540		1,178
Philippine Long Distance Telephone Co. ADR		22,700		1,316
Poland - 0.9%
Powszechny Zaklad Ubezpieczen SA		28,589		4,017
Russian Federation - 7.4%
Gazprom OAO ADR		898,676		15,287
Lukoil OAO ADR		65,570		4,570
Novolipetsk Steel OJSC GDR		43,376		1,655
Rosneft Oil Co. GDR		469,549		4,191
Sberbank of Russian Federation		2,236,118		8,173
South Africa - 7.3%
AngloGold Ashanti, Ltd. ADR		127,800		6,515
Aspen Pharmacare Holdings, Ltd. ‡		208,175		2,568
Barloworld, Ltd.		543,901		6,172
Clicks Group, Ltd.		484,340		3,239
Life Healthcare Group Holdings, Ltd.		448,515		1,148
Naspers, Ltd. - Class N		44,368		2,670
Nedbank Group, Ltd.		265,409		5,912
Sasol, Ltd.		95,877		5,535
Taiwan - 7.4%
Formosa Chemicals & Fibre Corp.		233,000		940
High Tech Computer Corp.		95,000		4,312
Hon Hai Precision Industry Co., Ltd.		3,395,616		12,865
Synnex Technology International Corp.		1,554,620		3,968
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		237,100		3,201
Taiwan Semiconductor Manufacturing Co., Ltd.		3,466,354		8,860

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 123

Transamerica WMC Emerging Markets

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
Thailand - 3.1%
Bangkok Bank PCL		708,900	$	4,038
CP ALL PCL		1,486,200		2,153
Kasikornbank PCL		608,600		2,651
PTT Chemical PCL		1,038,100		5,564
Turkey - 0.3%
Turkiye Garanti Bankasi AS		267,398		1,385
Total Common Stocks (cost $388,289)				425,600
INVESTMENT COMPANY 2.3%
United States - 2.3%
Vanguard MSCI Emerging Markets ETF		211,100		10,677
Total Investment Company (cost $10,571)
SECURITIES LENDING COLLATERAL - 1.9%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.24% 5		8,884,376		8,884
Total Securities Lending Collateral (cost $8,884)

	Principal		Value
REPURCHASE AGREEMENT - 1.1%
State Street Bank & Trust Co. 0.01% 5, dated 04/29/2011, to be repurchased at $4,891 on 05/02/2011. Collateralized by a U.S. Government Agency Obligation, 3.50%, due 12/01/2025, with a value of $4,992.	$	4,891	$	4,891
Total Repurchase Agreement (cost $4,891)
Total Investment Securities (cost $424,228) #				463,454
Other Assets and Liabilities - Net				(3,341	)
Net Assets			$	460,113

FORWARD FOREIGN CURRENCY CONTRACTS:

						Amount in U.S.			Net Unrealized
				Settlement		Dollars Bought			Appreciation
Currency	Bought (Sold)			Date		(Sold)			(Depreciation)
South African Rand		(3,800	)		06/03/2011	$	(493	)	$	(83	)
South African Rand		(14,805	)		06/03/2011		(1,805	)		(439	)
Turkish Lira		2,256			05/16/2011		1,454			25
Turkish Lira		(2,256	)		05/16/2011		(1,419	)		(60	)
									$	(557	)

	Percentage of
INVESTMENTS BY INDUSTRY	Total Investments			Value
Oil, Gas & Consumable Fuels		15.8	%	$	73,103
Commercial Banks		15.4			71,400
Semiconductors & Semiconductor Equipment		6.8			31,405
Metals & Mining		4.9			22,592
Chemicals		4.2			19,431
Wireless Telecommunication Services		3.9			18,046
Electronic Equipment & Instruments		3.6			16,833
Insurance		3.2			14,778
Personal Products		2.7			12,403
Automobiles		2.7			12,291
IT Services		2.6			12,165
Internet Software & Services		2.6			12,153
Emerging Market - Equity		2.3			10,677
Hotels, Restaurants & Leisure		2.2			10,372
Electric Utilities		2.2			10,310
Transportation Infrastructure		2.1			9,559
Food & Staples Retailing		1.8			8,310
Multiline Retail		1.8			8,176
Pharmaceuticals		1.8			8,171
Diversified Financial Services		1.4			6,611
Construction & Engineering		1.4			6,577
Trading Companies & Distributors		1.3			6,172
Beverages		1.3			6,002
Machinery		1.1			5,413
Software		1.1			4,704
Media		1.0			4,576
Computers & Peripherals		0.9			4,312
Household Durables		0.7			3,398
Health Care Providers & Services		0.6			3,134

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 124

Transamerica WMC Emerging Markets

SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

	Percentage of
INVESTMENTS BY INDUSTRY (continued)	Total Investments			Value
Capital Markets		0.6	%	$	2,856
Marine		0.6			2,846
Auto Components		0.5			2,376
Paper & Forest Products		0.5			2,251
Consumer Finance		0.5			2,129
Real Estate Management & Development		0.4			1,833
Diversified Consumer Services		0.3			1,184
Airlines		0.2			1,130
Investment Securities, at Value		97.0			449,679
Short-Term Investments		3.0			13,775
Total Investments		100.0	%	$	463,454

NOTES TO SCHEDULE OF INVESTMENTS:
5	Rate shown reflects the yield at 04/29/2011.
^	All or a portion of this security is on loan. The value of all securities on loan is $8,607.
‡	Non-income producing security.
#	Aggregate cost for federal income tax purposes is $424,228. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $47,716 and $8,490, respectively. Net unrealized appreciation for tax purposes is $39,226.
DEFINITIONS:
ADR	American Depositary Receipt
ETF	Exchange-Traded Fund
GDR	Global Depositary Receipt
OAO	Otkrytoe Aktsionernoe Obschestvo (Russian: Open Joint Stock Corporation)
OJSC	Open Joint Stock Company

VALUATION SUMMARY: э

					Level 3 -
			Level 2 - Other		Significant
	Level 1 - Quoted		Significant		Unobservable		Value at
Investment Securities	Prices		Observable Inputs		Inputs		04/30/2011
Common Stocks	$	117,498	$	308,102	$	—	$	425,600
Investment Company		10,677		—		—		10,677
Preferred Stocks		13,402		—		—		13,402
Repurchase Agreement		—		4,891		—		4,891
Securities Lending Collateral		8,884		—		—		8,884
Total	$	150,461	$	312,993	$	—	$	463,454

						Level 3 -
			Level 2 - Other			Significant
	Level 1 - Quoted		Significant			Unobservable		Total at
Other Financial Instruments ₣	Prices		Observable Inputs			Inputs		04/30/2011
Forward Foreign Currency Contracts - Appreciation	$	—	$	25		$	—	$	25
Forward Foreign Currency Contracts - Depreciation		—		(582	)		—		(582	)
Total	$	—	$	(557	)	$	—	$	(557	)

э	See the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques.
₣	Other financial instruments are derivative instruments that are valued at unrealized appreciation (depreciation) on the instrument.

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 125

STATEMENTS OF ASSETS AND LIABILITIES
At April 30, 2011
(all amounts except per share amounts in thousands)
(unaudited)

	Transamerica			Transamerica			Transamerica			Transamerica						Transamerica
	BlackRock			BlackRock			Clarion Global			Federated			Transamerica			Hansberger
	Global			Large Cap			Real Estate			Market			First Quadrant			International
	Allocation			Value			Securities			Opportunity			Global Macro			Value(A)
Assets:
Investment securities, at value	$	565,949		$	805,014		$	329,664		$	—		$	43,250		$	312,456
Repurchase agreement, at value		130			—			2,337			53,657			104,059			5,132
Cash on deposit with broker		3,557			—			—			—			—			—
Foreign currency, at value		486			—			56			—			1			40
Receivables:
Investment securities sold		3,289			—			469			—			—			3
Shares of beneficial interest sold		277			27			7			—			17			46
Interest		1,745			—	(B)		—	(B)		8			—	(B)		—	(B)
Securities lending income (net)		37			60			28			2			—			16
Dividends		928			679			699			55			—			823
Dividend reclaims		116			—			56			3			27			211
Variation margin		—			—			—			—			631			—
Other		1			1			1			—			9			—
Prepaid expenses		2			3			1			—	(B)		1			1
Unrealized appreciation on forward foreign currency contracts		1,085			—			—			157			6,881			—
	$	577,602		$	805,784		$	333,318		$	53,882		$	154,876		$	318,728
Liabilities:
Cash deposit due to broker		100			—			—			—			—			—
Accounts payable and accrued liabilities:
Investment securities purchased		2,927			—			—			—			—			810
Shares of beneficial interest redeemed		911			8			278			—			—			21
Management and advisory fees		301			405			175			35			160			188
Trustees fees		1			2			1			—	(B)		—	(B)		—	(B)
Transfer agent fees		3			4			1			—	(B)		1			2
Custody fees		54			20			32			12			33			25
Administration fees		8			10			4			1			2			4
Audit and tax fees		31			5			10			9			11			9
Variation margin		341			—			—			—			—			—
Capital gains tax		82			—			—			—			—			—
Other		1			9			4			1			1			3
Collateral for securities on loan		45,106			138,589			48,099			—			—			34,852
Written options and swaptions, at value		901			—			—			—			946			—
Unrealized depreciation on forward foreign currency contracts		438			—			—			186			8,085			—
		51,205			139,052			48,604			244			9,239			35,914
Net assets	$	526,397		$	666,732		$	284,714		$	53,638		$	145,637		$	282,814
Net assets consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	450,845		$	670,975		$	317,245		$	62,898		$	214,228		$	435,179
Undistributed (accumulated) net investment income (loss)		2,173			1,301			(16,903	)		(41	)		(1,002	)		(651	)
Undistributed (accumulated) net realized gain (loss) from investments		(8,764	)		(135,949	)		(91,926	)		(9,193	)		(67,165	)		(169,534	)
Net unrealized appreciation (depreciation) on:
Investment securities		81,978			130,405			76,285			—			212			17,798
Futures contracts		(341	)		—			—			—			428			—
Written option and swaption contracts		(161	)		—			—			—			134			—
Translation of assets and liabilities denominated in foreign currencies		667			—			13			(26	)		(1,198	)		22
Net assets	$	526,397		$	666,732		$	284,714		$	53,638		$	145,637		$	282,814
Shares outstanding		44,292			67,424			22,011			6,032			23,973			33,129
Net asset value and offering price per share	$	11.88		$	9.89		$	12.94		$	8.89		$	6.08		$	8.54
Investment securities, at cost	$	483,971		$	674,609		$	253,379		$	—		$	43,038		$	294,658
Repurchase agreement, at cost	$	130		$	—		$	2,337		$	53,657		$	104,059		$	5,132
Foreign currency, at cost	$	463		$	—		$	56		$	—		$	1		$	40
Securities loaned, at value	$	43,707		$	135,227		$	46,535		$	—		$	—		$	33,423
Premium received on written option & swaption contracts	$	740		$	—		$	—		$	—		$	1,080		$	—

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 126

STATEMENTS OF ASSETS AND LIABILITIES (continued)
At April 30, 2011
(all amounts except per share amounts in thousands)
(unaudited)

							Transamerica			Transamerica
	Transamerica			Transamerica			JPMorgan			JPMorgan			Transamerica			Transamerica
	Jennison			JPMorgan Core			International			Long/Short			JPMorgan Mid			Loomis Sayles
	Growth			Bond			Bond			Strategy(C)			Cap Value			Bond
Assets:
Investment securities, at value	$	988,338		$	1,128,301		$	357,526		$	119,192		$	231,876		$	640,643
Repurchase agreement, at value		3,135			73,434			4,938			67			5,537			5,859
Cash on deposit with broker		—			—			—			93,458			—			—
Foreign currency, at value		—			—			3,399			—			—			—
Receivables:
Investment securities sold		5,284			353			—			1,644			989			1,419
Shares of beneficial interest sold		36			1,222			185			10			—			616
Interest		—	(B)		8,393			4,497			—	(B)		—	(B)		8,488
Securities lending income (net)		25			13			—	(B)		—			10			11
Dividends		145			—			—			131			94			72
Dividend reclaims		75			—			—			2			—			—
Variation margin		—			—			18			—			—			—
Other		1			2			29			—			—			1
Prepaid expenses		3			5			2			—	(B)		1			3
Unrealized appreciation on forward foreign currency contracts		—			—			5,009			—			—			—
	$	997,042		$	1,211,723		$	375,603		$	214,504		$	238,507		$	657,112
Liabilities:
Accounts payable and accrued liabilities:
Investment securities purchased		4,195			2,303			—			1,457			263			1,109
Shares of beneficial interest redeemed		12			20			280			—			2			299
Management and advisory fees		486			382			151			123			121			295
Trustees fees		1			2			1			—	(B)		—	(B)		1
Transfer agent fees		2			7			2			1			1			4
Custody fees		10			35			42			6			8			19
Administration fees		13			18			6			2			3			9
Audit and tax fees		9			5			10			10			9			10
Dividends from securities sold short		—			—			—			91			—			—
Other		8			12			6			16			3			7
Collateral for securities on loan		151,859			71,973			978			—			48,471			64,437
Securities sold short, at value		—			—			—			95,172			—			—
Unrealized depreciation on forward foreign currency contracts		—			—			4,468			—			—			—
		156,595			74,757			5,944			96,878			48,881			66,190
Net assets	$	840,447		$	1,136,966		$	369,659		$	117,626		$	189,626		$	590,922
Net assets consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	620,250		$	1,110,840		$	329,501		$	130,270		$	161,897		$	512,422
Undistributed (accumulated) net investment income (loss)		(578	)		(615	)		(6,259	)		(1,149	)		190			2,400
Undistributed (accumulated) net realized gain (loss) from investments		(7,424	)		3,298			6,679			(11,820	)		(22,740	)		9,091
Net unrealized appreciation (depreciation) on:
Investment securities		228,199			23,443			38,194			7,278			50,279			66,897
Futures contracts		—			—			657			—			—			—
Translation of assets and liabilities denominated in foreign currencies		—			—			887			—			—			112
Securities sold short		—			—			—			(6,953	)		—			—
Net assets	$	840,447		$	1,136,966		$	369,659		$	117,626		$	189,626		$	590,922
Shares outstanding		62,021			110,015			32,804			14,414			16,009			52,595
Net asset value and offering price per share	$	13.55		$	10.33		$	11.27		$	8.16		$	11.85		$	11.24
Investment securities, at cost	$	760,139		$	1,104,858		$	319,332		$	111,914		$	181,597		$	573,746
Repurchase agreement, at cost	$	3,135		$	73,434		$	4,938		$	67		$	5,537		$	5,859
Foreign currency, at cost	$	—		$	—		$	3,316		$	—		$	—		$	—
Securities loaned, at value	$	148,505		$	70,527		$	959		$	—		$	47,354		$	62,763
Proceeds received from securities sold short	$	—		$	—		$	—		$	88,219		$	—		$	—

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 127

STATEMENTS OF ASSETS AND LIABILITIES (continued)
At April 30, 2011
(all amounts except per share amounts in thousands)
(unaudited)

	Transamerica			Transamerica					Transamerica			Transamerica			Transamerica
	MFS			Morgan Stanley		Transamerica			Morgan Stanley			Neuberger			Oppenheimer
	International			Emerging		Morgan Stanley			Small Company			Berman			Developing
	Equity			Markets Debt		Mid-Cap Growth			Growth			International			Markets
Assets:
Investment securities, at value	$	664,933		$	321,098	$	388,556		$	275,269		$	723,975		$	674,640
Repurchase agreement, at value		7,257			17,675		7,327			11,429			5,327			31,275
Foreign currency, at value		1,229			822		5			5			26			1,586
Receivables:
Investment securities sold		4,993			—		186			181			3,339			3,152
Shares of beneficial interest sold		89			452		41			36			107			106
Interest		—	(B)		4,723		—	(B)		—	(B)		—	(B)		—	(B)
Securities lending income (net)		50			8		62			46			35			8
Dividends		3,125			—		36			15			2,497			1,226
Dividend reclaims		846			—		37			—			834			12
Variation margin		—			119		—			—			—			—
Other		1			1		2			—			1			1
Prepaid expenses		2			2		1			1			3			2
	$	682,525		$	344,900	$	396,253		$	286,982		$	736,144		$	712,008
Liabilities:
Cash deposit due to custodian		—			28		—			—			—			—
Accounts payable and accrued liabilities:
Investment securities purchased		4,428			—		—			383			3,959			10,355
Shares of beneficial interest redeemed		159			8		28			67			115			102
Management and advisory fees		406			215		221			170			487			570
Trustees fees		1			1		—	(B)		—	(B)		1			1
Transfer agent fees		2			2		2			1			4			4
Custody fees		46			21		15			9			39			78
Administration fees		9			5		6			4			10			10
Audit and tax fees		9			10		9			9			7			20
Capital gains tax		—			—		—			—			—			122
Other		7			4		4			2			6			7
Collateral for securities on loan		70,373			49,349		35,982			57,297			68,431			45,874
		75,440			49,643		36,267			57,942			73,059			57,143
Net assets	$	607,085		$	295,257	$	359,986		$	229,040		$	663,085		$	654,865
Net assets consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	471,158		$	287,458	$	223,582		$	163,789		$	675,362		$	490,837
Undistributed (accumulated) net investment income (loss)		4,255			1,393		(56	)		52			1,767			84
Undistributed (accumulated) net realized gain (loss) from investments		19,995			248		11,709			(2,278	)		(186,080	)		9,229
Net unrealized appreciation (depreciation) on:
Investment securities		111,498			5,998		124,749			67,477			171,933			155,045
Futures contracts		—			119		—			—			—			—
Translation of assets and liabilities denominated in foreign currencies		179			41		2			—			103			(330	)
Net assets	$	607,085		$	295,257	$	359,986		$	229,040		$	663,085		$	654,865
Shares outstanding		62,074			28,007		23,885			16,787			64,273			45,672
Net asset value and offering price per share	$	9.78		$	10.54	$	15.07		$	13.64		$	10.32		$	14.34
Investment securities, at cost	$	553,435		$	315,100	$	263,807		$	207,792		$	552,042		$	519,595
Repurchase agreement, at cost	$	7,257		$	17,675	$	7,327		$	11,429		$	5,327		$	31,275
Foreign currency, at cost	$	1,229		$	800	$	5		$	5		$	26		$	1,609
Securities loaned, at value	$	67,217		$	48,309	$	35,174		$	55,981		$	65,203		$	44,454

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 128

STATEMENTS OF ASSETS AND LIABILITIES (continued)
At April 30, 2011
(all amounts except per share amounts in thousands)
(unaudited)

	Transamerica									Transamerica						Transamerica
	Oppenheimer			Transamerica			Transamerica			Schroders			Transamerica			Thornburg
	Small- & Mid-			PIMCO Real			PIMCO Total			International			Third Avenue			International
	Cap Value			Return TIPS			Return			Small Cap			Value			Value
Assets:
Investment securities, at value	$	421,391		$	890,210		$	786,423		$	706,993		$	465,479		$	888,369
Repurchase agreement, at value		27,105			4,178			8,377			10,111			54,168			2,915
Cash		20			—			—			—			—			—
Foreign currency, at value		—			178			3,392			955			—			—
Receivables:
Investment securities sold		5,341			117			104,721			5,582			1			2,500
Shares of beneficial interest sold		45			90,436			50			109			69			106
Interest		—	(B)		3,992			4,142			—	(B)		—	(B)		—	(B)
Securities lending income (net)		20			2			11			78			15			14
Dividends		98			—			31			1,656			1,263			3,817
Dividend reclaims		—			—			—			368			6			626
Other		1			14			1			1			1			2
Prepaid expenses		1			5			3			2			2			3
Unrealized appreciation on swap agreements		—			2,047			430			—			—			—
Premium paid on swap agreements		—			2,515			1,145			—			—			—
Unrealized appreciation on forward foreign currency contracts		—			2,619			2,655			—			—			176
	$	454,022		$	996,313		$	911,381		$	725,855		$	521,004		$	898,528
Liabilities:
Cash deposit due to broker		—			4,430			880			—			—			—
Accounts payable and accrued liabilities:
Investment securities purchased		4,760			94,550			130,649			1,483			268			4,987
Shares of beneficial interest redeemed		56			—			323			114			83			174
Management and advisory fees		248			402			316			501			275			622
Trustees fees		—	(B)		2			1			—	(B)		—	(B)		1
Transfer agent fees		2			4			3			4			3			5
Custody fees		5			27			31			62			27			49
Administration fees		6			12			10			10			7			13
Audit and tax fees		15			12			11			15			9			9
Dividends from securities sold short		—			1			—			—			—			—
Interest payable		—			19			342			—			—			—
Variation margin		—			12			50			—			—			—
Capital gains tax		—			—			—			13			—			199
Other		4			6			2			7			4			8
Collateral for securities on loan		91,868			17,853			99,296			89,874			82,701			65,003
Reverse repurchase agreement, at value		—			5,441			—			—			—			—
Written options and swaptions, at value		—			1,896			1,006			—			—			—
Unrealized depreciation on swap agreements		—			1,129			2,207			—			—			—
Premium received on swap agreements		—			683			1,434			—			—			—
Securities sold short, at value		—			—			68,956			—			—			—
Unrealized depreciation on forward foreign currency contracts		—			1,566			2,074			—			—			1,607
		96,964			128,045			307,591			92,083			83,377			72,677
Net assets	$	357,058		$	868,268		$	603,790		$	633,772		$	437,627		$	825,851
Net assets consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	275,102		$	811,109		$	605,973		$	466,738		$	524,306		$	591,070
Undistributed (accumulated) net investment income (loss)		227			1,280			(1,054	)		272			(2,264	)		4,125
Undistributed (accumulated) net realized gain (loss) from investments		13,170			8,080			(7,632	)		29,971			(85,206	)		41,320
Net unrealized appreciation (depreciation) on:
Investment securities		68,559			45,900			7,849			136,702			779			190,841
Futures contracts		—			187			401			—			—			—
Written option and swaption contracts		—			151			66			—			—			—
Swap agreements		—			918			(1,777	)		—			—			—
Translation of assets and liabilities denominated in foreign currencies		—			643			686			89			12			(1,505	)
Securities sold short		—			—			(722	)		—			—			—
Net assets	$	357,058		$	868,268		$	603,790		$	633,772		$	437,627		$	825,851
Shares outstanding		31,920			78,733			58,719			56,924			17,856			65,830
Net asset value and offering price per share	$	11.19		$	11.03		$	10.28		$	11.13		$	24.51		$	12.55
Investment securities, at cost	$	352,832		$	844,310		$	778,574		$	570,291		$	464,700		$	697,528
Repurchase agreement, at cost	$	27,105		$	4,178		$	8,377		$	10,111		$	54,168		$	2,915
Reverse repurchase agreement, at cost	$	—		$	(5,441	)	$	—		$	—		$	—		$	—
Foreign currency, at cost	$	—		$	170		$	3,321		$	943		$	—		$	—
Securities loaned, at value	$	89,726		$	17,493		$	96,089		$	85,372		$	80,008		$	61,874
Premium received on written option & swaption contracts	$	—		$	2,047		$	1,072		$	—		$	—		$	—
Proceeds received from securities sold short	$	—		$	—		$	68,234		$	—		$	—		$	—

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 129

STATEMENTS OF ASSETS AND LIABILITIES (continued)
At April 30, 2011
(all amounts except per share amounts in thousands)
(unaudited)

	Transamerica			Transamerica
	UBS Large Cap			WMC Emerging
	Value			Markets
Assets:
Investment securities, at value	$	835,402		$	458,563
Repurchase agreement, at value		10,116			4,891
Foreign currency, at value		—			4,576
Receivables:
Investment securities sold		—			10,807
Shares of beneficial interest sold		110			84
Interest		—	(B)		—	(B)
Securities lending income (net)		16			2
Dividends		945			1,068
Other		—			1
Prepaid expenses		5			2
Unrealized appreciation on forward foreign currency contracts		—			25
	$	846,594		$	480,019
Liabilities:
Accounts payable and accrued liabilities:
Investment securities purchased		—			9,462
Shares of beneficial interest redeemed		175			78
Management and advisory fees		418			509
Trustees fees		3			—	(B)
Transfer agent fees		4			3
Custody fees		20			92
Administration fees		11			7
Audit and tax fees		5			—	(B)
Capital gains tax		—			266
Other		14			23
Collateral for securities on loan		143,766			8,884
Unrealized depreciation on forward foreign currency contracts		—			582
		144,416			19,906
Net assets	$	702,178		$	460,113
Net assets consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	814,156		$	391,613
Undistributed (accumulated) net investment income (loss)		2,091			142
Undistributed (accumulated) net realized gain (loss) from investments		(227,729	)		29,948
Net unrealized appreciation (depreciation) on:
Investment securities		113,660			39,226
Translation of assets and liabilities denominated in foreign currencies		—			(816	)
Net assets	$	702,178		$	460,113
Shares outstanding		66,677			32,667
Net asset value and offering price per share	$	10.53		$	14.08
Investment securities, at cost	$	721,742		$	419,337
Repurchase agreement, at cost	$	10,116		$	4,891
Foreign currency, at cost	$	—		$	4,574
Securities loaned, at value	$	140,506		$	8,607

(A)	Formerly, Transamerica AllianceBernstein International Value.
(B)	Rounds to less than $1.
(C)	Formerly, Transamerica BNY Mellon Market Neutral Strategy.

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 130

STATEMENTS OF OPERATIONS
For the period ended April 30, 2011
(all amounts in thousands)
(unaudited)

							Transamerica									Transamerica
	Transamerica			Transamerica			Clarion Global			Transamerica			Transamerica			Hansberger
	BlackRock			BlackRock Large			Real Estate			Federated Market			First Quadrant			International
	Global Allocation			Cap Value			Securities			Opportunity			Global Macro			Value(A)
Investment income:
Dividend income	$	3,609		$	5,738		$	4,316		$	263		$	—		$	3,366
Withholding taxes on foreign income		(153	)		—			(218	)		(3	)		—			(304	)
Interest income		3,376			1			—	(B)		4			25			1
Securities lending income (net)		129			136			82			18			—			69
		6,961			5,875			4,180			282			25			3,132
Expenses:
Management and advisory		1,840			2,482			1,155			253			906			1,194
Transfer agent		19			24			11			2			5			10
Printing and shareholder reports		1			2			1			1			1			1
Custody		212			46			101			36			81			101
Administration		50			63			29			6			13			28
Legal		10			11			5			6			9			5
Audit and tax		17			5			8			8			10			8
Trustees		4			6			2			1			1			2
Registration		—			—	(B)		2			—			—	(B)		—
Other		14			6			3			1			1			5
Total expenses		2,167			2,645			1,317			314			1,027			1,354
Net expenses		2,167			2,645			1,317			314			1,027			1,354
Net investment income (loss)		4,794			3,230			2,863			(32	)		(1,002	)		1,778
Net realized gain (loss) on transactions from:
Investment securities		7,021	(C)		24,592			15,183			1,047			(413	)		(6,281	)
Futures contracts		689			—			—			—			541			—
Written option and swaption contracts		273			—			—			—			1,750			—
Foreign currency transactions		1,314			—			(107	)		(618	)		(1,089	)		557
		9,297			24,592			15,076			429			789			(5,724	)
Net increase (decrease) in unrealized appreciation (depreciation) on:
Investment securities		36,871	(D)		88,797			11,256			(144	)		270			26,808
Futures contracts		(581	)		—			—			—			(973	)		—
Written option and swaption contracts		146			—			—			—			(44	)		—
Translation of assets and liabilities denominated in foreign currencies		772			—			2			684			(143	)		(87	)
Change in unrealized appreciation (depreciation):		37,208			88,797			11,258			540			(890	)		26,721
Net realized and unrealized gain (loss)		46,505			113,389			26,334			969			(101	)		20,997
Net increase (decrease) in net assets resulting from operations	$	51,299		$	116,619		$	29,197		$	937		$	(1,103	)	$	22,775

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 131

STATEMENTS OF OPERATIONS (continued)
For the period ended April 30, 2011
(all amounts in thousands)
(unaudited)

							Transamerica			Transamerica
				Transamerica			JPMorgan			JPMorgan			Transamerica			Transamerica
	Transamerica			JPMorgan Core			International			Long/Short			JPMorgan Mid			Loomis Sayles
	Jennison Growth			Bond			Bond			Strategy(E)			Cap Value			Bond
Investment income:
Dividend income	$	3,096		$	—		$	—		$	908		$	1,613		$	627
Withholding taxes on foreign income		(13	)		(6	)		(48	)		(1	)		(2	)		(4	)
Interest income		—	(B)		19,834			5,359			1			—	(B)		16,097
Securities lending income (net)		40			67			—	(B)		—			23			50
		3,123			19,895			5,311			908			1,634			16,770
Expenses:
Management and advisory		2,919			2,264			994			731			719			1,833
Transfer agent		29			39			14			4			7			21
Printing and shareholder reports		2			2			1			2			—	(B)		2
Custody		49			118			124			27			20			64
Administration		77			104			38			11			17			57
Legal		12			17			7			2			3			9
Audit and tax		8			6			9			8			7			9
Trustees		6			9			3			1			1			5
Registration		2			15			—			—	(B)		—			—
Dividends on securities sold short		—			—			—			1,270			—			—
Other		7			10			4			1			2			5
Total expenses		3,111			2,584			1,194			2,057			776			2,005
Net expenses		3,111			2,584			1,194			2,057			776			2,005
Net investment income (loss)		12			17,311			4,117			(1,149	)		858			14,765
Net realized gain (loss) on transactions from:
Investment securities		26,976			3,298			8,747	(F)		(20,855	)		4,642			9,025
Futures contracts		—			—			(259	)		—			—			—
Foreign currency transactions		(43	)		—			(1,701	)		—			—			66
Securities sold short		—			—			—			22,273			—			—
		26,933			3,298			6,787			1,418			4,642			9,091
Net increase (decrease) in unrealized appreciation (depreciation) on:
Investment securities		83,409			(15,154	)		(8,706	)		(5,474	)		23,455			12,485
Futures contracts		—			—			(62	)		—			—			—
Translation of assets and liabilities denominated in foreign currencies		(4	)		—			(479	)		—			—			52
Securities sold short		—			—			—			3,281			—			—
Change in unrealized appreciation (depreciation):		83,405			(15,154	)		(9,247	)		(2,193	)		23,455			12,537
Net realized and unrealized gain (loss)		110,338			(11,856	)		(2,460	)		(775	)		28,097			21,628
Net increase (decrease) in net assets resulting from operations	$	110,350		$	5,455		$	1,657		$	(1,924	)	$	28,955		$	36,393

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 132

STATEMENTS OF OPERATIONS (continued)
For the period ended April 30, 2011
(all amounts in thousands)
(unaudited)

	Transamerica			Transamerica						Transamerica			Transamerica			Transamerica
	MFS			Morgan Stanley			Transamerica			Morgan Stanley			Neuberger			Oppenheimer
	International			Emerging			Morgan Stanley			Small Company			Berman			Developing
	Equity			Markets Debt			Mid-Cap Growth			Growth			International			Markets
Investment income:
Dividend income	$	7,709		$	—		$	1,651		$	1,028		$	7,474		$	4,383
Withholding taxes on foreign income		(677	)		(1	)		(35	)		5			(805	)		(315	)
Interest income		—	(B)		9,194			—	(B)		—	(B)		1			1
Securities lending income (net)		125			39			236			278			148			42
		7,157			9,232			1,852			1,311			6,818			4,111
Expenses:
Management and advisory		2,462			1,326			1,265			978			2,874			3,492
Transfer agent		21			11			12			8			22			24
Printing and shareholder reports		1			—	(B)		1			—	(B)		2			1
Custody		146			49			48			28			170			388
Administration		56			28			32			21			60			63
Legal		8			5			5			3			9			10
Audit and tax		7			8			7			7			9			22
Trustees		5			2			2			2			5			5
Registration		3			—	(B)		—	(B)		—	(B)		—	(B)		—	(B)
Other		5			3			3			2			5			22
Total expenses		2,714			1,432			1,375			1,049			3,156			4,027
Net expenses		2,714			1,432			1,375			1,049			3,156			4,027
Net investment income		4,443			7,800			477			262			3,662			84
Net realized gain (loss) on transactions from:
Investment securities		20,391			6,685			12,050			13,304			32,536			46,195	(G)
Futures contracts		—			(2,689	)		—			—			—			—
Foreign currency transactions		(133	)		(36	)		12			(2	)		(350	)		(142	)
		20,258			3,960			12,062			13,302			32,186			46,053
Net increase (decrease) in unrealized appreciation (depreciation) on:
Investment securities		50,598			(17,651	)		54,090			32,208			60,119			1,009	(H)
Futures contracts		—			119			—			—			—			—
Translation of assets and liabilities denominated in foreign currencies		86			68			(1	)		—			87			111
Change in unrealized appreciation (depreciation):		50,684			(17,464	)		54,089			32,208			60,206			1,120
Net realized and unrealized gain (loss)		70,942			(13,504	)		66,151			45,510			92,392			47,173
Net increase (decrease) in net assets resulting from operations	$	75,385		$	(5,704	)	$	66,628		$	45,772		$	96,054		$	47,257

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 133

STATEMENTS OF OPERATIONS (continued)
For the period ended April 30, 2011
(all amounts in thousands)
(unaudited)

	Transamerica								Transamerica						Transamerica
	Oppenheimer		Transamerica			Transamerica			Schroders			Transamerica			Thornburg
	Small- & Mid-Cap		PIMCO Real			PIMCO Total			International			Third Avenue			International
	Value		Return TIPS			Return			Small Cap			Value			Value
Investment income:
Dividend income	$	2,152	$	15		$	138		$	4,627		$	4,199		$	9,379
Withholding taxes on foreign income		—		—	(B)		(1	)		(292	)		(274	)		(726	)
Interest income		1		13,702			11,023			1			1			—	(B)
Securities lending income (net)		46		4			27			328			164			132
		2,199		13,721			11,187			4,664			4,090			8,785
Expenses:
Management and advisory		1,461		2,503			2,031			3,010			1,641			3,859
Transfer agent		12		28			23			22			15			29
Printing and shareholder reports		1		2			1			2			1			2
Custody		24		105			106			207			66			210
Administration		32		75			61			58			41			79
Legal		5		15			12			9			6			12
Audit and tax		6		10			10			8			8			8
Trustees		3		7			6			5			4			7
Registration		—		—	(B)		3			—	(B)		—	(B)		2
Other		3		8			6			5			4			7
Total expenses		1,547		2,753			2,259			3,326			1,786			4,215
Net expenses		1,547		2,753			2,259			3,326			1,786			4,215
Net investment income		652		10,968			8,928			1,338			2,304			4,570
Net realized gain (loss) on transactions from:
Investment securities		43,745		14,449			(4,490	)		30,925			12,082			43,271
Futures contracts		—		(87	)		(419	)		—			—			—
Written option and swaption contracts		—		313			835			—			—			—
Swap agreements		—		(353	)		(638	)		—			—			—
Foreign currency transactions		—		(948	)		(4,071	)		(189	)		—			(4,727	)
Securities sold short		—		—			(91	)		—			—			—
		43,745		13,374			(8,874	)		30,736			12,082			38,544
Net increase (decrease) in unrealized appreciation (depreciation) on:
Investment securities		15,363		(23,725	)		(5,351	)		61,481	(I)		46,109			59,530	(J)
Futures contracts		—		122			599			—			—			—
Written option and swaption contracts		—		(503	)		783			—			—			—
Swap agreements		—		(1,179	)		(839	)		—			—			—
Translation of assets and liabilities denominated in foreign currencies		—		206			1,465			(58	)		(4	)		2,757
Securities sold short		—		—			(517	)		—			—			—
Change in unrealized appreciation (depreciation):		15,363		(25,079	)		(3,860	)		61,423			46,105			62,287
Net realized and unrealized gain (loss)		59,108		(11,705	)		(12,734	)		92,159			58,187			100,831
Net increase (decrease) in net assets resulting from operations	$	59,760	$	(737	)	$	(3,806	)	$	93,497		$	60,491		$	105,401

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 134

STATEMENTS OF OPERATIONS (continued)
For the period ended April 30, 2011
(all amounts in thousands)
(unaudited)

	Transamerica			Transamerica
	UBS Large Cap			WMC Emerging
	Value			Markets
Investment income:
Dividend income	$	8,170		$	3,388
Withholding taxes on foreign income		—			(223	)
Interest income		—	(B)		1
Securities lending income (net)		29			21
		8,199			3,187
Expenses:
Management and advisory		2,927			2,472
Transfer agent		29			16
Printing and shareholder reports		2			1
Custody		50			342
Administration		77			44
Legal		15			7
Audit and tax		5			21
Trustees		8			3
Registration		1			29
Other		8			11
Total expenses		3,122			2,946
Expenses recaptured		—			99
Net expenses		3,122			3,045
Net investment income		5,077			142
Net realized gain (loss) on transactions from:
Investment securities		57,718			31,684	(K)
Foreign currency transactions		—			(175	)
		57,718			31,509
Net increase (decrease) in unrealized appreciation (depreciation) on:
Investment securities		60,746			(14,041	)(L)
Translation of assets and liabilities denominated in foreign currencies		—			246
Change in unrealized appreciation (depreciation):		60,746			(13,795	)
Net realized and unrealized gain		118,464			17,714
Net increase in net assets resulting from operations	$	123,541		$	17,856

(A)	Formerly, Transamerica AllianceBernstein International Value.
(B)	Rounds to less than $1.
(C)	Net of foreign capital gains tax of $6.
(D)	Net of foreign capital gains tax of $82.
(E)	Formerly, Transamerica BNY Mellon Market Neutral Strategy.
(F)	Net of foreign capital gains tax of $80.
(G)	Net of foreign capital gains tax of $1.
(H)	Net of foreign capital gains tax of $299.
(I)	Net of foreign capital gains tax of $13.
(J)	Net of foreign capital gains tax of $199.
(K)	Net of foreign capital gains tax of $66.
(L)	Net of foreign capital gains tax of $266.

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 135

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

	Transamerica BlackRock Global						Transamerica BlackRock Large						Transamerica Clarion Global Real
	Allocation						Cap Value						Estate Securities
	April 30, 2011						April 30, 2011						April 30, 2011
	(unaudited)			October 31, 2010			(unaudited)			October 31, 2010			(unaudited)			October 31, 2010
From operations:
Net investment income (loss)	$	4,794		$	9,103		$	3,230		$	8,353		$	2,863		$	7,143
Net realized gain (loss)(A)		9,297			4,109			24,592			15,844			15,076			(6,789	)
Change in unrealized appreciation (depreciation)(B)		37,208			37,715			88,797			28,892			11,258			60,784
Net increase in net assets resulting from operations		51,299			50,927			116,619			53,089			29,197			61,138
Distributions to shareholders:
From net investment income		(7,497	)		(9,113	)		(8,350	)		(8,593	)		(14,714	)		(19,485	)
Total distributions to shareholders		(7,497	)		(9,113	)		(8,350	)		(8,593	)		(14,714	)		(19,485	)
Capital share transactions:
Proceeds from shares sold		22,663			32,667			4,786			43,019			3,940			16,904
Dividends and distributions reinvested		7,497			9,113			8,350			8,593			14,714			19,485
Cost of shares redeemed		(44,870	)		(35,268	)		(156,878	)		(27,578	)		(67,791	)		(44,176	)
Net increase (decrease) in net assets resulting from capital shares transactions		(14,710	)		6,512			(143,742	)		24,034			(49,137	)		(7,787	)
Net increase (decrease) in net assets		29,092			48,326			(35,473	)		68,530			(34,654	)		33,866
Net assets:
Beginning of period/year		497,305			448,979			702,205			633,675			319,368			285,502
End of period/year	$	526,397		$	497,305		$	666,732		$	702,205		$	284,714		$	319,368
Undistributed (accumulated) net investment income (loss)	$	2,173		$	4,876		$	1,301		$	6,421		$	(16,903	)	$	(5,052	)
Share activity:
Shares issued		2,000			3,130			520			5,351			318			1,574
Shares issued-reinvested from distributions		689			893			975			1,047			1,283			1,785
Shares redeemed		(3,965	)		(3,393	)		(18,227	)		(3,380	)		(5,605	)		(3,865	)
Net increase (decrease) in shares outstanding		(1,276	)		630			(16,732	)		3,018			(4,004	)		(506	)
	Transamerica Federated Market						Transamerica First Quadrant						Transamerica Hansberger
	Opportunity						Global Macro						International Value(C)
	April 30, 2011						April 30, 2011						April 30, 2011
	(unaudited)			October 31, 2010			(unaudited)			October 31, 2010			(unaudited)			October 31, 2010
From operations:
Net investment income (loss)	$	(32	)	$	605		$	(1,002	)	$	(1,824	)	$	1,778		$	6,067
Net realized gain (loss)(A)		429			2,681			789			1,970			(5,724	)		(19,459	)
Change in unrealized appreciation (depreciation)(B)		540			(4,880	)		(890	)		537			26,721			20,774
Net increase (decrease) in net assets resulting from operations		937			(1,594	)		(1,103	)		683			22,775			7,382
Distributions to shareholders:
From net investment income		(412	)		(722	)		—			—			(7,480	)		(6,770	)
Total distributions to shareholders		(412	)		(722	)		—			—			(7,480	)		(6,770	)
Capital share transactions:
Proceeds from shares sold		190			21,945			20,601			18,983			3,795			56,394
Dividends and distributions reinvested		412			722			—			—			7,480			6,770
Cost of shares redeemed		(39,961	)		(13,441	)		(3	)		(541	)		(42,507	)		(81,093	)
Net increase (decrease) in net assets resulting from capital shares transactions		(39,359	)		9,226			20,598			18,442			(31,232	)		(17,929	)
Net increase (decrease) in net assets		(38,834	)		6,910			19,495			19,125			(15,937	)		(17,317	)
Net assets:
Beginning of period/year		92,472			85,562			126,142			107,017			298,751			316,068
End of period/year	$	53,638		$	92,472		$	145,637		$	126,142		$	282,814		$	298,751
Undistributed (accumulated) net investment income (loss)	$	(41	)	$	403		$	(1,002	)	$	—		$	(651	)	$	5,051
Share activity:
Shares issued		22			2,522			3,370			3,090			465			7,432
Shares issued-reinvested from distributions		47			84			—			—			947			856
Shares redeemed		(4,625	)		1,594			—	(D)		(89	)		(5,318	)		(11,801	)
Net increase (decrease) in shares outstanding		(4,556	)		1,071			3,370			3,001			(3,906	)		(3,513	)

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 136

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

							Transamerica JPMorgan Core						Transamerica JPMorgan
	Transamerica Jennison Growth						Bond						International Bond
	April 30, 2011						April 30, 2011						April 30, 2011
	(unaudited)			October 31, 2010			(unaudited)			October 31, 2010			(unaudited)			October 31, 2010
From operations:
Net investment income (loss)	$	12		$	707		$	17,311		$	20,804		$	4,117		$	12,874
Net realized gain (loss)(A)		26,933			17,661			3,298			10,933			6,787			22,804
Change in unrealized appreciation (depreciation)(B)		83,405			84,113			(15,154	)		37,162			(9,247	)		(17,858	)
Net increase in net assets resulting from operations		110,350			102,481			5,455			68,899			1,657			17,820
Distributions to shareholders:
From net investment income		(800	)		(765	)		(19,835	)		(23,223	)		(28,681	)		(22,408	)
From net realized gains		—			—			(6,906	)		—			(3,267	)		(7,372	)
Total distributions to shareholders		(800	)		(765	)		(26,741	)		(23,223	)		(31,948	)		(29,780	)
Capital share transactions:
Proceeds from shares sold		5,130			79,136			140,003			950,778			5,961			194,597
Dividends and distributions reinvested		800			765			26,741			23,223			31,948			29,747
Cost of shares redeemed		(1,765	)		(109,495	)		(71,950	)		(172,035	)		(85,100	)		(498,207	)
Net increase (decrease) in net assets resulting from capital shares transactions		4,165			(29,594	)		94,794			801,966			(47,191	)		(273,863	)
Net increase (decrease) in net assets		113,715			72,122			73,508			847,642			(77,482	)		(285,823	)
Net assets:
Beginning of period/year		726,732			654,610			1,063,458			215,816			447,141			732,964
End of period/year	$	840,447		$	726,732		$	1,136,966		$	1,063,458		$	369,659		$	447,141
Undistributed (accumulated) net investment income (loss)	$	(578	)	$	210		$	(615	)	$	1,909		$	(6,259	)	$	18,305
Share activity:
Shares issued		400			7,228			13,645			93,570			537			17,820
Shares issued-reinvested from distributions		64			70			2,619			2,258			3,048			2,640
Shares redeemed		(143	)		(9,973	)		(6,959	)		(16,532	)		(7,786	)		(46,433	)
Net increase (decrease) in shares outstanding		321			(2,675	)		9,305			79,296			(4,201	)		(25,973	)

														��
	Transamerica JPMorgan						Transamerica JPMorgan Mid Cap
	Long/Short Strategy(E)						Value						Transamerica Loomis Sayles Bond
	April 30, 2011						April 30, 2011						April 30, 2011
	(unaudited)			October 31, 2010			(unaudited)			October 31, 2010			(unaudited)			October 31, 2010
From operations:
Net investment income (loss)	$	(1,149	)	$	(1,593	)	$	858		$	2,289		$	14,765		$	34,110
Net realized gain (loss)(A)		1,418			1,377			4,642			892			9,091			32,595
Change in unrealized appreciation (depreciation)(B)		(2,193	)		(1,047	)		23,455			34,397			12,537			42,590
Net increase (decrease) in net assets resulting from operations		(1,924	)		(1,263	)		28,955			37,578			36,393			109,295
Distributions to shareholders:
From net investment income		—			—			(2,200	)		(3,125	)		(20,691	)		(36,806	)
From net realized gains		—			—			—			—			(10,465	)		—
Total distributions to shareholders		—			—			(2,200	)		(3,125	)		(31,156	)		(36,806	)
Capital share transactions:
Proceeds from shares sold		17,718			28,414			—			—			35,239			44,402
Dividends and distributions reinvested		—			—			2,200			3,125			31,156			36,806
Cost of shares redeemed		(6,510	)		(5,491	)		(2,941	)		(39,804	)		(74,930	)		(371,729	)
Net increase (decrease) in net assets resulting from capital shares transactions		11,208			22,923			(741	)		(36,679	)		(8,535	)		(290,521	)
Net increase (decrease) in net assets		9,284			21,660			26,014			(2,226	)		(3,298	)		(218,032	)
Net assets:
Beginning of period/year		108,342			86,682			163,612			165,838			594,220			812,252
End of period/year	$	117,626		$	108,342		$	189,626		$	163,612		$	590,922		$	594,220
Undistributed (accumulated) net investment income (loss)	$	(1,149	)	$	—		$	190		$	1,532		$	2,400		$	8,326
Share activity:
Shares issued		2,188			3,404			—			—			3,240			4,240
Shares issued-reinvested from distributions		—			—			207			356			2,964			3,604
Shares redeemed		(799	)		(658	)		(282	)		(4,293	)		(6,966	)		(36,244	)
Net increase (decrease) in shares outstanding		1,389			2,746			(75	)		(3,937	)		(762	)		(28,400	)

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 137

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

	Transamerica MFS International						Transamerica Morgan Stanley						Transamerica Morgan Stanley Mid-
	Equity						Emerging Markets Debt						Cap Growth
	April 30, 2011						April 30, 2011						April 30, 2011
	(unaudited)			October 31, 2010			(unaudited)			October 31, 2010			(unaudited)			October 31, 2010
From operations:
Net investment income (loss)	$	4,443		$	6,387		$	7,800		$	20,029		$	477		$	1,044
Net realized gain (loss)(A)		20,258			27,640			3,960			29,113			12,062			23,160
Change in unrealized appreciation (depreciation)(B)		50,684			24,763			(17,464	)		4,409			54,089			61,597
Net increase (decrease) in net assets resulting from operations		75,385			58,790			(5,704	)		53,551			66,628			85,801
Distributions to shareholders:
From net investment income		(5,767	)		(3,209	)		(7,100	)		(20,346	)		(1,092	)		(439	)
From net realized gains		(27,053	)		(10,017	)		(6,903	)		—			(17,544	)		—
Total distributions to shareholders		(32,820	)		(13,226	)		(14,003	)		(20,346	)		(18,636	)		(439	)
Capital share transactions:
Proceeds from shares sold		24,869			163,943			7,787			1,861			3,595			21,508
Dividends and distributions reinvested		32,820			13,226			14,003			20,346			18,636			439
Cost of shares redeemed		(29,350	)		(83,306	)		(9,402	)		(135,454	)		(2,812	)		(70,946	)
Net increase (decrease) in net assets resulting from capital shares transactions		28,339			93,863			12,388			(113,247	)		19,419			(48,999	)
Net increase (decrease) in net assets		70,904			139,427			(7,319	)		(80,042	)		67,411			36,363
Net assets:
Beginning of period/year		536,181			396,754			302,576			382,618			292,575			256,212
End of period/year	$	607,085		$	536,181		$	295,257		$	302,576		$	359,986		$	292,575
Undistributed (accumulated) net investment income (loss)	$	4,255		$	5,579		$	1,393		$	693		$	(56	)	$	559
Share activity:
Shares issued		2,707			19,478			740			173			264			2,023
Shares issued-reinvested from distributions		3,786			1,572			1,344			1,926			1,438			43
Shares redeemed		(3,273	)		(10,835	)		(873	)		(12,699	)		(207	)		(6,434	)
Net increase (decrease) in shares outstanding		3,220			10,215			1,211			(10,600	)		1,495			(4,368	)

	Transamerica Morgan Stanley						Transamerica Neuberger Berman						Transamerica Oppenheimer
	Small Company Growth						International						Developing Markets
	April 30, 2011						April 30, 2011						April 30, 2011
	(unaudited)			October 31, 2010			(unaudited)			October 31, 2010			(unaudited)			October 31, 2010
From operations:
Net investment income (loss)	$	262		$	(34	)	$	3,662		$	6,152		$	84		$	2,493
Net realized gain (loss)(A)		13,302			1,220			32,186			200			46,053			50,403
Change in unrealized appreciation (depreciation)(B)		32,208			32,190			60,206			83,085			1,120			86,634
Net increase in net assets resulting from operations		45,772			33,376			96,054			89,437			47,257			139,530
Distributions to shareholders:
From net investment income		(600	)		—			(7,055	)		(4,520	)		(1,724	)		(2,488	)
Total distributions to shareholders		(600	)		—			(7,055	)		(4,520	)		(1,724	)		(2,488	)
Capital share transactions:
Proceeds from shares sold		3,745			20,122			13,116			64,435			29,003			126,210
Dividends and distributions reinvested		600			—			7,055			4,520			1,724			2,488
Cost of shares redeemed		(1,937	)		(1,927	)		(30,934	)		(54,826	)		(31,607	)		(151,164	)
Net increase (decrease) in net assets resulting from capital shares transactions		2,408			18,195			(10,763	)		14,129			(880	)		(22,466	)
Net increase in net assets		47,580			51,571			78,236			99,046			44,653			114,576
Net assets:
Beginning of period/year		181,460			129,889			584,849			485,803			610,212			495,636
End of period/year	$	229,040		$	181,460		$	663,085		$	584,849		$	654,865		$	610,212
Undistributed (accumulated) net investment income (loss)	$	52		$	390		$	1,767		$	5,160		$	84		$	1,724
Share activity:
Shares issued		306			2,049			1,411			7,825			2,139			10,552
Shares issued-reinvested from distributions		50			—			778			575			128			226
Shares redeemed		(149	)		(194	)		(3,341	)		(7,177	)		(2,354	)		(13,996	)
Net increase (decrease) in shares outstanding		207			1,855			(1,152	)		1,223			(87	)		(3,218	)

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 138

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

	Transamerica Oppenheimer Small-						Transamerica PIMCO Real Return
	& Mid-Cap Value						TIPS						Transamerica PIMCO Total Return
	April 30, 2011						April 30, 2011						April 30, 2011
	(unaudited)			October 31, 2010			(unaudited)			October 31, 2010			(unaudited)			October 31, 2010
From operations:
Net investment income (loss)	$	652		$	562		$	10,968		$	20,141		$	8,928		$	19,415
Net realized gain (loss)(A)		43,745			40,955			13,374			57,595			(8,874	)		22,287
Change in unrealized appreciation (depreciation)(B)		15,363			13,072			(25,079	)		25,861			(3,860	)		17,035
Net increase (decrease) in net assets resulting from operations		59,760			54,589			(737	)		103,597			(3,806	)		58,737
Distributions to shareholders:
From net investment income		(425	)		(1,363	)		(11,212	)		(30,698	)		(8,604	)		(18,210	)
From net realized gains		—			—			(30,631	)		—			(19,234	)		(34,549	)
Total distributions to shareholders		(425	)		(1,363	)		(41,843	)		(30,698	)		(27,838	)		(52,759	)
Capital share transactions:
Proceeds from shares sold		3,762			9,163			120,013			237,676			2,569			117,089
Dividends and distributions reinvested		425			1,363			41,843			30,698			27,838			52,759
Cost of shares redeemed		(5,689	)		(33,808	)		(96,973	)		(248,031	)		(62,694	)		(13,434	)
Net increase (decrease) in net assets resulting from capital shares transactions		(1,502	)		(23,282	)		64,883			20,343			(32,287	)		156,414
Net increase (decrease) in net assets		57,833			29,944			22,303			93,242			(63,931	)		162,392
Net assets:
Beginning of period/year		299,225			269,281			845,965			752,723			667,721			505,329
End of period/year	$	357,058		$	299,225		$	868,268		$	845,965		$	603,790		$	667,721
Undistributed (accumulated) net investment income (loss)	$	227		$	—		$	1,280		$	1,524		$	(1,054	)	$	(1,378	)
Share activity:
Shares issued		366			1,018			10,939			21,982			250			11,287
Shares issued-reinvested from distributions		43			165			3,970			2,849			2,773			5,207
Shares redeemed		(569	)		(3,976	)		(9,043	)		(22,176	)		(6,134	)		(1,250	)
Net increase (decrease) in shares outstanding		(160	)		(2,793	)		5,866			2,655			(3,111	)		15,244

	Transamerica Schroders												Transamerica Thornburg
	International Small Cap						Transamerica Third Avenue Value						International Value
	April 30, 2011						April 30, 2011						April 30, 2011
	(unaudited)			October 31, 2010			(unaudited)			October 31, 2010			(unaudited)			October 31, 2010
From operations:
Net investment income (loss)	$	1,338		$	5,231		$	2,304		$	4,124		$	4,570		$	6,037
Net realized gain (loss)(A)		30,736			23,916			12,082			11,573			38,544			8,456
Change in unrealized appreciation (depreciation)(B)		61,423			50,583			46,105			51,199			62,287			81,093
Net increase in net assets resulting from operations		93,497			79,730			60,491			66,896			105,401			95,586
Distributions to shareholders:
From net investment income		(6,178	)		(3,075	)		(7,775	)		(6,092	)		(4,250	)		(3,505	)
From net realized gains		(3,119	)		—			—			—			(4,928	)		(1,787	)
Total distributions to shareholders		(9,297	)		(3,075	)		(7,775	)		(6,092	)		(9,178	)		(5,292	)
Capital share transactions:
Proceeds from shares sold		18,026			28,564			4,123			7,367			30,793			168,436
Dividends and distributions reinvested		9,297			3,075			7,775			6,092			9,178			5,292
Cost of shares redeemed		(26,039	)		(103,679	)		(10,121	)		(114,679	)		(88,827	)		(77,077	)
Net increase (decrease) in net assets resulting from capital shares transactions		1,284			(72,040	)		1,777			(101,220	)		(48,856	)		96,651
Net increase (decrease) in net assets		85,484			4,615			54,493			(40,416	)		47,367			186,945
Net assets:
Beginning of period/year		548,288			543,673			383,134			423,550			778,484			591,539
End of period/year	$	633,772		$	548,288		$	437,627		$	383,134		$	825,851		$	778,484
Undistributed (accumulated) net investment income (loss)	$	272		$	5,112		$	(2,264	)	$	3,207		$	4,125		$	3,805
Share activity:
Shares issued		1,782			3,305			176			366			2,687			16,656
Shares issued-reinvested from distributions		944			368			353			313			819			532
Shares redeemed		(2,531	)		(13,096	)		(440	)		(5,881	)		(7,702	)		(8,200	)
Net increase (decrease) in shares outstanding		195			(9,423	)		89			(5,202	)		(4,196	)		8,988

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 139

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

	Transamerica UBS Large Cap						Transamerica WMC Emerging
	Value						Markets
	April 30, 2011						April 30, 2011
	(unaudited)			October 31, 2010			(unaudited)			October 31, 2010
From operations:
Net investment income (loss)	$	5,077		$	13,434		$	142		$	2,068
Net realized gain (loss)(A)		57,718			(38,588	)		31,509			21,267
Change in unrealized appreciation (depreciation)(B)		60,746			126,853			(13,795	)		28,266
Net increase in net assets resulting from operations		123,541			101,699			17,856			51,601
Distributions to shareholders:
From net investment income		(13,100	)		(12,793	)		(183	)		(956	)
From net realized gains		—			—			(23,646	)		(3,430	)
Total distributions to shareholders		(13,100	)		(12,793	)		(23,829	)		(4,386	)
Capital share transactions:
Proceeds from shares sold		12,974			80,736			56,759			232,087
Dividends and distributions reinvested		13,100			12,793			17,127			4,386
Cost of shares redeemed		(559,870	)		(59,530	)		(19,111	)		(50,969	)
Net increase (decrease) in net assets resulting from capital shares transactions		(533,796	)		33,999			54,775			185,504
Net increase (decrease) in net assets		(423,355	)		122,905			48,802			232,719
Net assets:
Beginning of period/year		1,125,533			1,002,628			411,311			178,592
End of period/year	$	702,178		$	1,125,533		$	460,113		$	411,311
Undistributed (accumulated) net investment income (loss)	$	2,091		$	10,114		$	142		$	183
Share activity:
Shares issued		1,314			9,068			4,034			18,069
Shares issued-reinvested from distributions		1,379			1,438			1,259			346
Shares redeemed		(58,590	)		(6,760	)		(1,421	)		(4,430	)
Net increase (decrease) in shares outstanding		(55,897	)		3,746			3,872			13,985

(A)	Net realized gain (loss) includes all items listed in the Statement of Operations.
(B)	Change in unrealized appreciation (depreciation) includes all items listed in the Statement of Operations.
(C)	Formerly, Transamerica AllianceBernstein International Value.
(D)	Rounds to less than 1 or (1) share.
(E)	Formerly, Transamerica BNY Mellon Market Neutral Strategy.

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 140

FINANCIAL HIGHLIGHTS
For the period or years ended:

	Transamerica BlackRock Global Allocation
	April 30, 2011															October 31,
For a share outstanding throughout each period	(unaudited)			October 31, 2010			October 31, 2009			October 31, 2008			October 31, 2007			2006(A)
Net asset value
Beginning of period/year	$	10.91		$	9.99		$	9.32		$	13.23		$	11.23		$	10.00
Investment operations
Net investment income(B)		0.11			0.20			0.19			0.27			0.24			0.19
Net realized and unrealized gain (loss) on investments		1.03			0.93			1.55			(3.25	)		2.15			1.06
Total from investment operations		1.14			1.13			1.74			(2.98	)		2.39			1.25
Distributions
Net investment income		(0.17	)		(0.21	)		(0.55	)		(0.35	)		(0.20	)		(0.02	)
Net realized gains on investments		—			—			(0.52	)		(0.58	)		(0.19	)		—
Total distributions		(0.17	)		(0.21	)		(1.07	)		(0.93	)		(0.39	)		(0.02	)
Net asset value
End of period/year	$	11.88		$	10.91		$	9.99		$	9.32		$	13.23		$	11.23
Total return(C)		10.56	% (D)		11.40	%		20.57	%		(24.23	%)		21.95	%		12.45	% (D)
												��
Net assets end of period/year (000’s)	$	526,397		$	497,305		$	448,979		$	377,781		$	520,484		$	490,941
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		0.86	% (E)		0.87	%		0.90	%		0.88	%		0.85	%		0.90	% (E)
Before reimbursement/recapture		0.86	% (E)		0.87	%		0.90	%		0.88	%		0.85	%		0.90	% (E)
Net investment income, to average net assets		1.91	% (E)		1.96	%		2.08	%		2.25	%		2.04	%		2.02	% (E)
Portfolio turnover rate		20	% (D)		43	%		43	%		49	%		30	%		31	% (D)

	Transamerica BlackRock Large Cap Value
	April 30, 2011															October 31,
For a share outstanding throughout each period	(unaudited)			October 31, 2010			October 31, 2009			October 31, 2008			October 31, 2007			2006(F)
Net asset value
Beginning of period/year	$	8.34		$	7.81		$	7.61		$	13.08		$	12.15		$	10.47
Investment operations
Net investment income(B)		0.05			0.10			0.13			0.13			0.12			0.07
Net realized and unrealized gain (loss) on investments		1.62			0.54			0.20			(4.78	)		1.27			1.64
Total from investment operations		1.67			0.64			0.33			(4.65	)		1.39			1.71
Distributions
Net investment income		(0.12	)		(0.11	)		(0.13	)		(0.09	)		(0.09	)		(0.03	)
Net realized gains on investments		—			—			—			(0.73	)		(0.37	)		—
Total distributions		(0.12	)		(0.11	)		(0.13	)		(0.82	)		(0.46	)		(0.03	)
Net asset value
End of period/year	$	9.89		$	8.34		$	7.81		$	7.61		$	13.08		$	12.15
Total return(C)		20.20	% (D)		8.16	%		4.50	%		(37.76	%)		11.80	%		16.36	% (D)
Net assets end of period/year (000’s)	$	666,732		$	702,205		$	633,675		$	461,816		$	610,135		$	506,529
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		0.83	% (E)		0.83	%		0.83	%		0.83	%		0.84	%		0.84	% (E)
Before reimbursement/recapture		0.83	% (E)		0.83	%		0.83	%		0.83	%		0.84	%		0.84	% (E)
Net investment income, to average net assets		1.02	% (E)		1.21	%		1.87	%		1.21	%		0.96	%		0.62	% (E)
Portfolio turnover rate		35	% (D)		124	%		130	%		71	%		69	%		56	% (D)

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 141

FINANCIAL HIGHLIGHTS (continued)
For the period or years ended:

	Transamerica Clarion Global Real Estate Securities
	April 30, 2011															October 31,
For a share outstanding throughout each period	(unaudited)			October 31, 2010			October 31, 2009			October 31, 2008			October 31, 2007			2006(F)
Net asset value
Beginning of period/year	$	12.28		$	10.77		$	9.52		$	20.48		$	20.25		$	15.85
Investment operations
Net investment income(B)		0.12			0.26			0.29			0.32			0.36			0.21
Net realized and unrealized gain (loss) on investments		1.13			1.98			1.15			(8.33	)		2.45			5.85
Total from investment operations		1.25			2.24			1.44			(8.01	)		2.81			6.06
Distributions
Net investment income		(0.59	)		(0.73	)		(0.19	)		(0.90	)		(0.80	)		(0.28	)
Net realized gains on investments		—			—			—			(2.05	)		(1.78	)		(1.38	)
Total distributions		(0.59	)		(0.73	)		(0.19	)		(2.95	)		(2.58	)		(1.66	)
Net asset value
End of period/year	$	12.94		$	12.28		$	10.77		$	9.52		$	20.48		$	20.25
Total return(C)		10.77	% (D)		21.70	%		15.72	%		(44.82	%)		15.11	%		41.43	% (D)
Net assets end of period/year (000’s)	$	284,714		$	319,368		$	285,502		$	232,115		$	367,750		$	331,620
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		0.90	% (E)		0.91	%		0.93	%		0.89	%		0.88	%		0.91	% (E)
Before reimbursement/recapture		0.90	% (E)		0.91	%		0.93	%		0.89	%		0.88	%		0.91	% (E)
Net investment income, to average net assets		1.96	% (E)		2.31	%		3.30	%		2.29	%		1.29	%		1.27	% (E)
Portfolio turnover rate		23	% (D)		62	%		61	%		41	%		72	%		76	% (D)

	Transamerica Federated Market Opportunity
	April 30, 2011															October 31,
For a share outstanding throughout each period	(unaudited)			October 31, 2010			October 31, 2009			October 31, 2008			October 31, 2007			2006(A)
Net asset value
Beginning of period/year	$	8.73		$	8.99		$	8.56		$	9.33		$	9.71		$	10.00
Investment operations
Net investment income(B)		—	(G)		0.06			0.05			0.11			0.24			0.27
Net realized and unrealized gain (loss) on investments		0.21			(0.25	)		1.03			(0.77	)		(0.34	)		(0.30	)
Total from investment operations		0.21			(0.19	)		1.08			(0.66	)		(0.10	)		(0.03	)
Distributions
Net investment income		(0.05	)		(0.07	)		(0.01	)		(0.11	)		(0.28	)		(0.26	)
Net realized gains on investments		—			—			(0.49	)		—			—			—
Return of capital		—			—			(0.15	)		—			—			—
Total distributions		(0.05	)		(0.07	)		(0.65	)		(0.11	)		(0.28	)		(0.26	)
Net asset value
End of period/year	$	8.89		$	8.73		$	8.99		$	8.56		$	9.33		$	9.71
Total return(C)		2.37	% (D)		(2.11	%)		13.01	%		(7.16	%)		(1.03	%)		(0.35	%) (D)
Net assets end of period/year (000’s)	$	53,638		$	92,472		$	85,562		$	74,480		$	53,747		$	83,188
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		0.99	% (E)		0.89	%		0.89	%		0.88	%		0.93	%		0.88	% (E)
Before reimbursement/recapture		0.99	% (E)		0.89	%		0.89	%		0.88	%		0.93	%		0.88	% (E)
Net investment income (loss), to average net assets		(0.10	%) (E)		0.65	%		0.56	%		1.13	%		2.49	%		2.97	% (E)
Portfolio turnover rate		111	% (D)		194	%		180	%		195	%		97	%		72	% (D)

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 142

FINANCIAL HIGHLIGHTS (continued)
For the period or years ended:

	Transamerica First Quadrant Global Macro
	April 30, 2011												October 31,
For a share outstanding throughout each period	(unaudited)			October 31, 2010			October 31, 2009			October 31, 2008			2007(H)
Net asset value
Beginning of period/year	$	6.12		$	6.08		$	8.60		$	9.83		$	10.00
Investment operations
Net investment income (loss)(B)		(0.04	)		(0.10	)		0.02			0.18			0.09
Net realized and unrealized gain (loss) on investments		—	(G)		0.14			(0.04	)		(1.30	)		(0.26	)
Total from investment operations		(0.04	)		0.04			(0.02	)		(1.12	)		(0.17	)
Distributions
Net investment income		—			—			(0.03	)		(0.11	)		—
Net realized gains on investments		—			—			(2.40	)		—			—
Return of capital		—			—			(0.07	)		—			—
Total distributions		—			—			(2.50	)		(0.11	)		—
Net asset value
End of period/year	$	6.08		$	6.12		$	6.08		$	8.60		$	9.83
Total return(C)		(0.65	%) (D)		0.66	%		5.34	%		(11.55	%)		(1.70	%) (D)
Net assets end of period/year (000’s)	$	145,637		$	126,142		$	107,017		$	165,567		$	209,382
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		1.58	% (E)		1.61	%		1.58	%		1.51	%		1.51	% (E)
Before reimbursement/recapture		1.58	% (E)		1.61	%		1.58	%		1.51	%		1.51	% (E)
Net investment income (loss), to average net assets		(1.54	%) (E)		(1.56	%)		0.32	%		1.81	%		1.16	% (E)
Portfolio turnover rate		—	% (D)		—	%		358	%		84	%		45	% (D)

	Transamerica Hansberger International Value(I)
	April 30, 2011															October 31,
For a share outstanding throughout each period	(unaudited)			October 31, 2010			October 31, 2009			October 31, 2008			October 31, 2007			2006(A)
Net asset value
Beginning of period/year	$	8.07		$	7.79		$	6.61		$	14.88		$	12.35		$	10.00
Investment operations
Net investment income(B)		0.05			0.15			0.16			0.30			0.25			0.20
Net realized and unrealized gain (loss) on investments		0.62			0.29			1.37			(7.43	)		2.65			2.16
Total from investment operations		0.67			0.44			1.53			(7.13	)		2.90			2.36
Distributions
Net investment income		(0.20	)		(0.16	)		(0.35	)		(0.21	)		(0.15	)		(0.01	)
Net realized gains on investments		—			—			—			(0.93	)		(0.22	)		—
Total distributions		(0.20	)		(0.16	)		(0.35	)		(1.14	)		(0.37	)		(0.01	)
Net asset value
End of period/year	$	8.54		$	8.07		$	7.79		$	6.61		$	14.88		$	12.35
Total return(C)		8.54	% (D)		5.61	%		24.32	%		(51.72	%)		23.99	%		23.67	% (D)
Net assets end of period/year (000’s)	$	282,814		$	298,751		$	316,068		$	248,337		$	519,217		$	376,531
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		0.97	% (E)		0.97	%		0.97	%		0.94	%		0.93	%		0.99	% (E)
Before reimbursement/recapture		0.97	% (E)		0.97	%		0.97	%		0.94	%		0.93	%		0.99	% (E)
Net investment income, to average net assets		1.27	% (E)		2.00	%		2.39	%		2.71	%		1.82	%		1.91	% (E)
Portfolio turnover rate		117	% (D)		59	%		59	%		33	%		36	%		22	% (D)

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 143

FINANCIAL HIGHLIGHTS (continued)
For the period or years ended:

	Transamerica Jennison Growth
	April 30, 2011															October 31,
For a share outstanding throughout each period	(unaudited)			October 31, 2010			October 31, 2009			October 31, 2008			October 31, 2007			2006(F)
Net asset value
Beginning of period/year	$	11.78		$	10.17		$	8.37		$	13.05		$	11.40		$	11.43
Investment operations
Net investment income(B)		—	(G)		0.01			0.01			0.02			0.03			—	(G)
Net realized and unrealized gain (loss) on investments		1.78			1.61			1.81			(4.68	)		2.08			0.18
Total from investment operations		1.78			1.62			1.82			(4.66	)		2.11			0.18
Distributions
Net investment income		(0.01	)		(0.01	)		(0.02	)		(0.02	)		—			—
Net realized gains on investments		—			—			—			—			(0.46	)		(0.21	)
Total distributions		(0.01	)		(0.01	)		(0.02	)		(0.02	)		(0.46	)		(0.21	)
Net asset value
End of period/year	$	13.55		$	11.78		$	10.17		$	8.37		$	13.05		$	11.40
Total return(C)		15.15	% (D)		15.96	%		21.79	%		(35.77	%)		19.14	%		1.50	% (D)
Net assets end of period/year (000’s)	$	840,447		$	726,732		$	654,610		$	184,981		$	160,815		$	96,273
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		0.80	% (E)		0.81	%		0.85	%		0.85	%		0.87	%		0.89	% (E)
Before reimbursement/recapture		0.80	% (E)		0.81	%		0.85	%		0.85	%		0.87	%		0.89	% (E)
Net investment income (loss), to average net assets		—	% (E),(J)		0.09	%		0.16	%		0.21	%		0.22	%		(0.02	%) (E)
Portfolio turnover rate		34	% (D)		83	%		82	%		70	%		63	%		80	% (D)

	Transamerica JPMorgan Core Bond
	April 30, 2011						October 31,
For a share outstanding throughout each period	(unaudited)			October 31, 2010			2009(K)
Net asset value
Beginning of period/year	$	10.56		$	10.08		$	10.00
Investment operations
Net investment income(B)		0.17			0.28			0.07
Net realized and unrealized gain (loss) on investments		(0.14	)		0.53			0.06
Total from investment operations		0.03			0.81			0.13
Distributions
Net investment income		(0.19	)		(0.33	)		(0.05	)
Net realized gains on investments		(0.07	)		—			—
Total distributions		(0.26	)		(0.33	)		(0.05	)
Net asset value
End of period/year	$	10.33		$	10.56		$	10.08
Total return(C)		0.37	% (D)		8.16	%		1.34	% (D)
Net assets end of period/year (000’s)	$	1,136,966		$	1,063,458		$	215,816
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		0.49	% (E)		0.50	%		0.55	% (E)
Before reimbursement/recapture		0.49	% (E)		0.50	%		0.55	% (E)
Net investment income, to average net assets		3.30	% (E)		2.73	%		2.15	% (E)
Portfolio turnover rate		16	% (D)		33	%		3	% (D)

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 144

FINANCIAL HIGHLIGHTS (continued)
For the period or years ended:

	Transamerica JPMorgan International Bond
	April 30, 2011															October 31,
For a share outstanding throughout each period	(unaudited)			October 31, 2010			October 31, 2009			October 31, 2008			October 31, 2007			2006(A)
Net asset value
Beginning of period/year	$	12.08		$	11.64		$	10.56		$	11.00		$	10.51		$	10.00
Investment operations
Net investment income(B)		0.12			0.24			0.26			0.29			0.28			0.22
Net realized and unrealized gain (loss) on investments		(0.03	)		0.71			1.59			(0.29	)		0.59			0.49
Total from investment operations		0.09			0.95			1.85			—	(G)		0.87			0.71
Distributions
Net investment income		(0.81	)		(0.39	)		(0.68	)		(0.44	)		(0.38	)		(0.20	)
Net realized gains on investments		(0.09	)		(0.12	)		(0.09	)		—			—			—
Total distributions		(0.90	)		(0.51	)		(0.77	)		(0.44	)		(0.38	)		(0.20	)
Net asset value
End of period/year	$	11.27		$	12.08		$	11.64		$	10.56		$	11.00		$	10.51
Total return(C)		1.40	% (D)		8.54	%		17.90	%		(0.14	%)		8.55	%		7.12	% (D)
Net assets end of period/year (000’s)	$	369,659		$	447,141		$	732,964		$	699,078		$	761,827		$	682,254
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		0.63	% (E)		0.61	%		0.60	%		0.61	%		0.61	%		0.64	% (E)
Before reimbursement/recapture		0.63	% (E)		0.61	%		0.60	%		0.61	%		0.61	%		0.64	% (E)
Net investment income, to average net assets		2.16	% (E)		2.16	%		2.38	%		2.55	%		2.68	%		2.34	% (E)
Portfolio turnover rate		23	% (D)		61	%		53	%		74	%		86	%		145	% (D)

	Transamerica JPMorgan Long/Short Strategy(L)
	April 30, 2011												October 31,
For a share outstanding throughout each period	(unaudited)			October 31, 2010			October 31, 2009			October 31, 2008			2007(H)
Net asset value
Beginning of period/year	$	8.32		$	8.43		$	9.51		$	9.78		$	10.00
Investment operations
Net investment income (loss)(B)		(0.08	)		(0.13	)		(0.17	)		0.10			0.23
Net realized and unrealized gain (loss) on investments		(0.08	)		0.02			(0.80	)		0.20			(0.45	)
Total from investment operations		(0.16	)		(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 period/year	$	8.16		$	8.32		$	8.43		$	9.51		$	9.78
Total return(C)		(1.92	)% (D)		(1.30	%)		(10.27	%)		3.30	%		(2.20	%) (D)
Net assets end of period/year (000’s)	$	117,626		$	108,342		$	86,682		$	121,348		$	112,394
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture(M)		3.74	% (E)		2.85	%		3.61	%		2.79	%		3.05	% (E)
Before reimbursement/recapture(M)		3.74	% (E)		2.85	%		3.61	%		2.79	%		3.05	% (E)
Net investment income (loss), to average net assets(M)		(2.09	%) (E)		(1.61	%)		(1.87	%)		1.05	%		2.77	% (E)
Portfolio turnover rate		302	% (D)		303	%		463	%		192	%		119	% (D)

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 145

FINANCIAL HIGHLIGHTS (continued)
For the period or years ended:

	Transamerica JPMorgan Mid Cap Value
	April 30, 2011															October 31,
For a share outstanding throughout each period	(unaudited)			October 31, 2010			October 31, 2009			October 31, 2008			October 31, 2007			2006(F)
Net asset value
Beginning of period/year	$	10.17		$	8.28		$	7.54		$	12.32		$	11.67		$	10.09
Investment operations
Net investment income(B)		0.05			0.12			0.15			0.13			0.13			0.11
Net realized and unrealized gain (loss) on investments		1.77			1.93			0.82			(4.20	)		1.13			1.57
Total from investment operations		1.82			2.05			0.97			(4.07	)		1.26			1.68
Distributions
Net investment income		(0.14	)		(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		(0.14	)		(0.16	)		(0.23	)		(0.71	)		(0.61	)		(0.10	)
Net asset value
End of period/year	$	11.85		$	10.17		$	8.28		$	7.54		$	12.32		$	11.67
Total return(C)		18.04	% (D)		25.08	%		13.39	%		(34.92	%)		11.07	%		16.71	% (D)
Net assets end of period/year (000’s)	$	189,626		$	163,612		$	165,838		$	147,772		$	270,661		$	245,188
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		0.89	% (E)		0.89	%		0.90	%		0.87	%		0.87	%		0.88	% (E)
Before reimbursement/recapture		0.89	% (E)		0.89	%		0.90	%		0.87	%		0.87	%		0.88	% (E)
Net investment income, to average net assets		0.98	% (E)		1.33	%		2.05	%		1.22	%		0.98	%		1.10	% (E)
Portfolio turnover rate		20	% (D)		29	%		43	%		45	%		50	%		46	% (D)

	Transamerica Loomis Sayles Bond
	April 30, 2011												October 31,
For a share outstanding throughout each period	(unaudited)			October 31, 2010			October 31, 2009			October 31, 2008			2007(H)
Net asset value
Beginning of period/year	$	11.14		$	9.93		$	7.34		$	10.19		$	10.00
Investment operations
Net investment income(B)		0.28			0.57			0.60			0.60			0.45
Net realized and unrealized gain (loss) on investments		0.40			1.23			2.61			(2.88	)		(0.01	)
Total from investment operations		0.68			1.80			3.21			(2.28	)		0.44
Distributions
Net investment income		(0.39	)		(0.59	)		(0.57	)		(0.57	)		(0.25	)
Net realized gains on investments		(0.19	)		—			(0.05	)		—			—
Total distributions		(0.58	)		(0.59	)		(0.62	)		(0.57	)		(0.25	)
Net asset value
End of period/year	$	11.24		$	11.14		$	9.93		$	7.34		$	10.19
Total return(C)		6.55	% (D)		18.69	%		46.27	%		(23.56	%)		4.50	% (D)
Net assets end of period/year (000’s)	$	590,922		$	594,220		$	812,252		$	577,368		$	513,249
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		0.70	% (E)		0.70	%		0.69	%		0.69	%		0.73	% (E)
Before reimbursement/recapture		0.70	% (E)		0.70	%		0.69	%		0.69	%		0.73	% (E)
Net investment income, to average net assets		5.14	% (E)		5.49	%		7.22	%		6.34	%		5.42	% (E)
Portfolio turnover rate		22	% (D)		79	%		42	%		24	%		18	% (D)

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 146

FINANCIAL HIGHLIGHTS (continued)
For the period or years ended:

	Transamerica MFS International Equity
	April 30, 2011									October 31,
For a share outstanding throughout each period	(unaudited)			October 31, 2010			October 31, 2009			2008(N)
Net asset value
Beginning of period/year	$	9.11		$	8.16		$	6.58		$	10.00
Investment operations
Net investment income(B)		0.07			0.12			0.12			0.02
Net realized and unrealized gain (loss) on investments		1.15			1.09			1.46			(3.44	)
Total from investment operations		1.22			1.21			1.58			(3.42	)
Distributions
Net investment income		(0.10	)		(0.06	)		—			—
Net realized gains on investments		(0.45	)		(0.20	)		—			—
Total distributions		(0.55	)		(0.26	)		—			—
Net asset value
End of period/year	$	9.78		$	9.11		$	8.16		$	6.58
Total return(C)		14.11	% (D)		15.16	%		24.01	%		(34.20	%) (D)
Net assets end of period/year (000’s)	$	607,085		$	536,181		$	396,754		$	40,997
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		0.97	% (E)		0.99	%		1.09	%		1.23	% (E)
Before reimbursement/recapture		0.97	% (E)		0.99	%		1.09	%		1.23	% (E)
Net investment income, to average net assets		1.58	% (E)		1.47	%		1.78	%		0.71	% (E)
Portfolio turnover rate		17	% (D)		35	%		24	%		37	% (D)

	Transamerica Morgan Stanley Emerging Markets Debt
	April 30, 2011
For a share outstanding throughout each period	(unaudited)			October 31, 2010			October 31, 2009			October 31, 2008			October 31, 2007			October 31, 2006
Net asset value
Beginning of period/year	$	11.29		$	10.23		$	7.98		$	11.23		$	10.91		$	10.45
Investment operations
Net investment income(B)		0.29			0.62			0.60			0.61			0.59			0.55
Net realized and unrealized gain (loss) on investments		(0.52	)		1.07			2.18			(2.72	)		0.46			0.52
Total from investment operations		(0.23	)		1.69			2.78			(2.11	)		1.05			1.07
Distributions
Net investment income		(0.26	)		(0.63	)		(0.53	)		(0.79	)		(0.63	)		(0.54	)
Net realized gains on investments		(0.26	)		—			—			(0.35	)		(0.10	)		(0.07	)
Total distributions		(0.52	)		(0.63	)		(0.53	)		(1.14	)		(0.73	)		(0.61	)
Net asset value
End of period/year	$	10.54		$	11.29		$	10.23		$	7.98		$	11.23		$	10.91
Total return(C)		(1.89	%) (D)		17.16	%		36.29	%		(20.81	%)		9.94	%		10.61	%
Net assets end of period/year (000’s)	$	295,257		$	302,576		$	382,618		$	320,350		$	317,328		$	425,726
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		1.01	% (E)		1.00	%		0.98	%		0.98	%		1.03	%		1.03	%
Before reimbursement/recapture		1.01	% (E)		1.00	%		0.98	%		0.98	%		1.03	%		1.03	%
Net investment income, to average net assets		5.48	% (E)		5.89	%		6.67	%		5.92	%		5.36	%		5.24	%
Portfolio turnover rate		38	% (D)		100	%		118	%		81	%		79	%		79	%

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 147

FINANCIAL HIGHLIGHTS (continued)
For the period or years ended:

	Transamerica Morgan Stanley Mid-Cap Growth
	April 30, 2011															October 31,
For a share outstanding throughout each period	(unaudited)			October 31, 2010			October 31, 2009			October 31, 2008			October 31, 2007			2006(O)
Net asset value
Beginning of period/year	$	13.07		$	9.58		$	7.42		$	14.16		$	10.33		$	10.00
Investment operations
Net investment income(B)		0.02			0.04			—	(G)		0.02			0.04			0.01
Net realized and unrealized gain (loss) on investments		2.82			3.47			2.17			(5.90	)		3.81			0.32
Total from investment operations		2.84			3.51			2.17			(5.88	)		3.85			0.33
Distributions
Net investment income		(0.05	)		(0.02	)		(0.01	)		(0.02	)		(0.02	)		—
Net realized gains on investments		(0.79	)		—			—			(0.84	)		—			—
Total distributions		(0.84	)		(0.02	)		(0.01	)		(0.86	)		(0.02	)		—
Net asset value
End of period/year	$	15.07		$	13.07		$	9.58		$	7.42		$	14.16		$	10.33
Total return(C)		22.74	% (D)		36.64	%		29.29	%		(43.99	%)		37.32	%		3.30	% (D)
Net assets end of period/year (000’s)	$	359,986		$	292,575		$	256,212		$	98,141		$	125,380		$	75,092
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		0.86	% (E)		0.86	%		0.88	%		0.87	%		0.90	%		0.92	% (E)
Before reimbursement/recapture		0.86	% (E)		0.86	%		0.88	%		0.87	%		0.90	%		0.92	% (E)
Net investment income (loss), to average net assets		0.30	% (E)		0.37	%		(0.06	%)		0.19	%		0.32	%		0.11	% (E)
Portfolio turnover rate		12	% (D)		50	%		38	%		40	%		74	%		50	% (D)

	Transamerica Morgan Stanley Small Company Growth
	April 30, 2011
For a share outstanding throughout each period	(unaudited)			October 31, 2010			October 31, 2009			October 31, 2008			October 31, 2007			October 31, 2006
Net asset value
Beginning of period/year	$	10.94		$	8.82		$	7.39		$	14.14		$	12.78		$	11.29
Investment operations
Net investment income (loss)(B)		0.02			—	(G)		(0.02	)		0.10			0.02			(0.02	)
Net realized and unrealized gain (loss) on investments		2.72			2.12			1.62			(5.50	)		1.81			1.69
Total from investment operations		2.74			2.12			1.60			(5.40	)		1.83			1.67
Distributions
Net investment income		(0.04	)		—			(0.15	)		(0.02	)		—			(0.01	)
Net realized gains on investments		—			—			—			(1.33	)		(0.47	)		(0.17	)
Return of capital		—			—			(0.02	)		—			—			—
Total distributions		(0.04	)		—			(0.17	)		(1.35	)		(0.47	)		(0.18	)
Net asset value
End of period/year	$	13.64		$	10.94		$	8.82		$	7.39		$	14.14		$	12.78
Total return(C)		25.05	% (D)		24.04	%		22.43	%		(41.72	%)		14.75	%		14.92	%
Net assets end of period/year (000’s)	$	229,040		$	181,460		$	129,889		$	61,214		$	188,347		$	301,649
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		1.01	% (E)		1.02	%		1.04	%		1.02	%		1.01	%		1.01	%
Before reimbursement/recapture		1.01	% (E)		1.02	%		1.04	%		1.02	%		1.01	%		1.01	%
Net investment income (loss), to average net assets		0.25	% (E)		(0.02	%)		(0.19	%)		0.89	%		0.13	%		(0.19	%)
Portfolio turnover rate		15	% (D)		21	%		40	%		44	%		71	%		67	%

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 148

FINANCIAL HIGHLIGHTS (continued)
For the period or years ended:

	Transamerica Neuberger Berman International
	April 30, 2011															October 31,
For a share outstanding throughout each period	(unaudited)			October 31, 2010			October 31, 2009			October 31, 2008			October 31, 2007			2006(A)
Net asset value
Beginning of period/year	$	8.94		$	7.57		$	5.95		$	13.55		$	11.74		$	10.00
Investment operations
Net investment income(B)		0.06			0.10			0.10			0.19			0.15			0.12
Net realized and unrealized gain (loss) on investments		1.43			1.34			1.69			(6.63	)		2.37			1.64
Total from investment operations		1.49			1.44			1.79			(6.44	)		2.52			1.76
Distributions
Net investment income		(0.11	)		(0.07	)		(0.17	)		(0.13	)		(0.13	)		(0.02	)
Net realized gains on investments		—			—			—			(1.03	)		(0.58	)		—
Total distributions		(0.11	)		(0.07	)		(0.17	)		(1.16	)		(0.71	)		(0.02	)
Net asset value
End of period/year	$	10.32		$	8.94		$	7.57		$	5.95		$	13.55		$	11.74
Total return(C)		16.80	% (D)		19.16	%		30.83	%		(51.66	%)		22.37	%		17.61	% (D)
Net assets end of period/year (000’s)	$	663,085		$	584,849		$	485,803		$	307,981		$	596,488		$	459,996
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		1.05	% (E)		1.06	%		1.09	%		1.06	%		1.06	%		1.07	% (E)
Before reimbursement/recapture		1.05	% (E)		1.06	%		1.09	%		1.06	%		1.06	%		1.07	% (E)
Net investment income, to average net assets		1.21	% (E)		1.22	%		1.62	%		1.87	%		1.21	%		1.21	% (E)
Portfolio turnover rate		26	% (D)		51	%		75	%		72	%		57	%		52	% (D)

	Transamerica Oppenheimer Developing Markets
	April 30, 2011															October 31,
For a share outstanding throughout each period	(unaudited)			October 31, 2010			October 31, 2009			October 31, 2008			October 31, 2007			2006(A)
Net asset value
Beginning of period/year	$	13.34		$	10.12		$	8.20		$	17.07		$	11.41		$	10.00
Investment operations
Net investment income(B)		—	(G)		0.05			0.06			0.19			0.12			0.09
Net realized and unrealized gain (loss) on investments		1.04			3.22			3.51			(7.65	)		5.99			1.37
Total from investment operations		1.04			3.27			3.57			(7.46	)		6.11			1.46
Distributions
Net investment income		(0.04	)		(0.05	)		(0.16	)		(0.09	)		(0.06	)		(0.05	)
Net realized gains on investments		—			—			(1.49	)		(1.32	)		(0.39	)		—
Total distributions		(0.04	)		(0.05	)		(1.65	)		(1.41	)		(0.45	)		(0.05	)
Net asset value
End of period/year	$	14.34		$	13.34		$	10.12		$	8.20		$	17.07		$	11.41
Total return(C)		7.87	% (D)		32.43	%		56.01	%		(47.48	%)		55.27	%		14.64	% (D)
Net assets end of period/year (000’s)	$	654,865		$	610,212		$	495,636		$	317,973		$	674,561		$	362,080
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		1.27	% (E)		1.31	%		1.35	%		1.32	%		1.34	%		1.45	% (E)
Before reimbursement/recapture		1.27	% (E)		1.31	%		1.35	%		1.32	%		1.34	%		1.45	% (E)
Net investment income, to average net assets		0.03	% (E)		0.48	%		0.77	%		1.42	%		0.87	%		0.89	% (E)
Portfolio turnover rate		23	% (D)		54	%		50	%		67	%		59	%		77	% (D)

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 149

FINANCIAL HIGHLIGHTS (continued)
For the period or years ended:

	Transamerica Oppenheimer Small- & Mid-Cap Value
	April 30, 2011															October 31,
For a share outstanding throughout each period	(unaudited)			October 31, 2010			October 31, 2009			October 31, 2008			October 31, 2007			2006(P)
Net asset value
Beginning of period/year	$	9.33		$	7.72		$	6.30		$	13.18		$	10.94		$	10.00
Investment operations
Net investment income(B)		0.02			0.02			0.03			0.04			—			0.02
Net realized and unrealized gain (loss) on investments		1.85			1.63			1.41			(5.98	)		2.44			0.92
Total from investment operations		1.87			1.65			1.44			(5.94	)		2.44			0.94
Distributions
Net investment income		(0.01	)		(0.04	)		(0.02	)		—	(G)		(0.02	)		—
Net realized gains on investments		—			—			—			(0.94	)		(0.18	)		—
Total distributions		(0.01	)		(0.04	)		(0.02	)		(0.94	)		(0.20	)		—
Net asset value
End of period/year	$	11.19		$	9.33		$	7.72		$	6.30		$	13.18		$	10.94
Total return(C)		20.10	% (D)		21.44	%		22.99	%		(48.36	%)		22.57	%		9.40	% (D)
Net assets end of period/year (000’s)	$	357,058		$	299,225		$	269,281		$	127,886		$	183,126		$	91,899
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		0.95	% (E)		0.96	%		0.98	%		1.00	%		1.03	%		1.15	% (E)
Before reimbursement/recapture		0.95	% (E)		0.96	%		0.98	%		1.00	%		1.02	%		1.22	% (E)
Net investment income, to average net assets		0.40	% (E)		0.19	%		0.43	%		0.34	%		—	%		0.74	% (E)
Portfolio turnover rate		53	% (D)		81	%		110	%		102	%		118	%		33	% (D)

	Transamerica PIMCO Real Return TIPS
	April 30, 2011
For a share outstanding throughout each period	(unaudited)			October 31, 2010			October 31, 2009			October 31, 2008			October 31, 2007			October 31, 2006
Net asset value
Beginning of period/year	$	11.61		$	10.72		$	9.21		$	10.21		$	10.05		$	10.25
Investment operations
Net investment income(B)		0.16			0.25			0.32			0.47			0.38			0.48
Net realized and unrealized gain (loss) on investments		(0.15	)		1.04			1.58			(0.96	)		0.16			(0.22	)
Total from investment operations		0.01			1.29			1.90			(0.49	)		0.54			0.26
Distributions
Net investment income		(0.16	)		(0.40	)		(0.33	)		(0.51	)		(0.38	)		(0.45	)
Net realized gains on investments		(0.43	)		—			(0.06	)		—			—			(0.01	)
Total distributions		(0.59	)		(0.40	)		(0.39	)		(0.51	)		(0.38	)		(0.46	)
Net asset value
End of period/year	$	11.03		$	11.61		$	10.72		$	9.21		$	10.21		$	10.05
Total return(C)		0.43	% (D)		12.40	%		21.00	%		(5.29	%)		5.54	%		2.55	%
Net assets end of period/year (000’s)	$	868,268		$	845,965		$	752,723		$	621,092		$	690,942		$	603,597
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		0.73	% (E)		0.72	%		0.74	%		0.74	%		0.73	%		0.73	%
Before reimbursement/recapture		0.73	% (E)		0.72	%		0.74	%		0.74	%		0.73	%		0.73	%
Net investment income, to average net assets		2.90	% (E)		2.32	%		3.23	%		4.47	%		3.82	%		4.79	%
Portfolio turnover rate		79	% (D)		307	%		583	%		1,028	%		375	%		384	%

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 150

FINANCIAL HIGHLIGHTS (continued)
For the period or years ended:

	Transamerica PIMCO Total Return
	April 30, 2011															October 31,
For a share outstanding throughout each period	(unaudited)			October 31, 2010			October 31, 2009			October 31, 2008			October 31, 2007			2006(F)
Net asset value
Beginning of period/year	$	10.80		$	10.85		$	9.58		$	10.47		$	10.28		$	10.12
Investment operations
Net investment income(B)		0.15			0.35			0.49			0.49			0.46			0.41
Net realized and unrealized gain (loss) on investments		(0.21	)		0.67			1.64			(0.88	)		0.18			0.12
Total from investment operations		(0.06	)		1.02			2.13			(0.39	)		0.64			0.53
Distributions
Net investment income		(0.14	)		(0.34	)		(0.67	)		(0.44	)		(0.44	)		(0.37	)
Net realized gains on investments		(0.32	)		(0.73	)		(0.19	)		(0.06	)		(0.01	)		—
Total distributions		(0.46	)		(1.07	)		(0.86	)		(0.50	)		(0.45	)		(0.37	)
Net asset value
End of period/year	$	10.28		$	10.80		$	10.85		$	9.58		$	10.47		$	10.28
Total return(C)		(0.26	%) (D)		10.25	%		23.74	%		(4.04	%)		6.33	%		5.33	% (D)
Net assets end of period/year (000’s)	$	603,790		$	667,721		$	505,329		$	555,428		$	540,310		$	268,173
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		0.73	% (E)		0.74	%		0.74	%		0.75	%		0.75	%		0.80	% (E)
Before reimbursement/recapture		0.73	% (E)		0.74	%		0.74	%		0.75	%		0.75	%		0.80	% (E)
Net investment income, to average net assets		2.89	% (E)		3.30	%		4.95	%		4.66	%		4.39	%		4.18	% (E)
Portfolio turnover rate		90	% (D)		222	%		841	%		751	%		756	%		544	% (D)

	Transamerica Schroders International Small Cap
	April 30, 2011									October 31,
For a share outstanding throughout each period	(unaudited)			October 31, 2010			October 31, 2009			2008(Q)
Net asset value
Beginning of period/year	$	9.67		$	8.22		$	5.82		$	10.00
Investment operations
Net investment income(B)		0.02			0.08			0.08			0.12
Net realized and unrealized gain (loss) on investments		1.60			1.42			2.41			(4.30	)
Total from investment operations		1.62			1.50			2.49			(4.18	)
Distributions
Net investment income		(0.11	)		(0.05	)		(0.09	)		—
Net realized gains on investments		(0.05	)		—			—			—
Total distributions		(0.16	)		(0.05	)		(0.09	)		—
Net asset value
End of period/year	$	11.13		$	9.67		$	8.22		$	5.82
Total return(C)		17.12	% (D)		18.29	%		43.56	%		(41.80	%) (D)
Net assets end of period/year (000’s)	$	633,772		$	548,288		$	543,673		$	108,655
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		1.14	% (E)		1.16	%		1.23	%		1.27	% (E)
Before reimbursement/recapture		1.14	% (E)		1.16	%		1.21	%		1.30	% (E)
Net investment income, to average net assets		0.46	% (E)		0.97	%		1.23	%		1.96	% (E)
Portfolio turnover rate		24	% (D)		54	%		46	%		14	% (D)

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 151

FINANCIAL HIGHLIGHTS (continued)
For the period or years ended:

	Transamerica Third Avenue Value
	April 30, 2011												October 31,
For a share outstanding throughout each period	(unaudited)			October 31, 2010			October 31, 2009			October 31, 2008			2007(R)
Net asset value
Beginning of period/year	$	21.56		$	18.44		$	16.93		$	28.93		$	28.01
Investment operations
Net investment income(B)		0.13			0.19			0.15			0.24			0.14
Net realized and unrealized gain (loss)��on investments		3.26			3.20			1.36			(11.45	)		0.78
Total from investment operations		3.39			3.39			1.51			(11.21	)		0.92
Distributions
Net investment income		(0.44	)		(0.27	)		—			(0.42	)		—
Net realized gains on investments		—			—			—			(0.37	)		—
Total distributions		(0.44	)		(0.27	)		—			(0.79	)		—
Net asset value
End of period/year	$	24.51		$	21.56		$	18.44		$	16.93		$	28.93
Total return(C)		15.96	% (D)		18.53	%		8.92	%		(39.75	%)		3.28	% (D)
Net assets end of period/year (000’s)	$	437,627		$	383,134		$	423,550		$	336,845		$	678,578
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		0.87	% (E)		0.87	%		0.87	%		0.86	%		0.86	% (E)
Before reimbursement/recapture		0.87	% (E)		0.87	%		0.87	%		0.86	%		0.86	% (E)
Net investment income, to average net assets		1.12	% (E)		0.98	%		0.91	%		1.00	%		0.98	% (E)
Portfolio turnover rate		1	% (D)		—	% (J)		17	%		29	%		11	% (D)

	Transamerica Thornburg International Value
	April 30, 2011									October 31,
For a share outstanding throughout each period	(unaudited)			October 31, 2010			October 31, 2009			2008(S)
Net asset value
Beginning of period/year	$	11.12		$	9.69		$	7.98		$	10.00
Investment operations
Net investment income(B)		0.07			0.10			0.10			—	(G)
Net realized and unrealized gain (loss) on investments		1.49			1.42			1.66			(2.02	)
Total from investment operations		1.56			1.52			1.76			(2.02	)
Distributions
Net investment income		(0.06	)		(0.06	)		—			—
Net realized gains on investments		(0.07	)		(0.03	)		(0.05	)		—
Total distributions		(0.13	)		(0.09	)		(0.05	)		—
Net asset value
End of period/year	$	12.55		$	11.12		$	9.69		$	7.98
Total return(C)		14.15	% (D)		15.75	%		22.21	%		(20.20	%) (D)
Net assets end of period/year (000’s)	$	825,851		$	778,484		$	591,539		$	79,516
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		1.07	% (E)		1.08	%		1.17	%		1.35	% (E)
Before reimbursement/recapture		1.07	% (E)		1.08	%		1.15	%		1.76	% (E)
Net investment income (loss), to average net assets		1.16	% (E)		0.97	%		1.14	%		(0.18	%) (E)
Portfolio turnover rate		16	% (D)		36	%		39	%		5	% (D)

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 152

FINANCIAL HIGHLIGHTS (continued)
For the period or years ended:

	Transamerica UBS Large Cap Value
	April 30, 2011
For a share outstanding throughout each period	(unaudited)			October 31, 2010			October 31, 2009			October 31, 2008			October 31, 2007			October 31, 2006
Net asset value
Beginning of period/year	$	9.18		$	8.44		$	8.05		$	13.79		$	12.73		$	10.95
Investment operations
Net investment income(B)		0.07			0.11			0.14			0.21			0.19			0.14
Net realized and unrealized gain (loss) on investments		1.44			0.74			0.44			(5.64	)		1.36			1.92
Total from investment operations		1.51			0.85			0.58			(5.43	)		1.55			2.06
Distributions
Net investment income		(0.16	)		(0.11	)		(0.19	)		(0.15	)		(0.13	)		(0.10	)
Net realized gains on investments		—			—			—			(0.16	)		(0.36	)		(0.18	)
Total distributions		(0.16	)		(0.11	)		(0.19	)		(0.31	)		(0.49	)		(0.28	)
Net asset value
End of period/year	$	10.53		$	9.18		$	8.44		$	8.05		$	13.79		$	12.73
Total return(C)		16.59	% (D)		10.09	%		7.56	%		(40.19	%)		12.48	%		19.19	%
Net assets end of period/year (000’s)	$	702,178		$	1,125,533		$	1,002,628		$	701,997		$	880,922		$	226,782
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		0.81	% (E)		0.79	%		0.81	%		0.80	%		0.81	%		0.88	%
Before reimbursement/recapture		0.81	% (E)		0.79	%		0.81	%		0.80	%		0.81	%		0.88	%
Net investment income, to average net assets		1.31	% (E)		1.26	%		1.80	%		1.86	%		1.41	%		1.21	%
Portfolio turnover rate		31	% (D)		56	%		66	%		47	%		27	%		32	%

	Transamerica WMC Emerging Markets
	April 30, 2011									October 31,
For a share outstanding throughout each period	(unaudited)			October 31, 2010			October 31, 2009			2008(T)
Net asset value
Beginning of period/year	$	14.28		$	12.06		$	7.66		$	10.00
Investment operations
Net investment income(B)		0.01			0.10			0.09			—	(G)
Net realized and unrealized gain (loss) on investments		0.58			2.41			4.31			(2.34	)
Total from investment operations		0.59			2.51			4.40			(2.34	)
Distributions
Net investment income		(0.01	)		(0.06	)		—			—
Net realized gains on investments		(0.78	)		(0.23	)		—			—
Total distributions		(0.79	)		(0.29	)		—			—
Net asset value
End of period/year	$	14.08		$	14.28		$	12.06		$	7.66
Total return(C)		4.30	% (D)		21.08	%		57.44	%		(23.40	%) (D)
Net assets end of period/year (000’s)	$	460,113		$	411,311		$	178,592		$	76,127
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		1.39	% (E)		1.40	%		1.40	%		1.40	% (E)
Before reimbursement/recapture		1.34	% (E)		1.40	%		1.43	%		2.26	% (E)
Net investment income, to average net assets		0.06	% (E)		0.78	%		0.89	%		0.15	% (E)
Portfolio turnover rate		74	% (D)		147	%		141	%		10	% (D)

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 153

FINANCIAL HIGHLIGHTS (continued)
For the period or 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)	Rounds to less than $0.01 or $(0.01).
(H)	Commenced operations on January 3, 2007
(I)	Formerly, Transamerica AllianceBernstein International Value.
(J)	Rounds to less than 0.01% or (0.01)%.
(K)	Commenced operations on July 1, 2009
(L)	Formerly, Transamerica BNY Mellon Market Neutral Strategy.
(M)	Includes dividends and interest on securities sold short (representing 2.42%, 1.35%, 2.09%, 1.30%, and 1.56% of average net assets for 2011, 2010, 2009, 2008 and 2007, respectively).
(N)	Commenced operations on June 10, 2008
(O)	Commenced operations on January 3, 2006
(P)	Commenced operations on August 1, 2006
(Q)	Commenced operations on March 1, 2008
(R)	Commenced operations on May 1, 2007
(S)	Commenced operations on September 15, 2008
(T)	Commenced operations on September 30, 2008
Note: Prior to November 1, 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	Semi-Annual Report 2011

Page 154

Understanding Your Funds’ Expenses
(unaudited)

SHAREHOLDER EXPENSES

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

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

The examples are based on an investment of $1,000 invested at November 1, 2010 and held for the entire period until April 30, 2011.

ACTUAL EXPENSES

The information in the table under the heading “Actual Expenses” provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = $8.60), then multiply the result by the number in the appropriate column for your share class titled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLES FOR COMPARISON PURPOSES

The information in the table under the heading “Hypothetical Expenses” provides information about hypothetical account values and hypothetical expenses based on the funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses, which are not the funds’ actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the funds versus other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the information under the heading “Hypothetical Expenses” is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Expense ratios may vary period to period because of various factors, such as an increase in expenses that are not 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
Fund Name	Account Value		Value		During Period (A)		Value		During Period (A)		Expense Ratio
Transamerica AQR Managed Futures Strategy	$	1,000.00	$	1,037.90	$	6.27	$	1,018.65	$	6.21		1.24	%
Transamerica Goldman Sachs Commodity Strategy		1,000.00		1,223.00		3.80		1,021.37		3.46		0.69

(A)	Expenses are calculated using the fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days), and divided by the number of days in the year (365 days).
(B)	5% return per year before expenses.

Transamerica Funds Semi-Annual Report 2011

Page 155

Consolidated Schedules of Investments Composition

At April 30, 2011
(The following charts summarize the Consolidated Schedules of Investments of the funds by asset type)
(unaudited)

Transamerica AQR Managed Futures Strategy
Investment Companies	89.7	%
Other Assets and Liabilities - Net (A)	10.3
Total	100.0	%

Transamerica Goldman Sachs Commodity Strategy
Repurchase Agreement	91.1	%
Other Assets and Liabilities - Net(A)	8.9
Total	100.0	%

^(A) 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, Securities Sold Short, and Cash Collateral.

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 156

Transamerica AQR Managed Futures Strategy

CONSOLIDATED SCHEDULE OF INVESTMENTS
At April 30, 2011
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
INVESTMENT COMPANIES - 89.7%
Capital Markets - 89.7%
BlackRock Liquidity Funds TempFund Portfolio		23,263,866	$	23,264
Dreyfus Cash Advantage Fund		34,895,799		34,896
Dreyfus Treasury Cash Management		58,159,666		58,160
UBS Select Prime Preferred Fund		58,159,666		58,159
UBS Select Treasury Preferred		58,159,666		58,160
Total Investment Companies (cost $232,639) #				232,639
Other Assets and Liabilities - Net				26,579
Net Assets			$	259,218

TOTAL RETURN SWAPS: p

		(Pay)/Receive												Premiums		Unrealized
Pay/Receive		Fixed Price			Termination		Counter-	# of			Market			Paid/		Appreciation
Fixed Price (A)	Reference Entity	Per Unit			Date		party	Units θ			Value			(Received)		(Depreciation)
Pay	CBOT 2-Year U.S. Treasury
	Note June Futures		(109.01) - (109.58	)		06/30/2011	BAML		(68,400	)	$	63		$	—	$	63
Receive	Euro Schatz June Futures		107.04 - 107.54			06/08/2011	BAML		23,383			(14	)		—		(14	)
Pay	KOSPI 200 Index June
	Futures		(255.25) - (294.03	)		06/09/2011	BAML		(26,000	)		443			—		443
Pay	LME Copper June Futures		(9,190) - (9,878	)		06/15/2011	BAML		(♦	)		(42	)		—		(42	)
Receive	Wheat July Futures		8.23			07/14/2011	BRC		198			(2	)		—		(2	)
											$	448		$	—	$	448

FUTURES CONTRACTS: є

					Net Unrealized
					Appreciation
Description	Type	Contracts ┌	Expiration Date		(Depreciation)
10-Year Australian Treasury Bond	Long	137		06/15/2011	$	52
10-Year Canada Government Bond	Long	175		06/21/2011		150
10-Year Japan Government Bond	Long	22		06/09/2011		168
10-Year U.S. Treasury Note	Long	200		06/21/2011		168
2-Year U.S. Treasury Note	Long	79		06/30/2011		31
30-Year U.S. Treasury Bond	Long	130		06/21/2011		194
3-Month Aluminum	Short	(34)		05/03/2011		(167	)
3-Month Aluminum	Long	34		05/03/2011		165
3-Month Aluminum	Short	(36)		05/10/2011		(214	)
3-Month Aluminum	Long	36		05/10/2011		202
3-Month Aluminum	Short	(5)		05/17/2011		(33	)
3-Month Aluminum	Long	5		05/17/2011		30
3-Month Aluminum	Long	6		05/24/2011		37
3-Month Aluminum	Short	(6)		05/24/2011		(38	)
3-Month Aluminum	Short	(1)		06/03/2011		(4	)
3-Month Aluminum	Long	1		06/03/2011		4
3-Month Aluminum	Long	54		06/16/2011		328
3-Month Aluminum	Short	(54)		06/16/2011		(337	)
3-Month Aluminum	Long	93		06/17/2011		543
3-Month Aluminum	Short	(93)		06/17/2011		(550	)
3-Month Aluminum	Short	(24)		06/22/2011		(107	)
3-Month Aluminum	Long	24		06/22/2011		109
3-Month Aluminum	Long	12		06/24/2011		34
3-Month Aluminum	Short	(12)		06/24/2011		(36	)
3-Month Aluminum	Long	28		06/30/2011		85
3-Month Aluminum	Short	(28)		06/30/2011		(82	)
3-Month Aluminum	Short	(11)		07/05/2011		(36	)

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 157

Transamerica AQR Managed Futures Strategy

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

FUTURES CONTRACTS: (continued) є

					Net Unrealized
					Appreciation
Description	Type	Contracts┌	Expiration Date		(Depreciation)
3-Month Aluminum	Long	11		07/05/2011	$	34
3-Month Aluminum	Short	(21)		07/07/2011		(38	)
3-Month Aluminum	Long	21		07/07/2011		40
3-Month Aluminum	Short	(5)		07/21/2011		(3	)
3-Month Aluminum	Long	5		07/21/2011		3
3-Month Aluminum	Long	21		07/28/2011		(3	)
3-Month Aluminum	Short	(21)		07/28/2011		1
3-Month Canadian Bankers’ Acceptance	Long	54		09/19/2011		(2	)
3-Month Canadian Bankers’ Acceptance	Long	52		12/19/2011		(3	)
3-Month Copper	Short	(2)		05/10/2011		29
3-Month Copper	Long	2		05/10/2011		(33	)
3-Month Copper	Long	5		05/24/2011		(4	)
3-Month Copper	Short	(5)		05/24/2011		4
3-Month Copper	Long	1		06/03/2011		(16	)
3-Month Copper	Short	(1)		06/03/2011		13
3-Month Copper	Long	1		06/10/2011		3
3-Month Copper	Short	(1)		06/10/2011		(4	)
3-Month Copper	Long	6		06/17/2011		(39	)
3-Month Copper	Short	(6)		06/17/2011		28
3-Month Copper	Long	3		06/22/2011		(8	)
3-Month Copper	Short	(3)		06/22/2011		9
3-Month Copper	Long	10		06/24/2011		(100	)
3-Month Copper	Short	(10)		06/24/2011		111
3-Month Copper	Long	13		06/30/2011		(46	)
3-Month Copper	Short	(13)		06/30/2011		59
3-Month Copper	Short	(7)		07/07/2011		73
3-Month Copper	Long	7		07/07/2011		(54	)
3-Month Copper	Short	(2)		07/14/2011		6
3-Month Copper	Long	2		07/14/2011		(6	)
3-Month Copper	Short	(9)		07/28/2011		31
3-Month Copper	Long	9		07/28/2011		(18	)
3-Month Copper LME	Short	(3)		05/03/2011		52
3-Month Copper LME	Long	3		05/03/2011		(47	)
3-Month Copper LME	Short	(27)		06/15/2011		86
3-Month Copper LME	Long	27		06/15/2011		(248	)
3-Month EURIBOR	Short	(80)		09/19/2011		(5	)
3-Month EURIBOR	Short	(85)		12/19/2011		3
3-Month EURIBOR	Short	(78)		03/19/2012		(3	)
3-Month EURIBOR	Short	(68)		06/18/2012		(11	)
3-Month EURIBOR	Short	(65)		09/17/2012		(20	)
3-Month EURIBOR	Short	(65)		12/17/2012		(25	)
3-Month EURIBOR	Short	(68)		03/18/2013		(29	)
3-Month Euroswiss	Long	47		09/19/2011		(3	)
3-Month Euroswiss	Long	27		12/19/2011		(3	)
3-Month Nickel	Long	5		06/16/2011		44
3-Month Nickel	Short	(5)		06/16/2011		(45	)
3-Month Sterling	Long	200		09/21/2011		33
3-Month Sterling	Long	174		12/21/2011		44
3-Month Sterling	Long	169		03/21/2012		60
3-Month Sterling	Long	153		06/20/2012		67
3-Month Sterling	Long	145		09/19/2012		64
3-Month Sterling	Long	145		12/19/2012		58
3-Month Sterling	Long	131		03/20/2013		33
3-Month Zinc	Short	(5)		05/10/2011		23
3-Month Zinc	Long	5		05/10/2011		(27	)
3-Month Zinc	Long	22		05/17/2011		(140	)
3-Month Zinc	Short	(22)		05/17/2011		139

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 158

Transamerica AQR Managed Futures Strategy

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

FUTURES CONTRACTS: (continued) є

					Net Unrealized
					Appreciation
Description	Type	Contracts┌	Expiration Date		(Depreciation)
3-Month Zinc	Short	(7)		05/24/2011	$	35
3-Month Zinc	Long	7		05/24/2011		(36	)
3-Month Zinc	Short	(5)		06/16/2011		10
3-Month Zinc	Long	5		06/16/2011		(11	)
3-Month Zinc	Short	(3)		06/22/2011		5
3-Month Zinc	Long	3		06/22/2011		(5	)
3-Year Australian Treasury Bond	Long	184		06/15/2011		(17	)
5-Year U.S. Treasury Note	Long	271		06/30/2011		255
90-Day Euro	Long	261		09/19/2011		40
90-Day Euro	Long	218		12/19/2011		34
90-Day Euro	Long	182		03/19/2012		39
90-Day Euro	Long	147		06/18/2012		45
90-Day Euro	Long	128		09/17/2012		47
90-Day Euro	Long	117		12/17/2012		46
90-Day Euro	Long	111		03/18/2013		47
Aluminum HG	Long	304		06/15/2011		1,271
Aluminum HG	Short	(110)		06/15/2011		(623	)
ASX SPI 200 Index	Long	49		06/16/2011		(94	)
Brent Crude Oil Penultimate Financial	Long	68		06/14/2011		511
CAC 40 Index	Long	113		05/20/2011		178
Cocoa	Short	(21)		07/14/2011		(56	)
Coffee “C”	Long	13		07/19/2011		81
Corn	Long	33		07/14/2011		12
Cotton No. 2	Short	(5)		07/07/2011		66
DAX Index	Long	19		06/17/2011		275
DJIA Mini Index	Long	150		06/17/2011		442
FTSE 100 Index	Long	49		06/17/2011		96
FTSE JSE Top 40 Index	Long	148		06/15/2011		62
FTSE MIB Index	Long	12		06/17/2011		102
Gas Oil	Long	10		05/12/2011		40
Gasoline RBOB	Long	9		05/31/2011		75
German Euro BOBL	Short	(3)		06/08/2011		(2	)
German Euro Bund	Long	46		06/08/2011		24
German Euro BUXL	Long	6		06/08/2011		5
Gold 100 Oz.	Long	13		06/28/2011		126
Hang Seng China Enterprises Index	Long	31		05/30/2011		(98	)
Hang Seng Index	Long	21		05/30/2011		(55	)
Heating Oil	Long	8		05/31/2011		21
Henry Hub Natural Gas Swap	Short	(105)		05/26/2011		(131	)
IBEX 35 Index	Long	22		05/20/2011		8
Lean Hogs	Short	(46)		06/14/2011		13
MSCI Taiwan Index	Long	74		05/30/2011		16
NASDAQ 100 E-Mini Index	Long	110		06/17/2011		134
Nickel	Long	13		06/15/2011		(149	)
Nickel	Short	(5)		06/15/2011		(43	)
Russell 2000 Mini Index	Long	96		06/17/2011		432
S&P 500 E-Mini Index	Long	134		06/17/2011		370
S&P Midcap 400 E-Mini Index	Long	98		06/17/2011		466
S&P TSE 60 Index	Long	48		06/16/2011		113
SGX CNX Nifty Index	Long	311		05/26/2011		(82	)
SGX MSCI Singapore Index	Long	46		05/30/2011		(22	)
Silver	Short	(2)		07/27/2011		(53	)
Soybean	Long	12		07/14/2011		10
Soybean Meal	Short	(19)		07/14/2011		(23	)
Soybean Oil	Long	52		07/14/2011		17
Sugar #11	Short	(92)		06/30/2011		152
TOPIX Index	Short	(31)		06/10/2011		(138	)

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 159

Transamerica AQR Managed Futures Strategy

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

FUTURES CONTRACTS: (continued) є

							Net Unrealized
							Appreciation
Description	Type	Contracts┌			Expiration Date		(Depreciation)
United Kingdom Long Gilt Bond	Long		120			06/28/2011	$	238
WTI Bullet Swap Financial	Long		63			05/19/2011		311
Zinc	Short		(8	)		06/15/2011		16
Zinc	Long		13			06/15/2011		(85	)
							$	5,426

FORWARD FOREIGN CURRENCY CONTRACTS:

						Amount in U.S.			Net Unrealized
	Bought			Settlement		Dollars Bought			Appreciation
Currency	(Sold)			Date		(Sold)			(Depreciation)
Australian Dollar		56,253			06/15/2011	$	56,320		$	4,971
Australian Dollar		6,388			06/15/2011		6,373			588
Australian Dollar		5,125			06/15/2011		5,326			258
Australian Dollar		(7,303	)		06/15/2011		(7,563	)		(394	)
Australian Dollar		(120	)		06/15/2011		(118	)		(12	)
Australian Dollar		927			06/15/2011		942			68
Australian Dollar		(8,131	)		06/15/2011		(8,697	)		(163	)
Australian Dollar		3,985			06/15/2011		3,980			362
Australian Dollar		(140	)		06/15/2011		(140	)		(13	)
Australian Dollar		(1,693	)		06/15/2011		(1,756	)		(89	)
Australian Dollar		11,568			06/15/2011		11,778			826
Australian Dollar		4,341			06/15/2011		4,712			18
Australian Dollar		763			06/15/2011		798			33
Australian Dollar		151			06/15/2011		161			4
Australian Dollar		(4,080	)		06/15/2011		(4,078	)		(368	)
Australian Dollar		(310	)		06/15/2011		(311	)		(27	)
Australian Dollar		1,015			06/15/2011		1,092			14
Australian Dollar		6,432			06/15/2011		6,388			620
Australian Dollar		80			06/15/2011		84			3
Australian Dollar		(24,731	)		06/15/2011		(24,323	)		(2,625	)
Australian Dollar		(5,830	)		06/15/2011		(5,728	)		(625	)
Australian Dollar		3,564			06/15/2011		3,652			231
Australian Dollar		(1,147	)		06/15/2011		(1,130	)		(120	)
Brazilian Real		60			06/15/2011		35			3
Brazilian Real		5,870			06/15/2011		3,457			263
Brazilian Real		650			06/15/2011		399			13
Brazilian Real		40			06/15/2011		24			1
Canadian Dollar		(3,039	)		06/15/2011		(3,186	)		(22	)
Canadian Dollar		26,476			06/15/2011		27,111			842
Canadian Dollar		(2,186	)		06/15/2011		(2,279	)		(29	)
Canadian Dollar		1,079			06/15/2011		1,116			23
Canadian Dollar		2,859			06/15/2011		2,903			115
Canadian Dollar		(1,427	)		06/15/2011		(1,448	)		(59	)
Chilean Peso		220,000			06/15/2011		458			18
Chilean Peso		80,000			06/15/2011		168			5
Colombian Peso		370,000			06/15/2011		195			15
Czech Republic Koruna		8,500			06/15/2011		489			32
Czech Republic Koruna		1,900			06/15/2011		107			9
Czech Republic Koruna		(35,700	)		06/15/2011		(2,113	)		(73	)
Czech Republic Koruna		1,500			06/15/2011		89			3
Czech Republic Koruna		123,000			06/15/2011		6,973			559
Czech Republic Koruna		4,500			06/15/2011		262			14
Czech Republic Koruna		2,900			06/15/2011		168			10
Euro		(1,267	)		06/15/2011		(1,846	)		(29	)
Euro		7,272			06/15/2011		10,337			419
Euro		20,439			06/15/2011		28,702			1,531
Euro		5,408			06/15/2011		7,594			405
Euro		14,709			06/15/2011		21,281			477
Euro		(8,249	)		06/15/2011		(11,587	)		(615	)
Euro		1,550			06/15/2011		2,161			132
Euro		(10,281	)		06/15/2011		(14,677	)		(531	)
Euro		(60,405	)		06/15/2011		(83,807	)		(5,548	)
Euro		(7,832	)		06/15/2011		(11,135	)		(450	)

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 160

Transamerica AQR Managed Futures Strategy
CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

FORWARD FOREIGN CURRENCY CONTRACTS: (continued)

						Amount in			Net Unrealized
	Bought			Settlement		U.S. Dollars			Appreciation
Currency	(Sold)			Date		Bought (Sold)			(Depreciation)
Euro		(21,313	)		06/15/2011	$	(30,261	)	$	(1,267	)
Euro		3,850			06/15/2011		5,448			247
Euro		3,902			06/15/2011		5,647			125
Euro		20,812			06/15/2011		28,909			1,876
Euro		20,453			06/15/2011		28,551			1,704
Euro		2,169			06/15/2011		3,019			189
Euro		21,133			06/15/2011		29,894			1,366
Euro		(18,090	)		06/15/2011		(25,922	)		(837	)
Euro		(3,926	)		06/15/2011		(5,540	)		(268	)
Euro		5,889			06/15/2011		8,628			83
Euro		10,549			06/15/2011		14,946			659
Euro		(250	)		06/15/2011		(371	)		1
Euro		(110	)		06/15/2011		(152	)		(11	)
Euro		(11,600	)		06/15/2011		(16,902	)		(257	)
Euro		2,891			06/15/2011		3,992			285
Euro		13,484			06/15/2011		19,083			862
Euro		7,668			06/15/2011		11,367			(24	)
Hungarian Forint		165,000			06/15/2011		861			59
Hungarian Forint		73,000			06/15/2011		380			27
Hungarian Forint		970,000			06/15/2011		4,856			552
Hungarian Forint		(228,000	)		06/15/2011		(1,146	)		(125	)
Hungarian Forint		75,000			06/15/2011		391			27
Indian Rupee		(28,000	)		06/15/2011		(609	)		(19	)
Indian Rupee		34,000			06/15/2011		759			3
Indian Rupee		(29,000	)		06/15/2011		(650	)		1
Indian Rupee		44,000			06/15/2011		972			14
Indian Rupee		135,000			06/15/2011		2,948			78
Indian Rupee		37,000			06/15/2011		804			25
Indian Rupee		(111,000	)		06/15/2011		(2,469	)		(18	)
Indian Rupee		(72,000	)		06/15/2011		(1,575	)		(38	)
Indian Rupee		(20,000	)		06/15/2011		(436	)		(12	)
Indian Rupee		(2,000	)		06/15/2011		(43	)		(1	)
Indian Rupee		120,000			06/15/2011		2,639			51
Indian Rupee		(34,000	)		06/15/2011		(756	)		(6	)
Indian Rupee		69,000			06/15/2011		1,540			6
Indian Rupee		(98,000	)		06/15/2011		(2,177	)		(19	)
Indian Rupee		64,000			06/15/2011		1,421			14
Indian Rupee		(11,000	)		06/15/2011		(246	)		♦
Indonesian Rupiah		2,200,000			06/15/2011		247			8
Indonesian Rupiah		6,800,000			06/15/2011		767			20
Indonesian Rupiah		15,700,000			06/15/2011		1,765			53
Israeli Shekel		1,900			06/15/2011		529			32
Israeli Shekel		900			06/15/2011		252			14
Israeli Shekel		1,600			06/15/2011		447			26
Israeli Shekel		600			06/15/2011		170			7
Israeli Shekel		1,300			06/15/2011		359			25
Israeli Shekel		1,700			06/15/2011		469			33
Israeli Shekel		100			06/15/2011		29			1
Japanese Yen		1,136,614			06/15/2011		13,852			164
Japanese Yen		(449,733	)		06/15/2011		(5,453	)		(92	)
Japanese Yen		268,369			06/15/2011		3,191			118
Japanese Yen		(121,000	)		06/15/2011		(1,419	)		(73	)
Japanese Yen		(1,709,122	)		06/15/2011		(21,081	)		6
Japanese Yen		175,216			06/15/2011		2,136			25
Japanese Yen		(117,284	)		06/15/2011		(1,391	)		(55	)
Japanese Yen		(924,137	)		06/15/2011		(11,139	)		(256	)
Japanese Yen		(245,478	)		06/15/2011		(3,003	)		(24	)
Japanese Yen		(1,048,790	)		06/15/2011		(12,811	)		(121	)
Japanese Yen		111,000			06/15/2011		1,329			39
Japanese Yen		(397,000	)		06/15/2011		(4,821	)		(74	)
Japanese Yen		1,308,372			06/15/2011		16,012			121
Japanese Yen		1,489,846			06/15/2011		18,432			(61	)
Japanese Yen		365,194			06/15/2011		4,409			94
Japanese Yen		(702,692	)		06/15/2011		(8,601	)		(64	)
Japanese Yen		1,818,563			06/15/2011		22,292			132

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 161

Transamerica AQR Managed Futures Strategy

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

FORWARD FOREIGN CURRENCY CONTRACTS: (continued)

						Amount in			Net Unrealized
	Bought			Settlement		U.S. Dollars			Appreciation
Currency	(Sold)			Date		Bought (Sold)			(Depreciation)
Japanese Yen		(87,007	)		06/15/2011	$	(1,076	)	$	3
Japanese Yen		(2,049,849	)		06/15/2011		(24,388	)		(889	)
Japanese Yen		456,375			06/15/2011		5,533			94
Japanese Yen		(522,935	)		06/15/2011		(6,462	)		13
Japanese Yen		(173,000	)		06/15/2011		(2,073	)		(60	)
Japanese Yen		(191,000	)		06/15/2011		(2,338	)		(17	)
Japanese Yen		(95,000	)		06/15/2011		(1,143	)		(29	)
Japanese Yen		(737,252	)		06/15/2011		(8,974	)		(117	)
Malaysian Ringgit		900			06/15/2011		294			9
Malaysian Ringgit		800			06/15/2011		264			6
Malaysian Ringgit		(200	)		06/15/2011		(66	)		(1	)
Malaysian Ringgit		900			06/15/2011		297			6
Malaysian Ringgit		8,500			06/15/2011		2,793			67
Malaysian Ringgit		500			06/15/2011		164			4
Malaysian Ringgit		700			06/15/2011		231			5
Mexican Peso		(1,600	)		06/15/2011		(138	)		(1	)
Mexican Peso		7,300			06/15/2011		605			27
Mexican Peso		(22,800	)		06/15/2011		(1,881	)		(92	)
Mexican Peso		400			06/15/2011		33			1
Mexican Peso		8,100			06/15/2011		689			12
Mexican Peso		32,100			06/15/2011		2,655			122
Mexican Peso		4,400			06/15/2011		363			18
Mexican Peso		8,300			06/15/2011		692			26
Mexican Peso		7,800			06/15/2011		659			16
Mexican Peso		(14,300	)		06/15/2011		(1,202	)		(35	)
Mexican Peso		(5,800	)		06/15/2011		(498	)		(4	)
Mexican Peso		(6,700	)		06/15/2011		(562	)		(18	)
Mexican Peso		(12,500	)		06/15/2011		(1,055	)		(26	)
Mexican Peso		17,100			06/15/2011		1,413			66
Mexican Peso		(35,100	)		06/15/2011		(2,940	)		(96	)
Mexican Peso		101,300			06/15/2011		8,329			434
Mexican Peso		9,700			06/15/2011		813			26
New Zealand Dollar		1,795			06/15/2011		1,390			58
New Zealand Dollar		(22,950	)		06/15/2011		(16,825	)		(1,688	)
New Zealand Dollar		109			06/15/2011		84			4
New Zealand Dollar		1,208			06/15/2011		967			7
New Zealand Dollar		(774	)		06/15/2011		(560	)		(64	)
Norwegian Krone		31,801			06/15/2011		5,790			255
Norwegian Krone		3,501			06/15/2011		652			14
Norwegian Krone		34,719			06/15/2011		6,414			185
Norwegian Krone		(6,734	)		06/15/2011		(1,206	)		(74	)
Norwegian Krone		(46,618	)		06/15/2011		(8,190	)		(671	)
Norwegian Krone		22,903			06/15/2011		4,310			44
Norwegian Krone		2,257			06/15/2011		397			32
Norwegian Krone		(8,426	)		06/15/2011		(1,492	)		(110	)
Norwegian Krone		(11,527	)		06/15/2011		(2,118	)		(73	)
Norwegian Krone		(26,017	)		06/15/2011		(4,620	)		(326	)
Norwegian Krone		(63,381	)		06/15/2011		(11,285	)		(762	)
Norwegian Krone		182,179			06/15/2011		32,505			2,123
Philippine Peso		3,000			06/15/2011		69			1
Philippine Peso		(5,000	)		06/15/2011		(114	)		(3	)
Philippine Peso		4,000			06/15/2011		92			1
Philippine Peso		15,000			06/15/2011		346			4
Philippine Peso		23,000			06/15/2011		528			8
Philippine Peso		2,000			06/15/2011		46			♦
Philippine Peso		106,000			06/15/2011		2,444			27
Philippine Peso		(13,000	)		06/15/2011		(297	)		(6	)
Philippine Peso		5,000			06/15/2011		116			1
Philippine Peso		9,000			06/15/2011		208			2
Polish Zloty		(3,400	)		06/15/2011		(1,159	)		(116	)
Polish Zloty		300			06/15/2011		105			7
Polish Zloty		1,000			06/15/2011		359			16
Polish Zloty		10,800			06/15/2011		3,719			332
Polish Zloty		1,800			06/15/2011		632			43
Polish Zloty		900			06/15/2011		336			1

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 162

Transamerica AQR Managed Futures Strategy

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

FORWARD FOREIGN CURRENCY CONTRACTS: (continued)

						Amount in			Net Unrealized
	Bought			Settlement		U.S. Dollars			Appreciation
Currency	(Sold)			Date		Bought (Sold)			(Depreciation)
Polish Zloty		(400	)		06/15/2011	$	(136	)	$	(14	)
Pound Sterling		36,939			06/15/2011		60,067			1,595
Pound Sterling		(955	)		06/15/2011		(1,578	)		(16	)
Pound Sterling		6,247			06/15/2011		10,081			347
Pound Sterling		(7,041	)		06/15/2011		(11,301	)		(452	)
Pound Sterling		(11,461	)		06/15/2011		(18,517	)		(615	)
Pound Sterling		(1,623	)		06/15/2011		(2,596	)		(113	)
Pound Sterling		2,333			06/15/2011		3,795			100
Pound Sterling		(981	)		06/15/2011		(1,585	)		(53	)
Pound Sterling		(3,614	)		06/15/2011		(5,811	)		(222	)
Pound Sterling		(230	)		06/15/2011		(374	)		(10	)
Pound Sterling		360			06/15/2011		602			(1	)
Pound Sterling		(630	)		06/15/2011		(1,037	)		(14	)
Pound Sterling		3,581			06/15/2011		5,854			124
Pound Sterling		(200	)		06/15/2011		(321	)		(13	)
Pound Sterling		2,165			06/15/2011		3,495			119
Pound Sterling		1,319			06/15/2011		2,150			52
Pound Sterling		(2,086	)		06/15/2011		(3,434	)		(48	)
Pound Sterling		(987	)		06/15/2011		(1,642	)		(5	)
Pound Sterling		(1,429	)		06/15/2011		(2,325	)		(61	)
Pound Sterling		(189	)		06/15/2011		(307	)		(8	)
Pound Sterling		117			06/15/2011		188			7
Pound Sterling		(990	)		06/15/2011		(1,617	)		(35	)
Pound Sterling		3,098			06/15/2011		5,044			128
Pound Sterling		(22	)		06/15/2011		(36	)		(1	)
Pound Sterling		(12,241	)		06/15/2011		(19,546	)		(888	)
Republic of Korea Won		(3,030,000	)		06/15/2011		(2,675	)		(151	)
Republic of Korea Won		680,000			06/15/2011		602			32
Republic of Korea Won		(1,640,000	)		06/15/2011		(1,440	)		(90	)
Republic of Korea Won		2,570,000			06/15/2011		2,286			111
Republic of Korea Won		360,000			06/15/2011		335			1
Republic of Korea Won		2,000,000			06/15/2011		1,796			69
Republic of Korea Won		(600,000	)		06/15/2011		(529	)		(31	)
Republic of Korea Won		390,000			06/15/2011		344			20
Republic of Korea Won		140,000			06/15/2011		128			2
Republic of Korea Won		2,030,000			06/15/2011		1,799			94
Republic of Korea Won		3,160,000			06/15/2011		2,820			127
Republic of Korea Won		690,000			06/15/2011		626			17
Republic of Korea Won		(519,660	)		06/15/2011		(485	)		1
Republic of Korea Won		1,210,000			06/15/2011		1,105			24
Republic of Korea Won		(320,000	)		06/15/2011		(291	)		(7	)
Russian Ruble		(4,000	)		06/15/2011		(143	)		(2	)
Russian Ruble		(33,000	)		06/15/2011		(1,154	)		(45	)
Russian Ruble		(18,000	)		06/15/2011		(633	)		(21	)
Russian Ruble		(18,000	)		06/15/2011		(621	)		(33	)
Russian Ruble		237,000			06/15/2011		8,204			410
Russian Ruble		36,000			06/15/2011		1,263			45
Russian Ruble		(15,000	)		06/15/2011		(526	)		(19	)
Russian Ruble		(8,000	)		06/15/2011		(282	)		(9	)
Russian Ruble		(20,000	)		06/15/2011		(705	)		(22	)
Russian Ruble		16,000			06/15/2011		553			28
Russian Ruble		(57,000	)		06/15/2011		(2,006	)		(65	)
Russian Ruble		(6,000	)		06/15/2011		(217	)		(1	)
Russian Ruble		(21,000	)		06/15/2011		(743	)		(20	)
Singapore Dollar		300			06/15/2011		238			7
Singapore Dollar		450			06/15/2011		357			11
Singapore Dollar		50			06/15/2011		40			1
Singapore Dollar		(970	)		06/15/2011		(771	)		(21	)
Singapore Dollar		3,230			06/15/2011		2,548			91
Singapore Dollar		1,970			06/15/2011		1,552			58
Singapore Dollar		1,540			06/15/2011		1,212			46
Singapore Dollar		3,680			06/15/2011		2,908			98
Singapore Dollar		(450	)		06/15/2011		(353	)		(14	)
Singapore Dollar		(4,160	)		06/15/2011		(3,274	)		(124	)
Singapore Dollar		270			06/15/2011		216			4
Singapore Dollar		(5,870	)		06/15/2011		(4,597	)		(199	)

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 163

Transamerica AQR Managed Futures Strategy

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

FORWARD FOREIGN CURRENCY CONTRACTS: (continued)

						Amount in			Net Unrealized
	Bought			Settlement		U.S. Dollars			Appreciation
Currency	(Sold)			Date		Bought (Sold)			(Depreciation)
Singapore Dollar		2,780			06/15/2011	$	2,201		$	70
Singapore Dollar		360			06/15/2011		291			3
Singapore Dollar		1,380			06/15/2011		1,089			38
Singapore Dollar		540			06/15/2011		440			1
Singapore Dollar		1,830			06/15/2011		1,450			45
Singapore Dollar		(20	)		06/15/2011		(16	)		♦
Singapore Dollar		(1,260	)		06/15/2011		(1,012	)		(17	)
South African Rand		13,400			06/15/2011		1,898			130
South African Rand		4,900			06/15/2011		735			7
South African Rand		(1,400	)		06/15/2011		(205	)		(7	)
South African Rand		600			06/15/2011		88			3
South African Rand		2,200			06/15/2011		326			7
South African Rand		(5,200	)		06/15/2011		(726	)		(60	)
South African Rand		(3,000	)		06/15/2011		(425	)		(29	)
South African Rand		(700	)		06/15/2011		(98	)		(8	)
South African Rand		(300	)		06/15/2011		(43	)		(2	)
Swedish Krona		(3,235	)		06/15/2011		(509	)		(25	)
Swedish Krona		(8,600	)		06/15/2011		(1,361	)		(59	)
Swedish Krona		(17,309	)		06/15/2011		(2,698	)		(160	)
Swedish Krona		30,024			06/15/2011		4,667			290
Swedish Krona		(1,352	)		06/15/2011		(212	)		(11	)
Swedish Krona		(18,289	)		06/15/2011		(2,839	)		(181	)
Swedish Krona		15,837			06/15/2011		2,588			26
Swedish Krona		(42,636	)		06/15/2011		(6,690	)		(348	)
Swedish Krona		(62,216	)		06/15/2011		(9,665	)		(606	)
Swedish Krona		25,019			06/15/2011		3,917			213
Swedish Krona		(3,707	)		06/15/2011		(615	)		3
Swedish Krona		(24,035	)		06/15/2011		(3,787	)		(181	)
Swedish Krona		58,321			06/15/2011		9,579			49
Swedish Krona		84,292			06/15/2011		13,261			655
Swiss Franc		(5,223	)		06/15/2011		(5,855	)		(185	)
Swiss Franc		741			06/15/2011		847			10
Swiss Franc		5,975			06/15/2011		6,801			109
Swiss Franc		(13	)		06/15/2011		(14	)		(1	)
Swiss Franc		(2,364	)		06/15/2011		(2,536	)		(198	)
Swiss Franc		3,916			06/15/2011		4,339			189
Swiss Franc		(4,685	)		06/15/2011		(5,081	)		(337	)
Swiss Franc		11,502			06/15/2011		12,826			475
Swiss Franc		6,883			06/15/2011		7,428			532
Swiss Franc		14,294			06/15/2011		15,499			1,031
Swiss Franc		(9,421	)		06/15/2011		(10,412	)		(482	)
Swiss Franc		(105	)		06/15/2011		(115	)		(7	)
Swiss Franc		(325	)		06/15/2011		(352	)		(23	)
Swiss Franc		(8,825	)		06/15/2011		(9,770	)		(435	)
Swiss Franc		(716	)		06/15/2011		(794	)		(34	)
Swiss Franc		(5,787	)		06/15/2011		(6,279	)		(413	)
Taiwan Dollar		89,000			06/15/2011		3,074			35
Taiwan Dollar		43,000			06/15/2011		1,505			(2	)
Taiwan Dollar		(46,000	)		06/15/2011		(1,583	)		(24	)
Taiwan Dollar		(44,000	)		06/15/2011		(1,520	)		(17	)
Taiwan Dollar		33,000			06/15/2011		1,131			22
Taiwan Dollar		1,000			06/15/2011		34			1
Taiwan Dollar		(45,000	)		06/15/2011		(1,556	)		(16	)
Taiwan Dollar		28,000			06/15/2011		957			21
Taiwan Dollar		(39,000	)		06/15/2011		(1,329	)		(34	)
Taiwan Dollar		10,000			06/15/2011		343			6
Taiwan Dollar		34,000			06/15/2011		1,182			6
Taiwan Dollar		(20,000	)		06/15/2011		(683	)		(16	)
Taiwan Dollar		(47,000	)		06/15/2011		(1,602	)		(40	)
Taiwan Dollar		21,000			06/15/2011		727			7
Taiwan Dollar		4,000			06/15/2011		136			4
Taiwan Dollar		6,000			06/15/2011		208			1
Turkish Lira		170			06/15/2011		109			1
Turkish Lira		(190	)		06/15/2011		(123	)		(1	)
Turkish Lira		1,000			06/15/2011		644			8

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 164

Transamerica AQR Managed Futures Strategy

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

FORWARD FOREIGN CURRENCY CONTRACTS: (continued)

						Amount in			Net Unrealized
	Bought			Settlement		U.S. Dollars			Appreciation
Currency	(Sold)			Date		Bought (Sold)			(Depreciation)
Turkish Lira		(190	)		06/15/2011	$	(124	)	$	♦
Turkish Lira		2,740			06/15/2011		1,729			59
Turkish Lira		(2,560	)		06/15/2011		(1,569	)		(101	)
Turkish Lira		800			06/15/2011		514			8
Turkish Lira		590			06/15/2011		367			18
Turkish Lira		160			06/15/2011		101			3
Turkish Lira		410			06/15/2011		268			♦
Turkish Lira		250			06/15/2011		156			7
Turkish Lira		(270	)		06/15/2011		(176	)		♦
									$	5,744

NOTES TO SCHEDULE OF INVESTMENTS:

#	Aggregate cost for federal income tax purposes is $232,639.
θ	Unit amounts are not in thousands.
(A)	At the termination 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.
p	Cash in the amount of $3,800 has been segregated by the custodian as collateral for the benefit of the broker for open swap contracts.
є	Cash in the amount of $11,657 is segregated as collateral with the broker to cover margin requirements for open futures contracts.
♦	Value and/or principal is less than $1.
┌	Contract amounts are not in thousands.

DEFINITIONS:

ASX	Australian Securities Exchange
BAML	Bank of America/Merrill Lynch
BRC	Barclays Bank PLC
CAC	Compagnie des Agents de Change (French stock market index)
CBOT	Chicago Board of Trade
CNX	CRISIL NSE (National Stock Exchange) Indices (India stock exchange)
DAX	Deutscher Aktien
DJIA	Dow Jones Industrial Average
EURIBOR	Euro InterBank Offered Rate
FTSE	Financial Times Stock Exchange
IBEX	International Business Exchange (initiative funded by the European Commission)
JSE	Johannesburg Stock Exchange
KOSPI	Korea Composite Stock Price Index
LME	London Metal Exchange
MIB	Milano Indice Borsa (Milan, Italian Stock Exchange)
MSCI	Morgan Stanley Capital International
OAO	Otkrytoe Aktsionernoe Obschestvo (Russian: Open Joint Stock Corporation)
RBOB	Reformulated Blendstock for Oxygenate Blending
SGX	Singapore Exchange
TOPIX	Tokyo Stock Price Index
TSE	Toronto Stock Exchange
WTI	West Texas Intermediate

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 165

Transamerica AQR Managed Futures Strategy

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

VALUATION SUMMARY: э

			Level 2 -
			Other		Level 3 -
	Level 1 -		Significant		Significant
	Quoted		Observable		Unobservable		Value at
Investment Securities	Prices		Inputs		Inputs		04/30/2011
Investment Companies	$	232,639	$	—	$	—	$	232,639

				Level 2 -
				Other			Level 3 -
	Level 1 -			Significant			Significant
	Quoted			Observable			Unobservable		Total at
Other Financial Instruments ₣	Prices			Inputs			Inputs		04/30/2011
Total Return Swaps — Appreciation	$	—		$	506		$	—	$	506
Total Return Swaps — Depreciation		—			(58	)		—		(58	)
Futures Contracts — Appreciation		9,736			—			—		9,736
Futures Contracts — Depreciation		(4,310	)		—			—		(4,310	)
Forward Foreign Currency Contracts — Appreciation		—			34,039			—		34,039
Forward Foreign Currency Contracts — Depreciation		—			(28,295	)		—		(28,295	)
Total	$	5,426		$	6,192		$	—	$	11,618

э	See the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques.
₣	Other financial instruments are derivative instruments that are valued at unrealized appreciation (depreciation) on the instrument.

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 166

Transamerica Goldman Sachs Commodity Strategy

CONSOLIDATED SCHEDULE OF INVESTMENTS
At April 30, 2011
(all amounts in thousands)
(unaudited)

	Principal		Value
REPURCHASE AGREEMENT - 91.1%
State Street Bank & Trust Co. 0.01% 5, dated 04/29/2011, to be repurchased at $179,958 on 05/02/2011. Collateralized by U.S. Government Agency Obligations, 3.50% - 4.00%, due 05/01/2025 - 12/01/2025, with a total value of $183,931.	$	179,958	$	179,958
Total Repurchase Agreement (cost $179,958) #				179,958
Other Assets and Liabilities - Net				17,650
Net Assets			$	197,608

TOTAL RETURN SWAPS ON INDICES: p

Pay/Receive on		# of												Upfront Premiums			Unrealized
Reference		Shares		Financing		Notional		Termination		Counter-	Market			Paid/			Appreciation
Index (A)	Index	/Units q		Rate (BP)		Amount		Date		party	Value			(Received)			(Depreciation)
Pay	DJ-UBS Commodity 3-Month Forward Excess Return		226		0.15	$	39,627		09/14/2011	BAML	$	39,627		$	39,627		$	—
												(39,627	)		(39,627	)		—
Pay	DJ-UBS Commodity 3-Month Forward Excess Return		85		0.32		31,973		09/14/2011	BAML		31,973			31,973			—
												(31,973	)		(31,973	)		—
Pay	DJ-UBS Commodity 6-Month Forward Excess Return		114		0.37		40,746		10/11/2011	UAG		40,746			40,746			—
												(40,746	)		(40,746	)		—
Pay	DJ-UBS Commodity 6-Month Forward Excess Return		135		0.37		48,276		10/11/2011	UAG		48,276			48,276			—
												(48,276	)		(48,276	)		—
Pay	Merrill Lynch Commodity Index eXtra GA6 Excess Return		10		0.40		2,245		09/14/2011	BAML		2,245			2,245			—
												(2,245	)		(2,245	)		—
Pay	Merrill Lynch Commodity Index eXtra GA6 Excess Return		163		0.40		36,090		09/14/2011	BAML		36,090			36,090			—
												(36,090	)		(36,090	)		—
											$	—		$	—		$	—

NOTES TO SCHEDULE OF INVESTMENTS:

5	Rate shown reflects the yield at 04/29/2011.
#	Aggregate cost for federal income tax purposes is $179,958.
p	Cash in the amount of $11,070 has been segregated by the custodian as collateral for the benefit of the broker for open swap contacts.
(A)	At the termination 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.
q	Unit amounts are not in thousands.

DEFINITIONS:

BP	Basis Point
BAML	Bank of America/Merrill Lynch
TOPIX	Tokyo Stock Price Index
UAG	UBS AG

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 167

Transamerica Goldman Sachs Commodity Strategy

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

VALUATION SUMMARY: '

			Level 2 -
			Other		Level 3 -
	Level 1 -		Significant		Significant
	Quoted		Observable		Unobservable		Value at
Investment Securities	Prices		Inputs		Inputs		04/30/2011
Repurchase Agreement	$	—	$	179,958	$	—	$	179,958

			Level 2 -
			Other		Level 3 -
	Level 1 -		Significant		Significant
	Quoted		Observable		Unobservable		Total at
Other Financial Instruments ₣	Prices		Inputs		Inputs		04/30/2011
Total Return Swaps on Indices — Appreciation/Depreciation	$	—	$	—	$	—	$	—

'	See the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques.
₣	Other financial instruments are derivative instruments that are valued at unrealized appreciation (depreciation) on the instrument.

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 168

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
At April 30, 2011
(all amounts except share amounts in thousands)
(unaudited)

	Transamerica			Transamerica
	AQR Managed			Goldman Sachs
	Futures			Commodity
	Strategy			Strategy
Assets:
Investment securities, at value	$	232,639		$	—
Repurchase agreement, at value		—			179,958
Cash		970			—
Cash on deposit with custodian		3,800			11,070
Cash on deposit with broker		11,657			—
Receivables:
Investment securities sold		7,040			198,957
Shares of beneficial interest sold		—			29
Interest		31			—	(A)
Securities lending income (net)		—			7
Dividend reclaims		—			1
Variation margin		5,426			—
Prepaid expenses		—	(A)		1
Unrealized appreciation on swap agreements		506			—
Premium paid on swap agreements		—			198,957
Unrealized appreciation on forward foreign currency contracts		34,039			—
	$	296,108		$	588,980
Liabilities:
Foreign currency due to broker		2			—
Accounts payable and accrued liabilities:
Investment securities purchased		7,449			192,255
Shares of beneficial interest redeemed		815			—
Management and advisory fees		224			94
Transfer agent fees		2			1
Custody fees		25			5
Administration fees		4			3
Audit and tax fees		12			5
Interest payable		—			46
Other		4			6
Unrealized depreciation on swap agreements		58			—
Premium received on swap agreements		—			198,957
Unrealized depreciation on forward foreign currency contracts		28,295			—
		36,890			391,372
Net assets	$	259,218		$	197,608
Net assets consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	249,105		$	162,953
Undistributed (accumulated) net investment income (loss)		(3,009	)		(482	)
Undistributed (accumulated) net realized gain (loss) from investments		1,506			35,137
Net unrealized appreciation (depreciation) on:
Futures contracts		5,426			—
Swap agreements		448			—
Translation of assets and liabilities denominated in foreign currencies		5,742			—
Net assets	$	259,218		$	197,608
Shares outstanding		24,986			15,768
Net asset value and offering price per share	$	10.37		$	12.53
Investment securities, at cost	$	232,639		$	—
Repurchase agreement, at cost	$	—		$	179,958
Foreign currency, at cost	$	—		$	—

^(A) Rounds to less than $1.

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 169

CONSOLIDATED STATEMENTS OF OPERATIONS
For the period ended April 30, 2011
(all amounts in thousands)
(unaudited)

				Transamerica
	Transamerica			Goldman Sachs
	AQR Managed			Commodity
	Futures Strategy			Strategy
Investment income:
Dividend income	$	1		$	4
Withholding taxes on foreign income		—			(5	)
Interest income		206			96
Securities lending income (net)		—			11
		207			106
Expenses:
Management and advisory		1,417			514
Transfer agent		10			6
Printing and shareholder reports		9			8
Custody		107			23
Administration		26			17
Legal		9			6
Audit and tax		6			5
Trustees		2			1
Registration		5			1
Other		16			7
Total expenses		1,607			588
Net expenses		1,607			588
Net investment loss		(1,400	)		(482	)
Net realized gain (loss) on transactions from:
Futures contracts		2,604			—
Swap agreements		757			35,138
Foreign currency transactions		(205	)		(2	)
		3,156			35,136
Net increase (decrease) in unrealized appreciation (depreciation) on:
Investment securities		—			(2	)
Futures contracts		2,186			—
Swap agreements		98			—
Translation of assets and liabilities denominated in foreign currencies		5,676			—
Change in unrealized appreciation (depreciation)		7,960			(2	)
Net realized and unrealized gain		11,116			35,134
Net increase in net assets resulting from operations	$	9,716		$	34,652

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 170

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS
For the periods or years ended:
(all amounts in thousands)

	Transamerica AQR Managed						Transamerica Goldman Sachs
	Futures Strategy						Commodity Strategy
	April 30, 2011			October 31,			April 30, 2011
	(unaudited)			2010(A)			(unaudited)			October 31, 2010
From operations:
Net investment income (loss)	$	(1,400	)	$	(242	)	$	(482	)	$	535
Net realized gain (loss)(B)		3,156			1,313			35,136			16,995
Change in unrealized appreciation (depreciation)(C)		7,960			3,656			(2	)		(1,680	)
Net increase in net assets resulting from operations		9,716			4,727			34,652			15,850
Distributions to shareholders:
From net investment income		(2,619	)		—			(7,529	)		(634	)
From net realized gains		(1,711	)		—			(6,295	)		—
Total distributions to shareholders		(4,330	)		—			(13,824	)		(634	)
Capital share transactions:
Proceeds from shares sold		16,963			253,160			16,061			40,919
Dividends and distributions reinvested		4,330			—			13,824			634
Cost of shares redeemed		(25,348	)		—			(81	)		(31,135	)
Net increase (decrease) in net assets resulting from capital shares transactions		(4,055	)		253,160			29,804			10,418
Net increase in net assets		1,331			257,887			50,632			25,634
Net assets:
Beginning of period/year		257,887			—			146,976			121,342
End of period/year	$	259,218		$	257,887		$	197,608		$	146,976
Undistributed (accumulated) net investment income (loss)	$	(3,009	)	$	1,010		$	(482	)	$	7,529
Share activity:
Shares issued		1,675			25,388			1,403			3,820
Shares issued-reinvested from distributions		432			—			1,290			61
Shares redeemed		(2,509	)		—			(7	)		(2,893	)
Net increase (decrease) in shares outstanding		(402	)		25,388			2,686			988

(A)	Commenced operations on September 30, 2010.
(B)	Net realized gain (loss) includes all items listed in the Statement of Operations.
(C)	Change in unrealized appreciation (depreciation) includes all items listed in the Statement of Operations.

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 171

FINANCIAL HIGHLIGHTS
For the periods and years ended:

	Transamerica AQR Managed
	Futures Strategy
	April 30, 2011			October 31,
For a share outstanding throughout each period	(unaudited)			2010(A)
Net asset value
Beginning of period/year	$	10.16		$	10.00
Investment operations
Net investment loss(B)		(0.05	)		(0.01	)
Net realized and unrealized gain on investments		0.43			0.17
Total from investment operations		0.38			0.16
Distributions
Net investment income		(0.10	)		—
Net realized gains on investments		(0.07	)		—
Total distributions		(0.17	)		—
Net asset value
End of period/year	$	10.37		$	10.16
Total return(C)		3.79	% (D)		1.60	% (D)
Net assets end of period/year (000’s)	$	259,218		$	257,887
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		1.24	% (E)		1.38	% (E)
Before reimbursement/recapture		1.24	% (E)		1.38	% (E)
Net investment loss, to average net assets		(1.08	%) (E)		(1.22	%) (E)
Portfolio turnover rate		—	% (D)		—	% (D)

	Transamerica Goldman Sachs Commodity Strategy
	April 30, 2011													October 31,
For a share outstanding throughout each period	(unaudited)			October 31, 2010			October 31, 2009			October 31, 2008				2007(F)
Net asset value
Beginning of period/year	$	11.24		$	10.03		$	8.11		$	14.11			$	10.00
Investment operations
Net investment income (loss)(B)		(0.03	)		0.04			0.05			0.03				0.04
Net realized and unrealized gain (loss) on investments		2.36			1.22			1.91			(5.85	)			4.07
Total from investment operations		2.33			1.26			1.96			(5.82	)			4.11
Distributions
Net investment income		(0.57	)		(0.05	)		(0.04	)		(0.03	)			—
Net realized gains on investments		(0.47	)		—			—	(G)		(0.15	)			—
Total distributions		(1.04	)		(0.05	)		(0.04	)		(0.18	)			—
Net asset value
End of period/year	$	12.53		$	11.24		$	10.03		$	8.11			$	14.11
Total return(C)		22.30	% (D)		12.61	%		24.41	%		(41.77	%)			41.10	% (D)
Net assets end of period/year (000’s)	$	197,608		$	146,976		$	121,342		$	87,252			$	156,779
Ratio and supplemental data
Expenses to average net assets:													��
After reimbursement/recapture		0.69	% (E)		0.86	%		0.89	%		0.86	%			0.89	% (E)
Before reimbursement/recapture		0.69	% (E)		0.86	%		0.89	%		0.86	%			0.89	% (E)
Net investment income (loss), to average net assets		(0.44	%) (E)		0.38	%		0.63	%		0.21	%			0.39	% (E)
Portfolio turnover rate		—	% (D)		112	% (H)		5	%		4	%			7	% (D)

The notes to the financial statements are an integral part of this report.
Transamerica Funds	Semi-Annual Report 2011

Page 172

FINANCIAL HIGHLIGHTS
For the periods and years ended:

(A)	Commenced operations on September 30, 2010.
(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 January 3, 2007.
(G)	Rounds to less than $0.01 or $(0.01).
(H)	Increase in Portfolio Turnover was triggered by a change in the fund’s objectives.

Note: Prior to November 1, 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	Semi-Annual Report 2011

Page 173

NOTES TO FINANCIAL STATEMENTS
At April 30, 2011
(all amounts in thousands)
(unaudited)

NOTE 1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Transamerica Funds (the “Trust”) is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). Effective December 15, 2010, Transamerica AllianceBernstein International Value changed its name to Transamerica Hansberger International Value. Effective January 6, 2011, Transamerica BNY Mellon Market Neutral Strategy changed its name to Transamerica JPMorgan Long/Short Strategy. Transamerica BlackRock Global Allocation, Transamerica BlackRock Large Cap Value, Transamerica Clarion Global Real Estate Securities, Transamerica Federated Market Opportunity, Transamerica First Quadrant Global Macro, Transamerica Hansberger International Value, Transamerica Jennison Growth, Transamerica JPMorgan Core Bond, Transamerica JPMorgan International Bond, Transamerica JPMorgan Long/Short Strategy, Transamerica JPMorgan Mid Cap Value, Transamerica Loomis Sayles Bond, Transamerica MFS International Equity, 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 PIMCO Real Return TIPS, Transamerica PIMCO Total Return, Transamerica Schroders International Small Cap, Transamerica Third Avenue Value, Transamerica Thornburg International Value, Transamerica UBS Large Cap Value, Transamerica WMC Emerging Markets, Transamerica AQR Managed Futures Strategy, and Transamerica Goldman Sachs Commodity Strategy (each a “Fund”; collectively, the “Funds”) are part of Transamerica Funds.

Transamerica Clarion Global Real Estates Securities, Transamerica First Quadrant Global Macro, Transamerica JPMorgan International Bond, Transamerica Morgan Stanley Emerging Markets Debt, Transamerica PIMCO Real Return TIPS, Transamerica Third Avenue Value, Transamerica AQR Managed Futures Strategy, and Transamerica Goldman Sachs Commodity Strategy 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.

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

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

Repurchase agreements: Securities purchased subject to repurchase agreements are held at the Funds’ custodian and, pursuant to the terms of the repurchase agreements, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Funds will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Foreign currency denominated investments: The accounting records of the Funds are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the closing exchange rate each day. The cost of foreign securities are translated at the exchange rates in effect when the investment was acquired. Each Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

Net foreign currency gains and losses resulting from changes in exchange rates include: 1) foreign currency fluctuations between trade date and settlement date of investment security transactions; 2) gains and losses on forward foreign currency contracts; and 3) the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.

Foreign currency denominated assets may involve risks not typically associated with domestic transactions. These risks include revaluation of currencies, adverse fluctuations in foreign currency values and possible adverse political, social and economic developments, including those particular to a specific industry, country or region.

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.

Transamerica Funds Semi-Annual Report 2011

Page 174

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

NOTE 1. (continued)

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

Open forward foreign currency contracts at April 30, 2011 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 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 April 30, 2011 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, 2010	$	355		$	147
Sales		760			505
Closing Buys		(199	)		(110	)
Expirations		(62	)		(40	)
Exercised		(114	)		(23	)
Balance at April 30, 2011	$	740		$	479

				Notional
Transamerica First Quadrant Global Macro	Premium			Amount
Balance at October 31, 2010	$	427		$	37
Sales		6,843			365
Closing Buys		(6,183	)		(325	)
Expirations		(7	)		(15	)
Exercised		—			—
Balance at April 30, 2011	$	1,080		$	62

				Notional
Transamerica PIMCO Real Return TIPS	Premium			Amount
Balance at October 31, 2010	$	66		$	266
Sales		447			1,674
Closing Buys		(288	)		(1,219	)
Expirations		(90	)		(317	)
Exercised		—			—
Balance at April 30, 2011	$	135		$	404

				Notional
Transamerica PIMCO Total Return	Premium			Amount
Balance at October 31, 2010	$	19		$	66
Sales		287			952
Closing Buys		(7	)		(33	)
Expirations		(13	)		(35	)
Exercised		—			—
Balance at April 30, 2011	$	286		$	950

Transamerica Funds Semi-Annual Report 2011

Page 175

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

NOTE 1. (continued)

Transactions in written swaptions were as follows:

				Notional
Transamerica PIMCO Real Return TIPS	Premium			Amount
Balance at October 31, 2010	$	2,242		$	346,400
Sales		395			161,300
Closing Buys		(245	)		(59,700	)
Expirations		(480	)		(157,900	)
Exercised		—			—
Balance at April 30, 2011	$	1,912		$	290,100

				Notional
Transamerica PIMCO Total Return	Premium			Amount
Balance at October 31, 2010	$	1,452		$	219,300
Sales		149			37,100
Closing Buys		(31	)		(4,300	)
Expirations		(784	)		(143,300	)
Exercised		—			—
Balance at April 30, 2011	$	786		$	108,800

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 April 30, 2011 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 Semi-Annual Report 2011

Page 176

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

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 month of the period ending April 30, 2011. The average reverse repurchase agreement for the time noted above was approximately $5,441, with an average yield of 0.19%.

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.

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 Semi-Annual Report 2011

Page 177

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

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 April 30, 2011.

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”):The Funds may invest in TIPS, specially structured bonds in which the principal amount is adjusted daily to keep pace with inflation as measured by the U.S. Consumer Price Index. The adjustments to principal due to inflation/deflation are reflected as increases/decreases to interest income with a corresponding adjustment to cost.

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

The restricted and illiquid securities at April 30, 2011 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).

Such income is reflected separately on the Statements of Operations. The value of loaned securities and related collateral outstanding at April 30, 2011 are shown in the Schedules of Investments and the 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.

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

Real estate investment trusts (“REITs”): There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes, and interest rates.

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 period ended April 30, 2011, are included in net realized gain (loss) in the Statements of Operations and are summarized as follows:

Fund	Commissions
Transamerica Clarion Global Real Estate Securities	$	17
Transamerica Federated Market Opportunity		27
Transamerica Hansberger International Value		2
Transamerica Jennison Growth		82
Transamerica JPMorgan Mid Cap Value		2
Transamerica Morgan Stanley Mid-Cap Growth		17
Transamerica Morgan Stanley Small Company Growth		14
Transamerica Neuberger Berman International		—	(a)
Transamerica Thornburg International Value		3
Transamerica UBS Large Cap Value		146
Transamerica WMC Emerging Markets		3

^(a) Rounds to less than $1.

Transamerica Funds Semi-Annual Report 2011

Page 178

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

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 REITs is recorded at the amount of 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

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. Eastern Time, 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 inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three Levels of inputs of the fair value hierarchy are defined as follows:

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

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

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

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

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

Fair value measurements: 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 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, 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.

Transamerica Funds Semi-Annual Report 2011

Page 179

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

NOTE 2. (continued)

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. 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 TBA securities and mortgage pass-through certificates. Generally, TBA securities and mortgage pass-throughs are valued using dealer quotations. Depending on market activity levels and whether quotations or other observable data are used, these securities are typically categorized in Level 2 of the fair value hierarchy.

Restricted securities (equity and debt): Restricted securities for which quotations are not readily available are valued at fair value as determined in good faith by Transamerica Asset Management, Inc.’s (“TAM”) Valuation Committee under the supervision of the 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.

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.

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. For instances which daily market quotes are not readily available, securities may be valued, pursuant to procedures adopted by the Board of Trustees, with reference to other instruments or indices. 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. When a Fund uses fair valuation methods that use significant unobservable inputs to determine a security’s value, the Valuation Committee will use another method that is believed to accurately reflect fair market value and are categorized as Level 3 of the fair value hierarchy.

The hierarchy classification of inputs used to value the Funds’ investments at April 30, 2011 are disclosed in the Valuation Summary of each Fund’s Schedule of Investments. Transfers between Levels are considered to have occurred at the end of the reporting period.

There were no significant transfers between Level 1 and Level 2 during the period ended April 30, 2011.

For assets and liabilities for which significant unobservable inputs (Level 3) were used, there is a reconciliation of the beginning to the ending balances for reported market values that presents changes attributable to total realized and unrealized gains or losses, purchases and sales, and transfers in/out of the Level 3 category during the period. The Level 3 reconciliation, if any, is disclosed in the Valuation Summary of each respective Fund’s Schedule of Investments.

Transamerica Funds Semi-Annual Report 2011

Page 180

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

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

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

The following schedule reflects the percentage of the Funds’ assets owned by affiliated investment companies at April 30, 2011:

	Market		% of Net
Transamerica BlackRock Global Allocation	Value		Assets
Transamerica Asset Allocation-Conservative Portfolio	$	23,805		4.52	%
Transamerica Asset Allocation-Growth Portfolio		26,414		5.02
Transamerica Asset Allocation-Moderate Portfolio		49,060		9.32
Transamerica Asset Allocation-Moderate Growth Portfolio		80,748		15.34
Transamerica Multi-Manager Alternative Strategies Portfolio		37,956		7.21
Transamerica Multi-Manager International Portfolio		16,371		3.11
Transamerica Asset Allocation-Conservative VP		17,905		3.40
Transamerica Asset Allocation-Growth VP		33,497		6.36
Transamerica Asset Allocation-Moderate Growth VP		154,505		29.35
Transamerica Asset Allocation-Moderate VP		61,240		11.63
Total	$	501,501		95.26	%

	Market		% of Net
Transamerica BlackRock Large Cap Value	Value		Assets
Transamerica Asset Allocation-Conservative Portfolio	$	52,434		7.86	%
Transamerica Asset Allocation-Growth Portfolio		195,582		29.33
Transamerica Asset Allocation-Moderate Portfolio		128,402		19.26
Transamerica Asset Allocation-Moderate Growth Portfolio		278,704		41.80
Total	$	655,122		98.25	%

	Market		% of Net
Transamerica Clarion Global Real Estate Securities	Value		Assets
Transamerica Asset Allocation-Conservative Portfolio	$	1,027		0.36	%
Transamerica Asset Allocation-Growth Portfolio		76,090		26.73
Transamerica Asset Allocation-Moderate Portfolio		47,197		16.58
Transamerica Asset Allocation-Moderate Growth Portfolio		106,631		37.45
Transamerica Multi-Manager Alternative Strategies Portfolio		28,944		10.17
Transamerica Multi-Manager International Portfolio		13,934		4.89
Total	$	273,823		96.18	%

	Market		% of Net
Transamerica Federated Market Opportunity	Value		Assets
Transamerica Asset Allocation-Conservative Portfolio	$	3,580		6.67	%
Transamerica Asset Allocation-Growth Portfolio		137		0.26
Transamerica Asset Allocation-Moderate Portfolio		13,369		24.92
Transamerica Asset Allocation-Moderate Growth Portfolio		903		1.68
Transamerica Multi-Manager Alternative Strategies Portfolio		34,134		63.64
Total	$	52,123		97.17	%

	Market		% of Net
Transamerica First Quadrant Global Macro	Value		Assets
Transamerica Asset Allocation-Conservative Portfolio	$	12,146		8.34	%
Transamerica Asset Allocation-Growth Portfolio		15,329		10.53
Transamerica Asset Allocation-Moderate Portfolio		21,053		14.46
Transamerica Asset Allocation-Moderate Growth Portfolio		35,463		24.35
Transamerica Multi-Manager Alternative Strategies Portfolio		51,175		35.14
Transamerica Asset Allocation-Growth VP		10,468		7.19
Total	$	145,634		100.01	%

	Market		% of Net
Transamerica Hansberger International Value	Value		Assets
Transamerica Asset Allocation-Conservative Portfolio	$	4,670		1.65	%
Transamerica Asset Allocation-Growth Portfolio		36,287		12.83
Transamerica Asset Allocation-Moderate Portfolio		17,665		6.25
Transamerica Asset Allocation-Moderate Growth Portfolio		51,847		18.33
Transamerica Multi-Manager International Portfolio		34,046		12.04
Transamerica Asset Allocation-Conservative VP		3,105		1.10
Transamerica Asset Allocation-Growth VP		15,414		5.45
Transamerica Asset Allocation-Moderate Growth VP		55,080		19.48
Transamerica Asset Allocation-Moderate VP		33,641		11.89
Transamerica International Moderate Growth VP		28,024		9.91
Total	$	279,779		98.93	%

	Market		% of Net
Transamerica Jennison Growth	Value		Assets
Transamerica Asset Allocation-Conservative Portfolio	$	74,091		8.82	%
Transamerica Asset Allocation-Growth Portfolio		273,434		32.53
Transamerica Asset Allocation-Moderate Portfolio		175,717		20.91
Transamerica Asset Allocation-Moderate Growth Portfolio		297,375		35.38
Transamerica Asset Allocation-Conservative VP		97		0.01
Transamerica Asset Allocation-Growth VP		5,668		0.67
Transamerica Asset Allocation-Moderate Growth VP		228		0.03
Transamerica Asset Allocation-Moderate VP		157		0.02
Total	$	826,767		98.37	%

	Market		% of Net
Transamerica JPMorgan Core Bond	Value		Assets
Transamerica Asset Allocation-Conservative Portfolio	$	80,981		7.12	%
Transamerica Asset Allocation-Moderate Portfolio		53,471		4.70
Transamerica Asset Allocation-Moderate Growth Portfolio		36,799		3.24
Transamerica Asset Allocation-Conservative VP		245,884		21.63
Transamerica Asset Allocation-Moderate Growth VP		305,083		26.83
Transamerica Asset Allocation-Moderate VP		359,121		31.59
Transamerica International Moderate Growth VP		46,954		4.13
Total	$	1,128,293		99.24	%

Transamerica Funds Semi-Annual Report 2011

Page 181

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

NOTE 3. (continued)

	Market		% of Net
Transamerica JPMorgan International Bond	Value		Assets
Transamerica Asset Allocation-Conservative Portfolio	$	8,048		2.18	%
Transamerica Asset Allocation-Moderate Portfolio		28,307		7.66
Transamerica Asset Allocation-Moderate Growth Portfolio		66,265		17.93
Transamerica Asset Allocation-Conservative VP		23,587		6.38
Transamerica Asset Allocation-Moderate Growth VP		175,288		47.42
Transamerica Asset Allocation-Moderate VP		66,986		18.12
Total	$	368,481		99.69	%

	Market		% of Net
Transamerica JPMorgan Long/Short Strategy	Value		Assets
Transamerica Asset Allocation-Conservative Portfolio	$	10,277		8.74	%
Transamerica Asset Allocation-Growth Portfolio		9,410		8.00
Transamerica Asset Allocation-Moderate Portfolio		16,712		14.21
Transamerica Asset Allocation-Moderate Growth Portfolio		23,634		20.09
Transamerica Multi-Manager Alternative Strategies Portfolio		51,438		43.73
Transamerica Asset Allocation-Growth VP		6,023		5.12
Total	$	117,494		99.89	%

	Market		% of Net
Transamerica JPMorgan Mid Cap Value	Value		Assets
Transamerica Asset Allocation-Conservative Portfolio	$	12,856		6.78	%
Transamerica Asset Allocation-Growth Portfolio		41,002		21.62
Transamerica Asset Allocation-Moderate Portfolio		47,038		24.81
Transamerica Asset Allocation-Moderate Growth Portfolio		88,807		46.83
Total	$	189,703		100.04	%

	Market		% of Net
Transamerica Loomis Sayles Bond	Value		Assets
Transamerica Asset Allocation-Conservative Portfolio	$	86,027		14.56	%
Transamerica Asset Allocation-Moderate Portfolio		150,442		25.46
Transamerica Asset Allocation-Moderate Growth Portfolio		75,251		12.73
Transamerica Multi-Manager Alternative Strategies Portfolio		46,079		7.80
Transamerica Asset Allocation-Conservative VP		32,500		5.50
Transamerica Asset Allocation-Moderate Growth VP		51,796		8.77
Transamerica Asset Allocation-Moderate VP		92,731		15.69
Total	$	534,826		90.51	%

	Market		% of Net
Transamerica MFS International Equity	Value		Assets
Transamerica Asset Allocation-Conservative Portfolio	$	15,607		2.57	%
Transamerica Asset Allocation-Growth Portfolio		35,979		5.93
Transamerica Asset Allocation-Moderate Portfolio		43,567		7.18
Transamerica Asset Allocation-Moderate Growth Portfolio		62,952		10.37
Transamerica Multi-Manager International Portfolio		61,816		10.18
Transamerica Asset Allocation-Conservative VP		27,180		4.48
Transamerica Asset Allocation-Growth VP		26,664		4.39
Transamerica Asset Allocation-Moderate Growth VP		128,055		21.09
Transamerica Asset Allocation-Moderate VP		105,821		17.43
Transamerica International Moderate Growth VP		93,991		15.48
Total	$	601,632		99.10	%

	Market		% of Net
Transamerica Morgan Stanley Emerging Markets Debt	Value		Assets
Transamerica Asset Allocation-Conservative Portfolio	$	33,016		11.18	%
Transamerica Asset Allocation-Moderate Portfolio		48,111		16.29
Transamerica Asset Allocation-Moderate Growth Portfolio		47,991		16.25
Transamerica Multi-Manager Alternative Strategies Portfolio		2,249		0.76
Transamerica Asset Allocation-Conservative VP		30,193		10.23
Transamerica Asset Allocation-Moderate Growth VP		67,617		22.90
Transamerica Asset Allocation-Moderate VP		63,203		21.41
Total	$	292,380		99.02	%

	Market		% of Net
Transamerica Morgan Stanley Mid-Cap Growth	Value		Assets
Transamerica Asset Allocation-Conservative Portfolio	$	14,134		3.93	%
Transamerica Asset Allocation-Growth Portfolio		46,894		13.03
Transamerica Asset Allocation-Moderate Portfolio		37,969		10.55
Transamerica Asset Allocation-Moderate Growth Portfolio		70,042		19.46
Transamerica Asset Allocation-Conservative VP		5,485		1.52
Transamerica Asset Allocation-Growth VP		25,733		7.15
Transamerica Asset Allocation-Moderate Growth VP		124,594		34.61
Transamerica Asset Allocation-Moderate VP		33,355		9.26
Total	$	358,206		99.51	%

	Market		% of Net
Transamerica Morgan Stanley Small Company Growth	Value		Assets
Transamerica Asset Allocation-Conservative Portfolio	$	10,242		4.47	%
Transamerica Asset Allocation-Growth Portfolio		31,049		13.56
Transamerica Asset Allocation-Moderate Portfolio		19,111		8.34
Transamerica Asset Allocation-Moderate Growth Portfolio		31,122		13.59
Transamerica Asset Allocation-Conservative VP		13,395		5.85
Transamerica Asset Allocation-Growth VP		19,234		8.40
Transamerica Asset Allocation-Moderate Growth VP		64,455		28.14
Transamerica Asset Allocation-Moderate VP		38,104		16.64
Total	$	226,712		98.99	%

	Market		% of Net
Transamerica Neuberger Berman International	Value		Assets
Transamerica Asset Allocation-Conservative Portfolio	$	12,914		1.95	%
Transamerica Asset Allocation-Growth Portfolio		85,009		12.82
Transamerica Asset Allocation-Moderate Portfolio		38,740		5.84
Transamerica Asset Allocation-Moderate Growth Portfolio		128,804		19.42
Transamerica Multi-Manager International Portfolio		41,058		6.19
Transamerica Asset Allocation-Conservative VP		20,587		3.10
Transamerica Asset Allocation-Growth VP		49,004		7.39
Transamerica Asset Allocation-Moderate Growth VP		162,248		24.47
Transamerica Asset Allocation-Moderate VP		68,833		10.38
Transamerica International Moderate Growth VP		52,272		7.88
Total	$	659,469		99.44	%

	Market		% of Net
Transamerica Oppenheimer Developing Markets	Value		Assets
Transamerica Asset Allocation-Conservative Portfolio	$	14,775		2.26	%
Transamerica Asset Allocation-Growth Portfolio		91,846		14.03
Transamerica Asset Allocation-Moderate Portfolio		37,767		5.77
Transamerica Asset Allocation-Moderate Growth Portfolio		133,775		20.43
Transamerica Multi-Manager International Portfolio		47,474		7.25
Transamerica Asset Allocation-Conservative VP		15,424		2.35
Transamerica Asset Allocation-Growth VP		59,730		9.12
Transamerica Asset Allocation-Moderate Growth VP		183,596		28.04
Transamerica Asset Allocation-Moderate VP		67,057		10.24
Total	$	651,444		99.49	%

Transamerica Funds Semi-Annual Report 2011

Page 182

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

NOTE 3. (continued)

	Market		% of Net
Transamerica Oppenheimer Small- & Mid-Cap Value	Value		Assets
Transamerica Asset Allocation-Conservative Portfolio	$	12,457		3.49	%
Transamerica Asset Allocation-Growth Portfolio		44,312		12.41
Transamerica Asset Allocation-Moderate Portfolio		37,686		10.55
Transamerica Asset Allocation-Moderate Growth Portfolio		69,202		19.38
Transamerica Asset Allocation-Conservative VP		10,519		2.95
Transamerica Asset Allocation-Growth VP		28,099		7.87
Transamerica Asset Allocation-Moderate Growth VP		109,133		30.56
Transamerica Asset Allocation-Moderate VP		44,172		12.37
Total	$	355,580		99.58	%

	Market		% of Net
Transamerica PIMCO Real Return TIPS	Value		Assets
Transamerica Asset Allocation-Conservative Portfolio	$	87,910		10.12	%
Transamerica Asset Allocation-Moderate Portfolio		113,355		13.06
Transamerica Asset Allocation-Moderate Growth Portfolio		39,233		4.52
Transamerica Multi-Manager Alternative Strategies Portfolio		16,935		1.95
Transamerica Asset Allocation-Conservative VP		137,496		15.84
Transamerica Asset Allocation-Moderate Growth VP		148,352		17.09
Transamerica Asset Allocation-Moderate VP		269,136		31.00
Transamerica International Moderate Growth VP		10,896		1.25
Total	$	823,313		94.83	%

	Market		% of Net
Transamerica PIMCO Total Return	Value		Assets
Transamerica Asset Allocation-Conservative Portfolio	$	181,357		30.04	%
Transamerica Asset Allocation-Moderate Portfolio		242,254		40.12
Transamerica Asset Allocation-Moderate Growth Portfolio		164,299		27.21
Total	$	587,910		97.37	%

	Market		% of Net
Transamerica Schroders International Small Cap	Value		Assets
Transamerica Asset Allocation-Conservative Portfolio	$	20,096		3.17	%
Transamerica Asset Allocation-Growth Portfolio		80,002		12.62
Transamerica Asset Allocation-Moderate Portfolio		53,645		8.46
Transamerica Asset Allocation-Moderate Growth Portfolio		93,674		14.78
Transamerica Multi-Manager International Portfolio		48,782		7.70
Transamerica Asset Allocation-Conservative VP		17,275		2.73
Transamerica Asset Allocation-Growth VP		48,584		7.67
Transamerica Asset Allocation-Moderate Growth VP		162,054		25.57
Transamerica Asset Allocation-Moderate VP		53,830		8.49
Transamerica International Moderate Growth VP		51,596		8.14
Total	$	629,538		99.33	%

	Market		% of Net
Transamerica Third Avenue Value	Value		Assets
Transamerica Asset Allocation-Conservative Portfolio	$	22,839		5.22	%
Transamerica Asset Allocation-Growth Portfolio		59,211		13.53
Transamerica Asset Allocation-Moderate Portfolio		48,718		11.13
Transamerica Asset Allocation-Moderate Growth Portfolio		100,340		22.93
Transamerica Asset Allocation-Conservative VP		15,077		3.44
Transamerica Asset Allocation-Growth VP		38,009		8.69
Transamerica Asset Allocation-Moderate Growth VP		109,399		25.00
Transamerica Asset Allocation-Moderate VP		41,159		9.40
Total	$	434,752		99.34	%

	Market		% of Net
Transamerica Thornburg International Value	Value		Assets
Transamerica Asset Allocation-Conservative Portfolio	$	22,743		2.75	%
Transamerica Asset Allocation-Growth Portfolio		63,954		7.74
Transamerica Asset Allocation-Moderate Portfolio		46,921		5.68
Transamerica Asset Allocation-Moderate Growth Portfolio		107,999		13.08
Transamerica Multi-Manager International Portfolio		68,444		8.29
Transamerica Asset Allocation-Conservative VP		28,453		3.45
Transamerica Asset Allocation-Growth VP		46,244		5.60
Transamerica Asset Allocation-Moderate Growth VP		272,065		32.94
Transamerica Asset Allocation-Moderate VP		124,077		15.03
Transamerica International Moderate Growth VP		38,982		4.72
Total	$	819,882		99.28	%

	Market		% of Net
Transamerica UBS Large Cap Value	Value		Assets
Transamerica Asset Allocation-Conservative Portfolio	$	25,534		3.64	%
Transamerica Asset Allocation-Growth Portfolio		94,233		13.42
Transamerica Asset Allocation-Moderate Portfolio		62,812		8.95
Transamerica Asset Allocation-Moderate Growth Portfolio		135,337		19.27
Transamerica Asset Allocation-Conservative VP		33,395		4.76
Transamerica Asset Allocation-Growth VP		59,927		8.53
Transamerica Asset Allocation-Moderate Growth VP		190,647		27.15
Transamerica Asset Allocation-Moderate VP		93,554		13.32
Total	$	695,439		99.04	%

	Market		% of Net
Transamerica WMC Emerging Markets	Value		Assets
Transamerica Asset Allocation-Conservative Portfolio	$	6,978		1.52	%
Transamerica Asset Allocation-Growth Portfolio		8,848		1.92
Transamerica Asset Allocation-Moderate Portfolio		21,813		4.74
Transamerica Asset Allocation-Moderate Growth Portfolio		50,254		10.92
Transamerica Multi-Manager International Portfolio		33,621		7.31
Transamerica Asset Allocation-Conservative VP		12,451		2.71
Transamerica Asset Allocation-Growth VP		14,466		3.14
Transamerica Asset Allocation-Moderate Growth VP		80,643		17.53
Transamerica Asset Allocation-Moderate VP		40,958		8.90
Total	$	270,032		58.69	%

	Market		% of Net
Transamerica AQR Managed Futures Strategy	Value		Assets
Transamerica Asset Allocation-Conservative Portfolio	$	28,574		11.02	%
Transamerica Asset Allocation-Growth Portfolio		15,655		6.04
Transamerica Asset Allocation-Moderate Portfolio		69,605		26.85
Transamerica Asset Allocation-Moderate Growth Portfolio		100,036		38.59
Transamerica Multi-Manager Alternative Strategies Portfolio		45,240		17.45
Total	$	259,110		99.95	%

	Market		% of Net
Transamerica Goldman Sachs Commodity Strategy	Value		Assets
Transamerica Asset Allocation-Conservative Portfolio	$	15,694		7.94	%
Transamerica Asset Allocation-Growth Portfolio		774		0.39
Transamerica Asset Allocation-Moderate Portfolio		41,618		21.06
Transamerica Asset Allocation-Moderate Growth Portfolio		81,992		41.49
Transamerica Multi-Manager Alternative Strategies Portfolio		39,966		20.22
Transamerica Asset Allocation-Growth VP		14,848		7.52
Total	$	194,892		98.62	%

Transamerica Funds Semi-Annual Report 2011

Page 183

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

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 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 up to $1 billion	0.75	%
Over $1 billion up to $2 billion	0.65	%
Over $2 billion	0.625	%
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 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 Hansberger International Value
First $200 million	0.88	%
Over $200 million up to $500 million	0.81	%
Over $500 million	0.77	%
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 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 Long/Short Strategy (Effective January 6, 2011)
ANA	1.30	%
Transamerica JPMorgan Long/Short Strategy (Prior to January 6, 2011)
ANA	1.40	%
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 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 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 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 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 AQR Managed Futures Strategy
First $500 million	1.10	%
Over $500 million	1.05	%
Transamerica Goldman Sachs Commodity Strategy
First $200 million	0.61	%
Over $200 million up to $1 billion	0.59	%
Over $1 billion	0.56	%

Transamerica Funds Semi-Annual Report 2011

Page 184

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

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 BlackRock Global Allocation		1.00	%
Transamerica BlackRock Large Cap Value		1.00
Transamerica Federated Market Opportunity		1.05
Transamerica First Quadrant Global Macro		1.65
Transamerica Hansberger International Value		1.13
Transamerica JPMorgan Core Bond		0.70
Transamerica JPMorgan International Bond		0.75
Transamerica JPMorgan Long/Short Strategy*		1.65
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

* 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.

Amounts recaptured by the adviser during the period ended April 30, 2011 were as follows:

Fund	Recaptured Amount
Transamerica WMC Emerging Markets	$	99

There were no amounts available for recapture as of April 30, 2011.

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 agency services. Amounts due and fees paid to TFS for the period ended April 30, 2011 are disclosed on the Statements of Assets and Liabilities and the Statement of Operations, respectively.

Deferred compensation plan: Under a non-qualified deferred compensation plan effective January 1, 1996, as amended and restated (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.

Brokerage commissions: Brokerage commissions incurred on security transactions placed with affiliates of the adviser or sub-advisers for the period ended April 30, 2011 were as follows:

	Brokerage
Fund	Commissions
Transamerica Third Avenue Value	$	4
Transamerica UBS Large Cap Value		4

Transamerica Funds Semi-Annual Report 2011

Page 185

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

NOTE 4. INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended April 30, 2011 were as follows:

					Proceeds from
	Purchases of				maturities and sales
	securities:				of securities:
Fund	Long-term		U.S. Government		Long-term		U.S. Government
Transamerica BlackRock Global Allocation	$	87,845	$	5,832	$	81,221	$	11,652
Transamerica BlackRock Large Cap Value		224,497		—		373,672		—
Transamerica Clarion Global Real Estate Securities		67,028		—		128,055		—
Transamerica Federated Market Opportunity		35,128		—		73,897		5,014
Transamerica First Quadrant Global Macro		—		—		—		—
Transamerica Hansberger International Value		321,541		—		353,812		—
Transamerica Jennison Growth		270,375		—		263,690		—
Transamerica JPMorgan Core Bond		135,041		45,872		69,807		95,743
Transamerica JPMorgan International Bond		84,838		—		163,690		—
Transamerica JPMorgan Long/Short Strategy		346,132		—		321,631		—
Transamerica JPMorgan Mid Cap Value		34,795		—		39,872		—
Transamerica Loomis Sayles Bond		99,395		22,471		93,701		45,984
Transamerica MFS International Equity		105,365		—		94,943		—
Transamerica Morgan Stanley Emerging Markets Debt		118,307		—		103,174		—
Transamerica Morgan Stanley Mid-Cap Growth		36,540		—		39,180		—
Transamerica Morgan Stanley Small Company Growth		30,313		—		34,038		—
Transamerica Neuberger Berman International		154,482		—		167,668		—
Transamerica Oppenheimer Developing Markets		138,235		—		144,932		—
Transamerica Oppenheimer Small- & Mid-Cap Value		164,664		—		174,721		—
Transamerica PIMCO Real Return TIPS		77,561		601,295		29,102		774,559
Transamerica PIMCO Total Return		554,340		29,994		386,412		177,093
Transamerica Schroders International Small Cap		138,595		—		143,866		—
Transamerica Third Avenue Value		5,553		—		49,193		—
Transamerica Thornburg International Value		126,554		—		157,919		—
Transamerica UBS Large Cap Value		240,846		—		788,733		—
Transamerica WMC Emerging Markets		350,515		—		320,965		—
Transamerica AQR Managed Futures Strategy		—		—		—		—
Transamerica Goldman Sachs Commodity Strategy		—		—		—		—

NOTE 5. DERIVATIVE FINANCIAL INSTRUMENTS

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 decreased throughout the period from nine contracts to six contracts. The volume of written option contracts increased throughout the period from 25 contracts to 45 contracts. The volume of purchased options and forward foreign currency contracts held throughout the period increased beginning at five and 29 contracts, respectively, and ending at 18 and 59 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 April 30, 2011

Derivatives not accounted for as hedging instruments

	Foreign exchange			Equity
Location	contracts			Contracts			Total
Asset derivatives
Investment securities, at value	$	—		$	945		$	945
Unrealized appreciation on futures contracts		—			112			112	*
Unrealized appreciation on forward foreign currency contracts		1,085			—			1,085
Liability derivatives
Written options and swaptions, at value		—			(901	)		(901	)
Unrealized depreciation on futures contracts		—			(453	)		(453	)*
Unrealized depreciation on forward foreign currency contracts		(438	)		—			(438	)
Total	$	647		$	(297	)	$	350

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

Transamerica Funds Semi-Annual Report 2011

Page 186

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

NOTE 5. (continued)

Effect of Derivative Instruments on the Statement of Operations for the period ended April 30, 2011

	Foreign exchange		Equity
Location	contracts		contracts			Total
Realized Gain / (Loss) on derivatives recognized in income
Net realized (loss) on investment securities	$	—	$	(2	)	$	(2	)
Net realized gain on written options and swpations				273			273
Net realized (loss) on futures contracts				689			689
Net realized (loss) on foreign currency transactions		1,172					1,172
Change in Unrealized Appreciation / (Depreciation) on derivatives recognized in income
Net increase (decrease) in unrealized appreciation (depreciation) on investment securities		—		213			213
Net increase (decrease) in unrealized appreciation (depreciation) on written options and swaptions		—		146			146
Net increase (decrease) in unrealized appreciation (depreciation) on futures contracts		—		(581	)		(581	)
Net increase (decrease) in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies		735		—			735
Total	$	1,907	$	738		$	2,645

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 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 period increased, beginning at 11 and 92 contracts, respectively, and ending at zero and 14 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 April 30, 2011

Derivatives not accounted for as hedging instruments

	Foreign exchange
Location	contracts
Asset derivatives
Unrealized appreciation on forward foreign currency contracts	$	157
Liability derivatives
Unrealized depreciation on forward foreign currency contracts		(186	)
Total	$	(29	)

Effect of Derivative Instruments on the Statement of Operations for the period ended April 30, 2011

	Foreign exchange			Equity
Location	contracts			contracts			Total
Realized Gain / (Loss) on derivatives recognized in income
Net realized (loss) on investment securities	$	—		$	(6,968	)	$	(6,968	)
Net realized (loss) on foreign currency transactions		(584	)		—			(584	)
Change in Unrealized Appreciation / (Depreciation) on derivatives recognized in income
Net increase (decrease) in unrealized appreciation (depreciation) on investment securities		—			3,155			3,155
Net increase (decrease) in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies		684			—			684
Total	$	100		$	(3,813	)	$	(3,713	)

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

Transamerica Funds Semi-Annual Report 2011

Page 187

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

NOTE 5. (continued)

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 the end of the period is indicative of the volume held throughout the period. The volume of purchased options and forward currency contracts held throughout the period increased beginning at four and 143 contracts, respectively, and ending at seven and 145 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 April 30, 2011

Derivatives not accounted for as hedging instruments

	Interest rates			Foreign exchange			Equity
Location	contracts			contracts			contracts			Total
Asset derivatives
Investment securities, at value	$	—		$	—		$	764		$	764
Unrealized appreciation on futures contracts		1,995			—			590			2,585	*
Unrealized appreciation on forward foreign currency contracts		—			6,881			—			6,881
Liability derivatives
Unrealized depreciation on futures contracts		(1,495	)		—			(662	)		(2,157)	*
Written options, at value		—			—			(946	)		(946	)
Unrealized depreciation on forward foreign currency contracts		—			(8,085	)		—			(8,085	)
Total		500			(1,204	)		(254	)		(958	)

* 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 period ended April 30, 2011

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	$	—		$	—		$	(412	)	$	(412	)
Net realized gain (loss) on futures contracts		(493	)		—			1,034			541
Net realized gain on written option contracts		—			—			1,750			1,750
Net realized gain on foreign currency transactions		—			(1,090	)		—			(1,090	)
Change in Unrealized Appreciation / (Depreciation) on derivatives recognized in income
Net increase (decrease) in unrealized appreciation (depreciation) on investment securities		—			—			270			270
Net increase (decrease) in unrealized appreciation (depreciation) on futures contracts		(384	)		—			(589	)		(973	)
Net increase (decrease) in unrealized appreciation (depreciation) on written option contracts		—			—			(44	)		(44	)
Net increase (decrease) in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies		—			(156	)		—			(156	)
Total	$	(877	)	$	(1,246	)	$	2,009		$	(114	)

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 Hansberger 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 throughout the period decreased from one to zero. The tables below highlight the types of risks and the derivative instruments used to mitigate the risks:

Effect of Derivative Instruments on the Statement of Operations for the period ended April 30, 2011

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	$	74
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	$	53

Transamerica Funds Semi-Annual Report 2011

Page 188

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

NOTE 5. (continued)

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

Transamerica JPMorgan International Bond:

The Fund is subject to various risks in the normal course of pursuing its investment objective. The volume of futures contracts held at the end of the period is indicative of the volume held throughout the period. The volume of forward foreign currency contracts held increased throughout the period, starting with 51 contracts at the beginning of the period and ending at 124 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 April 30, 2011

Derivatives not accounted for as hedging instruments

	Interest rates			Foreign exchange
Location	contracts			contracts			Total
Asset derivatives
Unrealized appreciation on futures contracts	$	876		$	—		$	876	*
Unrealized appreciation on forward foreign currency contracts		—			5,009			5,009
Liability derivatives
Unrealized depreciation on futures contracts		(219	)		—			(219	)*
Unrealized depreciation on forward foreign currency contracts		—			(4,468	)		(4,468	)
Total	$	657		$	541		$	1,198

* 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 period ended April 30, 2011

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 (loss) on futures contracts	$	(259	)	$	—		$	(259	)
Net realized (loss) on foreign currency transactions		—			(1,904	)		(1,904	)
Change in Unrealized Appreciation / (Depreciation) on derivatives recognized in income
Net increase (decrease) in unrealized appreciation (depreciation) on futures contracts		(62	)		—			(62	)
Net increase (decrease) in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies		—			(595	)		(595	)
Total	$	(321	)	$	(2,499	)	$	(2,820	)

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 Morgan Stanley Emerging Markets Debt:

The Fund is subject to various risks in the normal course of pursuing its investment objective. The volume of futures contracts held throughout the period increased from zero to one. The table below highlights the types of risks and the derivative instruments used to mitigate the risks:

Fair Values of Derivative Instruments on the Statement of Assets and Liabilities as of April 30, 2011

Derivatives not accounted for as hedging instruments

	Interest rates
Location	contracts
Asset derivatives
Unrealized appreciation on futures contracts	$	119	*

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

Transamerica Funds Semi-Annual Report 2011

Page 189

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

NOTE 5. (continued)

Effect of Derivative Instruments on the Statement of Operations for the period ended April 30, 2011

Derivatives not accounted for as hedging instruments

	Interest rates
Location	contracts
Realized Gain / (Loss) on derivatives recognized in income
Net realized loss on futures contracts	$	(2,689	)
Change in Unrealized Appreciation / (Depreciation) on derivatives recognized in income
Net increase (decrease) in unrealized appreciation (depreciation) on futures contracts		119
Total	$	(2,570	)

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

Transamerica PIMCO Real Return TIPS:

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 from 48 to 90. The volume of written options/swaption contracts and forward foreign currency contracts held throughout the period decreased, starting at 46 and 152 contracts, respectively, and ending at 31 and 89 contracts, respectively. Futures contracts increased during the period from three contracts to four 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 April 30, 2011

Derivatives not accounted for as hedging instruments

	Interest rates			Foreign exchange			Credit
Location	contracts			contracts			contracts			Total
Asset derivatives
Investment Securities, at value	$	177		$	—		$	—		$	177
Premium paid on swap agreements		253			—			2,262			2.515
Unrealized appreciation on swap agreements		776			—			1,271			2,047
Unrealized appreciation on futures contracts		187			—			—			187	*
Unrealized appreciation on forward foreign currency contracts		—			2,619			—			2,619
Liability derivatives
Written options and swaptions, at value		(1,896	)		—			—			(1,896	)
Premium received on swap agreements		(71	)		—			(612	)		(683	)
Unrealized depreciation on swap agreements		(590	)		—			(539	)		(1,129	)
Unrealized depreciation on forward foreign currency contracts		—			(1,566	)		—			(1,566	)
Total	$	(1,167	)	$	1,053		$	2,385			2,271

* 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 period ended April 30, 2011

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	$	313		$	—		$	—		$	313
Net realized gain (loss) on swap agreements		(964	)		—			611			(353	)
Net realized loss on futures contracts		(87	)		—			—			(87	)
Net realized loss on foreign currency transactions		—			(962	)		—			(962	)
Change in Unrealized Appreciation / (Depreciation) on derivatives recognized in income
Net increase (decrease) in unrealized appreciation (depreciation) on purchased options		32			—			—			32
Net increase (decrease) in unrealized appreciation (depreciation) on written options and swaptions		(503	)		—			—			(503	)
Net increase (decrease) in unrealized appreciation (depreciation) on swap agreements		(1,005	)		—			(174	)		(1,179	)
Net increase (decrease) in unrealized appreciation (depreciation) on futures contracts		122			—			—			122
Net increase (decrease) in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies		—			346			—			346
Total	$	(2,092	)	$	(616	)	$	437		$	(2,271	)

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

Transamerica Funds Semi-Annual Report 2011

Page 190

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

NOTE 5. (continued)

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 throughout the period increased from 21 to 23. The volume of written option/swaption contracts and forward foreign currency contracts held throughout the period decreased, starting at 28 and 118 contracts, respectively, and ending at 22 and 71 contracts, respectively. Futures contracts increased during the year from two contracts to four 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 April 30, 2011

Derivatives not accounted for as hedging instruments

	Interest rates			Foreign exchange
Location	contracts			contracts			Credit contracts			Total
Asset derivatives
Premium paid on swap agreements	$	201		$	—		$	944		$	1,145
Unrealized appreciation on swap agreements		421			—			9			430
Unrealized appreciation on futures contracts		720			—			—			720	*
Unrealized appreciation on forward foreign currency contracts		—			2,655			—			2,655
Liability derivatives
Written options and swaptions, at value		(1,006	)		—			—			(1,006	)
Premium received on swap agreements		(560	)		—			(874	)		(1,434	)
Unrealized depreciation on swap agreements		(212	)		—			(1,995	)		(2,207	)
Unrealized depreciation on futures contracts		(319	)		—			—			(319	)*
Unrealized depreciation on forward foreign currency contracts		—			(2,074	)		—			(2,074	)
Total	$	(755	)	$	581		$	(1,916	)	$	(2,090	)

* 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 period ended April 30, 2011

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	$	812		$	23		$	—		$	835
Net realized (loss) on swap agreements		(22	)		—			(616	)		(638	)
Net realized (loss) on futures contracts		(419	)		—			—			(419	)
Net realized (loss) on foreign currency transactions		—			(5,015	)		—			(5,015	)
Change in Unrealized Appreciation / (Depreciation) on derivatives recognized in income
Net increase (decrease) in unrealized appreciation (depreciation) on written options and swaptions		783			—			—			783
Net increase (decrease) in unrealized appreciation (depreciation) on swap agreements		(520	)		—			(319	)		(839	)
Net increase (decrease) in unrealized appreciation (depreciation) on futures contracts		599			—			—			599
Net increase (decrease) in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies		—			1,587			—			1,587
Total	$	1,233		$	(3,405	)	$	(935	)	$	(3,107	)

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

Transamerica Funds Semi-Annual Report 2011

Page 191

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

NOTE 5. (continued)

Transamerica Thornburg International Value:

The Fund is subject to various risks in the normal course of pursuing its investment objective. The volume of forward foreign currency contracts held decreased during the period, starting at nine contracts and ending at two 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 April 30, 2011

Derivatives not accounted for as hedging instruments

Location	Foreign exchange contracts
Asset derivatives
Unrealized appreciation on forward foreign currency contracts	$	176
Liability derivatives
Unrealized depreciation on forward foreign currency contracts		(1,607	)
Total	$	(1,431	)

Effect of Derivative Instruments on the Statement of Operations for the period ended April 30, 2011

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	$	(4,396	)
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		2,853
Total	$	(1,543	)

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 period decreased, starting with seven contracts and decreasing to four 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 April 30, 2011

Derivatives not accounted for as hedging instruments

Location	Foreign exchange contracts
Asset derivatives
Unrealized appreciation on forward foreign currency contracts	$	25
Liability derivatives
Unrealized depreciation on forward foreign currency contracts		(582	)
Total	$	(557	)

Effect of Derivative Instruments on the Statement of Operations for the period ended April 30, 2011

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	$	265
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		(445	)
Total	$	(180	)

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

Transamerica Funds Semi-Annual Report 2011

Page 192

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

NOTE 5. (continued)

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 decreased throughout the period from 16 to five. The volume of futures contracts and forward foreign currency contracts held throughout the period increased beginning at 110 and 77 contracts, respectively, and ending at 145 and 323 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 April 30, 2011

Derivatives not accounted for as hedging instruments

	Interest rates			Foreign exchange						Commodity
Location	contracts			contracts			Equity contracts			Contracts			Total
Asset derivatives
Unrealized appreciation on swap agreements	$	63		$	—		$	443		$	—		$	506
Unrealized appreciation on futures contracts		1,897			—			2,694			5,145			9,736	*
Unrealized appreciation on forward foreign currency contracts		—			34,039			—			—			34,039
Liability derivatives
Unrealized depreciation on swap agreements		(14	)		—			(44	)		—			(58	)
Unrealized depreciation on futures contracts		(123	)		—			(489	)		(3,698	)		(4,310	)*
Unrealized depreciation on forward foreign currency contracts		—			(28,295	)		—			—			(28,295	)
Total	$	1,823		$	5,744		$	2,604		$	1,447		$	11,618

* 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 period ended April 30, 2011

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	$	(7,312	)	$	—		$	6,665	$	3,251		$	2,604
Net realized gain (loss) on swap agreements		1,026			—			—		(269	)		757
Net realized (loss) on foreign currency transactions		—			(118	)		—		—			(118	)
Change in Unrealized Appreciation / (Depreciation) on derivatives recognized in income
Net increase (decrease) in unrealized appreciation (depreciation) on futures contracts		2,288			—			303		(405	)		2,186
Net increase (decrease) in unrealized appreciation on swap agreements		107			—			—		(9	)		98
Net increase (decrease) in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies		—			5,680			—		—			5,680
Total	$	(3,891	)	$	5,562		$	6,968	$	2,568		$	11,207

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 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 from four to 12 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.

Fair Values of Derivative Instruments on the Statement of Assets and Liabilities as of April 30, 2011

Derivatives not accounted for as hedging instruments

	Interest rates
Location	contracts
Asset derivatives
Premium paid on swap agreements	$	198,957
Liability derivatives
Premium received on swap agreements		(198,957	)
Total	$	—

Effect of Derivative Instruments on the Statement of Operations for the period ended April 30, 2011

Derivatives not accounted for as hedging instruments

	Interest rates
Location	contracts
Realized Gain/(Loss) on derivatives recognized in income
Net Realized gain on swap agreements	$	35,138

Transamerica Funds Semi-Annual Report 2011

Page 193

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2011
(all amounts in thousands)
(unaudited)

NOTE 5. (continued)

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

NOTE 6. FEDERAL INCOME TAX MATTERS

The Funds have not made any provision for federal income or excise taxes due to their policy to distribute all of their taxable income and capital gains to their shareholders and otherwise qualify as regulated investment companies under Subchapter M of the Internal Revenue Code. The Funds recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has evaluated the Funds’ tax 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.

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 April 30, 2011:

			% of Net
Transamerica AQR Managed Futures Strategy	Market Value		Assets
Transamerica Cayman AQR Managed Futures Strategy, Ltd.	$	60,174		23.21	%

			% of Net
Transamerica Goldman Sachs Commodity Strategy	Market Value		Assets
Transamerica Cayman Goldman Sachs Commodity Strategy, Ltd.	$	41,795		21.15	%

NOTE 8. SUBSEQUENT EVENT

Transamerica Federated Market Opportunity ceased operations on May 2, 2011.

Transamerica Funds Semi-Annual Report 2011

Page 194

TRANSAMERICA HANSBERGER INTERNATIONAL VALUE
(formerly known as Transamerica AllianceBernstein International Value)

APPROVAL OF NEW INVESTMENT SUB-ADVISORY AGREEMENT

(unaudited)

At a meeting of the Board Members of Transamerica Funds (the “Board”) held on October 7, 2010, the Board Members of Transamerica Funds (the “Board”) including the Independent Board Members, approved the termination of AllianceBernstein, L.P. (“AllianceBernstein”) as sub-adviser to Transamerica AllianceBernstein International Value (the “Fund”), and approved a new investment sub-advisory agreement for the Fund between Transamerica Asset Management, Inc. (“TAM” or the “Manager”) and Hansberger Global Investors, Inc. (“Hansberger”), the Fund’s proposed new Sub-Adviser.

The Board considered the termination of AllianceBernstein as sub-adviser for Transamerica AllianceBernstein International Value and the appointment of Hansberger as replacement sub-adviser. The Board authorized TAM to terminate the sub-advisory agreement with AllianceBernstein. The Board also approved the sub-advisory agreement with Hansberger, with respect to the Fund, for an initial two-year period (the “New Sub-Advisory Agreement”).

To assist the Board Members in their consideration of the New Sub-Advisory Agreement, the Board Members received in advance of their meeting certain materials and information. In addition, the Independent Board Members consulted with their independent legal counsel, discussing, among other things, the legal standards and certain other considerations relevant to the Board Members’ deliberations.

Among other matters, the Board Members considered:

(a) that TAM advised the Board Members that the appointment of Hansberger 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 Hansberger is an experienced and respected asset management firm and that Hansberger has the capabilities, resources and personnel necessary to provide advisory services to the Fund;

(c) the proposed responsibilities of Hansberger for the Fund and the services expected to be provided by it;

(d) the fact that the sub-advisory fee payable to Hansberger would be paid by TAM and not the Fund;

(e) that the management fees and sub-advisory fees will remain the same; and that the sub-advisory fee paid by TAM to Hansberger is consistent with TAM’s fiduciary duty under applicable law; and

(f) that TAM recommended to the Board that Hansberger be appointed as sub-adviser to the Fund based on its desire to engage an established relative value investment strategy sub-adviser with experience managing a mutual fund product, and with a proven performance record for that strategy.

A discussion followed which included additional consideration of these and other matters.

In their deliberations, the Board Members did not identify any particular information that was all-important or controlling, and each Board Member may have attributed different weights to the various factors. The Board Members, including a majority of the Independent Board Members, concluded that the New Sub-Advisory Agreement should be approved and that the fees payable thereunder are consistent with TAM’s fiduciary duty under applicable law.

Nature, Quality and Extent of Services Provided. In evaluating the nature, quality and extent of the services to be provided by Hansberger under the New Sub-Advisory Agreement, the Board Members considered, among other things, information and assurances provided by TAM and Hansberger as to the operations, facilities, organization and personnel of Hansberger, the anticipated ability of Hansberger to perform its duties under the New 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 benchmark, 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 Hansberger 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 Hansberger is an experienced and respected asset management firm and that TAM believes that Hansberger has the capabilities, resources and personnel necessary to provide sub-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 Hansberger can provide sub-advisory services that are appropriate in scope and extent in light of the proposed investment program for the Fund and that Hansberger’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 and noted that the sub-advisory fees would not change under the New Sub-Advisory Agreement. The Board Members also considered the overall management fee structure of the Fund and noted that the advisory fee payable by the Fund would not change if the New Sub-Advisory Agreement is implemented. The Board Members also determined that the sub-advisory fee paid by TAM to Hansberger is consistent with TAM’s fiduciary duty under applicable law.

Transamerica Funds Semi-Annual Report 2011

Page 195

TRANSAMERICA HANSBERGER INTERNATIONAL VALUE
(formerly known as Transamerica AllianceBernstein International Value)

APPROVAL OF NEW INVESTMENT SUB-ADVISORY AGREEMENT (continued)

(unaudited)

Economies of Scale. The Board Members considered 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 concluded that they would have the opportunity to periodically reexamine whether economies of scale had been achieved, and the appropriateness of management fees payable to TAM and fees payable by TAM to Hansberger, in the future.

Fall-Out Benefits. The Board noted that TAM believes that other benefits anticipated to be derived by Hansberger from its relationship with the Fund are expected to be consistent with industry practice. The Board Members also noted that TAM would not realize soft dollar benefits from its relationship with Hansberger, and that Hansberger may engage in soft dollar arrangements consistent with applicable law and “best execution” requirements. The Board also noted that the Hansberger 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 Hansberger may engage in with respect to the Fund’s brokerage transactions.

Investment Performance. The Board Members reviewed the returns and risk comparison of Transamerica AllianceBernstein International Value versus Hansberger’s proprietary fund, Hansberger International Value. The Board Members noted that the performance of Hansberger International Value was stronger than that of Transamerica AllianceBernstein International Value for the past 1-, 3- and 5-year periods ended June 30, 2010 (annualized), as well as year-to-date as of June 30, 2010. The Board Members further noted that TAM believes that the appointment of Hansberger could benefit shareholders by offering them the potential for improved performance based on the historical comparisons, but were unable to predict what effect execution of the New Sub-Advisory Agreement would actually have on the future performance of the Fund. Based on this information, the Board Members determined that Hansberger 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 Semi-Annual Report 2011

Page 196

TRANSAMERICA JPMORGAN LONG/SHORT STRATEGY
(formerly known as Transamerica BNY Mellon Market Neutral Strategy)

APPROVAL OF NEW INVESTMENT SUB-ADVISORY AGREEMENT

(unaudited)

At a meeting of the Board Members of Transamerica Funds (the “Board”) held on October 7, 2010, the Board Members of Transamerica Funds (the “Board”) including the Independent Board Members, approved the termination of Mellon Capital Management Corporation (“Mellon”) as sub-adviser to Transamerica BNY Mellon Market Neutral Strategy (the “Fund”), and approved a new investment sub-advisory agreement for the Fund between Transamerica Asset Management, Inc. (“TAM” or the “Manager”) and J.P. Morgan Investment Management Inc. (“JPMorgan”) the Fund’s proposed new Sub-Adviser.

The Board considered the termination of Mellon as sub-adviser for the Fund and the appointment of JPMorgan as replacement sub-adviser. The Board authorized TAM to terminate the sub-advisory agreement with Mellon. The Board also approved the sub-advisory agreement with JPMorgan, with respect to the Fund, for an initial two-year period (the “New Sub-Advisory Agreement”).

To assist the Board Members in their consideration of the New Sub-Advisory Agreement, the Board Members received in advance of their meeting certain materials and information. In addition, the Independent Board Members consulted with their independent legal counsel, discussing, among other things, the legal standards and certain other considerations relevant to the Board Members’ deliberations.

Among other matters, the Board Members considered:

(a) that TAM advised the Board Members that the appointment of JPMorgan 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 JPMorgan is an experienced and respected asset management firm and that JPMorgan has the capabilities, resources and personnel necessary to provide advisory services to the Fund based on an assessment of the services that JPMorgan provides to other funds within the Transamerica fund complex;

(c) the proposed responsibilities of JPMorgan for the Fund and the services expected to be provided by it;

(d) the fact that the sub-advisory fee payable to JPMorgan would be paid by TAM and not the Fund;

(e) that the management fees will be reduced, but the sub-advisory fees will remain the same; and that the sub-advisory fee paid by TAM to JPMorgan is consistent with TAM’s fiduciary duty under applicable law; and

(f) that TAM recommended to the Board that JPMorgan be appointed as sub-adviser to the Fund based on its desire to engage a sub-adviser that utilizes a long/short equity strategy and which has experience managing funds with similar investment processes.

A discussion followed which included additional consideration of these and other matters.

In their deliberations, the Board Members did not identify any particular information that was all-important or controlling, and each Board Member may have attributed different weights to the various factors. The Board Members, including a majority of the Independent Board Members, concluded that the New Sub-Advisory Agreement should be approved and that the fees payable thereunder are consistent with TAM’s fiduciary duty under applicable law.

Nature, Quality and Extent of Services Provided. In evaluating the nature, quality and extent of the services to be provided by JPMorgan under the New Sub-Advisory Agreement, the Board Members considered, among other things, information and assurances provided by TAM and JPMorgan as to the operations, facilities, organization and personnel of JPMorgan, the anticipated ability of JPMorgan to perform its duties under the New 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, principal investment strategies and risks and benchmark, 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 JPMorgan 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 JPMorgan is an experienced and respected asset management firm and that TAM believes that JPMorgan has the capabilities, resources and personnel necessary to provide sub-advisory services to the Fund, based on an assessment of the services that JPMorgan provides to other funds within the Transamerica fund complex.

Based on their review of the materials provided and the assurances they had received from TAM, the Board Members determined that JPMorgan can provide sub-advisory services that are appropriate in scope and extent in light of the proposed investment program for the Fund and that JPMorgan’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 and noted that the sub-advisory fees would not change under the New Sub-Advisory Agreement. The Board Members also considered the overall management fee structure of the Fund and noted that the advisory fee payable by the Fund would be reduced if the New Sub-Advisory Agreement is implemented, which would benefit the Fund and its shareholders. The Board Members also determined that the sub-advisory fee paid by TAM to JPMorgan is consistent with TAM’s fiduciary duty under applicable law.

Transamerica Funds Semi-Annual Report 2011

Page 197

TRANSAMERICA JPMORGAN LONG/SHORT STRATEGY
(formerly known as Transamerica BNY Mellon Market Neutral Strategy)

APPROVAL OF NEW INVESTMENT SUB-ADVISORY AGREEMENT (continued)

(unaudited)

Economies of Scale. The Board Members considered the sub-advisory fee schedule and the existence of breakpoints, if any. The Board Members concluded that they would have the opportunity to periodically reexamine whether economies of scale had been achieved, and the appropriateness of management fees payable to TAM and fees payable by TAM to JPMorgan, in the future.

Fall-Out Benefits. The Board noted that TAM believes that other benefits anticipated to be derived by JPMorgan from its relationship with the Fund are expected to be consistent with industry practice. The Board Members also noted that TAM would not realize soft dollar benefits from its relationship with JPMorgan, and that JPMorgan may engage in soft dollar arrangements consistent with applicable law and “best execution” requirements. The Board also noted that JPMorgan 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 JPMorgan may engage in with respect to the Fund’s brokerage transactions.

Investment Performance. The Board Members reviewed the returns and risk comparison of Transamerica BNY Mellon Market Neutral Strategy versus JPMorgan’s proprietary fund, JPMorgan Research Market Neutral, noting that JPMorgan Research Market Neutral follows a similar, but not the same, strategy as that proposed for the Fund. The Board Members noted that the performance of JPMorgan Research Market Neutral was stronger than that of Transamerica BNY Mellon Market Neutral Strategy for the past 1-, 2-, and 3-year periods ended July 20, 2010 (annualized), although Transamerica BNY Mellon Market Neutral Strategy’s year-to-date performance as of July 20, 2010 exceeded that of JPMorgan Research Market Neutral. The Board Members further noted that TAM believes that the appointment of JPMorgan could benefit shareholders by offering them the potential for improved performance based on the historical comparisons, but were unable to predict what effect execution of the New Sub-Advisory Agreement would actually have on the future performance of the Fund. Based on this information, the Board Members determined that JPMorgan 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 Semi-Annual Report 2011

Page 198

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 Funds and the Trust.

Important Notice Regarding Delivery of Shareholder Documents

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

Transamerica Funds Semi-Annual Report 2011

Page 199

TRANSAMERICA FUNDS — PRIVACY POLICY

NOTICE OF PRIVACY POLICY

(unaudited)

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

What Information We Collect and From Whom We Collect It

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

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

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

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

What Information We Disclose and To Whom We Disclose It

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

Our Security Procedures

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

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

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

Transamerica Funds Semi-Annual Report 2011

Page 200

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.