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

As filed with the SEC on January 4, 2013.

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-04556

TRANSAMERICA FUNDS

(Exact Name of Registrant as Specified in Charter)

570 Carillon Parkway, St. Petersburg, Florida 33716

(Address of Principal Executive Offices) (Zip Code)

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

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

(Name and Address of Agent for Service)

Date of fiscal year end: October 31

Date of reporting period: November 1, 2011- October 31, 2012

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

Fund of Funds

Annual Report

October 31, 2012

www.transamericainvestments.com

Customer Service 1-888-233-4339

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

Distributor: Transamerica Capital, Inc.

Dear Fellow Shareholder,

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

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

We believe it is important to understand market conditions over the last year in order to provide a context for reading this report. One year ago, fears that a sovereign default or a large bank failure in Europe would precipitate a global crisis had driven U.S. and many international markets down. In late 2011, the European Central Bank responded by making unlimited loans available to European banks, which used this money to honor deposits and to purchase sovereign bonds. Market fears subsided and global economies improved modestly, helping markets to rally strongly throughout the first three months of 2012.

Then, in early spring, positive economic trends in both the United States and abroad faded, causing most equity markets to dip from their March 2012 highs. The onset of summer brought resurgence in both U.S. economics and markets and, at the same time, economic weakness in Europe and Asia moderated. These events, combined with additional easing by global central banks, helped to drive most international equities higher through the end of summer. In September, unlimited quantitative easing was announced by the Federal Reserve which pushed U.S. markets to their highs for the year. In October, disappointing corporate earnings caused U.S. markets to retreat modestly, leaving the Standard & Poor’s 500^® Index up 15.21% for the year ended October 31, 2012. During this same period, the Morgan Stanley Capital International—Europe, Australasia, Far East Index (“MSCI-EAFE”), a measure of international stock returns, gained 5.15% and the Barclays U.S. Aggregate Bond Index gained 5.25%. 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,

Thomas A. Swank President & Chief Executive Officer Transamerica Funds Christopher A. Staples Vice President & Chief Investment Officer Transamerica Funds

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

Transamerica Asset Allocation—Conservative Portfolio

(unaudited)

MARKET ENVIRONMENT

The November 1, 2011 to October 31, 2012 reporting period encompassed an overall rising market for U.S. and international stocks, but with downdrafts in November 2011 and again in the spring of 2012. As the period began, the Standard & Poor’s 500^® Index (“S&P 500^®) posted a small loss in November 2011, but the Morgan Stanley Capital International-Europe, Australasia, and Far East Index (“MSCI-EAFE”) of developed-market foreign stocks dropped 4.83% amid volatility surrounding the eurozone sovereign debt crisis. The Morgan Stanley Capital International Emerging Markets Index (“MSCI-EMI”) plummeted 6.66% in November. Although U.S. stocks recovered ground in December, the international indices fell further.

The mood brightened in 2012’s first quarter. The U.S. economy showed some vigor with U.S. Gross Domestic Product (“GDP”) growth initially being reported at 3.0% (later revised down to 1.9%). Meanwhile, the European Central Bank’s (“ECB”) Long Term Refinancing Operations flooded the eurozone with liquidity by lending nearly $1.3 trillion to European banks, a move that comforted international equity markets. Both U.S. and international stocks enjoyed double-digit gains in 2012’s first quarter.

The eurozone crisis returned to haunt markets in the spring; however, as Spanish and Italian bond yields climbed and Spain’s government requested a large bailout for its banks from the European Union. Meanwhile, other data indicated deepening recessions in several European countries. Stocks sold off globally in April and May, with the S&P 500^® losing 6.60% over those two months and the MSCI-EAFE plunging 12.99%. The MSCI-EMI fell 12.20%.

Following the spring selloff, the markets began a sustained climb through the summer on the back of a number of moves and announcements by European and U.S. policymakers. A late June Euro Area Summit ended with a positive statement from the participants supporting the future establishment of a eurozone banking supervisor and the recapitalization of Spanish banks. In a July speech from London, ECB president Mario Draghi said the ECB would do “whatever it takes to preserve the Euro. And believe me, it will be enough.” This statement helped assuage the nervous markets. In August and September global equity markets rose further, boosted by an expectation that the ECB would buy Spanish and Italian bonds in the open market to hold down the bonds’ yields, and thus hold down the countries’ borrowing costs. The equity markets were also bolstered by anticipation that the U.S. Federal Reserve Board (“Fed”) would launch a third round of quantitative easing dubbed “QE3”. When the ECB did indeed announce a bond-buying program in early September, and the Fed followed with formally launching QE3 a few days later, the markets rallied some more.

Overall, the S&P 500^® returned 15.21% for the 12-month period. But Europe’s troubles took a toll; the MSCI-EAFE rose only 5.15% for the 12-month period. Emerging markets performed even worse with only a 2.98% return for the MSCI-EMI. Amid the market volatility, higher-quality bonds delivered decent gains; the Barclays U.S. Aggregate Bond Index (“Barclays U.S. Aggregate Bond”) notched a 5.25% return for the 12-month period. Credit-sensitive bonds were up more strongly, having benefited from the overall positive environment for equities; the Barclays U.S. Corporate High Yield Index gained 13.61%.

PERFORMANCE

For the year ended October 31, 2012, Transamerica Asset Allocation—Conservative Portfolio, Class A returned 7.55% after all expenses. Its primary and secondary benchmarks, the Barclays U.S. Aggregate Bond and the Wilshire 5000^® Total Market Index, returned 5.25% and 14.30%, respectively.

STRATEGY REVIEW

The goal of the Transamerica Asset Allocation Portfolios is to provide investors one-stop participation in the broad financial markets. Transamerica Asset Allocation—Conservative Portfolio is designed to provide a mix of approximately 65% fixed-income securities and 35% equity over time. The fixed-income part of the portfolio includes investment-grade and credit-sensitive holdings, as well as international bonds. The equity side covers both domestic and international markets across the entire range of investment styles, including both value and growth stocks and large and small companies. The portfolio also diversifies into emerging markets, global real estate, commodities, and alternative strategies. Our specific asset-class targets are derived from years of asset-allocation modeling—research that consistently indicates that the mix we target is close to optimal in terms of expected long-term returns per unit of risk taken. While this strategic blueprint forms the backbone of our asset allocation, we may actively over- and underweight asset classes relative to the normal targets as we deem prudent in response to present or expected market conditions. We endeavor to find and use quality money managers specializing in each asset class and investment style. We carefully monitor these underlying managers for performance and style issues, and adjust their weightings both to manage our asset-class exposures and to reflect the managers’ relative merit.

The fixed-income portion of the portfolio performed well during the November 1, 2011 – October 31, 2012 reporting period. Eight of the nine underlying bond funds that were owned for the entire period outpaced the Barclays U.S. Aggregate Bond (“the Index”). Even Transamerica Short-Term Bond, which targets shorter-term maturities, managed to outpace the Index. Transamerica Emerging Markets Debt and Transamerica High Yield Bond were the clear winners among the bond funds. Those are modest positions in the portfolio, but the two anchor funds—Transamerica Total Return and Transamerica Core Bond—both also beat the Index. Meanwhile, the portfolio’s two multi-sector bond funds, Transamerica Bond and Transamerica Flexible Income posted double-digit returns. The bond portfolio’s sole laggard relative to the Index was Transamerica International Bond, but its position size is small given that Transamerica Total Return and the two multi-sector funds have international stakes that already contribute a good amount toward our international bond target.

Transamerica Funds		Annual Report 2012
	Page    1

Transamerica Asset Allocation—Conservative Portfolio

(unaudited)

STRATEGY REVIEW (continued)

As outlined above, international equities underperformed U.S. equities during the reporting period. The portfolio’s built-in diversification into international equities, including both developed and emerging markets, was thus a drag relative to its U.S. exposure. We significantly underweighted developed foreign markets during the year, holding that weighting at only about two thirds of the normal target for much of the period, and also maintained an underweight in emerging markets in 2012. Even so, more than a fifth of the portfolio’s equity was in foreign developed and emerging markets equity as of October 31, 2012. The U.S. portion of the equity portfolio naturally enjoyed stronger returns, although its smaller-cap exposure diluted the gains somewhat. Significantly, the portfolio’s three main underlying U.S. large-cap growth funds, which are fairly sizable positions, lagged the S&P 500^® in a meaningful way. While the S&P 500^® was up 15.21% for the 12-month period, Transamerica Capital Growth eked out a small gain as a number of its Internet-related stocks struggled. Transamerica Diversified Equity and Transamerica Growth gained as well but lagged the S&P 500^®. By contrast, the portfolio’s three U.S. large-cap value funds performed more in line with the S&P 500^® .

During the year we worked to upgrade the roster of underlying managers. Transamerica Asset Management, Inc. (“TAM”) added what we consider an excellent large-cap value manager, Levin Capital Strategies, L.P., to run Transamerica Large Cap Value. TAM also added a pair of small-cap managers: Lombardia Capital Partners, LLC manages the new Transamerica Small Cap Value, and Ranger Investment Management, L.P. now runs Transamerica Small Cap Growth. Finally, we eliminated a couple of poor-performing international funds that we had been underweighting, and reallocated the assets to other managers in the same styles.

We still see macroeconomic events driving the markets more than the types of company fundamentals our underlying managers tend to emphasize in their security selection. Regarding the macroeconomic picture, we believe the U.S. economy is in a trend of gradual improvement while Europe is fighting to stave off a regional recession in 2013. Meanwhile, emerging markets have been hampered by slowing growth rates in heavyweights China, India, and Brazil. We; therefore, remain positioned with an international-equity underweight relative to our normal targets, and an overweight to the U.S. Valuations abroad have become somewhat attractive to us, however, so we must continuously weigh the economic risks abroad against the buying opportunity. In general, we have been and will continue to be flexible in this evolving environment.

Jon Hale, CFA

Dan McNeela, CFA

Michael Stout, CFA

Co-Portfolio Managers

Morningstar Associates, LLC

Transamerica Funds		Annual Report 2012
	Page    2

Transamerica Asset Allocation—Conservative Portfolio

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2012

	1 Year			5 Years			10 Years or Life of Class			Inception Date
Class A (NAV)		7.55	%		2.60	%		6.73	%		03/01/2002
Class A (POP)		1.64	%		1.45	%		6.12	%		03/01/2002
Barclays U.S. Aggregate Bond *		5.25	%		6.38	%		5.39	%
Wilshire 5000 *		14.30	%		0.77	%		7.79	%
Class B (NAV)		6.81	%		1.92	%		6.17	%		03/01/2002
Class B (POP)		1.81	%		1.75	%		6.17	%		03/01/2002
Class C (NAV)		6.90	%		1.98	%		6.06	%		11/11/2002
Class C (POP)		5.90	%		1.98	%		6.06	%		11/11/2002
Class I (NAV)		7.87	%		N/A			6.68	%		11/30/2009
Class R (NAV)		7.30	%		2.37	%		4.51	%		06/15/2006

NOTES

* The Barclays U.S. Aggregate Bond Index (“Barclays U.S. Aggregate Bond”) and the Wilshire 5000^® Total Market Index (“Wilshire 5000”) are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or Life of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on fund distributions or the redemption of fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamericafunds.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for Class A shares or the maximum applicable contingent deferred sales charge (5% in the 1st year, decreasing to 0% after 6 years) for Class B shares and 1% (during the first 12 months) for Class C shares. Shares purchased prior to March 1, 2004 are subject to a maximum applicable contingent deferred sales charge (5% in the 1st year, decreasing to 0% after 7 years) for Class B shares and (2% in the 1st year, decreasing to 0% after 2 years) for Class C shares. There are no sales charges on Class I and R shares.

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

Asset allocation does not ensure a profit or protect against a loss. An investment in the fund is subject to all of the risks associated with the underlying funds. This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives and policies of this fund.

Transamerica Funds		Annual Report 2012
	Page    3

Transamerica Asset Allocation—Growth Portfolio

(unaudited)

MARKET ENVIRONMENT

The November 1, 2011 to October 31, 2012 reporting period encompassed an overall rising market for U.S. and international stocks, but with downdrafts in November 2011 and again in the spring of 2012. As the period began, the Standard & Poor’s 500^® Index (“S&P 500^®) posted a small loss in November 2011, but the Morgan Stanley Capital International-Europe, Australasia, and Far East Index (“MSCI-EAFE”) of developed-market foreign stocks dropped 4.83% amid volatility surrounding the eurozone sovereign debt crisis. The Morgan Stanley Capital International Emerging Markets Index (“MSCI-EMI”) plummeted 6.66% in November. Although U.S. stocks recovered ground in December, the international indices fell further.

The mood brightened in 2012’s first quarter. The U.S. economy showed some vigor with U.S. Gross Domestic Product (“GDP”) growth initially being reported at 3.0% (later revised down to 1.9%). Meanwhile, the European Central Bank’s (“ECB”) Long Term Refinancing Operations flooded the eurozone with liquidity by lending nearly $1.3 trillion to European banks, a move that comforted international equity markets. Both U.S. and international stocks enjoyed double-digit gains in 2012’s first quarter.

The eurozone crisis returned to haunt markets in the spring; however, as Spanish and Italian bond yields climbed and Spain’s government requested a large bailout for its banks from the European Union. Meanwhile, other data indicated deepening recessions in several European countries. Stocks sold off globally in April and May, with the S&P 500^® losing 6.60% over those two months and the MSCI-EAFE plunging 12.99%. The MSCI-EMI fell 12.20%.

Following the spring selloff, the markets began a sustained climb through the summer on the back of a number of moves and announcements by European and U.S. policymakers. A late June Euro Area Summit ended with a positive statement from the participants supporting the future establishment of a eurozone banking supervisor and the recapitalization of Spanish banks. In a July speech from London, ECB president Mario Draghi said the ECB would do “whatever it takes to preserve the Euro. And believe me, it will be enough.” This statement helped assuage the nervous markets. In August and September global equity markets rose further, boosted by an expectation that the ECB would buy Spanish and Italian bonds in the open market to hold down the bonds’ yields, and thus hold down the countries’ borrowing costs. The equity markets were also bolstered by anticipation that the U.S. Federal Reserve Board (“Fed”) would launch a third round of quantitative easing dubbed “QE3”. When the ECB did indeed announce a bond-buying program in early September, and the Fed followed with formally launching QE3 a few days later, the markets rallied some more.

Overall, the S&P 500^® returned 15.21% for the 12-month period. But Europe’s troubles took a toll; the MSCI-EAFE rose only 5.15% for the 12-month period. Emerging markets performed even worse with only a 2.98% return for the MSCI-EMI. Amid the market volatility, higher-quality bonds delivered decent gains; the Barclays U.S. Aggregate Bond Index notched a 5.25% return for the 12-month period. Credit-sensitive bonds were up more strongly, having benefited from the overall positive environment for equities; the Barclays U.S. Corporate High Yield Index gained 13.61%.

PERFORMANCE

For the year ended October 31, 2012, Transamerica Asset Allocation – Growth Portfolio, Class A returned 8.96% after all expenses. Its benchmark, the Wilshire 5000^® Total Market Index, returned 14.30%.

STRATEGY REVIEW

The goal of the Transamerica Asset Allocation Portfolios is to provide investors one-stop participation in the broad financial markets. Transamerica Asset Allocation—Growth Portfolio, which is meant for aggressive investors, exclusively targets equity securities and alternative strategies. It is designed to provide diversified, global coverage of equities. It includes domestic and international markets, and spans the entire range of investment styles, including both large and small companies and value and growth stocks. The portfolio incorporates emerging markets, global real estate, commodities, and several alternative strategies. Our specific asset-class targets are derived from years of asset-allocation modeling–research that consistently indicates that the mix we target is close to optimal in terms of expected long-term returns per unit of risk taken. While this strategic blueprint forms the backbone of our asset allocation, we may actively over- and underweight asset classes relative to the normal targets as we deem prudent in response to present or expected market conditions. We endeavor to find and use quality money managers specializing in each asset class and investment style. We carefully monitor these underlying managers for performance and style issues, and adjust their weightings both to manage our asset-class exposures and to reflect the managers’ relative merit.

During the reporting period, international equities underperformed U.S. equities as outlined above. The portfolio’s built-in diversification into international equities, including both developed and emerging markets, was thus a drag relative to its U.S. exposure. We significantly underweighted developed foreign markets during the year, holding that weighting at only about two thirds of the normal target for much of the period, and also maintained an underweight in emerging markets in 2012. Even so, about 22.8% of the portfolio was in foreign developed- and emerging-markets equity as of October 31, 2012. U.S. stocks made up about 69% of assets, with an overweight toward large-cap stocks. The U.S. portion of the portfolio naturally enjoyed stronger returns, although its smaller-cap exposure diluted the gains somewhat (the 12.08% return of the Russell 2000^® Index of smaller companies lagged the S&P 500^®).

Significantly, the portfolio’s three main underlying U.S. large-cap growth funds, which constitute major positions, lagged the S&P 500^® in a meaningful way. While the S&P 500^® was up 15.21% for the 12-month period, Transamerica Capital Growth eked out a small gain as a number of its Internet-related stocks struggled. Transamerica Diversified Equity and Transamerica Growth gained as well but lagged the S&P 500^® . The portfolio’s three U.S. large-cap value funds performed more in line with the S&P 500^® .

Transamerica Funds		Annual Report 2012
	Page    4

Transamerica Asset Allocation—Growth Portfolio

(unaudited)

STRATEGY REVIEW (continued)

However, the roughly 4% stake in alternative strategies was a drag on performance amid the period’s rising market. As absolute-return strategies designed to exhibit reduced correlation with the equity market, none of those funds could be expected to keep up with the U.S. market’s sharp gains, and a couple funds even posted negative returns. In addition, Transamerica Commodity Strategy (1.5% of assets as of October 31, 2012) detracted from performance as a result of weakness in commodities prices throughout the year.

Over the course of the year we worked to upgrade the roster of underlying managers. Transamerica Asset Management, Inc. (“TAM”) added what we consider an excellent large-cap value manager, Levin Capital Strategies, L.P., to run Transamerica Large Cap Value. TAM also added a pair of small-cap managers: Lombardia Capital Partners, LLC manages the new Transamerica Small Cap Value, and Ranger Investment Management, L.P. now runs Transamerica Small Cap Growth. Finally, we eliminated a couple of poor-performing international funds that we had been underweighting, and reallocated the assets to other managers in the same styles.

We still see macroeconomic events driving the markets more than the types of company fundamentals our underlying managers tend to emphasize in their security selection. Regarding the macroeconomic picture, we believe the U.S. economy is in a trend of gradual improvement while Europe is fighting to stave off a regional recession in 2013. Meanwhile, emerging markets have been hampered by slowing growth rates in heavyweights China, India, and Brazil. We; therefore, remain positioned with an international-equity underweight relative to our normal targets, and an overweight to the U.S. Valuations abroad have become somewhat attractive to us, however, so we must continuously weigh the economic risks abroad against the buying opportunity. In general, we have been and will continue to be flexible in this evolving environment.

Jon Hale, CFA

Dan McNeela, CFA

Michael Stout, CFA

Co-Portfolio Managers

Morningstar Associates, LLC

Transamerica Funds		Annual Report 2012
	Page    5

Transamerica Asset Allocation—Growth Portfolio

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2012

	1 Year			5 Years			10 Years or Life of Class			Inception Date
Class A (NAV)		8.96	%		(2.80	)%		6.51	%		03/01/2002
Class A (POP)		2.96	%		(3.90	)%		5.91	%		03/01/2002
Wilshire 5000 *		14.30	%		0.77	%		7.79	%
Class B (NAV)		8.08	%		(3.47	)%		5.96	%		03/01/2002
Class B (POP)		3.08	%		(3.66	)%		5.96	%		03/01/2002
Class C (NAV)		8.22	%		(3.40	)%		5.95	%		11/11/2002
Class C (POP)		7.22	%		(3.40	)%		5.95	%		11/11/2002
Class I (NAV)		9.28	%		N/A			7.65	%		11/30/2009
Class R (NAV)		8.76	%		(2.94	)%		2.00	%		06/15/2006

NOTES

* The Wilshire 5000^® Total Market Index (“Wilshire 5000”) is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or Life of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on fund distributions or the redemption of fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamericafunds.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for Class A shares or the maximum applicable contingent deferred sales charge (5% in the 1st year, decreasing to 0% after 6 years) for Class B shares and 1% (during the first 12 months) for Class C shares. Shares purchased prior to March 1, 2004 are subject to a maximum applicable contingent deferred sales charge (5% in the 1st year, decreasing to 0% after 7 years) for Class B shares and (2% in the 1st year, decreasing to 0% after 2 years) for Class C shares. There are no sales charges on Class I and R shares.

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

Asset allocation does not ensure a profit or protect against a loss. An investment in the fund is subject to all of the risks associated with the underlying funds. This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives and policies of this fund.

Transamerica Funds		Annual Report 2012
	Page    6

Transamerica Asset Allocation—Moderate Growth Portfolio

(unaudited)

MARKET ENVIRONMENT

The November 1, 2011 to October 31, 2012 reporting period encompassed an overall rising market for U.S. and international stocks, but with downdrafts in November 2011 and again in the spring of 2012. As the period began, the Standard & Poor’s 500^® Index (“S&P 500^®”) posted a small loss in November 2011, but the Morgan Stanley Capital International-Europe, Australasia, and Far East Index (“MSCI-EAFE”) of developed-market foreign stocks dropped 4.83% amid volatility surrounding the eurozone sovereign debt crisis. The Morgan Stanley Capital International Emerging Markets Index (“MSCI-EMI”) plummeted 6.66% in November. Although U.S. stocks recovered ground in December, the international indices fell further.

The mood brightened in 2012’s first quarter. The U.S. economy showed some vigor with U.S, Gross Domestic Product (“GDP”) growth initially being reported at 3.0% (later revised down to 1.9%). Meanwhile, the European Central Bank’s (“ECB”) Long Term Refinancing Operations flooded the eurozone with liquidity by lending nearly $1.3 trillion to European banks, a move that comforted international equity markets. Both U.S. and international stocks enjoyed double-digit gains in 2012’s first quarter.

The eurozone crisis returned to haunt markets in the spring; however, as Spanish and Italian bond yields climbed and Spain’s government requested a large bailout for its banks from the European Union. Meanwhile, other data indicated deepening recessions in several European countries. Stocks sold off globally in April and May, with the S&P 500^® losing 6.60% over those two months and the MSCI-EAFE plunging 12.99%. The MSCI-EMI fell 12.20%.

Following the spring selloff, the markets began a sustained climb through the summer on the back of a number of moves and announcements by European and U.S. policymakers. A late June Euro Area Summit ended with a positive statement from the participants supporting the future establishment of a eurozone banking supervisor and the recapitalization of Spanish banks. In a July speech from London, ECB president Mario Draghi said the ECB would do “whatever it takes to preserve the Euro. And believe me, it will be enough.” This statement helped assuage the nervous markets. In August and September global equity markets rose further, boosted by an expectation that the ECB would buy Spanish and Italian bonds in the open market to hold down the bonds’ yields, and thus hold down the countries’ borrowing costs. The equity markets were also bolstered by anticipation that the U.S. Federal Reserve Board (“Fed”) would launch a third round of quantitative easing dubbed “QE3”. When the ECB did indeed announce a bond-buying program in early September, and the Fed followed with formally launching QE3 a few days later, the markets rallied some more.

Overall, the S&P 500^® returned 15.21% for the 12-month period. But Europe’s troubles took a toll; the MSCI-EAFE rose only 5.15% for the 12-month period. Emerging markets performed even worse with only a 2.98% return for the MSCI-EMI. Amid the market volatility, higher-quality bonds delivered decent gains; the Barclays U.S. Aggregate Bond Index (“Barclays U.S. Aggregate Bond”) notched a 5.25% return for the 12-month period. Credit-sensitive bonds were up more strongly, having benefited from the overall positive environment for equities; the Barclays U.S. Corporate High Yield Index gained 13.61%.

PERFORMANCE

For the year ended October 31, 2012, Transamerica Asset Allocation—Moderate Growth Portfolio, Class A returned 8.48% after all expenses. Its primary and secondary benchmarks, the Wilshire 5000^® Total Market Index and the Barclays U.S. Aggregate Bond, returned 14.30% and 5.25%, respectively.

STRATEGY REVIEW

The goal of the Transamerica Asset Allocation Portfolios is to provide investors one-stop participation in the broad financial markets. Transamerica Asset Allocation—Moderate Growth Portfolio is designed to provide a mix of approximately 70% equity and 30% fixed-income securities over time. The equity side covers both domestic and international markets across the entire range of investment styles, including both value and growth stocks and large and small companies. The fixed-income portion includes investment-grade and credit-sensitive holdings, as well as international bonds. The portfolio also diversifies into emerging markets, global real estate, commodities, and alternative strategies. Our specific asset-class targets are derived from years of asset-allocation modeling – research that consistently indicates that the mix we target is close to optimal in terms of expected long-term returns per unit of risk taken. While this strategic blueprint forms the backbone of our asset allocation, we may actively over- and underweight asset classes relative to the normal targets as we deem prudent in response to present or expected market conditions. We endeavor to find and use quality money managers specializing in each asset class and investment style. We carefully monitor these underlying managers for performance and style issues, and adjust their weightings both to manage our asset-class exposures and to reflect the managers’ relative merit.

During the reporting period, international equities underperformed U.S. equities as outlined above. The portfolio’s built-in diversification into international equities, including both developed and emerging markets, was thus a drag relative to its U.S. exposure. We significantly underweighted developed foreign markets during the year, holding that weighting at only about two thirds of the normal target for much of the period, and also maintained an underweight in emerging markets in 2012. Even so, about 16% of the portfolio was in foreign developed- and emerging-markets equity as of October 31, 2012. U.S. stocks made up about 51.3% of assets, with an overweight toward large-cap stocks. The U.S. portion of the portfolio naturally enjoyed stronger returns, although its smaller-cap exposure diluted the gains somewhat (the 12.08% return of the Russell 2000^® Index of smaller companies lagged the S&P 500^®). Significantly, the portfolio’s three main underlying U.S. large-cap growth funds, which constitute major positions, lagged the S&P 500^® in a meaningful way. While the S&P 500^® was up 15.21% for the 12-month period, Transamerica Capital Growth eked out a small gain as a number of its Internet-related stocks struggled. Transamerica Diversified Equity and Transamerica Growth gained as well, but lagged the S&P 500^®. By contrast, the portfolio’s three U.S. large-cap value funds performed more in line with the S&P 500^®.

Transamerica Funds		Annual Report 2012
	Page    7

Transamerica Asset Allocation—Moderate Growth Portfolio

(unaudited)

STRATEGY REVIEW (continued)

The fixed-income portion of the portfolio fared better. Seven of the eight underlying bond funds that were owned for the entire period outpaced the Barclays U.S. Aggregate Bond. Transamerica Emerging Markets Debt and Transamerica High Yield Bond were the clear winners. The two anchor bond funds—Transamerica Total Return and Transamerica Core Bond—both also beat the Barclays U.S. Aggregate Bond’s return. Meanwhile, the multi-sector Transamerica Bond notched a 14.24% gain.

During the year we worked to upgrade the roster of underlying managers. Transamerica Asset Management, Inc. (“TAM”) added what we consider an excellent large-cap value manager, Levin Capital Strategies, L.P., to run Transamerica Large Cap Value. TAM also added a pair of small-cap managers: Lombardia Capital Partners, LLC manages the new Transamerica Small Cap Value, and Ranger Investment Management, L.P. now runs Transamerica Small Cap Growth. Finally, we eliminated a couple of poor-performing international funds that we had been underweighting, and reallocated the assets to other managers in the same styles.

We still see macroeconomic events driving the markets more than the types of company fundamentals our underlying managers tend to emphasize in their security selection. Regarding the macroeconomic picture, we believe the U.S. economy is in a trend of gradual improvement while Europe is fighting to stave off a regional recession in 2013. Meanwhile, emerging markets have been hampered by slowing growth rates in heavyweights China, India, and Brazil. We; therefore, remain positioned with an international-equity underweight relative to our normal targets, and an overweight to the U.S. Valuations abroad have become somewhat attractive to us, however, so we must continuously weigh the economic risks abroad against the buying opportunity. In general, we have been and will continue to be flexible in this evolving environment.

Jon Hale, CFA

Dan McNeela, CFA

Michael Stout, CFA

Co-Portfolio Managers

Morningstar Associates, LLC

Transamerica Funds		Annual Report 2012
	Page    8

Transamerica Asset Allocation—Moderate Growth Portfolio

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2012

	1 Year			5 Years			10 Years or Life of Class			Inception Date
Class A (NAV)		8.48	%		(0.57	)%		6.76	%		03/01/2002
Class A (POP)		2.53	%		(1.69	)%		6.16	%		03/01/2002
Wilshire 5000 *		14.30	%		0.77	%		7.79	%
Barclays U.S. Aggregate Bond *		5.25	%		6.38	%		5.39	%
Class B (NAV)		7.73	%		(1.23	)%		6.20	%		03/01/2002
Class B (POP)		2.73	%		(1.41	)%		6.20	%		03/01/2002
Class C (NAV)		7.74	%		(1.19	)%		6.15	%		11/11/2002
Class C (POP)		6.74	%		(1.19	)%		6.15	%		11/11/2002
Class I (NAV)		8.82	%		N/A			7.17	%		11/30/2009
Class R (NAV)		8.21	%		(0.72	)%		3.13	%		06/15/2006

NOTES

* The Wilshire 5000^® Total Market Index (“Wilshire 5000”) and the Barclays U.S. Aggregate Bond Index (“Barclays U.S. Aggregate Bond”) are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or Life of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on fund distributions or the redemption of fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamericafunds.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for Class A shares or the maximum applicable contingent deferred sales charge (5% in the 1st year, decreasing to 0% after 6 years) for Class B shares and 1% (during the first 12 months) for Class C shares. Shares purchased prior to March 1, 2004 are subject to a maximum applicable contingent deferred sales charge (5% in the 1st year, decreasing to 0% after 7 years) for Class B shares and (2% in the 1st year, decreasing to 0% after 2 years) for Class C shares. There are no sales charges on Class I and R shares.

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

Asset allocation does not ensure a profit or protect against a loss. An investment in the fund is subject to all of the risks associated with the underlying funds. This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives and policies of this fund.

Transamerica Funds		Annual Report 2012
	Page    9

Transamerica Asset Allocation—Moderate Portfolio

(unaudited)

MARKET ENVIRONMENT

The November 1, 2011 to October 31, 2012 reporting period encompassed an overall rising market for U.S. and international stocks, but with downdrafts in November 2011 and again in the spring of 2012. As the period began, the Standard & Poor’s 500^® Index (“S&P 500^®) posted a small loss in November 2011, but the Morgan Stanley Capital International-Europe, Australasia, and Far East Index (“MSCI-EAFE”) of developed-market foreign stocks dropped 4.83% amid volatility surrounding the eurozone sovereign debt crisis. The Morgan Stanley Capital International Emerging Markets Index (“MSCI-EMI”) plummeted 6.66% in November. Although U.S. stocks recovered ground in December, the international indices fell further.

The mood brightened in 2012’s first quarter. The U.S. economy showed some vigor with U.S. Gross Domestic Product (“GDP”) growth initially being reported at 3.0% (later revised down to 1.9%). Meanwhile, the European Central Bank’s (“ECB”) Long Term Refinancing Operations flooded the eurozone with liquidity by lending nearly $1.3 trillion to European banks, a move that comforted international equity markets. Both U.S. and international stocks enjoyed double-digit gains in 2012’s first quarter.

The eurozone crisis returned to haunt markets in the spring; however, as Spanish and Italian bond yields climbed and Spain’s government requested a large bailout for its banks from the European Union. Meanwhile, other data indicated deepening recessions in several European countries. Stocks sold off globally in April and May, with the S&P 500^® losing 6.60% over those two months and the MSCI-EAFE plunging 12.99%. The MSCI-EMI fell 12.20%.

Following the spring selloff, the markets began a sustained climb through the summer on the back of a number of moves and announcements by European and U.S. policymakers. A late June Euro Area Summit ended with a positive statement from the participants supporting the future establishment of a eurozone banking supervisor and the recapitalization of Spanish banks. In a July speech from London, ECB president Mario Draghi said the ECB would do “whatever it takes to preserve the Euro. And believe me, it will be enough.” This statement helped assuage the nervous markets. In August and September global equity markets rose further, boosted by an expectation that the ECB would buy Spanish and Italian bonds in the open market to hold down the bonds’ yields, and thus hold down the countries’ borrowing costs. The equity markets were also bolstered by anticipation that the U.S. Federal Reserve Board (“Fed”) would launch a third round of quantitative easing dubbed “QE3”. When the ECB did indeed announce a bond-buying program in early September, and the Fed followed with formally launching QE3 a few days later, the markets rallied some more.

Overall, the S&P 500^® returned 15.21% for the 12-month period. But Europe’s troubles took a toll; the MSCI-EAFE Index rose only 5.15% for the 12-month period. Emerging markets performed even worse with only a 2.98% return for the MSCI EMI. Amid the market volatility, higher-quality bonds delivered decent gains; the Barclays U.S. Aggregate Bond Index (“Barclays U.S. Aggregate Bond”) notched a 5.25% return for the 12-month period. Credit-sensitive bonds were up more strongly, having benefited from the overall positive environment for equities; the Barclays U.S. Corporate High Yield Index gained 13.61%.

PERFORMANCE

For the year ended October 31, 2012, Transamerica Asset Allocation—Moderate Portfolio, Class A returned 7.95% after all expenses. Its primary and secondary benchmarks, the Wilshire 5000^® Total Market Index and the Barclays U.S. Aggregate Bond, returned 14.30% and 5.25%, respectively.

STRATEGY REVIEW

The goal of the Transamerica Asset Allocation Portfolios is to provide investors one-stop participation in the broad financial markets. Transamerica Asset Allocation—Moderate Portfolio is designed to provide a mix of approximately 50% equity and 50% fixed-income securities over time. The equity side covers both domestic and international markets across the entire range of investment styles, including both value and growth stocks and large and small companies. The fixed-income portion includes investment-grade and credit-sensitive holdings, as well as international bonds. The portfolio also diversifies into emerging markets, global real estate, commodities, and alternative strategies. Our specific asset-class targets are derived from years of asset-allocation modeling—research that consistently indicates that the mix we target is close to optimal in terms of expected long-term returns per unit of risk taken. While this strategic blueprint forms the backbone of our asset allocation, we may actively over- and underweight asset classes relative to the normal targets as we deem prudent in response to present or expected market conditions. We endeavor to find and use quality money managers specializing in each asset class and investment style. We carefully monitor these underlying managers for performance and style issues, and adjust their weightings both to manage our asset-class exposures and to reflect the managers’ relative merit.

During the reporting period, international equities underperformed U.S. equities as outlined above. The portfolio’s built-in diversification into international equities, including both developed and emerging markets, was thus a drag relative to its U.S. exposure. We significantly underweighted developed foreign markets during the year, holding that weighting at only about two thirds of the normal target for much of the period, and also maintained an underweight in emerging markets in 2012. Even so, about 10.2% of the portfolio was in foreign developed- and emerging-markets equity as of October 31, 2012. U.S. stocks made up about 38.8% of assets, with an overweight toward large-cap stocks. The U.S. portion of the fund naturally enjoyed stronger returns, although its smaller-cap exposure diluted the gains somewhat (the 12.08% return of the Russell 2000^® Index of smaller companies lagged the S&P 500^®). Significantly, the portfolio’s three main underlying U.S. large-cap growth funds, which constitute major positions, lagged the S&P 500^® in a meaningful way. While the S&P 500^® was up 15.21% for the 12-month period, Transamerica Capital Growth eked out a small gain as a number of its Internet-related stocks struggled. Transamerica Diversified Equity and Transamerica Growth gained as well but lagged the S&P 500^®. By contrast, the portfolio’s three U.S. large-cap value funds performed more in line with the S&P 500^®.

Transamerica Funds		Annual Report 2012
	Page    10

Transamerica Asset Allocation—Moderate Portfolio

(unaudited)

STRATEGY REVIEW (continued)

The fixed-income half of the portfolio fared better. Eight of the nine underlying bond funds that were owned for the entire period outpaced the Barclays U.S. Aggregate Bond. Transamerica Emerging Markets Debt and Transamerica High Yield Bond were the clear winners. Those are modest positions in the portfolio, but the two anchor bond funds—Transamerica Total Return and Transamerica Core Bond—both also beat the Barclays U.S. Aggregate Bond’s return. Meanwhile, the portfolio’s two multi-sector bond funds, Transamerica Bond and Transamerica Flexible Income posted double-digit returns.

During the year we worked to upgrade the roster of underlying managers. Transamerica Asset Management, Inc. (“TAM”) added what we consider an excellent large-cap value manager, Levin Capital Strategies, L.P., to run Transamerica Large Cap Value. TAM also added a pair of small-cap managers: Lombardia Capital Partners, LLC manages the new Transamerica Small Cap Value, and Ranger Investment Management, L.P. now runs Transamerica Small Cap Growth. Finally, we eliminated a couple of poor-performing international funds that we had been underweighting, and reallocated the assets to other managers in the same styles.

We still see macroeconomic events driving the markets more than the types of company fundamentals our underlying managers tend to emphasize in their security selection. Regarding the macroeconomic picture, we believe the U.S. economy is in a trend of gradual improvement while Europe is fighting to stave off a regional recession in 2013. Meanwhile, emerging markets have been hampered by slowing growth rates in heavyweights China, India, and Brazil. We; therefore, remain positioned with an international-equity underweight relative to our normal targets, and an overweight to the U.S. Valuations abroad have become somewhat attractive to us, however, so we must continuously weigh the economic risks abroad against the buying opportunity. In general, we have been and will continue to be flexible in this evolving environment.

Jon Hale, CFA

Dan McNeela, CFA

Michael Stout, CFA

Co-Portfolio Managers

Morningstar Associates, LLC

Transamerica Funds		Annual Report 2012
	Page    11

Transamerica Asset Allocation—Moderate Portfolio

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2012

	1 Year			5 Years			10 Years or Life of Class			Inception Date
Class A (NAV)		7.95	%		1.35	%		6.94	%		03/01/2002
Class A (POP)		1.97	%		0.21	%		6.34	%		03/01/2002
Wilshire 5000 *		14.30	%		0.77	%		7.79	%
Barclays U.S. Aggregate Bond *		5.25	%		6.38	%		5.39	%
Class B (NAV)		7.06	%		0.65	%		6.39	%		03/01/2002
Class B (POP)		2.06	%		0.47	%		6.39	%		03/01/2002
Class C (NAV)		7.17	%		0.71	%		6.31	%		11/11/2002
Class C (POP)		6.17	%		0.71	%		6.31	%		11/11/2002
Class I (NAV)		8.26	%		N/A			7.07	%		11/30/2009
Class R (NAV)		7.72	%		1.15	%		4.07	%		06/15/2006

NOTES

* The Wilshire 5000^® Total Market Index (“Wilshire 5000”) and the Barclays U.S. Aggregate Bond Index (“Barclays U.S. Aggregate Bond”) are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or Life of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on fund distributions or the redemption of fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamericafunds.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for Class A shares or the maximum applicable contingent deferred sales charge (5% in the 1st year, decreasing to 0% after 6 years) for Class B shares and 1% (during the first 12 months) for Class C shares. Shares purchased prior to March 1, 2004 are subject to a maximum applicable contingent deferred sales charge (5% in the 1st year, decreasing to 0% after 7 years) for Class B shares and (2% in the 1st year, decreasing to 0% after 2 years) for Class C shares. There are no sales charges on Class I and R shares.

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

Asset allocation does not ensure a profit or protect against a loss. An investment in the fund is subject to all of the risks associated with the underlying funds. This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives and policies of this fund.

Transamerica Funds		Annual Report 2012
	Page    12

Transamerica Multi-Manager Alternative Strategies Portfolio

(unaudited)

MARKET ENVIRONMENT

The November 1, 2011 to October 31, 2012 reporting period encompassed very different market environments. In the beginning of the period, fears of a European sovereign default continued to plague the markets. Concerns about poor job growth in the U.S., Greek elections and a slowing economy in China also weighed on investors. In response to deteriorating conditions, central bankers around the world continued to pump additional liquidity into financial markets throughout the year. The U.S. Federal Reserve Board (“Fed”) announced a third round of quantitative easing, with a focus on purchasing mortgages. The European Central Bank (“ECB”) removed liquidity concerns from the region’s debt crisis by providing banks with unlimited access to loans from the central bank, and also announced an aggressive bond-buying program. Similarly, the Bank of Japan, Bank of England, and the People’s Bank of China enacted plans to boost liquidity. The net result was higher asset prices across asset classes.

PERFORMANCE

For the year ended October 31, 2012, Transamerica Multi-Manager Alternative Strategies Portfolio, Class A, returned 4.95%. By comparison, its primary and secondary benchmarks, the Bank of America Merrill Lynch 3-Month Treasury Bill + 3% Wrap Index and the Hedge Fund Research (“HFRX”) Global Hedge Fund Index, returned 3.12% and 0.84%, respectively.

STRATEGY REVIEW

Transamerica Multi-Manager Alternative Strategies Portfolio is designed to provide diversification relative to a core stock/bond portfolio. A reference benchmark for the strategy is the HFRX Global Hedge Fund Index. The portfolio’s allocations can be broken into four broad HFRX categories: Equity Hedge, Event Driven, Macro, and Relative Value.

The fund outperformed its reference benchmark for the period, largely due to gains in Relative Value and Equity Hedge strategies, which benefited from a general return to risk and tightening of spreads. These gains were only partially offset by allocations in Macro and Event Driven, as commodity prices declined and merger arbitrage deal volatility increased. The largest contributors included Transamerica Bond, Transamerica Emerging Markets Debt, Transamerica Developing Markets Debt, and Transamerica Global Real Estate Securities. The largest detractors included Transamerica Commodity Strategy and Transamerica Arbitrage Strategy.

Throughout the year, we continued to stay true to our dynamic investment philosophy, which benefited the strategy as we tactically reallocated assets between categories and within categories. For instance, we built up our non-U.S. dollar exposure in Equity Hedge and Relative Value as we saw signs of further monetary easing and weakening of the U.S. dollar. We also reduced our exposure to trend-following strategy as we saw volatility rising across asset classes, and we reduced our exposure to arbitrage strategies in response to lower rates and an unfavorable risk/return profile. We took a “barbell risk” investment approach at times throughout the year, investing in strategies that complement each other and providing investors a smoother ride than tactical shifts between “risk on” and “risk off”.

Going forward, we continue to be cautious about growth and market directions. Much of the fundamental data about manufacturing, job creation, and commodity prices point to soft demand and make economic growth slow and elusive. Yield curves and rates around the world also tell a similar story: record low rates in Germany, Japan, and the U.S. point to a massive risk-off appetite. That said, the rate cutting in Europe and China and continued policy intervention is likely to get markets (if not economies) moving. The risk of being completely defensive or short with much stimulus potential is not prudent. Rallies tend to be fierce and brief and we do not want to be in a position to chase a temporarily rising market just to catch it at the top. We remain broadly allocated and believe we can provide protection on the downside while still participating on the upside.

Tim Galbraith

Portfolio Manager

Transamerica Asset Management, Inc.

Transamerica Funds		Annual Report 2012
	Page    13

Transamerica Multi-Manager Alternative Strategies Portfolio

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2012

	1 Year			5 Years			10 Years or Life of Class			Inception Date
Class A (NAV)		4.95	%		0.76	%		1.95	%		12/28/2006
Class A (POP)		(0.79	)%		(0.38	)%		0.98	%		12/28/2006
BofA Merrill Lynch 3-Month Treasury Bill Index + 3% Wrap *		3.12	%		3.72	%		4.37	%
HFRX Global Hedge Fund *		0.84	%		(3.65	)%		(1.98	)%
Class C (NAV)		4.21	%		0.11	%		1.30	%		12/28/2006
Class C (POP)		3.21	%		0.11	%		1.30	%		12/28/2006
Class I (NAV)		5.34	%		N/A			3.91	%		11/30/2009

NOTES

* The Bank of America Merrill Lynch 3-Month Treasury Bill Index + 3% Wrap Fee (“BofA Merrill Lynch 3-Month Treasury Bill Index + 3% Wrap”) is an unmanaged index used as a general measure of market performance. The Hedge Fund Research Global Hedge Fund Index (“HFRX Global Hedge Fund”) is a passively-managed index that is compiled by Hedge Fund Research, Inc. It is designed to measure the daily performance of the overall composition of the hedge fund universe. It is comprised of all eligible hedge fund strategies; including but not limited to convertible arbitrage, distressed securities, equity hedge, equity market neutral, event driven, macro, merger arbitrage, and relative value arbitrage. The strategies are asset weighted based on the distribution of assets in the hedge fund industry. Returns of funds within the composition of the HFRX Global Hedge Fund presented are net of underlying manager fees, but do not reflect the deduction of management fees, taxes and other expenses. Calculations for the BofA Merrill Lynch 3-Month Treasury Bill Index + 3% Wrap assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or Life of Class calculation is based on the inception date of the class. You cannot invest directly in an index.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on fund distributions or the redemption of fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamericafunds.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 2.5% for Class A shares or the maximum applicable contingent deferred sales charge and 1% (during the first 12 months) for Class C shares. There are no sales charges on Class I shares.

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

Alternative strategies are not suitable for all investors. Many alternative strategies use sophisticated and aggressive investment techniques. Certain alternative strategies may be tied to hard assets such as commodities, currencies and real estate and may be subject to greater volatility as they may be affected by overall market movements, changes in interest rates or factors affecting a particular industry, commodity or currency, and international economic, political, and regulatory developments. This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives and policies of this portfolio.

Transamerica Funds		Annual Report 2012
	Page    14

Transamerica Multi-Manager International Portfolio

(unaudited)

MARKET ENVIRONMENT

The November 1, 2011 to October 31, 2012 reporting period encompassed an overall rising market for U.S. and international stocks, but with downdrafts in November 2011 and again in the spring of 2012. As the period began, the Standard & Poor’s 500^® Index (“S&P 500^®) posted a small loss in November 2011, but the Morgan Stanley Capital International World ex-U.S. Index (“MSCI World ex-U.S.”) of developed-market foreign stocks dropped 4.59% amid volatility surrounding the eurozone sovereign debt crisis. The Morgan Stanley Capital International Emerging Markets Index (“MSCI-EMI”) plummeted 6.66% in November. Although U.S. stocks recovered ground in December, the international indices fell further.

The mood brightened in 2012’s first quarter. The U.S. economy showed some vigor and the European Central Bank’s (“ECB”) Long Term Refinancing Operations flooded the eurozone with liquidity by lending nearly $1.3 trillion to European banks, a move that comforted international equity markets. Both U.S. and international stocks enjoyed double-digit gains in 2012’s first quarter. The MSCI World ex-U.S. rose 10.50% while the MSCI-EMI added 14.13%.

The eurozone crisis returned to haunt markets in the spring; however, as Spanish and Italian bond yields climbed and Spain’s government requested a large bailout for its banks from the European Union. Meanwhile, other data indicated deepening recessions in several European countries. Stocks sold off globally in April and May, with the S&P 500^® losing 6.60% over those two months and the MSCI World ex-U.S. plunging 12.69%. The MSCI-EMI fell 12.20%.

Following the spring selloff, the markets began a sustained climb through the summer on the back of a number of moves and announcements by European and U.S. policymakers. A late-June Euro Area Summit ended with a positive statement from the participants supporting the future establishment of a eurozone banking supervisor and the recapitalization of Spanish banks. In a July speech from London, ECB president Mario Draghi said the ECB would do “whatever it takes to preserve the Euro. And believe me, it will be enough.” This statement helped assuage the nervous markets. In August and September global equity markets rose further, boosted by an expectation that the ECB would buy Spanish and Italian bonds in the open market to hold down the bonds’ yields, and thus hold down the countries’ borrowing costs. The equity markets were also bolstered by anticipation that the U.S. Federal Reserve Board (“Fed”) would launch a third round of quantitative easing dubbed “QE3”. When the ECB did indeed announce a bond-buying program in early September, and the Fed followed with formally launching QE3 a few days later, the markets rallied some more. Thanks to this string of policy developments, from June 1 to October 31, 2012 the S&P 500^® rose 8.69% and the MSCI World ex-U.S. gained 15.27%. The MSCI-EMI was up a little less, at 11.43%.

Overall, the S&P 500^® returned 15.21% for the 12-month period as a whole. But Europe’s troubles took a toll; the MSCI World ex-U.S. Index rose only 4.96% for the one-year period. Emerging markets performed even worse, with a 2.98% return for the MSCI-EMI.

PERFORMANCE

For the year ended October 31, 2012, Transamerica Multi-Manager International Portfolio, Class A returned 4.65% after all expenses. Its benchmark, the MSCI World ex-U.S., returned 4.96%.

STRATEGY REVIEW

The goal of the Transamerica Multi-Manager International Portfolio is to provide broad coverage of international equity markets. The 10 underlying funds in the portfolio cover a range of international investing styles, including foreign large-cap value, blend, and growth stocks, as well as mid-cap and small-cap stocks; emerging-markets stocks; global real estate; and global tactical asset allocation. The portfolio normally targets approximately three fourths of assets in developed markets and a fourth in emerging markets. Large-cap stocks typically make up about two thirds of assets, with mid- and small-cap stocks comprising the other third. The portfolio also often contains smaller positions of 4% to 5% each in global real estate and global tactical asset-allocation funds. Its objective is to provide investors with comprehensive coverage of international markets in a single investment vehicle. As a result, the portfolio is more broadly diversified than most international funds or indexes. While we generally hew closely to our strategic targets, we will actively over- and underweight asset classes as we feel necessary in response to shorter-term market conditions. We endeavor to find and use quality money managers specializing in each asset class and style. We carefully monitor these underlying managers for performance and style issues, and adjust their weightings both to manage our style exposures and to reflect the managers’ relative merit.

Given the economic challenges in Europe and slowing growth in emerging markets, the portfolio was positioned somewhat defensively for much of the year. Throughout the period, the portfolio’s positions in Transamerica Global Allocation (a hybrid stock/bond fund) and Transamerica Global Macro (a long/short absolute-return strategy) helped lessen the fund’s losses during the downturns and mute overall volatility, but they also diluted upside returns. As it happened, most of our underlying pure-equity funds were able to match or beat the MSCI World ex-U.S.’s (“the Index”) 4.96% return. All three of the main large-cap diversified funds that were owned for the full year surpassed the Index’s return, with Transamerica International (run by Neuberger Berman Management LLC) and Transamerica International Equity Opportunities (managed by MFS^® Investment Management) both roughly doubling the Index’s gain. Transamerica International Value Opportunities (run by Thornburg Investment Management, Inc.) posted the smallest gain, but was still outpaced the Index by a few basis points. A fourth large-cap holding, Transamerica International Equity (managed by Thompson, Siegel & Walmsley LLC), boasts the best full-period return among the large-cap funds, but it was not owned in the fund the entire time.

Overall, the portfolio’s strongest performer was Transamerica Global Real Estate (managed by CBRE Clarion Securities LLC). Riding a global rally in real-estate investment trusts—spurred in part by investors’ search for yield in a low-rate environment.

Transamerica Funds		Annual Report 2012
	Page    15

Transamerica Multi-Manager International Portfolio

(unaudited)

STRATEGY REVIEW (continued)

Over the course of the year we eliminated a couple of poor-performing funds. One was a foreign large-cap value fund called Transamerica International Value, run by Hansberger Global Investors, Inc. That fund was liquidated. The other liquidation was Transamerica Emerging Markets, run by Wellington Management Company, LLP. At the time there were three emerging-markets funds. One was this Wellington-run fund. Another was Transamerica Developing Markets Equity, managed by OppenhiemerFunds, Inc., which we view as a strong performer and which continues to merit the bulk of our emerging-markets assets. We had also added a third fund in May run by ClariVest Asset Management, LLC called Transamerica Emerging Markets Equity. We thus had a surplus of emerging-markets funds, and as the Wellington fund was the least impressive to us.

We still see macroeconomic events driving the markets more than the types of company fundamentals our underlying managers tend to emphasize in their security selection. Regarding the macroeconomic picture, we believe that while the U.S. economy is in a trend of gradual improvement, Europe is fighting to stave off a regional recession in 2013. Meanwhile, emerging markets have been hampered by slowing growth rates in heavyweights China, India, and Brazil. As of October 31, 2012; therefore, the fund remained somewhat defensively positioned. It was near its normal emerging-markets target because, while growth rates have slowed in emerging markets, they are still greater than those of most developed markets. However, the portfolio remains underweight foreign developed markets owing to our view of Europe’s present economy, with the offset taken up by modest positions in Transamerica Global Allocation, Transamerica Global Macro, and residual cash and domestic stocks within some of the underlying equity funds. In all, about 94% of assets were in equity at the period’s end (90% being foreign equity). We are also overweighting large-cap stocks in the fund and underweighting small caps. Given Europe’s difficult economic environment, we find larger companies with global revenue streams to be less vulnerable than smaller companies focused more on their local and regional markets.

While we are very much aware of the challenges facing the major European economies, valuations abroad have become more attractive in our estimation. We therefore continuously weigh the economic risks against the buying opportunity. In general, we have been and will remain flexible in this evolving environment.

Jon Hale, CFA

Dan McNeela, CFA

Michael Stout, CFA

Co-Portfolio Managers

Morningstar Associates, LLC

Transamerica Funds		Annual Report 2012
	Page    16

Transamerica Multi-Manager International Portfolio

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2012

	1 Year			5 Years			10 Years or Life of Class			Inception Date
Class A (NAV)		4.65	%		(5.21	)%		0.99	%		03/01/2006
Class A (POP)		(1.12	)%		(6.28	)%		0.14	%		03/01/2006
MSCI World ex-U.S. *		4.96	%		(5.03	)%		1.42	%
Class B (NAV)		3.92	%		(5.90	)%		0.27	%		03/01/2006
Class B (POP)		(1.08	)%		(6.08	)%		0.27	%		03/01/2006
Class C (NAV)		3.87	%		(5.83	)%		0.33	%		03/01/2006
Class C (POP)		2.87	%		(5.83	)%		0.33	%		03/01/2006
Class I (NAV)		5.07	%		N/A			3.70	%		11/30/2009

NOTES

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

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on fund distributions or the redemption of portfolio shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamericafunds.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for Class A shares or the maximum applicable contingent deferred sales charge (5% in the 1st year, decreasing to 0% after 6 years) for Class B shares and 1% (during the first 12 months) for Class C shares. There are no sales charges on Class I shares.

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

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

Transamerica Funds		Annual Report 2012
	Page    17

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, and other fund expenses.

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

The examples are based on an investment of $1,000 invested at May 1, 2012 and held for the entire period until October 31, 2012.

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 and 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(A)
Fund Name	Beginning Account  Value		Ending  Account Value		Expenses Paid During Period(B)		Ending  Account Value		Expenses Paid During Period(B)		Annualized Expense Ratio(C)
Transamerica Asset Allocation-Conservative Portfolio
Class A	$	1,000.00	$	1,020.40	$	2.95	$	1,022.22	$	2.95		0.58	%
Class B		1,000.00		1,015.80		6.44		1,018.75		6.44		1.27
Class C		1,000.00		1,016.30		6.23		1,018.95		6.24		1.23
Class I		1,000.00		1,021.30		1.22		1,023.93		1.22		0.24
Class R		1,000.00		1,018.80		4.01		1,021.17		4.01		0.79
Transamerica Asset Allocation-Growth Portfolio
Class A		1,000.00		993.60		3.16		1,021.97		3.20		0.63
Class B		1,000.00		989.30		6.85		1,018.25		6.95		1.37
Class C		1,000.00		990.20		6.50		1,018.60		6.60		1.30
Class I		1,000.00		995.20		1.25		1,023.88		1.27		0.25
Class R		1,000.00		991.92		3.96		1,021.17		4.01		0.79
Transamerica Asset Allocation-Moderate Growth Portfolio
Class A		1,000.00		1,003.30		2.97		1,022.17		3.00		0.59
Class B		1,000.00		1,000.00		6.64		1,018.50		6.70		1.32
Class C		1,000.00		1,000.00		6.33		1,018.80		6.39		1.26
Class I		1,000.00		1,005.70		1.21		1,023.93		1.22		0.24
Class R		1,000.00		1,002.50		3.88		1,021.27		3.91		0.77
Transamerica Asset Allocation-Moderate Portfolio
Class A		1,000.00		1,009.90		2.83		1,022.32		2.85		0.56
Class B		1,000.00		1,006.60		6.56		1,018.60		6.60		1.30
Class C		1,000.00		1,006.60		6.20		1,018.95		6.24		1.23
Class I		1,000.00		1,012.40		1.21		1,023.93		1.22		0.24
Class R		1,000.00		1,009.10		3.84		1,021.32		3.86		0.76
Transamerica Multi-Manager Alternative Strategies Portfolio
Class A		1,000.00		1,024.80		3.77		1,021.42		3.76		0.74
Class C		1,000.00		1,020.80		7.31		1,017.90		7.30		1.44
Class I		1,000.00		1,025.80		1.94		1,023.23		1.93		0.38

Transamerica Funds		Annual Report 2012
	Page    18

Understanding Your Funds’ Expenses (continued)

(unaudited)

			Actual Expenses				Hypothetical Expenses(A)
Fund Name	Beginning Account  Value		Ending  Account Value		Expenses Paid During  Period(B)		Ending  Account Value		Expenses Paid During  Period(B)		Annualized Expense Ratio(C)
Transamerica Multi-Manager International Portfolio
Class A	$	1,000.00	$	993.50	$	3.26	$	1,021.87	$	3.30		0.65	%
Class B		1,000.00		990.30		7.25		1,017.85		7.35		1.45
Class C		1,000.00		990.30		6.85		1,018.25		6.95		1.37
Class I		1,000.00		996.80		1.25		1,023.88		1.27		0.25

^(A)  5% return per year before expenses.

^(B)  Expenses are calculated using the funds’ annualized expense ratios (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days), and divided by the number of days in the year (366 days).

^(C)  Expense ratios do not include expenses of the investment companies in which the funds invest.

Transamerica Funds		Annual Report 2012
	Page    19

Schedules of Investments Composition

At October 31, 2012

(The following charts summarize the Schedules of Investments of each fund by asset type)

(unaudited)

Transamerica Asset Allocation—Conservative Portfolio	% of Net Assets
Fixed Income		52.2	%
U.S. Equity		23.0
Tactical and Specialty		14.3
Inflation-Protected Securities		6.1
Global/International Equity		4.5
Other Assets and Liabilities—Net		(0.1	)
Total		100.0	%
	% of Net
Transamerica Asset Allocation—Growth Portfolio	Assets
U.S. Equity		75.3	%
Global/International Equity		16.6
Tactical and Specialty		8.2
Fixed Income		0.0	(A)
Other Assets and Liabilities—Net		(0.1	)
Total		100.0	%
Transamerica Asset Allocation—Moderate Growth Portfolio	% of Net Assets
U.S. Equity		54.5	%
Fixed Income		19.7
Tactical and Specialty		12.0
Global/International Equity		10.9
Inflation-Protected Securities		3.0
Other Assets and Liabilities—Net		(0.1	)
Total		100.0	%
	% of Net
Transamerica Asset Allocation—Moderate Portfolio	Assets
U.S. Equity		40.1	%
Fixed Income		36.6
Tactical and Specialty		13.4
Global/International Equity		6.3
Inflation-Protected Securities		3.7
Other Assets and Liabilities—Net		(0.1	)
Total		100.0	%
Transamerica Multi-Manager Alternative Strategies Portfolio	% of Net Assets
Tactical and Specialty		69.2	%
Fixed Income		17.1
Global/International Equity		9.3
Inflation-Protected Securities		4.1
Other Assets and Liabilities—Net		0.3
Total		100.0	%
	% of Net
Transamerica Multi-Manager International Portfolio	Assets
Global/International Equity		89.7	%
Tactical and Specialty		10.6
Other Assets and Liabilities—Net		(0.3	)
Total		100.0	%

^(A) Amount rounds to less than 0.1%.

Transamerica Funds		Annual Report 2012
	Page    20

Transamerica Asset Allocation—Conservative Portfolio

SCHEDULE OF INVESTMENTS

At October 31, 2012

			Value
	Shares		(000’s)
INVESTMENT COMPANIES—100.1%
Fixed Income—52.2%
Transamerica Core Bond p		19,942,243	$	216,573
Transamerica Emerging Markets Debt p		1,739,177		20,105
Transamerica Flexible Income p		1,852,875		17,380
Transamerica High Yield Bond p		3,094,093		29,920
Transamerica International Bond p		1,072,039		11,289
Transamerica Money Market p		5,175,039		5,175
Transamerica Short-Term Bond p		8,993,505		92,813
Transamerica Total Return p		20,111,013		219,008
Global/International Equity—4.5%
Transamerica Developing Markets Equity p		540,925		6,486
Transamerica Emerging Markets Equity p ‡		78,957		745
Transamerica International p		778,438		7,053
Transamerica International Equity p		160,051		2,345
Transamerica International Equity Opportunities p		775,550		5,755
Transamerica International Small Cap p		625,579		4,942
Transamerica International Value Opportunities p		712,369		6,304
Transamerica Value p		830,281		18,963
Inflation-Protected Securities—6.1%
Transamerica Real Return TIPS p		6,058,859		71,131
Tactical and Specialty—14.3%
Transamerica Arbitrage Strategy p		1,988,814		19,669
Transamerica Bond p		6,745,147		72,174
Transamerica Commodity Strategy p		1,203,138		11,634
Transamerica Global Allocation p		1,926,436		21,268
Transamerica Global Macro p ‡		1,681,149		9,700
Transamerica Global Real Estate Securities p		78,978		1,017
Transamerica Long/Short Strategy p ‡		1,210,386		9,877
Transamerica Managed Futures Strategy p		2,354,178		22,035

			Value
	Shares		(000’s)
U.S. Equity—23.0%
Transamerica Capital Growth p		1,178,926	$	12,732
Transamerica Diversified Equity p		3,308,633		44,964
Transamerica Growth p		3,261,210		43,765
Transamerica Growth Opportunities p		1,790,150		15,539
Transamerica Large Cap Growth p ‡		308,457		3,048
Transamerica Large Cap Value p		4,538,965		53,561
Transamerica Large Company p		3,794,736		37,985
Transamerica Mid Cap Value p		661,417		8,618
Transamerica Select Equity p		3,272,899		37,475
Transamerica Small Cap Growth p ‡		821,811		7,700
Transamerica Small Cap Value p ‡		453,017		4,458
Transamerica Small Company Growth Liquidating Trust ‡ d Ə § D		20,842		208
Total Investment Companies (cost $1,065,466) P				1,173,414
Other Assets and Liabilities—Net				(1,252	)
Net Assets			$	1,172,162

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

p The fund invests its assets in the Class I2 shares of the affiliated series of Transamerica Funds.

‡ Non-income producing security.

d Investment in affiliated company of Transamerica Asset Management, Inc.

Ə Fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. Total aggregate market value of fair valued securities is $208, or 0.02% of the fund’s net assets.

P Aggregate cost for federal income tax purposes is $1,071,293. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $108,597 and $6,476, respectively. Net unrealized appreciation for tax purposes is $102,121.

§ Illiquid. Total aggregate market value of illiquid securities is $208, or 0.02% of the fund’s net assets.

D Restricted Security. At 10/31/2012, the fund owned the respective securities which were restricted as to public resale:

		Acquisition						Value as % of
Investment Security	Description	Date		Cost		Value		Net Assets
Investment Companies	Transamerica Small Company		10/26/2012	$	208	$	208		0.02	%
	Growth Liquidating Trust

VALUATION SUMMARY (all amounts in thousands): '

			Level 2 -
			Other		Level 3 -
	Level 1 -		Significant		Significant
	Quoted Prices		Observable Inputs		Unobservable Inputs		Value at 10/31/2012
Investment Companies	$	1,173,206	$	—	$	208	$	1,173,414

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page    21

Transamerica Asset Allocation—Conservative Portfolio

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

VALUATION SUMMARY (all amounts in thousands) (continued): '

Level 3 Rollforward—Investment Securities

Securities	Beginning Balance at 10/31/2011		Purchases		Sales		Accrued Discounts (Premiums)		Total Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Transfers into Level 3		Transfers out of Level 3		Ending Balance at 10/31/2012 ₪		Net Change in Unrealized Appreciation (Depreciation) on Investments Held at 10/31/2012
Investment Companies	$	—	$	208	$	—	$	—	$	—	$	—	$	—	$	—	$	208	$	—

' Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of Levels 1 and 2 during the period ended 10/31/2012. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

₪ Inputs used in the valuation of the Level 3 securities were not considered significant unobservable inputs.

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page    22

Transamerica Asset Allocation—Growth Portfolio

SCHEDULE OF INVESTMENTS

At October 31, 2012

			Value
	Shares		(000’s)
INVESTMENT COMPANIES—100.1%
Fixed Income—0.0% ¥
Transamerica Money Market p		60,260	$	60
Global/International Equity—16.6%
Transamerica Developing Markets Equity p		4,207,392		50,446
Transamerica Emerging Markets Equity p ‡		1,142,882		10,789
Transamerica International p		3,864,956		35,017
Transamerica International Equity p		2,427,903		35,569
Transamerica International Equity Opportunities p		1,233,191		9,150
Transamerica International Small Cap p		2,216,053		17,507
Transamerica International Value Opportunities p		2,373,751		21,008
Transamerica Value p		1,975,222		45,114
Tactical and Specialty—8.2%
Transamerica Arbitrage Strategy p		271,102		2,681
Transamerica Commodity Strategy p		2,065,499		19,973
Transamerica Global Allocation p		991,014		10,941
Transamerica Global Real Estate Securities p		2,895,008		37,288
Transamerica Managed Futures Strategy p		4,315,569		40,394

			Value
	Shares		(000’s)
U.S. Equity—75.3%
Transamerica Capital Growth p		6,180,246	$	66,747
Transamerica Diversified Equity p		10,782,616		146,535
Transamerica Growth p		10,679,349		143,317
Transamerica Growth Opportunities p		5,046,162		43,801
Transamerica Large Cap Growth p ‡		1,015,815		10,036
Transamerica Large Cap Value p		17,367,257		204,933
Transamerica Large Company p		14,404,394		144,188
Transamerica Mid Cap Value p		4,605,183		60,006
Transamerica Select Equity p		12,746,673		145,948
Transamerica Small Cap Growth p ‡		2,746,911		25,739
Transamerica Small Cap Value p ‡		3,074,160		30,250
Transamerica Small Company Growth Liquidating Trust ‡ d Ə § D		69,664		697
Total Investment Companies (cost $1,133,381) P				1,358,134
Other Assets and Liabilities—Net				(1,954	)
Net Assets			$	1,356,180

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

p The fund invests its assets in the Class I2 shares of the affiliated series of Transamerica Funds.

¥ Percentage rounds to less than 0.1%.

‡ Non-income producing security.

d Investment in affiliated company of Transamerica Asset Management, Inc.

Ə Fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. Total aggregate market value of fair valued securities is $697, or 0.05% of the fund’s net assets.

P Aggregate cost for federal income tax purposes is $1,146,465. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $216,354 and $4,685, respectively. Net unrealized appreciation for tax purposes is $211,669.

§ Illiquid. Total aggregate market value of illiquid securities is $697, or 0.05% of the fund’s net assets.

D Restricted Security. At 10/31/2012, the fund owned the respective securities which were restricted as to public resale:

		Acquisition			Value as % of
Investment Security	Description	Date	Cost	Value	Net Assets
Investment Companies	Transamerica Small Company	10/26/2012	$697	$697	0.05%
	Growth Liquidating Trust

VALUATION SUMMARY (all amounts in thousands): '

			Level 2 -
			Other		Level 3 -
	Level 1 -		Significant		Significant
	Quoted		Observable		Unobservable		Value at
	Prices		Inputs		Inputs		10/31/2012
Investment Companies	$	1,357,437	$	—	$	697	$	1,358,134

Level 3 Rollforward—Investment Securities

Securities	Beginning Balance at 10/31/2011		Purchases		Sales		Accrued Discounts (Premiums)		Total Realized Gain  (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Transfers into Level 3		Transfers out of Level 3		Ending Balance at 10/31/2012 ₪		Net Change in Unrealized Appreciation (Depreciation) on Investments Held at 10/31/2012
Investment Companies	$	—	$	697	$	—	$	—	$	—	$	—	$	—	$	—	$	697	$	—

' Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of Levels 1 and 2 during the period ended 10/31/2012. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

₪ Inputs used in the valuation of the Level 3 securities were not considered significant unobservable inputs.

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page    23

Transamerica Asset Allocation—Moderate Growth Portfolio

SCHEDULE OF INVESTMENTS

At October 31, 2012

	Shares		Value (000’s)
INVESTMENT COMPANIES—100.1%
Fixed Income—19.7%
Transamerica Core Bond p		18,002,960	$	195,512
Transamerica Emerging Markets Debt p		1,849,285		21,378
Transamerica High Yield Bond p		5,249,767		50,765
Transamerica International Bond p		2,027,180		21,346
Transamerica Short-Term Bond p		6,429		66
Transamerica Total Return p		24,422,571		265,962
Global/International Equity – 10.9%
Transamerica Developing Markets Equity p		4,352,926		52,192
Transamerica Emerging Markets Equity p ‡		1,361,509		12,853
Transamerica International p		6,799,258		61,601
Transamerica International Equity p		1,978,284		28,982
Transamerica International Equity Opportunities p		1,991,650		14,778
Transamerica International Small Cap p		3,289,805		25,989
Transamerica International Value Opportunities p		3,865,844		34,213
Transamerica Value p		3,323,286		75,903
Inflation-Protected Securities—3.0%
Transamerica Real Return TIPS p		7,107,881		83,447
Tactical and Specialty—12.0%
Transamerica Arbitrage Strategy p		2,738,804		27,087
Transamerica Bond p		5,285,310		56,553
Transamerica Commodity Strategy p		5,315,642		51,402
Transamerica Global Allocation p		6,088,248		67,214
Transamerica Global Real Estate Securities p		4,148,694		53,435
Transamerica Managed Futures Strategy p		8,835,925		82,705

	Shares		Value (000’s)
U.S. Equity—54.5%
Transamerica Capital Growth p		7,874,938	$	85,049
Transamerica Diversified Equity p		16,363,016		222,373
Transamerica Growth p		15,840,935		212,585
Transamerica Growth Opportunities p		9,571,982		83,085
Transamerica Large Cap Growth p ‡		1,477,358		14,596
Transamerica Large Cap Value p		26,794,866		316,180
Transamerica Large Company p		22,513,616		225,362
Transamerica Mid Cap Value p		7,202,840		93,853
Transamerica Select Equity p		19,249,256		220,404
Transamerica Small Cap Growth p ‡		2,504,451		23,467
Transamerica Small Cap Value p ‡		3,706,107		36,468
Transamerica Small Company Growth Liquidating Trust ‡ d Ə § D		63,515		635
Total Investment Companies (cost $2,445,812) P				2,817,440
Other Assets and Liabilities—Net				(3,918	)
Net Assets			$	2,813,522

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

p The fund invests its assets in the Class I2 shares of the affiliated series of Transamerica Funds.

‡ Non-income producing security.

d Investment in affiliated company of Transamerica Asset Management, Inc.

Ə Fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. Total aggregate market value of fair valued securities is $635, or 0.02% of the fund’s net assets.

P Aggregate cost for federal income tax purposes is $2,473,287. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $353,174 and $9,021, respectively. Net unrealized appreciation for tax purposes is $344,153.

§ Illiquid. Total aggregate market value of illiquid securities is $635, or 0.02% of the fund’s net assets.

D Restricted Security. At 10/31/2012, the fund owned the respective securities which were restricted as to public resale:

Investment Security	Description	Acquisition Date		Cost		Value		Value as % of Net Assets
Investment Companies	Transamerica Small Company Growth Liquidating Trust		10/26/2012	$	635	$	635		0.02	%

VALUATION SUMMARY (all amounts in thousands): '

	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 10/31/2012
Investment Companies	$	2,816,805	$	—	$	635	$	2,817,440

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page    24

Transamerica Asset Allocation—Moderate Growth Portfolio

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

VALUATION SUMMARY (all amounts in thousands) (continued): '

Level 3 Rollforward—Investment Securities

Securities	Beginning Balance at 10/31/2011		Purchases		Sales		Accrued Discounts (Premiums)		Total Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Transfers into Level 3		Transfers out of Level 3		Ending Balance at 10/31/2012 ₪		Net Change in Unrealized Appreciation (Depreciation) on Investments Held at 10/31/2012
Investment Companies	$	—	$	635	$	—	$	—	$	—	$	—	$	—	$	—	$	635	$	—

' Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of Levels 1 and 2 during the period ended 10/31/2012. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

₪ Inputs used in the valuation of the Level 3 securities were not considered significant unobservable inputs.

Transamerica Funds		Annual Report 2012
	Page    25

Transamerica Asset Allocation—Moderate Portfolio

SCHEDULE OF INVESTMENTS

At October 31, 2012

	Shares		Value (000’s)
INVESTMENT COMPANIES—100.1%
Fixed Income—36.6%
Transamerica Core Bond p		17,834,313	$	193,681
Transamerica Emerging Markets Debt p		2,769,784		32,019
Transamerica Flexible Income p		4,708,939		44,170
Transamerica High Yield Bond p		3,765,022		36,408
Transamerica International Bond p		2,537,925		26,724
Transamerica Money Market p		3,864,656		3,865
Transamerica Short-Term Bond p		13,855,980		142,994
Transamerica Total Return p		26,291,042		286,308
Global/International Equity—6.3%
Transamerica Developing Markets Equity p		1,530,310		18,348
Transamerica Emerging Markets Equity p ‡		238,797		2,254
Transamerica International p		2,310,225		20,931
Transamerica International Equity p		704,565		10,322
Transamerica International Equity Opportunities p		2,030,978		15,070
Transamerica International Small Cap p		1,710,857		13,516
Transamerica International Value Opportunities p		1,791,371		15,854
Transamerica Value p		1,596,182		36,456
Inflation-Protected Securities—3.7%
Transamerica Real Return TIPS p		6,678,826		78,409
Tactical and Specialty—13.4%
Transamerica Arbitrage Strategy p		3,427,007		33,893
Transamerica Bond p		8,800,213		94,162
Transamerica Commodity Strategy p		3,053,731		29,530
Transamerica Global Allocation p		3,739,477		41,284
Transamerica Global Macro p ‡		2,254,487		13,008
Transamerica Global Real Estate Securities p		1,156,367		14,894
Transamerica Long/Short Strategy p ‡		1,731,547		14,129
Transamerica Managed Futures Strategy p		4,302,310		40,270

	Shares		Value (000’s)
U.S. Equity—40.1%
Transamerica Capital Growth p		3,717,081	$	40,144
Transamerica Diversified Equity p		10,662,846		144,908
Transamerica Growth p		10,183,804		136,667
Transamerica Growth Opportunities p		5,075,278		44,053
Transamerica Large Cap Growth p ‡		911,315		9,004
Transamerica Large Cap Value p		13,708,560		161,762
Transamerica Large Company p		11,145,454		111,566
Transamerica Mid Cap Value p		3,261,005		42,491
Transamerica Select Equity p		9,562,415		109,490
Transamerica Small Cap Growth p ‡		1,551,497		14,538
Transamerica Small Cap Value p ‡		2,233,451		21,977
Transamerica Small Company Growth Liquidating Trust ‡ d Ə § D		39,347		393
Total Investment Companies (cost $1,864,735) P				2,095,492
Other Assets and Liabilities—Net				(2,833	)
Net Assets			$	2,092,659

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

p The fund invests its assets in the Class I2 shares of the affiliated series of Transamerica Funds.

‡ Non-income producing security.

d Investment in affiliated company of Transamerica Asset Management, Inc.

Ә Fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. Total aggregate market value of fair valued securities is $393, or 0.02% of the fund’s net assets.

P Aggregate cost for federal income tax purposes is $1,876,988. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $233,215 and $14,711, respectively. Net unrealized appreciation for tax purposes is $218,504.

§ Illiquid. Total aggregate market value of illiquid securities is $393, or 0.02% of the fund’s net assets

D Restricted Security. At 10/31/2012, the fund owned the respective securities which were restricted as to public resale:

Investment Security	Description	Acquisition Date		Cost		Value		Value as % of Net Assets
Investment Companies	Transamerica Small Company Growth Liquidating Trust		10/26/2012	$	393	$	393		0.02	%

VALUATION SUMMARY (all amounts in thousands): '

	Level 1  - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3  - Significant Unobservable Inputs		Value at 10/31/2012
Investment Companies	$	2,095,099	$	—	$	393	$	2,095,492

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page     26

Transamerica Asset Allocation—Moderate Portfolio

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

VALUATION SUMMARY (all amounts in thousands) (continued): '

Level 3 Rollforward—Investment Securities

Securities	Beginning Balance at 10/31/2011		Purchases		Sales		Accrued Discounts (Premiums)		Total Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Transfers into Level 3		Transfers out of Level 3		Ending Balance at 10/31/2012 ₪		Net Change in Unrealized Appreciation (Depreciation) on Investments  Held at 10/31/2012
Investment Companies	$	—	$	393	$	—	$	—	$	—	$	—	$	—	$	—	$	393	$	—

' Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of Levels 1 and 2 during the period ended 10/31/2012. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

₪ Inputs used in the valuation of the Level 3 securities were not considered significant unobservable inputs.

Transamerica Funds		Annual Report 2012
	Page     27

Transamerica Multi-Manager Alternative Strategies Portfolio

SCHEDULE OF INVESTMENTS

At October 31, 2012

	Shares		Value (000’s)
INVESTMENT COMPANIES—99.7% p
Fixed Income—17.1%
Transamerica Emerging Markets Debt		3,951,985	$	45,685
Transamerica Money Market		3,081,716		3,082
Transamerica Short-Term Bond		3,458,532		35,692
Global/International Equity—9.3%
Transamerica Developing Markets Equity		1,508,568		18,088
Transamerica International Small Cap		3,528,606		27,876
Inflation-Protected Securities—4.1%
Transamerica Real Return TIPS		1,747,323		20,514
Tactical and Specialty—69.2%
Transamerica Arbitrage Strategy		3,330,604		32,940
Transamerica Bond		5,940,606		63,564
Transamerica Commodity Strategy		3,832,827		37,063
Transamerica Global Macro ‡		13,071,141		75,419
Transamerica Global Real Estate Securities		2,688,967		34,634
Transamerica Long/Short Strategy ‡		8,219,834		67,074
Transamerica Managed Futures Strategy		3,405,397		31,875
Total Investment Companies (cost $491,657) P				493,506
Other Assets and Liabilities—Net				1,596
Net Assets			$	495,102

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

p The fund invests its assets in the Class I2 shares of the affiliated series of Transamerica Funds.

‡ Non-income producing security.

P Aggregate cost for federal income tax purposes is $496,041. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $11,924 and $14,457, respectively. Net unrealized depreciation for tax purposes is $2,533.

VALUATION SUMMARY (all amounts in thousands): '

	Level 1  - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3  - Significant Unobservable Inputs		Value at 10/31/2012
Investment Companies	$	493,506	$	—	$	—	$	493,506

' Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of Levels 1 and 2 during the period ended 10/31/2012. 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		Annual Report 2012
	Page     28

Transamerica Multi-Manager International Portfolio

SCHEDULE OF INVESTMENTS

At October 31, 2012

	Shares		Value (000’s)
INVESTMENT COMPANIES—100.3% p
Global/International Equity—89.7%
Transamerica Developing Markets Equity		2,196,264	$	26,333
Transamerica Emerging Markets Equity ‡		1,723,043		16,266
Transamerica International		4,467,007		40,472
Transamerica International Equity		1,845,338		27,034
Transamerica International Equity Opportunities		4,546,541		33,735
Transamerica International Small Cap		1,467,098		11,590
Transamerica International Value Opportunities		4,435,871		39,257
Tactical and Specialty—10.6%
Transamerica Global Allocation		992,247		10,955
Transamerica Global Macro ‡		645,605		3,725
Transamerica Global Real Estate Securities		655,310		8,440
Total Investment Companies (cost $217,855) P				217,807
Other Assets and Liabilities—Net				(626	)
Net Assets			$	217,181

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

p The fund invests its assets in the Class I2 shares of the affiliated series of Transamerica Funds.

‡ Non-income producing security.

P Aggregate cost for federal income tax purposes is $221,306. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $4,694 and $8,193, respectively. Net unrealized depreciation for tax purposes is $3,499.

VALUATION SUMMARY (all amounts in thousands): '

	Level 1  - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3  - Significant Unobservable Inputs		Value at 10/31/2012
Investment Companies	$	217,807	$	—	$	—	$	217,807

' Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of Levels 1 and 2 during the period ended 10/31/2012. 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		Annual Report 2012
	Page     29

STATEMENTS OF ASSETS AND LIABILITIES

At October 31, 2012

(all amounts except per share amounts in thousands)

	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			Transamerica Multi-Manager International Portfolio
Assets:
Investments in affiliated investment companies, at value	$	1,173,414		$	1,358,134		$	2,817,440		$	2,095,492		$	493,506		$	217,807
Cash		—	(A)		—	(A)		—			1			—			—
Receivables:
Affiliated investment securities sold		1,164			1,167			2,232			3,447			—			307
Shares of beneficial interest sold		2,415			1,217			3,452			2,588			4,064			317
Dividends		38			—	(A)		—	(A)		58			14			—
Prepaid expenses		4			5			10			7			2			1
	$	1,177,035		$	1,360,523		$	2,823,134		$	2,101,593		$	497,586		$	218,432
Liabilities:
Accounts payable and accrued liabilities:
Affiliated investment securities purchased	$	—		$	—		$	—		$	—		$	959		$	—
Shares of beneficial interest redeemed		3,818			3,013			6,969			7,031			1,138			1,028
Management and advisory fees		106			125			258			191			88			22
Distribution and service fees		725			846			1,788			1,323			176			117
Trustees fees		4			5			10			7			1			1
Transfer agent fees		101			203			316			186			53			36
Administration fees		19			22			45			34			8			4
Due to custodian		—			—			1			—			—	(A)		—	(A)
Other		100			129			225			162			61			43
	$	4,873		$	4,343		$	9,612		$	8,934		$	2,484		$	1,251
Net assets	$	1,172,162		$	1,356,180		$	2,813,522		$	2,092,659		$	495,102		$	217,181
Net assets consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	1,065,282		$	1,340,836		$	2,686,774		$	1,890,634		$	501,447		$	319,921
Undistributed (accumulated) net investment income (loss)		560			(5,372	)		3,137			11,924			2,795			(1,730	)
Accumulated net realized loss from investments in affiliated investment companies		(1,628	)		(204,037	)		(248,017	)		(40,656	)		(10,989	)		(100,962	)
Net unrealized appreciation (depreciation) on investments in affiliated investment companies		107,948			224,753			371,628			230,757			1,849			(48	)
Net assets	$	1,172,162		$	1,356,180		$	2,813,522		$	2,092,659		$	495,102		$	217,181
Net assets by class:
Class A	$	495,444		$	601,498		$	1,181,926		$	866,505		$	176,808		$	86,834
Class B		65,549			106,594			213,032			115,595						9,847
Class C		584,283			629,208			1,379,454			1,069,033			142,788			92,050
Class I		24,297			17,219			34,145			36,572			175,506			28,450
Class R		2,589			1,661			4,965			4,954
Shares outstanding:
Class A		42,246			48,643			95,773			70,671			17,824			9,416
Class B		5,620			8,830			17,298			9,426						1,075
Class C		50,179			52,184			112,535			87,840			14,538			10,060
Class I		2,067			1,390			2,764			2,979			17,653			3,084
Class R		219			135			404			406
Net asset value per share:
Class A	$	11.73		$	12.37		$	12.34		$	12.26		$	9.92		$	9.22
Class B		11.66			12.07			12.32			12.26						9.16
Class C		11.64			12.06			12.26			12.17			9.82			9.15
Class I		11.75			12.39			12.36			12.28			9.94			9.23
Class R		11.81			12.27			12.28			12.20
Maximum offering price per share: (B)
Class A	$	12.41		$	13.09		$	13.06		$	12.97		$	10.50		$	9.76
Investments in affiliated investment companies, at cost	$	1,065,466		$	1,133,381		$	2,445,812		$	1,864,735		$	491,657		$	217,855

^(A) 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		Annual Report 2012
	Page     30

STATEMENTS OF OPERATIONS

For the year ended October 31, 2012

(all amounts in thousands)

	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			Transamerica Multi-Manager International Portfolio
Investment income:
Dividend income from affiliated investment companies	$	34,993	$	17,095		$	55,337		$	53,406	$	13,009		$	5,844
Expenses:
Management and advisory		1,170		1,412			2,898			2,129		913			240
Distribution and service:
Class A		1,559		1,936			3,762			2,781		529			318
Class B		715		1,226			2,449			1,314					113
Class C		5,842		6,581			14,305			10,816		1,426			1,021
Class R		12		13			26			24
Transfer agent:
Class A		632		1,115			1,634			1,035		265			188
Class B		95		282			450			219					41
Class C		432		959			1,588			905		218			203
Class I		20		18			30			33		159			29
Class R		5		4			7			7
Printing and shareholder reports		130		218			382			241		114			58
Custody		50		50			91			73		16			12
Administration		185		224			459			338		73			38
Legal		39		46			94			70		16			7
Audit and tax		17		17			19			18		16			16
Trustees		23		27			56			41		9			5
Registration		68		69			85			76		26			42
Other		21		26			51			37		8			7
Total expenses		11,015		14,223			28,386			20,157		3,788			2,338
Reimbursement of class expenses:
Class B		—		—			—			—					(10	)
Total reimbursed expenses		—		—			—			—		—			(10	)
Net expenses		11,015		14,223			28,386			20,157		3,788			2,328
Net investment income		23,978		2,872			26,951			33,249		9,221			3,516
Net realized and change in unrealized gain (loss) on investments in affiliated investment companies:
Realized gain (loss) from investments in affiliated investment companies		5,846		(2,145	)		(1,340	)		9,659		(7,327	)		(27,540	)
Realized gain distributions from investments in affiliated investment companies		23,368		51,539			84,831			55,030		6,407			20,778
Net realized gain (loss)		29,214		49,394			83,491			64,689		(920	)		(6,762	)
Net change in unrealized appreciation (depreciation) on investments in affiliated investment companies		28,221		63,301			113,226			56,231		13,547			11,889
Net realized and change in unrealized gain on investments in affiliated investment companies		57,435		112,695			196,717			120,920		12,627			5,127
Net increase in net assets resulting from operations	$	81,413	$	115,567		$	223,668		$	154,169	$	21,848		$	8,643

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page     31

STATEMENTS OF CHANGES IN NET ASSETS

For the years ended:

(all amounts in thousands)

	Transamerica Asset Allocation - Conservative Portfolio						Transamerica Asset Allocation - Growth Portfolio						Transamerica Asset Allocation - Moderate Growth Portfolio
	October 31, 2012			October 31, 2011			October 31, 2012			October 31, 2011			October 31, 2012			October 31, 2011
From operations:
Net investment income	$	23,978		$	27,617		$	2,872		$	3,963		$	26,951		$	39,736
Net realized gain (loss) on investments in affiliated investment companies		29,214			11,302			49,394			(34,168	)		83,491			(57,374	)
Net change in unrealized appreciation (depreciation) on investments in affiliated investment companies		28,221			(16,757	)		63,301			57,335			113,226			48,265
Net increase in net assets resulting from operations		81,413			22,162			115,567			27,130			223,668			30,627
Distributions to shareholders:
From net investment income:
Class A		(11,562	)		(12,895	)		(6,830	)		(2,961	)		(16,912	)		(17,502	)
Class B		(1,279	)		(2,083	)		(369	)		—			(1,425	)		(2,633	)
Class C		(10,476	)		(12,537	)		(3,104	)		—			(10,880	)		(13,326	)
Class I		(475	)		(351	)		(225	)		(118	)		(422	)		(311	)
Class R		(47	)		(70	)		(29	)		(15	)		(64	)		(75	)
Total distributions to shareholders		(23,839	)		(27,936	)		(10,557	)		(3,094	)		(29,703	)		(33,847	)
Capital share transactions:
Proceeds from shares sold:
Class A		90,435			120,880			61,007			109,105			113,425			207,685
Class B		3,681			4,193			2,794			4,441			4,091			7,642
Class C		88,716			128,569			49,556			90,581			121,872			220,453
Class I		13,492			8,692			7,880			6,839			17,355			14,825
Class R		1,719			1,155			592			1,067			2,032			2,072
		198,043			263,489			121,829			212,033			258,775			452,677
Dividends and distributions reinvested:
Class A		10,842			11,905			6,504			2,805			16,008			16,525
Class B		1,043			1,667			342			—			1,327			2,389
Class C		8,162			9,441			2,625			—			8,889			10,584
Class I		299			124			150			69			270			141
Class R		37			51			24			12			53			54
		20,383			23,188			9,645			2,886			26,547			29,693
Cost of shares redeemed:
Class A		(129,090	)		(142,522	)		(144,552	)		(170,151	)		(261,040	)		(276,893	)
Class B		(13,890	)		(23,572	)		(24,640	)		(35,823	)		(45,906	)		(70,998	)
Class C		(119,271	)		(158,188	)		(154,676	)		(194,816	)		(314,988	)		(367,790	)
Class I		(5,497	)		(4,425	)		(6,628	)		(5,399	)		(8,632	)		(7,575	)
Class R		(1,711	)		(1,850	)		(2,904	)		(1,180	)		(2,767	)		(2,206	)
		(269,459	)		(330,557	)		(333,400	)		(407,369	)		(633,333	)		(725,462	)
Automatic conversions:
Class A		9,442			15,890			22,305			15,759			47,512			40,728
Class B		(9,442	)		(15,890	)		(22,305	)		(15,759	)		(47,512	)		(40,728	)
		—			—			—			—			—			—
Net decrease in net assets resulting from capital shares transactions		(51,033	)		(43,880	)		(201,926	)		(192,450	)		(348,011	)		(243,092	)
Net increase (decrease) in net assets		6,541			(49,654	)		(96,916	)		(168,414	)		(154,046	)		(246,312	)
Net assets:
Beginning of year	$	1,165,621		$	1,215,275		$	1,453,096		$	1,621,510		$	2,967,568		$	3,213,880
								��
End of year	$	1,172,162		$	1,165,621		$	1,356,180		$	1,453,096		$	2,813,522		$	2,967,568
Undistributed (accumulated) net investment income (loss)	$	560		$	421		$	(5,372	)	$	2,302		$	3,137		$	5,889

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page     32

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

(all amounts in thousands)

	Transamerica Asset Allocation - Conservative Portfolio						Transamerica Asset Allocation - Growth Portfolio						Transamerica Asset Allocation - Moderate Growth Portfolio
	October 31, 2012			October 31, 2011			October 31, 2012			October 31, 2011			October 31, 2012			October 31, 2011
Share activity:
Shares issued:
Class A		7,916			10,680			5,107			9,083			9,485			17,330
Class B		326			374			240			378			343			639
Class C		7,849			11,414			4,238			7,687			10,259			18,447
Class I		1,173			767			657			567			1,441			1,247
Class R		148			101			50			90			171			173
		17,412			23,336			10,292			17,805			21,699			37,836
Shares issued- reinvested from dividends and distributions:
Class A		974			1,065			609			237			1,471			1,409
Class B		95			150			32			—			122			203
Class C		740			850			250			—			818			905
Class I		26			11			14			6			25			12
Class R		3			5			2			1			5			5
		1,838			2,081			907			244			2,441			2,534
Shares redeemed:
Class A		(11,289	)		(12,591	)		(12,098	)		(14,322	)		(21,897	)		(23,275	)
Class B		(1,227	)		(2,085	)		(2,105	)		(3,055	)		(3,845	)		(5,948	)
Class C		(10,524	)		(14,060	)		(13,259	)		(16,611	)		(26,547	)		(30,978	)
Class I		(479	)		(393	)		(551	)		(454	)		(724	)		(640	)
Class R		(148	)		(161	)		(244	)		(98	)		(234	)		(185	)
		(23,667	)		(29,290	)		(28,257	)		(34,540	)		(53,247	)		(61,026	)
Automatic conversions:
Class A		831			1,400			1,876			1,322			4,002			3,431
Class B		(835	)		(1,407	)		(1,916	)		(1,353	)		(4,001	)		(3,438	)
		(4	)		(7	)		(40	)		(31	)		1			(7	)
Net increase (decrease) in shares outstanding:
Class A		(1,568	)		554			(4,506	)		(3,680	)		(6,939	)		(1,105	)
Class B		(1,641	)		(2,968	)		(3,749	)		(4,030	)		(7,381	)		(8,544	)
Class C		(1,935	)		(1,796	)		(8,771	)		(8,924	)		(15,470	)		(11,626	)
Class I		720			385			120			119			742			619
Class R		3			(55	)		(192	)		(7	)		(58	)		(7	)
		(4,421	)		(3,880	)		(17,098	)		(16,522	)		(29,106	)		(20,663	)

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page     33

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

(all amounts in thousands)

	Transamerica Asset Allocation - Moderate Portfolio						Transamerica Multi- Manager Alternative Strategies Portfolio						Transamerica Multi- Manager International Portfolio
	October 31, 2012			October 31, 2011			October 31, 2012			October 31, 2011			October 31, 2012			October 31, 2011
From operations:
Net investment income	$	33,249		$	42,880		$	9,221		$	4,715		$	3,516		$	1,659
Net realized gain (loss) on investments in affiliated investment companies		64,689			(12,582	)		(920	)		515			(6,762	)		185
Net change in unrealized appreciation (depreciation) on investments in affiliated investment companies		56,231			10,813			13,547			(12,134	)		11,889			(24,184	)
Net increase (decrease) in net assets resulting from operations		154,169			41,111			21,848			(6,904	)		8,643			(22,340	)
Distributions to shareholders:
From net investment income:
Class A		(17,705	)		(17,338	)		(3,927	)		(884	)		(3,129	)		(1,063	)
Class B		(1,546	)		(2,599	)								(241	)		(2	)
Class C		(14,760	)		(16,101	)		(2,403	)		(101	)		(2,300	)		(264	)
Class I		(618	)		(434	)		(3,398	)		(428	)		(853	)		(367	)
Class R		(83	)		(83	)
Total distributions to shareholders		(34,712	)		(36,555	)		(9,728	)		(1,413	)		(6,523	)		(1,696	)
Capital share transactions:
Proceeds from shares sold:
Class A		112,835			184,563			79,008			108,121			13,297			37,207
Class B		2,781			4,936									208			588
Class C		126,029	��		200,075			31,436			62,110			5,925			18,319
Class I		17,785			15,868			109,257			118,372			15,564			21,249
Class R		2,805			2,487
		262,235			407,929			219,701			288,603			34,994			77,363
Dividends and distributions reinvested:
Class A		16,590			16,143			3,362			777			2,856			961
Class B		1,400			2,297									209			2
Class C		11,685			12,286			2,026			82			1,783			197
Class I		403			225			2,236			240			315			93
Class R		54			49
		30,132			31,000			7,624			1,099			5,163			1,253
Cost of shares redeemed:
Class A		(215,867	)		(216,548	)		(81,245	)		(62,089	)		(48,777	)		(45,790	)
Class B		(23,056	)		(41,778	)								(3,560	)		(3,842	)
Class C		(217,870	)		(267,702	)		(35,618	)		(32,869	)		(34,618	)		(35,689	)
Class I		(9,692	)		(7,433	)		(60,925	)		(29,816	)		(16,190	)		(18,017	)
Class R		(3,477	)		(1,514	)
		(469,962	)		(534,975	)		(177,788	)		(124,774	)		(103,145	)		(103,338	)
Automatic conversions:
Class A		25,725			35,441			—			—			476			746
Class B		(25,725	)		(35,441	)								(476	)		(746	)
		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital shares transactions		(177,595	)		(96,046	)		49,537			164,928			(62,988	)		(24,722	)
Net increase (decrease) in net assets		(58,138	)		(91,490	)		61,657			156,611			(60,868	)		(48,758	)
Net assets:
Beginning of year	$	2,150,797		$	2,242,287		$	433,445		$	276,834		$	278,049		$	326,807
End of year	$	2,092,659		$	2,150,797		$	495,102		$	433,445		$	217,181		$	278,049
Undistributed (accumulated) net investment income (loss)	$	11,924		$	13,387		$	2,795		$	3,302		$	(1,730	)	$	1,277

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page     34

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

(all amounts in thousands)

	Transamerica Asset Allocation - Moderate Portfolio						Transamerica Multi- Manager Alternative Strategies Portfolio						Transamerica Multi- Manager International Portfolio
	October 31, 2012			October 31, 2011			October 31, 2012			October 31, 2011			October 31, 2012			October 31, 2011
Share activity:
Shares issued:
Class A		9,514			15,643			8,164			10,915			1,489			3,714
Class B		235			418									24			60
Class C		10,685			17,023			3,261			6,315			678			1,838
Class I		1,496			1,341			11,313			11,963			1,730			2,122
Class R		237			214
		22,167			34,639			22,738			29,193			3,921			7,734
Shares issued-reinvested from dividends and distributions:
Class A		1,507			1,400			365			79			358			97
Class B		126			198									26			—	(A)
Class C		1,063			1,069			221			9			223			20
Class I		37			19			243			25			39			9
Class R		5			4
		2,738			2,690			829			113			646			126
Shares redeemed:
Class A		(18,178	)		(18,400	)		(8,434	)		(6,308	)		(5,467	)		(4,678	)
Class B		(1,940	)		(3,537	)								(406	)		(393	)
Class C		(18,458	)		(22,830	)		(3,695	)		(3,354	)		(3,926	)		(3,634	)
Class I		(819	)		(633	)		(6,322	)		(3,036	)		(1,841	)		(1,821	)
Class R		(296	)		(129	)
		(39,691	)		(45,529	)		(18,451	)		(12,698	)		(11,640	)		(10,526	)
Automatic conversions:
Class A		2,178			3,007			—			—			54			75
Class B		(2,172	)		(3,007	)								(54	)		(75	)
		6			—			—			—			—			—
Net increase (decrease) in shares outstanding:
Class A		(4,979	)		1,650			95			4,686			(3,566	)		(792	)
Class B		(3,751	)		(5,928	)								(410	)		(408	)
Class C		(6,710	)		(4,738	)		(213	)		2,970			(3,025	)		(1,776	)
Class I		714			727			5,234			8,952			(72	)		310
Class R		(54	)		89
		(14,780	)		(8,200	)		5,116			16,608			(7,073	)		(2,666	)

^(A) Rounds to less than 1 share.

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page     35

FINANCIAL HIGHLIGHTS

For the period or years ended:

	Transamerica Asset Allocation - Conservative Portfolio
	Class A
For a share outstanding throughout each period	October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of year	$	11.17		$	11.22		$	10.42		$	8.99		$	12.40
Investment operations
From net investment income(A),(B)		0.28			0.30			0.35			0.40			0.36
From net realized and unrealized gain (loss) on affiliated investments		0.55			(0.06	)		0.83			1.46			(3.21	)
Total from investment operations		0.83			0.24			1.18			1.86			(2.85	)
Distributions
Net investment income		(0.27	)		(0.29	)		(0.38	)		(0.43	)		(0.32	)
Net realized gains on affiliated investments		—			—			—			—			(0.24	)
Total distributions		(0.27	)		(0.29	)		(0.38	)		(0.43	)		(0.56	)
Net asset value
End of year	$	11.73		$	11.17		$	11.22		$	10.42		$	8.99
Total return(C)		7.55	%		2.20	%		11.59	%		21.76	%		(23.86	)%
Net assets end of year (000’s)	$	495,444		$	489,240		$	485,473		$	360,558		$	268,516
Ratio and supplemental data
Expenses to average net assets:(D)
After reimbursement/recapture		0.59	%		0.62	%		0.63	%		0.65	%		0.62	%
Before reimbursement/recapture		0.59	%		0.62	%		0.63	%		0.65	%		0.62	%
Net investment income to average net assets(B)		2.40	%		2.63	%		3.28	%		4.27	%		3.22	%
Portfolio turnover rate(E)		20	%		31	%		16	%		27	%		10	%
	Transamerica Asset Allocation - Conservative Portfolio
	Class B
For a share outstanding throughout each period	October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of year	$	11.11		$	11.17		$	10.38		$	8.97		$	12.36
Investment operations
From net investment income(A),(B)		0.20			0.24			0.30			0.35			0.31
From net realized and unrealized gain (loss) on affiliated investments		0.55			(0.07	)		0.80			1.45			(3.22	)
Total from investment operations		0.75			0.17			1.10			1.80			(2.91	)
Distributions
Net investment income		(0.20	)		(0.23	)		(0.31	)		(0.39	)		(0.24	)
Net realized gains on affiliated investments		—			—			—			—			(0.24	)
Total distributions		(0.20	)		(0.23	)		(0.31	)		(0.39	)		(0.48	)
Net asset value
End of year	$	11.66		$	11.11		$	11.17		$	10.38		$	8.97
Total return(C)		6.81	%		1.50	%		10.82	%		21.01	%		(24.36	)%
Net assets end of year (000’s)	$	65,549		$	80,696		$	114,303		$	111,706		$	93,268
Ratio and supplemental data
Expenses to average net assets:(D)
After reimbursement/recapture		1.28	%		1.27	%		1.26	%		1.28	%		1.24	%
Before reimbursement/recapture		1.28	%		1.27	%		1.26	%		1.28	%		1.24	%
Net investment income to average net assets(B)		1.78	%		2.08	%		2.81	%		3.71	%		2.72	%
Portfolio turnover rate(E)		20	%		31	%		16	%		27	%		10	%

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page    36

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica Asset Allocation - Conservative Portfolio
	Class C
For a share outstanding throughout each period	October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of year	$	11.09		$	11.16		$	10.37		$	8.96		$	12.35
Investment operations
From net investment income(A),(B)		0.20			0.23			0.29			0.34			0.29
From net realized and unrealized gain (loss) on affiliated investments		0.55			(0.06	)		0.82			1.46			(3.19	)
Total from investment operations		0.75			0.17			1.11			1.80			(2.90	)
Distributions
Net investment income		(0.20	)		(0.24	)		(0.32	)		(0.39	)		(0.25	)
Net realized gains on affiliated investments		—			—			—			—			(0.24	)
Total distributions		(0.20	)		(0.24	)		(0.32	)		(0.39	)		(0.49	)
Net asset value
End of year	$	11.64		$	11.09		$	11.16		$	10.37		$	8.96
Total return(C)		6.90	%		1.50	%		10.92	%		21.09	%		(24.30	)%
Net assets end of year (000’s)	$	584,283		$	578,193		$	601,625		$	488,315		$	364,153
Ratio and supplemental data
Expenses to average net assets:(D)
After reimbursement/recapture		1.22	%		1.21	%		1.22	%		1.23	%		1.22	%
Before reimbursement/recapture		1.22	%		1.21	%		1.22	%		1.23	%		1.22	%
Net investment income to average net assets(B)		1.77	%		2.04	%		2.75	%		3.69	%		2.61	%
Portfolio turnover rate(E)		20	%		31	%		16	%		27	%		10	%

	Transamerica Asset Allocation - Conservative Portfolio
	Class I
For a share outstanding throughout each period	October 31, 2012			October 31, 2011			October 31, 2010(F)
Net asset value
Beginning of period/year	$	11.19		$	11.24		$	10.69
Investment operations
From net investment income(A),(B)		0.30			0.32			0.22
From net realized and unrealized gain (loss) on affiliated investments		0.56			(0.04	)		0.75
Total from investment operations		0.86			0.28			0.97
Distributions
Net investment income		(0.30	)		(0.33	)		(0.42	)
Net asset value
End of year	$	11.75		$	11.19		$	11.24
Total return(C)		7.87	%		2.52	%		9.39	%(G)
Net assets end of year (000’s)	$	24,297		$	15,067		$	10,813
Ratio and supplemental data
Expenses to average net assets:(D)
After reimbursement/recapture		0.25	%		0.26	%		0.28	%(H)
Before reimbursement/recapture		0.25	%		0.26	%		0.28	%(H)
Net investment income to average net assets(B)		2.58	%		2.83	%		2.24	%(H)
Portfolio turnover rate(E)		20	%		31	%		16	%(G)

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page    37

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica Asset Allocation - Conservative Portfolio
	Class R
For a share outstanding throughout each period	October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of year	$	11.24		$	11.29		$	10.49		$	9.05		$	12.47
Investment operations
From net investment income(A),(B)		0.26			0.28			0.27			0.37			0.35
From net realized and unrealized gain (loss) on affiliated investments		0.55			(0.07	)		0.88			1.49			(3.23	)
Total from investment operations		0.81			0.21			1.15			1.86			(2.88	)
Distributions
Net investment income		(0.24	)		(0.26	)		(0.35	)		(0.42	)		(0.30	)
Net realized gains on affiliated investments		—			—			—			—			(0.24	)
Total distributions		(0.24	)		(0.26	)		(0.35	)		(0.42	)		(0.54	)
Net asset value
End of year	$	11.81		$	11.24		$	11.29		$	10.49		$	9.05
Total return(C)		7.30	%		1.90	%		11.23	%		21.59	%		(23.98	)%
Net assets end of year (000’s)	$	2,589		$	2,425		$	3,061		$	1,509		$	1,089
Ratio and supplemental data
Expenses to average net assets:(D)
After reimbursement/recapture		0.85	%		0.90	%		0.88	%		0.89	%		0.82	%
Before reimbursement/recapture		0.85	%		0.90	%		0.88	%		0.89	%		0.82	%
Net investment income to average net assets(B)		2.23	%		2.50	%		2.56	%		3.97	%		3.14	%
Portfolio turnover rate(E)		20	%		31	%		16	%		27	%		10	%
	Transamerica Asset Allocation - Growth Portfolio
	Class A
For a share outstanding throughout each period	October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of year	$	11.49		$	11.36		$	9.92		$	8.87		$	15.46
Investment operations
From net investment income(A),(B)		0.07			0.07			0.05			0.12			0.15
From net realized and unrealized gain (loss) on affiliated investments		0.94			0.11			1.48			1.12			(6.29	)
Total from investment operations		1.01			0.18			1.53			1.24			(6.14	)
Distributions
Net investment income		(0.13	)		(0.05	)		(0.09	)		(0.19	)		(0.02	)
Net realized gains on affiliated investments		—			—			—			—			(0.43	)
Total distributions		(0.13	)		(0.05	)		(0.09	)		(0.19	)		(0.45	)
Net asset value
End of year	$	12.37		$	11.49		$	11.36		$	9.92		$	8.87
Total return(C)		8.96	%		1.59	%		15.55	%		14.46	%		(40.75	)%
Net assets end of year (000’s)	$	601,498		$	610,951		$	645,459		$	574,500		$	495,257
Ratio and supplemental data
Expenses to average net assets:(D)
After reimbursement/recapture		0.65	%		0.67	%		0.68	%		0.73	%		0.65	%
Before reimbursement/recapture		0.65	%		0.67	%		0.68	%		0.73	%		0.65	%
Net investment income to average net assets(B)		0.56	%		0.58	%		0.45	%		1.41	%		1.20	%
Portfolio turnover rate(E)		21	%		30	%		10	%		47	%		12	%

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page    38

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica Asset Allocation - Growth Portfolio
	Class B
For a share outstanding throughout each period	October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of year	$	11.20		$	11.09		$	9.70		$	8.63		$	15.13
Investment operations
From net investment income (loss)(A),(B)		(0.01	)		—	(I)		(0.02	)		0.07			0.08
From net realized and unrealized gain (loss) on affiliated investments		0.91			0.11			1.44			1.10			(6.15	)
Total from investment operations		0.90			0.11			1.42			1.17			(6.07	)
Distributions
Net investment income		(0.03	)		—			(0.03	)		(0.10	)		—
Net realized gains on affiliated investments		—			—			—			—			(0.43	)
Total distributions		(0.03	)		—			(0.03	)		(0.10	)		(0.43	)
Net asset value
End of year	$	12.07		$	11.20		$	11.09		$	9.70		$	8.63
Total return(C)		8.08	%		0.99	%		14.65	%		13.78	%		(41.15	)%
Net assets end of year (000’s)	$	106,594		$	140,909		$	184,263		$	192,054		$	196,817
Ratio and supplemental data
Expenses to average net assets:(D)
After reimbursement/recapture		1.38	%		1.36	%		1.35	%		1.40	%		1.30	%
Before reimbursement/recapture		1.38	%		1.36	%		1.35	%		1.40	%		1.30	%
Net investment income (loss) to average net assets(B)		(0.12	)%		(0.02	)%		(0.18	)%		0.84	%		0.67	%
Portfolio turnover rate(E)		21	%		30	%		10	%		47	%		12	%
	Transamerica Asset Allocation - Growth Portfolio
	Class C
For a share outstanding throughout each period	October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of year	$	11.20		$	11.09		$	9.69		$	8.64		$	15.13
Investment operations
From net investment income (loss)(A),(B)		(0.01	)		—	(I)		(0.01	)		0.08			0.08
From net realized and unrealized gain (loss) on affiliated investments		0.92			0.11			1.45			1.08			(6.14	)
Total from investment operations		0.91			0.11			1.44			1.16			(6.06	)
Distributions
Net investment income		(0.05	)		—			(0.04	)		(0.11	)		—
Net realized gains on affiliated investments		—			—			—			—			(0.43	)
Total distributions		(0.05	)		—			(0.04	)		(0.11	)		(0.43	)
Net asset value
End of year	$	12.06		$	11.20		$	11.09		$	9.69		$	8.64
Total return(C)		8.22	%		0.99	%		14.86	%		13.72	%		(41.08	)%
Net assets end of year (000’s)	$	629,208		$	682,872		$	774,914		$	763,086		$	751,881
Ratio and supplemental data
Expenses to average net assets:(D)
After reimbursement/recapture		1.29	%		1.29	%		1.29	%		1.33	%		1.26	%
Before reimbursement/recapture		1.29	%		1.29	%		1.29	%		1.33	%		1.26	%
Net investment income (loss) to average net assets(B)		(0.08	)%		—	%(J)		(0.12	)%		0.90	%		0.62	%
Portfolio turnover rate(E)		21	%		30	%		10	%		47	%		12	%

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page    39

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica Asset Allocation - Growth Portfolio
	Class I
For a share outstanding throughout each period	October 31, 2012			October 31, 2011			October 31, 2010(F)
Net asset value
Beginning of period/year	$	11.53		$	11.39		$	10.35
Investment operations
From net investment income (loss)(A),(B)		0.10			0.11			(0.02	)
From net realized and unrealized gain on affiliated investments		0.94			0.13			1.20
Total from investment operations		1.04			0.24			1.18
Distributions
Net investment income		(0.18	)		(0.10	)		(0.14	)
Net asset value
End of year	$	12.39		$	11.53		$	11.39
Total return(C)		9.28	%		2.10	%		11.57	%(G)
Net assets end of year (000’s)	$	17,219		$	14,642		$	13,112
Ratio and supplemental data
Expenses to average net assets:(D)
After reimbursement/recapture		0.25	%		0.27	%		0.30	%(H)
Before reimbursement/recapture		0.25	%		0.27	%		0.30	%(H)
Net investment income (loss) to average net assets(B)		0.86	%		0.93	%		(0.15	)%(H)
Portfolio turnover rate(E)		21	%		30	%		10	%(G)

	Transamerica Asset Allocation - Growth Portfolio
	Class R
For a share outstanding throughout each period	October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of year	$	11.39		$	11.27		$	9.85		$	8.84		$	15.40
Investment operations
From net investment income(A),(B)		0.06			0.05			0.01			0.10			0.07
From net realized and unrealized gain (loss) on affiliated investments		0.92			0.11			1.49			1.12			(6.20	)
Total from investment operations		0.98			0.16			1.50			1.22			(6.13	)
Distributions
Net investment income		(0.10	)		(0.04	)		(0.08	)		(0.21	)		—
Net realized gains on affiliated investments		—			—			—			—			(0.43	)
Total distributions		(0.10	)		(0.04	)		(0.08	)		(0.21	)		(0.43	)
Net asset value
End of year	$	12.27		$	11.39		$	11.27		$	9.85		$	8.84
Total return(C)		8.76	%		1.45	%		15.35	%		14.35	%		(40.81	)%
Net assets end of year (000’s)	$	1,661		$	3,722		$	3,762		$	2,704		$	1,570
Ratio and supplemental data
Expenses to average net assets:(D)
After reimbursement/recapture		0.82	%		0.82	%		0.84	%		0.85	%		0.83	%
Before reimbursement/recapture		0.82	%		0.82	%		0.84	%		0.85	%		0.83	%
Net investment income to average net assets(B)		0.52	%		0.44	%		0.15	%		1.09	%		0.57	%
Portfolio turnover rate(E)		21	%		30	%		10	%		47	%		12	%

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page    40

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica Asset Allocation - Moderate Growth Portfolio
	Class A
For a share outstanding throughout each period	October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of year	$	11.55		$	11.59		$	10.39		$	9.20		$	14.58
Investment operations
From net investment income(A),(B)		0.16			0.19			0.19			0.28			0.26
From net realized and unrealized gain (loss) on affiliated investments		0.80			(0.06	)		1.27			1.25			(5.04	)
Total from investment operations		0.96			0.13			1.46			1.53			(4.78	)
Distributions
Net investment income		(0.17	)		(0.17	)		(0.23	)		(0.34	)		(0.19	)
Net realized gains on affiliated investments		—			—			—			—			(0.41	)
From return of capital		—			—			(0.03	)		—			—
Total distributions		(0.17	)		(0.17	)		(0.26	)		(0.34	)		(0.60	)
Net asset value
End of year	$	12.34		$	11.55		$	11.59		$	10.39		$	9.20
Total return(C)		8.48	%		1.09	%		14.35	%		17.47	%		(34.01	)%
Net assets end of year (000’s)	$	1,181,926		$	1,186,790		$	1,202,885		$	1,044,810		$	901,766
Ratio and supplemental data
Expenses to average net assets:(D)
After reimbursement/recapture		0.60	%		0.62	%		0.62	%		0.66	%		0.60	%
Before reimbursement/recapture		0.60	%		0.62	%		0.62	%		0.66	%		0.60	%
Net investment income to average net assets(B)		1.30	%		1.58	%		1.80	%		2.99	%		2.12	%
Portfolio turnover rate(E)		25	%		35	%		17	%		37	%		13	%
	Transamerica Asset Allocation - Moderate Growth Portfolio
	Class B
For a share outstanding throughout each period	October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of year	$	11.50		$	11.53		$	10.34		$	9.12		$	14.45
Investment operations
From net investment income(A),(B)		0.08			0.12			0.13			0.22			0.19
From net realized and unrealized gain (loss) on affiliated investments		0.80			(0.07	)		1.25			1.24			(5.01	)
Total from investment operations		0.88			0.05			1.38			1.46			(4.82	)
Distributions
Net investment income		(0.06	)		(0.08	)		(0.16	)		(0.24	)		(0.10	)
Net realized gains on affiliated investments		—			—			—			—			(0.41	)
From return of capital		—			—			(0.03	)		—			—
Total distributions		(0.06	)		(0.08	)		(0.19	)		(0.24	)		(0.51	)
Net asset value
End of year	$	12.32		$	11.50		$	11.53		$	10.34		$	9.12
Total return(C)		7.73	%		0.43	%		13.57	%		16.69	%		(34.44	)%
Net assets end of year (000’s)	$	213,032		$	283,905		$	383,062		$	394,275		$	389,429
Ratio and supplemental data
Expenses to average net assets:(D)
After reimbursement/recapture		1.33	%		1.31	%		1.30	%		1.33	%		1.27	%
Before reimbursement/recapture		1.33	%		1.31	%		1.30	%		1.33	%		1.27	%
Net investment income to average net assets(B)		0.65	%		1.02	%		1.19	%		2.39	%		1.54	%
Portfolio turnover rate(E)		25	%		35	%		17	%		37	%		13	%

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page    41

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica Asset Allocation - Moderate Growth Portfolio
	Class C
For a share outstanding throughout each period	October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of year	$	11.47		$	11.50		$	10.32		$	9.11		$	14.45
Investment operations
From net investment income(A),(B)		0.08			0.12			0.13			0.22			0.18
From net realized and unrealized gain (loss) on affiliated investments		0.80			(0.05	)		1.25			1.25			(5.00	)
Total from investment operations		0.88			0.07			1.38			1.47			(4.82	)
Distributions
Net investment income		(0.09	)		(0.10	)		(0.17	)		(0.26	)		(0.11	)
Net realized gains on affiliated investments		—			—			—			—			(0.41	)
From return of capital		—			—			(0.03	)		—			—
Total distributions		(0.09	)		(0.10	)		(0.20	)		(0.26	)		(0.52	)
Net asset value
End of year	$	12.26		$	11.47		$	11.50		$	10.32		$	9.11
Total return(C)		7.74	%		0.56	%		13.58	%		16.77	%		(34.44	)%
Net assets end of year (000’s)	$	1,379,454		$	1,468,164		$	1,606,227		$	1,513,954		$	1,455,012
Ratio and supplemental data
Expenses to average net assets:(D)
After reimbursement/recapture		1.25	%		1.25	%		1.25	%		1.28	%		1.23	%
Before reimbursement/recapture		1.25	%		1.25	%		1.25	%		1.28	%		1.23	%
Net investment income to average net assets(B)		0.66	%		0.99	%		1.20	%		2.43	%		1.49	%
Portfolio turnover rate(E)		25	%		35	%		17	%		37	%		13	%

	Transamerica Asset Allocation - Moderate Growth Portfolio
	Class I
For a share outstanding throughout each period	October 31, 2012			October 31, 2011			October 31, 2010(F)
Net asset value
Beginning of period/year	$	11.58		$	11.61		$	10.76
Investment operations
From net investment income(A),(B)		0.18			0.21			0.09
From net realized and unrealized gain (loss) on affiliated investments		0.81			(0.03	)		1.07
Total from investment operations		0.99			0.18			1.16
Distributions
Net investment income		(0.21	)		(0.21	)		(0.28	)
From return of capital		—			—			(0.03	)
Total distributions		(0.21	)		(0.21	)		(0.31	)
Net asset value
End of year	$	12.36		$	11.58		$	11.61
Total return(C)		8.82	%		1.54	%		11.07	%(G)
Net assets end of year (000’s)	$	34,145		$	23,403		$	16,293
Ratio and supplemental data
Expenses to average net assets:(D)
After reimbursement/recapture		0.25	%		0.26	%		0.29	%(H)
Before reimbursement/recapture		0.25	%		0.26	%		0.29	%(H)
Net investment income to average net assets(B)		1.53	%		1.74	%		0.89	%(H)
Portfolio turnover rate(E)		25	%		35	%		17	%(G)

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page    42

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica Asset Allocation - Moderate Growth Portfolio
	Class R
For a share outstanding throughout each period	October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of year	$	11.50		$	11.53		$	10.36		$	9.18		$	14.54
Investment operations
From net investment income(A),(B)		0.14			0.17			0.15			0.25			0.22
From net realized and unrealized gain (loss) on affiliated investments		0.79			(0.04	)		1.28			1.26			(5.00	)
Total from investment operations		0.93			0.13			1.43			1.51			(4.78	)
Distributions
Net investment income		(0.15	)		(0.16	)		(0.23	)		(0.33	)		(0.17	)
Net realized gains on affiliated investments		—			—			—			—			(0.41	)
From return of capital		—			—			(0.03	)		—			—
Total distributions		(0.15	)		(0.16	)		(0.26	)		(0.33	)		(0.58	)
Net asset value
End of year	$	12.28		$	11.50		$	11.53		$	10.36		$	9.18
Total return(C)		8.21	%		1.06	%		14.08	%		17.29	%		(34.08	)%
Net assets end of year (000’s)	$	4,965		$	5,306		$	5,413		$	2,873		$	1,969
Ratio and supplemental data
Expenses to average net assets:(D)
After reimbursement/recapture		0.77	%		0.77	%		0.79	%		0.82	%		0.76	%
Before reimbursement/recapture		0.77	%		0.77	%		0.79	%		0.82	%		0.76	%
Net investment income to average net assets(B)		1.14	%		1.43	%		1.43	%		2.68	%		1.74	%
Portfolio turnover rate(E)		25	%		35	%		17	%		37	%		13	%
	Transamerica Asset Allocation - Moderate Portfolio
	Class A
For a share outstanding throughout each period	October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of year	$	11.60		$	11.59		$	10.62		$	9.29		$	13.69
Investment operations
From net investment income(A),(B)		0.23			0.26			0.30			0.36			0.33
From net realized and unrealized gain (loss) on affiliated investments		0.67			(0.02	)		1.04			1.40			(4.05	)
Total from investment operations		0.90			0.24			1.34			1.76			(3.72	)
Distributions
Net investment income		(0.24	)		(0.23	)		(0.37	)		(0.43	)		(0.28	)
Net realized gains on affiliated investments		—			—			—			—			(0.40	)
Total distributions		(0.24	)		(0.23	)		(0.37	)		(0.43	)		(0.68	)
Net asset value
End of year	$	12.26		$	11.60		$	11.59		$	10.62		$	9.29
Total return(C)		7.95	%		2.10	%		12.95	%		19.99	%		(28.41	)%
Net assets end of year (000’s)	$	866,505		$	877,866		$	857,469		$	694,532		$	545,646
Ratio and supplemental data
Expenses to average net assets:(D)
After reimbursement/recapture		0.58	%		0.61	%		0.61	%		0.63	%		0.59	%
Before reimbursement/recapture		0.58	%		0.61	%		0.61	%		0.63	%		0.59	%
Net investment income to average net assets(B)		1.93	%		2.23	%		2.78	%		3.76	%		2.79	%
Portfolio turnover rate(E)		22	%		30	%		16	%		30	%		12	%

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page    43

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica Asset Allocation - Moderate Portfolio
	Class B
For a share outstanding throughout each period	October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of year	$	11.58		$	11.55		$	10.59		$	9.23		$	13.59
Investment operations
From net investment income(A),(B)		0.15			0.20			0.24			0.30			0.27
From net realized and unrealized gain (loss) on affiliated investments		0.65			(0.03	)		1.02			1.39			(4.05	)
Total from investment operations		0.80			0.17			1.26			1.69			(3.78	)
Distributions
Net investment income		(0.12	)		(0.14	)		(0.30	)		(0.33	)		(0.18	)
Net realized gains on affiliated investments		—			—			—			—			(0.40	)
Total distributions		(0.12	)		(0.14	)		(0.30	)		(0.33	)		(0.58	)
Net asset value
End of year	$	12.26		$	11.58		$	11.55		$	10.59		$	9.23
Total return(C)		7.06	%		1.49	%		12.13	%		19.16	%		(28.87	)%
Net assets end of year (000’s)	$	115,595		$	152,538		$	220,658		$	228,151		$	223,209
Ratio and supplemental data
Expenses to average net assets:(D)
After reimbursement/recapture		1.31	%		1.28	%		1.28	%		1.30	%		1.25	%
Before reimbursement/recapture		1.31	%		1.28	%		1.28	%		1.30	%		1.25	%
Net investment income to average net assets(B)		1.28	%		1.69	%		2.24	%		3.23	%		2.26	%
Portfolio turnover rate(E)		22	%		30	%		16	%		30	%		12	%
	Transamerica Asset Allocation - Moderate Portfolio
	Class C
For a share outstanding throughout each period	October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of year	$	11.52		$	11.50		$	10.55		$	9.21		$	13.58
Investment operations
From net investment income(A),(B)		0.15			0.19			0.24			0.30			0.26
From net realized and unrealized gain (loss) on affiliated investments		0.66			(0.01	)		1.02			1.39			(4.03	)
Total from investment operations		0.81			0.18			1.26			1.69			(3.77	)
Distributions
Net investment income		(0.16	)		(0.16	)		(0.31	)		(0.35	)		(0.20	)
Net realized gains on affiliated investments		—			—			—			—			(0.40	)
Total distributions		(0.16	)		(0.16	)		(0.31	)		(0.35	)		(0.60	)
Net asset value
End of year	$	12.17		$	11.52		$	11.50		$	10.55		$	9.21
									��
Total return(C)		7.17	%		1.50	%		12.22	%		19.24	%		(28.87	)%
Net assets end of year (000’s)	$	1,069,033		$	1,088,747		$	1,142,029		$	997,766		$	876,977
Ratio and supplemental data
Expenses to average net assets:(D)
After reimbursement/recapture		1.23	%		1.22	%		1.22	%		1.24	%		1.21	%
Before reimbursement/recapture		1.23	%		1.22	%		1.22	%		1.24	%		1.21	%
Net investment income to average net assets(B)		1.28	%		1.64	%		2.21	%		3.25	%		2.21	%
Portfolio turnover rate(E)		22	%		30	%		16	%		30	%		12	%

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page    44

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica Asset Allocation - Moderate Portfolio
	Class I
For a share outstanding throughout each period	October 31, 2012			October 31, 2011			October 31, 2010(F)
Net asset value
Beginning of period/year	$	11.63		$	11.61		$	10.94
Investment operations
From net investment income(A),(B)		0.25			0.28			0.17
From net realized and unrealized gain on affiliated investments		0.68			0.01			0.91
Total from investment operations		0.93			0.29			1.08
Distributions
Net investment income		(0.28	)		(0.27	)		(0.41	)
Net asset value
End of year	$	12.28		$	11.63		$	11.61
Total return(C)		8.26	%		2.53	%		10.27	%(G)
Net assets end of year (000’s)	$	36,572		$	26,332		$	17,853
Ratio and supplemental data
Expenses to average net assets:(D)
After reimbursement/recapture		0.25	%		0.26	%		0.28	%(H)
Before reimbursement/recapture		0.25	%		0.26	%		0.28	%(H)
Net investment income to average net assets(B)		2.11	%		2.42	%		1.73	%(H)
Portfolio turnover rate(E)		22	%		30	%		16	%(G)

	Transamerica Asset Allocation - Moderate Portfolio
	Class R
For a share outstanding throughout each period	October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of year	$	11.54		$	11.53		$	10.58		$	9.28		$	13.65
Investment operations
From net investment income(A),(B)		0.20			0.23			0.24			0.32			0.28
From net realized and unrealized gain (loss) on affiliated investments		0.67			—	(I)		1.06			1.42			(4.02	)
Total from investment operations		0.87			0.23			1.30			1.74			(3.74	)
Distributions
Net investment income		(0.21	)		(0.22	)		(0.35	)		(0.44	)		(0.23	)
Net realized gains on affiliated investments		—			—			—			—			(0.40	)
Total distributions		(0.21	)		(0.22	)		(0.35	)		(0.44	)		(0.63	)
Net asset value
End of year	$	12.20		$	11.54		$	11.53		$	10.58		$	9.28
Total return(C)		7.72	%		2.01	%		12.60	%		19.81	%		(28.57	)%
Net assets end of year (000’s)	$	4,954		$	5,314		$	4,278		$	2,211		$	959
Ratio and supplemental data
Expenses to average net assets:(D)
After reimbursement/recapture		0.79	%		0.82	%		0.83	%		0.86	%		0.87	%
Before reimbursement/recapture		0.79	%		0.82	%		0.83	%		0.86	%		0.87	%
Net investment income to average net assets(B)		1.71	%		2.00	%		2.23	%		3.38	%		2.37	%
Portfolio turnover rate(E)		22	%		30	%		16	%		30	%		12	%

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page    45

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica Multi-Manager Alternative Strategies Portfolio
	Class A
For a share outstanding throughout each period	October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of year	$	9.68		$	9.82		$	9.35		$	8.30		$	10.78
Investment operations
From net investment income(A),(B)		0.21			0.15			0.14			0.29			0.20
From net realized and unrealized gain (loss) on affiliated investments		0.25			(0.23	)		0.58			1.08			(2.43	)
Total from investment operations		0.46			(0.08	)		0.72			1.37			(2.23	)
Distributions
Net investment income		(0.22	)		(0.06	)		(0.15	)		(0.32	)		(0.25	)
From return of capital		—			—			(0.10	)		—			—
Total distributions		(0.22	)		(0.06	)		(0.25	)		(0.32	)		(0.25	)
Net asset value
End of year	$	9.92		$	9.68		$	9.82		$	9.35		$	8.30
Total return(C)		4.95	%		(0.77	)%		7.83	%		17.21	%		(21.08	)%
Net assets end of year (000’s)	$	176,808		$	171,567		$	128,041		$	119,693		$	97,482
Ratio and supplemental data
Expenses to average net assets:(D)
After reimbursement/recapture		0.74	%		0.76	%		0.80	%		0.81	%		0.84	%
Before reimbursement/recapture		0.74	%		0.76	%		0.80	%		0.81	%		0.77	%
Net investment income to average net assets(B)		2.19	%		1.53	%		1.51	%		3.43	%		1.98	%
Portfolio turnover rate(E)		62	%		31	%		35	%		18	%		5	%
	Transamerica Multi-Manager Alternative Strategies Portfolio
	Class C
For a share outstanding throughout each period	October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of year	$	9.59		$	9.73		$	9.27		$	8.23		$	10.72
Investment operations
From net investment income(A),(B)		0.14			0.09			0.08			0.24			0.15
From net realized and unrealized gain (loss) on affiliated investments		0.25			(0.22	)		0.57			1.06			(2.42	)
Total from investment operations		0.39			(0.13	)		0.65			1.30			(2.27	)
Distributions
Net investment income		(0.16	)		(0.01	)		(0.09	)		(0.26	)		(0.22	)
From return of capital		—			—			(0.10	)		—			—
Total distributions		(0.16	)		(0.01	)		(0.19	)		(0.26	)		(0.22	)
Net asset value
End of year	$	9.82		$	9.59		$	9.73		$	9.27		$	8.23
Total return(C)		4.21	%		(1.35	)%		7.12	%		16.37	%		(21.52	)%
Net assets end of year (000’s)	$	142,788		$	141,413		$	114,662		$	96,376		$	89,701
Ratio and supplemental data
Expenses to average net assets:(D)
After reimbursement/recapture		1.41	%		1.42	%		1.44	%		1.45	%		1.52	%
Before reimbursement/recapture		1.41	%		1.42	%		1.44	%		1.45	%		1.43	%
Net investment income to average net assets(B)		1.47	%		0.91	%		0.82	%		2.92	%		1.53	%
Portfolio turnover rate(E)		62	%		31	%		35	%		18	%		5	%

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page    46

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica Multi-Manager Alternative Strategies Portfolio
	Class I
For a share outstanding throughout each period	October 31, 2012			October 31, 2011			October 31, 2010(F)
Net asset value
Beginning of period/year	$	9.70		$	9.84		$	9.49
Investment operations
From net investment income(A),(B)		0.23			0.15			0.07
From net realized and unrealized gain (loss) on affiliated investments		0.27			(0.19	)		0.57
Total from investment operations		0.50			(0.04	)		0.64
Distributions
Net investment income		(0.26	)		(0.10	)		(0.19	)
From return of capital		—			—			(0.10	)
Total distributions		(0.26	)		(0.10	)		(0.29	)
Net asset value
End of year	$	9.94		$	9.70		$	9.84
Total return(C)		5.34	%		(0.47	)%		6.90	%(G)
Net assets end of year (000’s)	$	175,506		$	120,465		$	34,131
Ratio and supplemental data
Expenses to average net assets:(D)
After reimbursement/recapture		0.37	%		0.40	%		0.50	%(H)
Before reimbursement/recapture		0.37	%		0.40	%		0.50	%(H)
Net investment income to average net assets(B)		2.37	%		1.56	%		0.82	%(H)
Portfolio turnover rate(E)		62	%		31	%		35	%(G)

	Transamerica Multi-Manager International Portfolio
	Class A
For a share outstanding throughout each period	October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of year	$	9.09		$	9.84		$	8.53		$	6.57		$	13.24
Investment operations
From net investment income(A),(B)		0.16			0.08			0.09			0.17			0.27
From net realized and unrealized gain (loss) on affiliated investments		0.22			(0.75	)		1.33			1.84			(6.53	)
Total from investment operations		0.38			(0.67	)		1.42			2.01			(6.26	)
Distributions
Net investment income		(0.25	)		(0.08	)		(0.11	)		(0.05	)		(0.32	)
Net realized gains on affiliated investments		—			—			—			—			(0.09	)
Total distributions		(0.25	)		(0.08	)		(0.11	)		(0.05	)		(0.41	)
Net asset value
End of year	$	9.22		$	9.09		$	9.84		$	8.53		$	6.57
Total return(C)		4.65	%		(6.90	)%		16.80	%		30.86	%		(48.61	)%
Net assets end of year (000’s)	$	86,834		$	118,070		$	135,479		$	134,751		$	103,077
Ratio and supplemental data
Expenses to average net assets:(D)
After reimbursement/recapture		0.68	%		0.67	%		0.70	%		0.74	%		0.65	%
Before reimbursement/recapture		0.68	%		0.67	%		0.70	%		0.74	%		0.65	%
Net investment income to average net assets(B)		1.79	%		0.77	%		1.04	%		2.35	%		2.59	%
Portfolio turnover rate(E)		41	%		13	%		11	%		32	%		38	%

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page    47

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica Multi-Manager International Portfolio
	Class B
For a share outstanding throughout each period	October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of year	$	9.00		$	9.74		$	8.45		$	6.50		$	13.13
Investment operations
From net investment income(A),(B)		0.09			0.01			0.02			0.01			0.21
From net realized and unrealized gain (loss) on affiliated investments		0.24			(0.75	)		1.32			1.94			(6.50	)
Total from investment operations		0.33			(0.74	)		1.34			1.95			(6.29	)
Distributions
Net investment income		(0.17	)		—	(I)		(0.05	)		—			(0.25	)
Net realized gains on affiliated investments		—			—			—			—			(0.09	)
Total distributions		(0.17	)		—	(I)		(0.05	)		—			(0.34	)
Net asset value
End of year	$	9.16		$	9.00		$	9.74		$	8.45		$	6.50
Total return(C)		3.92	%		(7.59	)%		15.95	%		30.00	%		(49.04	)%
Net assets end of year (000’s)	$	9,847		$	13,373		$	18,432		$	18,010		$	15,781
Ratio and supplemental data
Expenses to average net assets:(D)
After reimbursement/recapture		1.45	%		1.45	%		1.45	%		1.45	%		1.42	%
Before reimbursement/recapture		1.54	%		1.48	%		1.49	%		1.57	%		1 .42	%
Net investment income to average net assets(B)		1.05	%		0.11	%		0.19	%		0.08	%		1.95	%
Portfolio turnover rate(E)		41	%		13	%		11	%		32	%		38	%

	Transamerica Multi-Manager International Portfolio
	Class C
For a share outstanding throughout each period	October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of year	$	9.01		$	9.75		$	8.45		$	6.50		$	13.13
Investment operations
From net investment income(A),(B)		0.09			0.02			0.02			0.03			0.21
From net realized and unrealized gain (loss) on affiliated investments		0.23			(0.74	)		1.33			1.92			(6.49	)
Total from investment operations		0.32			(0.72	)		1.35			1.95			(6.28	)
Distributions
Net investment income		(0.18	)		(0.02	)		(0.05	)		—			(0.26	)
Net realized gains on affiliated investments		—			—			—			—			(0.09	)
Total distributions		(0.18	)		(0.02	)		(0.05	)		—			(0.35	)
Net asset value
End of year	$	9.15		$	9.01		$	9.75		$	8.45		$	6.50
Total return(C)		3.87	%		(7.42	)%		16.10	%		30.00	%		(48.98	)%
Net assets end of year (000’s)	$	92,050		$	117,858		$	144,849		$	132,777		$	128,742
Ratio and supplemental data
Expenses to average net assets:(D)
After reimbursement/recapture		1.38	%		1.34	%		1.36	%		1.43	%		1.31	%
Before reimbursement/recapture		1.38	%		1.34	%		1.36	%		1.43	%		1.31	%
Net investment income to average net assets(B)		1.07	%		0.16	%		0.27	%		0.50	%		2.01	%
Portfolio turnover rate(E)		41	%		13	%		11	%		32	%		38	%

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page    48

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica Multi-Manager International Portfolio
	Class I
For a share outstanding throughout each period	October 31, 2012			October 31, 2011			October 31, 2010(F)
Net asset value
Beginning of period/year	$	9.11		$	9.86		$	8.84
Investment operations
From net investment income (loss)(A),(B)		0.16			0.11			(0.02	)
From net realized and unrealized gain (loss) on affiliated investments		0.25			(0.74	)		1.19
Total from investment operations		0.41			(0.63	)		1.17
Distributions
Net investment income		(0.29	)		(0.12	)		(0.15	)
Net asset value
End of year	$	9.23		$	9.11		$	9.86
Total return(C)		5.07	%		(6.49	)%		13.41	%(G)
Net assets end of year (000’s)	$	28,450		$	28,748		$	28,047
Ratio and supplemental data
Expenses to average net assets:(D)
After reimbursement/recapture		0.28	%		0.29	%		0.34	%(H)
Before reimbursement/recapture		0.28	%		0.29	%		0.34	%(H)
Net investment income (loss) to average net assets(B)		1.87	%		1.12	%		(0.21	)%(H)
Portfolio turnover rate(E)		41	%		13	%		11	%(G)

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

^(B) 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.

^(C)  Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase.

^(D)  Does not include expenses of the investment companies in which the fund invests.

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

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

^(G)  Not annualized.

^(H)  Annualized.

^(I)  Rounds to less than $0.01 or $(0.01).

^(J) Rounds to less than 0.01% or (0.01)%.

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		Annual Report 2012
	Page    49

NOTES TO FINANCIAL STATEMENTS

At October 31, 2012

(all amounts in thousands)

NOTE 1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

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

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.

Each Fund, a “fund of fund”, invests the majority of its assets among certain affiliated series of the Trust (hereafter referred to as “Underlying Funds”). The financial statements of the Underlying Funds, including the Schedules of Investments, should be read in conjunction with the Funds’ financial statements. The Underlying Funds’ shareholder reports are available without charge at www.transamericainvestments.com and on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov, or at the SEC’s Public Reference Room in Washington, D.C. The Underlying Funds’ shareholder reports are not covered by this report.

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.

Cash overdraft: Throughout the year, the Funds may have cash overdraft balances. A fee is incurred on these overdrafts, calculated by multiplying the overdraft by a rate based on the federal funds rate. Payables, if any, are reflected as Due to Custodian in the Statements of Assets and Liabilities. Expenses from cash overdrafts are included in Other in the Statements of Operations.

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) 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 net assets. Each class bears its own specific expenses in addition to the non-class specific 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.

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.

Transamerica Funds		Annual Report 2012
	Page    50

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2012

(all amounts in thousands)

NOTE 2 (continued)

Level 3—Unobservable inputs, which may include Transamerica Asset Management, Inc.’s (“TAM”) Valuation Committee’s own assumptions in determining the fair value of investments. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the sub-adviser, issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer’s financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances.

The Funds’ Board of Trustees has delegated the valuation functions on a day-to-day basis to TAM, subject to board oversight. TAM has formed an internal valuation committee (the “Valuation Committee”) to monitor and implement the fair valuation policies and procedures as approved by the Board of Trustees. These policies and procedures are reviewed at least annually by the Board of Trustees. The Valuation Committee, among other tasks, monitors for when market quotations are not readily available or are unreliable and determines in good faith the fair value of the portfolio investments. For instances in 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. The Valuation Committee may employ a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the security to determine the fair value of the security. An income-based valuation approach may also be used in which the anticipated future cash flows of the security are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the securities. When the Funds use fair value methods that rely on significant unobservable inputs to determine a security’s value, the Valuation Committee will choose the method that is believed to accurately reflect fair value. These securities are categorized as Level 3 of the fair value hierarchy. The Valuation Committee reviews fair value measurements on a regular and ad hoc basis and may, as deemed appropriate, update the investment valuations as well as the fair valuation guidelines.

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. Due to the inherent uncertainty of valuation, TAM’s Valuation Committee’s determination of values may differ significantly from values that would have been realized had a ready market for investments existed and the differences could be material. The Valuation Committee employs various methods for calibrating these valuation approaches including a regular review of valuation methodologies, key inputs and assumptions, transactional back-testing and reviews of any market related activity.

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:

Investment company securities: 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. Exchange Traded Funds are stated at the last reported sale price or closing price on the day of valuation taken from the primary exchange where the security is principally traded. They are categorized in Level 1 of the fair value hierarchy. Investments in privately held investment funds with significant restrictions on redemptions where the inputs of NAVs are unobservable will be valued based upon the NAVs of such investments and are categorized as Level 3 of the fair value hierarchy.

The hierarchy classification of inputs used to value the Funds’ investments, at October 31, 2012, is disclosed in the Valuation Summary of each 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.

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. No interested trustee receives compensation from the Funds.

Transamerica Funds Page 51 Annual Report 2012

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2012

(all amounts in thousands)

NOTE 3. (continued)

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. Fund expenses do not include expenses of the investment companies in which the Funds invest. The Funds have material ownership interests in the Underlying Funds.

As of October 31, 2012, TAM had investments in the Funds as follows:

Fund Name	Market Value		% of Fund’s Net Assets
Transamerica Multi-Manager Alternative Strategies Portfolio Class C		270		0.05	%

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

Fund Name/Breakpoint	Rate
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 fees and/or reimburse Fund expenses to the extent that the operating expenses excluding, as applicable, 12b-1 fees, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Funds’ business, exceed the following stated annual limit:

Fund Name	Expense Limit	Maximum Operating Expense  Limit Effective Through
Transamerica Asset Allocation—Conservative Portfolio	0.45%	March 1, 2013
Transamerica Asset Allocation—Growth Portfolio	0.45	March 1, 2013
Transamerica Asset Allocation—Moderate Growth Portfolio	0.45	March 1, 2013
Transamerica Asset Allocation—Moderate Portfolio	0.45	March 1, 2013
Transamerica Multi-Manager Alternative Strategies Portfolio	0.55	March 1, 2013
Transamerica Multi-Manager International Portfolio	0.45	March 1, 2013

TAM is entitled to reimbursement by the Fund of fees waived and/or expenses reduced during any of the previous 36 months if on any day or month the estimated annualized Fund operating expenses are less than the stated annual limit.

There were no amounts recaptured for the year ended October 31, 2012.

The following amounts were available for recapture by TAM as of October 31, 2012:

Fund Name/Class	Amount Available		Year Reimbursed		Available Through
Transamerica Multi-Manager International Portfolio
Class B	$	6		2011		10/31/2013
		10		2012		10/31/2014

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: 0.30% for Class A (effective March 1, 2012); 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. Prior to March 1, 2012, Class A was authorized under the 12b-1 plan to pay a 0.35% fee. Amounts paid are included in the Statements of Operations.

Transamerica Funds		Annual Report 2012
	Page    52

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2012

(all amounts in thousands)

NOTE 3. (continued)

Underwriter commissions relate to front-end sales charges imposed for Class A shares and contingent deferred sales charges from Class B, Class C, and certain Class A share redemptions. For the year ended October 31, 2012 the underwriter commissions were as follows:

Transamerica Asset Allocation—Conservative Portfolio
Received by Underwriter	$	1,776
Retained by Underwriter		292
Contingent Deferred Sales Charge		143
Transamerica Asset Allocation—Growth Portfolio
Received by Underwriter	$	1,585
Retained by Underwriter		239
Contingent Deferred Sales Charge		177
Transamerica Asset Allocation—Moderate Growth Portfolio
Received by Underwriter	$	3,233
Retained by Underwriter		493
Contingent Deferred Sales Charge		404

Transamerica Asset Allocation—Moderate Portfolio
Received by Underwriter	$	2,606
Retained by Underwriter		416
Contingent Deferred Sales Charge		245
Transamerica Multi-Manager Alternative Strategies Portfolio
Received by Underwriter	$	741
Retained by Underwriter		113
Contingent Deferred Sales Charge		45
Transamerica Multi-Manager International Portfolio
Received by Underwriter	$	76
Retained by Underwriter		12
Contingent Deferred Sales Charge		23

Administrative services: The Funds have entered into an agreement with TFS for financial and legal fund administration services. Effective March 1, 2012, the Funds pay TFS an annual fee of 0.0175% of ANA. Prior to March 1, 2012, the Funds paid TFS an annual fee of 0.0125% of ANA. The Legal fees in the Statement of Operations are for fees paid to external legal counsel.

Transfer agent fees: Pursuant to a Transfer Agency Agreement, as amended, the Funds pay TFS a fee for providing transfer agent services. Fees paid and the amounts due to TFS for the year ended October 31, 2012 are as follows:

Fund Name	Fees Paid to TFS		Due to TFS
Transamerica Asset Allocation—Conservative Portfolio	$	1,150	$	94
Transamerica Asset Allocation—Growth Portfolio		2,308		186
Transamerica Asset Allocation—Moderate Growth Portfolio		3,597		292
Transamerica Asset Allocation—Moderate Portfolio		2,136		174
Transamerica Multi-Manager Alternative Strategies Portfolio		634		52
Transamerica Multi-Manager International Portfolio		453		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.

NOTE 4. INVESTMENT TRANSACTIONS

The cost of affiliated investments purchased and proceeds from affiliated investments sold (excluding short-term securities) for the year ended October 31, 2012 were as follows:

	Purchases of affiliated investments:				Proceeds from maturities  and sales of affiliated investments:
Fund Name	Long-term		U.S. Government		Long-term		U.S. Government
Transamerica Asset Allocation—Conservative Portfolio	$	231,232	$	—	$	257,689	$	—
Transamerica Asset Allocation—Growth Portfolio		303,634		—		462,270		—
Transamerica Asset Allocation—Moderate Growth Portfolio		714,530		—		981,486		—
Transamerica Asset Allocation—Moderate Portfolio		474,238		—		597,841		—
Transamerica Multi-Manager Alternative Strategies Portfolio		339,922		—		284,830		—
Transamerica Multi-Manager International Portfolio		98,252		—		143,492		—

Transamerica Funds		Annual Report 2012
	Page    53

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2012

(all amounts in thousands)

NOTE 5. FEDERAL INCOME TAX MATTERS

The Funds have not made any provision for federal income or excise taxes due to its policy to distribute all of their taxable income and capital gains to their shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Funds recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has evaluated the Funds’ tax provisions taken or expected to be taken for all open tax years 2009-2012, 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 in the Statement 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 differing treatment for items including, but not limited to, wash sales, net operating losses, and capital loss carryforwards.

Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. These reclassifications are as follows:

Fund Name	Shares of beneficial interest, unlimited shares authorized			Undistributed (accumulated) net investment income (loss)		Undistributed (accumulated) net realized gain (loss) from investment securities
Transamerica Asset Allocation—Growth Portfolio	$	(11	)	$	11	$	—

At October 31, 2012, the Funds had capital loss carryforwards available to offset future realized gains through the periods listed below:

Fund Name	Capital Loss Carryforwards		Available Through
Transamerica Asset Allocation—Growth Portfolio	$	130,148	October 31, 2017
Transamerica Asset Allocation—Growth Portfolio		25,849	October 31, 2018
Transamerica Asset Allocation—Growth Portfolio		34,956	October 31, 2019
Transamerica Asset Allocation—Moderate Growth Portfolio		138,547	October 31, 2017
Transamerica Asset Allocation—Moderate Growth Portfolio		26,155	October 31, 2018
Transamerica Asset Allocation—Moderate Growth Portfolio		55,840	October 31, 2019
Transamerica Asset Allocation—Moderate Portfolio		4,324	October 31, 2017
Transamerica Asset Allocation—Moderate Portfolio		13,272	October 31, 2018
Transamerica Asset Allocation—Moderate Portfolio		10,807	October 31, 2019
Transamerica Multi-Manager Alternative Strategies Portfolio		2,826	October 31, 2017
Transamerica Multi-Manager Alternative Strategies Portfolio		3,781	October 31, 2018
Transamerica Multi-Manager International Portfolio		35,954	October 31, 2016
Transamerica Multi-Manager International Portfolio		51,739	October 31, 2017
Transamerica Multi-Manager International Portfolio		4,935	October 31, 2018
Transamerica Multi-Manager International Portfolio		341	Short-Term Indefinitely
Transamerica Multi-Manager International Portfolio		4,542	Long-Term Indefinitely

The capital loss carryforwards utilized or expired during the year ended October 31, 2012 were as follows:

Fund Name	Capital Loss Carryforwards Utilized/Expired During the Year Ended  October 31, 2012
Transamerica Asset Allocation—Conservative Portfolio	$25,243
Transamerica Asset Allocation—Growth Portfolio	46,260
Transamerica Asset Allocation—Moderate Growth Portfolio	81,340
Transamerica Asset Allocation—Moderate Portfolio	65,623
Transamerica Multi-Manager Alternative Strategies Portfolio	267

Transamerica Funds		Annual Report 2012
	Page    54

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2012

(all amounts in thousands)

NOTE 5. FEDERAL INCOME TAX MATTERS (continued)

The tax character of distributions paid may differ from the character of distributions shown in the Statements of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2012 and 2011 was as follows:

	2012 Distributions Paid From						2011 Distributions Paid From
	Ordinary income		Long-term Capital Gain		Return of Capital		Ordinary income		Long-term Capital Gain		Return of Capital
Transamerica Asset Allocation—Conservative Portfolio	$	23,839	$	—	$	—	$	27,936	$	—	$	—
Transamerica Asset Allocation—Growth Portfolio		10,557		—		—		3,094		—		—
Transamerica Asset Allocation—Moderate Growth Portfolio		29,703		—		—		33,847		—		—
Transamerica Asset Allocation—Moderate Portfolio		34,712		—		—		36,555		—		—
Transamerica Multi-Manager Alternative Strategies Portfolio		9,728		—		—		1,413		—		—
Transamerica Multi-Manager International Portfolio		6,523		—		—		1,696		—		—

The tax basis components of distributable earnings as of October 31, 2012 are as follows:

Fund Name	Undistributed Ordinary income		Undistributed Long-term Capital Gain		Capital Loss Carryforward			Other Temporary Differences			Net Unrealized Appreciation (Depreciation)*
Transamerica Asset Allocation—Conservative Portfolio	$	560	$	4,199	$	—		$	—		$	102,121
Transamerica Asset Allocation—Growth Portfolio		—		—		(190,953	)		(5,372	)^		211,669
Transamerica Asset Allocation—Moderate Growth Portfolio		3,137		—		(220,542	)		—			344,153
Transamerica Asset Allocation—Moderate Portfolio		11,924		—		(28,403	)		—			218,504
Transamerica Multi-Manager Alternative Strategies Portfolio		2,795		—		(6,607	)		—			(2,533	)
Transamerica Multi-Manager International Portfolio		—		—		(97,511	)		(1,730	)^		(3,499	)

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

^ Amounts include qualified ordinary late-year loss deferral.

NOTE 6. SUBSEQUENT EVENTS

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

Transamerica Funds		Annual Report 2012
	Page    55

Report of Independent Registered Public Accounting Firm

To the Board of Trustees & Shareholders of Transamerica Funds:

We have audited the accompanying statements of assets and liabilities of Transamerica Asset Allocation—Conservative Portfolio, Transamerica Asset Allocation—Growth Portfolio, Transamerica Asset Allocation—Moderate Growth Portfolio, Transamerica Asset Allocation—Moderate Portfolio, Transamerica Multi-Manager Alternative Strategies Portfolio, and Transamerica Multi-Manager International Portfolio, (collectively, the “Funds”) (six of the Funds of the Transamerica Funds), including the schedules of investments, as of October 31, 2012, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The financial highlights for periods ended prior to November 1, 2009 were audited by another independent registered public accounting firm whose report, dated December 21, 2009, expressed an unqualified opinion on those financial highlights.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2012, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the aforementioned six Funds of the Transamerica Funds at October 31, 2012, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and the financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Boston, Massachusetts

December 26, 2012

Transamerica Funds		Annual Report 2012
	Page     56

TRANSAMERICA FUNDS

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS—CONTRACT RENEWAL

(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds (the “Board”) held on June 13-14, 2012, the Board reviewed and considered the renewal of the investment advisory agreements (each an “Investment Advisory Agreement” and collectively the “Investment Advisory Agreements”) between each of the following funds (each a “Portfolio” and collectively the “Portfolios”) and Transamerica Asset Management, Inc. (“TAM”):

Transamerica Asset Allocation—Conservative Portfolio	Transamerica Asset Allocation—Moderate Portfolio
Transamerica Asset Allocation—Growth Portfolio	Transamerica Multi-Manager Alternative Strategies Portfolio
Transamerica Asset Allocation—Moderate Growth Portfolio	Transamerica Multi-Manager International Portfolio

For each Portfolio except Transamerica Multi-Manager Alternative Strategies Portfolio, the Board also reviewed and considered the renewal of an investment sub-advisory agreement (each a “Sub-Advisory Agreement” and collectively the “Sub-Advisory Agreements”) between TAM and Morningstar Associates, LLC (the “Sub-Adviser”).

Following their review and consideration, the Trustees determined that the terms of each Investment Advisory Agreement and Sub-Advisory Agreement are reasonable and that the renewal of each agreement is in the best interests of the applicable Portfolio and its shareholders. The Board, including the independent members of the Board (the “Independent Trustees”), unanimously approved the renewal of each Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2013. In reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including, to the extent applicable, information about fees and performance of comparable funds and/or accounts managed by the Sub-Adviser. The Trustees also considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of each Portfolio, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance information, and fee and expense information and profitability data prepared by TAM.

In their deliberations, the Independent Trustees had the opportunity to meet privately without representatives of TAM or the Sub-Adviser present and were represented throughout the process by independent legal counsel. In considering the proposed continuation of each Investment Advisory Agreement and Sub-Advisory Agreement, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the considerations discussed below, among others, although they did not identify any consideration or particular information that was controlling of their decisions, and each Trustee may have attributed different weights to the various factors.

Nature, Extent and Quality of the Services Provided

The Board considered the nature, extent and quality of the services provided by TAM and the Sub-Adviser to the applicable Portfolio in the past and the services anticipated to be provided in the future. The Board also considered the investment approach for each Portfolio; the experience, capability and integrity of TAM’s senior management; the financial resources of TAM and the Sub-Adviser; TAM’s management oversight process or the professional qualifications of TAM’s portfolio management team, as applicable to a particular Portfolio; and the professional qualifications of the portfolio management team of the Sub-Adviser.

With respect to Portfolios for which day-to-day portfolio management is provided by the Sub-Adviser, the Board also considered the services provided by TAM for the portion of the management fee it retains after payment of the sub-advisory fee. The Board noted that these services include not only the services TAM provides to all Transamerica funds in the form of oversight of the services provided by the funds’ administrator, custodian and transfer agent and supervision of the performance of recordkeeping, shareholder relations, regulatory reporting and compliance functions of the funds, but also the “manager of managers” services TAM provides to sub-advised funds in the form of selection and oversight of the sub-adviser(s).

Based on these considerations, the Board determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the applicable Portfolio’s operations, the competitive landscape of the investment company business and investor needs.

Investment Performance

The Board considered the short- and longer-term performance of each Portfolio in light of its investment objective, policies and strategies, including relative performance against (i) a peer universe of comparable mutual funds, as prepared by Lipper, and (ii) the Portfolio’s benchmark(s), in each case for various trailing periods ended December 31, 2011.

Transamerica Asset Allocation – Conservative Portfolio. The Board noted that the performance of Class A of the Portfolio was below the median for its peer universe for the past 1- and 5-year periods and above the median for the past 3-year period. The Board also noted that the performance of Class A of the Portfolio was below its primary benchmark for the past 1- and 5-year periods and above its primary benchmark for the past 3-year period. The Trustees discussed the reasons for the underperformance with TAM and agreed to continue to monitor the performance of the Portfolio. The Trustees also noted that the performance of the Portfolio had improved during 2012.

Transamerica Funds		Annual Report 2012
	Page     57

TRANSAMERICA FUNDS

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS – CONTRACT RENEWAL (continued)

(unaudited)

Investment Performance (continued)

Transamerica Asset Allocation—Growth Portfolio. The Board noted that the performance of Class A of the Portfolio was below the median for its peer universe for the past 1-, 3- and 5-year periods. The Board also noted that the performance of Class A of the Portfolio was below its benchmark for the past 1-, 3- and 5-year periods. The Trustees discussed the reasons for the underperformance with TAM and agreed to continue to monitor the performance of the Portfolio. The Trustees also noted that the performance of the Portfolio had improved during 2012.

Transamerica Asset Allocation—Moderate Growth Portfolio. The Board noted that the performance of Class A of the Portfolio was below the median for its peer universe for the past 1-, 3- and 5-year periods. The Board also noted that the performance of Class A of the Portfolio was below its primary benchmark for the past 1-, 3- and 5-year periods. The Trustees discussed the reasons for the underperformance with TAM and agreed to continue to monitor the performance of the Portfolio. The Trustees also noted that the performance of the Portfolio had improved during 2012.

Transamerica Asset Allocation—Moderate Portfolio. The Board noted that the performance of Class A of the Portfolio was below the median for its peer universe for the past 1-year period and in line with the median for the past 3- and 5-year periods. The Board also noted that the performance of Class A of the Portfolio was below its primary benchmark for the past 1- and 3-year periods and above its primary benchmark for the past 5-year period. The Trustees discussed the reasons for the underperformance with TAM and agreed to continue to monitor the performance of the Portfolio. The Trustees also noted that the performance of the Portfolio had improved during 2012.

Transamerica Multi-Manager Alternative Strategies Portfolio. The Board noted that the performance of Class A of the Portfolio was above the median for its peer universe for the past 1-year period, below the median for the past 3-year period and in line with the median for the past 5-year period. The Board also noted that the performance of Class A of the Portfolio was below its benchmark for the past 1- and 5-year periods and above its benchmark for the past 3-year period. The Board noted that the Portfolio’s assets had until recently been managed by a sub-adviser and that the Portfolio’s performance reflected the sub-adviser’s portfolio management.

Transamerica Multi-Manager International Portfolio. The Board noted that the performance of Class A of the Portfolio was below the median for its peer universe for the past 1-year period, above the median for the past 3-year period and in line with the median for the past 5-year period. The Board also noted that the performance of Class A of the Portfolio was below its benchmark for the past 1-year period and above its benchmark for the past 3- and 5-year periods. The Trustees discussed the reasons for the underperformance with TAM and agreed to continue to monitor the performance of the Portfolio.

On the basis of this information and the Board’s assessment of the nature, extent and quality of the services to be provided or procured by TAM and the Sub-Adviser, the Board concluded that TAM and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the applicable Portfolio’s investment objectives, policies and strategies and competitive with other investment companies.

Management and Sub-Advisory Fees and Total Expense Ratios

The Board considered the management fee and total expense ratio of each Portfolio, including information provided by Lipper comparing the management fee and total expense ratio of each Portfolio to the management fees and total expense ratios of other investment companies in both a peer group and broader peer universe compiled by Lipper. The Board also considered the fees charged by the Sub-Adviser for sub-advisory services as well as, where applicable, the portion of a Portfolio’s management fee retained by TAM following payment of the sub-advisory fee.

Transamerica Asset Allocation—Conservative Portfolio. The Board noted that the Portfolio’s contractual management fee was in line with the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class A of the Portfolio were above the medians for its peer group and peer universe. The Board also noted that TAM has entered into an expense limitation arrangement with the Portfolio, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Asset Allocation—Growth Portfolio. The Board noted that the Portfolio’s contractual management fee was in line with the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class A of the Portfolio were above the medians for its peer group and peer universe. The Board also noted that TAM has entered into an expense limitation arrangement with the Portfolio, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Funds		Annual Report 2012
	Page     58

TRANSAMERICA FUNDS

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS—CONTRACT RENEWAL (continued)

(unaudited)

Management and Sub-Advisory Fees and Total Expense Ratios (continued)

Transamerica Asset Allocation—Moderate Growth Portfolio. The Board noted that the Portfolio’s contractual management fee was in line with the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class A of the Portfolio were above the medians for its peer group and peer universe. The Board also noted that TAM has entered into an expense limitation arrangement with the Portfolio, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Asset Allocation—Moderate Portfolio. The Board noted that the Portfolio’s contractual management fee was in line with the median for its peer group and below the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class A of the Portfolio were above the medians for its peer group and peer universe. The Board also noted that TAM has entered into an expense limitation arrangement with the Portfolio, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Multi-Manager Alternative Strategies Portfolio. The Board noted that the Portfolio’s contractual management fee was in line with the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class A of the Portfolio were above the medians for its peer group and peer universe. The Board also noted that TAM has entered into an expense limitation arrangement with the Portfolio, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Multi-Manager International Portfolio. The Board noted that the Portfolio’s contractual management fee was above the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class A of the Portfolio were above the medians for its peer group and peer universe. The Board also noted that TAM has entered into an expense limitation arrangement with the Portfolio, which may result in TAM waiving fees for the benefit of shareholders.

On the basis of these considerations, together with the other information it considered, the Board determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the Investment Advisory Agreements and Sub-Advisory Agreements are reasonable in light of the services provided.

Cost of Services Provided and Level of Profitability

The Board reviewed information provided by TAM about the cost of providing and/or procuring fund management services, as applicable, as well as the costs of the provision of administration, transfer agency and other services, to each Portfolio and to Transamerica Funds as a whole by TAM and its affiliates. The Board considered the profitability of TAM and its affiliates in providing these services for each Portfolio and Transamerica Funds as a whole, as well as the allocation methodology used for calculating profitability.

With respect to the Sub-Adviser, the Board noted that the sub-advisory fees are the product of arm’s-length negotiation between TAM and the Sub-Adviser and are paid by TAM and not the applicable Portfolio. As a result, the Board principally considered the profitability of TAM and its affiliates with respect to the applicable Portfolio.

Based on this information, the Board determined that the profitability of TAM and its affiliates from their relationships with the Portfolios was not excessive.

Economies of Scale

The Board considered economies of scale with respect to the management of each Portfolio, whether the Portfolio had appropriately benefited from any economies of scale, and whether there was the potential for realization of any further economies of scale. The Board also considered the existence of economies of scale with respect to management of the Transamerica funds overall and the extent to which the Portfolios benefited from these economies of scale. The Board considered each Portfolio’s management fee schedule and the existence of breakpoints, if any, and also considered the extent to which TAM shared economies of scale with the Portfolios through investments in capabilities and services. The Trustees concluded that each Portfolio’s fee structure reflected economies of scale to date but noted that they will have the opportunity to periodically reexamine whether each Portfolio has achieved economies of scale, and the appropriateness of management fees payable to TAM and fees paid to the Sub-Adviser, in the future.

Benefits to TAM, its Affiliates, or the Sub-Adviser from their Relationships with the Portfolios

The Board considered any other benefits derived by TAM, its affiliates, and the Sub-Adviser from their relationships with the Portfolios. The Board noted that TAM does not realize soft dollar benefits from its relationships with the Portfolios and that TAM believes that any use of soft dollars by the Sub-Adviser is generally appropriate and in the best interests of the Portfolios.

Transamerica Funds		Annual Report 2012
	Page     59

TRANSAMERICA FUNDS

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS—CONTRACT RENEWAL (continued)

(unaudited)

Other Considerations

The Board noted 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 each Portfolio in a professional manner that is consistent with the best interests of the Portfolio and its shareholders. In this regard, the Board favorably considered the procedures and policies TAM has in place to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Board also noted that TAM has made a significant entrepreneurial commitment to the management and success of the Portfolios.

Conclusion

After consideration of the factors described above, as well as other factors, the Trustees, including all of the Independent Trustees, concluded that the renewal of each Investment Advisory Agreement and Sub-Advisory Agreement is in the best interests of the applicable Portfolio and its shareholders and voted to approve the renewal of each Investment Advisory Agreement and Sub-Advisory Agreement.

Transamerica Funds		Annual Report 2012
	Page     60

SUPPLEMENTAL INFORMATION (unaudited)

TAX INFORMATION

For Dividends paid during the year ended October 31, 2012, the Funds designated the following maximum amounts of qualified dividend income:

Fund	Qualified Dividend Income (000’s)
Transamerica Asset Allocation—Conservative Portfolio	$	23,839
Transamerica Asset Allocation—Growth Portfolio		10,557
Transamerica Asset Allocation—Moderate Growth Portfolio		29,703
Transamerica Asset Allocation—Moderate Portfolio		34,712
Transamerica Multi-Manger Alternative Strategies Portfolio		9,728
Transamerica Multi-Manger International Portfolio		6,523

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

Fund	Dividend Received Deduction Percentage
Transamerica Asset Allocation Conservative—Portfolio		100	%
Transamerica Asset Allocation Growth—Portfolio		100
Transamerica Asset Allocation Moderate—Growth Portfolio		100
Transamerica Asset Allocation Moderate—Portfolio		100
Transamerica Multi-Manger Alternative Strategies Portfolio		100
Transamerica Multi-Manger International Portfolio		100

For tax purpose, there were no Long-Term Capital Gain Designations for the year ended October 31, 2012.

The information and distributions reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2012. Complete information will be computed and reported in conjunction with your 2012 Form 1099-DIV.

Transamerica Funds		Annual Report 2012
	Page     61

TRANSAMERICA FUNDS

SUPPLEMENTAL SHAREHOLDER INFORMATION (unaudited)

At a meeting held on August 2, 2012, the Board of Trustees of the funds approved certain initiatives that are intended to move the fund complex to a more modern and efficient operating platform. The Board authorized seeking shareholder approval for these measures where required. A proxy statement asking fund shareholders to elect Trustees, approve a new investment advisory agreement between Transamerica Asset Management, Inc. and their funds, and approve changes to their fund’s fundamental investment policies was mailed in September 2012. If shareholder approval is obtained, these initiatives are expected to be implemented during the fourth quarter of 2012 or the first quarter of 2013. Shareholders of certain funds have already approved these proposals.

Transamerica Funds		Annual Report 2012
	Page     62

TRANSAMERICA FUNDS

Management of the Funds

(unaudited)

Interested Board Member means a board member who may be deemed an “interested person” (as that term is defined in the 1940 Act) of the Trust because of his current or former service with TAM or an affiliate of TAM. Interested Board Members may also be referred to herein as “Interested Trustees.” Independent Board Member means a Board Member who is not an “interested person” (as defined under the 1940 Act) of the Trust and may also be referred to herein as an “Independent Trustee.”

The Board governs each fund and is responsible for protecting the interests of the shareholders. The Board Members are experienced executives who meet periodically throughout the year to oversee the business affairs of each fund and the operation of each fund by its officers. The Board also reviews the management of each fund’s assets by the investment adviser and its respective sub-adviser.

The Funds are among the funds advised and sponsored by TAM (collectively, “Transamerica Asset Management Group”). Transamerica Asset Management Group (“TAMG”) consists of Transamerica Funds, Transamerica Series Trust (“TST”), Transamerica Income Shares, Inc. (“TIS”), Transamerica Partners Funds Group (“TPFG”), Transamerica Partners Funds Group II (“TPFG II”), Transamerica Partners Portfolios (“TPP”) and Transamerica Asset Allocation Variable Funds (“TAAVF”) and consists of 161 funds as of the mailing of this annual report.

The mailing address of each Board Member is c/o Secretary, 570 Carillon Parkway, St. Petersburg, Florida 33716.

The Board Members, their year of birth, their positions with the Trust, and their principal occupations for the past five years (their titles may have varied during that period), the number of funds in TAMG the Board oversees, and other board memberships they hold are set forth in the table below.

Name and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships During the Past Five Years
INTERESTED BOARD MEMBER
Thomas A. Swank (1960)	Board Member	Since 2012	President and Chief Executive Officer, Transamerica Individual Savings & Retirement (2010 – present); President and Chief Executive Officer, Transamerica Capital Management (2009 –present); Board Member (November 2012 – present), President and Chief Executive Officer, Transamerica Funds, TST, TIS, (May 2012 – present); President and Chief Executive Officer, TPP, TPFG, TPFG II and TAAVF (May 2012 – present); Director, Chairman of the Board, Chief Executive Officer and President, Transamerica Asset Management, Inc. (“TAM”) (May 2012 – present); Director, Chairman of the Board, Chief Executive Officer and President, Transamerica Fund Services, Inc. (“TFS”) (May 2012 – present);	101	N/A

Transamerica Funds		Annual Report 2012
	Page     63

Name and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships During the Past Five Years
INTERESTED BOARD MEMBER—continued
Thomas A. Swank (continued)			Director and Trust Officer, Massachusetts Fidelity Trust Company (May 2012 – present); Supervisory Board Member, AEGON Sony Life Insurance Co., LTD. (2011 – present);
			Division President, Monumental Life Insurance Company (2011 – present);
			Division President, Western Reserve Life Assurance Co. of Ohio (2011 – present);
			Vice President, Money Services, Inc. (2011 – present);
			Director, AEGON Financial Services Group, Inc. (2010 – present);
			Director, AFSG Securities Corporation (2010 – present);
			Director and President, Transamerica Advisors Life Insurance Company (2010 – present);
			Director, Chairman of the Board and President, Transamerica Advisors Life Insurance Company of New York (2010 – present);
			Director and President, Transamerica Resources, Inc. (2010 – present);
			Executive Vice President, Transamerica Life Insurance Company (2010 – present);
			Executive Vice President, Transamerica Financial Life Insurance Company (2009 – present);
			Director, Transamerica Capital, Inc. (2009 – present); and
			President and Chief Operating Officer (2007 – 2009), Senior Vice President, Chief Marketing Officer (2006 – 2007), Senior Vice President, Chief Financial Officer (2003 – 2006), Senior Vice President, Chief Risk Officer (2000 – 2003), Senior Vice President, Chief Investment Officer (1997 – 2000) and High Yield Portfolio Manager (1992 – 1997), Security Benefit Corporation

Transamerica Funds		Annual Report 2012
	Page     64

Name and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships During the Past Five Years
INTERESTED BOARD MEMBER—continued
Alan F. Warrick (1948)	Board Member	Since 2012	Board Member, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (January 2012 – present); Consultant, AEGON USA (2010 – present); Senior Advisor, Lovell Minnick Equity Partners (2010 – present); Retired (2010 – present); and Managing Director for Strategic Business Development, AEGON USA (1994 – 2010).	161	N/A
INDEPENDENT BOARD MEMBERS
Sandra N. Bane (1952)	Board Member	Since 2008	Retired (1999 – present); Board Member, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (2008 – present); Board Member, TII (2003 – 2010); and Partner, KPMG (1975 – 1999).	161	Big 5 Sporting Goods (2002 – present); AGL Resources, Inc. (energy services holding company) (2008 – present)
Leo J. Hill (1956)	Lead Independent Board Member	Since 2002	Principal, Advisor Network Solutions, LLC (business consulting) (2006 – present); Board Member, TST (2001 – present); Board Member, Transamerica Funds and TIS (2002 – present); Board Member, TPP, TPFG, TPFG II and TAAVF (2007 – present); Board Member, TII (2008 – 2010); President, L. J. Hill & Company (a holding company for privately- held assets) (1999 – present); Market President, Nations Bank of Sun Coast Florida (1998 – 1999); Chairman, President and Chief Executive Officer, Barnett Banks of Treasure Coast Florida (1994 – 1998);	161	N/A

Transamerica Funds		Annual Report 2012
	Page     65

Name and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships During the Past Five Years
INDEPENDENT BOARD MEMBERS—continued
Leo J. Hill (continued)			Executive Vice President and Senior Credit Officer, Barnett Banks of Jacksonville, Florida (1991 – 1994); and Senior Vice President and Senior Loan Administration Officer, Wachovia Bank of Georgia (1976 – 1991).
David W. Jennings (1946)	Board Member	Since 2009	Board Member, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (2009 – present); Board Member, TII (2009 – 2010); Managing Director, Hilton Capital (2010 – present); Principal, Maxam Capital Management, LLC (2006 – 2008); and Principal, Cobble Creek Management LP (2004 – 2006).	161	N/A
Russell A. Kimball, Jr. (1944)	Board Member	1986 – 1990 and Since 2002	General Manager, Sheraton Sand Key Resort (1975 – present); Board Member, TST (1986 – present); Board Member, Transamerica Funds, (1986 – 1990), (2002 – present); Board Member, TIS (2002 – present); Board Member, TPP, TPFG, TPFG II and TAAVF (2007 – present); and Board Member, TII (2008 – 2010).	161	N/A
Eugene M. Mannella (1954)	Board Member	Since 2007	Chief Executive Officer, HedgeServ Corporation (hedge fund administration) (2008 – present); Self-employed consultant (2006 – present); Managing Member and Chief Compliance Officer, HedgeServ Investment Services, LLC (limited purpose broker-dealer) (2011 – present);	161	N/A

Transamerica Funds		Annual Report 2012
	Page     66

Name and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships During the Past Five Years
INDEPENDENT BOARD MEMBERS—continued
Eugene M. Mannella (continued)			President, ARAPAHO Partners LLC (limited purpose broker- dealer) (1998 – 2008); Board Member, TPP, TPFG, TPFG II and TAAVF (1993 – present); Board Member, Transamerica Funds, TST and TIS (2007 – present); Board Member, TII (2008 – 2010); and President, International Fund Services (alternative asset administration) (1993 – 2005).
Norman R. Nielsen, Ph.D. (1939)	Board Member	Since 2006	Retired (2005 – present); Board Member, Transamerica Funds, TST and TIS (2006 – present); Board Member, TPP, TPFG, TPFG II and TAAVF (2007 – present); Board Member, TII (2008 – 2010); Director, Aspire Resources Inc. (formerly, Iowa Student Loan Service Corporation) (2006 – present); Director, League for Innovation in the Community Colleges (1985 – 2005); Director, Iowa Health Systems (1994 – 2003); Director, U.S. Bank (1985 – 2006); and President, Kirkwood Community College (1985 – 2005).	161	Buena Vista University Board of Trustees (2004 – present)
Joyce G. Norden (1939)	Board Member	Since 2007	Retired (2004 – present); Board Member, TPFG, TPFG II and TAAVF (1993 – present); Board Member, TPP (2002 – present); Board Member, Transamerica Funds, TST and TIS (2007 – present);	161	Board of Governors, Reconstructionist Rabbinical College (2007 – present)

Transamerica Funds		Annual Report 2012
	Page     67

Name and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships During the Past Five Years
INDEPENDENT BOARD MEMBERS—continued
Joyce G. Norden (continued)			Board Member, TII (2008 – 2010); and Vice President, Institutional Advancement, Reconstructionist Rabbinical College (1996 – 2004).
Patricia L. Sawyer (1950)	Board Member	Since 2007	Retired (2007 – present); President/Founder, Smith & Sawyer LLC (management consulting) (1989 – 2007); Board Member, Transamerica Funds, TST and TIS (2007 – present); Board Member, TII (2008 – 2010); Board Member, TPP, TPFG, TPFG II and TAAVF (1993 – present); Trustee, Chair of Finance Committee and Chair of Nominating Committee (1987 – 1996), Bryant University; Vice President, American Express (1987 – 1989); Vice President, The Equitable (1986 – 1987); and Strategy Consultant, Booz, Allen & Hamilton (1982 – 1986).	161	Honorary Trustee, Bryant University (1996 – present)
John W. Waechter (1952)	Board Member	Since 2005	Attorney, Englander and Fischer, LLP (2008 – present); Retired (2004 – 2008); Board Member, TST and TIS (2004 – present); Board Member, Transamerica Funds (2005 – present); Board Member, TPP, TPFG, TPFG II and TAAVF (2007 – present); Board Member, TII (2008 – 2010); Employee, RBC Dain Rauscher (securities dealer) (2004);

Transamerica Funds		Annual Report 2012
	Page     68

Name and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships During the Past Five Years
INDEPENDENT BOARD MEMBERS—continued
John W. Waechter (continued)	Board Member	Since 2005	Executive Vice President, Chief Financial Officer and Chief Compliance Officer, William R. Hough & Co. (securities dealer) (1979 – 2004); and Treasurer, The Hough Group of Funds (1993 – 2004).	161	Operation PAR, Inc. (2008 – present); West Central Florida Council – Boy Scouts of America (2008 – present)

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

Transamerica Funds		Annual Report 2012
	Page     69

OFFICERS

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

Name and Year of Birth	Position	Term of Office and Length of Time Served*	Principal Occupation(s) or Employment During Past Five Years
Thomas A. Swank (1960)	Board Member, President and Chief Executive Officer	Since 2012	See table above.
Timothy S. Galbraith (1964)	Vice President and Chief Investment Officer, Alternative Investments	Since 2012	Vice President and Chief Investment Officer, Alternative Investments, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (April 2012 – present); Senior Vice President and Chief Investment Officer, Alternative Investments (March 2012 – present), TAM; Head of Alternative Investment Strategies, Morningstar Associates, LLC (2009 – March 2012); and Managing Director, Bear Stearns Asset Management (2001 – 2009).
Dennis P. Gallagher (1970)	Vice President, General Counsel and Secretary	Since 2006	Vice President, General Counsel and Secretary, Transamerica Funds, TST and TIS (2006 – present); Vice President, General Counsel and Secretary, TPP, TPFG, TPFG II and TAAVF (2007 – present); Vice President, General Counsel and Secretary, TII, (2006 – 2010); Director, Senior Vice President, General Counsel, Operations and Secretary, TAM (2006 – present); Director, Senior Vice President, General Counsel, Chief Administrative Officer and Secretary, TFS (2006 – present); Assistant Vice President, TCI (2007 – present); Director, Deutsche Asset Management (1998 – 2006); and Corporate Associate, Ropes & Gray LLP (1995 – 1998).
Todd R. Porter (1961)	Vice President and Chief Investment Officer, Asset Allocation	Since 2012	Vice President and Chief Investment Officer, Asset Allocation, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (April 2012 – present); Senior Vice President and Chief Investment Officer, Asset Allocation (April 2012 – present), TAM; Chief Investment Officer, Fund Architects, LLC (2007 – 2012); and Chief Investment Strategist, Morningstar Associates, LLC (1999 – 2006).

Transamerica Funds		Annual Report 2012
	Page     70

Name and Year of Birth	Position	Term of Office and Length of Time Served*	Principal Occupation(s) or Employment During Past Five Years
Christopher A. Staples (1970)	Vice President and Chief Investment Officer, Advisory Services	Since 2005	Vice President and Chief Investment Officer, Advisory Services (2007 – present), Senior Vice President – Investment Management (2006 – 2007), Vice President – Investment Management (2005 – 2006), Transamerica Funds, TST and TIS; Vice President and Chief Investment Officer, Advisory Services, TPP, TPFG, TPFG II and TAAVF (2007 – present); Vice President and Chief Investment Officer (2007 – 2010); Vice President – Investment Administration (2005 – 2007), TII; Director (2005 – present), Senior Vice President (2006 – present) and Chief Investment Officer, Advisory Services (2007 – present), TAM; Director, TFS (2005 – present); and Assistant Vice President, Raymond James & Associates (1999 – 2004).
Elizabeth Strouse (1974)	Vice President, Treasurer and Principal Financial Officer	Since 2010	Vice President, Treasurer and Principal Financial Officer (2011 – present), Assistant Treasurer (2010 – 2011), Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF; Vice President, TAM and TFS (2009 – present); Director, Fund Administration, TIAA-CREF (2007 – 2009); and Manager (2006 – 2007) and Senior (2003 – 2006) Accounting and Assurance, PricewaterhouseCoopers, LLC.
Robert S. Lamont, Jr. (1973)	Vice President, Chief Compliance Officer and Conflicts of Interest Officer	Since 2010	Vice President, Chief Compliance Officer and Conflicts of Interest Officer, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (2010 – present); Vice President and Senior Counsel, TAM and TFS (2007 – present); Senior Counsel, United States Securities and Exchange Commission (2004 – 2007); and Associate, Dechert, LLP (1999 – 2004).
Bradley O. Ackerman (1966)	Deputy Chief Compliance Officer and Anti-Money Laundering Officer	Since 2007	Deputy Chief Compliance Officer, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (January 2012 – present); Anti-Money Laundering Officer, TPP, TPFG, TPFG II and TAAVF (2009 – present); Anti-Money Laundering Officer, Transamerica Funds, TST and TIS (2007 – present); Senior Compliance Officer, TAM (2007 – present); and Director, Institutional Services, Rydex Investments (2002 – 2007).

Transamerica Funds		Annual Report 2012
	Page     71

Name and Year of Birth	Position	Term of Office and Length of Time Served*	Principal Occupation(s) or Employment During Past Five Years
Sarah L. Bertrand (1967)	Assistant Secretary	Since 2009	Assistant Secretary, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (2009 – present); Assistant Secretary, TII (2009 – 2010); Assistant Vice President and Director, Legal Administration, TAM and TFS (2007 – present); Assistant Secretary and Chief Compliance Officer, 40|86 Series Trust and 40|86 Strategic Income Fund (2000 – 2007); and Second Vice President and Assistant Secretary, Legal and Compliance, 40|86 Capital Management, Inc. (1994 – 2007).
Timothy J. Bresnahan (1968)	Assistant Secretary	Since 2009	Assistant Secretary, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (2009 – present); Assistant Secretary, TII (2009 – 2010); Vice President and Senior Counsel, TAM (2008 – present); Counsel (contract), Massachusetts Financial Services, Inc. (2007); Assistant Counsel, BISYS Fund Services Ohio, Inc. (2005 – 2007); and Associate, Greenberg Traurig, P.A. (2004 – 2005).
Margaret A. Cullem-Fiore (1957)	Assistant Secretary	Since 2010	Assistant Secretary, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (2010 – present); Assistant Vice President, TCI (2009 – present); Vice President and Assistant General Counsel, TAM and TFS (2006 – present); Vice President and Senior Counsel, Transamerica Financial Advisors, Inc. (2004 – 2007); and Vice President and Senior Counsel, Western Reserve Life Assurance Co. of Ohio (2006).

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

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

Additional information about the Funds’ Board Members can be found in the Statement of Additional Information, available, without charge, upon request, by calling toll free 1-800-233-4339 or on the Trust’s website at www.transamericainvestments.com.

Transamerica Funds		Annual Report 2012
	Page     72

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.transamericainvestments.com for this and other information about the Funds and the Trust.

Important Notice Regarding Delivery of Shareholder Documents

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

Transamerica Funds		Annual Report 2012
	Page     73

NOTICE OF PRIVACY POLICY

(unaudited)

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

What Information We Collect and From Whom We Collect It

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

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

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

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

What Information We Disclose and To Whom We Disclose It

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

Our Security Procedures

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

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

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

Transamerica Funds		Annual Report 2012
	Page     74

Customer Service 1-888-233-4339

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

Distributor: Transamerica Capital, Inc.

Open Funds

Annual Report

October 31, 2012

www.transamericainvestments.com

Customer Service 1-888-233-4339

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

Distributor: Transamerica Capital, Inc.

Dear Fellow Shareholder,

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

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

We believe it is important to understand market conditions over the last year in order to provide a context for reading this report. One year ago, fears that a sovereign default or a large bank failure in Europe would precipitate a global crisis had driven U.S. and many international markets down. In late 2011, the European Central Bank responded by making unlimited loans available to European banks, which used this money to honor deposits and to purchase sovereign bonds. Market fears subsided and global economies improved modestly, helping markets to rally strongly throughout the first three months of 2012.

Then, in early spring, positive economic trends in both the United States and abroad faded, causing most equity markets to dip from their March 2012 highs. The onset of summer brought resurgence in both U.S. economics and markets and, at the same time, economic weakness in Europe and Asia moderated. These events, combined with additional easing by global central banks, helped to drive most international equities higher through the end of summer. In September, unlimited quantitative easing was announced by the Federal Reserve which pushed U.S. markets to their highs for the year. In October, disappointing corporate earnings caused U.S. markets to retreat modestly, leaving the Standard & Poor’s 500^® Index up 15.21% for the year ended October 31, 2012. During this same period, the Morgan Stanley Capital International—Europe, Australasia, Far East Index (“MSCI-EAFE”), a measure of international stock returns, gained 5.15% and the Barclays U.S. Aggregate Bond Index gained 5.25%. 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,

Thomas A. Swank	Christopher A. Staples
President & Chief Executive Officer	Vice President & Chief Investment Officer
Transamerica Funds	Transamerica Funds

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

Transamerica Capital Growth

(formerly, Transamerica Morgan Stanley Capital Growth)

(unaudited)

MARKET ENVIRONMENT

The stock market continued to be influenced primarily by sentiment about the economy and policy actions from the Federal Reserve (“Fed”) and other central banks around the world. Although the tone of economic data in the U.S. remained mixed in the first half of the period, investors were optimistic about globally coordinated monetary policy efforts intended to shore up confidence in Europe’s ailing banks and a set of proposals from European Union leaders to address the debt crisis. However, in the spring, the equity market turned more volatile as the U.S. economy appeared to hit a soft patch, the pace of job growth slackened, and worries about Spain’s solvency surfaced. Economic growth in Europe and China weakened as well. Although these risks persisted, investor sentiment turned more upbeat in July with a pledge by the European Central Bank (“ECB”) president to do “whatever it takes” to save the Euro. Anticipation of another round of quantitative easing by the Fed also buoyed confidence. These expectations were fulfilled in September with the announcement of a new bond-buying program by the ECB and a third round of asset purchases by the Fed. Although October saw stronger labor and housing market data, corporate earnings reports for the third quarter were less robust than in recent quarters and uncertainties about the U.S. “fiscal cliff” (the expiration of certain tax cuts and government spending programs) at year’s end and ongoing European debt crisis remained.

PERFORMANCE

For the year ended October 31, 2012, Transamerica Capital Growth Class A returned 2.38%. By comparison, its benchmark, the Russell 1000^® Growth Index, returned 13.02%.

STRATEGY REVIEW

The investment team looks for high-quality growth companies that they believe have these attributes: sustainable competitive advantages, business visibility, rising return on invested capital, free cash flow and a favorable risk/reward profile. We find these companies through intense fundamental research. Our emphasis is on secular growth, and as a result short-term market events are not as meaningful in the stock selection process.

The fund’s underperformance relative to the Russell 1000^® Growth Index (the “Index”) was driven largely by stock selection in the technology sector. The fund’s two largest detractors from relative performance, social networking service Facebook and online deals provider Groupon, Inc., came from this sector. Another area of relative weakness was stock selection in the energy sector. Although the fund’s relative underweight to the sector helped offset negative performance, the few energy stocks the fund did hold were laggards. Stock selection in the producer durables sector also dampened relative results, primarily due to Li & Fung, a Chinese global consumer products trading firm not represented in the Index, and Expeditors International of Washington, a global logistics company.

Positive relative performance was driven almost exclusively by stock selection in the health care sector. Holdings in medical equipment stocks Illumina, Inc., which makes tools and systems for use in genetic analysis, and Intuitive Surgical, Inc., which designs surgical systems for a variety of procedures, were among the fund’s top three contributing stocks during the period. The largest contributor to relative performance was a position in Apple, Inc., the consumer electronics, personal computer, and software maker.

Dennis P. Lynch

David S. Cohen

Sam G. Chainani, CFA

Alexander T. Norton

Jason C. Yeung, CFA

Armistead B. Nash

Co-Portfolio Managers

Morgan Stanley Investment Management Inc.

Transamerica Funds		Annual Report 2012
	Page    1

Transamerica Capital Growth

(formerly, Transamerica Morgan Stanley Capital Growth)

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2012

	1 Year			10 Years or Life of Class			Inception Date
Class A (NAV)		2.38	%		10.58	%		11/13/2009
Class A (POP)		(3.25	)%		8.48	%		11/13/2009
Russell 1000® Growth *		13.02	%		12.02	%
Class B (NAV)		1.65	%		9.84	%		11/13/2009
Class B (POP)		(3.26	)%		8.99	%		11/13/2009
Class C (NAV)		1.80	%		9.88	%		11/13/2009
Class C (POP)		0.82	%		9.88	%		11/13/2009
Class I (NAV)		2.96	%		11.70	%		11/30/2009
Class I2 (NAV)		3.11	%		11.94	%		09/30/2011

NOTES

* The Russell 1000^® Growth Index (“Russell 1000^® Growth”) is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or Life of Class calculation is based on the inception date of the class. You cannot invest directly in an index.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on fund distributions or the redemption of fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamericainvestments.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for A shares or the maximum applicable contingent deferred sales charge (5% in the 1st year, decreasing to 0% after 6 years) for Class B shares and 1% (during the first 12 months) for Class C shares. There are no sales charges on Class I and I2 shares.

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

Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks may be particularly susceptible to larger price swings or to adverse developments. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “value” stocks.

Russell Investment Group is the source and owner of the trademarks, service marks, and copyrights related to the Russell indexes. Russell^® is a trademark of Russell Investment Group.

Transamerica Funds		Annual Report 2012
	Page    2

Transamerica Diversified Equity

(formerly, Transamerica WMC Diversified Equity)

(unaudited)

MARKET ENVIRONMENT

Global equities were volatile during the one-year period ended October 31, 2012, moving higher early in the period on the back of strong corporate earnings and generally favorable economic data before succumbing in the second quarter to escalating global growth concerns and challenges in Europe. Equity markets rebounded in the third quarter and continued their ascent through the end of the period, as improving optimism about the global economy and a tidal wave of global liquidity outweighed investors’ concerns about sovereign debt troubles in Europe.

In this environment, all ten sectors in the Russell 1000^® Growth Index posted positive returns during the period. The telecommunication services and health care sectors led the Russell 1000^® Growth Index, while utilities and materials posted more modest gains relative to the broader Index return.

PERFORMANCE

For the year ended October 31, 2012, Transamerica Diversified Equity Class A returned 7.04%. By comparison, its benchmark, the Russell 1000^® Growth Index, returned 13.02%.

STRATEGY REVIEW

The fund’s investment process leverages the extensive research resources of Wellington Management and emphasizes a balance of growth, quality, and valuation criteria in selecting stocks. We utilize risk analysis tools to help maintain the fund’s emphasis on stock selection and minimize other sources of relative risk. With this bottom-up approach incorporating diversified sources of alpha and effective risk analysis, our goal is to generate consistent outperformance over time.

During the period, less favorable security selection in the information technology, consumer discretionary, and industrials sectors were the main drivers of relative underperformance. An underweight position in the relatively strong consumer staples sector also detracted from relative results. Positive results from security selection within energy and consumer staples helped relative performance, as did an overweight to energy and an underweight to industrials.

The fund’s largest relative detractors during the period included California-based network equipment company Cisco Systems, Inc., provider of postsecondary degree programs ITT Educational Services, Inc., and programmable logic devices manufacturer Altera Corp.

The fund’s largest contributors to relative performance during the period included biotechnology medicines company Amgen, online global commerce platform eBay, Inc., and paint manufacturer and distributor Sherwin-Williams Co. Not owning weak performing benchmark stock Intel, a designer and manufacturer of integrated digital technology platforms, and Schlumberger, an oilfield services company, also contributed positively to benchmark relative performance.

As of the end of the period, the fund was most overweight the information technology sector, and most underweight the industrials sector relative to the Index.

Paul E. Marrkand, CFA

Portfolio Manager

Wellington Management Company, LLP

Transamerica Funds		Annual Report 2012
	Page    3

Transamerica Diversified Equity

(formerly, Transamerica WMC Diversified Equity)

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2012

				10 Years or
	1 Year			Life of Class			Inception Date
Class A (NAV)		7.04	%		7.32	%		11/13/2009
Class A (POP)		1.16	%		5.29	%		11/13/2009
Russell 1000® Growth *		13.02	%		12.02	%
Class B (NAV)		6.29	%		6.60	%		11/13/2009
Class B (POP)		1.74	%		5.70	%		11/13/2009
Class C (NAV)		6.22	%		6.59	%		11/13/2009
Class C (POP)		5.32	%		6.59	%		11/13/2009
Class I (NAV)		7.62	%		8.52	%		11/30/2009
Class I2 (NAV)		7.79	%		8.10	%		11/13/2009
Class T (NAV)		N/A			(0.04	)%		02/10/2012
Class T (POP)		N/A			(8.54	)%		02/10/2012

NOTES

* The Russell 1000^® Growth Index (“Russell 1000^® Growth”) is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or Life of Class calculation is based on the inception date of the class. You cannot invest directly in an index.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on fund distributions or the redemption of fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamericainvestments.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for A shares or the maximum applicable contingent deferred sales charge (5% in the 1st year, decreasing to 0% after 6 years) for Class B shares or 1% (during the first 12 months) for Class C shares and the maximum sales charge of 8.5% for Class T shares. There are no sales charges on Class I and I2 shares.

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

Growth stocks can be volatile and experience sharp price declines and certain types of stocks, especially technology, can be extremely volatile and subject to greater price swings than the broader market. Value approach carries the risk that the market will not recognize a security’s intrinsic value for a long time or that an undervalued stock is actually appropriately priced. This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives and policies of this fund.

Russell Investment Group is the source and owner of the trademarks, service marks, and copyrights related to the Russell indexes. Russell^® is a trademark of Russell Investment Group.

Transamerica Funds		Annual Report 2012
	Page    4

Transamerica Emerging Markets Debt

(formerly, Transamerica Logan Circle Emerging Markets Debt)

(unaudited)

MARKET ENVIRONMENT

During the course of the past fiscal year, we witnessed significant global political, policy, and economic uncertainty. It began late last year, when there were serious concerns that Greece would exit the Eurozone and lead to a disorderly unwind of risk due to financial interconnectivity within Europe and its major trading partners. The European struggles eventually led to questions regarding Spanish and Italian debt sustainability wherein we observed rising peripheral yields throughout the first half of the year. The worsening European story resulted in contagion effects globally as we felt the effects of softer growth in China and the U.S. Eventually the worsening economic outlook was met with a commensurate policy response by the European Central Bank (“ECB”) in the form of Outright Monetary Transactions (“OMT”) along with the Federal Reserve’s (“Fed”) adoption of a much more open ended QE III program. The result of these two significant policy responses was lower risk premiums across the spectrum in the second half of 2012.

The Fed’s actions, in conjunction with fears that the U.S. economy was slowing, drove U.S. Treasury yields lower in July 2012 from their 2012 peak in March. Since July, ten-year Treasuries have oscillated within a tight range.

With Treasury yields hovering near their lows, as well as strong central bank commitments to maintain lower yields, investors sought to obtain additional yield by investing in higher risk assets such as emerging market debt. As a result, Emerging Markets Bond Index (“EMBI”) and Corporate Emerging Market Bond Index (“CEMBI”) spreads tightened over the relevant horizon; and JPMorgan Government Bond Index-Emerging Markets (“GBI-EM”) yields declined. This contributed to a positive year for emerging market assets.

PERFORMANCE

For the year ended October 31, 2012, Transamerica Emerging Markets Debt Class A returned 21.07%. By comparison, its benchmark, the J.P. Morgan Emerging Markets Bond Global Index, returned 16.33%.

STRATEGY REVIEW

Transamerica Emerging Market Debt outperformed the JPMorgan Emerging Markets Bond Global Index over the period. Over the past year, the fund has been very active in its positioning versus the opportunity set. Within local currency markets the fund’s weightings have varied considerably with a bias toward lower volatility areas in late 2011 and higher volatility positions throughout much of 2012. Positioning in emerging market corporates has been fairly static, but the quality bias remained dynamic based on both underlying fundamentals and valuations. U.S. dollar sovereign debt continued to represent a significant weighting in the fund with much of the allocation focused on higher yielding special situation credits with lesser exposures to duration sensitive investment grade sovereigns.

In U.S. dollar sovereigns, country exposure in areas like Venezuela, Senegal, and Belarus all generated significant excess returns. Senegal offered one of the better relative value opportunities as the market penalized the country for an upcoming election and focused more on other regional players without political uncertainty. A bias towards a barbell strategy within emerging market corporates also benefitted returns, as the fund invested in both high yield names like Jamaica’s Digicel Group, Ltd., as well as higher quality duration sensitive assets like Abu Dhabi’s International Petroleum Investment Company (“IPIC”). Finally, the local currency decision was also value added as the fund increased positions in the Mexican Peso and Russian Ruble, post the ECB’s President Mario Draghi’s comments in July that reduced European tail risk from the market.

Transamerica Emerging Markets Debt uses forward foreign currency contracts to adjust the portion of the portfolio that is exposed to foreign exchange risk. Forward foreign currency contracts are also used to separate bond risk from currency risk when a country’s rates offer attractive opportunities, but the currency is not appealing and vice versa. The forward foreign currency contracts had a minimal impact on performance.

Todd Howard, CFA

Scott Moses, CFA

Co-Portfolio Managers

Logan Circle Partners, LP

Transamerica Funds		Annual Report 2012
	Page    5

Transamerica Emerging Markets Debt

(formerly, Transamerica Logan Circle Emerging Markets Debt)

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2012

	1 Year			10 Years or Life of  Class			Inception Date
Class A (NAV)		21.07	%		17.84	%		08/31/2011
Class A (POP)		15.31	%		13.01	%		08/31/2011
J.P. Morgan Emerging Markets Bond Global *		16.33	%		13.95	%
Class C (NAV)		20.24	%		17.02	%		08/31/2011
Class C (POP)		19.24	%		17.02	%		08/31/2011
Class I (NAV)		21.40	%		18.22	%		08/31/2011
Class I2 (NAV)		21.50	%		18.30	%		08/31/2011

NOTES

* The J.P. Morgan Emerging Markets Bond Global Index (“J.P. Morgan Emerging Markets Bond Global”) is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or Life of Class calculation is based on the inception date of the class. You cannot invest directly in an index.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on fund distributions or the redemption of fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamericainvestments.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 4.75% for A shares or the maximum applicable contingent deferred sales charge and 1% (during the first 12 months) for Class C shares. There are no sales charges on Class I and I2 shares.

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

The risks of investing in foreign securities are magnified in emerging markets. These may include risks related to market and currency volatility, adverse social and political developments, and the relatively small size and lesser liquidity of these markets. Debt investing is subject to credit risk, inflation risk, and interest rate risk. This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives and policies of this fund.

Transamerica Funds		Annual Report 2012
	Page    6

Transamerica Emerging Markets Equity

(unaudited)

MARKET ENVIRONMENT

The market environment for fiscal year 2012 since the fund’s inception was notably volatile.

During the start of the period, much of the news focused on Europe, as economic developments disappointed investors and sentiment around the globe worsened. Specifically, concerns about Greece remaining in the Eurozone and the financial shape of the Spanish banking sector depressed global markets. Analysts began revising global Gross Domestic Product (“GDP”) growth estimates downward. As a result, commodity prices fell sharply. Emerging market equities suffered strong losses in the month of May and but partially recovered over the next two months.

Subsequently, the Federal Reserve (“Fed”) decided to initiate a third round of quantitative easing. The latest iteration is different from the others in that the operation will be open-ended and will continue for as long as the Fed deems necessary to improve the labor market. While some form of quantitative easing was expected, the extent announced surprised the market. As a result, stock prices rose sharply during September.

Supporting the “risk-on” mentality during the quarter, Japan increased the size of its asset-buying program by $126 billion, the European Central Bank (“ECB”) announced a plan of unlimited bond buying to cut eurozone borrowing costs, China promised to continue a “proactive fiscal policy”, the German court approved the eurozone rescue fund, and central banks around the globe continued to cut interest rates.

PERFORMANCE

For the period from inception April 30, 2012 through October 31, 2012, Transamerica Emerging Markets Equity Class A returned (5.80)%. By comparison, its benchmark, the Morgan Stanley Capital International Emerging Markets Index, returned (1.01)%.

STRATEGY REVIEW

The fund continues to be positioned in line with our overall philosophy. ClariVest employs a strategy of aggressively identifying and investing in the securities of firms entering or extending a fundamental growth cycle. We manage this aggressive strategy by marrying it with a disciplined approach to portfolio construction. We maintain a balanced profile of growth and value, as demonstrated by a positive exposure to recent earnings growth relative to benchmark, as well as a positive exposure to valuation (via such measures as earnings to price) relative to benchmark.

The fund underperformed this fiscal year, with stock selection being the major factor. An underweight in financials and information technology contributed to underperformance, while an overweight in health care and consumer staples helped performance. Stock selection within financials and consumer discretionary was also negative. Underweight positions in Turkey, as well as stock selection within Taiwan and India detracted from performance. Stock selection within Brazil and Thailand was a positive for the fund.

From a security standpoint, KIA Motors Corp. detracted from performance as they missed third quarter profit forecasts due in part to a labor dispute. Gazprom OAO also hurt performance as oil prices fell 17% in the month of May. Samsung Electronics Co., Ltd. augmented performance as they have seen strong growth in their mobile headset division with the launch of the Galaxy S3. AngloGold Ashanti, Africa’s largest gold miner, also helped performance as their first quarter earnings beat expectations due to increased margins and higher gold prices.

David R. Vaughn, CFA

Alex Turner, CFA

Co-Portfolio Managers

ClariVest Asset Management LLC

Transamerica Funds		Annual Report 2012
	Page    7

Transamerica Emerging Markets Equity

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2012

	10 Years or Life of Class			Inception Date
Class A (NAV)		(5.80	)%(A)		04/30/2012
Class A (POP)		(10.96	)% (A)		04/30/2012
MSCI-EMI *		(1.01	)%(A)
Class C (NAV)		(6.10	)%(A)		04/30/2012
Class C (POP)		(7.04	)%(A)		04/30/2012
Class I (NAV)		(5.70	)%(A)		04/30/2012
Class I2 (NAV)		(5.60	)%(A)		04/30/2012

NOTES

* The Morgan Stanley Capital International Emerging Markets Index (“MSCI-EMI”) is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or Life of Fund calculation is based on the inception date of the class. You cannot invest directly in an index.

^(A)  Not annualized.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on fund distributions or the redemption of fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamericainvestments.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for A shares or the maximum applicable contingent deferred sales charge and 1% (during the first 12 months) for Class C shares. There are no sales charges on Class I and I2 shares.

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

The risks of investing in foreign securities are magnified in emerging markets. These may include risks related to market and currency volatility, adverse social and political developments and the relatively small size and less liquidity of these markets. This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives and policies of this fund.

Transamerica Funds		Annual Report 2012
	Page    8

Transamerica Flexible Income

(formerly, Transamerica AEGON Flexible Income)

(unaudited)

MARKET ENVIRONMENT

The fiscal year ended October 31, 2012 much like it began the year; numerous issues continuing to weigh on investors’ minds both domestically and abroad. Despite these concerns, risk assets continued to do well for the year with credit spreads tightening across all fixed income classes, with U.S. Treasury rates continuing their downward trend, and with equity prices moderately higher per the Standard & Poor’s 500^® Index (“S&P 500”).

Early in the fiscal year, the European sovereign and banking crisis was the primary concern. Despite the crisis being nearly a year-and-a-half old, policymakers continued to wrestle with an appropriate response. Finally, with significant pressure from the markets, policymakers introduced new facilities to relieve pressure on the financial system; tough fiscal austerity measures were to continue in exchange for more robust bank funding facilities. Unfortunately, this did nothing more than defer the resolution of the problem without addressing the real issues of the European Monetary Union. Europe’s economy continued to slip deeper into recession throughout the fiscal year putting even further pressure on an already strained banking system. Ultimately, with strains once again too strong to ignore, the European Central Bank (“ECB”) late in the fiscal year stepped up once again declaring; “we will do what it takes to support the system”.

Throughout the fiscal year 2012 the U.S. economy continued its slow to moderate grow path, with numerous cries from various economic pundits that a recession was just around the corner. The Federal Reserve (“Fed”), already on the heels of two prior quantitative easing programs, announced late in the year that a third program, with a targeted unemployment rate, was what the economy needed. The monetary response, coupled with an extension of the payroll tax holiday, kept the consumer with adequate resources to continue their spending trend. Housing prices finally found a bid during the fiscal year as low interest rates and valuations more in line with history, created an excellent time to be a home buyer.

A new concern developed in fiscal 2012; a slowing global economy, led by concerns of growth in China, and its ultimate impact on the rest of the world. Moving toward the end of the fiscal year, numerous central banks around the world responded with even more aggressive accommodation, which looks to have slowed the pace of deceleration of worldwide growth, and in fact signs are accumulating that a turn in global growth may be at hand.

A common theme prevalent around the world during the fiscal year has been the response by numerous central banks and the more accommodative stance to help slowing economies and stressed banking systems. This liquidity has found its way into financial markets promoting better financial conditions and thus lower risk premiums for many risk assets. For now many solvency and liquidity issues that had cropped up around the world, have calmed.

As this letter began, macroeconomic issues have not gone away; some new ones have appeared on the horizon while some of the old ones will no doubt resurface. In the U.S., fears of the Fiscal Cliff, uncertainty surrounding future fiscal policies, and a continued tepid employment market, will weigh on investors’ minds. In Europe, while the ECB has calmed matters there for the time being, policymakers still have a significant task ahead of them in trying to integrate the Union more politically. Growth in China has been decelerating, leading some pundits to look for even lower growth rates than the consensus now believes.

Despite all of the macroeconomic concerns, the prevailing theme of accommodative central banks will continue. This has already produced global PMIs (also known as Purchasing Managers Index) and leading indicators of worldwide growth to stabilize and in fact show signs of revitalizing growth. The combination of better economic growth along with continued stimulus from central banks should provide positive tailwinds for risk assets throughout fiscal year 2013.

PERFORMANCE

For the year ended October 31, 2012, Transamerica Flexible Income Class A returned 11.60%. By comparison, its benchmark, the Barclays U.S. Aggregate Bond Index (“BCAB”), returned 5.25%.

STRATEGY REVIEW

Transamerica Flexible Income achieved a higher total return than the benchmark through capital appreciation and higher yield. Our overweighting of various spread products, notably corporate bonds (investment grade and high yield), were the main contributors to performance. Investments in non-agency residential mortgage backed securities (“RMBS”), emerging markets, non-dollar securities, and name and sector selection added to our performance. Our underweighting to U.S. Treasuries and Agency securities also contributed to performance given their minimal carry and lack of spread compression potential, while our short duration positioning detracted from performance.

Corporate bonds remained our largest overweight and continued to benefit from central bank induced risk premium contraction, improving corporate fundamentals, and a strong market technical. Corporates really were the big winner out of the Great Recession as their balance sheets improved, they got great access to liquidity, and they have the ability to invest overseas or in other growth markets. These positive factors are not affecting other fixed income sectors such as municipals, mortgage back securities, or Treasuries to the same degree. Within our corporate bond allocation, we were overweight to financials as wider spreads and stabilizing credit fundamentals provided opportunities.

Transamerica Funds		Annual Report 2012
	Page     9

Transamerica Flexible Income

(formerly, Transamerica AEGON Flexible Income)

(unaudited)

STRATEGY REVIEW (continued)

Within other spread sectors, we increased allocation to non-agency RMBS for yield and total return opportunities. Given the previous move in home prices from the peak, the decline in mortgage rates, and improved sentiment housing appears to have bottomed and be showing slight gains. As the underlying fundamentals for housing improved, these securities added to performance. Additionally, our investments in the non-U.S. dollar markets of Mexico, Canada, Brazil, Chile, and the Philippines added to performance for through yield and appreciating currency movements. Although we are cautious on volatility of the foreign exchange markets, we continue to believe these are some select markets which can add yield and risk adjusted return.

Our duration, which was shorter than the BCAB, detracted from performance during the year as though shorter maturity U.S. Treasury rates remained relatively unchanged, while longer maturity rates rallied. Given the concerns that developed during the year over which assets were truly risk-free in Europe and continued effects from the Fed’s balance sheet management operations which have removed duration from the Treasury market, longer maturity rates rallied. With interest rates so low, and plenty of other good opportunities to pick up yield, we want to minimize the risk that the back up in interest rates could cause to bond prices. We continue to prefer exposure to credit risk over duration risk.

Brian W. Westhoff, CFA

Bradley J. Beman, CFA

Greg Haendel, CFA

David Halfpap, CFA

Rick Perry, CFA

Jim Schaeffer

Co-Portfolio Managers

AEGON USA Investment Management, LLC

Transamerica Funds		Annual Report 2012
	Page    10

Transamerica Flexible Income

(formerly, Transamerica AEGON Flexible Income)

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2012

	1 Year			5 Years			10 Years or Life of Class			Inception Date
Class A (NAV)		11.60	%		6.34	%		5.18	%		06/29/1987
Class A (POP)		6.30	%		5.30	%		4.67	%		06/29/1987
Barclays U.S. Aggregate Bond *		5.25	%		6.38	%		5.39	%
Class B (NAV)		10.69	%		5.53	%		4.60	%		10/01/1995
Class B (POP)		5.69	%		5.37	%		4.60	%		10/01/1995
Class C (NAV)		10.71	%		5.64	%		4.45	%		11/11/2002
Class C (POP)		9.71	%		5.64	%		4.45	%		11/11/2002
Class I (NAV)		11.87	%		N/A			9.94	%		11/30/2009
Class I2 (NAV)		11.85	%		6.85	%		5.50	%		11/08/2004

NOTES

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

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on fund distributions or the redemption of fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamericainvestments.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 4.75% for A shares or the maximum applicable contingent deferred sales charge (5% in the 1st year, decreasing to 0% after 6 years) for Class B shares and 1% (during the first 12 months) for Class C shares. Shares purchased prior to March 1, 2004 are subject to a maximum applicable contingent deferred sales charge (5% in the 1st year, decreasing to 0% after 7 years) for Class B shares and (2% in the 1st year, decreasing to 0% after 2 years) for Class C shares. There are no sales charges on Class I and I2 shares.

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

Investing in bond funds entails interest rate and credit risk as well as additional risks in that the fund may invest in high-yield/high-risk bonds and is subject to greater levels of liquidity risk, which are described in more detail in the prospectus. This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives and policies of this fund.

Transamerica Funds		Annual Report 2012
	Page     11

Transamerica Growth Opportunities

(formerly, Transamerica Morgan Stanley Growth Opportunities)

(unaudited)

MARKET ENVIRONMENT

The stock market continued to be influenced primarily by sentiment about the economy and policy actions from the Federal Reserve (“Fed”) and other central banks around the world. Although the tone of economic data in the U.S. remained mixed in the first half of the period, investors were optimistic about globally coordinated monetary policy efforts intended to shore up confidence in Europe’s ailing banks and a set of proposals from European Union leaders to address the debt crisis. However, in the spring, the equity market turned more volatile as the U.S. economy appeared to hit a soft patch, the pace of job growth slackened, and worries about Spain’s solvency surfaced. Economic growth in Europe and China weakened as well. Although these risks persisted, investor sentiment turned more upbeat in July with a pledge by the European Central Bank (“ECB”) president to do “whatever it takes” to save the Euro. Anticipation of another round of quantitative easing by the Fed also buoyed confidence. These expectations were fulfilled in September with the announcement of a new bond-buying program by the ECB and a third round of asset purchases by the Fed. Although October saw stronger labor and housing market data, corporate earnings reports for the third quarter were less robust than in recent quarters and uncertainties about the U.S. “fiscal cliff” (the expiration of certain tax cuts and government spending programs) at year’s end and ongoing European debt crisis remained.

PERFORMANCE

For the year ended October 31, 2012, Transamerica Growth Opportunities Class A returned (3.79)%. By comparison, its benchmark, the Russell Midcap^® Growth Index, returned 9.09%.

STRATEGY REVIEW

The investment team looks for high-quality growth companies that they believe have these attributes: sustainable competitive advantages, business visibility, rising return on invested capital, free cash flow, and a favorable risk/reward profile. We find these companies through intense fundamental research. Our emphasis is on secular growth, and as a result short-term market events are not as meaningful in the stock selection process.

The fund underperformed the Russell Midcap^® Growth Index (the “Index”) for the year ended October 31, 2012. Stock selection in the technology sector was by far the largest detractor from relative performance. Holdings in online deals provider Groupon, Inc. and social networking games developer Zynga, Inc. were the main drags on performance both within the sector and the fund overall. Stock selection in the consumer discretionary sector was disadvantageous, with disappointing results from several holdings not represented in the Index as well as a lack of exposure to some of the sector’s better-performing areas. Also dampening relative performance was stock selection in the materials and processing sector. Mineral miners Lynas Corp. and Molycorp, Inc. and potash producer Intrepid Potash, Inc. led the sector lower.

However, the fund benefited from both stock selection and an overweight in the health care sector. Holdings in medical equipment stocks Illumina, Inc. which makes tools and systems for use in genetic analysis, and Intuitive Surgical, Inc., which designs surgical systems for a variety of procedures, were among the fund’s top three contributing stocks during the period. Despite the somewhat negative effect of an overweight in the utilities sector, stock selection there bolstered performance. Relative gains in the sector were driven entirely by the fund’s position in Brookfield Infrastructure Partners LP, a manager of infrastructure operations.

Dennis P. Lynch

David S. Cohen

Sam G. Chainani, CFA

Alexander T. Norton

Jason C. Yeung, CFA

Armistead Nash

Co-Portfolio Managers

Morgan Stanley Investment Management Inc.

Transamerica Funds		Annual Report 2012
	Page     12

Transamerica Growth Opportunities

(formerly, Transamerica Morgan Stanley Growth Opportunities)

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2012

	1 Year			5 Years			10 Years or Life of Class			Inception Date
Class A (NAV)		(3.79	)%		(1.60	)%		8.14	%		03/01/2000
Class A (POP)		(9.11	)%		(2.70	)%		7.53	%		03/01/2000
Russell Midcap® Growth *		9.09	%		1.55	%		10.03	%
Class B (NAV)		(4.47	)%		(2.26	)%		7.51	%		03/01/2000
Class B (POP)		(8.08	)%		(2.41	)%		7.51	%		03/01/2000
Class C (NAV)		(4.46	)%		(2.22	)%		7.61	%		11/11/2002
Class C (POP)		(5.19	)%		(2.22	)%		7.61	%		11/11/2002
Class I (NAV)		(3.16	)%		N/A			11.53	%		11/30/2009
Class I2 (NAV)		(2.97	)%		(0.78	)%		4.90	%		11/15/2005

NOTES

* The Russell Midcap^® Growth Index (“Russell Midcap^® Growth”) is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or Life of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on fund distributions or the redemption of fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamericainvestments.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for A shares or the maximum applicable contingent deferred sales charge (5% in the 1st year, decreasing to 0% after 6 years) for Class B shares and 1% (during the first 12 months) for Class C shares. Shares purchased prior to March 1, 2004 are subject to a maximum applicable contingent deferred sales charge (5% in the 1st year, decreasing to 0% after 7 years) for Class B shares and (2% in the 1st year, decreasing to 0% after 2 years) for Class C shares. There are no sales charges on Class I and I2 shares.

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

Investing in small and medium-size companies involves greater risk than is customarily associated with more established companies. The securities of small and mid capitalization companies are subject to higher volatility than larger, more established companies. This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives and policies of this fund.

Russell Investment Group is the source and owner of the trademarks, service marks, and copyrights related to the Russell indexes. Russell^® is a trademark of Russell Investment Group.

Transamerica Funds		Annual Report 2012
	Page     13

Transamerica High Yield Bond

(formerly, Transamerica AEGON High Yield Bond)

(unaudited)

MARKET ENVIRONMENT

The fiscal year ended October 31, 2012 much like it began. Numerous issues continue to weigh on investors’ minds both domestically and abroad. Despite these concerns, risk assets continued to do well for the year with credit spreads tightening across fixed income classes, U.S. Treasury rates continuing their downward trend, and equity prices moderately higher.

Early in the fiscal year, the European sovereign and banking crisis was the primary concern. Despite the crisis being over a year old, policymakers continued to wrestle with an appropriate response. With significant pressure from the markets, policymakers introduced new funding facilities to relieve pressure on the financial system in exchange for tough fiscal austerity measures. However, we believe that these measures do not address the real issues facing the Monetary Union.

Throughout the fiscal year, the U.S. economy continued a slow to moderate growth path. The U.S. Federal Reserve Board (“Fed”), already on the heels of two prior quantitative easing programs, announced a third program targeted at lowering the unemployment rate. The monetary response, coupled with an extension of the payroll tax holiday, kept the consumer with adequate resources to continue their spending trend. In addition, housing prices finally found a bid during the fiscal year due to low interest rates.

Concerns about global economic growth increased due to a slowdown in China and its ultimate impact on the rest of the world. Moving toward the end of the fiscal year, numerous central banks around the world responded with even more aggressive accommodation. The easing appears to have reduced the risks of a sharp slowdown.

The liquidity provided by central banks around the world continues to promote improved financial conditions and lower risk premiums for many risk assets. For now many solvency and liquidity issues, which cropped up around the world, have calmed.

However, many macroeconomic issues remain. In the U.S. fears of the “fiscal cliff”, uncertainty surrounding future fiscal policies, and a tepid employment market weigh on investors’ minds. In Europe, policymakers still have a significant task ahead of them in trying to integrate the Union more politically. A slowdown in China’s growth also remains a concern.

Despite all of the macroeconomic concerns, we believe the prevailing theme of accommodative central banks is likely to continue, which may provide positive tailwinds for risk assets throughout fiscal year 2013.

PERFORMANCE

For the year ended October 31, 2012, Transamerica High Yield Bond Class A returned 14.57%. By comparison, its benchmark, the Barclays U.S. Corporate High Yield 2% Issuer Capped Index, returned 13.58%.

STRATEGY REVIEW

Transamerica High Yield Bond outperformed its benchmark for the fiscal year ended October 31, 2012. The Consumer Cyclical sector provided the greatest contribution to performance as an overweight to Home Construction industry benefitted from the modest rebound in new home sales. The fund also benefited from being underweight the Energy sector, which was one of the lowest returning sectors in the High Yield market. Security selection was also a notable positive as bonds owned by the fund in the Financial, Technology, and Communications sectors materially outperformed the underlying indices.

The individual positions which had the greatest positive impact on performance included bonds issued by Sprint Nextel Corp., First Data Corp., Beazer Homes USA, Inc., KB Home, and Edison Mission Energy. Notable detractors from performance included the securities of Dynegy, Inc., Caesars Entertainment Operating Co., Inc., Clearwire, Unisys Corp., and EnergySolutions, Inc./EnergySolutions LLC In addition, the fund’s modest allocation to cash pulled down overall performance.

We believe high yield is positioned to outperform other fixed income assets over the next six to twelve months, albeit total returns may not exceed the coupons generated on the fund. Fundamentals remain strong as companies are profitable, balance sheets are conservative, default rates remain low, and global monetary stimuli remain supportive.

Bradley J. Beman, CFA

Kevin Bakker, CFA

Benjamin D. Miller, CFA

Jim Schaeffer

Co-Portfolio Managers

AEGON USA Investment Management, LLC

Transamerica Funds		Annual Report 2012
	Page     14

Transamerica High Yield Bond

(formerly, Transamerica AEGON High Yield Bond)

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2012

	1 Year			5 Years			10 Years or Life of Class			Inception Date
Class A (NAV)		14.57	%		9.08	%		9.35	%		06/14/1985
Class A (POP)		9.08	%		8.03	%		8.83	%		06/14/1985
Barclays U.S. Corporate High Yield 2% Issuer Capped *		13.58	%		9.54	%		11.14	%
Class B (NAV)		13.77	%		8.32	%		8.74	%		10/01/1995
Class B (POP)		8.77	%		8.17	%		8.74	%		10/01/1995
Class C (NAV)		13.81	%		8.40	%		8.43	%		11/11/2002
Class C (POP)		12.81	%		8.40	%		8.43	%		11/11/2002
Class I (NAV)		15.05	%		N/A			12.26	%		11/30/2009
Class I2 (NAV)		15.01	%		9.61	%		8.32	%		11/08/2004

NOTES

* The Barclays U.S. Corporate High Yield 2% Issuer Capped Index (“Barclays U.S. Corporate High Yield 2% Issuer Capped”) is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or Life of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on fund distributions or the redemption of fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamericainvestments.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 4.75% for A shares or the maximum applicable contingent deferred sales charge (5% in the 1st year, decreasing to 0% after 6 years) for Class B shares and 1% (during the first 12 months) for Class C shares. Shares purchased prior to March 1, 2004 are subject to a maximum applicable contingent deferred sales charge (5% in the 1st year, decreasing to 0% after 7 years) for Class B shares and (2% in the 1st year, decreasing to 0% after 2 years) for Class C shares. There are no sales charges on Class I and I2 shares.

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

Investments in high-yield bonds (“junk bonds”) may be subject to greater volatility and risks as the income derived from these securities is not guaranteed and may be unpredictable and the value of these securities tends to decline when the interest rate increases. This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives and policies of this fund.

Transamerica Funds		Annual Report 2012
	Page     15

Transamerica International Bond

(formerly, Transamerica JPMorgan International Bond)

(unaudited)

MARKET ENVIRONMENT

Over the past 12 months, our base-case market outlook has remained relatively consistent and assigned a high probability to the “muddle-through” anemic recovery scenario. However, we believe that central bank intervention globally has mitigated the tail risk resulting from fears of a eurozone crisis. The combined actions of the five major central banks – the Federal Reserve (“Fed”), the European Central Bank (“ECB”), the U.K.’s Monetary Policy Committee, the Bank of Japan, and the People’s Bank of China – have reduced downside economic risks and further entrenched our base-case for a sub-trend recovery. The positive surprises in these central bank actions were that the Fed changed its reaction function from reactive to proactive, and the ECB overcame German objections to offer unlimited and pari passu (without partiality) bond purchases. The open-ended nature of these policies is powerful. Central banks now appear to have done what they can, and the onus for generating an economic recovery has shifted to fiscal policy. It is clear that for the central banks, the priority for inflation targeting has given way to growth generation over the intermediate horizon. While economic downside risks have been mitigated, the upside has not materially improved. The amount of deleveraging yet to occur is a massive inhibitor of growth. Although the ECB has provided a sufficient liquidity backdrop to stabilize sovereign funding, agreements on integration and reform have yet to be reached. The slowdown in China looms as an ominous headwind for Pacific Rim countries. The outcome of the U.S. elections seems less important than any immediate bipartisan agreement to reduce the fiscal cliff that would otherwise occur in 2013. Central bank asset purchases, or quantitative easing, are more likely to inflate asset prices than to generate economic growth, unless emerging market growth exceeds forecasts. Despite record-low yields across markets, bonds continue to be supported by policy intervention, and spread sectors are well supported.

PERFORMANCE

For the year ended October 31, 2012, Transamerica International Bond Class I2 returned 2.71%. By comparison its benchmark, the J.P. Morgan Government Bond ex-U.S. Unhedged Index, returned 1.68%.

STRATEGY REVIEW

Accommodative monetary policy globally has bolstered market sentiment over the period and has created an ideal environment for fixed income, particularly as some of the more extreme fat tail-risk scenarios have receded. Our exposure to investment-grade corporate credit, given the significant tightening experienced in credit spreads, has been additive. Our exposure to covered bonds has also enhanced performance, particularly our allocation to euro-denominated covered bonds where we retain high conviction. In rates, we added a long position in five-year Spanish bonds as peripheral bonds rallied following the ECB’s Outright Monetary Transactions (“OMT”) announcement. Earlier in the period, the fund was positioned neutral in headline duration versus its benchmark, with overweighs in the U.K. and underweights in Germany, Spain and Italy. Later in the period, we also added duration in 10-year Japanese government bonds with the expectation of ongoing economic weakness in the eurozone and growing tensions between China and Japan. Yields in core government bonds are currently at record lows, and yet central banks continue to ease policy rates, and the fund has held overweights in highly rated government agencies, supranationals and covered bonds as substitutes for core government bonds over the period. We expect the spread on these assets to narrow as low risk-free rates encourage investors to look for alternative forms of yield. Looking forward, our base-case remains one of a sub-trend recovery that continues into 2013. As developed markets are forced to go through public and private austerity, coordinated central bank action will provide the liquidity to prevent a downward spiral. The fund’s positioning should benefit from yields remaining low and narrowing of higher-rated credit spreads.

We use government bond futures for duration management, active and index replication. We use forward foreign currency contracts for currency management, active and index replication. Active management in duration and foreign exchange contributed positively to performance, and exceeded management’s expectations.

Jon B. Jonsson

Portfolio Manager

J.P. Morgan Investment Management Inc.

Transamerica Funds		Annual Report 2012
	Page     16

Transamerica International Bond

(formerly, Transamerica JPMorgan International Bond)

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2012

							10 Years or
	1 Year			5 Years			Life of Class			Inception Date
Class I2 (NAV)		2.71	%		6.05	%		6.65	%		12/06/2005
J.P. Morgan Government Bond ex-U.S. Unhedged *		1.68	%		6.55	%		7.25	%
Class A (NAV)		N/A			N/A			2.52	%(A)		03/01/2012
Class A (POP)		N/A			N/A			(2.32	)%(A)		03/01/2012
Class C (NAV)		N/A			N/A			2.03	%(A)		03/01/2012
Class C (POP)		N/A			N/A			1.03	%(A)		03/01/2012
Class I (NAV)		N/A			N/A			2.75	%(A)		03/01/2012

NOTES

* The J.P. Morgan Government Bond ex-U.S. unhedged Index (“J.P. Morgan Government Bond ex-U.S. Unhedged”) is an unmanaged index used as a general measure of market performance. Calculations assumed dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or Life of Fund calculation is based on inception date of the class. You cannot invest directly in an index.

^(A) Not annualized.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on fund distributions or the redemption of fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamericainvestments.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 4.75% for A shares or the maximum applicable contingent deferred sales charge 1% (during the first 12 months) for Class C shares. There are no sales charges on Class I and I2 shares.

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

Investing in bond funds entails interest rate and credit risk as well as additional risks in that the fund may invest in high-yield/high-risk bonds and is subject to greater levels of liquidity risk, which are described in more detail in the prospectus. Investments in global/international markets involve risks not associated with U.S. markets, such as currency fluctuations, adverse social and political developments, and the relatively small size and lesser liquidity of the markets. This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives and policies of this fund.

Transamerica Funds		Annual Report 2012
	Page     17

Transamerica International Equity

(formerly, Transamerica TS&W International Equity)

(unaudited)

MARKET ENVIRONMENT

Non-U.S. stocks produced positive returns for investors in the twelve months ended October 31, 2012, but only after two strong market rallies were interrupted by a sharp springtime correction. The European sovereign debt crisis and its broader impact on global economic growth was the focal point for investors for the second consecutive year. While it is tempting to describe this pattern of performance as more of the “risk on/risk off” dynamic frequently invoked over the last three years, we believe markets exhibit evidence of a slow awakening to the attractive value and income characteristics available from many stocks relative to expensive fixed income alternatives.

Stocks began the year in a downdraft as Spain, Portugal, Italy, and Greece (Europe’s weakest economies) confronted the need for bailouts, debt restructuring or perhaps a disorderly exit from the common currency regime, and China grappled with slowing economic growth. Fear gave way to optimism in late November, however, as positive moves by Europe’s political leadership raised the possibility of solutions to the debt crisis. With stocks valued at generational lows relative to profits, cash flow and dividends; these political maneuvers, along with aggressive global monetary policy, produced a strong rally that lasted until late March. Stocks reached another low in early June, but once again low valuations and monetary stimulus triggered a rally that was ongoing as the fund’s fiscal year ended.

Sluggish global economic growth, an unfortunate side effect of the inescapable need to reduce debt, is likely to keep stock markets volatile over the next year. Many companies will struggle to grow sales and maintain profit margins, but much of this uncertainty is already reflected in stock valuations. We believe the current environment favors the disciplined, value investment strategy that we pursue because periodic flare-ups of macro-economic pessimism result in attractive entry points for stocks.

PERFORMANCE

For the year ended October 31, 2012, Transamerica International Equity Class I returned 11.58%. By comparison, its benchmark, the Morgan Stanley Capital International - Europe, Australasia, Far East Index, returned 5.15%.

STRATEGY REVIEW

Transamerica International Equity produced a strong result over the past year by maintaining a disciplined focus on valuation and a farsighted investment time horizon. Europe, the focus of so much anxiety over the past year, was the top contributor to fund performance over the last twelve months. Although Europe is in the midst of a recession, or close to it, European stocks began the year at very inexpensive valuation levels, suggesting that expectations were low. Many of these companies do business globally, meaning they were able to find opportunities outside their home region. While all geographic regions produced a positive relative return for the fund over the past year, stocks outside the benchmark, representing emerging markets and Canada, were the least positive contributors. With good values available in developed markets, the allocation to emerging markets was below our 10% maximum limitation throughout the year.

The Materials sector, which includes economically sensitive companies in a diverse collection of businesses from mining and chemicals to packaging and building materials, produced the largest contribution to fund return, followed closely by consumer discretionary stocks, another diverse group. Smurfit Kappa Group PLC, a producer of boxes and other paper packaging based in Ireland, was the top stock in the fund over the last year, rebounding from the dubious honor of being the worst contributor the year before. Our investment thesis for Smurfit Kappa Group PLC is based on industry and financial improvements that are expected to play out over a number of years, so this reversal was not a big surprise. Other top contributors included Grifols, a Spanish medical technology firm, and WPP PLC, a global advertising giant based in the U.K.

The Financial sector, in which we have been underweight for some time, was the only economic sector to detract from fund performance over the past year. Although valuations continue to appear low in this sector, we remain concerned about the lack of regulatory clarity and the need for many companies to boost the amount of capital they hold in reserve. Fujitsu, Ltd., a Japanese technology giant, was the most significant detractor from performance over the last year. Like many large Japanese electronics firms, Fujitsu, Ltd. is struggling to restructure its business to meet a rapidly changing landscape for enterprise technology. BinckBank, a Netherlands-based brokerage and financial services firm, was the second-largest detractor for the year.

Brandon H. Harrell, CFA

Portfolio Manager

Thompson, Siegel & Walmsley LLC

Transamerica Funds		Annual Report 2012
	Page     18

Transamerica International Equity

(formerly, Transamerica TS&W International Equity)

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2012

							10 Years or
	1 Year			5 Years			Life of Class			Inception Date
Class I (NAV)		11.58	%		(3.20	)%		8.49	%		12/18/1992
MSCI-EAFE *		5.15	%		(5.35	)%		8.21	%
Class A (NAV)		11.10	%		N/A			(0.26	)%		03/01/2011
Class A (POP)		5.01	%		N/A			(3.57	)%		03/01/2011
Class C (NAV)		10.49	%		N/A			(0.89	)%		03/01/2011
Class C (POP)		9.49	%		N/A			(0.89	)%		03/01/2011
Class I2 (NAV)		11.64	%		N/A			0.21	%		03/01/2011

NOTES

* The Morgan Stanley Capital International Europe, Australasia, Far East Index (“MSCI-EAFE”) is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or Life of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on fund distributions or the redemption of fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamericainvestments.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for A shares or the maximum applicable contingent deferred sales charge 1% (during the first 12 months) for Class C shares. There are no sales charges on Class I and I2 shares.

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

The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. Investments in global/international markets involve risks not associated with U.S. markets, such as currency fluctuations, adverse social and political developments, and the relatively small size and lesser liquidity of the markets. This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives and policies of this fund.

Transamerica Funds		Annual Report 2012
	Page     19

Transamerica Large Cap Growth

(unaudited)

MARKET ENVIRONMENT

In some ways, 2012 has played out in a similar manner to 2010 and 2011, in that we experienced a rally to start the year followed by a period of weakness driven by a volatile global macro-economic environment. However, the key difference was the calm markets we experienced over the summer this year. After the summer fireworks of the last few years, it was a welcome respite. Mario Draghi, president of the European Central Bank (“ECB”), calmed markets in late July with his comment that the ECB would do “whatever it takes” to save the Euro, setting markets up for a nice rally.

Then markets were helped by the Federal Reserve (“Fed”). After hinting that it was ready to act to jump-start the recovery again, a series of weak employment reports pushed the Fed to announce its third major round of bond buying. The hope is that the purchases will help lower mortgage rates even further and help boost the housing sector. The markets have also been helped by improved consumer confidence and strong corporate earnings.

PERFORMANCE

For the period from inception April 30, 2012 through October 31, 2012, Transamerica Large Cap Growth Class A returned (1.40)%. By comparison, its benchmark, the Russell 1000^® Growth Index, returned (0.98)%.

STRATEGY REVIEW

The fund was launched April 30, 2012. The following month, May, was a difficult month for the market. The culprits weighing down the market were nothing new - namely mixed domestic economic progress and continued political and economic uncertainty in Europe. However, the market then rallied for the next four months before pausing in October. Against this market environment, the fund performed in-line with the Russell 1000^® Growth Index benchmark. The fund continues to be positioned with a sector neutral approach in order to ensure that our stock selection will drive our results. Stock selection in the consumer discretionary and materials sectors was the key contributor to our success, while our holdings in the health care sector underperformed.

Our consumer discretionary stocks provided strong returns led by media/cable provider Comcast Corp., apparel retailer Foot Locker, Inc., and specialty retailer PetSmart, Inc. Comcast Corp. traded higher after reports of higher subscriber rates for their cable business. PetSmart, Inc. shares rose after the pet-supplies retailer posted better-than-expected earnings and raised its full-year outlook. We also achieved strong results in the materials sector as Eastman Chemical Co., Monsanto, and Ball Corp. each gained ground.

We achieved mixed results in the technology sector. Our holding in Google, Inc. outperformed after the company reported quarterly earnings that, for the first time, included results from recently acquired Motorola Mobility. In Google’s core advertising businesses, revenue grew versus 2011, a result of its continued leadership in Internet search and display markets on the back of strong secular growth in online advertising. These positive results, however, were offset by our holding in VeriFone Systems, Inc., which had fiscal third-quarter income rise as the electronic-payments company’s revenue strengthened, led by its services business. Still, shares dropped after the company predicted weak fourth-quarter revenue.

Our holdings in the health care sector underperformed after Agilent Technologies Inc. shares fell, as investors reacted negatively to the company’s weak third-quarter report and fourth-quarter outlook.

James P. Haynie, CFA

Mark Stoeckle

Co-Portfolio Managers

BNP Paribas Asset Management, Inc.

Transamerica Funds		Annual Report 2012
	Page     20

Transamerica Large Cap Growth

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2012

	10 Years or Life of Class			Inception Date
Class A (NAV)		(1.40	)% (A)		04/30/2012
Class A (POP)		(6.81	)% (A)		04/30/2012
Russell 1000® Growth *		(0.98	)% (A)
Class C (NAV)		(1.80	)% (A)		04/30/2012
Class C (POP)		(2.78	)% (A)		04/30/2012
Class I (NAV)		(1.30	)% (A)		04/30/2012
Class I2 (NAV)		(1.20	)% (A)		04/30/2012

NOTES

* The Russell 1000^® Growth Index (“Russell 1000^® Growth”) is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or Life of Class calculation is based on the inception date of the class. You cannot invest directly in an index.

^(A)  Not annualized.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on fund distributions or the redemption of fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamericainvestments.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for A shares or the maximum applicable contingent deferred sales charge and 1% (during the first 12 months) for Class C shares. There are no sales charges on Class I and I2 shares.

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

The price of equity securities may rise or fall because of changes in the market or changes in a company’s financial condition. Equities are subject to market risk meaning that stock prices in general may decline over short or extended periods of time. This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives and policies of this fund.

Russell Investment Group is the source and owner of the trademarks, service marks, and copyrights related to the Russell indexes. Russell^® is a trademark of Russell Investment Group.

Transamerica Funds		Annual Report 2012
	Page     21

Transamerica Large Cap Value

(formerly, Transamerica Quality Value)

(unaudited)

MARKET ENVIRONMENT

During the third quarter, investors’ appetite for risk appeared to increase, leading to a rebound in equity markets. Keys to the sentiment improvement were the concerted measures taken by the world’s central bankers. In the U.S., Federal Reserve Board Chairman Ben Bernanke announced the third round of quantitative easing and set expectations on the direction of interest rates, stating the intention to keep them close to zero through 2015. In Europe, European Central Bank (“ECB”) president Mario Draghi expressed his commitment to keeping the eurozone together, announcing an aggressive bond buying plan (commonly known as OMT) in attempts to stabilize stressed debt markets in the region. All in all these promises are hardly guarantees of economic growth restoration in the near future, but they did appear to have reduced the perceived probability of a left tail event.

In early October, U.S. markets continued to advance, primarily due to better than expected U.S. unemployment data and the tailwind from the developments in Europe. However, the optimism was short-lived as investors stepped to the sidelines amidst mixed sentiment surrounding earnings expectations for Q3 2012 and in upcoming 2013, leading to a sell-off during the second week. As the month progressed, relatively positive news on two of the three major macro overhangs - slightly better economic data from China and the developments in Europe leading to a reduced linkage between Europe and U.S. markets, shifted investors’ focus to the third major overhang - the uncertainty surrounding the fiscal cliff and the upcoming elections in the U.S. As little clarity was obtained, market activity remained tepid during the second half of the month, even as the markets reopened after hurricane Sandy for the last trading day of the month.

On all fronts, our stance has been cautious throughout the entire period. While certain equity valuations are compelling, we have reasons to believe the economy and the macroeconomic issues affecting it continue to be real and concerning. We have tried to minimize the risk of our funds to these factors and prefer to focus on cash return profiles and company specific catalysts.

PERFORMANCE

For the year ended October 31, 2012, Transamerica Large Cap Value Class A returned 16.40%. By comparison, its benchmark, the Russell 1000^® Value Index, returned 16.89%.

Prior to July 31, 2012, the fund was named Transamerica Quality Value and had a different sub-adviser.

STRATEGY REVIEW

Our strategy implements a value-oriented approach rooted in rigorous bottom-up research and emphasis on downside protection. Fundamentally, we look for good companies with overly discounted valuations on both absolute and relative bases, and a catalyst which could drive share price appreciation.

Given the macroeconomic backdrop, we have leaned away from economically sensitive sectors since inception in August 1, 2012. A slowing China can ultimately mean less demand for energy, commodities, and technology. We are underweight in those sectors and have a mix of low beta positions (e.g. Chevron Corp., Exxon Mobile Corp.) and underappreciated catalysts (e.g. Halliburton Co., EMC Corp.). We have no strong view on national healthcare, but we do like a number of bottom-up stories in healthcare and have a slight overweight in the sector (e.g. Medtronic, Inc., Cigna Corp.). We also have an overweight in consumer, both staples and discretionary. In both cases we are primarily interested in the more domestic plays in which future catalysts can unlock value (e.g. Macy’s, Inc., Ralcorp Holdings, Inc.). However, we are also looking at global market leaders with good cash returns that have experienced short-term underperformance. Procter & Gamble Co. is a good example of such a company.

As expected, stock selection contributed to the strategy’s outperformance whereas sector allocation detracted mainly due to our cash balance. The financial sector was the largest contributor to benchmark returns as investors sought exposure to the mortgage industry. Despite our underweight to the sector, positive stock selection contributed to performance both on an absolute and relative basis. Three of our top 5 relative contributors were financial stocks: Suntrust Banks, Inc., MetLife, Inc., and JPMorgan Chase & Co Materials was the largest detracting sector on both absolute and relative terms. However, the main factor to the strategy’s underperformance within the sector was the poor stock selection, primarily driven by our position in DuPont, which detracted in relative performance during the period. Additional noteworthy underperforming names were Willis Group Holdings PLC and Halliburton Co., which detracted from our relative performance.

Jack Murphy

John Levin

Co-Portfolio Managers

Levin Capital Strategies, L.P.

Transamerica Funds		Annual Report 2012
	Page     22

Transamerica Large Cap Value

(formerly, Transamerica Quality Value)

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2012

	1 Year			10 Years or Life of Class			Inception Date
Class A (NAV)		16.40	%		10.21	%		11/15/2010
Class A (POP)		9.99	%		7.08	%		11/15/2010
Russell 1000® Value *		16.89	%		10.82	%
Class C (NAV)		15.64	%		9.55	%		11/15/2010
Class C (POP)		8.32	%		6.44	%		11/15/2010
Class I (NAV)		17.00	%		10.71	%		11/15/2010
Class I2 (NAV)		16.90	%		10.81	%		11/15/2010

NOTES

* The Russell 1000^® Value Index (“Russell 1000^® Value”) is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or Life of Class calculation is based on the inception date of the class. You cannot invest directly in an index.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on fund distributions or the redemption of fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamericainvestments.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for A shares or the maximum applicable contingent deferred sales charge 1% (during the first 12 months) for Class C shares. There are no sales charges on Class I and I2 shares.

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

Growth stocks can be volatile and experience sharp price declines and certain types of stocks, especially technology, can be extremely volatile and subject to greater price swings than the broader market. Value approach carries the risk that the market will not recognize a security’s intrinsic value for a long time or that an undervalued stock is actually appropriately priced. This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives and policies of this fund.

Russell Investment Group is the source and owner of the trademarks, service marks, and copyrights related to the Russell indexes. Russell^® is a trademark of Russell Investment Group.

Transamerica Funds		Annual Report 2012
	Page     23

Transamerica Multi-Managed Balanced

(unaudited)

MARKET ENVIRONMENT

BlackRock Financial Management, Inc.

The first half of the reporting period was dominated by concerns about debt problems in Europe; the latter half was dominated by uncertainty around monetary policy in both the United States and Europe. In September, accommodative policy actions from the U.S. and European central banks alleviated anxiety and increased investors’ risk appetite, despite lackluster fundamental economic data in the United States and the continuation of severe debt problems in Spain.

The fund’s outperformance versus the Barclays U.S. Aggregate Bond Index (“BCAB”) was attributable to diversified exposure to high-quality spread sectors, which performed well despite heightened investor anxiety during the period. The fund benefited mostly from exposure to securitized assets, including an overweight relative to the BCAB in commercial mortgage-backed securities (“CMBS”) and an allocation to non-agency residential mortgage-backed securities (“MBS”), which are not represented in the BCAB. Within CMBS, the fund favored recently issued higher-quality multi-family securities, which performed well as the underlying fundamentals continued to improve in a strong rental market. Also contributing positively to performance was out-of-index exposure to high yield debt, an overweight to investment grade credit and security selection within industrials. Additional positive return contributions came from active trading in agency MBS and tactical exposures to sovereign debt and credit names in Europe.

Slightly detracting from performance were currency hedges designed to provide the fund with downside protection against a global economic slowdown and volatility resulting from European debt concerns.

J.P. Morgan Investment Management Inc.

2012 began with a return to normality both in terms of the markets and our investment process. In regards to the markets, improved U.S. economic forecasts, combined with the Long-term Refinancing Operations (“LTROs”) funding program for European banks caused the U.S. markets to rally during the first quarter. As investors became less focused on macro factors, the correlations amongst stocks dropped which created an environment which was more agreeable to stock pickers.

The second quarter of 2012 saw a reversal of the normality experienced during the first quarter of 2012. The U.S. market declined for the quarter, as European uncertainty once again dominated the headlines. Markets became more volatile and investors became more focused on macro factors, and risk averse. The second quarter 2012 proved to be a disadvantageous environment for active managers, with fundamentals taking a backseat as correlations amongst stocks rose. The widening spread between overvalued and undervalued stocks during the second quarter 2012 echoed the extreme valuation conditions we witnessed in the fourth quarter of 2011.

The third quarter of 2012 saw a reversion to the normality experienced during the first quarter 2012. The U.S. market advanced on the heels of aggressive central bank actions highlighted by both the European Central Bank (“ECB”) and the U.S. Federal Reserve Board (“Fed”). Markets became less volatile and investors focused less on macro factors, risk adverse.

PERFORMANCE

For the year ended October 31, 2012, Transamerica Multi-Managed Balanced Class A returned 11.27%. By comparison, its primary and secondary benchmarks, the Standard & Poor’s 500^® Index (“S&P 500”)and the Barclays U.S. Aggregate Bond Index, returned 15.21% and 5.25%, respectively.

STRATEGY REVIEW

BlackRock Financial Management, Inc.

Throughout the 12-month period, the fund actively managed duration while maintaining a slightly short duration bias. Near the end of the period, the fund maintained a yield curve-flattening bias versus its benchmark.

The fund tactically managed its corporate credit exposure throughout the period, cautiously seeking to take advantage of relative value opportunities in industrials and financials. However, following good performance in corporate credit early in 2012, the fund began reducing exposure to the sector toward period end while adding to its securitized credit allocation. The fund also added a small position in Italian sovereign debt as it could potentially benefit from future ECB monetary policy support.

The fund added exposure to CMBS, which continues to benefit from improving commercial real estate markets. Given a relative lack of liquidity in certain segments of the securitized market, the fund reduced its non-agency MBS holdings and added exposure to the more liquid sectors such as auto loan asset-backed securities (“ABS”). The fund reduced its agency MBS allocation while shifting its positioning within the space toward lower-coupon and call-protected issues in light of increased refinancing activity in the mortgage market.

Transamerica Funds		Annual Report 2012
	Page     24

Transamerica Multi-Managed Balanced

(unaudited)

STRATEGY REVIEW (continued)

As of period end, the fund maintains a slightly more cautious stance given the likelihood of financial market volatility increasing from the recent historically low levels. Headwinds for the remainder of 2012 include uncertainty around U.S. political elections and the “fiscal cliff” (i.e., automatic tax increases and federal-spending cuts at the turn of the year) as well as uncertainty around bailouts for the eurozone’s most debt-laden countries; however, the U.S. economy appears well supported by monetary policy and resilient enough to grow at a modest pace.

Relative to the BCAB, the fund remained generally underweight to government-related sectors in favor of non-government spread sectors. Among spread sectors, the fund held a slight underweight allocation to investment grade credit, an overweight to CMBS and ABS and held out-of-index exposures to high yield corporate credit and non-agency MBS. Within the government space, the fund maintained an underweight in U.S. Treasuries and agency debentures, while holding an overweight in agency MBS. The fund ended the period with a slightly short duration versus the BCAB.

The fund uses interest rate derivative instruments, which includes futures contracts or options, mainly for the purpose of managing risks relating to portfolio duration and yield curve positioning. The fund also trades forward foreign currency contracts or uses foreign currency derivatives to manage currency risk in the fund. During the period, derivatives had a minimal impact on performance.

J.P. Morgan Investment Management Inc.

Transamerica Multi-Managed Balanced outperformed its benchmark, the S&P 500, for the trailing 12 months. The retail, systems and network hardware, and consumer cyclical sectors contributed to performance while the basic materials, industrial cyclicals and energy sectors detracted. At the security level, PulteGroup, Inc., Apple, Inc. (“Apple”) and Hewlett-Packard Co. were the largest contributors while Baker Hughes, Inc., CSX Corp., and Norfolk Southern Corp. were the largest detractors.

Within the consumer cyclical sector, PulteGroup, Inc. reported better-than expected profit and a significant increase in new orders, as U.S. homebuilders are becoming more profitable, given record low mortgage rates and stabilizing prices that attract new home buyers. Additionally, reducing expenses after the acquisition of Centex and selling out of older, less profitable communities also benefited earnings.

Within the systems hardware sector, a long position in Apple paired with a short position in Hewlett-Packard Co. continued to work well. Apple benefitted from strong tablet sales, especially with the recent launch of the iPad 3, and smartphone sales, beating expectations and continuing to gain market share in both segments. We believe Apple is a relatively inexpensive stock on normalized earnings with sustainable gross margins and upside to estimates. Additionally, Apple reported strong quarterly performance with a year over year increase in net income and in net sales. Further, shares advanced in the third quarter of 2012 following its triumph over Samsung on the patent infringement ruling expectations and a positive reaction to the launch of the iPhone 5. Meanwhile, Hewlett-Packard Co. reported a weak top line and softer services margin, continuing to lag its peers amid structural shifts and should face challenges in long-term growth. The stock looks attractive based on valuation but does not sufficiently justify as a buying opportunity, so the strategy remains underweight in the name.

On the negative side, within industrials, Baker Hughes, Inc., the maker of drill bits and other gear for oil and gas firms, warned that its first-quarter profit will be below expectation as North American pressure pumping issues and an early Canadian breakup season impacted margins. International issues including seasonality and project delays in Latin American also weighed on the stock.

Within the industrial cyclicals space, an overweight position in CSX Corp. detracted from performance in the third quarter. The stock declined during the quarter on the back of tepid earnings and expectations that the railroad company may not see domestic coal volume pick up until 2013. Analysts are also wary about the company’s export revenues as coal exports are expected to moderate on the back of a Chinese slowdown. Given the continued headwinds in the utility coal market, we believe that the company remains on track for earnings growth for the full year of 2012.

Within autos and transportation, our overweight in Norfolk Southern Corp. detracted from performance. Shares of the eastern U.S. railroad tumbled as the company projected earnings below expectations, citing volume declines and lower revenues, and seemed to face more headwinds than its peers. Over the long term however, Norfolk Southern Corp. still looks attractive on normalized valuations and should benefit over the long term from favorable pricing power and improved operational efficiency, sustaining share shifts from truckers.

Matthew Marra	Scott Blasdell, CFA
Eric Pelliccaro	Terance Chen, CFA
Rick Rieder	Raffaele Zingone, CFA
Bob Miller
Co-Portfolio Managers	Co-Portfolio Managers
BlackRock Financial Management, Inc.	J.P. Morgan Investment Management Inc.

Transamerica Funds		Annual Report 2012
	Page     25

Transamerica Multi-Managed Balanced

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2012

	1 Year			5 Years			10 Years or Life of Class			Inception Date
Class A (NAV)		11.27	%		3.51	%		6.94	%		12/02/1994
Class A (POP)		5.14	%		2.34	%		6.34	%		12/02/1994
S&P 500 *		15.21	%		0.36	%		6.91	%
Barclays U.S. Aggregate Bond *		5.25	%		6.38	%		5.39	%
Class B (NAV)		10.30	%		2.72	%		6.38	%		10/01/1995
Class B (POP)		5.56	%		2.56	%		6.38	%		10/01/1995
Class C (NAV)		10.63	%		2.94	%		6.33	%		11/11/2002
Class C (POP)		9.68	%		2.94	%		6.33	%		11/11/2002
Class I (NAV)		11.76	%		N/A			14.20	%		11/30/2009

NOTES

* The Standard & Poor’s 500^® Index (“S&P 500”) and the Barclays U.S. Aggregate Bond Index (“Barclays U.S. Aggregate Bond”) are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or Life of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on fund distributions or the redemption of fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamericainvestments.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for A shares or the maximum applicable contingent deferred sales charge (5% in the 1st year, decreasing to 0% after 6 years) for Class B shares and 1% (during the first 12 months) for Class C shares. Shares purchased prior to March 1, 2004 are subject to a maximum applicable contingent deferred sales charge (5% in the 1st year, decreasing to 0% after 7 years) for Class B shares and (2% in the 1st year, decreasing to 0% after 2 years) for Class C shares. There are no sales charges on Class I shares.

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

Equity securities tend to go up and down more dramatically over the short term and price movements may result from many individual factors as well as the market as a whole. Fixed income securities have several risks including fluctuations in market value, changes in interest rates as the value will decrease as interest rates rise, and issuers defaulting on their obligations to pay interest or return principal. This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives and policies of this fund.

Transamerica Funds		Annual Report 2012
	Page     26

Transamerica Short-Term Bond

(formerly, Transamerica AEGON Short-Term Bond)

(unaudited)

MARKET ENVIRONMENT

The fiscal year ended October 31, 2012 much like it began the year; numerous issues continuing to weigh on investors’ minds both domestically and abroad. Despite these concerns, risk assets continued to do well for the year with credit spreads tightening across all fixed income classes, U.S. Treasury rates continuing their downward trend, and equity prices moved higher.

Early in the fiscal year, the European sovereign and banking crisis was the primary concern. Despite the crisis being nearly a year-and-a-half old, policymakers continued to wrestle with an appropriate response. Finally, with significant pressure from the markets, policymakers introduced several new facilities to relieve pressure on the financial system; tough fiscal austerity measures were to continue in exchange for more robust bank funding facilities. Unfortunately, this did nothing more than defer the resolution of the problem without addressing the real issues of the Monetary Union. Europe’s economy continued to slip deeper into recession throughout the fiscal year putting even further pressure on an already strained banking system. Ultimately, with strains once again too strong to ignore, the European Central Bank (“ECB”) late in the fiscal year stepped up once again announcing new facilities and declaring; “we will do what it takes to support the system”.

Throughout the fiscal year 2012, the U.S. economy continued its slow to moderate grow path, with numerous cries from various economic pundits that a recession was just around the corner. The U.S. Federal Reserve Board (“Fed”), already on the heels of two prior quantitative easing programs, announced late in the year that a third program, with a targeted unemployment rate, was what the economy needed. The monetary response, coupled with an extension of the payroll tax holiday, kept the consumer with adequate resources to continue their spending trend. Housing prices finally found a bid during the fiscal year as low interest rates and valuations more in line with history created an excellent opportunity for home buyers.

A new concern developed in fiscal 2012; a slowing global economy, led by concerns of growth in China, and its ultimate impact on the rest of the world. Moving toward the end of the fiscal year, numerous central banks around the world responded with even more aggressive accommodation, which looks to have slowed the pace of deceleration of worldwide growth, and in fact signs are accumulating that a turn in global growth may be at hand.

A common theme prevalent around the world during the fiscal year has been the response by numerous central banks and the more accommodative stance to help slowing economies and stressed banking systems. This liquidity has found its way into financial markets promoting better financial conditions and thus lower risk premiums for many risk assets. For now many solvency and liquidity issues that had cropped up around the world have calmed.

As this letter began, macroeconomic issues have not gone away; some new ones have appeared on the horizon while some of the old ones will no doubt resurface. In the U.S., fears of the “fiscal cliff”, uncertainty surrounding future fiscal policies, and a continued tepid employment market will weigh on investors’ minds. In Europe, while the ECB has calmed matters there for the time being, policymakers still have a significant task ahead of them in trying to integrate the Union more politically. Growth in China has been decelerating, leading some pundits to look for even lower growth rates than the consensus now believes.

Despite all of the macroeconomic concerns, the prevailing theme of accommodative central banks will continue. This has already led to global Purchasing Managers’ Indexes (“PMI”) and leading indicators of worldwide growth to stabilize and in fact show signs of revitalizing growth. The combination of better economic growth along with continued stimulus from central banks should provide positive tailwinds for risk assets throughout fiscal year 2013.

PERFORMANCE

For the year ended October 31, 2012, Transamerica Short-Term Bond Class I2 returned 6.31%. By comparison, its benchmark, the Bank of America Merrill Lynch U.S. Corporate & Government 1-3 Years Index, returned 1.33%.

STRATEGY REVIEW

Transamerica Short Term Bond maintained a higher yield and achieved a higher total return than the benchmark index due to overweighting various spread products and underweighting U.S. Treasury and Agency securities. Our overweighting to corporate bonds, asset backed securities (“ABS”), commercial mortgage backed securities (“CMBS”), and non-agency mortgage backed securities (“RMBS”) as well as our excess carry, curve roll down, and name and sector selection added to our performance. Our underweighting to U.S. Treasuries and Agency securities also benefited performance given their minimal carry and lack of spread compression potential.

Corporate bonds remained our largest overweight and continued to benefit from central bank induced risk premium contraction, improving corporate fundamentals, and a strong market technical. While our weighting to investment grade corporate bonds remained steady, we increased our allocation to industrials, emphasizing communications and transportation, while also modestly increasing our allocation to utilities. We reduced our allocation to metals, mining and materials due to our concerns over slowing global growth while we reduced our allocation to financials in search of increased portfolio diversity, although we remained overweight the industry. Our underweight to consumer cyclicals was a performance drag while our overweight to financials was our largest positive corporate performance driver during the year with industrials and utilities also contributing. Our weighting to high yield remained steady although we increased our allocation to various high yield bank loans while reducing our allocation to unsecured high yield debt given the more favorable risk adjusted return attributes of the secured bank loans.

Transamerica Funds		Annual Report 2012
	Page     27

Transamerica Short-Term Bond

(formerly, Transamerica AEGON Short-Term Bond)

(unaudited)

STRATEGY REVIEW (continued)

Within securitized sectors, we increased our allocation to ABS and CMBS while passively reducing our allocation to RMBS. However, we remained overweight all three which benefited from central bank induced risk premium contraction, a strong technical bid, and modestly improving consumer, housing, and lending fundamentals. Specifically, we increased our allocation to niche ABS sectors such as time shares and mortgage servicer advances while reducing our allocation to on-the-run sectors such as auto loans which no longer offered compelling investment opportunities. We continued find opportunities in short senior multi and single borrow CMBS.

Although we continued to find significant value in non-agency RMBS, specifically re-Real Estate Mortgage Investment Conduits (“REMICs”), a lack of supply prevented us from fully replacing the natural amortization within our bonds thereby causing our allocation to decrease. However, our overweight to non-agency RMBS was our largest favorable securitized performance driver during the year given the stabilization in the housing market although CMBS and ABS also contributed.

Our duration, which was initially modestly shorter than the benchmark index, had little impact on performance as short maturity Treasury rates remain relatively unchanged while longer maturity rates rallied. However, as the year moved forward we extended our duration to roughly equal that of the index given our outlook for stable short maturity rates for an extended period as well as our desire to capture additional yield and take advantage of further curve roll down opportunities.

Greg Haendel, CFA

Doug Weih, CFA

Gary Creed, CFA

Co-Portfolio Managers

AEGON USA Investment Management, LLC

Transamerica Funds		Annual Report 2012
	Page     28

Transamerica Short-Term Bond

(formerly, Transamerica AEGON Short-Term Bond)

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2012

	1 Year			5 Years			10 Years or Life of Class			Inception Date
Class I2 (NAV)		6.31	%		5.70	%		4.77	%		11/08/2004
BofA Merrill Lynch U.S. Corporate & Government, 1-3 Yrs *		1.33	%		3.19	%		3.40	%
Class A (NAV)		5.95	%		N/A			5.35	%		11/01/2007
Class A (POP)		3.35	%		N/A			4.82	%		11/01/2007
Class C (NAV)		5.15	%		N/A			4.58	%		11/01/2007
Class C (POP)		4.15	%		N/A			4.58	%		11/01/2007
Class I (NAV)		6.21	%		N/A			5.02	%		11/30/2009

NOTES

* The Bank of America Merrill Lynch U.S. Corporate & Government 1-3 Years Index (“BofA Merrill Lynch U.S. Corporate & Government 1-3 Yrs”) is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or Life of Class calculation is based on the inception date of the class. You cannot invest directly in an index.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on fund distributions or the redemption of fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamericainvestments.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 2.5% for A shares or the maximum applicable contingent deferred sales charge and 1% (during the first 12 months) for Class C shares. There are no sales charges on Class I and I2 shares.

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

Short-term bond funds are exposed to many of the same risks that longer-term bond funds are subject to, including credit risk, inflation risk, interest rate risk and also foreign securities and mortgage-backed securities risk. This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives and policies of this fund.

Transamerica Funds		Annual Report 2012
	Page     29

Transamerica Small Cap Growth

(unaudited)

MARKET ENVIRONMENT

Domestic investors in the fall of 2012 focused on the presidential election, the upcoming “Fiscal Cliff”, and continued financial instability in Europe. Since both the Fiscal Cliff and European financial issues have the potential to lead to market volatility in the short term, we sought to reduce your exposure to these risks in the fund. We have limited our investment in stocks that generate significant revenue from Europe, as well as to those that are at risk due to changes in government related healthcare spending and potential sequestration cuts.

PERFORMANCE

For the period from inception August 31, 2012 through October 31,2012, Transamerica Small Cap Growth Class A returned (6.20)%. By comparison, its benchmark, the Russell 2000^® Growth Index, returned (0.20)%.

STRATEGY REVIEW

The technology and healthcare sectors were the largest detractors from performance during this period. Within technology two factors weighed on the sector. First, a slowdown in business capital spending for technology products has resulted in lower revenues, and led to a decrease in the valuation multiple investors are willing to pay for technology stocks. Additionally, this sector, more than most of the others in the small cap space, has exposure to Europe and its economic challenges. While we tried to limit your exposure to Europe, we didn’t eliminate it entirely which affects performance. In the healthcare sector near term demand has been erratic due to the uncertainty in government and this created delays in new program spending. Post the election, healthcare business trends should stabilize once again. We are currently less exposed to the technology and healthcare sectors and these specific issues, but certain holdings namely from these two sectors negatively impacted the fund.

The largest detractors from performance during this period were IPC The Hospitalist Co., Inc. (“IPC”), Athenahealth, Inc. (“Athena”), HMS Holdings Corp. (“HMS”), Inphi Corp., and Genesco, Inc. The recent weakness at IPC was due to lower volumes at hospitals. Athena’s stock responded to slower sales of their software and the announcement that a business partner is being acquired by a competitor. HMS’s weakness was due to a slowdown in Medicaid spending and processing delays of claims information. Inphi Corp.’s weak stock performance was due to slower technology spending on computer servers, for which Inphi Corp. builds semiconductor chips. Genesco, Inc.’s stock fell due to worries over potential slowdown in winter boot sales.

The financial services and producer durables sectors were the largest contributors to performance during the period. Our focus on strong regional banks and industrial companies in niche markets benefited the fund. The top performing stock in each of these sectors was Signature Bank, a New York-based regional bank, and Triumph Group, Inc., an aircraft parts manufacturer. Signature Bank benefited in October from strong loan and deposit growth, while Triumph Group, Inc. outperformed as third quarter results showed improved margins.

With the significant market appreciation this year, and the uncertainty caused by the upcoming Fiscal Cliff, we would not be surprised to see a short term pullback in the market. This pullback could be shorter in duration given the significant amount of liquidity created by the Federal Reserve and the fact that election results may give the market an implied direction on how the Fiscal Cliff will be solved.

For the intermediate and longer term we like the opportunities for domestic equities. Despite the broad market indices being up 15% on a trailing twelve month basis, we believe that stocks as an asset class remain relatively attractive versus other asset classes. It is apparent that the valuation between bonds and equities is out of parity and in our opinion unsustainable. As earnings stabilize and we move through the above mentioned momentary issues, equities should perform well again. We believe our focus on high quality companies whose businesses are experiencing demand growth regardless of the macro environment will prove to be a successful strategy through this shorter term volatile market condition.

W. Conrad Doenges

Portfolio Manager

Ranger Investment Management, L.P.

Transamerica Funds		Annual Report 2012
	Page     30

Transamerica Small Cap Growth

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2012

	10 Years or Life of Class			Inception Date
Class A (NAV)		(6.20	)%(A)		08/31/2012
Class A (POP)		(11.34	)%(A)		08/31/2012
Russell 2000® Growth *		(0.20	)%(A)
Class C (NAV)		(6.30	)%(A)		08/31/2012
Class C (POP)		(7.24	)%(A)		08/31/2012
Class I (NAV)		(6.10	)%(A)		08/31/2012
Class I2 (NAV)		(6.10	)%(A)		08/31/2012

NOTES

* The Russell 2000^® Growth Index (“Russell 2000^® Growth”) is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or Life of Class calculation is based on the inception date of the class. You cannot invest directly in an index.

^(A)  Not annualized.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on fund distributions or the redemption of fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamericainvestments.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for A shares or the maximum applicable contingent deferred sales charge and 1% (during the first 12 months) for Class C shares. There are no sales charges on Class I and I2 shares.

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

Investing in small-sized companies involves greater risk than is customarily associated with more established companies. The securities of small capitalization companies are subject to higher volatility than larger, more established companies. This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives and policies of this fund.

Russell Investment Group is the source and owner of the trademarks, service marks, and copyrights related to the Russell indexes. Russell^® is a trademark of Russell Investment Group.

Transamerica Funds		Annual Report 2012
	Page     31

Transamerica Small Cap Value

(unaudited)

MARKET ENVIRONMENT

We would characterize the investor over the past year as having fragile optimism. Evidence that the U.S. economy was recovering and several doses of Federal Reserve (“Fed”)-induced quantitative easing more than offset headwinds from: the never ending saga in Europe where it is believed eleven countries are now in a recession; stubbornly high U.S. unemployment; a slowdown in earnings growth; and uncertainty over the U.S. presidential election. Quarterly U.S. Gross Domestic Product (“GDP”) growth beginning Q4 2011 through Q3 2012 came in at 3%, 1.9%, 1.3%, and 2%, respectively, indicating relatively healthy economic growth.

Beginning October 2011, the market began rewarding higher beta, lower market cap, lower priced, and lower return-on-equity stocks, resulting in a “low quality rally.” This environment is challenging for our fund. The strategy emphasizes stock selection through a bottom-up research process that focuses on low price-to-earnings multiple stocks, companies with strong balance sheets, businesses that generate strong cash flow, and slightly higher market cap stocks. In addition, the beginning of 2012 marked the start of a difficult period of performance for active managers relative to their benchmarks.

PERFORMANCE

For the period from inception April 30, 2012 through October 31,2012, Transamerica Small Cap Value Class A returned (1.70)%. By comparison, its benchmark, the Russell 2000^® Value Index, returned 2.69%.

STRATEGY REVIEW

The fund seeks to outperform the Russell 2000^® Value Index by 3% in the long term. The fund seeks capital appreciation through value-oriented stock selection, and employs a bottom-up strategy of buying stocks below intrinsic value and selling stocks as they become fully price, have a change in thesis, or if a better opportunity exists.

The low quality rally helped contribute to the underperformance of the fund from the period May 1, 2012 through October 31, 2012. Our process, which has delivered positive relative performance in past market cycles, has remained consistent. During this period, the team continued to emphasize: high quality; above average earnings consistency; strong balance sheets and free cash flows; low price-to-earnings multiples; and above average growth prospects. We believe that our strategy and fundamental research strengths will result in solid relative investment performance over future market cycles.

For the period of May 1, 2012 through October 31, 2012, the fund underperformed the Russell 2000^® Value benchmark. During the period, the fund’s stock selection was negative. Stock selection was positive/neutral in four of ten sectors, with consumer discretionary, energy, and telecommunication services performing the best. This was offset by negative stock selection in six of ten sectors, with financials, industrials, and materials performing the worst. Sector selection was negative, detracting during the period.

Best Performing Stocks:

The largest contributor to stock selection on an individual basis came from Deluxe Corp. (“DLX”), who provides printed and electronic marketing to financial institutions and small business customers. Medical Properties Trust, Inc. (“MPW”), a self-advised real estate investment trust (“REIT”), also added materially to stock selection. The third best contributor to stock selection was Meredith Corp. (“MDP”), a media and marketing company.

Worst Performing Stocks:

The largest detractor to stock selection during the period came from Tutor Perini Corp. (“TPC”), a leading civil and commercial construction company. The second largest detracted was Knight Cap Group Inc. (“KCG”), a global financial services firm that provides access to the capital markets. Tower Group, Inc. (“TWGP”), a provider of property and casualty insurance products, also detracted from stock selection.

Alvin W. Marley, CFA

Andrew Absler

Co-Portfolio Managers

Lombardia Capital Partners, LLC

Transamerica Funds		Annual Report 2012
	Page     32

Transamerica Small Cap Value

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2012

	10 Years or Life of Class			Inception Date
Class A (NAV)		(1.70	)% (A)		04/30/2012
Class A (POP)		(7.09	)% (A)		04/30/2012
Russell 2000® Value *		2.69	% (A)
Class C (NAV)		(2.10	)% (A)		04/30/2012
Class C (POP)		(3.08	)% (A)		04/30/2012
Class I (NAV)		(1.60	)% (A)		04/30/2012
Class I2 (NAV)		(1.60	)% (A)		04/30/2012

NOTES

* The Russell 2000^® Value Index (“Russell 2000^® Value”) is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or Life of Class calculation is based on the inception date of the class. You cannot invest directly in an index.

^(A)  Not annualized.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on fund distributions or the redemption of fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamericainvestments.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for A shares or the maximum applicable contingent deferred sales charge and 1% (during the first 12 months) for Class C shares. There are no sales charges on Class I and I2 shares.

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

Investing in small-sized companies involves greater risk than is customarily associated with more established companies. The securities of small capitalization companies are subject to higher volatility than larger, more established companies. This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives and policies of this fund.

Russell Investment Group is the source and owner of the trademarks, service marks, and copyrights related to the Russell indexes. Russell^® is a trademark of Russell Investment Group.

Transamerica Funds		Annual Report 2012
	Page     33

Transamerica Small/Mid Cap Value

(formerly, Transamerica Systematic Small/Mid Cap Value)

(unaudited)

MARKET ENVIRONMENT

For the one-year period ending October 31, 2012, Transamerica Small/Mid Cap Value trailed the Russell 2500^® Value Index. The strong absolute gain was derived on the heels of a generally favorable environment for equities, which were pushed higher primarily by strong earnings expansion, offset by some mild valuation multiple compression. Indeed, earnings among the Russell 2500^® Value Index (“the Index”) components were on pace to grow just under 20% in the last four reported quarters. The Index advanced moderately less than that due to investors’ willingness to pay less of an earnings multiple on the higher level of profits, reflecting their ongoing skepticism and uncertainty with respect to various geopolitical events and the sustainability of economic growth. Indeed, the U.S. and global economies did show a mid-year deceleration much like in 2011, and the ongoing fiscal sagas at home and abroad have certainly contributed to market volatility and have capped investor returns.

The volatile market environment has been challenging for many fundamental-based, active investment strategies, including ours. As has periodically been the case in recent years, correlations among individual stock returns have remained elevated, spiking again this summer after normalizing earlier in 2012. This created a headwind for the fund from a relative performance perspective, as our focus on bottom-up company fundamentals is less likely to be rewarded when investors buy and sell stocks based on broader market considerations and not individual company earnings dynamics.

PERFORMANCE

For the year ended October 31, 2012, Transamerica Small/Mid Cap Value Class A returned 12.28%. By comparison, its benchmark, the Russell 2500^® Value Index, returned 15.55%.

STRATEGY REVIEW

Our bottom-up focus on company fundamentals resulted in a generally pro-cyclical fund over the period. Our sector allocation kept mostly in-line with the constitution of the Russell 2500^® Value Index, with the exception of material underweights to utilities and financials. On average, we decreased the cyclicality of the fund over the course of the year, taking profits where prudent and eliminating our exposure to companies with deteriorating earnings and cash flows.

From an attribution standpoint, both stock selection and sector allocation detracted from performance relative to the benchmark. Sector allocation detracted, primarily due to our overweight to information technology and energy. Conversely, our overweight to consumer discretionary helped to offset some of these losses.

In terms of stock selection, the fund outperformed or was neutral in six of nine sectors (the fund held no investments within telecommunications), led primarily by selection within the financials and energy sectors. However, despite outperforming in the majority of sectors, there was too much headwind to overcome from our unfavorable selection in health care, information technology, and industrials.

A top-performing stock for the period was Discover Financial Services, a credit card provider. The company has been seeing delinquency trends move lower, suggesting that charge-offs and loan-loss expense will also continue to decline, sustaining a trend of more than two years. Meanwhile, spending trends are on the rise, allowing the company to finally see long-awaited growth in its card portfolio. Discover Financial Services’ exceedingly strong capital position is also enabling management to move the company deeper into the student loan market, providing another avenue for growth.

Detracting from results for the period was Express, Inc., a specialty retailer offering both women’s and men’s merchandise to the 20- to 30-year-old customer demographic. Unfortunately, in the first half of 2012, the company had its share of planning and merchandising challenges. Due to fashion missteps, it cut prices in women’s wear to move unsold inventory, hurting margins. In other categories, while sales were positive, Express, Inc. did not meet expectations, leaving additional excess inventory to be sold at a discount. Finally, early sweater reads were weak. As a result, management was forced to lower its earnings outlook twice, and we sold the shares accordingly.

In closing, we continue to manage the fund in accordance with our investment discipline. As we embark upon the new year, the fund is positioned with better than average valuation and fundamental company-level performance, attributes that have historically fared rather well on Wall Street over the long haul.

Kenneth Burgess, CFA

Ron Mushock, CFA

Co-Portfolio Managers

Systematic Financial Management L.P.

Transamerica Funds		Annual Report 2012
	Page     34

Transamerica Small/Mid Cap Value

(formerly, Transamerica Systematic Small/Mid Cap Value)

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2012

	1 Year			5 Years			10 Years or Life of Class			Inception Date
Class A (NAV)		12.28	%		2.58	%		13.87	%		04/02/2001
Class A (POP)		6.12	%		1.43	%		13.23	%		04/02/2001
Russell 2500® Value *		15.55	%		1.99	%		10.14	%
Class B (NAV)		11.58	%		1.92	%		13.28	%		04/02/2001
Class B (POP)		6.58	%		1.75	%		13.28	%		04/02/2001
Class C (NAV)		11.60	%		1.96	%		13.15	%		11/11/2002
Class C (POP)		10.60	%		1.96	%		13.15	%		11/11/2002
Class I (NAV)		12.75	%		N/A			15.76	%		11/30/2009
Class I2 (NAV)		12.90	%		3.18	%		9.03	%		11/15/2005

NOTES

* The Russell 2500^® Value Index (“Russell 2500^® Value”) is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or Life of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on fund distributions or the redemption of fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamericainvestments.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for A shares or the maximum applicable contingent deferred sales charge (5% in the 1st year, decreasing to 0% after 6 years) for Class B shares and 1% (during the first 12 months) for Class C shares. Shares purchased prior to March 1, 2004 are subject to a maximum applicable contingent deferred sales charge (5% in the 1st year, decreasing to 0% after 7 years) for Class B shares and (2% in the 1st year, decreasing to 0% after 2 years) for Class C shares. There are no sales charges on Class I and I2 shares.

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

Investing in small- and medium-size companies involves greater risk than is customarily associated with more established companies. The securities of small and mid capitalization companies are subject to higher volatility than larger, more established companies. This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives and policies of this fund.

Russell Investment Group is the source and owner of the trademarks, service marks, and copyrights related to the Russell indexes. Russell^® is a trademark of Russell Investment Group.

Transamerica Funds		Annual Report 2012
	Page     35

Transamerica Tactical Income

(unaudited)

MARKET ENVIRONMENT

The fiscal year ended October 31, 2012 much like it began the year; numerous issues continuing to weigh on investors’ minds both domestically and abroad. Despite these concerns, risk assets continued to do well for the year with credit spreads tightening across all fixed income classes, U.S. Treasury rates continuing their downward trend, and equity prices moderately higher.

Early in the fiscal year, the European sovereign and banking crisis was the primary concern. Despite the crisis being nearly a year-and-a-half old, policymakers continued to wrestle with an appropriate response. Finally, with significant pressure from the markets, policymakers introduced new facilities to relieve pressure on the financial system; tough fiscal austerity measures were to continue in exchange for more robust bank funding facilities. Unfortunately, this did nothing more than defer the resolution of the problem without addressing the real issues of the Monetary Union. Europe’s economy continued to slip deeper into recession throughout the fiscal year putting even further pressure on an already strained banking system. Ultimately, with strains once again too strong to ignore, the European Central Bank (“ECB”) late in the fiscal year stepped up once again declaring; “we will do what it takes to support the system”.

Throughout the fiscal year 2012, the U.S. economy continued its slow to moderate grow path, with numerous cries from various economic pundits that a recession was just around the corner. The U.S. Federal Reserve Board (“Fed”), already on the heels of two prior quantitative easing programs, announced late in the year that a third program, with a targeted unemployment rate, was what the economy needed. The monetary response, coupled with an extension of the payroll tax holiday, kept the consumer with adequate resources to continue their spending trend. Housing prices finally found a bid during the fiscal year as low interest rates and valuations more in line with history, created an excellent time to be a home buyer.

A new concern developed in fiscal 2012; a slowing global economy, led by concerns of growth in China, and its ultimate impact on the rest of the world. Moving toward the end of the fiscal year, numerous central banks around the world responded with even more aggressive accommodation, which looks to have slowed the pace of deceleration of worldwide growth, and in fact signs are accumulating that a turn in global growth may be at hand.

A common theme prevalent around the world during the fiscal year has been the response by numerous central banks and the more accommodative stance to help slowing economies and stressed banking systems. This liquidity has found its way into financial markets promoting better financial conditions and thus lower risk premiums for many risk assets. For now many solvency and liquidity issues that had cropped up around the world have calmed.

As this letter began, macroeconomic issues have not gone away; some new ones have appeared on the horizon while some of the old ones will no doubt resurface. In the U.S., fears of the “fiscal cliff”, uncertainty surrounding future fiscal policies, and a continued tepid employment market, will weigh on investors’ minds. In Europe, while the ECB has calmed matters there for the time being, policymakers still have a significant task ahead of them in trying to integrate the Union more politically. Growth in China has been decelerating, leading some pundits to look for even lower growth rates than the consensus now believes.

Despite all of the macroeconomic concerns, the prevailing theme of accommodative central banks will continue. This has already led to global Purchasing Mangers’ Indexes (“PMI”) and leading indicators of worldwide growth to stabilize and in fact show signs of revitalizing growth. The combination of better economic growth along with continued stimulus from central banks should provide positive tailwinds for risk assets throughout fiscal year 2013.

PERFORMANCE

For the year ended October 31, 2012, Transamerica Tactical Income Class A returned 8.02%. By comparison, its primary and secondary benchmarks, the iBoxx $ Liquid High Yield Index and the Transamerica Tactical Income Blended Benchmark, returned 12.20% and 11.08%, respectively.

STRATEGY REVIEW

Transamerica Tactical Income (“TTI”) is a conservative asset allocation fund with a very diversified asset base with at least six different asset classes at any time. TTI’s primary objective is high current income (4% - 7% gross yield distributed monthly). This implies that the asset allocation is guided by the need to stay invested in asset classes that generate high income with limited regard to the price return from that asset class. The fund management is assisted by a quantitative model that utilizes several economic and market indicators to over/under weight asset classes. Asset classes are tracked using Exchange Traded Funds

(“ETFs”) which possess risks of tracking error versus their benchmark, especially negative tracking (underperformance) due to trading at a discount due to demand and supply dynamics in the markets. In spite of this drawback, ETFs provide the flexibility to over/underweight asset classes at a low cost and market impact.

In addition to high income, the fund is focused on reducing downside risk i.e. sharp drop in NAV due to economy related effects. That is achieved by assigning a neutral position to each asset class and assigning a tactical range around it. The asset classes are positioned to be over/under/neutral weight with reference to the neutral position.

Transamerica Funds		Annual Report 2012
	Page     36

Transamerica Tactical Income

(unaudited)

STRATEGY REVIEW (continued)

It is challenging to create a benchmark that can truly capture the performance of all the asset classes in the fund unless it is a very complicated and changing benchmark of several blended indices. While a composite benchmark has been defined, comparison with that benchmark provides limited value since it does not represent the asset classes or asset characteristics (beta, duration, etc.) of the asset classes held in the benchmark. Comparison with the peer group (Morningstar Conservative Allocation Category) is generally more useful.

TTI met its objectives of high current income and strong downside protection with a low standard deviation. It beat the peer group on a total returns, yield and risk-adjusted returns basis. It underperformed its custom benchmark on a total returns basis but did exceed the benchmark’s current income which is its primary objective. The underperformance primary came from the fact that equities rallied in Q1 of 2012 while High Yield did not participate in the rally. The fund was underweight equities for part of that time and the allocation to high yield did not track the rally in equities.

1 Year ending October 31, 2012

Fund Statistics	TTI Class A			Peer Group			Custom Benchmark
Net Yield		5.18	%		4.57	%		3.1	%
Total Returns		8.02	%		7.86	%		11.08	%
Standard Deviation		4.17	%		5.12	%		5.34	%
Sharpe Ratio		1.90			1.57			2.1
Downside Risk		2.92	%		N/A			3.83	%

Source: Bloomberg & Morningstar Direct

TTI started the fiscal year underweight in equities and high yield and overweight in long duration credit and Treasuries. By the end of January 2012, the economic indicators supporting high yield had improved sufficiently to cause the model to recommend a neutral weight on high yield and duration. However, the global economic indicators were still quite weak and risks in emerging markets were also rising. By the end of February, the fund was positioned with a slight overweight in high yield and neutral weighted in equities. By April, the model recommended reducing duration as indicators pertaining to inflation expectations spiked. That process of duration reduction continued and the pace increased during July - September 2012. In that same period the indicators for equities improved and by October, equities were overweighted.

TTI has completed its first year and we do not have performance attribution on this fund. However, the following observations can throw some light on how the performance was affected by various investment decisions:

1) Underweight in equities during the first quarter of the year affected returns negatively as equities rallied.

2) Overweight in duration (around 7 years versus benchmark duration of 4 years) helped the fund’s performance

3) Reduction in duration from approximately 6 years to 4.3 years between August and October 2012 also helped performance as long duration bonds had negative returns during that period.

4) Underperformance versus its benchmark in high yield ETFs (especially HYG) affected returns negatively.

Sridip Mukhopadhyaya, CFA

Dave Halfpap, CFA

Frank Rybinksi, CFA

Jeffery Whitehead, CFA

Co-Portfolio Managers

AEGON USA Investment Management, LLC

Transamerica Funds		Annual Report 2012
	Page     37

Transamerica Tactical Income

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2012

	1 Year			10 Years or Life of Class			Inception Date
Class A (NAV)		8.02	%		8.02	%		10/31/2011
Class A (POP)		2.88	%		2.88	%		10/31/2011
iBoxx $ Liquid High Yield *		12.20	%		12.20	%
Transamerica Tactical Income Blended Benchmark *		11.08	%		11.08	%
Class C (NAV)		7.26	%		7.26	%		10/31/2011
Class C (POP)		6.26	%		6.26	%		10/31/2011
Class I (NAV)		8.35	%		8.35	%		10/31/2011

NOTES

* The iBoxx $ Liquid High Yield Index (“iBoxx $ Liquid High Yield”) and the Transamerica Tactical Income Blended Benchmark are unmanaged indices used as a general measure of market performance. The Transamerica Tactical Income Blended Benchmark is composed of the following benchmarks: Standard & Poor’s 500^® Index, 30%, Barclays U.S. Aggregate Bond Index, 30%, and the iBoxx $ Liquid High Yield, 40%. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or Life of Fund calculation is based on the inception date of the class. You cannot invest directly in an Index.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on fund distributions or the redemption of fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamericainvestments.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 4.75% for A shares or the maximum applicable contingent deferred sales charge and 1% (during the first 12 months) for Class C shares. There are no sales charges on Class I shares.

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

The selection of a Tactical Asset Allocation portfolio will not guarantee a profit nor protect against a loss. This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives and policies of this fund.

Transamerica Funds		Annual Report 2012
	Page     38

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 May 1, 2012 and held for the entire period until October 31, 2012.

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 EXAMPLE 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 fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your fund 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. 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 transaction 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 by the advisory and administrative fees. Examples of such fees and expenses of the trustees and their counsel, extraordinary expenses, and interest expense.

Transamerica Funds		Annual Report 2012
	Page     39

Understanding Your Funds’ Expenses (continued)

(unaudited)

			Actual Expenses					Hypothetical Expenses(A)
	Beginning		Ending Account		Expenses Paid			Ending Account		Expenses Paid		Annualized
Fund Name(B)	Account Value		Value		During Period			Value		During Period(C)		Expense Ratio
Transamerica Capital Growth
Class A	$	1,000.00	$	927.40	$	7.27	(C)	$	1,017.60	$	7.61		1.50	%
Class B		1,000.00		923.30		10.64	(C)		1,014.08		11.14		2.20
Class C		1,000.00		923.90		9.96	(C)		1,014.78		10.43		2.06
Class I		1,000.00		929.70		4.51	(C)		1,020.46		4.72		0.93
Class I2		1,000.00		930.20		4.08	(C)		1,020.91		4.27		0.84
Transamerica Diversified Equity
Class A		1,000.00		955.80		7.13	(C)		1,017.85		7.35		1.45
Class B		1,000.00		952.60		10.65	(C)		1,014.23		10.99		2.17
Class C		1,000.00		952.40		10.70	(C)		1,014.18		11.04		2.18
Class I		1,000.00		959.10		4.48	(C)		1,020.56		4.62		0.91
Class I2		1,000.00		959.70		3.84	(C)		1,021.22		3.96		0.78
Class T		1,000.00		959.20		4.19	(C)		1,020.86		4.32		0.85
Transamerica Emerging Markets Debt
Class A		1,000.00		1,104.30		6.35	(C)		1,019.10		6.09		1.20
Class C		1,000.00		1,100.00		9.82	(C)		1,015.79		9.42		1.86
Class I		1,000.00		1,105.70		4.45	(C)		1,020.91		4.27		0.84
Class I2		1,000.00		1,106.10		3.92	(C)		1,021.42		3.76		0.74
Transamerica Emerging Markets Equity
Class A		1,000.00		942.00		9.03	(C)		1,015.84		9.37		1.85
Class C		1,000.00		939.00		12.28	(C)		1,012.47		12.75		2.52
Class I		1,000.00		943.00		7.81	(C)		1,017.09		8.11		1.60
Class I2		1,000.00		944.00		7.28	(C)		1,017.65		7.56		1.49
Transamerica Flexible Income
Class A		1,000.00		1,055.60		4.91	(C)		1,020.36		4.82		0.95
Class B		1,000.00		1,051.50		9.02	(C)		1,016.34		8.87		1.75
Class C		1,000.00		1,051.40		8.51	(C)		1,016.84		8.36		1.65
Class I		1,000.00		1,057.50		3.41	(C)		1,021.82		3.35		0.66
Class I2		1,000.00		1,056.70		2.95	(C)		1,022.27		2.90		0.57
Transamerica Growth Opportunities
Class A		1,000.00		907.60		7.67	(C)		1,017.09		8.11		1.60
Class B		1,000.00		904.60		10.77	(C)		1,013.83		11.39		2.25
Class C		1,000.00		904.00		10.96	(C)		1,013.62		11.59		2.29
Class I		1,000.00		910.10		4.80	(C)		1,020.11		5.08		1.00
Class I2		1,000.00		911.80		4.08	(C)		1,020.86		4.32		0.85
Transamerica High Yield Bond
Class A		1,000.00		1,063.50		5.39	(C)		1,019.91		5.28		1.04
Class B		1,000.00		1,060.20		9.48	(C)		1,015.94		9.27		1.83
Class C		1,000.00		1,060.80		9.22	(C)		1,016.19		9.02		1.78
Class I		1,000.00		1,066.70		4.05	(C)		1,021.22		3.96		0.78
Class I2		1,000.00		1,066.00		3.53	(C)		1,021.72		3.46		0.68
Transamerica International Bond
Class A		1,000.00		1,017.10		5.32	(C)		1,019.86		5.33		1.05
Class C		1,000.00		1,013.70		8.86	(C)		1,016.34		8.87		1.75
Class I		1,000.00		1,019.20		3.81	(C)		1,021.37		3.81		0.75
Class I2		1,000.00		1,019.30		3.60	(C)		1,021.57		3.61		0.71
Transamerica International Equity
Class A		1,000.00		1,039.20		7.54	(C)		1,017.75		7.46		1.47
Class C		1,000.00		1,035.80		10.44	(C)		1,014.88		10.33		2.04
Class I		1,000.00		1,042.00		5.29	(C)		1,019.96		5.23		1.03
Class I2		1,000.00		1,042.00		4.88	(C)		1,020.36		4.82		0.95
Transamerica Large Cap Growth
Class A		1,000.00		986.00		6.24	(C)		1,018.85		6.34		1.25
Class C		1,000.00		982.00		9.57	(C)		1,015.48		9.73		1.92
Class I		1,000.00		987.00		4.74	(C)		1,020.36		4.82		0.95
Class I2		1,000.00		988.00		4.35	(C)		1,020.76		4.42		0.87
Transamerica Large Cap Value
Class A		1,000.00		1,048.10		6.74	(C)		1,018.55		6.65		1.31
Class C		1,000.00		1,045.60		9.56	(C)		1,015.79		9.42		1.86
Class I		1,000.00		1,052.30		4.13	(C)		1,021.11		4.06		0.80
Class I2		1,000.00		1,051.00		3.71	(C)		1,021.52		3.66		0.72
Transamerica Money Market
Class A		1,000.00		1,000.00		1.41	(C)		1,023.73		1.42		0.28
Class B		1,000.00		1,000.00		1.41	(C)		1,023.73		1.42		0.28
Class C		1,000.00		1,000.00		1.41	(C)		1,023.73		1.42		0.28
Class I		1,000.00		1,000.10		1.36	(C)		1,023.78		1.37		0.27
Class I2		1,000.00		1,000.10		1.26	(C)		1,023.88		1.27		0.25
Transamerica Multi-Managed Balanced
Class A		1,000.00		1,025.70		7.18	(C)		1,018.05		7.15		1.41
Class B		1,000.00		1,021.40		11.33	(C)		1,013.93		11.29		2.23
Class C		1,000.00		1,022.80		10.27	(C)		1,014.98		10.23		2.02
Class I		1,000.00		1,027.90		4.89	(C)		1,020.31		4.88		0.96

Transamerica Funds		Annual Report 2012
	Page     40

Understanding Your Funds’ Expenses (continued)

(unaudited)

			Actual Expenses					Hypothetical Expenses(A)
	Beginning		Ending Account		Expenses Paid			Ending Account		Expenses Paid		Annualized
Fund Name(B)	Account Value		Value		During Period			Value		During Period(C)		Expense Ratio
Transamerica Short-Term Bond
Class A	$	1,000.00	$	1,029.60	$	4.23	(C)	$	1,020.96	$	4.22		0.83	%
Class C		1,000.00		1,025.70		8.15	(C)		1,017.09		8.11		1.60
Class I		1,000.00		1,031.00		3.22	(C)		1,021.97		3.20		0.63
Class I2		1,000.00		1,030.40		2.70	(C)		1,022.47		2.69		0.53
Transamerica Small Cap Growth
Class A		1,000.00		936.00		2.34	(D)		1,017.85		7.35		1.45
Class C		1,000.00		935.00		3.47	(D)		1,014.33		10.89		2.15
Class I		1,000.00		937.00		1.86	(D)		1,019.36		5.84		1.15
Class I2		1,000.00		937.00		1.86	(D)		1,019.36		5.84		1.15
Transamerica Small Cap Value
Class A		1,000.00		983.00		6.78	(C)		1,018.30		6.90		1.36
Class C		1,000.00		979.00		10.15	(C)		1,014.88		10.33		2.04
Class I		1,000.00		984.00		5.59	(C)		1,019.51		5.69		1.12
Class I2		1,000.00		984.00		5.04	(C)		1,020.06		5.13		1.01
Transamerica Small/Mid Cap Value
Class A		1,000.00		999.10		7.09	(C)		1,018.05		7.15		1.41
Class B		1,000.00		995.60		10.43	(C)		1,014.68		10.53		2.08
Class C		1,000.00		996.10		10.29	(C)		1,014.83		10.38		2.05
Class I		1,000.00		1,001.30		4.88	(C)		1,020.26		4.93		0.97
Class I2		1,000.00		1,001.80		4.43	(C)		1,020.71		4.47		0.88
Transamerica Tactical Income
Class A		1,000.00		1,034.70		4.71	(C)		1,020.51		4.67		0.92
Class C		1,000.00		1,031.60		8.53	(C)		1,016.74		8.47		1.67
Class I		1,000.00		1,037.10		3.43	(C)		1,021.77		3.40		0.67

^(A) 5% return per year before expenses.

^(B)  See the Notes to the Financial Statements for information regarding name changes for the funds.

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

^(D)  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 (61) days, and divided by the number of days in the year (366 days).

Transamerica Funds		Annual Report 2012
	Page     41

Schedules of Investments Composition

At October 31, 2012

(The following charts summarize the Schedule of Investments of each fund by asset type)

(unaudited)

Transamerica Capital Growth	% of Net Assets
Common Stocks		96.0	%
Securities Lending Collateral		9.1
Repurchase Agreement		4.1
Preferred Stock		0.0	(A)
Other Assets and Liabilities—Net		(9.2	)
Total		100.0	%
Transamerica Diversified Equity	% of Net Assets
Common Stocks		97.0	%
Repurchase Agreement		3.1
Securities Lending Collateral		3.1
Other Assets and Liabilities—Net		(3.2	)
Total		100.0	%
Transamerica Emerging Markets Debt	% of Net Assets
Foreign Government Obligations		51.3	%
Corporate Debt Securities		41.0
Securities Lending Collateral		13.2
Repurchase Agreement		5.7
Structured Notes Debt		0.3
Other Assets and Liabilities—Net(B)		(11.5	)
Total		100.0	%
Transamerica Emerging Markets Equity	% of Net Assets
Common Stocks		95.2	%
Preferred Stocks		2.8
Repurchase Agreement		1.1
Other Assets and Liabilities—Net		0.9
Total		100.0	%
Transamerica Flexible Income	% of Net Assets
Corporate Debt Securities		56.0	%
U.S. Government Obligations		21.2
Securities Lending Collateral		10.3
Mortgage-Backed Securities		7.4
Foreign Government Obligations		3.4
Asset-Backed Securities		2.9
Preferred Stocks		1.5
Municipal Government Obligations		1.2
Repurchase Agreement		1.1
Preferred Corporate Debt Security		1.1
Common Stock		1.0
Loan Assignment		0.5
Warrant		0.4
Convertible Bond		0.3
U.S. Government Agency Obligations		0.2
Other Assets and Liabilities—Net		(8.5	)
Total		100.0	%
Transamerica Growth Opportunities	% of Net Assets
Common Stocks		95.7	%
Securities Lending Collateral		17.9
Repurchase Agreement		3.7
Preferred Stocks		0.8
Convertible Preferred Stocks		0.1
Other Assets and Liabilities—Net		(18.2	)
Total		100.0	%

Transamerica High Yield Bond	% of Net Assets
Corporate Debt Securities		90.4	%
Securities Lending Collateral		15.0
Repurchase Agreement		5.0
Preferred Stocks		2.3
Common Stocks		1.1
Structured Notes Debt		0.8
Loan Assignments		0.7
Warrants		0.0	(A)
Other Assets and Liabilities—Net		(15.3	)
Total		100.0	%
Transamerica International Bond	% of Net Assets
Foreign Government Obligations		72.9	%
Corporate Debt Securities		21.9
Repurchase Agreement		1.9
Mortgage-Backed Security		1.4
Securities Lending Collateral		1.1
Other Assets and Liabilities—Net(B)		0.8
Total		100.0	%
Transamerica International Equity	% of Net Assets
Common Stocks		96.9	%
Securities Lending Collateral		6.4
Repurchase Agreement		1.8
Preferred Stock		0.8
Other Assets and Liabilities—Net		(5.9	)
Total		100.0	%
Transamerica Large Cap Growth	% of Net Assets
Common Stocks		97.7	%
Investment Companies		2.1
Repurchase Agreement		0.2
Other Assets and Liabilities—Net		(0.0	)(A)
Total		100.0	%
Transamerica Large Cap Value	% of Net Assets
Common Stocks		96.1	%
Securities Lending Collateral		3.8
Repurchase Agreement		3.8
Other Assets and Liabilities—Net		(3.7	)
Total		100.0	%
Transamerica Money Market	% of Net Assets
Repurchase Agreements		53.0	%
Commercial Paper		28.7
Short-Term U.S. Government Obligations		13.2
Certificates of Deposit		2.7
Corporate Debt Securities		1.8
Demand Note		0.6
Other Assets and Liabilities—Net		(0.0	)(A)
Total		100.0	%

Transamerica Funds		Annual Report 2012
	Page     42

Schedules of Investments Composition (continued)

At October 31, 2012

(The following charts summarize the Schedule of Investments of each fund by asset type)

(unaudited)

Transamerica Multi-Managed Balanced	% of Net Assets
Common Stocks		59.8	%
U.S. Government Agency Obligations		16.6
Corporate Debt Securities		9.9
Mortgage-Backed Securities		6.0
Securities Lending Collateral		5.5
U.S. Government Obligations		5.4
Asset-Backed Securities		3.7
Foreign Government Obligations		1.9
Repurchase Agreement		1.2
Short-Term Investment Company		1.0
Preferred Corporate Debt Securities		0.2
Structured Notes Debt		0.2
Short-Term U.S. Government Obligation		0.1
Preferred Stock		0.0	(A)
Other Assets and Liabilities—Net(B)		(11.5	)
Total		100.0	%
Transamerica Short-Term Bond	% of Net Assets
Corporate Debt Securities		63.4	%
Mortgage-Backed Securities		22.4
Asset-Backed Securities		8.4
Securities Lending Collateral		4.2
Loan Assignments		3.3
Repurchase Agreement		3.2
Municipal Government Obligation		0.5
U.S. Government Agency Obligation		0.0	(A)
Other Assets and Liabilities—Net		(5.4	)
Total		100.0	%
Transamerica Small Cap Growth	% of Net Assets
Common Stocks		91.8	%
Repurchase Agreement		29.4
Other Assets and Liabilities—Net		(21.2	)
Total		100.0	%

Transamerica Small Cap Value	% of Net Assets
Common Stocks		96.3	%
Repurchase Agreement		3.3
Other Assets and Liabilities—Net		0.4
Total		100.0	%
Transamerica Small/Mid Cap Value	% of Net Assets
Common Stocks		97.9	%
Securities Lending Collateral		13.4
Repurchase Agreement		1.7
Other Assets and Liabilities—Net		(13.0	)
Total		100.0	%
Transamerica Tactical Income	% of Net Assets
Investment Companies		98.3	%
Repurchase Agreement		0.6
Other Assets and Liabilities—Net		1.1
Total		100.0	%

^(A)  Amount rounds to less than 0.1%.

^(B)  The Other Assets and Liabilities - Net category may include, but is not limited to, Forward Foreign Currency Contracts, Futures Contracts, Swap Agreements, Written Options and Swaptions, TBA Short Commitments, and Cash Collateral.

Transamerica Funds		Annual Report 2012
	Page     43

Transamerica Capital Growth

(formerly, Transamerica Morgan Stanley Capital Growth)

SCHEDULE OF INVESTMENTS

At October, 31 2012

	Shares		Value (000’s)
PREFERRED STOCK—0.0% ¥
Automobiles—0.0% ¥
Better Place—Series C ‡ Ə § D		1,099,962	$	110
Total Preferred Stock (cost $4,994)
COMMON STOCKS—96.0%
Beverages—1.5%
Anheuser-Busch InBev NV ADR		130,932		10,972
Capital Markets—1.6%
BlackRock, Inc.—Class A		60,401		11,457
Chemicals—2.9%
Monsanto Co.		239,827		20,642
Commercial Services & Supplies—3.6%
Edenred		880,309		25,473
Communications Equipment—3.7%
Motorola Solutions, Inc.		514,305		26,579
Computers & Peripherals—8.9%
Apple, Inc.		106,928		63,633
Diversified Financial Services—2.6%
CME Group, Inc.—Class A		194,014		10,852
MSCI, Inc.—Class A ‡		280,826		7,565
Electrical Equipment—2.3%
First Solar, Inc. ‡ ^		308,564		7,501
Sensata Technologies Holding NV ‡ ^		330,024		9,297
Food Products—3.6%
DE Master Blenders 1753 NV ‡		1,503,725		18,378
Mead Johnson Nutrition Co.—Class A		119,269		7,354
Health Care Equipment & Supplies—3.2%
Intuitive Surgical, Inc. ‡		42,604		23,101
Hotels, Restaurants & Leisure—2.3%
Starbucks Corp.		363,026		16,663
Insurance—2.7%
Progressive Corp.		858,479		19,144
Internet & Catalog Retail—11.2%
Amazon.com, Inc. ‡		241,199		56,156
Groupon, Inc.—Class A ‡^		981,319		4,043
priceline.com, Inc. ‡		34,682		19,899
Internet Software & Services—16.3%
Baidu, Inc. ADR ‡		190,621		20,324
Facebook, Inc.—Class A ‡ ^		784,270		16,560
Facebook, Inc.—Class B ‡ Ə § D		764,836		15,878
Google, Inc.—Class A ‡		67,415		45,827
LinkedIn Corp.—Class A ‡		90,938		9,724
Yandex NV—Class A ‡		343,084		7,987
IT Services—7.0%
Mastercard, Inc.—Class A		53,911		24,849
Visa, Inc.—Class A		183,421		25,452
Life Sciences Tools & Services—2.5%
Illumina, Inc. ‡ ^		381,940		18,146
Media—3.2%
McGraw-Hill Cos., Inc.		213,163		11,783
Naspers, Ltd.—Class N		170,647		11,079
Metals & Mining—0.4%
Molycorp, Inc. ‡ ^		261,169		2,716
Oil, Gas & Consumable Fuels—2.5%
Range Resources Corp.		155,108		10,137
Ultra Petroleum Corp. ‡ ^		355,835		8,117
Pharmaceuticals—1.4%
Valeant Pharmaceuticals International, Inc. ‡		183,437		10,260
Professional Services—3.1%
Intertek Group PLC		250,085		11,377
Verisk Analytics, Inc.—Class A ‡		214,761		10,953
Real Estate Management & Development—3.6%
Brookfield Asset Management, Inc.—Class A ^		755,190		26,009

	Shares		Value (000’s)
Software—4.3%
Salesforce.com, Inc. ‡		116,752	$	17,044
VMware, Inc.—Class A ‡		92,325		7,826
Workday, Inc.—Class A ‡		87,658		4,251
Zynga, Inc.—Class A ‡		843,549		1,898
Textiles, Apparel & Luxury Goods—1.6%
Coach, Inc.		200,061		11,213
Total Common Stocks (cost $664,104)				688,119
SECURITIES LENDING COLLATERAL—9.1%
State Street Navigator Securities Lending Trust—Prime Portfolio, 0.31% p		65,332,484		65,332
Total Securities Lending Collateral (cost $65,332)
	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT—4.1%
State Street Bank & Trust Co. 0.03% p, dated 10/31/2012, to be repurchased at $29,546 on 11/01/2012. Collateralized by a U.S. Government Agency Obligation, 3.00%, due 12/01/2026, and with a value of $30,141.	$	29,546		29,546
Total Repurchase Agreement (cost $29,546)
Total Investment Securities (cost $763,976) P				783,107
Other Assets and Liabilities—Net				(66,202	)
Net Assets			$	716,905

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page     44

Transamerica Capital Growth

(formerly, Transamerica Morgan Stanley Capital Growth)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

¥ Percentage rounds to less than 0.1%.

Ə Fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. Total aggregate market value of fair valued securities is $15,988, or 2.23% of the fund’s net assets.

‡ Non-income producing security.

§ Illiquid. Total aggregate market value of illiquid securities is $15,988, or 2.23% of the fund’s net assets.

^ All or a portion of this security is on loan. The value of all securities on loan is $63,628.

p Rate shown reflects the yield at 10/31/2012.

P Aggregate cost for federal income tax purposes is $764,941. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $87,556 and $69,390, respectively. Net unrealized appreciation for tax purposes is $18,166.

D Restricted Security. At 10/31/2012, the fund owned the respective securities which were restricted as to public resale:

Investment Securities	Description	Acquisition Date		Cost		Value		Value as % of Net Assets
Preferred Stock	Better Place—Series C		11/11/2011	$	4,994	$	110		0.02	%
Common Stocks	Facebook, Inc.—Class B		03/06/2012		23,328		15,878		2.21
				$	28,322	$	15,988		2.23	%

DEFINITION:

ADR American Depositary Receipt

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 10/31/2012
Common Stocks	$	605,934	$	66,307	$	15,878	$	688,119
Preferred Stock		—		—		110		110
Repurchase Agreement		—		29,546		—		29,546
Securities Lending Collateral		65,332		—		—		65,332
Total	$	671,266	$	95,853	$	15,988	$	783,107

Level 3 Rollforward—Investment Securities

Securities	Beginning Balance at 10/31/2011		Purchases		Sales		Accrued Discounts/ (Premiums)		Total Realized Gain/(Loss)		Net Change in Unrealized Appreciation/ (Depreciation) ƒ			Transfers into Level 3		Transfers out of Level 3		Ending Balance at 10/31/2012₪		Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at 10/31/2012 ƒ
Common Stocks	$	—	$	23,328	$	—	$	—	$	—	$	(7,450	)	$	—	$	—	$	15,878	$	(7,450	)
Preferred Stocks		—		4,994		—		—		—		(4,884	)		—		—		110		(4,884	)
Total	$	—	$	28,322	$	—	$	—	$	—	$	(12,334	)	$	—	$	—	$	15,988	$	(12,334	)

' Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of Levels 1 and 2 during the period ended 10/31/2012. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

ƒ Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at 10/31/2012 may be due to an investment no longer held or categorized as Level 3 at period end.

₪ Total aggregate market value of Level 3 is 2.23% of the fund’s net assets. Quantitative information about significant unobservable inputs used in the fair value measurement are disclosed in the table on the following page.

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page     45

Transamerica Capital Growth

(formerly, Transamerica Morgan Stanley Capital Growth)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

VALUATION SUMMARY (continued):

Quantitative Information about Significant Unobservable Inputs (Level 3):

Investment Securities	Fair Value at 10/31/2012 (000’s)		Valuation Technique(s)	Unobservable Input	Range		Weighted Average			Impact to Valuation from an Increase in input
Common Stock	$	15,878	Discount for illiquidity	Illiquidity discount amortized over the lockup period	1.67%	1.67%		1.67	%	Decrease
Preferred Stock	$	110	Discounted Cash Flow	Net Tangible Assets	$0.10	$0.10	$	0.10		Increase

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page     46

Transamerica Diversified Equity

(formerly, Transamerica WMC Diversified Equity)

SCHEDULE OF INVESTMENTS

At October 31, 2012

			Value
	Shares		(000’s)
COMMON STOCKS—97.0%
Aerospace & Defense—2.9%
Boeing Co.		294,670	$	20,757
Honeywell International, Inc.		342,877		20,997
Beverages—2.7%
Coca-Cola Co.		1,065,444		39,613
Biotechnology—6.1%
Amgen, Inc.		381,004		32,974
Biogen Idec, Inc. ‡		137,889		19,059
Celgene Corp. ‡		247,993		18,183
Gilead Sciences, Inc. ‡		273,979		18,400
Chemicals—3.4%
CF Industries Holdings, Inc.		92,443		18,968
Monsanto Co.		244,935		21,082
Sherwin-Williams Co.		63,639		9,074
Commercial Services & Supplies—0.8%
ADT Corp. ‡		149,643		6,212
Tyco International, Ltd.		207,929		5,587
Communications Equipment—6.7%
Cisco Systems, Inc.		3,882,166		66,540
Emulex Corp. ‡		537,760		3,743
F5 Networks, Inc. ‡		53,761		4,434
QUALCOMM, Inc.		303,799		17,795
Riverbed Technology, Inc. ‡		262,626		4,851
Computers & Peripherals—9.0%
Apple, Inc.		177,778		105,795
EMC Corp. ‡		566,161		13,826
NetApp, Inc. ‡		359,743		9,677
QLogic Corp. ‡		334,371		3,136
Consumer Finance—1.2%
American Express Co.		301,069		16,851
Diversified Consumer Services—0.2%
ITT Educational Services, Inc. ‡ ^		149,481		3,212
Diversified Financial Services—2.1%
Bank of America Corp.		2,346,924		21,873
JPMorgan Chase & Co.		192,027		8,004
Diversified Telecommunication Services—2.5%
Verizon Communications, Inc.		827,655		36,947
Energy Equipment & Services—4.2%
Core Laboratories NV		52,592		5,452
Diamond Offshore Drilling, Inc. ^		228,834		15,844
National Oilwell Varco, Inc.		218,492		16,103
Oceaneering International, Inc.		233,891		12,240
Transocean, Ltd.		244,172		11,156
Food & Staples Retailing—4.9%
Costco Wholesale Corp.		180,902		17,806
CVS Caremark Corp.		351,343		16,302
Wal-Mart Stores, Inc.		494,424		37,092
Food Products—0.2%
Green Mountain Coffee Roasters, Inc. ‡ ^		115,299		2,786
Health Care Equipment & Supplies—1.8%
Edwards Lifesciences Corp. ‡		84,408		7,329
Hologic, Inc. ‡		485,541		10,012
Zimmer Holdings, Inc.		127,897		8,212
Health Care Providers & Services—2.3%
Aetna, Inc.		228,022		9,965
UnitedHealth Group, Inc.		411,064		23,019
Hotels, Restaurants & Leisure—0.3%
Yum! Brands, Inc.		57,831		4,055
Industrial Conglomerates—1.3%
General Electric Co.		866,144		18,241
Internet & Catalog Retail—1.6%
Amazon.com, Inc. ‡		87,007		20,257
priceline.com, Inc. ‡		4,756		2,729
Internet Software & Services—5.0%
eBay, Inc. ‡		358,766		17,325
Google, Inc.—Class A ‡		53,428		36,318

			Value
	Shares		(000’s)
Internet Software & Services (continued)
IAC/InterActiveCorp		399,312	$	19,307
IT Services—3.9%
International Business Machines Corp.		203,952		39,674
Visa, Inc.—Class A		126,366		17,535
Life Sciences Tools & Services—0.5%
Bruker Corp. ‡		373,760		4,519
Life Technologies Corp. ‡		61,775		3,021
Machinery—1.5%
Dover Corp.		55,713		3,244
Illinois Tool Works, Inc.		86,194		5,286
Parker Hannifin Corp.		163,340		12,848
Pentair, Ltd.		9,036		382
Media—4.5%
Comcast Corp.—Class A		611,884		22,952
News Corp.—Class A		551,600		13,194
Omnicom Group, Inc.		334,478		16,025
Sirius XM Radio, Inc. ‡		4,505,329		12,615
Metals & Mining—2.1%
Allied Nevada Gold Corp. ‡^		149,330		5,513
Cliffs Natural Resources, Inc. ^		186,953		6,781
Freeport-McMoRan Copper & Gold, Inc.		375,868		14,614
Walter Energy, Inc.		99,056		3,463
Multiline Retail—0.5%
Dollar Tree, Inc. ‡		185,993		7,416
Oil, Gas & Consumable Fuels—2.5%
Exxon Mobil Corp.		277,804		25,327
Occidental Petroleum Corp.		5,935		469
Valero Energy Corp.		345,808		10,063
Pharmaceuticals—3.8%
Abbott Laboratories		340,387		22,302
Eli Lilly & Co.		244,472		11,889
Merck & Co., Inc.		452,864		20,664
Semiconductors & Semiconductor Equipment—1.7%
Altera Corp.		493,237		15,034
Xilinx, Inc.		312,260		10,230
Software—7.8%
Autodesk, Inc. ‡		4,441		141
BMC Software, Inc. ‡		139,918		5,695
Check Point Software Technologies, Ltd. ‡		233,441		10,395
Citrix Systems, Inc. ‡		14,852		918
Microsoft Corp.		1,811,588		51,694
NetSuite, Inc. ‡^		79,956		5,078
Oracle Corp.		968,405		30,069
Red Hat, Inc. ‡		224,190		11,023
Specialty Retail—5.7%
Bed Bath & Beyond, Inc. ‡		121,931		7,033
Buckle, Inc. ^		191,921		8,669
Home Depot, Inc.		289,636		17,777
Lowe’s Cos., Inc.		495,920		16,058
O’Reilly Automotive, Inc. ‡		100,860		8,642
PetSmart, Inc.		175,167		11,629
Ross Stores, Inc.		74,332		4,531
TJX Cos., Inc.		209,647		8,728
Textiles, Apparel & Luxury Goods—0.6%
Coach, Inc.		13,997		785
Lululemon Athletica, Inc. ‡		106,055		7,318
Tobacco—2.7%
Philip Morris International, Inc.		449,675		39,823
Total Common Stocks (cost $1,177,275)				1,410,206
SECURITIES LENDING COLLATERAL—3.1%
State Street Navigator Securities Lending Trust—Prime Portfolio, 0.31%  		44,873,196		44,873
Total Securities Lending Collateral (cost $44,873)

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page     47

Transamerica Diversified Equity

(formerly, Transamerica WMC Diversified Equity)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

	Principal		Value
	(000’s)		(000’s)
REPURCHASE AGREEMENT—3.1%
State Street Bank & Trust Co. 0.03% , dated 10/31/2012, to be repurchased at $44,997 on 11/01/2012. Collateralized by a U.S. Government Agency Obligation, 3.00%, due 12/01/2026, and with a value of $45,901.	$	44,997	$	44,997
Total Repurchase Agreement (cost $44,997)
Total Investment Securities (cost $1,267,145) P				1,500,076
Other Assets and Liabilities—Net				(46,581	)
Net Assets			$	1,453,495

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

‡ Non-income producing security.

^ All or a portion of this security is on loan. The value of all securities on loan is $43,874.

 Rate shown reflects the yield at 10/31/2012.

P Aggregate cost for federal income tax purposes is $1,275,635. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $259,869 and $35,428, respectively. Net unrealized appreciation for tax purposes is $224,441.

VALUATION SUMMARY (all amounts in thousands): '

			Level 2 -
			Other		Level 3 -
	Level 1 -		Significant		Significant
	Quoted		Observable		Unobservable		Value at
Investment Securities	Prices		Inputs		Inputs		10/31/2012
Common Stocks	$	1,399,050	$	11,156	$	—	$	1,410,206
Repurchase Agreement		—		44,997		—		44,997
Securities Lending Collateral		44,873		—		—		44,873
Total	$	1,443,923	$	56,153	$	—	$	1,500,076

' Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of Levels 1 and 2 during the period ended 10/31/2012. 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		Annual Report 2012
	Page     48

Transamerica Emerging Markets Debt

(formerly, Transamerica Logan Circle Emerging Markets Debt)

SCHEDULE OF INVESTMENTS

At October 31, 2012

	Principal (000’s)		Value (000’s)
FOREIGN GOVERNMENT OBLIGATIONS—51.3%
Argentina—2.0%
Argentine Republic Government International Bond
8.28%, 12/31/2033	$	1,311	$	898
Provincia de Cordoba
12.38%, 08/17/2017—Reg S		5,460		4,068
Republic of Argentina
2.50%, 12/31/2038 * ^		22,620		7,352
Belarus—0.6%
Republic of Belarus
8.75%, 08/03/2015—Reg S		1,000		1,000
8.95%, 01/26/2018—Reg S		2,500		2,494
Brazil—0.6%
Brazilian Government International Bond
8.50%, 01/05/2024	BRL	6,600		3,802
Chile—1.9%
Republic of Chile
5.50%, 08/05/2020	CLP	5,156,000		11,620
Colombia—3.5%
Colombia Government International Bond
4.38%, 03/21/2023	COP	20,954,000		11,381
6.13%, 01/18/2041	$	5,000		6,825
Republic of Colombia
7.38%, 03/18/2019		3,000		3,960
Cote d’Ivoire—2.0%
Ivory Coast Government International Bond
3.75%, 12/31/2032—144A		3,000		2,694
Republic of The Ivory Coast
3.75%, 12/31/2032—Reg S		10,790		9,711
Croatia—0.8%
Croatia Government International Bond
6.25%, 04/27/2017—144A		4,300		4,726
Georgia—0.3%
Georgia Government International Bond
6.88%, 04/12/2021—144A ^		1,585		1,819
Guatemala—0.3%
Guatemala Government Bond
5.75%, 06/06/2022—144A		1,700		1,938
Hungary—0.7%
Hungary Government Bond
6.50%, 06/24/2019	HUF	1,000,000		4,530
Indonesia—2.0%
Indonesia Government International Bond
3.75%, 04/25/2022—144A	$	2,500		2,644
4.88%, 05/05/2021—144A		2,050		2,337
5.25%, 01/17/2042—144A ^		6,300		7,261
Latvia—0.6%
Republic of Latvia
5.25%, 06/16/2021—Reg S ^		3,300		3,746
Mexico—6.2%
Mexican Bonos
6.00%, 06/18/2015	MXN	107,490		8,397
6.25%, 06/16/2016		53,050		4,203
6.50%, 06/10/2021		67,690		5,512
Mexico Government International Bond
4.75%, 03/08/2044	$	14,790		16,416
United Mexican States
5.63%, 01/15/2017		4,500		5,261

	Principal (000’s)		Value (000’s)
Peru—2.4%
Peruvian Government International Bond
7.84%, 08/12/2020—144A	PEN	11,250	$	5,372
8.60%, 08/12/2017—Reg S		3,690		1,758
8.60%, 08/12/2017—144A		6,500		3,098
Republic of Peru
7.35%, 07/21/2025	$	3,000		4,365
Philippines—0.6%
Philippine Government International Bond
6.25%, 01/14/2036	PHP	135,000		3,833
Poland—4.1%
Poland Government Bond
4.75%, 04/25/2017	PLN	26,900		8,646
5.75%, 10/25/2021		4,900		1,673
Poland Government International Bond
3.00%, 03/17/2023	$	13,610		13,413
Republic of Poland
6.38%, 07/15/2019		1,000		1,245
Qatar—1.4%
Qatar Government International Bond
4.50%, 01/20/2022—144A		5,110		5,851
5.75%, 01/20/2042—144A ^		2,420		3,122
Romania—1.5%
Romanian Government International Bond
6.75%, 02/07/2022—144A		8,315		9,604
Russian Federation—0.8%
Russian Foreign Bond—Eurobond
4.50%, 04/04/2022—144A		4,270		4,777
Slovenia—1.9%
Slovenia Government Bond
4.63%, 09/09/2024	EUR	4,600		5,314
Slovenia Government International Bond
5.50%, 10/26/2022—144A	$	6,400		6,470
South Africa—2.3%
Republic of South Africa
5.50%, 03/09/2020		6,400		7,477
13.50%, 09/15/2015	ZAR	25,900		3,616
South Africa Government Bond
10.50%, 12/21/2026		23,300		3,321
Sri Lanka—0.7%
Sri Lanka Government International Bond
6.25%, 07/27/2021—144A	$	3,720		4,160
Supranational—1.7%
Eastern and Southern African Trade and Development Bank
6.88%, 01/09/2016 ^		4,650		4,702
Eurasian Development Bank
4.77%, 09/20/2022—144A ^		5,423		5,552
Turkey—4.7%
Turkey Government Bond
6.34%, 05/15/2013 	TRY	16,688		9,004
9.50%, 01/12/2022		23,415		14,303
Turkey Government International Bond
6.25%, 09/26/2022	$	5,000		6,058
Ukraine—1.8%
Republic of Ukraine
6.88%, 09/23/2015—144A		4,600		4,594
Ukraine Government International Bond
9.25%, 07/24/2017—144A		6,410		6,991
Uruguay—1.8%
Uruguay Government International Bond
5.00%, 09/14/2018	UYU	195,617		11,325

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page     49

Transamerica Emerging Markets Debt

(formerly, Transamerica Logan Circle Emerging Markets Debt)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

	Principal (000’s)		Value (000’s)
Venezuela—4.1%
Republic of Venezuela
6.00%, 12/09/2020—Reg S^	$	14,240	$	10,858
Venezuela Government International Bond
11.75%, 10/21/2026—Reg S^		6,955		7,042
11.95%, 08/05/2031—Reg S^		7,650		7,822
Total Foreign Government Obligations (cost $311,964)				319,961
CORPORATE DEBT SECURITIES—41.0%
Barbados—1.0%
Columbus International, Inc.
11.50%, 11/20/2014—144A		5,320		5,958
Bermuda—1.2%
Digicel Group, Ltd.
8.25%, 09/30/2020—144A		3,550		3,825
Noble Group, Ltd.
6.63%, 08/05/2020—144A		3,670		3,841
Brazil—2.6%
Banco BMG SA
8.00%, 04/15/2018—144A		2,725		2,575
Itau Unibanco Holding SA
5.50%, 08/06/2022—144A^		5,160		5,418
Samarco Mineracao SA
4.13%, 11/01/2022—144A		4,555		4,552
Vale SA
5.63%, 09/11/2042		3,670		3,932
Canada—0.2%
Pacific Rubiales Energy Corp.
8.75%, 11/10/2016—144A^		1,000		1,135
Cayman Islands—5.4%
Dubai Holding Commercial Operations MTN, Ltd.
4.75%, 01/30/2014	EUR	3,600		4,573
Grupo Aval, Ltd.
4.75%, 09/26/2022—144A^	$	7,170		7,170
Industrial Senior Trust
5.50%, 11/01/2022—144A		4,600		4,617
IPIC GMTN, Ltd.
5.50%, 03/01/2022—144A		6,110		7,042
KWG Property Holding, Ltd.
12.75%, 03/30/2016—Reg S^		1,840		2,015
13.25%, 03/22/2017—Reg S^		2,000		2,238
Odebrecht Finance, Ltd.
7.13%, 06/26/2042—144A		6,000		6,945
Colombia—1.6%
Banco GNB Sudameris SA
7.50%, 07/30/2022—144A		3,250		3,591
Bancolombia SA
5.13%, 09/11/2022		3,440		3,595
6.13%, 07/26/2020		2,460		2,755
Indonesia—1.4%
Berau Coal Energy PT
7.25%, 03/13/2017—144A^		2,800		2,625
Pertamina Persero PT
4.88%, 05/03/2022—144A^		2,000		2,175
6.00%, 05/03/2042—144A		3,750		4,238
Ireland—1.1%
ALFA Bank OJSC Via ALFA Bond Issuance PLC
7.50%, 09/26/2019—144A^		2,800		2,881
7.75%, 04/28/2021—Reg S^		2,900		3,158
7.75%, 04/28/2021—144A		675		735

	Principal (000’s)		Value (000’s)
Luxembourg—5.0%
Gazprom Neft OAO Via GPN Capital SA
4.38%, 09/19/2022—144A^	$	4,770	$	4,781
Russian Agricultural Bank OJSC Via RSHB Capital SA
8.63%, 02/17/2017—144A^	RUB	336,000		11,006
TMK OAO Via TMK Capital SA
7.75%, 01/27/2018—Reg S	$	3,600		3,708
VTB Bank OJSC Via VTB Capital SA
6.00%, 04/12/2017—144A		4,500		4,697
6.95%, 10/17/2022—144A		6,200		6,404
Mexico—2.0%
BBVA Bancomer SA
6.75%, 09/30/2022—Reg S^		3,800		4,304
Cemex SAB de CV
9.50%, 06/15/2018—144A^		3,360		3,570
Desarrolladora Homex SAB de CV
9.75%, 03/25/2020—144A^		1,840		1,859
Urbi Desarrollos Urbanos SAB de CV
9.50%, 01/21/2020—144A^		1,670		1,536
9.75%, 02/03/2022—144A^		1,000		930
Netherlands—2.3%
Aerospace Satellite Corp. Holding BV
12.75%, 11/16/2015—144A		5,500		6,037
Hyva Global BV
8.63%, 03/24/2016—144A		3,500		3,264
LUKOIL International Finance BV
7.25%, 11/05/2019—144A		4,800		5,785
Panama—1.2%
ENA Norte Trust
4.95%, 04/25/2023—144A^		2,500		2,575
Global Bank Corp.
4.75%, 10/05/2017—144A^		4,780		4,704
Singapore—0.2%
Temasek Financial I, Ltd.
4.30%, 10/25/2019—144A		1,000		1,142
Sweden—0.8%
PKO Finance AB
4.63%, 09/26/2022—144A		5,030		5,186
Thailand—2.3%
Bangkok Bank PCL
3.88%, 09/27/2022—144A		6,250		6,347
PTT Global Chemical PCL
4.25%, 09/19/2022—144A		8,120		8,354
Turkey—2.5%
Akbank TAS
5.00%, 10/24/2022—144A^		6,010		6,112
Turkiye Garanti Bankasi AS
5.25%, 09/13/2022—144A^		4,550		4,709
Turkiye Halk Bankasi AS
4.88%, 07/19/2017—144A		600		612
Turkiye Is Bankasi
6.00%, 10/24/2022—144A^		3,800		3,876
United Arab Emirates—1.9%
Abu Dhabi National Energy Co.
5.88%, 12/13/2021—144A		3,050		3,630
DP World, Ltd.
6.85%, 07/02/2037—144A		7,480		8,200
United Kingdom—2.4%
Afren PLC
10.25%, 04/08/2019—144A^		2,770		3,172
Nord Anglia Education UK Holdings PLC
10.25%, 04/01/2017—144A		4,690		5,118

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page     50

Transamerica Emerging Markets Debt

(formerly, Transamerica Logan Circle Emerging Markets Debt)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

	Principal (000’s)		Value (000’s)
United Kingdom (continued)
Vedanta Resources PLC
8.25%, 06/07/2021—144A^	$	5,780	$	5,938
United States—2.9%
Braskem America Finance Co.
7.13%, 07/22/2041—144A		2,800		3,150
CEDC Finance Corp. International, Inc.
9.13%, 12/01/2016—144A		3,250		2,113
Cemex Finance LLC
9.38%, 10/12/2022—144A		5,350		5,591
JBS USA LLC / JBS USA Finance, Inc.
7.25%, 06/01/2021—144A		4,650		4,548
NII Capital Corp.
7.63%, 04/01/2021		3,900		3,081
Venezuela—2.2%
Petroleos de Venezuela SA
5.00%, 10/28/2015		2,900		2,538
8.50%, 11/02/2017—Reg S^		3,145		2,823
9.75%, 05/17/2035—Reg S ^		9,120		7,455
Virgin Islands, British—0.8%
Arcos Dorados Holdings, Inc.
10.25%, 07/13/2016—144A^	BRL	9,620		5,068
Total Corporate Debt Securities (cost $249,995)				255,512
STRUCTURED NOTES DEBT—0.3%
Singapore—0.3%
DBS Bank, Ltd.
3.63%, 09/21/2022—144A *^	$	1,800		1,856
Total Structured Notes Debt (cost $1,868)

	Shares		Value (000’s)
SECURITIES LENDING COLLATERAL—13.2%
State Street Navigator Securities Lending Trust—Prime Portfolio, 0.31%		81,954,139	$	81,954
Total Securities Lending Collateral (cost $81,954)
	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT—5.7%
State Street Bank & Trust Co. 0.03% , dated 10/31/2012, to be repurchased at $35,317 on 11/01/2012. Collateralized by a U.S. Government Agency Obligation, 3.50%, due 11/25/2038, and with a value of $36,024.	$	35,317		35,317
Total Repurchase Agreement (cost $35,317)
Total Investment Securities (cost $681,098) P				694,600
Other Assets and Liabilities—Net				(71,484	)
Net Assets			$	623,116

FORWARD FOREIGN CURRENCY CONTRACTS:

Currency	Counterparty	Contracts Bought (Sold) (000’s)		Settlement Date		Amount in U.S. Dollars Bought (Sold) (000’s)		Net Unrealized Appreciation (Depreciation) (000’s)
BRL	BCLY		17,972		11/05/2012	$	8,810	$	33
BRL	BCLY		(17,972)		11/05/2012		(8,848)		5
CLP	BCLY		1,701,900		11/05/2012		3,600		(65)
CLP	BCLY		(1,701,900)		11/05/2012		(3,545)		11
CNY	JPM		75,804		11/16/2012		12,000		135
CNY	JPM		36,171		11/19/2012		5,740		49
COP	BCLY		(7,600,000)		11/01/2012		(4,206)		57
COP	BCLY		7,600,000		11/01/2012		4,153		(5)
EUR	JPM		(9,670)		12/04/2012		(12,472)		(65)
HUF	JPM		(638,764)		12/04/2012		(2,878)		(30)
INR	JPM		181,128		11/15/2012		3,232		125
INR	JPM		147,391		11/15/2012		2,709		23
MXN	BOA		¨		12/04/2012		¨		¨
PLN	RBS		(27,898)		11/28/2012		(8,850)		141
PLN	BOA		(5,611)		12/04/2012		(1,739)		(12)
TRY	BOA		3,957		12/04/2012		2,183		14
ZAR	BOA		(60,103)		12/04/2012		(6,883)		(15)
								$	401

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page     51

Transamerica Emerging Markets Debt

(formerly, Transamerica Logan Circle Emerging Markets Debt)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

Collateral (Received) Pledged for OTC Financial Derivative Instruments

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received) pledged as of 10/31/2012:

	Total Market Value of			Collateral
	OTC Derivatives			(Received) Pledged		Net Exposures  (1)
Counterparty	(000’s)			(000’s)		(000’s)
BCLY	$	36		$	—	$	36
BOA		(13	)		—		(13	)
JPM		237			—		237
RBS		141			—		141

^{(1) Net exposure represents the net receivable (payable) that would be due from/to the counterparty in the event of default.}

	Percentage of
	Total Investment			Value
INVESTMENTS BY INDUSTRY (unaudited):	Securities			(000’s)
Foreign Government Obligation		46.1	%	$	319,961
Commercial Banks		12.8			89,138
Oil, Gas & Consumable Fuels		5.3			36,728
Metals & Mining		2.1			14,423
Media		1.7			11,995
Chemicals		1.7			11,504
Transportation Infrastructure		1.5			10,775
Construction Materials		1.3			9,161
Capital Markets		1.2			8,311
Diversified Financial Services		1.0			7,042
Construction & Engineering		1.0			6,945
Wireless Telecommunication Services		1.0			6,906
Diversified Consumer Services		0.7			5,118
Hotels, Restaurants & Leisure		0.7			5,068
Commercial Services & Supplies		0.7			4,573
Food Products		0.7			4,548
Household Durables		0.6			4,325
Real Estate Management & Development		0.6			4,253
Trading Companies & Distributors		0.6			3,841
Machinery		0.5			3,708
Multi-Utilities		0.5			3,629
Auto Components		0.5			3,264
Beverages		0.3			2,113
Investment Securities, at Value		83.1			577,329
Short-Term Investments		16.9			117,271
Total Investments		100.0	%	$	694,600

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

^ All or a portion of this security is on loan. The value of all securities on loan is $79,307.

 Rate shown reflects the yield at 10/31/2012.

* Floating or variable rate note. Rate is listed as of 10/31/2012.

¨ Amount rounds to less than 1.

P Aggregate cost for federal income tax purposes is $681,664. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $15,351 and $2,415, respectively. Net unrealized appreciation for tax purposes is $12,936.

DEFINITIONS (all amounts in thousands):

144A	144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 10/31/2012, these securities aggregated $294,203, or 47.21% of the fund’s net assets.
BCLY	Barclays Bank PLC
BOA	Bank of America
GMTN	Global Medium Term Note
JPM	JPMorgan Chase & Co.
MTN	Medium Term Note
OJSC	Open Joint Stock Company
OTC	Over the Counter
RBS	Royal Bank of Scotland PLC

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page     52

Transamerica Emerging Markets Debt

(formerly, Transamerica Logan Circle Emerging Markets Debt)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

CURRENCY ABBREVIATIONS:

BRL	Brazilian Real
CLP	Chilean Peso
CNY	Chinese Yuan
COP	Columbian Peso
EUR	Euro
HUF	Hungarian Forint
INR	Indian Rupee
MXN	Mexican Peso
PEN	Peru Nuevo Sol
PHP	Philippines Peso
PLN	Polish Zloty
RUB	Russian Ruble
TRY	Turkish New Lira
UYU	Uruguayan Peso
ZAR	South African Rand

VALUATION SUMMARY (all amounts in thousands): '

			Level 2 -
			Other			Level 3 -
	Level 1 -		Significant			Significant
	Quoted		Observable			Unobservable		Value at
Investment Securities	Prices		Inputs			Inputs		10/31/2012
Corporate Debt Securities	$	—	$	255,512		$	—	$	255,512
Foreign Government Obligations		—		319,961			—		319,961
Repurchase Agreement		—		35,317			—		35,317
Securities Lending Collateral		81,954		—			—		81,954
Structured Notes Debt		—		1,856			—		1,856
Total	$	81,954	$	612,646		$	—	$	694,600
			Level 2 -
			Other			Level 3 -
	Level 1 -		Significant			Significant
	Quoted		Observable			Unobservable		Value at
Other Financial Instruments ₣	Prices		Inputs			Inputs		10/31/2012
Forward Foreign Currency Contracts - Appreciation	$	—	$	593		$	—	$	593
Forward Foreign Currency Contracts - Depreciation		—		(192	)		—		(192	)
Total	$	—	$	401		$	—	$	401

' Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of Levels 1 and 2 during the period ended 10/31/2012. 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		Annual Report 2012
	Page     53

Transamerica Emerging Markets Equity

SCHEDULE OF INVESTMENTS

At October 31, 2012

	Shares		Value (000’s)
PREFERRED STOCKS p—2.8%
Brazil—2.8%
Centrais Eletricas Brasileiras SA, 10.33%		142,200	$	1,131
Investimentos Itau SA, 3.50%		90,200		395
Klabin SA, 2.49%		163,000		957
Marcopolo SA, 3.21%		95,300		559
Total Preferred Stocks (cost $2,924)				3,042
COMMON STOCKS—95.2%
Brazil—12.5%
BRF—Brasil Foods SA ADR ‡		36,834		675
Cia de Bebidas das Americas ADR		52,236		2,131
Cia de Saneamento Basico do Estado de Sao Paulo ADR ‡		19,239		1,616
Cielo SA		17,400		430
Even Construtora e Incorporadora SA		149,300		595
Hypermarcas SA ‡		148,700		1,182
M Dias Branco SA ‡		8,600		289
Natura Cosmeticos SA		25,000		667
Obrascon Huarte Lain Brasil SA		88,000		828
Petroleo Brasileiro SA ADR		89,873		1,907
Petroleo Brasileiro SA—Class A ADR		32,453		666
Vale SA—Class B ADR		142,843		2,541
China—3.3%
China Petroleum & Chemical Corp. ADR		20,410		2,147
China Vanke Co., Ltd.		285,022		372
Huaneng Power International, Inc. ADR		28,016		892
Luthai Textile Co., Ltd.		228,730		200
Colombia—0.4%
Bancolombia SA ADR		6,513		417
Czech Republic—0.3%
Komercni Banka AS		1,391		284
Hong Kong—16.5%
Bank of China, Ltd.		6,977,000		2,873
BBMG Corp.		434,500		374
Beijing Capital International Airport Co., Ltd.		326,000		210
China Agri-Industries Holdings, Ltd.		1,218,000		765
China Citic Bank Corp., Ltd.		1,869,000		955
China Communications Construction Co., Ltd.—Class H		2,183,000		2,053
China Construction Bank Corp.—Class H		2,732,000		2,063
China Merchants Bank Co., Ltd.—Class H		790,500		1,477
China Minsheng Banking Corp., Ltd.		447,000		407
China Mobile, Ltd. ADR		15,818		876
China Resources Power Holdings Co., Ltd.		122,000		263
China Shanshui Cement Group, Ltd.		510,000		379
Citic Resources Holdings, Ltd. ‡		758,000		116
Country Garden Holdings Co., Ltd.		966,000		388
Datang International Power Generation Co., Ltd.—Class H		870,000		310
Harbin Electric Co., Ltd.		294,000		243
Huadian Power International Co. ‡		828,000		210
Industrial & Commercial Bank of China—Class H		1,682,000		1,113
Kingboard Chemical Holdings, Ltd.		237,500		708
KWG Property Holding, Ltd.		741,500		440
Shanghai Pharmaceuticals Holding Co., Ltd.		222,900		414
Sinofert Holdings, Ltd.		2,002,000		424
Sinopharm Group Co., Ltd.—Class H		118,800		400
TPV Technology, Ltd.		550,000		123
Yuexiu Property Co., Ltd.		1,334,000		367
Hungary—0.6%
Magyar Telekom		327,894		607
India—4.9%
Dr. Reddy’s Laboratories, Ltd. ADR		39,869		1,297

	Shares		Value (000’s)
India (continued)
HDFC Bank, Ltd. ADR		15,861	$	593
Infosys, Ltd. ADR		23,335		1,013
Tata Motors, Ltd. ADR		91,035		2,199
Wipro, Ltd. ADR		29,174		225
Indonesia—2.0%
Charoen Pokphand Indonesia PT		1,007,500		328
Indofood CBP Sukses Makmur PT		741,000		551
Kalbe Farma PT		4,732,500		478
Media Nusantara Citra PT		2,052,217		604
Perusahaan Perkebunan London Sumatra Indonesia PT		741,500		179
Korea, Republic of—16.3%
Daeduck Electronics Co.		46,450		393
Daelim Industrial Co., Ltd.		5,524		384
Hana Financial Group, Inc.		70,890		2,064
Handsome Co., Ltd.		20,570		522
Hyundai Motor Co.		13,925		2,866
ISU Chemical Co., Ltd.		9,230		179
KIA Motors Corp.		37,558		2,087
KT&G Corp.		8,661		660
LG Corp.		10,033		613
LG International Corp.		9,440		343
LG Uplus Corp.		92,850		593
NongShim Co., Ltd.		951		225
Poongsan Corp.		18,170		530
Samsung Electronics Co., Ltd.		3,539		4,251
SK Corp.		8,452		1,178
Woori Finance Holdings Co., Ltd.		78,770		744
Malaysia—2.7%
AirAsia Bhd		1,078,300		1,073
Genting Malaysia Bhd		206,800		244
Tenaga Nasional Bhd		211,600		483
UMW Holdings Bhd		331,700		1,086
Mexico—7.5%
Alfa SAB de CV—Class A		183,900		338
America Movil SAB de CV—Series L ADR		74,498		1,884
Desarrolladora Homex SAB de CV ADR ‡		18,181		241
Fomento Economico Mexicano SAB de CV ADR		33,126		3,001
Grupo Financiero Banorte SAB de CV—Class O		417,300		2,320
OHL Mexico SAB de CV ‡		161,600		267
Poland—1.3%
KGHM Polska Miedz SA		28,602		1,441
Russian Federation—5.0%
Gazprom OAO ADR		359,225		3,283
MMC Norilsk Nickel OJSC ADR		136,010		2,086
South Africa—10.5%
Aspen Pharmacare Holdings, Ltd. ‡		132,102		2,408
AVI, Ltd.		74,571		492
Barloworld, Ltd.		43,190		350
Bidvest Group, Ltd.		30,581		730
Exxaro Resources, Ltd.		16,266		325
Gold Fields, Ltd. ADR		77,490		969
Harmony Gold Mining Co., Ltd. ADR		28,302		235
Imperial Holdings, Ltd.		30,520		693
Life Healthcare Group Holdings, Ltd.		131,307		497
Nedbank Group, Ltd.		52,782		1,090
Sappi, Ltd. ‡		181,121		512
Shoprite Holdings, Ltd.		91,283		1,877
Telkom SA, Ltd. ‡		155,314		327
Tiger Brands, Ltd.		25,676		816
Taiwan—7.4%
China Petrochemical Development Corp.		889,000		618
Chinatrust Financial Holding Co., Ltd.		996,776		549
E.Sun Financial Holding Co., Ltd.		664,400		333

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page     54

Transamerica Emerging Markets Equity

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

	Shares		Value (000’s)
Taiwan (continued)
Far EasTone Telecommunications Co., Ltd.		451,000	$	1,041
Giant Manufacturing Co., Ltd.		45,000		233
Highwealth Construction Corp. Ə §		263,000		383
Hon Hai Precision Industry Co., Ltd.		578,000		1,754
Huaku Development Co., Ltd.		276,980		564
Pou Chen Corp.		323,000		327
Ruentex Development Co., Ltd.		374,000		628
SinoPac Financial Holdings Co., Ltd.		850,346		329
Vanguard International Semiconductor Corp.		383,000		248
Zhen Ding Technology Holding, Ltd.		372,000		983
Thailand—2.9%
Advanced Info Service PCL		78,900		508
Airports of Thailand PCL		242,100		647
Asian Property Development PCL		1,109,000		315
Bangkok Expressway PCL		658,946		597
Home Product Center PCL		1,110,200		413
Thanachart Capital PCL		506,800		612

	Shares		Value (000’s)
Turkey—0.4%
Aygaz AS		89,663	$	413
United Kingdom—0.7%
NovaTek OAO GDR		6,375		727
Total Common Stocks (cost $100,904)				102,786
	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT—1.1%
State Street Bank & Trust Co. 0.03% p , dated 10/31/2012, to be repurchased at $1,214 on 11/01/2012. Collateralized by a U.S. Government Agency Obligation, 3.50%, due 11/25/2038, and with a value of $1,240.	$	1,214		1,214
Total Repurchase Agreement (cost $1,214)
Total Investment Securities (cost $105,042) P				107,042
Other Assets and Liabilities—Net				998
Net Assets			$	108,040

INVESTMENTS BY INDUSTRY (unaudited):	Percentage of Total  Investment Securities			Value (000’s)
Commercial Banks		17.4	%	$	18,616
Oil, Gas & Consumable Fuels		8.5			9,055
Automobiles		7.7			8,239
Metals & Mining		7.3			7,802
Beverages		4.8			5,132
Wireless Telecommunication Services		4.6			4,903
Semiconductors & Semiconductor Equipment		4.2			4,499
Food Products		4.0			4,321
Pharmaceuticals		3.9			4,183
Electronic Equipment & Instruments		3.6			3,839
Real Estate Management & Development		3.2			3,457
Industrial Conglomerates		2.7			2,859
Transportation Infrastructure		2.4			2,548
Construction & Engineering		2.3			2,438
Food & Staples Retailing		1.7			1,877
Personal Products		1.7			1,849
Independent Power Producers & Energy Traders		1.6			1,675
IT Services		1.6			1,669
Water Utilities		1.5			1,616
Electric Utilities		1.5			1,614
Health Care Providers & Services		1.2			1,310
Chemicals		1.1			1,220
Airlines		1.0			1,073
Textiles, Apparel & Luxury Goods		1.0			1,048
Containers & Packaging		0.9			957
Diversified Telecommunication Services		0.9			934
Household Durables		0.8			836
Trading Companies & Distributors		0.8			809
Construction Materials		0.7			753
Distributors		0.6			693
Tobacco		0.6			660
Media		0.6			604
Machinery		0.5			559
Paper & Forest Products		0.5			512
Specialty Retail		0.4			413
Gas Utilities		0.4			413
Hotels, Restaurants & Leisure		0.2			244
Electrical Equipment		0.2			243
Leisure Equipment & Products		0.2			233
Computers & Peripherals		0.1			123
Investment Securities, at Value		98.9			105,828
Short-Term Investments		1.1			1,214
Total Investments		100.0	%	$	107,042

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page    55

Transamerica Emerging Markets Equity

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

 Rate shown reflects the yield at 10/31/2012.

‡ Non-income producing security.

Ə Fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. Total aggregate market value of fair valued securities is $383, or 0.35% of the fund’s net assets.

§ Illiquid. Total aggregate market value of illiquid securities is $383, or 0.35% of the fund’s net assets.

P Aggregate cost for federal income tax purposes is $105,494. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $5,175 and $3,627, respectively. Net unrealized appreciation for tax purposes is $1,548.

DEFINITIONS:

ADR American Depositary Receipt

GDR Global Depositary Receipt

OAO Otkrytoe Aktsionernoe Obschestvo (Russian: Joint Stock Exchange)

OJSC Open Joint Stock Company

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 10/31/2012
Common Stocks	$	38,538	$	64,248	$	—	$	102,786
Preferred Stocks		3,042		—		—		3,042
Repurchase Agreement		—		1,214		—		1,214
Total	$	41,580	$	65,462	$	—	$	107,042

' Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of Levels 1 and 2 during the period ended 10/31/2012. 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		Annual Report 2012
	Page    56

Transamerica Flexible Income

(formerly, Transamerica AEGON Flexible Income)

SCHEDULE OF INVESTMENTS

At October 31, 2012

	Principal (000’s)	Value (000’s)
U.S. GOVERNMENT OBLIGATIONS—21.2%
U.S. Treasury Inflation Indexed Bond
2.50%, 01/15/2029	$            2,253	$	3,256
U.S. Treasury Note
0.25%, 08/15/2015	8,500		8,473
0.50%, 07/31/2017	5,000		4,958
0.63%, 05/31/2017—09/30/2017	19,245		19,189
1.25%, 09/30/2015	10,475		10,738
1.38%, 05/15/2013	1,230		1,238
1.75%, 05/15/2022	6,280		6,342
2.00%, 11/15/2021—02/15/2022	5,985		6,204
2.13%, 02/29/2016	3,065		3,235
2.63%, 11/15/2020	2,565		2,817
3.50%, 05/15/2020	2,150		2,503
Total U.S. Government Obligations (cost $67,064)			68,953
U.S. GOVERNMENT AGENCY OBLIGATION—0.2%
Freddie Mac, IO
5.00%, 08/01/2035	4,529		626
Total U.S. Government Agency Obligation (cost $1,312)
FOREIGN GOVERNMENT OBLIGATIONS—3.4%
Canada Housing Trust No. 1
3.15%, 06/15/2015—144A	CAD2,500		2,624
Mexican Bonos
7.00%, 06/19/2014	MXN18,000		1,419
7.25%, 12/15/2016	28,500		2,348
Republic of Chile
5.50%, 08/05/2020	CLP994,500		2,242
Republic of The Philippines
4.95%, 01/15/2021	PHP90,000		2,403
Total Foreign Government Obligations (cost $10,066)			11,036
MORTGAGE-BACKED SECURITIES—7.4%
7 WTC Depositor LLC Trust
Series 2012-7WTC, Class A
4.08%, 03/13/2031—144A	660		697
American General Mortgage Loan Trust
Series 2009-1, Class A6
5.75%, 09/25/2048—144A *	1,785		1,822
American Tower Trust
Series 2007-1A, Class D
5.96%, 04/15/2037—144A	1,950		2,008
BCAP LLC Trust
Series 2009-RR3, Class 2A1
4.85%, 05/26/2037—144A *	137		139
Series 2009-RR6, Class 2A1
2.97%, 08/26/2035—144A *	867		788
Series 2009-RR10, Class 2A1
3.12%, 08/26/2035—144A *	603		596
Series 2009-RR14, Class 1A1
6.05%, 05/26/2037—144A *	1,123		1,199
Series 2010-RR1, Class 12A1
5.25%, 08/26/2036—144A *	1,184		1,231
Countrywide Alternative Loan Trust
Series 2004-3T1, Class A3
5.00%, 05/25/2034	951		979
Series 2006-OC1, Class 2A3A
0.53%, 03/25/2036 *	2,900		1,522
Credit Suisse Mortgage Capital Certificates
Series 2010-18R, Class 1A11
3.75%, 08/26/2035—144A *	693		690

	Principal (000’s)		Value (000’s)
MORTGAGE-BACKED SECURITIES (continued)
Impac CMB Trust
Series 2007-A, Class A
0.46%, 05/25/2037 *	$	1,411	$	1,353
Jefferies & Co., Inc.
Series 2009-R2, Class 2A
3.06%, 12/26/2037—144A *		350		352
Series 2009-R7, Class 10A3
6.00%, 12/26/2036—144A		264		274
Series 2009-R7, Class 12A1
5.08%, 08/26/2036—144A *		289		286
Series 2009-R7, Class 1A1
3.95%, 02/26/2036—144A *		638		617
Series 2009-R7, Class 4A1
2.92%, 09/26/2034—144A *		563		541
Series 2009-R9, Class 1A1
2.73%, 08/26/2046—144A *		625		621
JPMorgan Chase Commercial Mortgage Securities Corp.
Series 2007-LD11, Class ASB
5.81%, 06/15/2049 *		1,025		1,124
JPMorgan Re-REMIC
Series 2009-7, Class 8A1
5.41%, 01/27/2047—144A *		466		476
LSTAR Commercial Mortgage Trust
Series 2011-1, Class A
3.91%, 06/25/2043—144A		863		901
Morgan Stanley Re-REMIC Trust
Series 2010-GG10, Class A4A
5.79%, 08/15/2045—144A *		1,740		2,049
Series 2010-R4, Class 3A
5.50%, 08/26/2047—144A		1,240		1,317
ORES NPL LLC
Series 2012-LV1, Class A
4.00%, 09/25/2044—144A		1,269		1,276
RREF 2012 LT1 LLC
Series 2012-LT1A, Class A
4.75%, 02/15/2025—144A		82		82
S2 Hospitality LLC
Series 2012-LV1, Class A
4.50%, 04/15/2025—144A		584		587
Wells Fargo Mortgage Backed Securities Trust
Series 2003-G, Class A1
4.10%, 06/25/2033 *		246		250
Series 2003-L, Class 1A2
4.49%, 11/25/2033 *		181		184
Total Mortgage-Backed Securities (cost $22,805)				23,961
ASSET-BACKED SECURITIES—2.9%
Countrywide Asset-Backed Certificates
Series 2006-6, Class 2A3
0.49%, 09/25/2036 *		3,600		1,410
GSAA Trust
Series 2006-1, Class A3
0.54%, 01/25/2036 *		2,288		1,492
GSAMP Trust
Series 2006-HE1, Class A2D
0.52%, 01/25/2036 *		2,270		1,794
HLSS Servicer Advance Receivables Backed Notes
Series 2012-T2, Class C1
3.22%, 10/15/2043—144A Ə		518		518

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page    57

Transamerica Flexible Income

(formerly, Transamerica AEGON Flexible Income)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

	Principal (000’s)		Value (000’s)
ASSET-BACKED SECURITIES (continued)
HSBC Home Equity Loan Trust
Series 2006-3, Class A4
0.45%, 03/20/2036 *	$	1,510	$	1,380
Lehman XS Trust
Series 2005-8, Class 1A3
0.56%, 12/25/2035 *		2,595		1,407
Popular ABS Mortgage Pass-Through Trust
Series 2006-A, Class A4
0.53%, 02/25/2036 *		1,562		1,406
Total Asset-Backed Securities (cost $8,339)				9,407
MUNICIPAL GOVERNMENT OBLIGATIONS—1.2%
Rhode Island Economic Development Corp.
6.00%, 11/01/2015 §		1,545		1,621
State of California
7.95%, 03/01/2036		1,820		2,180
Total Municipal Government Obligations (cost $3,367)				3,801
PREFERRED CORPORATE DEBT SECURITY—1.1%
Diversified Financial Services—1.1%
ZFS Finance USA Trust II
6.45%, 12/15/2065—144A *		3,300		3,548
Total Preferred Corporate Debt Security (cost $2,835)
CORPORATE DEBT SECURITIES—56.0%
Airlines—1.1%
America West Airlines Pass-Through Trust
Series 2000-1, Class G
8.06%, 07/02/2020		959		1,028
Continental Airlines Pass-Through Trust
Series 1997-1, Class A
7.46%, 04/01/2015		466		480
UAL Pass-Through Trust
Series 2009-1
10.40%, 11/01/2016		1,674		1,924
Beverages—0.4%
Anheuser-Busch InBev Worldwide, Inc.
9.75%, 11/17/2015		BRL2,200		1,219
Building Products—0.6%
Owens Corning
4.20%, 12/15/2022 ^	$	1,910		1,931
Capital Markets—0.7%
Macquarie Group, Ltd.
6.25%, 01/14/2021—144A		1,275		1,407
Morgan Stanley
5.75%, 01/25/2021		750		839
Commercial Banks—5.6%
Barclays Bank PLC
10.18%, 06/12/2021—144A		1,480		1,963
BBVA Bancomer SA
6.50%, 03/10/2021—144A		1,400		1,598
CIT Group, Inc.
4.75%, 02/15/2015—144A ^		570		590
M&I Marshall & Ilsley Bank
5.00%, 01/17/2017		1,550		1,722
Rabobank Nederland NV
11.00%, 06/30/2019—144A * Ž		1,695		2,267
Regions Bank
7.50%, 05/15/2018		1,660		1,999
Royal Bank of Scotland Group PLC
5.05%, 01/08/2015 ^		1,000		1,035

	Principal (000’s)		Value (000’s)
Commercial Banks (continued)
UBS AG
7.63%, 08/17/2022 ^	$	990	$	1,068
Wells Fargo & Co.—Series K
7.98%, 03/15/2018 * Ž ^		2,400		2,837
Zions Bancorporation
7.75%, 09/23/2014		2,500		2,755
Commercial Services & Supplies—1.4%
EnergySolutions, Inc. / EnergySolutions LLC
10.75%, 08/15/2018 ^		855		793
HDTFS, Inc.
5.88%, 10/15/2020—144A		270		273
KAR Auction Services, Inc.
4.31%, 05/01/2014 *		1,965		1,964
Steelcase, Inc.
6.38%, 02/15/2021		1,385		1,483
Construction Materials—0.7%
Cemex Finance LLC
9.50%, 12/14/2016—144A ^		1,330		1,411
Voto-Votorantim Overseas Trading
Operations NV
6.63%, 09/25/2019—144A ^		840		987
Consumer Finance—1.0%
Ally Financial, Inc.
4.63%, 06/26/2015		1,350		1,402
Springleaf Finance Corp.
6.90%, 12/15/2017		2,070		1,822
Containers & Packaging—1.0%
Exopack Holding Corp.
10.00%, 06/01/2018		1,280		1,184
Graphic Packaging International, Inc.
9.50%, 06/15/2017		1,635		1,786
Sealed Air Corp.
8.13%, 09/15/2019—144A		195		213
Distributors—0.6%
Glencore Funding LLC
6.00%, 04/15/2014—144A		2,000		2,094
Diversified Financial Services—6.7%
Bank of America Corp.
6.50%, 08/01/2016		1,905		2,216
Citigroup, Inc.
5.95%, 01/30/2023 * Ž		1,290		1,330
CNH Capital LLC
3.88%, 11/01/2015—144A		340		349
Fibria Overseas Finance, Ltd.
6.75%, 03/03/2021—144A ^		1,245		1,376
Ford Motor Credit Co., LLC
3.88%, 01/15/2015		780		813
4.25%, 09/20/2022 ^		775		803
General Electric Capital Corp.—Series A
7.13%, 06/15/2022 * Ž		1,300		1,487
International Lease Finance Corp.
6.25%, 05/15/2019 ^		1,310		1,412
6.50%, 09/01/2014—144A		1,040		1,118
6.75%, 09/01/2016—144A		1,495		1,689
Marina District Finance Co., Inc.
9.50%, 10/15/2015 ^		1,391		1,407
Oaktree Capital Management, LP
6.75%, 12/02/2019—144A		1,950		2,133
Permanent TSB PLC
3.60%, 01/14/2013—144A		1,700		1,700
Unison Ground Lease Funding LLC
6.39%, 04/15/2020—144A		2,615		3,047

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page    58

Transamerica Flexible Income

(formerly, Transamerica AEGON Flexible Income)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

	Principal (000’s)		Value (000’s)
Diversified Financial Services (continued)
Vesey Street Investment Trust I
4.40%, 09/01/2016 * ^	$	670	$	726
Diversified Telecommunication Services—1.8%
CenturyLink, Inc.
5.80%, 03/15/2022		1,345		1,416
GTP Towers Issuer LLC
4.44%, 02/15/2015—144A		2,295		2,380
Hughes Satellite Systems Corp.
6.50%, 06/15/2019		400		428
7.63%, 06/15/2021		130		145
Level 3 Communications, Inc.
8.88%, 06/01/2019—144A ^		180		189
West Corp.
7.88%, 01/15/2019		320		326
Wind Acquisition Finance SA
7.25%, 02/15/2018—144A		700		683
11.75%, 07/15/2017—144A		200		195
Electric Utilities—0.6%
InterGen NV
9.00%, 06/30/2017—144A		2,075		1,966
Electrical Equipment—1.6%
Anixter, Inc.
5.95%, 03/01/2015		2,300		2,432
Polypore International, Inc.
7.50%, 11/15/2017 ^		2,560		2,765
Energy Equipment & Services—1.8%
Drill Rigs Holdings, Inc.
6.50%, 10/01/2017—144A ^		340		338
Enterprise Products Operating LLC—Series A
8.38%, 08/01/2066 *		1,150		1,311
Seadrill, Ltd.
5.63%, 09/15/2017—144A		675		675
Transocean, Inc.
6.38%, 12/15/2021		1,935		2,355
Weatherford International, Ltd.
9.63%, 03/01/2019		945		1,252
Food & Staples Retailing—1.5%
C&S Group Enterprises LLC
8.38%, 05/01/2017—144A ^		1,253		1,320
Ingles Markets, Inc.
8.88%, 05/15/2017 ^		2,140		2,304
Stater Bros Holdings, Inc.
7.38%, 11/15/2018		65		70
SUPERVALU, Inc.
7.50%, 11/15/2014 ^		1,290		1,243
Food Products—1.0%
Arcor SAIC
7.25%, 11/09/2017—144A		1,285		1,320
Michael Foods Group, Inc.
9.75%, 07/15/2018		1,200		1,335
Post Holdings, Inc.
7.38%, 02/15/2022—144A		618		656
Health Care Equipment & Supplies—0.2%
Hologic, Inc.
6.25%, 08/01/2020—144A		590		625
Health Care Providers & Services—0.8%
CHS/Community Health Systems, Inc.
7.13%, 07/15/2020		1,000		1,058
Express Scripts Holding Co.
4.75%, 11/15/2021—144A		1,220		1,423

	Principal (000’s)		Value (000’s)
Hotels, Restaurants & Leisure—0.9%
GWR Operating Partnership LLP
10.88%, 04/01/2017	$	1,500	$	1,710
WMG Acquisition Corp.
6.00%, 01/15/2021—144A		1,348		1,351
Household Durables—0.4%
Beazer Homes USA, Inc.
6.63%, 04/15/2018—144A		1,340		1,434
Household Products—0.8%
Reynolds Group Issuer, Inc. / Reynolds Group
Issuer LLC / Reynolds Group Issuer Lu
5.75%, 10/15/2020—144A ^		1,360		1,374
9.88%, 08/15/2019		1,100		1,152
Independent Power Producers & Energy Traders—0.6%
NRG Energy, Inc.
7.63%, 05/15/2019 ^		640		682
7.88%, 05/15/2021		1,280		1,401
Insurance—4.9%
American Financial Group, Inc.
9.88%, 06/15/2019		1,100		1,440
Chubb Corp.
6.38%, 03/29/2067 *		1,500		1,628
Fidelity National Financial, Inc.
6.60%, 05/15/2017		2,580		2,902
Hanover Insurance Group, Inc.
6.38%, 06/15/2021		1,515		1,723
ING US, Inc.
5.50%, 07/15/2022—144A		955		1,038
Liberty Mutual Group, Inc.
4.95%, 05/01/2022—144A ^		820		895
Oil Insurance, Ltd.
3.34%, 12/17/2012—144A * Ž		1,245		1,112
Reinsurance Group of America, Inc.
6.75%, 12/15/2065 *		2,760		2,792
Stone Street Trust
5.90%, 12/15/2015—144A		2,450		2,568
IT Services—0.7%
Cardtronics, Inc.
8.25%, 09/01/2018		1,890		2,117
Machinery—0.4%
American Railcar Industries, Inc.
7.50%, 03/01/2014		1,180		1,192
Marine—0.5%
Martin Midstream Partners LP
8.88%, 04/01/2018 ^		1,663		1,744
Media—1.0%
Clear Channel Worldwide Holdings, Inc.
7.63%, 03/15/2020—03/15/2020		1,305		1,242
Lions Gate Entertainment, Inc.
10.25%, 11/01/2016—144A		1,010		1,131
Nara Cable Funding, Ltd.
8.88%, 12/01/2018—144A		1,100		1,040
Metals & Mining—1.4%
Anglo American Capital PLC
9.38%, 04/08/2019—144A		890		1,188
ArcelorMittal
6.50%, 02/25/2022 ^		1,965		1,930
FMG Resources August 2006 Pty, Ltd.
7.00%, 11/01/2015—144A ^		160		162
Rio Tinto Finance USA, Ltd.
9.00%, 05/01/2019		1,000		1,373

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page     59

Transamerica Flexible Income

(formerly, Transamerica AEGON Flexible Income)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

	Principal (000’s)		Value (000’s)
Multi-Utilities—0.7%
Black Hills Corp.
5.88%, 07/15/2020	$	1,200	$	1,415
9.00%, 05/15/2014		690		767
Oil, Gas & Consumable Fuels—5.3%
Chesapeake Energy Corp.
6.50%, 08/15/2017 ^		1,325		1,406
6.78%, 03/15/2019^		1,300		1,303
Connacher Oil and Gas, Ltd.
8.50%, 08/01/2019—144A ^		616		507
Energy Transfer Equity, LP
7.50%, 10/15/2020		320		364
Energy Transfer Partners, LP
5.20%, 02/01/2022		1,045		1,200
Gazprom OAO Via GAZ Capital SA
8.13%, 07/31/2014—144A		1,560		1,710
Linn Energy LLC / Linn Energy Finance Corp.
6.25%, 11/01/2019—144A ^		1,305		1,305
Lukoil International Finance BV
6.38%, 11/05/2014—144A		1,280		1,389
PDC Energy, Inc.
12.00%, 02/15/2018		1,000		1,093
Petrobras International Finance Co.
5.38%, 01/27/2021		1,040		1,179
Petrohawk Energy Corp.
7.25%, 08/15/2018		1,050		1,197
Petroleum Co., of Trinidad & Tobago, Ltd.
9.75%, 08/14/2019—144A		876		1,156
Ras Laffan Liquefied Natural Gas Co., Ltd. III
6.75%, 09/30/2019—144A ^		1,545		1,938
TNK-BP Finance SA
6.25%, 02/02/2015—144A		1,250		1,341
Paper & Forest Products—0.5%
Ainsworth Lumber Co., Ltd.
11.00%, 07/29/2015—144A		724		705
Boise Cascade LLC/Boise Cascade Finance Corp.
6.38%, 11/01/2020—144A		1,020		1,035
Pharmaceuticals—0.2%
Watson Pharmaceuticals, Inc.
3.25%, 10/01/2022		715		737
Professional Services—0.4%
Block Financial LLC
5.13%, 10/30/2014 ^		1,300		1,366
Real Estate Investment Trusts—1.7%
Entertainment Properties Trust
7.75%, 07/15/2020		2,335		2,711
Kilroy Realty, LP
6.63%, 06/01/2020		2,440		2,964
Real Estate Management & Development—0.4%
Algeco Scotsman Global Finance PLC
8.50%, 10/15/2018—144A ^		1,370		1,411
Road & Rail—0.9%
Aviation Capital Group Corp.
7.13%, 10/15/2020—144A		2,700		2,837
Semiconductors & Semiconductor Equipment—0.2%
Sensata Technologies BV
6.50%, 05/15/2019—144A ^		575		607
Software—0.6%
First Data Corp.
6.75%, 11/01/2020—144A		1,350		1,350
7.38%, 06/15/2019—144A		630		652

	Principal (000’s)		Value (000’s)
Specialty Retail—0.8%
Claire’s Stores, Inc.
9.00%, 03/15/2019—144A	$	1,315	$	1,372
Michaels Stores, Inc.
11.38%, 11/01/2016 ^		1,200		1,253
Textiles, Apparel & Luxury Goods—0.2%
Jones Group, Inc. / Apparel Group Hold / Apparel Group USA / Footwear Acc Retail
6.88%, 03/15/2019		510		528
Tobacco—0.5%
Lorillard Tobacco Co.
8.13%, 06/23/2019		1,235		1,589
Wireless Telecommunication Services—2.9%
Crown Castle Towers LLC
4.88%, 08/15/2020—144A		1,550		1,771
6.11%, 01/15/2020—144A		1,650		2,008
SBA Tower Trust
5.10%, 04/17/2017—144A		2,365		2,627
Sprint Nextel Corp.
9.00%, 11/15/2018—144A		292		361
WCP Wireless Site Funding / WCP Wireless Site RE Funding / WCP Wireless Site Non
6.83%, 11/15/2015—144A		2,570		2,691
Total Corporate Debt Securities (cost $167,491)				182,056
CONVERTIBLE BOND—0.3%
Automobiles—0.3%
Ford Motor Co.
4.25%, 11/15/2016		730		1,074
Total Convertible Bond (cost $730)
LOAN ASSIGNMENT—0.5%
Paper & Forest Products—0.5%
Ainsworth Lumber Co., Ltd.
5.25%, 06/26/2014 * ‡		1,651		1,634
Total Loan Assignment (cost $1,572)

	Shares		Value (000’s)
PREFERRED STOCKS—1.5%
Commercial Banks—0.3%
CoBank ACB, 6.25%—144A * ‡		9,770		1,021
Consumer Finance—0.6%
Ally Financial, Inc., 8.50% *		75,200		1,884
Diversified Telecommunication Services—0.6%
Centaur Funding Corp., 9.08%—144A		1,661		1,997
Total Preferred Stocks (cost $5,010)				4,902
COMMON STOCK—1.0%
Diversified Telecommunication Services—1.0%
Verizon Communications, Inc. ^		75,000		3,348
Total Common Stock (cost $2,349)
WARRANT—0.4%
Commercial Banks—0.4%
Wells Fargo & Co. ‡
Expiration: 10/28/2018
Exercise Price: $34.01		148,210		1,418
Total Warrant (cost $1,141)
SECURITIES LENDING COLLATERAL—10.3%
State Street Navigator Securities Lending Trust—Prime Portfolio, 0.31% p		33,571,178		33,571
Total Securities Lending Collateral (cost $33,571)

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page    60

Transamerica Flexible Income

(formerly, Transamerica AEGON Flexible Income)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT—1.1%
State Street Bank & Trust Co. 0.03% p, dated 10/31/2012, to be repurchased at $3,738 on 11/01/2012. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 08/01/2026, and with a value of $3,813.	$	3,738	$	3,738
Total Repurchase Agreement (cost $3,738)
Total Investment Securities (cost $331,390) P				353,073
Other Assets and Liabilities—Net				(27,503	)
Net Assets			$	325,570

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

* Floating or variable rate note. Rate is listed as of 10/31/2012.

^ All or a portion of this security is on loan. The value of all securities on loan is $32,872.

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

Ə Fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. Total aggregate market value of fair valued securities is $518, or 0.16% of the fund’s net assets.

Payment in-kind. Securities pay interest or dividends in the form of additional bonds or preferred stock.

§ Illiquid. Total aggregate market value of illiquid securities is $1,621, or 0.50% of the fund’s net assets.

‡ Non-income producing security.

p Rate shown reflects the yield at 10/31/2012.

P Aggregate cost for federal income tax purposes is $331,390. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $23,447 and $1,764, respectively. Net unrealized appreciation for tax purposes is $21,683.

DEFINITIONS (all amounts in thousands):

144A	144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 10/31/2012, these securities aggregated $106,308, or 32.65% of the fund’s net assets.
IO	Interest Only
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)

CURRENCY ABBREVIATIONS:

BRL	Brazilian Real
CAD	Canadian Dollar
CLP	Chilean Peso
MXN	Mexican Peso
PHP	Philippines Peso

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page    61

Transamerica Flexible Income

(formerly, Transamerica AEGON Flexible Income)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

VALUATION SUMMARY (all amounts in thousands): '

			Level 2 -
			Other		Level 3 -
	Level 1 -		Significant		Significant
	Quoted		Observable		Unobservable		Value at
Investment Securities	Prices		Inputs		Inputs		10/31/2012
Asset-Backed Securities	$	—	$	9,407	$	—	$	9,407
Common Stock		3,348		—		—		3,348
Convertible Bond		—		1,074		—		1,074
Corporate Debt Securities		—		182,056		—		182,056
Foreign Government Obligations		—		11,036		—		11,036
Loan Assignment		—		1,634		—		1,634
Mortgage-Backed Securities		—		23,961		—		23,961
Municipal Government Obligations		—		3,801		—		3,801
Preferred Corporate Debt Security		—		3,548		—		3,548
Preferred Stocks		4,902		—		—		4,902
Repurchase Agreement		—		3,738		—		3,738
Securities Lending Collateral		33,571		—		—		33,571
U.S. Government Agency Obligation		—		626		—		626
U.S. Government Obligations		—		68,953		—		68,953
Warrant		1,418		—		—		1,418
Total	$	43,239	$	309,834	$	—	$	353,073

Level 3 Rollforward—Investment Securities

Securities	Beginning Balance at 10/31/2011		Purchases		Sales			Accrued Discounts/ (Premiums)		Total Realized Gain/(Loss)			Net Change in Unrealized Appreciation/ (Depreciation) ƒ		Transfers into Level  3		Transfers out of Level 3		Ending Balance at 10/31/2012		Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at 10/31/2012 ƒ
Corporate Debt Securities	$	¿	$	—	$	(¿	)	$	—	$	(684	)	$	684	$	—	$	—	$	—	$	—

' Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of Levels 1 and 2 during the period ended 10/31/2012. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

ƒ Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at 10/31/2012 may be due to an investment no longer held or categorized as Level 3 at period end.

¿ Amount rounds to less than 1.

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page    62

Transamerica Growth Opportunities

(formerly, Transamerica Morgan Stanley Growth Opportunities)

SCHEDULE OF INVESTMENTS

At October 31, 2012

			Value
	Shares		(000’s)
CONVERTIBLE PREFERRED STOCKS—0.1%
Automobiles—0.0% ¥
Better Place ‡ Ə § D		666,891	$	67
Internet Software & Services—0.1%
Dropbox, Inc. ‡ Ə § D		34,602		313
Total Convertible Preferred Stocks (cost $1,980)				380
PREFERRED STOCKS—0.8%
Automobiles—0.0% ¥
Better Place—Series C ‡ Ə § D		581,653		58
Internet Software & Services—0.1%
Peixe Urbano, Inc. ‡ Ə § D		50,890		356
Software—0.7%
Palantir Technologies, Inc. ‡ Ə § D		355,382		1,087
Workday, Inc. ‡ Ə § D		70,664		3,085
Total Preferred Stocks (cost $6,341)				4,586
COMMON STOCKS—95.7%
Automobiles—0.5%
Tesla Motors, Inc. ‡ ^		103,734		2,918
Beverages—0.8%
Monster Beverage Corp. ‡		107,499		4,802
Biotechnology—0.7%
Ironwood Pharmaceuticals, Inc.—Class A ‡ ^		348,558		4,054
Capital Markets—0.9%
Greenhill & Co., Inc. ^		109,291		5,215
Chemicals—2.8%
Intrepid Potash, Inc. ‡^		317,441		6,898
Rockwood Holdings, Inc.		209,435		9,613
Commercial Services & Supplies—7.5%
Covanta Holding Corp.		444,939		8,089
Edenred ^		752,113		21,764
Stericycle, Inc. ‡ ^		148,939		14,113
Communications Equipment—3.7%
Motorola Solutions, Inc.		419,022		21,655
Construction Materials—1.3%
Martin Marietta Materials, Inc. ^		90,463		7,446
Diversified Consumer Services—3.3%
New Oriental Education & Technology Group ADR ^		349,638		5,895
Weight Watchers International, Inc. ^		268,509		13,492
Diversified Financial Services—3.9%
IntercontinentalExchange, Inc. ‡		68,908		9,027
MSCI, Inc.—Class A ‡		516,117		13,904
Electric Utilities—3.7%
Brookfield Infrastructure Partners, LP		625,978		21,502
Electrical Equipment—2.6%
First Solar, Inc. ‡ ^		262,267		6,376
Sensata Technologies Holding NV ‡		314,093		8,848
Food Products—3.8%
DE Master Blenders 1753 NV ‡		1,205,269		14,730
Mead Johnson Nutrition Co.—Class A		118,516		7,308
Health Care Equipment & Supplies—5.5%
IDEXX Laboratories, Inc. ‡ ^		130,441		12,548
Intuitive Surgical, Inc. ‡		36,376		19,724
Health Care Providers & Services—1.9%
Qualicorp SA ‡		1,100,864		11,296
Health Care Technology—1.6%
athenahealth, Inc. ‡ ^		148,561		9,551
Hotels, Restaurants & Leisure—1.5%
Dunkin’ Brands Group, Inc.		280,793		8,705
Insurance—2.7%
Progressive Corp.		716,657		15,981
Internet & Catalog Retail—1.0%
Groupon, Inc.—Class A ‡ ^		1,465,302		6,037
Internet Software & Services—9.9%
Akamai Technologies, Inc. ‡		235,570		8,949
Dropbox, Inc. ‡ Ə § D		327,298		2,962

			Value
	Shares		(000’s)
Internet Software & Services (continued)
LinkedIn Corp.—Class A ‡		127,318	$	13,614
MercadoLibre, Inc. ^		83,931		7,048
SINA Corp. ‡		58,187		3,179
Yandex NV—Class A ‡		616,898		14,361
Youku Tudou, Inc. ADR ‡		408,125		8,081
IT Services—2.4%
Gartner, Inc. ‡		308,682		14,326
Life Sciences Tools & Services—4.5%
Illumina, Inc. ‡ ^		379,527		18,031
Techne Corp.		125,040		8,423
Media—2.2%
McGraw-Hill Cos., Inc.		235,407		13,013
Metals & Mining—0.8%
Lynas Corp., Ltd. ‡ ^		2,367,240		1,794
Molycorp, Inc. ‡ ^		265,094		2,757
Oil, Gas & Consumable Fuels—3.6%
Range Resources Corp.		215,155		14,063
Ultra Petroleum Corp. ‡ ^		303,302		6,918
Pharmaceuticals—1.7%
Valeant Pharmaceuticals International, Inc. ‡		182,279		10,195
Professional Services—7.3%
IHS, Inc.—Class A ‡		122,572		10,344
Intertek Group PLC		344,686		15,680
Verisk Analytics, Inc.—Class A ‡		332,080		16,936
Software—10.3%
Citrix Systems, Inc. ‡		118,426		7,320
FactSet Research Systems, Inc. ^		95,397		8,638
Red Hat, Inc. ‡		155,124		7,627
Salesforce.com, Inc. ‡		106,462		15,542
Solera Holdings, Inc.		300,851		14,083
Workday, Inc.—Class A ‡		71,712		3,478
Zynga, Inc.—Class A ‡		1,415,822		3,186
Textiles, Apparel & Luxury Goods—1.6%
Coach, Inc.		166,277		9,320
Trading Companies & Distributors—1.7%
Fastenal Co.		216,578		9,681
Total Common Stocks (cost $554,289)				561,040
SECURITIES LENDING COLLATERAL—17.9%
State Street Navigator Securities Lending Trust—Prime Portfolio, 0.31% p		104,881,803		104,882
Total Securities Lending Collateral (cost $104,882)
	Principal		Value
	(000’s)		(000’s)
REPURCHASE AGREEMENT—3.7%
State Street Bank & Trust Co. 0.03% p, dated 10/31/2012, to be repurchased at $21,900 on 11/01/2012. Collateralized by U.S. Government Agency Obligations, 3.00%—4.00%, due 08/01/2026—12/01/2026, and with a total value of $22,340.	$	21,900		21,900
Total Repurchase Agreement (cost $21,900)
Total Investment Securities (cost $689,392) P				692,788
Other Assets and Liabilities—Net				(106,849	)
Net Assets			$	585,939

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page    63

Transamerica Growth Opportunities

(formerly, Transamerica Morgan Stanley Growth Opportunities)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

¥ Percentage rounds to less than 0.1%.

Ə Fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. Total aggregate market value of fair valued securities is $7,928, or 1.35% of the fund’s net assets.

‡ Non-income producing security.

^ All or a portion of this security is on loan. The value of all securities on loan is $102,308.

§ Illiquid. Total aggregate market value of illiquid securities is $7,928, or 1.35% of the fund’s net assets.

p Rate shown reflects the yield at 10/31/2012.

P Aggregate cost for federal income tax purposes is $689,831. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $89,397 and $86,440, respectively. Net unrealized appreciation for tax purposes is $2,957.

D Restricted Security. At 10/31/2012, the fund owned the respective securities which were restricted as to public resale:

		Acquisition						Value as % of
Investment Securities	Description	Date		Cost		Value		Net Assets
Convertible Preferred Stocks	Better Place		01/25/2010	$	1,667	$	67		0.01	%
Convertible Preferred Stocks	Dropbox, Inc.		05/25/2012		313		313		0.05
Preferred Stocks	Better Place—Series C		11/11/2011		2,641		58		0.01
Preferred Stocks	Peixe Urbano, Inc.		12/02/2011		1,675		356		0.06
Preferred Stocks	Palantir Technologies, Inc.		07/19/2012		1,087		1,087		0.19
Preferred Stocks	Workday, Inc.		10/12/2011		937		3,085		0.53
Common Stocks	Dropbox, Inc.		05/01/2012		2,962		2,962		0.50
				$	11,282	$	7,928		1.35	%

DEFINITION:

ADR American Depositary Receipt

VALUATION SUMMARY (all amounts in thousands): '

			Level 2 -
			Other		Level 3 -
	Level 1 -		Significant		Significant
	Quoted		Observable		Unobservable		Value at
Investment Securities	Prices		Inputs		Inputs		10/31/2012
Common Stocks	$	504,110	$	53,968	$	2,962	$	561,040
Convertible Preferred Stocks		—		—		380		380
Preferred Stocks		—		—		4,586		4,586
Repurchase Agreement		—		21,900		—		21,900
Securities Lending Collateral		104,882		—		—		104,882
Total	$	608,992	$	75,868	$	7,928	$	692,788

Level 3 Rollforward—Investment Securities

	Beginning Balance at						Accrued Discounts/		Total Realized		Net Change in Unrealized Appreciation/			Transfers into		Transfers out of			Ending Balance at 10/31/2012		Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at
Securities	10/31/2011		Purchases		Sales		(Premiums)		Gain/(Loss)		(Depreciation) ƒ			Level 3		Level 3			₪		10/31/2012 ƒ
Common Stocks	$	4,458	$	2,962	$	—	$	—	$	—	$	—		$	—	$	(4,458	)	$	2,962		—
Convertible Preferred Stocks		1,667		313		—		—		—		(1,600	)		—		—			380		(1,600	)
Preferred Stocks		3,161		5,403		—		—		—		(1,754	)		—		(2,224	)		4,586		(1,754	)
Total	$	9,286	$	8,678	$	—	$	—	$	—	$	(3,354	)	$	—	$	(6,682	)	$	7,928		(3,354	)

' Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of Levels 1 and 2 during the period ended 10/31/2012. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

ƒ Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at 10/31/2012 may be due to an investment no longer held or categorized as Level 3 at period end.

₪ Total aggregate market value of Level 3 securities is 1.35% of the fund’s net assets. Quantitative information about significant unobservable inputs used in the fair value measurement are disclosed in the table on the following page.

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page    64

Transamerica Growth Opportunities

(formerly, Transamerica Morgan Stanley Growth Opportunities)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

VALUATION SUMMARY (continued):

Quantitative Information about Significant Unobservable Inputs (Level 3):

														Impact to
	Fair Value													Valuation
	at													from an
Investment	10/31/2012										Weighted			Increase in
Securities	(000’s)		Valuation Technique(s)	Unobservable Input	Range						Average			Input
Common Stock	$	2,962	Market Comparable Companies	Enterprise Value / Revenue		6.3x			9.1x			7.7x		Increase
				Discount for Lack of Marketability		10.0	%		10.0	%		10.0	%	Decrease
			Discounted Cash Flow	Weighted Average Cost of Capital		16.0	%		20.0	%		18.0	%	Decrease
				Perpetual Growth Rate		2.0	%		3.0	%		2.5	%	Increase
Convertible Preferred Stocks		380	Asset Approach	Net Tangible Assets	$	0.10	��	$	0.10		$	0.10		Increase
			Market Comparable Companies	Enterprise Value / Revenue		6.3x			9.1x			7.7x		Increase
			Discounted Cash Flow	Discounted for Lack of Marketability		10.0	%		10.0	%		10.0	%	Decrease
				Weighted Average Cost of Capital		16.0	%		20.0	%		18.0	%	Decrease
				Perpetual Growth Rate		2.0	%		30.0	%		2.5	%	Increase
Preferred Stocks		4,586	Asset Approach	Net Tangible Assets	$	0.10		$	0.10		$	0.10		Increase
			Discount for Illiquidity	Illiquidity discount amortized over the
				lockup period		10.0	%		10.0	%		10.0	%	Decrease
			Market Comparable Companies	Enterprise Value / Revenue		1.3x			21.2x			12.3x		Increase
				Discount for Lack of Marketability		10.0	%		15.0	%		14.4	%	Decrease
			Discounted Cash Flow	Weighted Average Cost of Capital		15.0	%		30.0	%		18.4	%	Decrease
				Perpetual Growth Rate		2.0	%		6.0	%		2.9	%	Increase

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page    65

Transamerica High Yield Bond

(formerly, Transamerica AEGON High Yield Bond)

SCHEDULE OF INVESTMENTS

At October 31, 2012

	Principal (000’s)		Value (000’s)
CORPORATE DEBT SECURITIES—90.4%
Aerospace & Defense—1.0%
Bombardier, Inc.
7.50%, 03/15/2018—144A	$	450	$	515
7.75%, 03/15/2020—144A ^		1,300		1,519
Spirit Aerosystems, Inc.
6.75%, 12/15/2020		920		957
7.50%, 10/01/2017		1,945		2,067
Triumph Group, Inc.
8.63%, 07/15/2018		2,000		2,244
Airlines—1.1%
Continental Airlines Pass-Through Trust
Series 2007-1, Class B
6.90%, 04/19/2022		2,162		2,308
Series 2012-2, Class B
5.50%, 10/29/2020		1,080		1,127
Delta Air Lines, Inc., Pass-Through Trust
Series 2010-1, Class B
6.38%, 01/02/2016		1,180		1,215
Series 2010-2, Class B
6.75%, 11/23/2015		1,325		1,378
U.S. Airways Pass-Through Trust
Series 2010-1, Class A
6.25%, 04/22/2023		1,806		1,933
Automobiles—0.9%
Chrysler Group LLC / CG Co.-Issuer, Inc.
8.00%, 06/15/2019		2,518		2,678
8.25%, 06/15/2021 ^		1,070		1,144
General Motors Corp. (Escrow Shares)
7.20%, 01/15/2049 Ə		2,825		¿
Jaguar Land Rover PLC
7.75%, 05/15/2018—144A		650		692
8.13%, 05/15/2021—144A		1,660		1,789
Beverages—1.7%
Constellation Brands, Inc.
7.25%, 09/01/2016 ^		4,650		5,371
7.25%, 05/15/2017		1,050		1,236
Cott Beverages, Inc.
8.13%, 09/01/2018		1,445		1,604
8.38%, 11/15/2017 ^		3,370		3,690
Building Products—2.7%
Associated Materials LLC / AMH New Finance, Inc.
9.13%, 11/01/2017 ^		4,782		4,734
Euramax International, Inc.
9.50%, 04/01/2016		4,484		4,125
Ply Gem Industries, Inc.
8.25%, 02/15/2018 ^		8,197		8,750
9.38%, 04/15/2017—144A		1,330		1,397
Capital Markets—0.2%
Morgan Stanley
4.88%, 11/01/2022 ^		1,650		1,668
Chemicals—1.5%
Huntsman International LLC
8.63%, 03/15/2020		1,600		1,804
8.63%, 03/15/2021 ^		1,790		2,036
Momentive Performance Materials, Inc.
10.00%, 10/15/2020—144A ^		540		518

	Principal (000’s)		Value (000’s)
Chemicals (continued)
MPM Escrow LLC / MPM Finance Escrow Corp.
8.88%, 10/15/2020—144A	$	3,210	$	3,146
NOVA Chemicals Corp.
8.63%, 11/01/2019		2,650		3,001
Commercial Banks—0.6%
CIT Group, Inc.
4.25%, 08/15/2017		1,500		1,539
5.00%, 05/15/2017—08/15/2022		2,260		2,350
5.25%, 03/15/2018		583		619
Commercial Services & Supplies—2.7%
Ceridian Corp.
8.88%, 07/15/2019—144A ^		5,306		5,624
11.25%, 11/15/2015 ^		3,330		3,247
12.25%, 11/15/2015 W		892		877
EnergySolutions, Inc. / EnergySolutions LLC
10.75%, 08/15/2018		2,920		2,708
HDTFS, Inc.
5.88%, 10/15/2020—144A ^		663		670
KAR Auction Services, Inc.
4.31%, 05/01/2014 *		1,925		1,925
United Rentals North America, Inc.
6.13%, 06/15/2023		700		709
UR Merger Sub Corp.
7.38%, 05/15/2020—144A		1,884		2,039
8.25%, 02/01/2021		850		939
Computers & Peripherals—0.7%
Seagate HDD Cayman
6.88%, 05/01/2020		4,371		4,557
Construction & Engineering—0.8%
K. Hovnanian Enterprises, Inc.
7.25%, 10/15/2020—144A		1,990		2,100
7.50%, 05/15/2016		503		479
8.63%, 01/15/2017		1,146		1,097
9.13%, 11/15/2020—144A		2,017		2,098
Consumer Finance—3.0%
Ally Financial, Inc.
4.63%, 06/26/2015		1,390		1,444
5.50%, 02/15/2017		3,928		4,157
6.75%, 12/01/2014 ^		2,350		2,532
Springleaf Finance Corp.
5.40%, 12/01/2015		1,040		972
6.90%, 12/15/2017 ^		13,255		11,664
Containers & Packaging—1.9%
Graphic Packaging International, Inc.
7.88%, 10/01/2018		3,150		3,481
9.50%, 06/15/2017		1,300		1,420
Packaging Dynamics Corp.
8.75%, 02/01/2016—144A		3,110		3,273
Sealed Air Corp.
8.13%, 09/15/2019—144A		2,340		2,556
Tekni-Plex, Inc.
9.75%, 06/01/2019—144A		2,252		2,410
Diversified Consumer Services—0.6%
Service Corp., International
6.75%, 04/01/2015—04/01/2016		860		949
7.00%, 06/15/2017—05/15/2019		2,800		3,128
Diversified Financial Services—3.7%
Bank of America Corp.—Series K
8.00%, 01/30/2018 * ž		2,951		3,287

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page    66

Transamerica High Yield Bond

(formerly, Transamerica AEGON High Yield Bond)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

	Principal (000’s)		Value (000’s)
Diversified Financial Services (continued)
Citigroup, Inc.
5.95%, 01/30/2023 * ž	$	3,450	$	3,555
CNH Capital LLC
3.88%, 11/01/2015—144A		414		424
Ford Motor Credit Co., LLC
5.00%, 05/15/2018		950		1,048
General Motors Financial Co., Inc.
4.75%, 08/15/2017—144A ^		1,884		1,929
International Lease Finance Corp.
8.63%, 09/15/2015		5,500		6,192
JPMorgan Chase & Co.—Series 1
7.90%, 04/30/2018 * ž		2,780		3,202
Marina District Finance Co., Inc.
9.50%, 10/15/2015 ^		2,044		2,067
Nuveen Investments, Inc.
9.13%, 10/15/2017—144A		990		989
9.50%, 10/15/2020—144A		1,980		1,995
Rivers Pittsburgh Borrower, LP/Rivers Pittsburgh Finance Corp.
9.50%, 06/15/2019—144A		970		1,048
Diversified Telecommunication Services—6.6%
Cincinnati Bell, Inc.
8.38%, 10/15/2020 ^		3,639		3,912
Frontier Communications Corp.
9.00%, 08/15/2031		7,849		8,378
Hughes Satellite Systems Corp.
6.50%, 06/15/2019		2,225		2,381
7.63%, 06/15/2021		1,050		1,168
Intelsat Jackson Holdings SA
8.50%, 11/01/2019		1,320		1,482
Level 3 Communications, Inc.
8.88%, 06/01/2019—144A ^		300		315
Level 3 Financing, Inc.
8.13%, 07/01/2019 §		6,440		6,875
PAETEC Holding Corp.
8.88%, 06/30/2017		4,065		4,380
Sprint Capital Corp.
8.75%, 03/15/2032		6,192		7,306
Wind Acquisition Finance SA
7.25%, 02/15/2018—144A		2,130		2,077
11.75%, 07/15/2017—144A		500		488
Windstream Corp.
7.50%, 04/01/2023		5,139		5,409
7.75%, 10/15/2020		2,441		2,630
Electric Utilities—3.0%
Elwood Energy LLC
8.16%, 07/05/2026		4,517		4,625
Homer City Funding LLC
8.14%, 10/01/2019 Џ		1,260		1,379
8.73%, 10/01/2026 Џ		6,075		6,653
InterGen NV
9.00%, 06/30/2017—144A		2,000		1,895
LSP Energy, LP / LSP Batesville Funding Corp.
7.16%, 01/15/2014 Ə Џ		1,666		1,666
8.16%, 07/15/2025 Ə Џ		750		750
Red Oak Power LLC—Series B
9.20%, 11/30/2029		3,440		3,732
Electrical Equipment—0.3%
Belden, Inc.
5.50%, 09/01/2022—144A		2,000		2,035

	Principal (000’s)		Value (000’s)
Electronic Equipment & Instruments—0.7%
NXP BV / NXP Funding LLC
9.75%, 08/01/2018—144A	$	3,925	$	4,582
Energy Equipment & Services—2.6%
Drill Rigs Holdings, Inc.
6.50%, 10/01/2017—144A		752		748
NuStar Logistics, LP
4.80%, 09/01/2020		3,020		2,957
7.90%, 04/15/2018		4,101		4,656
Regency Energy Partners, LP / Regency Energy Finance Corp.
6.88%, 12/01/2018		1,823		1,960
Seadrill, Ltd.
5.63%, 09/15/2017—144A		1,750		1,750
Stallion Oilfield Holdings, Ltd.
10.50%, 02/15/2015		5,655		6,023
Food & Staples Retailing—1.2%
Rite Aid Corp.
7.50%, 03/01/2017		2,000		2,055
7.70%, 02/15/2027		721		595
10.25%, 10/15/2019		1,575		1,799
10.38%, 07/15/2016 ^		3,400		3,587
Food Products—1.2%
Dole Food Co., Inc.
8.00%, 10/01/2016—144A		4,170		4,352
Harmony Foods Corp.
10.00%, 05/01/2016—144A		571		608
Post Holdings, Inc.
7.38%, 02/15/2022—144A ^		1,920		2,038
Simmons Foods, Inc.
10.50%, 11/01/2017—144A		1,497		1,276
Gas Utilities—0.2%
Star Gas Partners, LP / Star Gas Finance Co.
8.88%, 12/01/2017		1,046		1,088
Health Care Equipment & Supplies—1.4%
Accellent, Inc.
10.00%, 11/01/2017		975		746
Biomet, Inc.
6.50%, 08/01/2020—144A		3,518		3,632
Hologic, Inc.
6.25%, 08/01/2020—144A		2,811		2,980
Kinetic Concepts, Inc. / KCI USA, Inc.
10.50%, 11/01/2018—144A		2,479		2,640
Health Care Providers & Services—6.0%
CHS/Community Health Systems, Inc.
7.13%, 07/15/2020		2,490		2,633
8.00%, 11/15/2019		7,900		8,521
DaVita, Inc.
6.38%, 11/01/2018 ^		4,500		4,804
Fresenius Medical Care U.S. Finance II, Inc.
5.63%, 07/31/2019—144A		2,525		2,658
5.88%, 01/31/2022—144A		700		745
GCB U.S. Oncology, Inc. (Escrow Shares)
08/15/2017		4,970		112
HCA Holdings, Inc.
7.75%, 05/15/2021 ^		1,499		1,615
HCA, Inc.
6.50%, 02/15/2020		1,300		1,437
7.50%, 02/15/2022		6,074		6,787
7.88%, 02/15/2020		2,750		3,073

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page    67

Transamerica High Yield Bond

(formerly, Transamerica AEGON High Yield Bond)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

	Principal (000’s)		Value (000’s)
Health Care Providers & Services (continued)
HealthSouth Corp.
7.75%, 09/15/2022	$	4,574	$	5,009
LifePoint Hospitals, Inc.
6.63%, 10/01/2020 ^		4,200		4,536
Hotels, Restaurants & Leisure—6.4%
Ameristar Casinos, Inc.
7.50%, 04/15/2021—144A		372		398
7.50%, 04/15/2021 ^		4,275		4,574
Caesars Entertainment Operating Co., Inc.
10.00%, 12/15/2018		3,725		2,328
12.75%, 04/15/2018		6,500		4,713
CityCenter Holdings LLC / CityCenter Finance Corp.
10.75%, 01/15/2017 ^		1,749		1,849
GWR Operating Partnership LLP
10.88%, 04/01/2017		5,465		6,230
Mashantucket Western Pequot Tribe
8.50%, 11/15/2015—144A Џ ‡		6,600		792
MGM Resorts International
10.00%, 11/01/2016 ^		3,575		4,076
11.38%, 03/01/2018		7,814		9,182
Royal Caribbean Cruises, Ltd.
7.25%, 06/15/2016 ^		1,475		1,667
Seneca Gaming Corp.
8.25%, 12/01/2018—144A		1,000		1,054
Viking Cruises, Ltd.
8.50%, 10/15/2022—144A		2,071		2,138
WMG Acquisition Corp.
6.00%, 01/15/2021—144A		2,918		2,925
Wynn Las Vegas LLC
7.75%, 08/15/2020 ^		2,502		2,808
Household Durables—3.8%
Beazer Homes USA, Inc.
6.63%, 04/15/2018—144A		3,100		3,317
9.13%, 06/15/2018		5,310		5,570
Jarden Corp.
7.50%, 05/01/2017—01/15/2020		4,512		4,991
KB Home
9.10%, 09/15/2017		3,816		4,398
Meritage Homes Corp.
7.15%, 04/15/2020		3,646		3,992
Standard Pacific Corp.
8.38%, 05/15/2018 ^		675		786
8.38%, 01/15/2021		2,725		3,161
Household Products—1.1%
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu
5.75%, 10/15/2020—144A		745		752
6.88%, 02/15/2021		300		319
7.13%, 04/15/2019		5,923		6,308
Independent Power Producers & Energy Traders—2.1%
Calpine Corp.
7.25%, 10/15/2017—144A		4,365		4,626
7.88%, 07/31/2020—144A		1,725		1,889
Edison Mission Energy
7.20%, 05/15/2019		3,650		1,789
NRG Energy, Inc.
7.63%, 05/15/2019		1,950		2,077
7.88%, 05/15/2021		2,250		2,464
8.25%, 09/01/2020 ^		1,900		2,095

	Principal (000’s)		Value (000’s)
Insurance—1.6%
Genworth Financial, Inc.
6.15%, 11/15/2066 *	$	3,584	$	2,455
Lincoln National Corp.
7.00%, 05/17/2066 *^		8,350		8,559
IT Services—1.4%
SunGard Data Systems, Inc.
6.63%, 11/01/2019—144A		1,000		1,009
7.38%, 11/15/2018		2,275		2,448
7.63%, 11/15/2020 ^		4,960		5,388
Unisys Corp.
6.25%, 08/15/2017 ^		758		792
Media—7.4%
Cablevision Systems Corp.
7.75%, 04/15/2018 ^		2,225		2,473
8.63%, 09/15/2017		3,745		4,372
CCO Holdings LLC / CCO Holdings Capital Corp.
6.50%, 04/30/2021 ^		800		850
7.00%, 01/15/2019		2,500		2,688
7.25%, 10/30/2017 ^		2,500		2,731
7.38%, 06/01/2020 ^		1,500		1,680
7.88%, 04/30/2018 ^		450		486
Cequel Communications Escrow 1 LLC / Cequel Communications Escrow Capital Corp.
6.38%, 09/15/2020—144A		755		764
Cequel Communications Holdings I LLC / Cequel Capital Corp.
8.63%, 11/15/2017—144A		3,000		3,210
Clear Channel Worldwide Holdings, Inc.
7.63%, 03/15/2020 ^		5,851		5,573
9.25%, 12/15/2017		475		509
Clear Channel Worldwide Holdings, Inc. Series A
7.63%, 03/15/2020		500		471
Clear Channel Worldwide Holdings, Inc. Series B
9.25%, 12/15/2017		6,250		6,703
DISH DBS Corp.
4.63%, 07/15/2017		5,072		5,231
5.88%, 07/15/2022		983		1,032
7.13%, 02/01/2016		1,000		1,118
7.75%, 05/31/2015 ^		468		527
7.88%, 09/01/2019		1,700		1,993
Nara Cable Funding, Ltd.
8.88%, 12/01/2018—144A		1,510		1,427
ONO Finance II PLC
10.88%, 07/15/2019—144A		1,500		1,305
Univision Communications, Inc.
7.88%, 11/01/2020—144A		2,915		3,090
8.50%, 05/15/2021—144A ^		3,985		4,005
Metals & Mining—0.7%
AK Steel Corp.
8.38%, 04/01/2022 ^		2,467		2,085
American Gilsonite Co.
11.50%, 09/01/2017—144A		565		588
FMG Resources August 2006 Pty, Ltd.
8.25%, 11/01/2019—144A ^		2,490		2,489
Multiline Retail—0.7%
JC Penney Corp., Inc.
7.13%, 11/15/2023 ^		3,375		3,312
7.40%, 04/01/2037		1,350		1,286

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page    68

Transamerica High Yield Bond

(formerly, Transamerica AEGON High Yield Bond)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

	Principal (000’s)		Value (000’s)
Oil, Gas & Consumable Fuels—6.1%
Chesapeake Energy Corp.
6.63%, 08/15/2020 §	$	2,035	$	2,137
Connacher Oil and Gas, Ltd.
8.50%, 08/01/2019—144A ^		1,680		1,382
CONSOL Energy, Inc.
6.38%, 03/01/2021 ^		540		537
8.00%, 04/01/2017 ^		750		793
8.25%, 04/01/2020 ^		2,000		2,120
Continental Resources, Inc.
7.13%, 04/01/2021		650		731
8.25%, 10/01/2019		2,460		2,774
El Paso LLC
7.25%, 06/01/2018		5,475		6,322
Energy Transfer Equity, LP
7.50%, 10/15/2020 ^		5,121		5,825
Kinder Morgan Finance Co., ULC
5.70%, 01/05/2016		2,160		2,365
Linn Energy LLC / Linn Energy Finance Corp.
6.25%, 11/01/2019—144A ^		2,300		2,300
7.75%, 02/01/2021		1,740		1,857
8.63%, 04/15/2020		2,340		2,559
Newfield Exploration Co.
5.63%, 07/01/2024		677		723
6.88%, 02/01/2020		1,238		1,340
7.13%, 05/15/2018		295		310
Plains Exploration & Production Co.
6.13%, 06/15/2019		1,960		1,955
6.50%, 11/15/2020 ^		2,118		2,118
6.75%, 02/01/2022		1,215		1,221
SM Energy Co.
6.50%, 11/15/2021—01/01/2023		2,890		3,037
Paper & Forest Products—0.5%
Ainsworth Lumber Co., Ltd.
11.00%, 07/29/2015—144A		1,044		1,016
Boise Cascade LLC/Boise Cascade Finance Corp.
6.38%, 11/01/2020—144A ^		2,698		2,738
Pharmaceuticals—1.3%
Mylan, Inc.
6.00%, 11/15/2018—144A		2,355		2,507
7.88%, 07/15/2020—144A		1,695		1,913
Valeant Pharmaceuticals International, Inc.
6.75%, 08/15/2021—144A ^		2,170		2,306
6.88%, 12/01/2018—144A		1,100		1,173
7.00%, 10/01/2020—144A		900		969
Real Estate Investment Trusts—1.1%
Entertainment Properties Trust
5.75%, 08/15/2022		2,686		2,815
Host Hotels & Resorts, LP
5.88%, 06/15/2019		700		770
6.00%, 10/01/2021		3,000		3,480
9.00%, 05/15/2017		450		488
Real Estate Management & Development—1.0%
Algeco Scotsman Global Finance PLC
8.50%, 10/15/2018—144A ^		3,415		3,518
Realogy Corp.
11.50%, 04/15/2017 §		2,890		3,121
Road & Rail—1.8%
Aviation Capital Group Corp.
6.75%, 04/06/2021—144A		2,497		2,594
7.13%, 10/15/2020—144A		1,255		1,319

	Principal (000’s)		Value (000’s)
Road & Rail (continued)
Avis Budget Car Rental LLC / Avis Budget Finance, Inc.
8.25%, 01/15/2019 ^	$	1,035	$	1,129
9.75%, 03/15/2020		3,605		4,105
Hertz Corp.
6.75%, 04/15/2019 ^		2,000		2,123
7.50%, 10/15/2018		900		977
Semiconductors & Semiconductor Equipment—0.8%
Freescale Semiconductor, Inc.
9.25%, 04/15/2018—144A		2,900		3,103
10.13%, 03/15/2018—144A		2,138		2,309
Software—1.6%
First Data Corp.
6.75%, 11/01/2020—144A		3,650		3,650
8.75%, 01/15/2022—144A ^		2,717		2,744
12.63%, 01/15/2021		4,418		4,562
Specialty Retail—1.0%
Brookstone Co., Inc.
13.00%, 10/15/2014—144A		1,570		1,450
Claire’s Stores, Inc.
9.00%, 03/15/2019—144A		3,628		3,788
9.25%, 06/01/2015		135		122
9.63%, 06/01/2015		1,968		1,788
Textiles, Apparel & Luxury Goods—1.6%
Jones Group, Inc.
6.13%, 11/15/2034		6,897		5,803
Levi Strauss & Co.
6.88%, 05/01/2022 ^		3,985		4,139
PVH Corp.
7.38%, 05/15/2020 ^		1,175		1,316
Tobacco—0.1%
North Atlantic Trading Co.
11.50%, 07/15/2016—144A		370		374
Wireless Telecommunication Services—2.0%
Cricket Communications, Inc.
7.75%, 05/15/2016		3,508		3,710
7.75%, 10/15/2020 ^		2,257		2,328
SBA Communications Corp.
5.63%, 10/01/2019—144A		575		584
Sprint Nextel Corp.
8.38%, 08/15/2017 ^		6,040		7,006
Total Corporate Debt Securities (cost $607,058)				629,643
STRUCTURED NOTES DEBT—0.8%
Commercial Banks—0.8%
Goldman Sachs Capital II
4.00%, 06/01/2043 *		6,795		5,371
Total Structured Notes Debt (cost $4,603)
LOAN ASSIGNMENTS—0.7%
Communications Equipment—0.1%
Sorenson Communications, Inc.
6.00%, 08/16/2013 * §		952		935
Diversified Telecommunication Services—0.4%
Level 3 Financing, Inc.
4.75%, 02/01/2016 *		2,600		2,631
Oil, Gas & Consumable Fuels—0.1%
Chesapeake Energy Corp.
8.50%, 12/01/2017 *		610		610

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page    69

Transamerica High Yield Bond

(formerly, Transamerica AEGON High Yield Bond)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

	Principal (000’s)		Value (000’s)
Real Estate Management & Development—0.1%
Realogy Corp.
—, 10/10/2016 * ь	$	900	$	897
Total Loan Assignments (cost $4,997)				5,073
	Shares		Value (000’s)
PREFERRED STOCKS—2.3%
Consumer Finance—1.1%
Ally Financial, Inc., 7.00%—144A		3,053		2,942
Ally Financial, Inc., 8.50% *		199,750		5,004
Diversified Financial Services—0.5%
GMAC Capital Trust I, 8.13% *		132,475		3,463
Insurance—0.7%
Hartford Financial Services Group, Inc.,
7.88% * ‡ ^		164,681		4,672
Total Preferred Stocks (cost $13,646)				16,081
COMMON STOCKS—1.1%
Automobiles—0.1%
General Motors Co. ‡ ^		11,558		295
Motors Liquidation Co. GUC Trust ‡		2,901		58
Independent Power Producers & Energy Traders—0.8%
Dynegy, Inc. ‡ ^		341,179		6,379
IT Services—0.2%
Unisys Corp. ‡ ^		61,972		1,057
Total Common Stocks (cost $13,045)				7,789

	Shares		Value (000’s)
WARRANTS—0.0% ¥
Automobiles—0.0% ¥
General Motors Co. ‡
Expiration: 07/10/2019
Exercise Price: $18.33		203	$	2
General Motors Co. ‡
Expiration: 07/10/2016
Exercise Price: $10.00		203		3
Total Warrants (cost $—)				5
SECURITIES LENDING COLLATERAL—15.0%
State Street Navigator Securities Lending Trust—Prime Portfolio, 0.31% p		104,412,013		104,412
Total Securities Lending Collateral (cost $104,412)
	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT—5.0%
State Street Bank & Trust Co. 0.03% p, dated 10/31/2012, to be repurchased at $34,635 on 11/01/2012. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 08/01/2026, and with a value of $35,329.	$	34,635		34,635
Total Repurchase Agreement (cost $34,635)
Total Investment Securities (cost $782,396) P				803,009
Other Assets and Liabilities—Net				(106,586	)
Net Assets			$	696,423

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

^ All or a portion of this security is on loan. The value of all securities on loan is $102,073.

Ə Fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. Total aggregate market value of fair valued securities is $2,416, or 0.35% of the fund’s net assets.

* Floating or variable rate note. Rate is listed as of 10/31/2012.

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

Џ In default.

‡ Non-income producing security.

¥ Percentage rounds to less than 0.1%.

p Rate shown reflects the yield at 10/31/2012.

Payment in-kind. Securities pay interest or dividends in the form of additional bonds or preferred stock.

¿ Amount rounds to less than 1.

§ Illiquid. Total aggregate market value of illiquid securities is $13,068, or 1.88% of the fund’s net assets.

ь All or a portion of this security represents unsettled loan commitment at 10/31/2012 where the rate will be determined at time of settlement.

P Aggregate cost for federal income tax purposes is $782,498. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $37,794 and 17,283, respectively. Net unrealized appreciation for tax purposes is $20,511.

DEFINITION (all amounts in thousands):

144A 144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 10/31/2012, these securities aggregated $152,007, or 21.83% of the fund’s net assets.

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page    70

Transamerica High Yield Bond

(formerly, Transamerica AEGON High Yield Bond)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 10/31/2012
Common Stocks	$	7,789	$	—	$	—	$	7,789
Corporate Debt Securities		—		629,643		¿		629,643
Loan Assignments		—		5,073		—		5,073
Preferred Stocks		16,081		—		—		16,081
Repurchase Agreement		—		34,635		—		34,635
Securities Lending Collateral		104,412		—		—		104,412
Structured Notes Debt		—		5,371		—		5,371
Warrants		5		—		—		5
Total	$	128,287	$	674,722	$	—	$	803,009

Level 3 Rollforward—Investment Securities

Securities

Beginning Balance at 10/31/2011

Purchases

Sales

Accrued Discounts/ (Premiums)

Total Realized Gain/ (Loss)

Net Change in Unrealized Appreciation/ (Depreciation) ƒ

Transfers into Level 3

Transfers out of Level 3

Ending Balance at 10/31/2012 ₪

Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at 10/31/2012 ƒ

Corporate Debt Securities

$

¿

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

¿

$

—

' Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of Levels 1 and 2 during the period ended 10/31/2012. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

ƒ Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at 10/31/2012 may be due to an investment no longer held or categorized as Level 3 at period end.

₪ Inputs used in the valuation of the Level 3 securities were not considered significant unobservable inputs.

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page    71

Transamerica International Bond

(formerly, Transamerica JPMorgan International Bond)

SCHEDULE OF INVESTMENTS

At October 31, 2012

	Principal (000’s)		Value (000’s)
FOREIGN GOVERNMENT OBLIGATIONS—72.9%
Australia—1.4%
New South Wales Treasury Corp.
5.50%, 03/01/2017		AUD2,450	$	2,782
Austria—1.7%
Austria Government Bond
3.20%, 02/20/2017—144A		EUR2,330		3,339
Belgium—2.9%
Belgium Government Bond
4.00%, 03/28/2018		2,470		3,646
4.25%, 09/28/2021		1,350		2,033
Brazil—1.4%
Brazil Notas do Tesouro Nacional
10.00%, 01/01/2013		BRL5,480		2,708
Canada—4.6%
Canadian Government Bond
2.50%, 06/01/2015		CAD900		933
3.25%, 06/01/2021		5,670		6,394
5.00%, 06/01/2037		590		874
5.75%, 06/01/2033		383		596
Denmark—1.0%
Denmark Government Bond
4.00%, 11/15/2019		DKK9,050		1,909
France—7.3%
Caisse d’Amortissement de la Dette Sociale
3.75%, 09/08/2014		GBP1,000		1,697
3.75%, 10/25/2020		EUR1,220		1,789
France Government Bond O.A.T.
3.00%, 04/25/2022		EUR4,100		5,700
4.50%, 04/25/2041		1,600		2,591
5.75%, 10/25/2032		1,368		2,510
Germany—8.3%
Bundesrepublik Deutschland
1.75%, 07/04/2022		8,700		11,588
4.00%, 01/04/2037		2,600		4,462
Italy—8.3%
Italy Buoni Poliennali del Tesoro
4.00%, 09/01/2020—02/01/2037		8,525		10,365
4.25%, 08/01/2014		2,500		3,346
5.25%, 08/01/2017		1,800		2,487
Japan—20.4%
10-Year Japan Government Bond
1.10%, 06/20/2021		JPY330,000		4,298
Japan Government Bond
1.30%, 03/20/2015		1,024,000		13,191
2.10%, 12/20/2026—09/20/2028		799,900		11,067
2.20%, 09/20/2039—03/20/2041		812,000		10,821
Mexico—0.5%
United Mexican States
9.50%, 12/18/2014		MXN11,000		916
Netherlands—2.5%
Netherlands Government Bond
3.25%, 07/15/2015—07/15/2021—144A		EUR2,160		3,107
3.75%, 01/15/2042—144A		335		548
4.50%, 07/15/2017—144A		560		852
5.50%, 01/15/2028—144A		175		322
Spain—4.1%
Spain Government Bond
3.00%, 04/30/2015		1,300		1,670
3.15%, 01/31/2016		500		636
4.60%, 07/30/2019		3,030		3,851
4.90%, 07/30/2040		710		738
5.50%, 07/30/2017		750		1,017

	Principal (000’s)		Value (000’s)
Supranational—3.5%
European Investment Bank
3.13%, 10/15/2015		EUR1,900	$	2,662
4.25%, 10/15/2014		2,875		4,022
Sweden—1.2%
Sweden Government Bond
4.50%, 08/12/2015		SEK14,000		2,322
United Kingdom—3.8%
United Kingdom Gilt
4.25%, 06/07/2032		GBP615		1,222
4.50%, 12/07/2042		3,030		6,211
Total Foreign Government Obligations (cost $135,372)				141,222
MORTGAGE-BACKED SECURITY—1.4%
Spain—1.4%
Union de Creditos Inmobiliarios
Series 15, Class A—Reg S
0.39%, 12/18/2048 * §		EUR3,401		2,773
Total Mortgage-Backed Security (cost $4,617)
CORPORATE DEBT SECURITIES—21.9%
Australia—2.1%
Commonwealth Bank of Australia
2.63%, 01/12/2017—Reg S		1,400		1,939
Suncorp-Metway, Ltd.
4.00%, 01/16/2014		GBP1,290		2,164
Canada—0.4%
Toronto-Dominion Bank
5.38%, 05/14/2015		EUR600		866
Finland—1.1%
Nordea Bank Finland PLC
2.25%, 11/16/2015		1,600		2,174
France—2.4%
BNP Paribas Home Loan SFH
3.38%, 01/12/2017		1,600		2,278
Cie de Financement Foncier SA
4.75%, 06/25/2015 ^		1,600		2,286
Germany—3.8%
KFW
2.05%, 02/16/2026		JPY99,000		1,381
2.60%, 06/20/2037		112,000		1,609
5.50%, 12/07/2015		GBP2,350		4,338
Netherlands—4.1%
Fortis Bank Nederland NV
3.38%, 05/19/2014		EUR2,200		2,989
ING Bank NV
3.00%, 09/30/2014		1,550		2,105
LeasePlan Corp. NV
3.25%, 05/22/2014		2,050		2,779
Norway—2.1%
Sparebank 1 Boligkreditt AS
2.50%, 06/23/2015		1,500		2,042
Sparebanken Vest Boligkreditt AS
2.50%, 06/09/2015		1,400		1,898
Sweden—1.4%
Stadshypotek AB
2.75%, 04/30/2015		2,000		2,735
Switzerland—1.2%
Credit Suisse AG
2.63%, 12/01/2015		1,700		2,341
United Kingdom—3.3%
Abbey National Treasury Services PLC
3.38%, 06/08/2015		1,250		1,726

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page    72

Transamerica International Bond

(formerly, Transamerica JPMorgan International Bond)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

	Principal (000’s)		Value (000’s)
United Kingdom (continued)
Bank of Scotland PLC
4.75%, 01/26/2015		EUR800	$	1,132
Barclays Bank PLC
3.63%, 04/13/2016		1,400		1,992
Royal Bank of Scotland PLC
4.00%, 03/15/2016—Reg S		1,150		1,644
Total Corporate Debt Securities (cost $41,395)				42,418
SECURITIES LENDING COLLATERAL—1.1%
State Street Navigator Securities Lending Trust—Prime Portfolio, 0.31% 		2,223,150		2,223
Total Securities Lending Collateral (cost $2,223)

	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT—1.9%
State Street Bank & Trust Co. 0.03% , dated 10/31/2012, to be repurchased at $3,685 on 11/01/2012. Collateralized by a U.S. Government Agency Obligation, 3.00%, due 12/01/2026, and with a value of $3,763.	$	3,685	$	3,685
Total Repurchase Agreement (cost $34,635)
Total Investment Securities (cost $187,292) P				192,321
Other Assets and Liabilities—Net				1,459
Net Assets			$	193,780

INVESTMENTS BY INDUSTRY (unaudited):	Percentage of Total Investment Securities			Value (000’s)
Foreign Government Obligations		73.4	%	$	141,222
Commercial Banks		16.1			30,958
Diversified Financial Services		4 .8			9,296
Mortgage-Backed Security		1 .5			2,773
Insurance		1 .1			2,164
Investment Securities, at Value		96.9			186,413
Short-Term Investments		3 .1			5,908
Total Investments		100.0	%	$	192,321

FUTURES CONTRACTS: g

Description	Type		Contracts			Expiration Date		Unrealized Appreciation (Depreciation) (000’s)
10-Year Government of Canada Bond		Short		(38	)		12/18/2012	$	(40	)
10-Year Japan Government Bond		Long		23			12/11/2012		91
3-Year Australian Treasury Bond		Long		4			12/17/2012		¨
German Euro BOBL		Short		(24	)		12/06/2012		(¨	)
German Euro Bund		Short		(98	)		12/06/2012		68
German Euro Schatz		Short		(223	)		12/06/2012		41
U.K. Long Gilt Bond		Long		51			12/27/2012		(91	)
								$	69

FORWARD FOREIGN CURRENCY CONTRACTS:

Currency	Counterparty	Contracts Bought (Sold) (000’s)			Settlement Date		Amount in U.S. Dollars Bought (Sold) (000’s)			Net Unrealized Appreciation (Depreciation) (000’s)
AUD	BCLY		324			12/06/2012	$	333		$	2
AUD	GSC		(2,553	)		12/06/2012		(2,639	)		(3	)
BRL	CITI		(6,494	)		12/06/2012		(3,172	)		(10	)
CAD	TDB		(1,123	)		12/06/2012		(1,143	)		20
DKK	RBS		(1,950	)		12/06/2012		(338	)		(1	)
EUR	BNP		2,300			12/06/2012		2,969			13
EUR	CITI		(36,097	)		12/06/2012		(46,674	)		(129	)
EUR	CITI		(338	)		12/06/2012		(437	)		(1	)
EUR	DUB		(212	)		12/06/2012		(274	)		(¨	)
GBP	SSB		3,681			12/06/2012		5,959			(20	)
JPY	GSC		3,678,035			12/06/2012		47,409			(1,321	)
JPY	UBS		(99,643	)		12/06/2012		(1,269	)		20
JPY	UBS		99,404			12/06/2012		1,240			6
JPY	UBS		108,709			12/06/2012		1,363			(1	)
MXN	GSC		(12,567	)		12/06/2012		(972	)		16
NOK	RBC		(1,746	)		12/06/2012		(306	)		¨
NOK	RBS		6,783			12/06/2012		1,187			1
NOK	CSFB		(1,584	)		12/06/2012		(275	)		(3	)
NZD	WBC		3,652			12/06/2012		3,026			(30	)
SEK	RBS		(15,145	)		12/06/2012		(2,314	)		34
										$	(1,407	)

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page    73

Transamerica International Bond

(formerly, Transamerica JPMorgan International Bond)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

FORWARD FOREIGN CROSS CURRENCY CONTRACTS:

Currency	Counterparty	Contracts Bought (Sold) (000’s)			Settlement Date		Amount in U.S. Dollars Bought (Sold) (000’s)			Net Unrealized Appreciation (Depreciation) (000’s)
AUD	SSB		592			12/06/2012	$	614		$	(1	)
NOK	SSB		(3,453	)		12/06/2012		(614	)		9
AUD	RBC		1,355			12/06/2012		1,406			(4	)
CAD	RBC		(1,385	)		12/06/2012		(1,406	)		20
AUD	DUB		1,379			12/06/2012		1,407			20
NZD	DUB		(1,728	)		12/06/2012		(1,407	)		(10	)
AUD	UBS		1,433			12/06/2012		1,466			17
NZD	UBS		(1,806	)		12/06/2012		(1,466	)		(16	)
EUR	DUB		1,042			12/06/2012		1,365			(13	)
CAD	DUB		(1,349	)		12/06/2012		(1,365	)		15
EUR	UBS		1,163			12/06/2012		1,515			(7	)
CAD	UBS		(1,498	)		12/06/2012		(1,515	)		16
EUR	DUB		1,169			12/06/2012		1,504			12
GBP	DUB		(934	)		12/06/2012		(1,504	)		(3	)
JPY	CITI		27,737			12/06/2012		346			2
EUR	CITI		(268	)		12/06/2012		(346	)		(2	)
MXN	UBS		12,567			12/06/2012		990			(34	)
EUR	UBS		(753	)		12/06/2012		(990	)		14
										$	35

Collateral (Received) Pledged for OTC Financial Derivative Instruments

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received) pledged as of 10/31/2012:

Counterparty	Total Market Value of OTC Derivatives (000’s)			Collateral (Received) Pledged (000’s)		Net Exposures (1) (000’s)
BCLY	$	2		$	—	$	2
BNP		13			—		13
CITI		(140	)		—		(140	)
CSFB		(3	)		—		(3	)
DUB		21			—		21
GSC		(1,308	)		—		(1,308	)
RBC		16			—		16
RBS		34			—		34
SSB		(12	)		—		(12	)
TDB		20			—		20
UBS		12			—		12

⁽¹⁾ Net exposure represents the net receivable (payable) that would be due from/to the counterparty in the event of default.

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

* Floating or variable rate note. Rate is listed as of 10/31/2012.

§ Illiquid. Total aggregate market value of illiquid securities is $2,773, or 1.43% of the fund’s net assets.

^ All or a portion of this security is on loan. The value of all securities on loan is $2,180.

 Rate shown reflects the yield at 10/31/2012.

g Cash, in the amount of $1,098, has been segregated as collateral with the broker to cover margin requirements for open futures contracts.

¨ Amount rounds to less than 1.

P Aggregate cost for federal income tax purposes is $187,374. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $9,259 and $4,312, respectively. Net unrealized appreciation for tax purposes is $4,947.

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page    74

Transamerica International Bond

(formerly, Transamerica JPMorgan International Bond)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

DEFINITIONS (all amounts in thousands):

144A	144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 10/31/2012, these securities aggregated $8,168, or 4.22% of the fund’s net assets.
BCLY	Barclays Bank PLC
BNP	BNP Paribas Bank
CITI	Citigroup, Inc.
CSFB	Credit Suisse First Boston
DUB	Deutsche Bank AG
GSC	Goldman Sachs & Co.
RBC	Royal Bank of Canada
RBS	Royal Bank of Scotland Group PLC
SSB	State Street Bank
TDB	Toronto Dominion Bank
UBS	UBS Warburg LLC
WBC	Westpac Banking Corporation

CURRENCY ABBREVIATIONS:

AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
DKK	Danish Krone
EUR	Euro
GBP	Pound Sterling
JPY	Japanese Yen
MXN	Mexican Peso
NOK	Norwegian Krone
NZD	New Zealand Dollar
SEK	Swedish Krona

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1  - Quoted Prices		Level 2  - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 10/31/2012
Corporate Debt Securities	$	—	$	42,418	$	—	$	42,418
Foreign Government Obligations		—		141,222		—		141,222
Mortgage-Backed Security		—		2,773		—		2,773
Repurchase Agreement		—		3,685		—		3,685
Securities Lending Collateral		2,223		—		—		2,223
Total	$	2,223	$	190,098	$	—	$	192,321

Other Financial Instruments ₣	Level 1  - Quoted Prices			Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value at 10/31/2012
Futures Contracts—Appreciation	$	200		$	—		$	—	$	200
Futures Contracts—Depreciation		(131	)		—			—		(131	)
Forward Foreign Cross Currency Contracts—Appreciation		—			125			—		125
Forward Foreign Cross Currency Contracts—Depreciation		—			(90	)		—		(90	)
Forward Foreign Currency Contracts—Appreciation		—			112			—		112
Forward Foreign Currency Contracts—Depreciation		—			(1,519	)		—		(1,519	)
Total	$	69		$	(1,372	)	$	—	$	(1,303	)

' Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of Levels 1 and 2 during the period ended 10/31/2012. 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		Annual Report 2012
	Page    75

Transamerica International Equity

(formerly, Transamerica TS&W International Equity)

SCHEDULE OF INVESTMENTS

At October 31, 2012

			Value
	Shares		(000’s)
PREFERRED STOCK—0.8%
Russian Federation—0.8%
Sberbank of Russia, 3.65% p		1,074,100	$	2,207
Total Preferred Stock (cost $2,508)
COMMON STOCKS—96.9%
Australia—2.6%
APA Group ^		585,900		3,138
Computershare, Ltd.		418,700		3,777
Belgium—0.9%
Anheuser-Busch InBev NV		26,900		2,249
Canada—1.2%
Barrick Gold Corp.		76,200		3,082
France—7.9%
Arkema SA		40,000		3,648
Cie Generale des Etablissements Michelin—Class B		24,200		2,078
Etablissements Maurel et Prom ^		64,500		898
Euler Hermes SA		35,200		2,426
Lagardere SCA		141,200		3,858
Sanofi		45,100		3,965
Societe Generale SA ‡		24,800		788
Vivendi SA		163,383		3,343
Germany—8.8%
Adidas AG		23,900		2,036
Allianz SE		28,900		3,584
Bayer AG		30,165		2,627
Gerresheimer AG ‡		26,200		1,300
HeidelbergCement AG		44,400		2,353
Hochtief AG ‡		24,700		1,225
Rheinmetall AG		25,895		1,236
Siemens AG		50,900		5,115
TUI AG ‡ ^		379,700		3,559
Hong Kong—4.0%
First Pacific Co.		2,672,600		2,976
Guangdong Investment, Ltd. ^		4,592,600		3,763
HSBC Holdings PLC		409,824		4,041
Ireland—2.9%
Ryanair Holdings PLC ADR ‡		95,000		3,064
Smurfit Kappa Group PLC		401,400		4,407
Israel—0.8%
Teva Pharmaceutical Industries, Ltd. ADR		52,000		2,102
Italy—4.5%
ENI SpA		167,200		3,838
Exor SpA		100,300		2,584
Pirelli & C. SpA ^		165,000		1,911
Prysmian SpA		181,801		3,497
Japan—18.6%
Air Water, Inc.		253,800		3,179
Aisin Seiki Co., Ltd.		116,800		3,398
Daito Trust Construction Co., Ltd.		25,400		2,564
Fujitsu, Ltd.		586,200		2,254
Fukuoka Financial Group, Inc.		680,300		2,659
Hitachi, Ltd.		762,300		4,039
Japan Petroleum Exploration Co.		43,200		1,626
Jupiter Telecommunications Co., Ltd. ^		2,561		3,481
Kintetsu World Express, Inc. ^		83,700		2,357
Kirin Holdings Co., Ltd.		242,000		3,038
Komatsu, Ltd.		99,500		2,084
Kuraray Co., Ltd. ^		234,700		2,725
Mitsubishi Corp.		143,800		2,567
Nippon Telegraph & Telephone Corp.		101,600		4,626
Nitori Holdings Co., Ltd.		32,200		2,630
ORIX Corp. ^		41,000		4,211
USS Co., Ltd. ^		23,480		2,468
Korea, Republic of—3.1%
Hyundai Home Shopping Network Corp.		14,400		1,710
Kangwon Land, Inc.		141,300		3,291

			Value
	Shares		(000’s)
Korea, Republic of (continued)
SK Telecom Co., Ltd.		24,300	$	3,420
Netherlands—3.4%
Heineken Holding NV		54,100		2,745
Koninklijke Philips Electronics NV		165,900		4,148
Wolters Kluwer NV		103,900		2,011
Russian Federation—0.5%
Gazprom OAO ADR		140,200		1,281
Singapore—1.8%
Noble Group, Ltd.		1,665,000		1,788
SIA Engineering Co., Ltd.		847,500		2,918
Spain—1.6%
Amadeus IT Holding SA—Class A		162,700		4,028
Sweden—5.1%
Investment AB Kinnevik—Class B		140,100		2,676
Investor AB—Class B		201,800		4,452
Saab AB		119,293		2,266
Svenska Cellulosa AB—Class B		207,500		4,042
Switzerland—6.4%
Aryzta AG ‡		58,600		2,926
GAM Holding AG ‡		213,700		2,983
Nestle SA		49,000		3,110
Novartis AG		84,900		5,109
Zurich Insurance Group AG ‡		11,400		2,809
Thailand—0.7%
Bangkok Bank PCL		312,300		1,803
United Kingdom—19.8%
AstraZeneca PLC		41,100		1,909
BHP Billiton PLC ADR ^		42,500		2,719
BP PLC ADR		75,700		3,247
British Sky Broadcasting Group PLC		227,000		2,597
Imperial Tobacco Group PLC		100,900		3,810
Inchcape PLC		515,800		3,346
Inmarsat PLC		224,300		2,051
Johnson Matthey PLC		56,845		2,063
Kingfisher PLC		867,800		4,054
National Grid PLC		342,900		3,909
Resolution, Ltd.		672,400		2,369
Rexam PLC		506,624		3,652
Royal Dutch Shell PLC—Class A		119,200		4,087
Unilever PLC		155,700		5,806
Vodafone Group PLC		1,424,700		3,868
WPP PLC		180,200		2,325
United States—2.3%
Flextronics International, Ltd. ‡ ^		388,905		2,244
Noble Corp. ^		100,800		3,804
Total Common Stocks (cost $244,160)				255,750
SECURITIES LENDING COLLATERAL—6.4%
State Street Navigator Securities Lending Trust—Prime Portfolio, 0.31% p		16,796,939		16,797
Total Securities Lending Collateral (cost $16,797)

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page    76

Transamerica International Equity

(formerly, Transamerica TS&W International Equity)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

	Principal		Value
	(000’s)		(000’s)
REPURCHASE AGREEMENT—1.8%
State Street Bank & Trust Co. 0.03% p, dated 10/31/2012, to be repurchased at $4,724 on 11/01/2012. Collateralized by a U.S. Government Agency Obligation, 3.00%, due 12/01/2026, and with a value of $4,822.	$	4,724	$	4,724
Total Repurchase Agreement (cost $4,724)
Total Investment Securities (cost $268,189) P				279,478
Other Assets and Liabilities—Net				(15,496	)
Net Assets			$	263,982

	Percentage of
	Total Investment			Value
INVESTMENTS BY INDUSTRY (unaudited):	Securities			(000’s)
Media		6.3	%	$	17,615
Pharmaceuticals		5.6			15,712
Oil, Gas & Consumable Fuels		5.4			14,977
Diversified Financial Services		4.5			12,688
Food Products		4.2			11,842
Chemicals		4.2			11,615
Commercial Banks		4.1			11,498
Insurance		4.0			11,188
Industrial Conglomerates		3.8			10,499
Specialty Retail		3.3			9,152
Containers & Packaging		2.9			8,059
Beverages		2.9			8,032
IT Services		2.8			7,805
Auto Components		2.6			7,387
Wireless Telecommunication Services		2.6			7,288
Hotels, Restaurants & Leisure		2.5			6,850
Diversified Telecommunication Services		2.4			6,677
Electronic Equipment & Instruments		2.3			6,283
Metals & Mining		2.1			5,801
Trading Companies & Distributors		1.6			4,355
Consumer Finance		1.5			4,211
Household Products		1.4			4,042
Multi-Utilities		1.4			3,909
Tobacco		1.4			3,810
Energy Equipment & Services		1.4			3,804
Water Utilities		1.3			3,763
Electrical Equipment		1.3			3,497
Distributors		1.2			3,346
Gas Utilities		1.1			3,138
Airlines		1.1			3,064
Capital Markets		1.1			2,983
Transportation Infrastructure		1.0			2,918
Real Estate Management & Development		0.9			2,564
Air Freight & Logistics		0.8			2,357
Construction Materials		0.8			2,353
Aerospace & Defense		0.8			2,266
Computers & Peripherals		0.8			2,254
Machinery		0.7			2,084
Textiles, Apparel & Luxury Goods		0.7			2,036
Internet & Catalog Retail		0.6			1,710
Life Sciences Tools & Services		0.5			1,300
Construction & Engineering		0.4			1,225
Investment Securities, at Value		92.3			257,957
Short-Term Investments		7 .7			21,521
Total Investments		100.0	%	$	279,478

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page    77

Transamerica International Equity

(formerly, Transamerica TS&W International Equity)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

p Rate shown reflects the yield at 10/31/2012.

^ All or a portion of this security is on loan. The value of all securities on loan is $15,990.

‡ Non-income producing security.

P Aggregate cost for federal income tax purposes is $270,364. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $16,899 and $7,785, respectively. Net unrealized appreciation for tax purposes is $9,114.

DEFINITIONS:

ADR American Depositary Receipt

OAO Otkrytoe Aktsionernoe Obschesto (Russian: Open Stock Corporation)

VALUATION SUMMARY (all amounts in thousands): '

			Level 2 -
			Other		Level 3 -
	Level 1 -		Significant		Significant
	Quoted		Observable		Unobservable		Value at
Investment Securities	Prices		Inputs		Inputs		10/31/2012
Common Stocks	$	21,543	$	234,207	$	—	$	255,750
Preferred Stock		—		2,207		—		2,207
Repurchase Agreement		—		4,724		—		4,724
Securities Lending Collateral		16,797		—		—		16,797
Total	$	38,340	$	241,138	$	—	$	279,478

' Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of Levels 1 and 2 during the period ended 10/31/2012. 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		Annual Report 2012
	Page    78

Transamerica Large Cap Growth

SCHEDULE OF INVESTMENTS

At October 31, 2012

			Value
	Shares		(000’s)
COMMON STOCKS—97.7%
Aerospace & Defense—3.4%
Honeywell International, Inc.		36,417	$	2,230
United Technologies Corp.		32,360		2,530
Airlines—0.7%
Delta Air Lines, Inc. ‡		92,436		890
Beverages—3.3%
Coca-Cola Co.		121,446		4,515
Biotechnology—2.1%
Biogen Idec, Inc. ‡		6,688		924
Celgene Corp. ‡		25,803		1,892
Capital Markets—1.1%
BlackRock, Inc.—Class A		7,597		1,441
Chemicals—2.9%
Eastman Chemical Co.		32,605		1,932
Monsanto Co.		23,669		2,037
Commercial Services & Supplies—2.1%
ADT Corp. ‡		14,280		593
Stericycle, Inc. ‡		15,632		1,481
Tyco International, Ltd.		28,561		767
Computers & Peripherals—10.6%
Apple, Inc.		20,538		12,223
EMC Corp. ‡		93,406		2,281
Construction & Engineering—0.8%
Fluor Corp.		20,149		1,125
Consumer Finance—1.3%
American Express Co.		13,441		752
Discover Financial Services		25,043		1,028
Containers & Packaging—1.6%
Ball Corp.		49,972		2,140
Diversified Financial Services—0.5%
NASDAQ OMX Group, Inc.		27,524		655
Diversified Telecommunication Services—1.9%
Verizon Communications, Inc.		57,267		2,556
Energy Equipment & Services—2.6%
Cameron International Corp. ‡		39,440		1,997
Halliburton Co.		47,168		1,523
Food & Staples Retailing—1.9%
Costco Wholesale Corp.		26,418		2,600
Food Products—1.1%
ConAgra Foods, Inc.		54,257		1,511
Health Care Equipment & Supplies—1.4%
Covidien PLC		33,938		1,865
Health Care Providers & Services—2.6%
Express Scripts Holding Co. ‡		44,433		2,735
UnitedHealth Group, Inc.		14,973		838
Hotels, Restaurants & Leisure—4.2%
Brinker International, Inc.		52,119		1,605
Las Vegas Sands Corp.		55,053		2,557
Marriott International, Inc.—Class A		45,493		1,660
Industrial Conglomerates—1.4%
Danaher Corp.		36,081		1,866
Insurance—0.6%
ACE, Ltd.		11,309		889
Internet & Catalog Retail—2.3%
Amazon.com, Inc. ‡		13,660		3,180
Internet Software & Services—3.0%
eBay, Inc. ‡		25,052		1,210
Google, Inc.—Class A ‡		4,299		2,922
IT Services—7.4%
Accenture PLC—Class A		27,273		1,838
International Business Machines Corp.		13,424		2,611
Mastercard, Inc.—Class A		6,814		3,141
Teradata Corp. ‡		20,599		1,407
VeriFone Systems, Inc. ‡		39,597		1,174
Life Sciences Tools & Services—1.0%
Agilent Technologies, Inc.		39,883		1,435

			Value
	Shares		(000’s)
Machinery—1.6%
Cummins, Inc.		20,059	$	1,878
Pentair, Ltd.		6,853		289
Media—4.0%
Comcast Corp.—Class A		84,445		3,168
DIRECTV—Class A ‡		44,032		2,250
Oil, Gas & Consumable Fuels—2.4%
Occidental Petroleum Corp.		23,292		1,839
Pioneer Natural Resources Co.		14,289		1,510
Personal Products—1.0%
Herbalife, Ltd.		25,852		1,328
Pharmaceuticals—3.9%
Abbott Laboratories		54,299		3,558
Allergan, Inc.		20,218		1,818
Road & Rail—2.3%
JB Hunt Transport Services, Inc.		30,019		1,762
Union Pacific Corp.		11,272		1,387
Semiconductors & Semiconductor Equipment—2.1%
Broadcom Corp.—Class A ‡		58,200		1,835
Intel Corp.		46,463		1,005
Software—7.8%
Intuit, Inc.		23,758		1,412
Microsoft Corp.		107,226		3,060
Oracle Corp.		151,159		4,694
VMware, Inc.—Class A ‡		18,418		1,561
Specialty Retail—6.1%
Dick’s Sporting Goods, Inc.		44,767		2,238
Foot Locker, Inc.		59,692		2,000
Lowe’s Cos., Inc.		71,086		2,302
PetSmart, Inc.		28,451		1,889
Tobacco—4.7%
Altria Group, Inc.		73,595		2,340
Philip Morris International, Inc.		45,924		4,067
Total Common Stocks (cost $134,691)				133,746
INVESTMENT COMPANIES—2.1%
Capital Markets—2.1%
iShares Dow Jones US Real Estate Index Fund		22,718		1,454
iShares Russell 1000 Growth Index Fund		21,291		1,379
Total Investment Companies (cost $2,850)				2,833
	Principal		Value
	(000’s)		(000’s)
REPURCHASE AGREEMENT—0.2%
State Street Bank & Trust Co. 0.03% p, dated 10/31/2012, to be repurchased at $243 on 11/01/2012. Collateralized by a U.S. Government Agency Obligation, 3.50%, due 11/25/2038, and with a value of $248.	$	243		243
Total Repurchase Agreement (cost $243)
Total Investment Securities (cost $137,784) P				136,822
Other Assets and Liabilities—Net				(32	)
Net Assets			$	136,790

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page    79

Transamerica Large Cap Growth

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

‡ Non-income producing security.

p Rate shown reflects the yield at 10/31/2012.

P Aggregate cost for federal income tax purposes is $137,799. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $4,004 and $4,981, respectively. Net unrealized depreciation for tax purposes is $977.

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 10/31/2012
Common Stocks	$	133,746	$	—	$	—	$	133,746
Investment Companies		2,833		—		—		2,833
Repurchase Agreement		—		243		—		243
Total	$	136,579	$	243	$	—	$	136,822

' Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of Levels 1 and 2 during the period ended 10/31/2012. 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		Annual Report 2012
	Page    80

Transamerica Large Cap Value

(formerly, Transamerica Quality Value)

SCHEDULE OF INVESTMENTS

At October 31, 2012

			Value
	Shares		(000’s)
COMMON STOCKS—96.1%
Aerospace & Defense—2.7%
Exelis, Inc.		1,548,769	$	17,129
Honeywell International, Inc.		304,568		18,652
Beverages—2.6%
Molson Coors Brewing Co.—Class B		507,499		21,894
PepsiCo, Inc.		173,200		11,992
Capital Markets—2.9%
State Street Corp.		862,015		38,420
Chemicals—1.8%
E.I. du Pont de Nemours & Co.		529,005		23,551
Commercial Banks—1.4%
CIT Group, Inc. ‡		512,355		19,070
Commercial Services & Supplies—1.1%
Tyco International, Ltd.		551,619		14,822
Computers & Peripherals—2.2%
EMC Corp. ‡		1,201,155		29,332
Diversified Financial Services—6.5%
Citigroup, Inc.		572,962		21,423
JPMorgan Chase & Co.		1,568,900		65,392
Diversified Telecommunication Services—3.7%
Verizon Communications, Inc.		1,088,275		48,581
Electric Utilities—6.7%
American Electric Power Co., Inc.		893,174		39,693
Exelon Corp.		1,367,140		48,916
Electrical Equipment—1.5%
Rockwell Automation, Inc.		284,308		20,203
Energy Equipment & Services—4.0%
Halliburton Co.		1,626,306		52,513
Food Products—5.2%
Kraft Foods Group, Inc. ‡		233,968		10,641
Ralcorp Holdings, Inc. ‡		531,037		38,335
Unilever NV—Reg S		539,925		19,810
Health Care Equipment & Supplies—3.3%
Medtronic, Inc.		1,061,895		44,154
Health Care Providers & Services—2.6%
CIGNA Corp.		670,575		34,199
Hotels, Restaurants & Leisure—1.2%
McDonald’s Corp.		182,581		15,848
Household Products—1.7%
Procter & Gamble Co.		322,508		22,330
Industrial Conglomerates—1.7%
General Electric Co.		1,056,650		22,253
Insurance—8.2%
MetLife, Inc.		1,452,255		51,541
Principal Financial Group, Inc.		1,036,100		28,534
Willis Group Holdings PLC		844,175		28,423
Life Sciences Tools & Services—0.7%
Affymetrix, Inc. ‡ ^		2,742,645		8,694
Machinery—4.0%
Briggs & Stratton Corp. ^		306,978		6,063
Eaton Corp. ^		1,005,134		47,462
Metals & Mining—0.5%
Allegheny Technologies, Inc.		247,780		6,529
Multiline Retail—8.6%
Kohl’s Corp.		388,665		20,708
Macy’s, Inc.		1,202,900		45,794
Target Corp.		750,640		47,854
Oil, Gas & Consumable Fuels—11.3%
Anadarko Petroleum Corp.		214,983		14,793
Chevron Corp.		506,350		55,806
Exxon Mobil Corp.		398,193		36,303
Occidental Petroleum Corp.		164,140		12,960
Williams Cos., Inc.		914,054		31,983
Pharmaceuticals—7.9%
Merck & Co., Inc.		952,320		43,454
Pfizer, Inc.		2,460,720		61,198

			Value
	Shares		(000’s)
Software—2.1%
Microsoft Corp.		969,601	$	27,668
Total Common Stocks (cost $1,196,350)				1,274,920
SECURITIES LENDING COLLATERAL—3.8%
State Street Navigator Securities Lending Trust—Prime Portfolio, 0.31% p		51,001,562		51,002
Total Securities Lending Collateral (cost $51,002)
	Principal		Value
	(000’s)		(000’s)
REPURCHASE AGREEMENT—3.8%
State Street Bank & Trust Co. 0.03% p, dated 10/31/2012, to be repurchased at $50,441 on 11/01/2012. Collateralized by U.S. Government Agency Obligations, 4.00%, due 12/25/2038—08/15/2039, and with a total value of $51,451.	$	50,441		50,441
Total Repurchase Agreement (cost $50,441)
Total Investment Securities (cost $1,297,793) P				1,376,363
Other Assets and Liabilities—Net				(49,137	)
Net Assets			$	1,327,226

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page    81

Transamerica Large Cap Value

(formerly, Transamerica Quality Value)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

‡ Non-income producing security.

^ All or a portion of this security is on loan. The value of all securities on loan is $49,903.

p Rate shown reflects the yield at 10/31/2012.

P Aggregate cost for federal income tax purposes is $1,298,766. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $98,263 and $20,666, respectively. Net unrealized appreciation for tax purposes is $77,597.

DEFINITION:

ADR American Depository Receipt

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 10/31/2012
Common Stocks	$	1,274,920	$	—	$	—	$	1,274,920
Repurchase Agreement		—		50,441		—		50,441
Securities Lending Collateral		51,002		—		—		51,002
Total	$	1,325,922	$	50,441	$	—	$	1,376,363

' Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of Levels 1 and 2 during the period ended 10/31/2012. 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		Annual Report 2012
	Page    82

Transamerica Money Market

(formerly, Transamerica AEGON Money Market)

SCHEDULE OF INVESTMENTS

At October 31, 2012

	Principal (000’s)		Value (000’s)
COMMERCIAL PAPER —28.7%
Automobiles—0.5%
VW Credit, Inc.
0.33%, 11/13/2012—144A	$	1,750	$	1,750
0.34%, 11/15/2012—144A		2,000		2,000
Beverages—0.5%
Coca-Cola Co.
0.21%, 12/19/2012—144A		4,100		4,099
Capital Markets—1.6%
Royal Park Investments Funding Corp.
0.75%, 01/14/2013—144A		6,100		6,091
0.84%, 12/03/2012—144A		7,000		6,994
Chemicals—0.2%
Ecolab, Inc.
0.19%, 11/02/2012—144A		1,750		1,750
Commercial Banks—9.5%
Barclays US Funding Corp.
0.16%, 11/01/2012		26,600		26,600
DNB Bank ASA
0.29%, 03/22/2013—144A		4,000		3,995
Mizuho Funding LLC
0.33%, 11/06/2012—144A		3,000		3,000
0.34%, 03/18/2013—144A		5,000		4,994
Skandinaviska Enskilda Banken AB
0.55%, 12/12/2012—144A		3,000		2,998
Societe Generale North America, Inc.
0.31%, 11/01/2012		10,000		10,000
Standard Chartered Bank
0.34%, 01/07/2013—144A		3,000		2,998
0.41%, 11/13/2012—144A		2,000		2,000
Sumitomo Mitsui Banking Corp.
0.36%, 04/12/2013—144A		8,000		7,987
Swedbank AB
0.27%, 03/20/2013		5,000		4,995
0.42%, 12/03/2012		2,700		2,699
0.49%, 11/15/2012		5,000		4,999
Consumer Finance—0.2%
Toyota Motor Credit Corp.
0.24%, 11/23/2012		2,000		2,000
Diversified Financial Services—14.6%
CAFCO LLC
0.16%, 11/02/2012—144A		2,000		2,000
0.20%, 11/05/2012—144A		25,000		24,998
0.34%, 12/04/2012—144A		4,000		3,999
0.64%, 11/01/2012—144A		1,250		1,250
General Electric Capital Corp.
0.34%, 12/17/2012		3,000		2,999
Kells Funding LLC
0.18%, 11/05/2012		2,000		2,000
0.22%, 11/13/2012		7,000		6,999
0.52%, 02/22/2013		5,000		4,992
0.53%, 01/30/2013		3,500		3,495
Mont Blanc Capital Corp.
0.28%, 01/22/2013—01/28/2013—144A		12,000		11,992
0.33%, 01/03/2013—144A		1,263		1,262
0.36%, 11/08/2012—144A		1,000		1,000
0.37%, 11/07/2012—144A		8,000		7,999
Rabobank USA Financial Corp.
0.31%, 11/08/2012		1,400		1,400
0.48%, 02/01/2013		3,000		2,996

	Principal (000’s)		Value (000’s)
Diversified Financial Services (continued)
Rabobank USA Financial Corp. (continued)
0.50%, 01/25/2013	$	3,000	$	2,996
Regency Markets NO. 1 LLC
0.27%, 01/15/2013—144A		7,500		7,496
0.31%, 11/15/2012—144A		2,000		2,000
Royal Park Investments
0.39%, 11/21/2012		8,520		8,518
Salisbury Receivables Co. LLC
0.35%, 01/18/2013—144A		3,000		2,998
Sheffield Receivables Corp.
0.39%, 01/08/2013—144A		7,400		7,395
Straight-A Funding LLC
0.14%, 11/21/2012—144A		3,800		3,800
0.15%, 12/18/2012—144A		5,200		5,199
Energy Equipment & Services—0.5%
Spectra Energy Capital LLC
0.35%, 11/01/2012—144A		3,750		3,750
Multi-Utilities—0.2%
Dominion Resources
0.33%, 11/07/2012—144A		1,400		1,400
Oil, Gas & Consumable Fuels—0.9%
Devon Energy Corp.
0.31%, 11/14/2012—11/26/2012—144A		3,250		3,250
Kinder Morgan Energy Partners, LP
0.37%, 11/08/2012—144A		1,250		1,250
0.40%, 11/09/2012—144A		2,500		2,499
Total Commercial Paper (cost $233,881)				233,881
CERTIFICATES OF DEPOSIT —2.7%
Commercial Banks—2.7%
Barclays Bank PLC
0.91%, 04/02/2013—144A §		4,500		4,500
Mitsubishi UFJ Trust & Banking Corp.
0.34%, 04/29/2013		7,000		7,000
Skandinaviska Enskilda Banken AB
0.60%, 06/07/2013		6,000		6,000
Svenska Handelsbanken
0.58%, 09/25/2013		4,300		4,317
Total Certificates of Deposit (cost $21,817)				21,817
CORPORATE DEBT SECURITIES—1.8%
Commercial Banks—1.8%
Deutsche Bank AG
0.98%, 01/18/2013 *		5,000		5,006
ING Bank NV
1.44%, 03/15/2013—144A *		5,000		5,016
2.65%, 01/14/2013—144A		5,000		5,022
Total Corporate Debt Securities (cost $15,044)				15,044
DEMAND NOTE—0.6%
Capital Markets—0.6%
Goldman Sachs Co. Promissory Note
0.56%, 12/21/2012 §		4,500		4,500
Total Demand Note (cost $4,500)
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS—13.2%
Freddie Mac
0.13%, 11/23/2012		23,600		23,598
U.S. Treasury Bill
0.10%, 11/08/2012		7,300		7,300

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page    83

Transamerica Money Market

(formerly, Transamerica AEGON Money Market)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

	Principal (000’s)		Value (000’s)
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS (continued)
U.S. Treasury Bill (continued)
0.12%, 11/23/2012	$	70,600	$	70,594
0.13%, 03/28/2013		5,723		5,720
Total Short-Term U.S. Government Obligations (cost $107,212)				107,212
REPURCHASE AGREEMENTS—53.0%
Barclays 0.32% , dated 10/31/2012, to be repurchased at $200,002 on 11/01/2012. Collateralized by U.S. Government Agency Obligations, 2.60%—3.00%, due 06/20/2039—07/15/2042, and with a total value of $204,000.		200,000		200,000
Goldman Sachs 0.23%, dated 10/31/2012, to be repurchased at $57,000 on 11/01/2012. Collateralized by U.S. Government Agency Obligations, 2.50%—4.50%, due 11/01/2027—06/01/2039, and with a total value of $58,140.		57,000		57,000

	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENTS (continued)
JPMorgan Securities, Inc. 0.25%, dated 10/31/2012, to be repurchased at $174,901 on 11/01/2012. Collateralized by U.S. Government Agency Obligations, 2.50%—7.00%, due 06/01/2017—10/01/2042, and with a total value of $174,905.	$	174,900	$	174,900
State Street Bank & Trust Co. 0.03%, dated 10/31/2012, to be repurchased at $317 on 11/01/2012. Collateralized by a U.S. Government Agency Obligation, 3.05%, due 01/01/2042, and with a value of $328.		317		317
Total Repurchase Agreements (cost $432,217)				432,217
Total Investment Securities (cost $814,671) P				814,671
Other Assets and Liabilities—Net				(265	)
Net Assets			$	814,406

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

 Rate shown reflects the yield at 10/31/2012.

* Floating or variable rate note. Rate is listed as of 10/31/2012.

§ Illiquid. Total aggregate market value of illiquid securities is $9,000, or 1.11% of the fund’s net assets.

P Aggregate cost for federal income tax purposes is $814,671.

DEFINITION (all amounts in thousands):

144A 144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 10/31/2012, these securities aggregated $160,731, or 19.74% of the fund’s net assets.

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 10/31/2012
Certificates of Deposit	$	—	$	21,817	$	—	$	21,817
Commercial Paper		—		233,881		—		233,881
Corporate Debt Securities		—		15,044		—		15,044
Demand Note		—		4,500		—		4,500
Repurchase Agreements		—		432,217		—		432,217
Short-Term U.S. Government Obligations		—		107,212		—		107,212
Total	$	—	$	814,671	$	—	$	814,671

' Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of Levels 1 and 2 during the period ended 10/31/2012. 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		Annual Report 2012
	Page    84

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS

At October 31, 2012

	Principal (000’s)		Value (000’s)
U.S. GOVERNMENT OBLIGATIONS—5.4%
U.S. Treasury Bond
2.75%, 08/15/2042	$	5,917	$	5,797
3.00%, 05/15/2042		125		129
U.S. Treasury Inflation Indexed Bond
2.13%, 02/15/2041 g		79		118
U.S. Treasury Inflation Indexed Note
0.13%, 04/15/2017		1,222		1,311
U.S. Treasury Note
0.25%, 09/30/2014—10/15/2015		1,250		1,247
0.63%, 09/30/2017 ^		1,900		1,893
0.75%, 10/31/2017		4,125		4,132
1.00%, 08/31/2019		100		99
1.00%, 09/30/2019 ^		1,565		1,553
1.25%, 10/31/2019		345		348
1.63%, 08/15/2022 ^		3,618		3,598
Total U.S. Government Obligations (cost $20,107)				20,225
U.S. GOVERNMENT AGENCY OBLIGATIONS—16.6%
Fannie Mae
1.97%, 10/09/2019 		435		381
3.33%, 06/01/2041 *		242		256
3.48%, 09/01/2041 *		174		184
3.50%, 01/01/2027—10/01/2042		5,071		5,422
4.00%, 02/01/2025—06/01/2042		4,014		4,314
4.50%, 02/01/2025—08/01/2041		8,954		9,724
5.00%, 05/01/2018—02/01/2036		3,087		3,310
5.50%, 07/01/2019—11/01/2038		4,226		4,708
6.00%, 08/01/2036—10/01/2040		1,839		2,051
6.50%, 05/01/2040		1,183		1,344
Fannie Mae, TBA
2.50%		100		105
3.00%		200		210
3.50%		500		533
4.00%		400		428
4.50%		500		539
5.50%		600		658
6.00%		1,300		1,441
Freddie Mac
2.87%, 12/25/2021		670		715
3.97%, 01/25/2021 *		420		485
4.50%, 10/01/2041		1,800		1,836
5.00%, 04/01/2018—03/01/2038		210		227
5.50%, 09/01/2018—11/01/2018		55		59
Freddie Mac, IO
1.52%, 06/25/2022 *		1,800		203
1.56%, 12/25/2018 *		851		69
1.79%, 05/25/2019 *		719		70
Freddie Mac, TBA
3.50%		5,600		5,952
4.00%		1,800		1,919
4.50%		2,200		2,357
FREMF Mortgage Trust
4.02%, 11/25/2044—144A *		55		54
Ginnie Mae
4.00%, 09/15/2040—07/15/2042		872		955
4.50%, 05/20/2040—02/15/2042		3,944		4,345
Ginnie Mae, IO
1.01%, 02/16/2053 *		1,005		86
Ginnie Mae, TBA
4.00%		2,700		2,947
4.50%		600		652

	Principal (000’s)		Value (000’s)
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Ginnie Mae, TBA (continued)
5.00%	$	2,700	$	2,957
Total U.S. Government Agency Obligations (cost $60,843)				61,496
FOREIGN GOVERNMENT OBLIGATIONS—1.9%
Deutsche Bundesrepublik Inflation Linked Bond
0.10%, 04/15/2023		EUR1,448		1,958
Italy Buoni Poliennali del Tesoro
2.10%, 09/15/2021		319		374
2.55%, 09/15/2041		85		87
4.75%, 06/01/2017		1,730		2,337
5.25%, 08/01/2017		365		504
Republic of Brazil
7.13%, 01/20/2037	$	100		151
Republic of Poland
6.38%, 07/15/2019		80		100
Republic of South Africa
5.50%, 03/09/2020		180		210
Republic of Turkey
5.63%, 03/30/2021		145		169
7.00%, 03/11/2019		100		123
Russian Federation
7.50%, 03/31/2030—Reg S		496		628
Turkey Government International Bond
6.25%, 09/26/2022		200		242
United Mexican States
5.13%, 01/15/2020		340		406
Total Foreign Government Obligations (cost $6,961)				7,289
MORTGAGE-BACKED SECURITIES—6.0%
American General Mortgage Loan Trust
Series 2009-1, Class A6
5.75%, 09/25/2048—144A *		1,060		1,082
American Tower Trust
Series 2007-1A, Class AFX
5.42%, 04/15/2037—144A		910		953
Series 2007-1A, Class C
5.62%, 04/15/2037—144A		1,080		1,113
Banc of America Large Loan, Inc.
Series 2010-HLTN, Class HLTN
1.96%, 11/15/2015—144A *		489		488
Series 2010-UB4, Class A4A
5.01%, 12/20/2041—144A *		315		331
Banc of America Merrill Lynch Commercial Mortgage, Inc.
Series 2007-1, Class AMFX
5.48%, 01/15/2049 *		20		21
Series 2007-3, Class AM
5.54%, 06/10/2049 *		170		183
Banc of America Re-REMIC Trust
Series 2012-CLRN, Class A
1.36%, 08/15/2029—144A *		122		123
BCAP LLC Trust
Series 2009-RR3, Class 2A1
4.85%, 05/26/2037—144A *		115		116
Series 2009-RR6, Class 2A1
2.97%, 08/26/2035—144A *		344		312
Series 2009-RR10, Class 2A1
3.12%, 08/26/2035—144A *		496		490

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page    85

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

	Principal (000’s)		Value (000’s)
MORTGAGE-BACKED SECURITIES (continued)
BCAP LLC Trust (continued)
Series 2009-RR13, Class 13A3
5.25%, 03/26/2037—144A *	$	187	$	188
Series 2009-RR14, Class 1A1
6.05%, 05/26/2037—144A *		505		540
Series 2010-RR1, Class 12A1
5.25%, 08/26/2036—144A *		532		553
Series 2010-RR6, Class 1A5
5.00%, 08/26/2022—144A *		188		192
Commercial Mortgage Pass-Through Certificates
Series 2006-C8, Class AM
5.35%, 12/10/2046		190		210
Series 2012-LTRT, Class A2
3.40%, 10/05/2030—144A		380		398
Commercial Mortgage Pass-Through Certificates, IO
Series 2012-CR1, Class XA
2.27%, 05/15/2045 *		1,845		260
Credit Suisse Mortgage Capital Certificates
Series 2006-C4, Class A3
5.47%, 09/15/2039		600		684
Series 2007-C4, Class A3
5.76%, 09/15/2039 *		765		799
Series 2009-16R, Class 11A1
7.00%, 08/26/2036—144A		242		252
Series 2010-15R, Class 2A1
3.50%, 05/26/2036—144A *		337		352
Series 2010-18R, Class 3A1
4.00%, 03/26/2037—144A		277		283
Series 2010-RR1, Class 2A
5.70%, 09/15/2040—144A *		585		681
DBRR Trust
Series 2011-C32, Class A3A
5.75%, 06/17/2049—144A *		150		174
Series 2012-EZ1, Class A
0.95%, 09/25/2045—144A		654		656
Extended Stay America Trust
Series 2010-ESHA, Class B
4.22%, 11/05/2027—144A		350		351
Series 2010-ESHA, Class C
4.86%, 11/05/2027—144A		100		101
Series 2010-ESHA, Class D
5.50%, 11/05/2027—144A		195		196
Greenwich Capital Commercial Funding Corp.
Series 2007-GG11, Class A4
5.74%, 12/10/2049		80		94
GS Mortgage Securities Corp. II
Series 2006-GG8, Class AJ
5.62%, 11/10/2039		150		133
Series 2006-GG8, Class AM
5.59%, 11/10/2039		60		67
Jefferies & Co., Inc.
Series 2009-R2, Class 2A
3.06%, 12/26/2037—144A *		313		315
Series 2009-R7, Class 10A3
6.00%, 12/26/2036—144A		233		242
Series 2009-R7, Class 12A1
5.08%, 08/26/2036—144A *		252		249
Series 2009-R7, Class 1A1
3.95%, 02/26/2036—144A *		520		503
Series 2009-R7, Class 4A1
2.92%, 09/26/2034—144A *		455		437

	Principal (000’s)		Value (000’s)
MORTGAGE-BACKED SECURITIES (continued)
Jefferies & Co., Inc. (continued)
Series 2009-R9, Class 1A1
2.73%, 08/26/2046—144A *	$	336	$	334
Series 2010-R2, Class 1A1
6.00%, 05/26/2036—144A		433		452
Series 2010-R3, Class 1A1
3.03%, 03/21/2036—144A *		282		289
Series 2010-R6, Class 1A1
4.00%, 09/26/2037—144A		192		195
JPMorgan Chase Commercial Mortgage Securities Corp.
Series 2004-CB8, Class A1A
4.16%, 01/12/2039—144A		668		691
Series 2004-LN2, Class A2
5.12%, 07/15/2041		500		530
Series 2006-CB14, Class AM
5.45%, 12/12/2044 *		100		109
Series 2007-CB20, Class AM
5.88%, 02/12/2051 *		360		413
Series 2008-C2, Class ASB
6.13%, 02/12/2051 *		207		227
Series 2010-C1, Class B
5.95%, 06/15/2043—144A		370		442
JPMorgan Chase Commercial Mortgage Securities Corp., IO
Series 2012-CBX, Class XA
2.06%, 06/15/2045 *		996		117
JPMorgan Re-REMIC
Series 2009-7, Class 8A1
5.41%, 01/27/2047—144A *		222		227
Series 2010-4, Class 7A1
1.87%, 08/26/2035—144A *		344		340
LB-UBS Commercial Mortgage Trust
Series 2004-C8, Class C
4.93%, 12/15/2039 *		605		647
Series 2007-C1, Class AM
5.46%, 02/15/2040		115		128
Series 2007-C6, Class A4
5.86%, 07/15/2040 *		130		154
Series 2007-C7, Class A3
5.87%, 09/15/2045 *		160		192
Merrill Lynch/Countrywide Commercial Mortgage Trust
Series 2007-9, Class A4
5.70%, 09/12/2049		720		845
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2012-CKSV, Class A2
3.28%, 10/15/2030—144A		120		123
Morgan Stanley Capital I Trust
Series 2007-HQ12, Class AM
5.58%, 04/12/2049 *		65		67
Series 2007-IQ15, Class AM
5.88%, 06/11/2049 *		190		206
Morgan Stanley Capital I, Inc.
Series 2007-HQ12, Class A2FX
5.58%, 04/12/2049 *		266		276
Series 2012-C4, Class XA, IO
2.70%, 03/15/2045—144A *		1,592		238
Morgan Stanley Re-REMIC Trust
2.00%, 07/27/2049		234		236
Series 2011-IO, Class A
2.50%, 03/23/2051—144A		75		76

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page    86

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

	Principal (000’s)		Value (000’s)
MORTGAGE-BACKED SECURITIES (continued)
S2 Hospitality LLC
Series 2012-LV1, Class A
4.50%, 04/15/2025—144A	$	179	$	180
Wachovia Bank Commercial Mortgage Trust
Series 2007-C33, Class A4
5.92%, 02/15/2051 *		230		273
Wells Fargo Re-REMIC Trust
Series 2012-IO, Class A
1.75%, 08/20/2021—144A		265		265
WF-RBS Commercial Mortgage Trust, IO
Series 2012-C9, Class XA
2.45%, 11/15/2045—144A *		1,445		211
Total Mortgage-Backed Securities (cost $21,744)				22,605
ASSET-BACKED SECURITIES—3.7%
AH Mortgage Advance Co., Ltd.
Series SART-3, Class 1A1
2.98%, 03/13/2043—144A		210		211
AH Mortgage Advance Trust
Series SART-1, Class A1R
2.23%, 05/10/2043—144A		250		251
AmeriCredit Automobile Receivables Trust
Series 2011-5, Class C
3.44%, 10/08/2017		200		211
Series 2012-2, Class C
2.64%, 10/10/2017		125		128
Series 2012-2, Class D
3.38%, 04/09/2018		170		174
Series 2012-3, Class C
2.42%, 05/08/2018		120		124
Series 2012-3, Class D
3.03%, 07/09/2018 ^		80		81
Series 2012-4, Class B
1.31%, 11/08/2017		75		75
Series 2012-4, Class C
1.93%, 08/08/2018		125		125
Series 2012-4, Class D
2.68%, 10/09/2018		45		45
CarMax Auto Owner Trust
Series 2012-1, Class B
1.76%, 08/15/2017		70		72
Series 2012-1, Class C
2.20%, 10/16/2017		40		41
Series 2012-1, Class D
3.09%, 08/15/2018		50		51
Chesapeake Funding LLC
Series 2012-1A, Class B
1.82%, 11/07/2023—144A *		200		200
Credit Acceptance Auto Loan Trust
Series 2012-2A, Class A
1.52%, 03/16/2020—144A		250		250
DT Auto Owner Trust
Series 2012-1A, Class B
2.26%, 10/16/2017—144A		250		251
Series 2012-1A, Class C
3.38%, 10/16/2017—144A		250		251
Series 2012-1A, Class D
4.94%, 07/16/2018—144A		250		254
Ford Credit Floorplan Master Owner Trust
Series 2010-5, Class C
2.07%, 09/15/2015—144A		110		111
Series 2010-5, Class D
2.41%, 09/15/2015—144A		60		61

	Principal (000’s)		Value (000’s)
ASSET-BACKED SECURITIES (continued)
Ford Credit Floorplan Master Owner Trust (continued)
Series 2011-2, Class C
2.37%, 09/15/2015	$	140	$	140
Series 2011-2, Class D
2.86%, 09/15/2015		95		95
Series 2012-1, Class C
1.71%, 01/15/2016 *		160		161
Series 2012-1, Class D
2.31%, 01/15/2016 *		145		146
Series 2012-2, Class D
3.50%, 01/15/2019		100		102
Series 2012-4, Class C
1.39%, 09/15/2016		100		100
Series 2012-4, Class D
2.09%, 09/15/2016		155		155
Series 2012-5, Class C
2.14%, 09/15/2019		100		100
Series 2012-5, Class D
2.73%, 09/15/2019		130		130
HLSS Servicer Advance Receivables Backed Notes
Series 2012-T2, Class A1
1.34%, 10/15/2043—144A		100		100
Series 2012-T2, Class A2
1.99%, 10/15/2045—144A		100		101
Hyundai Auto Receivables Trust
Series 2012-A, Class D
2.61%, 05/15/2018		95		96
Nelnet Student Loan Trust
Series 2008-3, Class A4
2.08%, 11/25/2024 *		205		215
PFS Financing Corp.
Series 2012-AA, Class A
1.41%, 02/15/2016—144A *		160		161
Santander Drive Auto Receivables Trust
Series 2011-1, Class D
4.01%, 02/15/2017		310		326
Series 2011-S1A, Class B
1.48%, 07/15/2013—144A		383		384
Series 2011-S2A, Class C
2.86%, 06/15/2017—144A		273		276
Series 2012-1, Class B
2.72%, 05/16/2016		80		82
Series 2012-1, Class C
3.78%, 11/15/2017		110		115
Series 2012-2, Class C
3.20%, 02/15/2018		310		320
Series 2012-2, Class D
3.87%, 02/15/2018		185		194
Series 2012-3, Class B
1.94%, 12/15/2016		255		258
Series 2012-3, Class C
3.01%, 04/16/2018		350		361
Series 2012-3, Class D
3.64%, 05/15/2018		285		296
Series 2012-4, Class C
2.94%, 12/15/2017		230		237
Series 2012-4, Class D
3.50%, 06/15/2018		310		320
Series 2012-5, Class B
1.56%, 08/15/2018		290		291

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page    87

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

	Principal (000’s)		Value (000’s)
ASSET-BACKED SECURITIES (continued)
Santander Drive Auto Receivables Trust (continued)
Series 2012-5, Class C
2.70%, 08/15/2018	$	140	$	143
Series 2012-5, Class D
3.30%, 09/17/2018		120		124
Series 2012-6, Class B
1.33%, 05/15/2017		150		150
Series 2012-6, Class C
1.94%, 03/15/2018		105		105
SLM Student Loan Trust
Series 2004-B, Class A2
0.59%, 06/15/2021 *		550		537
Series 2005-A, Class A3
0.59%, 06/15/2023 *		340		304
Series 2005-B, Class A2
0.57%, 03/15/2023 *		366		358
Series 2011-C, Class A2B
4.54%, 10/17/2044—144A		140		153
Series 2012-A, Class A1
1.61%, 08/15/2025—144A *		105		106
Series 2012-A, Class A2
3.83%, 01/17/2045—144A		120		130
Series 2012-B, Class A2
3.48%, 10/15/2030—144A		400		424
Series 2012-C, Class A1
1.31%, 08/15/2023—144A *		249		250
Series 2012-C, Class A2
3.31%, 10/15/2046—144A		430		453
Series 2012-D, Class A2
2.95%, 02/15/2046—144A		520		541
Series 2012-E, Class A1
0.96%, 10/16/2023—144A *		240		240
TAL Advantage LLC
Series 2011-1A, Class A
4.60%, 01/20/2026—144A		945		999
World Financial Network Credit Card Master Trust
Series 2012-C, Class A
2.23%, 08/15/2022		360		361
Series 2012-D, Class A
2.15%, 04/17/2023		365		364
Total Asset-Backed Securities (cost $13,693)				13,971
PREFERRED CORPORATE DEBT SECURITIES—0.2%
Commercial Banks—0.1%
Capital One Capital VI
8.88%, 05/15/2040		225		231
Fifth Third Capital Trust IV
6.50%, 04/15/2037 *		155		155
Insurance—0.1%
MetLife Capital Trust IV
7.88%, 12/15/2037—144A		375		453
Total Preferred Corporate Debt Securities (cost $789)				839
CORPORATE DEBT SECURITIES—9.9%
Aerospace & Defense—0.0% ¥
Sequa Corp.
11.75%, 12/01/2015—144A		100		103
Beverages—0.2%
Anheuser-Busch InBev Worldwide, Inc.
2.50%, 07/15/2022		120		122

	Principal (000’s)		Value (000’s)
Beverages (continued)
Heineken NV
1.40%, 10/01/2017—144A	$	45	$	45
2.75%, 04/01/2023—144A		285		288
Pernod-Ricard SA
4.45%, 01/15/2022—144A		150		168
Capital Markets—0.3%
Goldman Sachs Group, Inc.
5.75%, 01/24/2022 ^		1,028		1,193
Chemicals—0.1%
CF Industries, Inc.
7.13%, 05/01/2020 ^		410		520
Commercial Banks—0.4%
Credit Suisse
5.40%, 01/14/2020		33		37
Discover Bank
7.00%, 04/15/2020		420		515
HSBC Bank Brasil SA—Banco Multiplo
4.00%, 05/11/2016—144A		610		635
HSBC Bank PLC
3.10%, 05/24/2016—144A		300		317
Commercial Services & Supplies—0.1%
UR Merger Sub Corp.
7.63%, 04/15/2022—144A		290		318
Containers & Packaging—0.3%
Rexam PLC
6.75%, 06/01/2013—144A		1,121		1,138
Rock-Tenn Co.
4.00%, 03/01/2023—144A		160		165
Diversified Financial Services—1.3%
Bank of America Corp.
3.88%, 03/22/2017		195		210
5.70%, 01/24/2022 ^		850		1,012
7.63%, 06/01/2019		125		159
Bank of America Corp.—Series MTNL
5.65%, 05/01/2018		245		285
Citigroup, Inc.
4.45%, 01/10/2017		80		88
4.59%, 12/15/2015		1,270		1,386
Ford Motor Credit Co., LLC
6.63%, 08/15/2017		200		234
JPMorgan Chase & Co.
3.25%, 09/23/2022		270		277
Northern Rock Asset Management PLC
5.63%, 06/22/2017—144A		200		227
Permanent TSB PLC
3.60%, 01/14/2013—144A		990		990
Swiss Re Capital I LP
6.85%, 05/25/2016—144A * Ž		240		250
Diversified Telecommunication Services—0.2%
AT&T, Inc.
5.35%, 09/01/2040		175		215
Intelsat Jackson Holdings SA
7.25%, 04/01/2019 ^		170		182
Sprint Capital Corp.
6.88%, 11/15/2028		135		138
Verizon Communications, Inc.
6.40%, 02/15/2038		100		139
Electric Utilities—1.2%
Alabama Power Co.
3.95%, 06/01/2021		200		225
Cleveland Electric Illuminating Co.
5.95%, 12/15/2036		117		139
8.88%, 11/15/2018 ^		25		34

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page    88

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

	Principal (000’s)		Value (000’s)
Electric Utilities (continued)
Duke Energy Carolinas LLC
4.25%, 12/15/2041	$	125	$	142
Energy Future Intermediate Holding Co. LLC / EFIH Finance, Inc.
10.00%, 12/01/2020 ^		500		546
Florida Power & Light Co.
5.95%, 02/01/2038		150		207
Georgia Power Co.
3.00%, 04/15/2016 ^		365		391
Hydro-Quebec
8.05%, 07/07/2024		1,900		2,807
Jersey Central Power & Light Co.
7.35%, 02/01/2019 ^		105		136
Energy Equipment & Services—0.5%
El Paso Pipeline Partners Operating Co., LLC
6.50%, 04/01/2020		305		373
Transocean, Inc.
2.50%, 10/15/2017		310		314
3.80%, 10/15/2022		232		237
5.05%, 12/15/2016		280		314
6.00%, 03/15/2018		440		519
Food Products—0.2%
Kraft Foods Group, Inc.
3.50%, 06/06/2022—144A		184		199
5.00%, 06/04/2042—144A		149		174
Mondelez International, Inc.
6.50%, 02/09/2040		185		261
Health Care Equipment & Supplies—0.1%
Boston Scientific Corp.
6.25%, 11/15/2015		433		489
Health Care Providers & Services—0.2%
Coventry Health Care, Inc.
5.45%, 06/15/2021		130		152
HCA, Inc.
7.25%, 09/15/2020		150		166
Tenet Healthcare Corp.
6.25%, 11/01/2018 ^		165		178
UnitedHealth Group, Inc.
3.38%, 11/15/2021		55		59
WellPoint, Inc.
3.30%, 01/15/2023		108		112
Hotels, Restaurants & Leisure—0.2%
Caesars Entertainment Operating Co., Inc.
11.25%, 06/01/2017		410		444
Wyndham Worldwide Corp.
4.25%, 03/01/2022		240		250
Independent Power Producers & Energy Traders—0.0% ¥
Exelon Generation Co. LLC
4.25%, 06/15/2022—144A		60		64
Industrial Conglomerates—0.1%
General Electric Co.
2.70%, 10/09/2022		283		284
4.13%, 10/09/2042		100		105
Insurance—0.9%
Allianz Finance II BV
5.75%, 07/08/2041 *		100		137
American International Group, Inc.
3.80%, 03/22/2017		296		319
4.88%, 06/01/2022 ^		235		265
5.45%, 05/18/2017		165		189
8.18%, 05/15/2058 *		25		31
AXA SA
5.25%, 04/16/2040 *		100		124

	Principal (000’s)		Value (000’s)
Insurance (continued)
Lincoln National Corp.
7.00%, 06/15/2040	$	115	$	149
Metropolitan Life Global Funding I
3.88%, 04/11/2022—144A		650		717
Muenchener Rueckversicherungs AG
6.00%, 05/26/2041 *		100		141
Prudential Financial, Inc.
4.75%, 09/17/2015		560		619
5.38%, 06/21/2020 ^		210		246
5.88%, 09/15/2042 *		308		324
XL Group PLC
6.50%, 04/15/2017 * Ž		100		93
Media—1.0%
CBS Corp.
4.63%, 05/15/2018		70		79
8.88%, 05/15/2019		220		303
CCH II LLC
13.50%, 11/30/2016		41		44
Clear Channel Worldwide Holdings, Inc.—Series B
9.25%, 12/15/2017		590		633
Comcast Corp.
4.65%, 07/15/2042		712		772
COX Communications, Inc.
8.38%, 03/01/2039—144A		200		317
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc.
5.15%, 03/15/2042		75		78
NBCUniversal Media LLC
2.88%, 01/15/2023		359		362
4.38%, 04/01/2021		175		200
5.15%, 04/30/2020		175		210
Time Warner Cable, Inc.
4.50%, 09/15/2042		442		454
5.50%, 09/01/2041		130		152
Metals & Mining—0.1%
Novelis, Inc.
8.75%, 12/15/2020		250		276
Multiline Retail—0.2%
Macy’s Retail Holdings, Inc.
5.90%, 12/01/2016		175		206
7.45%, 07/15/2017		315		391
Multi-Utilities—0.2%
Dominion Resources, Inc.
1.95%, 08/15/2016		235		243
MidAmerican Energy Holdings Co.
5.95%, 05/15/2037		435		560
Oil, Gas & Consumable Fuels—1.0%
Anadarko Petroleum Corp.
5.95%, 09/15/2016 ^		392		455
Energy Transfer Partners, LP
6.50%, 02/01/2042		340		427
EOG Resources, Inc.
2.63%, 03/15/2023		107		110
Kinder Morgan Energy Partners, LP
5.95%, 02/15/2018		500		610
Laredo Petroleum, Inc.
7.38%, 05/01/2022		180		196
Linn Energy LLC / Linn Energy Finance Corp.
6.25%, 11/01/2019—144A ^		240		240
MEG Energy Corp.
6.38%, 01/30/2023—144A		65		70
6.50%, 03/15/2021—144A		150		161

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page    89

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

	Principal (000’s)		Value (000’s)
Oil, Gas & Consumable Fuels (continued)
Nexen, Inc.
5.88%, 03/10/2035	$	10	$	12
6.40%, 05/15/2037		90		115
7.50%, 07/30/2039		175		251
Peabody Energy Corp.
6.25%, 11/15/2021 ^		135		139
Range Resources Corp.
5.75%, 06/01/2021		40		43
7.25%, 05/01/2018		300		317
Valero Energy Corp.
6.63%, 06/15/2037		90		112
Western Gas Partners, LP
4.00%, 07/01/2022 ^		153		162
5.38%, 06/01/2021		282		325
Paper & Forest Products—0.2%
International Paper Co.
4.75%, 02/15/2022 ^		445		506
6.00%, 11/15/2041		115		141
Pharmaceuticals—0.1%
Teva Pharmaceutical Finance Co., BV
3.65%, 11/10/2021		70		76
Teva Pharmaceutical Finance IV BV
3.65%, 11/10/2021 ^		170		185
Real Estate Investment Trusts—0.1%
Ventas Realty, LP
4.75%, 06/01/2021		120		134
Vornado Realty, LP
5.00%, 01/15/2022 ^		250		283
Real Estate Management & Development—0.1%
Realogy Corp.
7.88%, 02/15/2019—144A		270		290
Road & Rail—0.0% ¥
Burlington Northern Santa Fe LLC
3.05%, 09/01/2022		50		52
Specialty Retail—0.0% ¥
QVC, Inc.
7.50%, 10/01/2019—144A		145		160
Wireless Telecommunication Services—0.6%
America Movil SAB de CV
2.38%, 09/08/2016 ^		300		314
4.38%, 07/16/2042		200		209
Crown Castle Towers LLC
6.11%, 01/15/2020—144A		545		663
MetroPCS Wireless, Inc.
7.88%, 09/01/2018 ^		12		13
SBA Tower Trust
5.10%, 04/17/2017—144A		650		722
Sprint Nextel Corp.
9.00%, 11/15/2018—144A		305		377
Total Corporate Debt Securities (cost $34,892)				37,181
STRUCTURED NOTES DEBT—0.2%
Diversified Financial Services—0.2%
Tiers Trust
2.19%, 05/12/2014—144A *		740		744
Total Structured Notes Debt (cost $740)
SHORT-TERM U.S. GOVERNMENT OBLIGATION—0.1%
U.S. Treasury Bill
0.15%, 05/30/2013 p g		340		340
Total Short-Term U.S. Government Obligation (cost $340)

	Shares		Value (000’s)
PREFERRED STOCK—0.0% ¥
Diversified Financial Services—0.0% ¥
Citigroup Capital XIII, 7.88% *		5,463	$	152
Total Preferred Stock (cost $144)
COMMON STOCKS—59.8%
Aerospace & Defense—1.2%
Honeywell International, Inc.		21,402		1,311
Northrop Grumman Corp.		4,650		319
United Technologies Corp.		37,836		2,957
Air Freight & Logistics—0.6%
United Parcel Service, Inc.—Class B		30,616		2,243
Airlines—0.1%
Southwest Airlines Co.		25,938		229
Auto Components—0.2%
Delphi Automotive PLC ‡		7,130		224
Johnson Controls, Inc.		17,866		460
Automobiles—0.3%
Ford Motor Co.		33,070		369
General Motors Co. ‡		29,034		740
Beverages—2.2%
Beam, Inc.		4,640		258
Coca-Cola Co.		113,940		4,237
Coca-Cola Enterprises, Inc.		30,727		966
Constellation Brands, Inc.—Class A ‡		2,359		83
Dr. Pepper Snapple Group, Inc. ^		12,302		527
PepsiCo, Inc.		33,196		2,298
Biotechnology—1.1%
Biogen Idec, Inc. ‡		14,879		2,056
Celgene Corp. ‡		24,778		1,817
Vertex Pharmaceuticals, Inc. ‡		8,701		420
Building Products—0.2%
Masco Corp.		38,896		587
Capital Markets—1.5%
Ameriprise Financial, Inc.		11,903		695
Franklin Resources, Inc.		2,414		309
Goldman Sachs Group, Inc.		4,202		514
Invesco, Ltd.		56,507		1,374
Morgan Stanley		39,882		693
State Street Corp.		42,236		1,882
Chemicals—1.2%
Air Products & Chemicals, Inc.		15,247		1,183
CF Industries Holdings, Inc.		2,173		446
Dow Chemical Co.		27,932		818
E.I. du Pont de Nemours & Co.		16,228		722
Georgia Gulf Corp.		6,369		225
LyondellBasell Industries NV—Class A		6,801		363
Monsanto Co.		7,804		672
Commercial Banks—1.9%
Comerica, Inc.		6,918		206
Huntington Bancshares, Inc. ^		35,570		227
KeyCorp		43,824		369
PNC Financial Services Group, Inc.		2,806		163
Regions Financial Corp.		24,338		159
SunTrust Banks, Inc.		26,241		714
Wells Fargo & Co.		153,698		5,178
Commercial Services & Supplies—0.2%
Tyco International, Ltd.		31,301		841
Communications Equipment—1.2%
Cisco Systems, Inc.		150,474		2,580
QUALCOMM, Inc.		33,469		1,960
Computers & Peripherals—3.3%
Apple, Inc.		18,855		11,220
Hewlett-Packard Co.		67,916		941
NetApp, Inc. ‡		7,615		205
Construction & Engineering—0.5%
Fluor Corp.		33,370		1,864

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page    90

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

	Shares		Value (000’s)
Consumer Finance—0.8%
American Express Co.		21,000	$	1,175
Capital One Financial Corp.		25,458		1,532
SLM Corp.		8,318		146
Containers & Packaging—0.1%
Crown Holdings, Inc. ‡		8,756		335
Diversified Consumer Services—0.1%
H&R Block, Inc. ^		18,640		330
Diversified Financial Services—1.6%
Bank of America Corp.		253,059		2,359
Citigroup, Inc.		79,496		2,971
CME Group, Inc.—Class A		13,796		772
Diversified Telecommunication Services—1.3%
AT&T, Inc.		50,604		1,750
Verizon Communications, Inc.		68,477		3,057
Electric Utilities—1.1%
American Electric Power Co., Inc.		28,112		1,249
NextEra Energy, Inc.		30,705		2,151
NV Energy, Inc.		39,440		750
Electrical Equipment—0.5%
Emerson Electric Co.		40,421		1,958
Energy Equipment & Services—1.5%
Baker Hughes, Inc.		16,399		688
Ensco PLC—Class A		19,051		1,102
Halliburton Co.		43,192		1,395
National Oilwell Varco, Inc.		13,075		964
Schlumberger, Ltd.		22,024		1,530
Food & Staples Retailing—0.8%
CVS Caremark Corp.		22,223		1,031
Kroger Co.		18,795		474
Walgreen Co.		1,032		36
Wal-Mart Stores, Inc.		14,705		1,104
Whole Foods Market, Inc.		2,770		262
Food Products—1.6%
Archer-Daniels-Midland Co.		35,851		962
ConAgra Foods, Inc.		16,220		452
General Mills, Inc.		39,944		1,601
Kellogg Co.		3,634		190
Mondelez International, Inc.—Class A ‡		90,100		2,391
Smithfield Foods, Inc. ‡		12,064		247
Gas Utilities—0.1%
AGL Resources, Inc.		4,974		203
UGI Corp.		7,636		247
Health Care Equipment & Supplies—1.1%
Baxter International, Inc.		18,913		1,185
CareFusion Corp. ‡		47,988		1,275
Covidien PLC		28,739		1,578
Hologic, Inc. ‡		5,142		106
St. Jude Medical, Inc.		2,220		85
Health Care Providers & Services—1.3%
Aetna, Inc.		50		2
AmerisourceBergen Corp.—Class A		22,410		884
CIGNA Corp.		4,625		236
DaVita, Inc. ‡		4,830		543
Humana, Inc.		15,779		1,172
UnitedHealth Group, Inc.		39,235		2,197
Hotels, Restaurants & Leisure—0.1%
Carnival Corp. ^		7,797		295
Household Durables—0.4%
D.R. Horton, Inc. ^		10,595		222
Lennar Corp.—Class A ^		7,185		269
PulteGroup, Inc. ‡ ^		64,583		1,120
Household Products—0.8%
Clorox Co.		5,438		393
Energizer Holdings, Inc. ^		4,533		331
Procter & Gamble Co.		31,894		2,208
Independent Power Producers & Energy Traders—0.0% ¥
AES Corp.		10,770		113

	Shares		Value (000’s)
Industrial Conglomerates—0.5%
General Electric Co.		82,446	$	1,736
Insurance—2.0%
ACE, Ltd.		17,747		1,396
Axis Capital Holdings, Ltd.		3,037		110
Berkshire Hathaway, Inc.—Class B ‡		26,017		2,247
Everest RE Group, Ltd.		2,024		225
Hartford Financial Services Group, Inc. ^		20,310		441
MetLife, Inc.		51,207		1,817
PartnerRe, Ltd.		11,175		905
Prudential Financial, Inc.		9,119		520
Internet & Catalog Retail—0.5%
Amazon.com, Inc. ‡		6,681		1,556
Expedia, Inc.		8,190		484
Internet Software & Services—1.4%
eBay, Inc. ‡		21,168		1,022
Google, Inc.—Class A ‡		5,871		3,991
LinkedIn Corp.—Class A ‡		1,138		122
IT Services—1.7%
Cognizant Technology Solutions Corp.— Class A ‡		8,319		554
Fidelity National Information Services, Inc.		17,121		563
International Business Machines Corp.		19,499		3,793
Visa, Inc.—Class A		10,160		1,410
Life Sciences Tools & Services—0.1%
Mettler-Toledo International, Inc. ‡		1,317		223
Machinery—0.6%
PACCAR, Inc. ^		28,859		1,251
Pentair, Ltd.		9,557		404
SPX Corp.		6,727		461
Stanley Black & Decker, Inc.		2,897		201
Media—2.5%
CBS Corp.—Class B		60,757		1,969
Comcast Corp.—Class A		53,490		2,006
DIRECTV ‡		5,752		294
DISH Network Corp.—Class A		7,017		250
Time Warner Cable, Inc.		22,095		2,190
Time Warner, Inc.		50,907		2,212
Walt Disney Co.		5,180		254
Metals & Mining—0.6%
Alcoa, Inc.		43,074		369
Freeport-McMoRan Copper & Gold, Inc.		21,146		823
Newmont Mining Corp.		8,748		477
U.S. Steel Corp. ^		10,567		215
Walter Energy, Inc. ^		6,135		214
Multiline Retail—1.0%
Big Lots, Inc. ‡		1,010		29
Kohl’s Corp.		3,770		201
Macy’s, Inc.		13,030		496
Nordstrom, Inc.		6,550		372
Target Corp.		43,479		2,772
Multi-Utilities—0.9%
NiSource, Inc.		8,845		225
OGE Energy Corp.		739		43
PG&E Corp.		30,239		1,286
Sempra Energy		25,060		1,748
Oil, Gas & Consumable Fuels—5.2%
Anadarko Petroleum Corp.		8,593		591
Apache Corp.		13,230		1,095
Chesapeake Energy Corp. ^		11,360		230
Chevron Corp.		47,641		5,252
ConocoPhillips		8,891		514
Denbury Resources, Inc. ‡		6,670		102
Devon Energy Corp.		6,930		403
EOG Resources, Inc.		12,500		1,457
Exxon Mobil Corp.		56,118		5,117
Kinder Morgan, Inc.		33,748		1,171
Marathon Petroleum Corp.		5,880		323

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page     91

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

		Shares		Value (000’s)
Oil, Gas & Consumable Fuels (continued)
Occidental Petroleum Corp.			14,019	$	1,107
Peabody Energy Corp. ^			21,893		611
Phillips 66			4,800		226
Valero Energy Corp.			34,578		1,006
Pharmaceuticals—3.7%
Abbott Laboratories			32,895		2,155
Allergan, Inc.			9,857		886
Johnson & Johnson ^			14,114		1,000
Merck & Co., Inc.			102,362		4,672
Mylan, Inc. ‡			25,154		637
Pfizer, Inc.			149,773		3,726
Valeant Pharmaceuticals International, Inc. ‡			3,780		211
Real Estate Investment Trusts—1.4%
American Tower Corp.—Class A			2,377		179
Apartment Investment & Management Co.—Class A			13,228		353
CBL & Associates Properties, Inc.			16,965		380
Equity Lifestyle Properties, Inc.	��		1,484		100
Essex Property Trust, Inc. ^			1,944		292
Highwoods Properties, Inc. ^			5,996		193
Home Properties, Inc.			5,300		322
Host Hotels & Resorts, Inc.			12,370		179
LaSalle Hotel Properties ^			11,671		279
Liberty Property Trust			4,784		168
National Retail Properties, Inc. ^			6,325		200
Pennsylvania Real Estate Investment Trust ‡			13,500		223
Plum Creek Timber Co., Inc. ^			13,237		581
Post Properties, Inc.			927		45
Public Storage			2,440		338
Simon Property Group, Inc.			5,170		788
Weyerhaeuser Co.			19,029		527
Road & Rail—1.7%
CSX Corp.			110,860		2,269
Norfolk Southern Corp.			15,735		965
Union Pacific Corp.			26,741		3,291
Semiconductors & Semiconductor Equipment—1.2%
Altera Corp.			19,173		584
Broadcom Corp.—Class A ‡			15,116		477
Intel Corp.			30,627		662
KLA-Tencor Corp.			6,982		325
LAM Research Corp. ‡			52,243		1,849
LSI Corp. ‡			79,060		542
Marvell Technology Group, Ltd.			22,833		180
Software—2.6%
Adobe Systems, Inc. ‡			18,509		629
Citrix Systems, Inc. ‡			6,345		392
Microsoft Corp.			169,551		4,838
Oracle Corp.			118,810		3,689
Zynga, Inc.—Class A ‡			63,801		144
Specialty Retail—1.7%
AutoZone, Inc. ‡			3,743		1,404
Home Depot, Inc.			41,489		2,546
Lowe’s Cos., Inc.			47,713		1,545
O’Reilly Automotive, Inc. ‡			2,030		174
Staples, Inc. ^			11,940		137
TJX Cos., Inc.			12,633		526
Textiles, Apparel & Luxury Goods—0.8%
Coach, Inc.			21,097		1,182
V.F. Corp.			11,518		1,803
Tobacco—0.7%
Philip Morris International, Inc.			29,199		2,586
Trading Companies & Distributors—0.1%
WW Grainger, Inc. ^			2,364		476

	Shares			Value (000’s)
Wireless Telecommunication Services—0.0% ¥
MetroPCS Communications, Inc. ‡		15,810		$	161
Total Common Stocks (cost $194,413)					223,144
SHORT-TERM INVESTMENT COMPANY—1.0%
Capital Markets—1.0%
BlackRock Provident TempFund 24 à		3,580,515			3,581
Total Short-Term Investment Company (cost $3,581)
SECURITIES LENDING COLLATERAL—5.5%
State Street Navigator Securities Lending
Trust—Prime Portfolio, 0.31% 		20,733,562			20,734
Total Securities Lending Collateral (cost $20,734)
	Principal (000’s)			Value (000’s)
REPURCHASE AGREEMENT—1.2%
State Street Bank & Trust Co. 0.03% , dated 10/31/2012, to be repurchased at $4,519 on 11/01/2012. Collateralized by a U.S. Government Agency Obligation, 3.00%, due 12/01/2026, and with a value of $4,610.	$	4,519			4,519
Total Repurchase Agreement (cost $4,519)
Total Investment Securities (cost $383,500) P					416,820
Other Assets and Liabilities—Net					(42,903	)
Net Assets				$	373,917
	Principal (000’s)			Value (000’s)
TBA SHORT COMMITMENTS—(4.8%)
U.S. Government Agency Obligations—(4.8%)
Fannie Mae, TBA
3.50%	$	(3,700	)	$	(3,937	)
4.00%		(2,600	)		(2,781	)
4.50%		(6,300	)		(6,796	)
5.50%		(1,200	)		(1,316	)
Ginnie Mae, TBA
4.00%		(800	)		(875	)
4.50%		(2,100	)		(2,303	)
Total TBA Short Commitments (proceeds $(18,036))					(18,008	)

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page    92

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

FORWARD FOREIGN CURRENCY CONTRACTS:

Currency	Counterparty		Contracts (Sold) (000’s)			Settlement Date		Amount in U.S. Dollars (Sold) (000’s)			Net Unrealized Appreciation (000’s)
EUR		UBS		(3,911	)		01/23/2013	$	(5,136	)	$	63
EUR		UBS		(332	)		01/23/2013		(434	)		3
											$	66

FUTURES CONTRACTS:

Description	Type		Contracts			Expiration Date		Net Unrealized Appreciation (Depreciation) (000’s)
10-Year Australian Treasury Bond		Long		20			12/17/2012	$	28
10-Year U.S. Treasury Note		Short		(77	)		12/19/2012		(1	)
2-Year U.S. Treasury Note		Long		71			12/31/2012		(1	)
30-Year U.S. Treasury Bond		Long		12			12/19/2012		3
3-Year Australian Treasury Bond		Short		(45	)		12/17/2012		(19	)
5-Year U.S. Treasury Note		Long		97			12/31/2012		11
90- Austrilan Bank Bill		Short		(19	)		03/07/2013		5
German Euro Bund		Short		(14	)		12/06/2012		(15	)
S&P 500 E-Mini Index		Long		69			12/21/2012		(122	)
								$	(111	)

Collateral (Received) Pledged for OTC Financial Derivative Instruments

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received) pledged as of 10/31/2012:

Counterparty	Total Market Value of OTC Derivatives (000’s)		Collateral  (Received) Pledged (000’s)		Net Exposures (1) (000’s)
UBS	$	66	$	—	$	66

⁽¹⁾  Net exposure represents the net receivable (payable) that would be due from/to the counterparty in the event of default.

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

^ All or a portion of this security is on loan. The value of all securities on loan is $20,292.

g A portion of these securities, in the amount of $442, has been segregated as collateral with the broker to cover margin requirements for open futures contracts.

 Rate shown reflects the yield at 10/31/2012.

* Floating or variable rate note. Rate is listed as of 10/31/2012.

¥ Percentage rounds to less than 0.1%.

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

‡ Non-income producing security.

à The investment issuer is affiliated with a sub-adviser of the fund.

P Aggregate cost for federal income tax purposes is $387,585. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $32,430 and $3,195, respectively. Net unrealized appreciation for tax purposes is $29,235.

DEFINITIONS (all amounts in thousands):

144A	144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 10/31/2012, these securities aggregated $31,941 or 8.54% of the fund’s net assets.
IO	Interest Only
OTC	Over the Counter
REMIC	Real Estate Mortgage Investment Conduits (consist of a fixed pool of mortgages broken apart and marketed to investors as individual securities)
TBA	To Be Announced
UBS	UBS Warburg LLC
CURRENCY ABBREVIATION:
EUR	Euro

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page    93

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1  - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 10/31/2012
Asset-Backed Securities	$	—	$	13,971	$	—	$	13,971
Common Stocks		223,144		—		—		223,144
Corporate Debt Securities		—		37,181		—		37,181
Foreign Government Obligations		—		7,289		—		7,289
Mortgage-Backed Securities		—		22,605		—		22,605
Preferred Corporate Debt Securities		—		839		—		839
Preferred Stock		152		—		—		152
Repurchase Agreement		—		4,519		—		4,519
Securities Lending Collateral		20,734		—		—		20,734
Short-Term Investment Company		3,581		—		—		3,581
Short-Term U.S. Government Obligation		—		340		—		340
Structured Notes Debt		—		744		—		744
U.S. Government Agency Obligations		—		61,496		—		61,496
U.S. Government Obligations		—		20,225		—		20,225
Total	$	247,611	$	169,209	$	—	$	416,820

TBA Short Commitments	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value at 10/31/2012
U.S. Government Agency Obligations	$	—	$	(18,008	)	$	—	$	(18,008	)

Other Financial Instruments ₣	Level 1 - Quoted Prices			Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 10/31/2012
Futures Contracts—Appreciation	$	47		$	—	$	—	$	47
Futures Contracts—Depreciation		(158	)		—		—		(158	)
Forward Foreign Currency Contracts—Appreciation		—			66		—		66
Total	$	(111	)	$	66	$	—	$	(45	)

' Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of Levels 1 and 2 during the period ended 10/31/2012. 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		Annual Report 2012
	Page    94

Transamerica Short-Term Bond

(formerly, Transamerica AEGON Short-Term Bond)

SCHEDULE OF INVESTMENTS

At October 31, 2012

	Principal (000’s)		Value (000’s)
U.S. GOVERNMENT AGENCY OBLIGATION—0.0% ¥
Freddie Mac
2.89%, 08/01/2037 *	$	663	$	714
Total U.S. Government Agency Obligation (cost $672)
MORTGAGE-BACKED SECURITIES—22.4%
7 WTC Depositor LLC Trust
Series 2012-7WTC, Class A
4.08%, 03/13/2031—144A		6,895		7,281
American General Mortgage Loan Trust
Series 2009-1, Class A5
5.75%, 09/25/2048—144A *		13,311		13,442
Series 2009-1, Class A6
5.75%, 09/25/2048—144A *		20,611		21,040
American Tower Trust
Series 2007-1A, Class AFX
5.42%, 04/15/2037—144A		22,047		23,083
Series 2007-1A, Class B
5.54%, 04/15/2037—144A		4,750		4,902
Series 2007-1A, Class C
5.62%, 04/15/2037—144A		14,550		14,981
Series 2007-1A, Class D
5.96%, 04/15/2037—144A		9,755		10,045
Banc of America Funding Corp.
Series 2010-R4, Class 1A1
5.50%, 07/26/2036—144A		4,905		5,094
Series 2010-R6, Class 3A1
6.25%, 09/26/2037—144A		4,409		4,618
Series 2010-R6, Class 4A1
2.97%, 07/26/2035—144A *		3,263		3,238
Series 2011-R1, Class A1
4.00%, 08/26/2036—144A *		1,591		1,600
Banc of America Large Loan, Inc.
Series 2007-BMB1, Class A2
0.96%, 08/15/2029—144A *		13,700		13,504
BCAP LLC Trust
Series 2006-RR1, Class PD
5.00%, 11/25/2036		8,540		8,687
Series 2009-RR3, Class 1A2
6.00%, 11/26/2036—144A *		1,498		1,539
Series 2009-RR3, Class 2A1
4.85%, 05/26/2037—144A *		3,605		3,647
Series 2009-RR6, Class 2A1
2.97%, 08/26/2035—144A *		8,119		7,384
Series 2009-RR10, Class 2A1
3.12%, 08/26/2035—144A *		3,147		3,108
Series 2009-RR13, Class 13A3
5.25%, 03/26/2037—144A *		4,436		4,473
Series 2009-RR13, Class 14A1
5.25%, 03/26/2037—144A *		2,178		2,214
Series 2009-RR13, Class 2A3
5.52%, 02/26/2036—144A *		4,421		4,566
Series 2009-RR13, Class 3A3
5.35%, 05/26/2036—144A *		9,722		9,980
Series 2009-RR14, Class 1A1
6.05%, 05/26/2037—144A *		11,706		12,505
Series 2010-RR1, Class 12A1
5.25%, 08/26/2036—144A *		7,150		7,436
Series 2010-RR6, Class 15A5
5.50%, 12/26/2036—144A *		3,236		3,271
Series 2010-RR6, Class 16A5
5.50%, 04/26/2036—144A *		2,292		2,344

	Principal (000’s)		Value (000’s)
MORTGAGE-BACKED SECURITIES (continued)
BCAP LLC Trust (continued)
Series 2010-RR6, Class 1A5
5.00%, 08/26/2022—144A *	$	6,867	$	7,005
Series 2010-RR6, Class 20A1
4.50%, 11/26/2035—144A *		2,313		2,317
Series 2010-RR7, Class 5A6
5.50%, 10/26/2036—144A		8,718		9,049
Series 2011-RR1, Class 5A1
3.00%, 09/28/2036—144A *		1,407		1,407
Series 2012-RR2, Class 7A3
2.62%, 09/26/2035—144A *		9,060		9,241
Series 2012-RR4, Class 2A5
2.41%, 04/26/2037—144A *		11,621		11,671
Series 2012-RR5, Class 6A1
3.10%, 10/26/2035 *		11,897		11,856
Bear Stearns Commercial Mortgage Securities
Series 2007-PW17, Class AAB
5.70%, 06/11/2050		9,198		9,798
BNPP Mortgage Securities LLC
Series 2009-1, Class A1
6.00%, 08/27/2037—144A		9,024		9,464
Capmark Military Housing Trust
Series 2008-AMCW, Class A2
5.91%, 03/10/2015—144A		4,900		5,013
Citigroup Mortgage Loan Trust, Inc.
Series 2003-HE3, Class A
0.59%, 12/25/2033 *		6,615		6,024
Series 2009-10, Class 6A1
5.47%, 09/25/2034—144A *		4,365		4,553
Series 2010-8, Class 5A6
4.00%, 11/25/2036—144A		16,965		17,483
Series 2010-8, Class 6A6
4.50%, 12/25/2036—144A		15,005		15,620
Series 2010-8, Class 6A62
3.50%, 12/25/2036—144A		9,259		9,566
Countrywide Home Loan Mortgage Pass- Through Trust
Series 2002-35, Class 1A3
5.00%, 02/25/2018		6,384		6,527
Credit Suisse Mortgage Capital Certificates
Series 2007-C1, Class AAB
5.34%, 02/15/2040		12,212		12,818
Series 2007-C4, Class AAB
5.76%, 09/15/2039 *		11,383		12,437
Series 2009-12R, Class 36A1
5.09%, 06/27/2036—144A *		5,378		5,406
Series 2009-16R, Class 11A1
7.00%, 08/26/2036—144A		4,208		4,377
Series 2010-1R, Class 28A1
5.00%, 02/27/2047—144A		15,770		15,628
Series 2010-1R, Class 40A1
5.00%, 04/27/2036—144A		1,931		1,968
Series 2010-12R, Class 10A1
4.50%, 11/26/2036—144A *		3,258		3,278
Series 2010-15R, Class 2A1
3.50%, 05/26/2036—144A *		9,369		9,761
Series 2010-15R, Class 4A1
3.50%, 04/26/2035—144A *		12,674		12,809
Series 2010-15R, Class 6A1
3.50%, 10/26/2046—144A *		6,396		6,462
Series 2010-18R, Class 1A11
3.75%, 08/26/2035—144A *		7,733		7,703

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page    95

Transamerica Short-Term Bond

(formerly, Transamerica AEGON Short-Term Bond)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

	Principal (000’s)		Value (000’s)
MORTGAGE-BACKED SECURITIES (continued)
Credit Suisse Mortgage Capital Certificates (continued)
Series 2010-18R, Class 3A1
4.00%, 03/26/2037—144A	$	7,650	$	7,836
Series 2010-RR4, Class 2B
5.47%, 09/18/2039—144A *		8,250		8,761
GS Mortgage Securities Corp. II
Series 2007-EOP, Class A3
1.46%, 03/06/2020—144A *		5,780		5,779
Series 2007-EOP, Class B
1.73%, 03/06/2020—144A *		11,300		11,298
Series 2007-EOP, Class E
2.48%, 03/06/2020—144A *		31,300		31,301
Impac CMB Trust
Series 2007-A, Class A
0.46%, 05/25/2037 *		12,629		12,117
Jefferies & Co., Inc.
Series 2009-R2, Class 2A
3.06%, 12/26/2037—144A *		3,717		3,738
Series 2009-R2, Class 3A
2.79%, 01/26/2047—144A *		2,357		2,363
Series 2009-R7, Class 10A3
6.00%, 12/26/2036—144A		1,542		1,605
Series 2009-R7, Class 11A1
2.76%, 03/26/2037—144A *		3,403		3,309
Series 2009-R7, Class 12A1
5.08%, 08/26/2036—144A *		1,747		1,729
Series 2009-R7, Class 1A1
3.95%, 02/26/2036—144A *		1,869		1,809
Series 2009-R7, Class 4A1
2.92%, 09/26/2034—144A *		2,365		2,271
Series 2009-R9, Class 1A1
2.73%, 08/26/2046—144A *		9,860		9,796
Series 2010-R2, Class 1A1
6.00%, 05/26/2036—144A		7,796		8,126
Series 2010-R3, Class 1A1
3.03%, 03/21/2036—144A *		5,867		6,029
Series 2010-R6, Class 1A1
4.00%, 09/26/2037—144A		6,034		6,111
Series 2010-R8, Class 2A1
5.00%, 10/26/2036—144A		4,849		4,903
JPMorgan Chase Commercial Mortgage Securities Corp.
Series 2007-C1, Class ASB
5.86%, 02/15/2051		6,788		7,371
Series 2007-CB19, Class ASB
5.71%, 02/12/2049 *		8,993		9,908
Series 2007-LD11, Class ASB
5.81%, 06/15/2049 *		15,502		17,000
JPMorgan Re-REMIC
Series 2009-7, Class 8A1
5.41%, 01/27/2047—144A *		2,631		2,689
Series 2009-11, Class 1A1
2.89%, 02/26/2037—144A *		6,897		6,752
Series 2010-4, Class 7A1
1.87%, 08/26/2035—144A *		9,048		8,960
Series 2010-5, Class 2A2
4.50%, 07/26/2035—144A *		10,510		10,661
LB-UBS Commercial Mortgage Trust
Series 2004-C8, Class B
4.91%, 12/15/2039 *		12,585		13,474

	Principal (000’s)		Value (000’s)
MORTGAGE-BACKED SECURITIES (continued)
LSTAR Commercial Mortgage Trust
Series 2011-1, Class A
3.91%, 06/25/2043—144A	$	9,443	$	9,855
Morgan Stanley Re-REMIC Trust
Series 2010-R4, Class 3A
5.50%, 08/26/2047—144A		26,526		28,184
Mortgage Equity Conversion Asset Trust
Series 2010-1A, Class A
4.00%, 07/25/2060—144A		14,296		13,725
ORES NPL LLC
Series 2012-LV1, Class A
4.00%, 09/25/2044—144A		15,443		15,528
RBSCF Trust
Series 2010-RR3, Class CSCA
5.47%, 09/16/2039—144A *		13,000		14,874
RBSSP Resecuritization Trust
Series 2009-1, Class 10A1
6.50%, 07/26/2037—144A		9,435		9,936
RREF 2012 LT1 LLC
Series 2012-LT1A, Class A
4.75%, 02/15/2025—144A		763		763
S2 Hospitality LLC
Series 2012-LV1, Class A
4.50%, 04/15/2025—144A		6,288		6,317
Wachovia Bank Commercial Mortgage Trust
Series 2006-WL7A, Class A2
0.33%, 09/15/2021—144A *		17,000		16,429
Wells Fargo Mortgage Backed Securities Trust
Series 2003-G, Class A1
4.10%, 06/25/2033 *		1,265		1,286
Wells Fargo Mortgage Loan Trust
Series 2010-RR2, Class 1A1
3.10%, 09/27/2035—144A *		7,444		7,436
Series 2010-RR4, Class 1A1
5.15%, 12/27/2046—144A *		7,216		7,328
Series 2011-RR3, Class A1
2.82%, 03/27/2037—144A *		16,420		16,301
WFDB Commercial Mortgage Trust
Series 2011-BXR, Class A
3.66%, 07/05/2024—144A		15,000		15,383
Total Mortgage-Backed Securities (cost $781,187)				792,264
ASSET-BACKED SECURITIES - 8.4%
AH Mortgage Advance Trust
Series SART-1, Class A2
3.37%, 05/10/2043—144A		28,890		28,890
Series SART-2, Class A1
3.27%, 09/15/2043—144A		20,300		20,558
AmeriCredit Automobile Receivables Trust
Series 2012-2, Class C
2.64%, 10/10/2017		7,500		7,668
BXG Receivables Note Trust
Series 2012-A, Class A
2.66%, 12/02/2027—144A		19,056		19,018
ColumbusNova CLO Ltd
Series 2007-I
0.69%, 05/16/2019—144A *		4,870		4,724
DT Auto Owner Trust
Series 2009-1, Class C
10.75%, 10/15/2015—144A		1,633		1,637

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page     96

Transamerica Short-Term Bond

(formerly, Transamerica AEGON Short-Term Bond)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

	Principal (000’s)		Value (000’s)
ASSET-BACKED SECURITIES (continued)
HLSS Servicer Advance Receivables Backed Notes
Series 2012-T2, Class A2
1.99%, 10/15/2045—144A	$	34,900	$	35,171
HSBC Home Equity Loan Trust
Series 2006-3, Class A4
0.45%, 03/20/2036 *		23,721		21,673
Series 2007-1, Class A4
0.57%, 03/20/2036 *		9,352		8,248
Marriott Vacation Club Owner Trust
Series 2012-1A, Class A
2.51%, 05/20/2030—144A		18,012		18,332
Mountain View Funding CLO
Series 2007-3A, Class A1
0.55%, 04/16/2021—144A * Ə		4,931		4,790
Orange Lake Timeshare Trust
Series 2012-AA, Class A
3.45%, 03/10/2027—144A		5,719		5,810
Prestige Auto Receivables Trust
Series 2012-1A, Class C
3.25%, 07/15/2019—144A		5,000		5,131
Sierra Receivables Funding Co., LLC
Series 2007-1A, Class A2
0.36%, 03/20/2019—144A *		1,678		1,665
Series 2011-2A, Class A
3.26%, 05/20/2028—144A		5,248		5,357
Series 2011-3A, Class A
3.37%, 07/20/2028—144A		6,842		7,031
Series 2012-2A, Class A
2.38%, 03/20/2029—144A		11,556		11,761
Series 2012-3A, Class A
1.87%, 08/20/2029—144A		20,000		19,773
SVO VOI Mortgage Corp.
Series 2012-AA, Class A
2.00%, 09/20/2029—144A		24,000		24,001
TAL Advantage LLC
Series 2011-1A, Class A
4.60%, 01/20/2026—144A		17,267		18,277
Tax Liens Securitization Trust
Series 2010-1A, Class 2A2
2.00%, 04/15/2018—144A		885		886
Trafigura Securitisation Finance PLC
Series 2012-1A, Class A
2.61%, 10/15/2015—144A *		25,520		25,935
Total Asset-Backed Securities (cost $291,909)				296,336
MUNICIPAL GOVERNMENT OBLIGATION—0.5%
Rhode Island Economic Development Corp.
6.00%, 11/01/2015 §		16,950		17,782
Total Municipal Government Obligations (cost $16,950)
CORPORATE DEBT SECURITIES—63.4%
Aerospace & Defense—0.8%
Exelis, Inc.
4.25%, 10/01/2016		27,920		29,128
Airlines—3.3%
AirTran Airways Pass-Through Trust
Series 1999-1
10.41%, 04/01/2017—144A		21,728		25,530
America West Airlines Pass-Through Trust
Series 1999-1, Class G
7.93%, 01/02/2019		3,314		3,563

	Principal (000’s)		Value (000’s)
Airlines (continued)
America West Airlines Pass-Through Trust (continued)
Series 2000-1, Class G
8.06%, 07/02/2020	$	11,495	$	12,328
Continental Airlines Pass-Through Trust
Series 1997-1, Class A
7.46%, 04/01/2015 ^		6,087		6,277
Delta Air Lines, Inc., Pass-Through Trust
Series 2010-1, Class 1A
6.20%, 07/02/2018 ^		31,675		35,160
Northwest Airlines Pass-Through Trust
Series 2002-1, Class G1
1.18%, 05/20/2014 * ^		712		704
Series 2002-1, Class G2
6.26%, 11/20/2021		2,263		2,391
UAL Pass-Through Trust
Series 2009-1
10.40%, 11/01/2016		27,212		31,261
Beverages—0.6%
Anheuser-Busch InBev Worldwide, Inc.
9.75%, 11/17/2015		BRL21,570		11,948
Coca-Cola Bottling Co. Consolidated
5.00%, 06/15/2016	$	7,650		8,441
Capital Markets—1.8%
Macquarie Group, Ltd.
7.30%, 08/01/2014—144A		25,590		27,796
Morgan Stanley
0.82%, 10/15/2015 *		21,060		20,304
4.00%, 07/24/2015 ^		14,850		15,479
Commercial Banks—8.6%
Banco Santander Chile
2.88%, 11/13/2012—144A		26,595		26,598
Bank of America NA
6.00%, 06/15/2016 ^		10,000		11,373
BBVA US Senior SAU
2.56%, 05/16/2014 *		10,990		10,851
3.25%, 05/16/2014 ^		14,558		14,561
BNP Paribas / BNP Paribas US Medium- Term Note Program LLC
5.13%, 01/15/2015—144A		9,960		10,358
BNP Paribas SA
2.38%, 09/14/2017 ^		8,220		8,280
CIT Group, Inc.
4.75%, 02/15/2015—144A ^		14,580		15,090
Export-Import Bank of Korea
4.00%, 01/11/2017 ^		13,900		15,206
First Horizon National Corp.
5.38%, 12/15/2015		11,645		12,765
First Tennessee Bank NA
5.05%, 01/15/2015		16,535		17,281
ING Bank NV
2.00%, 09/25/2015—144A		3,500		3,528
2.01%, 09/25/2015—144A * ^		31,510		31,682
JPMorgan Chase Bank NA
5.88%, 06/13/2016 ^		9,750		11,081
Korea Development Bank
8.00%, 01/23/2014		3,000		3,244
Nordea Bank AB
2.25%, 03/20/2015—144A		15,800		16,184
Regions Financial Corp.
7.75%, 11/10/2014 ^		13,000		14,333
Royal Bank of Scotland Group PLC
5.00%, 10/01/2014		9,820		10,104

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page    97

Transamerica Short-Term Bond

(formerly, Transamerica AEGON Short-Term Bond)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

	Principal (000’s)		Value (000’s)
Commercial Banks (continued)
Royal Bank of Scotland Group PLC (continued)
5.05%, 01/08/2015 ^	$	6,285	$	6,506
US Bancorp
3.44%, 02/01/2016 ^		30,000		31,514
Wachovia Corp.
0.65%, 10/28/2015 *		17,745		17,488
Zions Bancorporation
7.75%, 09/23/2014		19,356		21,327
Commercial Services & Supplies—0.7%
Hutchison Whampoa International 11, Ltd.
3.50%, 01/13/2017—144A ^		9,600		10,198
KAR Auction Services, Inc.
4.31%, 05/01/2014 *		14,785		14,785
Construction Materials—0.6%
CRH America, Inc.
5.30%, 10/15/2013		4,600		4,771
6.00%, 09/30/2016		15,000		16,813
Vulcan Materials Co.
6.30%, 06/15/2013		2		2
Consumer Finance—0.4%
Ally Financial, Inc.
6.75%, 12/01/2014 ^		13,360		14,395
Containers & Packaging—0.5%
Rexam PLC
6.75%, 06/01/2013—144A		16,424		16,672
Distributors—0.9%
Glencore Funding LLC
6.00%, 04/15/2014—144A		29,555		30,951
Diversified Financial Services—6.9%
Bank of America Corp.
5.63%, 10/14/2016 ^		24,940		28,436
Citigroup, Inc.
2.25%, 08/07/2015 ^		17,220		17,666
2.65%, 03/02/2015 ^		15,000		15,466
CNH Capital LLC
3.88%, 11/01/2015—144A		18,000		18,450
Ford Motor Credit Co. LLC
3.98%, 06/15/2016		3,700		3,922
4.21%, 04/15/2016		23,700		25,241
7.00%, 04/15/2015 ^		7,900		8,789
Harley-Davidson Funding Corp.
5.75%, 12/15/2014—144A		10,013		11,003
International Lease Finance Corp.
6.50%, 09/01/2014—144A		10,475		11,261
6.75%, 09/01/2016—144A		18,390		20,781
Lazard Group LLC
7.13%, 05/15/2015		5,974		6,588
Marina District Finance Co., Inc.
9.50%, 10/15/2015 ^		10,547		10,666
Murray Street Investment Trust I
4.65%, 03/09/2017 * ^		34,866		37,832
NASDAQ OMX Group, Inc.
4.00%, 01/15/2015		5,000		5,245
Permanent TSB PLC
3.60%, 01/14/2013—144A		17,085		17,085
PTTEP Australia International Finance Pty, Ltd.
4.15%, 07/19/2015—144A		6,000		6,332

	Principal (000’s)		Value (000’s)
Diversified Telecommunication Services—2.9%
GTP Towers Issuer LLC
4.44%, 02/15/2015—144A	$	25,765	$	26,729
Qwest Corp.
8.38%, 05/01/2016		7,832		9,388
Telecom Italia Capital SA
4.95%, 09/30/2014		5,238		5,448
6.18%, 06/18/2014		26,189		27,777
Telefonica Emisiones SAU
3.73%, 04/27/2015		31,930		32,568
Electric Utilities—0.7%
Iberdrola Finance Ireland, Ltd.
3.80%, 09/11/2014—144A		24,822		25,566
Electronic Equipment & Instruments—0.6%
Avnet, Inc.
6.00%, 09/01/2015		7,000		7,627
6.63%, 09/15/2016		11,279		12,744
Energy Equipment & Services—2.4%
Boardwalk Pipelines, LP
5.88%, 11/15/2016		2,300		2,585
DCP Midstream Operating, LP
3.25%, 10/01/2015 ^		24,545		25,386
Korea National Oil Corp.
5.38%, 07/30/2014—144A		15,830		16,909
NuStar Pipeline Operating Partnership, LP
5.88%, 06/01/2013 ^		3,000		3,046
Sunoco Logistics Partners Operations, LP
6.13%, 05/15/2016		17,646		19,936
Transocean, Inc.
5.05%, 12/15/2016		13,975		15,652
Health Care Equipment & Supplies—0.3%
Boston Scientific Corp.
6.25%, 11/15/2015		8,603		9,718
Health Care Providers & Services—0.2%
Owens & Minor, Inc.
6.35%, 04/15/2016		4,890		5,454
Hotels, Restaurants & Leisure—0.5%
MGM Resorts International
10.00%, 11/01/2016 ^		15,460		17,624
Household Durables—1.0%
Maytag Corp.
6.45%, 08/15/2014		21,506		23,451
Whirlpool Corp.
7.75%, 07/15/2016		9,970		11,976
Independent Power Producers & Energy Traders—0.9%
TransAlta Corp.
4.75%, 01/15/2015		29,451		31,158
Insurance—3.9%
21st Century Insurance Group
5.90%, 12/15/2013		6,570		6,847
Aspen Insurance Holdings, Ltd.
6.00%, 08/15/2014 ^		10,281		11,019
Liberty Mutual Group, Inc.
5.75%, 03/15/2014—144A		19,200		20,097
Prudential Covered Trust 2012-1
3.00%, 09/30/2015—144A		28,500		29,592
State Auto Financial Corp.
6.25%, 11/15/2013		10,730		11,087
Stone Street Trust
5.90%, 12/15/2015—144A		29,415		30,832
Transatlantic Holdings, Inc.
5.75%, 12/14/2015		25,760		28,673

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page    98

Transamerica Short-Term Bond

(formerly, Transamerica AEGON Short-Term Bond)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

	Principal (000’s)		Value (000’s)
IT Services—1.2%
Affiliated Computer Services, Inc.
5.20%, 06/01/2015 ^	$	16,300	$	17,588
Computer Sciences Corp.
2.50%, 09/15/2015		25,615		26,163
Metals & Mining—2.6%
Anglo American Capital PLC
9.38%, 04/08/2014—144A		12,156		13,493
ArcelorMittal
4.25%, 02/25/2015 ^		20,000		20,003
Kinross Gold Corp.
3.63%, 09/01/2016		7,160		7,249
Vale Overseas, Ltd.
6.25%, 01/11/2016 ^		27,000		30,597
Xstrata Finance Canada, Ltd.
2.85%, 11/10/2014—144A		19,960		20,479
Multi-Utilities—0.4%
Black Hills Corp.
9.00%, 05/15/2014		12,521		13,927
Oil, Gas & Consumable Fuels—7.9%
Anadarko Petroleum Corp.
5.95%, 09/15/2016		17,450		20,270
Chesapeake Energy Corp.
9.50%, 02/15/2015 ^ §		14,465		16,201
Empresa Nacional del Petroleo
6.75%, 11/15/2012—144A		12,938		12,956
Energy Transfer Partners, LP
8.50%, 04/15/2014		9,428		10,365
Gazprom OAO Via GAZ Capital SA
8.13%, 07/31/2014—144A		30,395		33,326
KazMunayGas National Co.
8.38%, 07/02/2013—144A		23,000		23,950
Lukoil International Finance BV
6.38%, 11/05/2014—144A		31,270		33,944
Petrobras International Finance Co.—Pifco
2.88%, 02/06/2015 ^		11,930		12,297
3.50%, 02/06/2017 ^		17,000		17,967
Petrohawk Energy Corp.
7.25%, 08/15/2018		29,270		33,367
Ras Laffan Liquefied Natural Gas Co., Ltd. III
5.83%, 09/30/2016—144A		25,636		28,290
Tengizchevoil Finance Co., SARL
6.12%, 11/15/2014—144A		13,363		13,897
TNK-BP Finance SA
6.25%, 02/02/2015—144A		25,000		26,824
Paper & Forest Products—0.3%
Celulosa Arauco y Constitucion SA
5.13%, 07/09/2013 ^		9,400		9,604
Pharmaceuticals—0.8%
Hospira, Inc.
6.40%, 05/15/2015 ^		15,244		17,058
Watson Pharmaceuticals, Inc.
1.88%, 10/01/2017 ^		10,000		10,136
Professional Services—0.8%
Block Financial LLC
7.88%, 01/15/2013 ^		26,495		26,589
Real Estate Investment Trusts—3.6%
BRE Properties, Inc.
4.70%, 03/17/2014		7,000		7,308
Digital Realty Trust, LP
4.50%, 07/15/2015		14,200		15,250
Healthcare Realty Trust, Inc.
5.13%, 04/01/2014		13,456		14,144

	Principal (000’s)		Value (000’s)
Real Estate Investment Trusts (continued)
Hospitality Properties Trust
7.88%, 08/15/2014	$	10,000	$	10,785
Kilroy Realty, LP
5.00%, 11/03/2015 ^		14,130		15,429
National Retail Properties, Inc.
6.15%, 12/15/2015		14,850		16,878
6.25%, 06/15/2014		9,958		10,727
UDR, Inc.
5.13%, 01/15/2014		4,900		5,114
5.50%, 04/01/2014		5,500		5,810
6.05%, 06/01/2013		6,080		6,258
WEA Finance LLC / WT Finance AUST Pty, Ltd.
5.75%, 09/02/2015—144A		17,000		18,942
Real Estate Management & Development—1.4%
First Industrial, LP
5.75%, 01/15/2016 ^		10,140		10,771
6.42%, 06/01/2014		2,691		2,823
Post Apartment Homes, LP
6.30%, 06/01/2013		17,965		18,487
Retail Property Trust
7.18%, 09/01/2013—144A		16,445		17,227
Road & Rail—0.1%
GATX Financial Corp.
5.80%, 03/01/2016		4,000		4,464
Trading Companies & Distributors—0.7%
Noble Group, Ltd.
8.50%, 05/30/2013—144A		24,175		25,021
Transportation Infrastructure—1.7%
Heathrow Funding, Ltd.
2.50%, 06/25/2015—144A ^		24,000		24,789
Penske Truck Leasing Co., LP / PTL Finance Corp.
2.50%, 07/11/2014—144A		3,000		3,033
3.13%, 05/11/2015—144A		30,070		30,688
Wireless Telecommunication Services—3.4%
Crown Castle Towers LLC
3.21%, 08/15/2015—144A		12,000		12,499
4.52%, 01/15/2015—144A		15,870		16,806
Richland Towers Funding LLC / Management Funding / RTM Boston / Seattle Funding
4.61%, 03/15/2016—144A		11,546		12,430
SBA Tower Trust
4.25%, 04/15/2015—144A		29,090		30,575
Sprint Nextel Corp.
8.38%, 08/15/2017 ^		18,000		20,880
WCP Wireless Site Funding / WCP Wireless Site RE Funding / WCP Wireless Site Non
4.14%, 11/15/2015—144A		27,307		28,221
Total Corporate Debt Securities (cost $2,188,871)				2,243,802
LOAN ASSIGNMENTS—3.3%
Diversified Telecommunication Services—0.3%
Windstream Corp., Tranche B2 3.09%, 12/17/2015 * §		9,974		9,946
Food Products—0.4%
Michael Foods Group, Inc.
4.25%, 02/23/2018 * §		14,541		14,596
Health Care Providers & Services—0.4%
HCA, Inc.
3.61%, 03/31/2017 * §		13,500		13,505

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page    99

Transamerica Short-Term Bond

(formerly, Transamerica AEGON Short-Term Bond)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

	Principal (000’s)		Value (000’s)
Hotels, Restaurants & Leisure—0.8%
Dunkin’ Brands, Inc.
4.00%, 11/23/2017 * §	$	15,957	$	15,991
Scientific Games International, Inc., Tranche B1
2.97%, 06/30/2015 * §		11,900		11,837
IT Services—0.4%
SunGard Data Systems, Inc.
3.71%, 02/28/2014 * §		8,503		8,511
SunGard Data Systems, Inc., Tranche B
3.90%, 02/26/2016 * §		6,000		6,008
Media—0.7%
CSC Holdings, Inc., Tranche B2
1.96%, 03/29/2016 * §		12,036		12,028
Sinclair Broadcast Group, Inc., Tranche B
—, 10/28/2016 * ь §		8,982		9,012
Visant Corp., Tranche B
5.25%, 12/22/2016 * §		3,208		3,084
Oil, Gas & Consumable Fuels—0.0% ¥
Chesapeake Energy Corp.
8.50%, 12/01/2017 *		1,372		1,373
Personal Products—0.3%
Revlon Consumer Products Corp., Tranche B
4.75%, 11/17/2017 * §		9,925		9,929
Total Loan Assignments (cost $114,951)				115,820

	Shares		Value (000’s)
SECURITIES LENDING COLLATERAL—4.2%
State Street Navigator Securities Lending Trust—Prime Portfolio, 0.31% p		149,240,598	$	149,241
Total Securities Lending Collateral (cost $149,241)

	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT—3.2%
State Street Bank & Trust Co. 0.03% p, dated 10/31/2012, to be repurchased at $114,637 on 11/01/2012. Collateralized by U.S. Government Agency Obligations, 3.00%—4.00%, due 09/25/2039—01/01/2042, and with a total value of $116,930.	$	114,637		114,637
Total Repurchase Agreement (cost $114,637)
Total Investment Securities (cost $3,658,418) P				3,730,596
Other Assets and Liabilities—Net				(189,568	)
Net Assets			$	3,541,028

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

¥ Percentage rounds to less than 0.1%.

* Floating or variable rate note. Rate is listed as of 10/31/2012.

Ə Fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. Total aggregate market value of fair valued securities is $4,790, or 0.14% of the fund’s net assets.

^ All or a portion of this security is on loan. The value of all securities on loan is $146,148.

ь All or a portion of this security represents unsettled loan commitment at 10/31/2012 where the rate will be determined at time of settlement.

p Rate shown reflects the yield at 10/31/2012.

§ Illiquid. Total aggregate market value of illiquid securities is $148,430, or 4.19% of the fund’s net assets.

P Aggregate cost for federal income tax purposes is $3,658,444. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $77,434 and $5,282, respectively. Net unrealized appreciation for tax purposes is $72,152.

DEFINITIONS (all amounts in thousands):

144A 144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 10/31/2012, these securities aggregated $1,798,322, or 50.79% of the fund's net assets.

BRL Brazilian Real

CLO Collateralized Loan Obligation

OAO Otkrytoe Aktsionernoe Obschestvo (Russian: Open Joint Stock Exchange)

REMIC Real Estate Mortgage Investment Conduits (consist of a fixed pool of mortgages broken apart and marketed to investors as individual securities)

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page    100

Transamerica Short-Term Bond

(formerly, Transamerica AEGON Short-Term Bond)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

VALUATION SUMMARY (all amounts in thousands): '

			Level 2 -
			Other		Level 3 -
	Level 1 -		Significant		Significant
	Quoted		Observable		Unobservable		Value at
Investment Securities	Prices		Inputs		Inputs		10/31/2012
Asset-Backed Securities	$	—	$	296,336	$	—	$	296,336
Corporate Debt Securities		—		2,243,802		—		2,243,802
Loan Assignments		—		115,820		—		115,820
Mortgage-Backed Securities		—		792,264		—		792,264
Municipal Government Obligation		—		17,782		—		17,782
Repurchase Agreement		—		114,637		—		114,637
Securities Lending Collateral		149,241		—		—		149,241
U.S. Government Agency Obligation		—		714		—		714
Total	$	149,241	$	3,581,355	$	—	$	3,730,596

' Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of Levels 1 and 2 during the period ended 10/31/2012. 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		Annual Report 2012
	Page    101

Transamerica Small Cap Growth

SCHEDULE OF INVESTMENTS

At October 31, 2012

			Value
	Shares		(000’s)
COMMON STOCKS—91.8%
Aerospace & Defense—2.4%
Triumph Group, Inc.		86,310	$	5,646
Air Freight & Logistics—1.1%
Hub Group, Inc.—Class A ‡		84,720		2,627
Chemicals—2.6%
Kraton Performance Polymers, Inc. ‡		202,030		4,408
TPC Group, Inc. ‡		38,947		1,752
Commercial Banks—11.7%
Bank of the Ozarks, Inc.		81,823		2,679
Home Bancshares, Inc.		113,097		3,918
PrivateBancorp, Inc.—Class A		335,480		5,422
Prosperity Bancshares, Inc.		62,930		2,634
Signature Bank ‡		57,980		4,130
SVB Financial Group ‡		83,750		4,739
Texas Capital Bancshares, Inc. ‡		97,744		4,640
Commercial Services & Supplies—3.0%
Healthcare Services Group Inc.		302,286		7,225
Diversified Consumer Services—1.0%
Coinstar, Inc. ‡		53,010		2,488
Diversified Financial Services—1.2%
MarketAxess Holdings, Inc.		88,440		2,763
Electronic Equipment & Instruments—0.9%
InvenSense, Inc.—Class A ‡		196,269		2,198
Energy Equipment & Services—1.7%
Pacific Drilling SA ‡		407,970		4,153
Food Products—3.4%
Annie’s, Inc. ‡		115,920		4,579
TreeHouse Foods, Inc. ‡		65,760		3,521
Health Care Providers & Services—7.2%
Air Methods Corp. ‡		63,713		6,985
Centene Corp. ‡		67,640		2,569
HMS Holdings Corp. ‡		230,920		5,332
IPC The Hospitalist Co., Inc. ‡		69,251		2,388
Health Care Technology—4.9%
athenahealth, Inc. ‡		63,510		4,083
Computer Programs & Systems, Inc.		69,902		3,412
Medidata Solutions, Inc. ‡		21,853		916
Vocera Communications, Inc. ‡		121,987		3,280
Hotels, Restaurants & Leisure—3.8%
Buffalo Wild Wings, Inc. ‡		72,320		5,493
Red Robin Gourmet Burgers, Inc. ‡		12,378		413
Sonic Corp. ‡		324,842		3,239
Internet Software & Services—2.4%
LivePerson, Inc. ‡		199,391		3,129
SPS Commerce, Inc. ‡		73,940		2,680
IT Services—1.5%
MAXIMUS, Inc.		65,860		3,634
Machinery—5.3%
Chart Industries, Inc. ‡		57,680		4,083
Wabtec Corp.		104,490		8,558
Oil, Gas & Consumable Fuels—4.2%
Approach Resources, Inc. ‡		247,903		6,106
Callon Petroleum Co. ‡		315,190		1,803
Goodrich Petroleum Corp. ‡		178,176		2,197
Pharmaceuticals—5.5%
Akorn, Inc. ‡		410,833		4,934
Impax Laboratories, Inc. ‡		389,537		8,278
Professional Services—3.7%
Acacia Research Corp. ‡		102,010		2,649
Advisory Board Co. ‡		132,803		6,308
Semiconductors & Semiconductor Equipment—0.8%
Inphi Corp. ‡		239,588		2,005
Software—6.3%
Allot Communications, Ltd. ‡		152,220		3,556
QLIK Technologies, Inc. ‡		159,301		2,933
Sourcefire, Inc. ‡		60,600		2,593
Synchronoss Technologies, Inc. ‡		192,098		3,937

			Value
	Shares		(000’s)
Software (continued)
Tangoe, Inc. ‡		143,146	$	1,849
Specialty Retail—14.1%
America’s Car-Mart, Inc. ‡		48,937		2,049
Asbury Automotive Group, Inc. ‡		118,550		3,760
Finish Line, Inc.—Class A		113,730		2,366
Francesca’s Holdings Corp. ‡		167,050		4,933
Genesco, Inc. ‡		61,289		3,512
Group 1 Automotive, Inc.		76,640		4,752
Hibbett Sports, Inc. ‡		45,270		2,444
Pier 1 Imports, Inc.		498,080		10,161
Textiles, Apparel & Luxury Goods—2.4%
Steven Madden, Ltd. ‡		136,290		5,850
Transportation Infrastructure—0.7%
WESCO Aircraft Holdings, Inc. ‡		134,120		1,791
Total Common Stocks (cost $229,361)				220,482
	Principal		Value
	(000’s)		(000’s)
REPURCHASE AGREEMENT—29.4%
State Street Bank & Trust Co. 0.03% , dated 10/31/2012, to be repurchased at $70,616 on 11/01/2012. Collateralized by U.S. Government Agency Obligations, 4.00%—5.50%, due 12/15/2017—04/01/2025, and with a total value of $72,030.	$	70,616		70,616
Total Repurchase Agreement (cost $70,616)
Total Investment Securities (cost $299,977) P				291,098
Other Assets and Liabilities—Net				(50,998	)
Net Assets			$	240,100

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page   102

Transamerica Small Cap Growth

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

‡ Non-income producing security.

 Rate shown reflects the yield at 10/31/2012.

P Aggregate cost for federal income tax purposes is $301,242. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $2,044 and $12,188, respectively. Net unrealized depreciation for tax purposes is $10,144.

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 10/31/2012
Common Stocks	$	220,482	$	—	$	—	$	220,482
Repurchase Agreement		—		70,616		—		70,616
Total	$	220,482	$	70,616	$	—	$	291,098

' Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of Levels 1 and 2 during the period ended 10/31/2012. 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		Annual Report 2012
	Page   103

Transamerica Small Cap Value

SCHEDULE OF INVESTMENTS

At October 31, 2012

			Value
	Shares		(000’s)
COMMON STOCKS—96.3%
Air Freight & Logistics—0.6%
Air Transport Services Group, Inc. ‡		437,363	$	1,684
Airlines—0.8%
SkyWest, Inc.		208,708		2,285
Automobiles—1.3%
Thor Industries, Inc.		97,121		3,694
Capital Markets—5.0%
Ares Capital Corp.		445,785		7,784
Investment Technology Group, Inc. ‡		136,876		1,155
Waddell & Reed Financial, Inc.—Class A		167,872		5,595
Chemicals—2.1%
RPM International, Inc.		108,567		2,894
Sensient Technologies Corp.		93,588		3,406
Commercial Banks—10.8%
BancorpSouth, Inc.		216,049		3,057
Bank of Hawaii Corp.		78,994		3,488
BBCN Bancorp, Inc. ‡		381,247		4,549
Community Bank System, Inc.		83,678		2,309
Cullen/Frost Bankers, Inc.		12,471		690
East-West Bancorp, Inc.		164,114		3,494
First Niagara Financial Group, Inc.		428,042		3,544
FNB Corp.		328,664		3,527
Hancock Holding Co.		138,438		4,373
Trustmark Corp.		88,038		2,066
Commercial Services & Supplies—4.0%
ACCO Brands Corp. ‡		219,021		1,586
American Reprographics Co. ‡		369,676		1,416
Deluxe Corp.		209,611		6,604
Ennis, Inc.		125,986		1,928
Communications Equipment—3.4%
ADTRAN, Inc.		32,252		545
Black Box Corp.		153,198		3,358
Oplink Communications, Inc. ‡		243,981		3,625
Plantronics, Inc.		74,865		2,429
Construction & Engineering—2.2%
Aegion Corp.—Class A ‡		84,968		1,569
Granite Construction, Inc.		32,914		994
Tutor Perini Corp. ‡		378,257		3,836
Consumer Finance—1.8%
World Acceptance Corp. ‡		79,828		5,329
Containers & Packaging—1.9%
Greif, Inc.—Class A		60,727		2,548
Sonoco Products Co.		93,072		2,897
Diversified Financial Services—0.9%
Fifth Street Finance Corp.		234,937		2,563
Electric Utilities—2.7%
Empire District Electric Co.		160,442		3,483
Portland General Electric Co.		167,594		4,593
Electrical Equipment—3.0%
EnerSys, Inc. ‡		83,876		2,892
Franklin Electric Co., Inc.		41,621		2,412
GrafTech International, Ltd. ‡		310,597		3,264
Electronic Equipment & Instruments—4.7%
Anixter International, Inc.		39,768		2,331
Benchmark Electronics, Inc. ‡		150,644		2,233
CTS Corp.		263,762		2,184
Park Electrochemical Corp.		147,250		3,655
Plexus Corp. ‡		81,495		2,193
ScanSource, Inc. ‡		34,098		997
Energy Equipment & Services—2.4%
Bristow Group, Inc.		46,093		2,301
Tidewater, Inc.		95,141		4,520
Food & Staples Retailing—0.8%
Nash Finch Co.		125,953		2,422
Gas Utilities—1.6%
Atmos Energy Corp.		125,422		4,511
Health Care Equipment & Supplies—2.5%
Hill-Rom Holdings, Inc.		156,711		4,402

			Value
	Shares		(000’s)
Health Care Equipment & Supplies (continued)
Symmetry Medical, Inc. ‡		327,877	$	3,003
Health Care Providers & Services—2.2%
Amsurg Corp.—Class A ‡		57,294		1,634
Kindred Healthcare, Inc. ‡		477,224		4,677
Hotels, Restaurants & Leisure—1.9%
Cracker Barrel Old Country Store, Inc.		63,446		4,038
Ruth’s Hospitality Group, Inc. ‡		198,946		1,323
Insurance—8.0%
American Equity Investment Life Holding Co.		322,538		3,712
Donegal Group, Inc.—Class A		74,966		972
FBL Financial Group, Inc.—Class A		52,285		1,784
Hanover Insurance Group, Inc.		58,306		2,105
HCC Insurance Holdings, Inc.		184,339		6,571
Tower Group, Inc.		271,311		4,889
Validus Holdings, Ltd.		89,506		3,204
IT Services—2.0%
CACI International, Inc.—Class A ‡		115,189		5,809
Media—0.7%
Meredith Corp.		60,688		2,031
Metals & Mining—1.5%
Kaiser Aluminum Corp.		70,195		4,252
Office Electronics—1.5%
Zebra Technologies Corp.—Class A ‡		118,735		4,266
Oil, Gas & Consumable Fuels—3.5%
Berry Petroleum Co.—Class A		154,607		5,954
Callon Petroleum Co. ‡		356,921		2,042
Stone Energy Corp. ‡		90,136		2,126
Paper & Forest Products—0.7%
P.H. Glatfelter Co.		106,775		1,902
Personal Products—3.0%
Nu Skin Enterprises, Inc.—Class A		181,646		8,597
Professional Services—4.4%
Barrett Business Services, Inc.		54,191		1,617
CBIZ, Inc. ‡		522,503		2,884
FTI Consulting, Inc. ‡		151,821		3,941
Korn/Ferry International ‡		327,176		4,381
Real Estate Investment Trusts—6.6%
First Potomac Realty Trust		119,642		1,425
Glimcher Realty Trust		89,996		960
Hersha Hospitality Trust—Class A		601,987		2,751
Medical Properties Trust, Inc.		523,124		6,006
Omega Healthcare Investors, Inc.		239,072		5,484
Ramco-Gershenson Properties Trust		186,065		2,411
Semiconductors & Semiconductor Equipment—0.6%
Integrated Silicon Solution, Inc. ‡		190,551		1,629
Software—0.9%
American Software, Inc.—Class A		328,565		2,691
Specialty Retail—5.3%
Ascena Retail Group, Inc. ‡		207,957		4,118
JOS A. Bank Clothiers, Inc. ‡		52,987		2,479
Rent-A-Center, Inc.		197,451		6,581
Sonic Automotive, Inc.—Class A		126,203		2,448
Textiles, Apparel & Luxury Goods—1.0%
Iconix Brand Group, Inc. ‡		152,864		2,830
Total Common Stocks (cost $275,904)				278,741

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page   104

Transamerica Small Cap Value

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

	Principal		Value
	(000’s)		(000’s)
REPURCHASE AGREEMENT—3.3%
State Street Bank & Trust Co. 0.03% p, dated 10/31/2012, to be repurchased at $9,604 on 11/01/2012. Collateralized by a U.S. Government Agency Obligation, 3.50%, due 11/25/2038, and with a value of $9,797.	$	9,604	$	9,604
Total Repurchase Agreement (cost $9,604)
Total Investment Securities (cost $285,508) P				288,345
Other Assets and Liabilities—Net				1,209
Net Assets			$	289,554

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

‡ Non-income producing security.

p Rate shown reflects the yield at 10/31/2012.

P Aggregate cost for federal income tax purposes is $286,528. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $12,484 and $10,667, respectively. Net unrealized appreciation for tax purposes is $1,817.

VALUATION SUMMARY (all amounts in thousands): '

			Level 2 -
			Other		Level 3 -
	Level 1 -		Significant		Significant
	Quoted		Observable		Unobservable		Value at
Investment Securities	Prices		Inputs		Inputs		10/31/2012
Common Stocks	$	278,741	$	—	$	—	$	278,741
Repurchase Agreement		—		9,604		—		9,604
Total	$	278,741	$	9,604	$	—	$	288,345

' Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of Levels 1 and 2 during the period ended 10/31/2012. 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		Annual Report 2012
	Page   105

Transamerica Small/Mid Cap Value

(formerly, Transamerica Systematic Small/Mid Cap Value)

SCHEDULE OF INVESTMENTS

At October 31, 2012

			Value
	Shares		(000’s)
COMMON STOCKS—97.9%
Aerospace & Defense—1.7%
Aerovironment, Inc. ‡ ^		89,400	$	1,966
American Science & Engineering, Inc.		17,800		1,132
Curtiss-Wright Corp.		36,500		1,127
Triumph Group, Inc.		114,450		7,487
Air Freight & Logistics—0.4%
Atlas Air Worldwide Holdings, Inc. ‡		53,840		2,961
Auto Components—0.7%
Dana Holding Corp. ^		148,663		1,956
Delphi Automotive PLC ‡		79,525		2,501
Automobiles—0.4%
Thor Industries, Inc. ^		80,275		3,053
Beverages—1.2%
Coca-Cola Enterprises, Inc.		130,125		4,091
Molson Coors Brewing Co.—Class B		88,425		3,815
Building Products—0.9%
A.O. Smith Corp. ^		42,400		2,577
American Woodmark Corp. ‡ ^		14,398		331
Fortune Brands Home & Security, Inc. ‡		46,700		1,328
Gibraltar Industries, Inc. ‡ ^		162,319		2,022
Capital Markets—2.3%
Duff & Phelps Corp.—Class A		103,500		1,287
LPL Financial Holdings, Inc.		43,000		1,256
Raymond James Financial, Inc.		226,734		8,647
Stifel Financial Corp. ‡ ^		58,000		1,839
Waddell & Reed Financial, Inc.—Class A		78,400		2,612
Chemicals—2.2%
Agrium, Inc.		13,225		1,396
Ashland, Inc.		70,252		4,998
CF Industries Holdings, Inc.		7,290		1,496
Cytec Industries, Inc.		33,975		2,338
PPG Industries, Inc.		41,875		4,903
Commercial Banks—7.6%
City National Corp. ^		25,400		1,298
Comerica, Inc.		301,100		8,975
Fifth Third Bancorp		201,300		2,925
First Citizens BancShares, Inc.—Class A		28,413		4,794
First Community Bancshares, Inc. ^		151,740		2,273
First Niagara Financial Group, Inc.		180,070		1,491
KeyCorp		487,025		4,101
Lakeland Bancorp, Inc. ^		52,848		525
Regions Financial Corp.		1,341,375		8,745
Sandy Spring Bancorp, Inc. ^		118,000		2,256
SunTrust Banks, Inc.		161,975		4,406
Texas Capital Bancshares, Inc. ‡ ^		44,000		2,089
Umpqua Holdings Corp. ^		190,000		2,297
Union First Market Bankshares Corp. ^		27,300		429
Washington Trust Bancorp, Inc. ^		55,921		1,509
Webster Financial Corp.		168,500		3,707
Commercial Services & Supplies—0.3%
HNI Corp. ^		72,200		1,987
Communications Equipment—1.4%
KVH Industries, Inc. ‡ ^		184,983		2,556
Polycom, Inc. ‡		121,700		1,219
Riverbed Technology, Inc. ‡		300,025		5,542
Construction & Engineering—1.4%
Chicago Bridge & Iron Co. NV		23,800		894
EMCOR Group, Inc.		66,500		2,139
Foster Wheeler AG ‡		57,200		1,274
KBR, Inc.		187,650		5,227
Construction Materials—0.5%
Caesar Stone Sdot Yam, Ltd. ‡		209,900		3,367
Consumer Finance—2.0%
Discover Financial Services		239,850		9,834
SLM Corp.		208,525		3,666

			Value
	Shares		(000’s)
Electric Utilities—2.0%
Cleco Corp.		178,525	$	7,703
MGE Energy, Inc. ^		31,500		1,658
PPL Corp.		146,400		4,331
Electrical Equipment—0.3%
PowerSecure International, Inc. ‡ ^		334,061		2,158
Electronic Equipment & Instruments—1.6%
FEI Co. ^		83,118		4,575
Orbotech, Ltd. ‡		177,600		1,467
Park Electrochemical Corp. ^		59,786		1,484
Rofin-Sinar Technologies, Inc. ‡ ^		52,000		947
Universal Display Corp. ‡ ^		21,100		692
Vishay Intertechnology, Inc. ‡ ^		194,800		1,613
Energy Equipment & Services—1.6%
Dresser-Rand Group, Inc. ‡		35,600		1,834
Helix Energy Solutions Group, Inc. ‡		22,300		386
Noble Corp.		110,275		4,162
Oil States International, Inc. ‡		64,000		4,678
Food Products—1.6%
Hain Celestial Group, Inc. ‡ ^		45,675		2,640
J&J Snack Foods Corp.		25,145		1,440
JM Smucker Co.		83,075		7,115
Health Care Equipment & Supplies—1.6%
AngioDynamics, Inc. ‡		105,300		1,130
Greatbatch, Inc. ‡ ^		78,657		1,729
Sirona Dental Systems, Inc. ‡		137,900		7,896
Health Care Providers & Services—1.0%
Coventry Health Care, Inc.		67,000		2,924
HealthSouth Corp. ‡ ^		52,900		1,171
WellCare Health Plans, Inc. ‡		60,125		2,862
Health Care Technology—0.4%
Omnicell, Inc. ‡		165,000		2,406
Hotels, Restaurants & Leisure—1.3%
Brinker International, Inc. ^		40,500		1,247
Churchill Downs, Inc. ^		41,100		2,685
Wyndham Worldwide Corp.		99,575		5,019
Household Durables—1.8%
Harman International Industries, Inc.		42,000		1,761
Helen of Troy, Ltd. ‡		43,400		1,312
La-Z-Boy, Inc. ‡		128,200		2,079
MDC Holdings, Inc. ^		45,775		1,750
Newell Rubbermaid, Inc.		177,775		3,669
Ryland Group, Inc. ^		55,700		1,887
Household Products—0.6%
Spectrum Brands Holdings, Inc. ‡ ^		97,300		4,426
Independent Power Producers & Energy Traders—0.5%
Calpine Corp. ‡		194,575		3,425
Insurance—6.8%
Alleghany Corp. ‡		9,000		3,128
Allstate Corp.		109,000		4,358
Aspen Insurance Holdings, Ltd.		92,500		2,992
HCC Insurance Holdings, Inc.		66,700		2,377
Lincoln National Corp.		446,325		11,064
Selective Insurance Group, Inc. ^		254,721		4,710
United Fire Group, Inc.		237,943		5,656
Validus Holdings, Ltd.		330,550		11,834
Internet Software & Services—1.9%
AOL, Inc. ‡		100,800		3,460
Blucora, Inc. ‡		56,600		993
IAC/InterActiveCorp		47,500		2,297
ValueClick, Inc. ‡ ^		258,916		4,317
XO Group, Inc. ‡		195,900		1,577
IT Services—0.9%
Fidelity National Information Services, Inc.		129,800		4,266
Global Payments, Inc.		41,000		1,753
Leisure Equipment & Products—0.4%
LeapFrog Enterprises, Inc.—Class A ‡ ^		303,400		2,682

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page   106

Transamerica Small/Mid Cap Value

(formerly, Transamerica Systematic Small/Mid Cap Value)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

			Value
	Shares		(000’s)
Life Sciences Tools & Services—1.5%
Charles River Laboratories International, Inc. ‡		137,611	$	5,136
PerkinElmer, Inc.		169,260		5,235
Machinery—4.7%
AGCO Corp. ‡		107,550		4,895
Altra Holdings, Inc.		135,400		2,440
CIRCOR International, Inc.		89,500		3,087
Columbus McKinnon Corp. ‡		50,500		756
Crane Co.		32,000		1,343
Eaton Corp.		152,550		7,202
Mueller Industries, Inc.		62,000		2,716
NN, Inc. ‡ ^		145,370		1,204
Oshkosh Corp. ‡		37,400		1,121
Sauer-Danfoss, Inc.		48,300		1,935
Snap-on, Inc.		35,094		2,714
Wabash National Corp. ‡ ^		161,600		1,020
Woodward, Inc. ^		46,300		1,551
Media—0.2%
Madison Square Garden Co. ‡		25,000		1,029
Metals & Mining—1.2%
Kaiser Aluminum Corp. ^		23,500		1,424
Noranda Aluminum Holding Corp.		117,900		723
Nucor Corp.		152,200		6,107
Multiline Retail—0.6%
Macy’s, Inc.		115,050		4,380
Multi-Utilities—3.3%
CMS Energy Corp.		351,700		8,553
NiSource, Inc.		359,425		9,155
NorthWestern Corp.		135,000		4,834
Oil, Gas & Consumable Fuels—6.2%
Cloud Peak Energy, Inc. ‡		45,500		960
Energen Corp.		243,725		11,371
HollyFrontier Corp.		231,250		8,933
Marathon Petroleum Corp.		33,775		1,855
Peabody Energy Corp.		151,700		4,232
Plains Exploration & Production Co. ‡		235,525		8,399
SM Energy Co.		46,000		2,480
W&T Offshore, Inc. ^		107,575		1,823
Western Refining, Inc. ^		93,600		2,328
Paper & Forest Products—1.0%
Domtar Corp.		26,600		2,121
MeadWestvaco Corp.		91,175		2,707
P.H. Glatfelter Co.		122,500		2,182
Personal Products—1.0%
Herbalife, Ltd. ^		76,775		3,942
Nu Skin Enterprises, Inc.—Class A ^		58,875		2,787
Pharmaceuticals—1.3%
Impax Laboratories, Inc. ‡		222,875		4,736
Jazz Pharmaceuticals PLC ‡		23,033		1,238
Nektar Therapeutics ‡ ^		306,233		2,756
Professional Services—0.6%
FTI Consulting, Inc. ‡		50,200		1,303
On Assignment, Inc. ‡ ^		159,400		3,042
Real Estate Investment Trusts—8.3%
BioMed Realty Trust, Inc.		421,475		8,058
Brandywine Realty Trust ^		1,003,375		11,638
CBL & Associates Properties, Inc.		262,725		5,876
DiamondRock Hospitality Co.		368,700		3,127
Digital Realty Trust, Inc.		34,275		2,106
DuPont Fabros Technology, Inc.		83,000		1,781
Equity One, Inc. ^		128,000		2,675
Excel Trust, Inc. ^		312,019		3,838
Home Properties, Inc.		51,850		3,152
Kilroy Realty Corp.		113,175		5,026
National Retail Properties, Inc. ^		107,700		3,412
Realty Income Corp. ^		18,000		707

			Value
	Shares		(000’s)
Real Estate Investment Trusts (continued)
Weingarten Realty Investors		88,800	$	2,398
Weyerhaeuser Co.		78,175		2,165
Road & Rail—1.4%
Hertz Global Holdings, Inc. ‡ ^		292,400		3,880
Ryder System, Inc.		125,425		5,659
Semiconductors & Semiconductor Equipment—4.3%
Broadcom Corp.—Class A ‡		190,600		6,011
Brooks Automation, Inc.		228,000		1,646
Entegris, Inc. ‡		261,600		2,148
LTX-Credence Corp. ‡ ^		410,500		2,286
MKS Instruments, Inc.		56,000		1,323
NXP Semiconductor NV ‡		112,700		2,734
OmniVision Technologies, Inc. ‡ ^		189,600		2,711
Skyworks Solutions, Inc. ‡		260,700		6,101
TriQuint Semiconductor, Inc. ‡ ^		496,194		2,332
Veeco Instruments, Inc. ‡ ^		55,200		1,695
Software—2.2%
Cadence Design Systems, Inc. ‡		682,875		8,645
Electronic Arts, Inc. ‡		193,800		2,393
Progress Software Corp. ‡ ^		123,200		2,430
Websense, Inc. ‡ ^		98,200		1,298
Specialty Retail—6.2%
Abercrombie & Fitch Co.—Class A ^		43,200		1,321
Aeropostale, Inc. ‡ ^		154,600		1,847
American Eagle Outfitters, Inc.		160,000		3,339
ANN, Inc. ‡		96,601		3,396
Children's Place Retail Stores, Inc. ‡ ^		32,100		1,876
Express, Inc. ‡		89,900		1,001
Finish Line, Inc.—Class A		186,500		3,880
Foot Locker, Inc.		366,175		12,268
GNC Holdings, Inc.—Class A		194,550		7,523
Pier 1 Imports, Inc. ^		281,575		5,744
Textiles, Apparel & Luxury Goods—1.7%
G-III Apparel Group, Ltd. ‡ ^		54,500		2,014
Oxford Industries, Inc. ^		32,000		1,775
PVH Corp.		49,925		5,492
Steven Madden, Ltd. ‡		53,000		2,275
Thrifts & Mortgage Finance—3.1%
Berkshire Hills Bancorp, Inc. ^		130,331		3,060
Brookline Bancorp, Inc. ^		177,000		1,501
Dime Community Bancshares, Inc.		119,700		1,736
Northwest Bancshares, Inc.		137,000		1,630
Oritani Financial Corp. ^		71,000		1,085
Provident Financial Services, Inc. ^		116,500		1,748
Provident New York Bancorp ^		282,100		2,576
TrustCo Bank Corp. NY ^		224,500		1,253
United Financial Bancorp, Inc. ^		140,685		2,162
ViewPoint Financial Group, Inc. ^		46,300		963
Washington Federal, Inc.		215,000		3,607
Trading Companies & Distributors—1.4%
United Rentals, Inc. ‡		239,575		9,741
Water Utilities—0.4%
American Water Works Co., Inc.		79,175		2,909
Total Common Stocks (cost $624,059)				667,097
SECURITIES LENDING COLLATERAL—13.4%
State Street Navigator Securities Lending Trust—Prime Portfolio, 0.31% p		91,134,945		91,135
Total Securities Lending Collateral (cost $91,135)

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page   107

Transamerica Small/Mid Cap Value

(formerly, Transamerica Systematic Small/Mid Cap Value)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

	Principal		Value
	(000’s)		(000’s)
REPURCHASE AGREEMENT—1.7%
State Street Bank & Trust Co. 0.03% p , dated 10/31/2012, to be repurchased at $11,550 on 11/01/2012. Collateralized by a U.S. Government Agency Obligation, 3.00%, due 12/01/2026, and with a value of $11,782.	$	11,550	$	11,550
Total Repurchase Agreement (cost $11,550)
Total Investment Securities (cost $726,744) P				769,782
Other Assets and Liabilities—Net				(88,517	)
Net Assets			$	681,265

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

^ All or a portion of this security is on loan. The value of all securities on loan is $88,613.

‡ Non-income producing security.

p Rate shown reflects the yield at 10/31/2012.

P Aggregate cost for federal income tax purposes is $728,516. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $74,338 and $33,072, respectively. Net unrealized appreciation for tax purposes is $41,266.

VALUATION SUMMARY (all amounts in thousands): '

			Level 2 -
			Other		Level 3 -
	Level 1 -		Significant		Significant
	Quoted		Observable		Unobservable		Value at
Investment Securities	Prices		Inputs		Inputs		10/31/2012
Common Stocks	$	667,097	$	—	$	—	$	667,097
Repurchase Agreement		—		11,550		—		11,550
Securities Lending Collateral		91,135		—		—		91,135
Total	$	758,232	$	11,550	$	—	$	769,782

' Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of Levels 1 and 2 during the period ended 10/31/2012. 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		Annual Report 2012
	Page   108

Transamerica Tactical Income

SCHEDULE OF INVESTMENTS

At October 31, 2012

			Value
	Shares		(000’s)
INVESTMENT COMPANIES—98.3%
Capital Markets—87.9%
Guggenheim BulletShares 2015 High Yield Corporate Bond ETF		525,093	$	13,946
iShares Barclays 20+ Year Treasury Bond Fund		200,363		24,717
iShares iBoxx $ High Yield Corporate Bond Fund		965,513		89,436
iShares iBoxx Investment Grade Corporate Bond Fund		171,869		21,143
iShares JPMorgan USD Emerging Markets Bond Fund		259,024		31,500
iShares S&P U.S. Preferred Stock Index Fund		2,228,398		89,248
ProShares UltraShort 20+ Year Treasury		87,079		5,444
ProShares VIX Mid-Term Futures ETF		391,937		15,184
SPDR Barclays High Yield Bond ETF		4,170,162		168,184
SPDR Barclays Long Term Corporate Bond ETF		426,108		18,135
SPDR Barclays TIPS ETF		517,013		31,621
SPDR Dow Jones International Real Estate ETF		644,401		26,253
SPDR S&P International Dividend ETF		847,111		38,450
SPDR Wells Fargo Preferred Stock ETF		432,305		19,838
Vanguard Extended Duration Treasury ETF		9,849		1,226
Vanguard Intermediate-Term Bond ETF		369,338		33,351
Vanguard Long-Term Bond ETF		445,168		43,110
Vanguard REIT ETF		155,334		10,000
Growth—Large Cap—4.6%
Vanguard Growth ETF		508,687		35,674
Value—Large Cap—5.8%
Vanguard Value ETF		771,515		45,126
Total Investment Companies (cost $760,449)				761,586

	Principal		Value
	(000’s)		(000’s)
REPURCHASE AGREEMENT—0.6%
State Street Bank & Trust Co. 0.03% p, dated 10/31/2012, to be repurchased at $4,419 on 11/01/2012. Collateralized by a U.S. Government Agency Obligation, 3.50%, due 11/25/2038, and with a value of $4,508.	$	4,419	$	4,419
Total Repurchase Agreement (cost $4,419)
Total Investment Securities (cost $764,868) P				766,005
Other Assets and Liabilities—Net				8,825
Net Assets			$	774,830

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

p Rate shown reflects the yield at 10/31/2012.

P Aggregate cost for federal income tax purposes is $767,254. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $5,258 and $6,507, respectively. Net unrealized depreciation for tax purposes is $1,249.

DEFINITION:

ETF Exchange-Traded Fund

VALUATION SUMMARY (all amounts in thousands): '

			Level 2 -
			Other		Level 3 -
	Level 1 -		Significant		Significant
	Quoted		Observable		Unobservable		Value at
Investment Securities	Prices		Inputs		Inputs		10/31/2012
Investment Companies	$	761,586	$	—	$	—	$	761,586
Repurchase Agreement		—		4,419		—		4,419
Total	$	761,586	$	4,419	$	—	$	766,005

' Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of Levels 1 and 2 during the period ended 10/31/2012. 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		Annual Report 2012
	Page   109

STATEMENTS OF ASSETS AND LIABILITIES

At October 31, 2012

(all amounts except per share amounts in thousands)

				Transamerica			Transamerica			Transamerica							Transamerica
	Transamerica			Diversified			Emerging			Emerging			Transamerica				Growth
	Capital Growth			Equity			Markets Debt			Markets Equity			Flexible Income				Opportunities
Assets:
Investment securities, at value	$	753,561		$	1,455,079		$	659,283		$	105,828		$	349,335			$	670,888
Repurchase agreement, at value		29,546			44,997			35,317			1,214			3,738				21,900
Foreign currency, at value		127			—			211			1,064			—				—
Receivables:
Investment securities sold		—			162			2,312			—			1,701				—
Shares of beneficial interest sold		101			134			9,928			1			2,889				75
Interest		—	(A)		—	(A)		8,177			—	(A)		3,824				—	(A)
Securities lending income (net)		87			114			18			—			19				142
Dividends		155			1,177			—			117			79				118
Dividend reclaims		1			510			—	(A)		1			—				67
12b-1 waiver		—			—			—			—			3				—
Prepaid expenses		3			7			1			—			1				3
Unrealized appreciation on forward foreign currency contracts		—			—			593			—			—				—
	$	783,581		$	1,502,180		$	715,840		$	108,225		$	361,589			$	693,193
Liabilities:
Due to custodian		—			—			2,312			—			—				—
Accounts payable and accrued liabilities:
Investment securities purchased		—			—			7,450			—			1,564				—
Shares of beneficial interest redeemed		615			1,940			319			—	(A)		572				1,644
Management and advisory fees		552			1,258			324			93			134				536
Distribution and service fees		42			178			22			—			97				41
Trustees fees		2			5			2			–	(A)		1				2
Transfer agent fees		41			215			13			1			18				56
Administration fees		18			34			14			3			7				14
Due to advisor		—			—			34			—			—				—
Foreign capital gains tax		—			—			—			37			—				—
Other		74			182			88			51			55				79
Collateral for securities on loan		65,332			44,873			81,954			—			33,571				104,882
Unrealized depreciation on forward foreign currency contracts		—			—			192			—			—				—
		66,676			48,685			92,724			185			36,019				107,254
Net assets	$	716,905		$	1,453,495		$	623,116		$	108,040		$	325,570			$	585,939
Net assets consist of:
Shares of beneficial interest, unlimited shares authorized,no par value	$	672,855		$	1,618,520		$	591,024		$	110,593		$	382,844			$	574,218
Undistributed net investment income		3,752			6,531			3,948			710			814				3,377
Undistributed (accumulated) net realized gain (loss) from investments		21,167			(404,613	)		14,246			(5,233	)		(79,771	)			4,949
Net unrealized appreciation (depreciation) on:																��
Investment securities		19,131			232,931			13,502			2,000			21,683				3,396
Translation of assets and liabilities denominated in foreign currencies		—	(A)		126			396			(30	)		—	(A)			(1	)
Net assets	$	716,905		$	1,453,495		$	623,116		$	108,040		$	325,570			$	585,939
Net assets by class:
Class A	$	65,782		$	420,504		$	60,754		$	302		$	77,291			$	91,110
Class B		5,596			20,668									6,641				5,582
Class C		19,809			42,637			10,543			253			81,874				10,943
Class I		80,083			310,170			46,190			302			31,480				80,359
Class I2		545,635			577,540			505,629			107,183			128,284				397,945
Class T					81,976
Shares outstanding:
Class A		4,290			31,356			5,264			32			8,251				11,173
Class B		401			1,560									709				774
Class C		1,419			3,224			916			27			8,794				1,509
Class I		5,132			22,813			3,995			32			3,357				9,331
Class I2		50,536			42,511			43,729			11,358			13,669				45,855
Class T					2,858
Net asset value per share:
Class A	$	15.34		$	13.41		$	11.54		$	9.42		$	9.37			$	8.15
Class B		13.96			13.25									9.37				7.21
Class C		13.96			13.22			11.51			9.39			9.31				7.25
Class I		15.61			13.60			11.56			9.43			9.38				8.61
Class I2		10.80			13.59			11.56			9.44			9.38				8.68
Class T					28.69
Maximum offering price per share (B)
Class A	$	16.23		$	14.19		$	12.12		$	9.97		$	9.84			$	8.62
Class T					31.36
Investment securities, at cost	$	734,430		$	1,222,148		$	645,781		$	103,828		$	327,652			$	667,492
Repurchase agreement, at cost	$	29,546		$	44,997		$	35,317		$	1,214		$	3,738			$	21,900
Foreign currency, at cost	$	127		$	—		$	211		$	1,058		$	—			$	—
Securities loaned, at value	$	63,628		$	43,874		$	79,307		$	—		$	32,872			$	102,308

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page   110

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2012

(all amounts except per share amounts in thousands)

				Transamerica			Transamerica			Transamerica
	Transamerica			International			International			Large Cap			Transamerica			Transamerica
	High Yield Bond			Bond			Equity			Growth			Large Cap Value			Money Market
Assets:
Investment securities, at value	$	768,374		$	188,636		$	274,754		$	136,579		$	1,325,922		$	382,454
Repurchase agreements, at value		34,635			3,685			4,724			243			50,441			432,217
Cash on deposit with broker		—			1,098			—			—			—			—
Foreign currency, at value		—			1,972			—			—			—			—
Receivables:
Investment securities sold		80			—			629			—			—			—
Shares of beneficial interest sold		1,282			27			984			—			2,664			729
Interest		12,274			2,204			—	(A)		—	(A)		—	(A)		67
Securities lending income (net)		40			—	(A)		10			—			12			—
Dividends		159			—			619			136			817			—
Dividend reclaims		—			—			112			2			56			—
12b-1 waiver		—			—			—			—			—			62
Other		—			29			—			—			—			—
Prepaid expenses		3			1			1			—			8			1
Unrealized appreciation on forward foreign currency contracts		—			237			—			—			—			—
	$	816,847		$	197,889		$	281,833		$	136,960		$	1,379,920		$	815,530
Liabilities:
Accounts payable and accrued liabilities:
Investment securities purchased		5,737			—			714			—			—			—
Shares of beneficial interest redeemed		9,590			72			80			39			781			796
Management and advisory fees		365			114			186			85			764			57
Distribution and service fees		147			—			5			—			2			151
Trustees fees		2			1			1			1			5			2
Transfer agent fees		36			1			10			1			10			48
Administration fees		16			4			6			3			30			10
Due to advisor		32			—			—			—			—			—
Distribution payable		—			—			—			—			—			1
Variation margin		—			40			—			—			—			—
Other		87			45			52			41			100			59
Collateral for securities on loan		104,412			2,223			16,797			—			51,002			—
Unrealized depreciation on forward foreign currency contracts		—			1,609			—			—			—			—
		120,424			4,109			17,851			170			52,694			1,124
Net assets	$	696,423		$	193,780		$	263,982		$	136,790		$	1,327,226		$	814,406
Net assets consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	676,649		$	192,576		$	250,591		$	138,549		$	1,174,599		$	814,406
Undistributed (accumulated) net investment income (loss)		1,012			(4,057	)		3,926			750			1,451			—	(A)
Undistributed (accumulated) net realized gain (loss) from investments		(1,851	)		1,509			(1,809	)		(1,547	)		72,606			—
Net unrealized appreciation (depreciation) on:
Investment securities		20,613			5,029			11,289			(962	)		78,570			—
Futures contracts		—			69			—			—			—			—
Translation of assets and liabilities denominated in foreign currencies		—			(1,346	)		(15	)		—			—			—
Net assets	$	696,423		$	193,780		$	263,982		$	136,790		$	1,327,226		$	814,406
Net assets by class:
Class A	$	256,099		$	165		$	2,999		$	419		$	1,949		$	95,801
Class B		9,236															9,289
Class C		76,995			199			4,886			280			1,716			31,391
Class I		103,181			103			90,012			786			3,550			25,460
Class I2		250,912			193,313			166,085			135,305			1,320,011			652,465
Shares outstanding:
Class A		26,692			16			206			43			165			95,800
Class B		962															9,289
Class C		8,054			19			338			29			146			31,387
Class I		10,686			10			6,146			80			301			25,460
Class I2		25,939			18,360			11,337			13,700			111,827			652,465
Net asset value per share:
Class A	$	9.59		$	10.51		$	14.57		$	9.86		$	11.77		$	1.00
Class B		9.60															1.00
Class C		9.56			10.47			14.45			9.82			11.76			1.00
Class I		9.66			10.53			14.65			9.87			11.81			1.00
Class I2		9.67			10.53			14.65			9.88			11.80			1.00
Maximum offering price per share (B)
Class A	$	10.07		$	11.03		$	15.42		$	10.43		$	12.46		$	1.00
Investment securities, at cost	$	747,761		$	183,607		$	263,465		$	137,541		$	1,247,352		$	382,454
Repurchase agreement, at cost	$	34,635		$	3,685		$	4,724		$	243		$	50,441		$	432,217
Foreign currency, at cost	$	—		$	1,976		$	—		$	—		$	—		$	—
Securities loaned, at value	$	102,073		$	2,180		$	15,990		$	—		$	49,903		$	—

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page   111

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2012

(all amounts except per share amounts in thousands)

	Transamerica			Transamerica			Transamerica						Transamerica
	Multi-Managed			Short-Term			Small Cap			Transamerica			Small/Mid Cap			Transamerica
	Balanced			Bond			Growth			Small Cap Value			Value			Tactical Income
Assets:
Investment securities, at value	$	412,301		$	3,615,959		$	220,482		$	278,741		$	758,232		$	761,586
Repurchase agreement, at value		4,519			114,637			70,616			9,604			11,550			4,419
Cash		—			416			—			—			—			—
Receivables:
Investment securities sold		44,323			1,852			332			—			—			15,468
Shares of beneficial interest sold		922			12,041			5			1,325			5,264			15,399
Interest		968			33,272			—	(A)		—	(A)		—	(A)		—	(A)
Securities lending income (net)		4			48			—			—			18			—
Dividends		223			—			37			295			426			—
Dividend reclaims		1			—			—			—			—			—
12b-1 waiver		—			35			—			—			—			11
Variation margin		16			—			—			—			—			—
Other		—			—	(A)		—			—			—			—
Prepaid expenses		1			9			—			—			2			—	(A)
Unrealized appreciation on forward foreign currency contracts		66			—			—			—			—			—
	$	463,344		$	3,778,269		$	291,472		$	289,965		$	775,492		$	796,883
Liabilities:
Accounts payable and accrued liabilities:
Investment securities purchased		49,237			76,729			51,200			—			—			19,583
Shares of beneficial interest redeemed		841			7,102			—	(A)		123			2,096			1,724
Management and advisory fees		254			1,422			126			222			487			281
Distribution and service fees		98			982			—			—			299			298
Trustees fees		1			11			1			1			2			2
Transfer agent fees		55			123			1			2			103			43
Administration fees		8			77			4			7			15			16
Due to advisor		92			—			—			—			—			—
Interest from TBA short commitments		29			—			—			—			—			—
Distribution payable		—			1,273			—			—			—			—
Other		70			281			40			56			90			106
Collateral for securities on loan		20,734			149,241			—			—			91,135			—
TBA short commitments, at value		18,008			—			—			—			—			—
		89,427			237,241			51,372			411			94,227			22,053
Net assets	$	373,917		$	3,541,028		$	240,100		$	289,554		$	681,265		$	774,830
Net assets consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	333,432		$	3,453,093		$	251,397		$	286,005		$	649,826		$	769,529
Undistributed (accumulated) net investment income (loss)		290			(1,273	)		(183	)		1,657			2,352			(31	)
Undistributed (accumulated) net realized gain (loss) from investments		6,892			17,030			(2,235	)		(945	)		(13,951	)		4,195
Net unrealized appreciation (depreciation) on:
Investment securities		33,320			72,178			(8,879	)		2,837			43,038			1,137
Futures contracts		(111	)		—			—			—			—			— ��
Translation of assets and liabilities denominated in foreign currencies		66			—	(A)		—			—			—			—
TBA short commitments		28			—			—			—			—			—
Net assets	$	373,917		$	3,541,028		$	240,100		$	289,554		$	681,265		$	774,830
Net assets by class:
Class A	$	125,266		$	793,493		$	236		$	268		$	332,085		$	254,763
Class B		9,074												29,615
Class C		62,789			857,435			234			251			198,356			279,728
Class I		176,788			368,296			235			371			105,664			240,339
Class I2					1,521,804			239,395			288,664			15,545
Shares outstanding:
Class A		5,656			75,496			25			27			15,190			24,844
Class B		412												1,441
Class C		2,874			81,735			25			26			9,757			27,367
Class I		7,955			35,653			25			38			4,720			23,430
Class I2					147,412			25,500			29,332			694
Net asset value per share:
Class A	$	22.15		$	10.51		$	9.38		$	9.83		$	21.86		$	10.25
Class B		22.01												20.55
Class C		21.85			10.49			9.37			9.79			20.33			10.22
Class I		22.22			10.33			9.39			9.84			22.38			10.26
Class I2					10.32			9.39			9.84			22.41
Maximum offering price per share (B)
Class A	$	23.44		$	10.78		$	9.93		$	10.40		$	23.13		$	10.76
Investment securities, at cost	$	378,981		$	3,543,781		$	229,361		$	275,904		$	715,194		$	760,449
Repurchase agreement, at cost	$	4,519		$	114,637		$	70,616		$	9,604		$	11,550		$	4,419
Securities loaned, at value	$	20,292		$	146,148		$	—		$	—		$	88,613		$	—
Proceeds received from TBA short commitments	$	18,036		$	—		$	—		$	—		$	—		$	—

^(A)  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 I2 shares represents offering price. The redemption price for Classes B and C shares equals net asset value less any applicable contingent deferred sales charge.

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page   112

STATEMENTS OF OPERATIONS

For the year ended October 31, 2012

(all amounts in thousands)

							Transamerica			Transamerica
				Transamerica			Emerging			Emerging
	Transamerica Capital  Growth			Diversified Equity			Markets Debt			Markets Equity (B)			Transamerica Flexible  Income
Investment income:
Dividend income	$	8,249		$	17,805		$	—		$	1,415		$	581
Withholding taxes on foreign income		(194	)		(16	)		(65	)		(158	)		(4	)
Interest income		3			2			13,753			1			15,632
Securities lending income (net)		2,757			2,060			81			—			188
Total investment income		10,815			19,851			13,769			1,258			16,397
Expenses:
Management and advisory		5,465			9,156			1,250			335			1,308
Distribution and service:
Class A		210			1,063			71			—	(A)		222
Class B		66			184									66
Class C		183			366			52			1			613
Class P		43			116
Transfer agent:
Class A		213			1,070			36			—	(A)		96
Class B		33			78									15
Class C		42			142			6			—	(A)		53
Class I		64			318			12			—	(A)		27
Class I2		41			40			13			3			9
Class P		37			178
Class T					84
Printing and shareholder reports		82			144			29			16			35
Custody		138			190			101			88			64
Administration		168			310			50			9			65
Legal		28			45			15			3			10
Audit and tax		17			21			16			17			20
Trustees		14			25			5			1			6
Registration		49			34			65			51			48
Other		12			25			3			3			6
Total expenses		6,905			13,589			1,724			527			2,663
Fund expenses recaptured or (reimbursed)/(waived)		—			—			35			—			—
Class expense recaptured or (reimbursed)/(waived):
Class A		31			275			—	(A)		—			(46	)
Class B		(9	)		(4	)								—
Class C		4			5			—	(A)		—			—
Class I		—			1			—	(A)		—	(A)		—
Class I2		—			—			1			—			—
Class P		20			(132	)
Total expense recaptured (reimbursed)/(waived)		46			145			36			—			(46	)
Net expenses		6,951			13,734			1,760			527			2,617
Net investment income		3,864			6,117			12,009			731			13,780
Net realized gain (loss) on transactions from:
Investment securities		21,125			43,579			14,044			(5,251	)(C)		2,021
Foreign currency transactions		(25	)		2			623			(29	)		(43	)
Net realized gain (loss)		21,100			43,581			14,667			(5,280	)		1,978
Net change in unrealized appreciation (depreciation) on:
Investment securities		(5,495	)		(8,449	)		14,132			2,000			14,820
Translation of assets and liabilities denominated in foreign currencies		(29	)		111			389			(30	)		10
Net change in unrealized appreciation (depreciation)		(5,524	)		(8,338	)		14,521			1,970			14,830
Net realized and change in unrealized gain (loss):		15,576			35,243			29,188			(3,310	)		16,808
Net increase (decrease) in net assets resulting from operations	$	19,440		$	41,360		$	41,197		$	(2,579	)	$	30,588

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page   113

STATEMENTS OF OPERATIONS (continued)

For the year ended October 31, 2012

(all amounts in thousands)

	Transamerica Growth Opportunities			Transamerica High Yield Bond			Transamerica International Bond			Transamerica International Equity			Transamerica Large Cap Growth(B)
Investment income:
Dividend income	$	6,998		$	1,188		$	—		$	6,468		$	1,323
Withholding taxes on foreign income		(143	)		—			(22	)		(518	)		(2	)
Interest income		5			50,024			6,521			1			—
Securities lending income (net)		2,976			676			—	(A)		194			—
Total investment income		9,836			51,888			6,499			6,145			1,321
Expenses:
Management and advisory		4,142			4,027			1,407			1,402			458
Distribution and service:
Class A		312			725			—	(A)		3			1
Class B		71			91
Class C		128			621			1			12			1
Class P		64			12
Transfer agent:
Class A		373			187			—	(A)		2			—	(A)
Class B		33			16
Class C		56			64			—	(A)		1			—	(A)
Class I		109			83			—	(A)		84			—	(A)
Class I2		24			23			20			7			5
Class P		73			6
Printing and shareholder reports		60			101			16			16			26
Custody		139			104			211			122			10
Administration		129			161			60			42			17
Legal		19			24			4			8			4
Audit and tax		19			20			18			18			17
Trustees		11			13			4			4			2
Registration		55			107			53			41			52
Other		10			14			7			4			3
Total expenses		5,827			6,399			1,801			1,766			596
Fund expenses recaptured or (reimbursed)/(waived)		—			32			—			—			—
Class expense recaptured or (reimbursed)/(waived):
Class A		123			—			—	(A)		—	(A)		—	(A)
Class B		1			—
Class C		1			—			—	(A)		—			—
Class I		—			—			—	(A)		—			—	(A)
Class P		(2	)		(6	)
Total expense recaptured (reimbursed)/(waived)		123			26			—	(A)		—	(A)		—	(A)
Net expenses		5,950			6,425			1,801			1,766			596
Net investment income		3,886			45,463			4,698			4,379			725
Net realized gain (loss) on transactions from:
Investment securities		5,488			22,752			650			904			(1,547	)
Futures contracts		—			—			(547	)		—			—
Foreign currency transactions		(81	)		—			819			(171	)		(1	)
Net realized gain (loss)		5,407			22,752	��		922			733			(1,548	)
Net change in unrealized appreciation (depreciation) on:
Investment securities		(43,451	)		24,399			(4,266	)		14,693			(962	)
Translation of assets and liabilities denominated in foreign currencies		(1	)		—			2,802			18			—
Net change in unrealized appreciation (depreciation)		(43,452	)		24,399			(1,464	)		14,711			(962	)
Net realized and change in unrealized gain (loss):		(38,045	)		47,151			(542	)		15,444			(2,510	)
Net increase (decrease) in net assets resulting from operations	$	(34,159	)	$	92,614		$	4,156		$	19,823		$	(1,785	)

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page   114

STATEMENTS OF OPERATIONS (continued)

For the year ended October 31, 2012

(all amounts in thousands)

	Transamerica Large Cap Value			Transamerica Money Market			Transamerica Multi-Managed Balanced			Transamerica Short-Term Bond			Transamerica Small Cap Growth(D)
Investment income:
Dividend income	$	39,777		$	—		$	4,485		$	—		$	76
Withholding taxes on foreign income		(398	)		—			—			—			—
Interest income		11			704			4,834			121,397			1
Securities lending income (net)		228			—			93			605			—
Total investment income		39,618			704			9,412			122,002			77
Expenses:
Management and advisory		9,693			1,015			2,640			14,084			228
Distribution and service:
Class A		5			324			369			2,398			—	(A)
Class B					119			94
Class C		18			324			497			8,391			1
Class P					—			112
Transfer agent:
Class A		4			351			300			436			—	(A)
Class B					39			40
Class C		3			52			72			586			—	(A)
Class I		8			42			133			337			—	(A)
Class I2		106			6						83			2
Class P					13			117
Printing and shareholder reports		86			30			51			269			9
Custody		111			65			162			334			7
Administration		334			60			82			708			7
Legal		47			11			12			108			4
Audit and tax		18			15			19			22			16
Trustees		28			5			7			59			1
Registration		20			67			46			111			53
Other		22			13			8			49			3
Total expenses		10,503			2,551			4,761			27,975			331
Fund expenses recaptured or (reimbursed)/(waived)		—			(660	)		92			—			(15	)
Class expense recaptured or (reimbursed)/(waived):
Class A		—			(644	)		—			(505	)		—	(A)
Class B					(154	)		—
Class C		—			(367	)		—			—			—	(A)
Class I		—			(42	)		—			—			—	(A)
Class I2		—			(1	)					—			(2	)
Class P					(13	)		(116	)
Total expense recaptured (reimbursed)/(waived)		—			(1,881	)		(24	)		(505	)		(17	)
Net expenses		10,503			670			4,737			27,470			314
Net investment income (loss)		29,115			34			4,675			94,532			(237	)
Net realized gain (loss) on transactions from:
Investment securities		89,724			—			12,107			21,790			(2,235	)
Futures contracts		—			—			732			—			—
Written option & swaption contracts		—			—			55			—			—
TBA short commitments		—			—			(41	)		—			—
Foreign currency transactions		—			—			(131	)		(90	)		—
Net realized gain (loss)		89,724			—			12,722			21,700			(2,235	)
Net change in unrealized appreciation (depreciation) on:
Investment securities		76,147			—			20,257			59,055			(8,879	)
Futures contracts		—			—			(237	)		—			—
Written option and swaption contracts		—			—			(31	)		—			—
Translation of assets and liabilities denominated in foreign currencies		—			—			67			24			—
TBA short commitments		—			—			86			—			—
Net change in unrealized appreciation (depreciation)		76,147			—		��	20,142			59,079			(8,879	)
Net realized and change in unrealized gain (loss):		165,871			—			32,864			80,779			(11,114	)
Net increase (decrease) in net assets resulting from operations	$	194,986		$	34		$	37,539		$	175,311		$	(11,351	)

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page   115

STATEMENTS OF OPERATIONS (continued)

For the year ended October 31, 2012

(all amounts in thousands)

	Transamerica Small Cap			Transamerica Small/Mid Cap			Transamerica
	Value(B)			Value			Tactical Income
Investment income:
Dividend income	$	2,901		$	12,310		$	11,035
Withholding taxes on foreign income		—			(4	)		—
Interest income		2			4			3
Securities lending income (net)		—			242			—
Total investment income		2,903			12,552			11,038
Expenses:
Management and advisory		1,077			5,166			1,232
Distribution and service:
Class A		1			1,029			265
Class B					321
Class C		1			1,923			857
Transfer agent:
Class A		—	(A)		750			61
Class B					69
Class C		—	(A)		339			63
Class I		—	(A)		100			99
Class I2		9			1
Printing and shareholder reports		44			126			69
Custody		24			99			33
Administration		31			153			65
Legal		9			23			21
Audit and tax		16			16			20
Trustees		3			13			7
Registration		54			59			147
Other		3			13			5
Total expenses		1,272			10,200			2,944
Class expense recaptured or (reimbursed)/(waived):
Class A		—			—			(55	)
Class C		—			—			(13	)
Class I		—			—			(44	)
Total expense recaptured (reimbursed)/(waived)		—			—			(112	)
Net expenses		1,272			10,200			2,832
Net investment income		1,631			2,352			8,206
Net realized gain (loss) on transactions from:
Investment securities		(945	)		(11,852	)		8,876
Net realized gain (loss)		(945	)		(11,852	)		8,876
Net change in unrealized appreciation (depreciation) on:
Investment securities		2,837			82,860			1,137
Net change in unrealized appreciation (depreciation)		2,837			82,860			1,137
Net realized and change in unrealized gain:		1,892			71,008			10,013
Net increase in net assets resulting from operations	$	3,523		$	73,360		$	18,219

^(A)  Rounds to less than $1.

^(B)  Commenced operations on April 30, 2012.

^(C)  Net of foreign capital gains tax of $18.

^(D)  Commenced operations on August 31, 2012.

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page   116

STATEMENTS OF CHANGES IN NET ASSETS

For the years ended:

(all amounts in thousands)

	Transamerica Capital Growth						Transamerica Diversified Equity						Transamerica Emerging  Markets Debt
	October 31, 2012			October 31, 2011			October 31, 2012			October 31, 2011			October 31, 2012			October 31, 2011 (B)
From operations:
Net investment income (loss)	$	3,864		$	(1,376	)	$	6,117		$	444		$	12,009		$	735
Net realized gain(A)		21,100			39,569			43,581			110,535			14,667			152
Net change in unrealized appreciation (depreciation)		(5,524	)		(10,620	)		(8,338	)		(76,621	)		14,521			(623	)
Net increase in net assets resulting from operations		19,440			27,573			41,360			34,358			41,197			264
Net equilization credit and charges											(5,091	)
Distributions to shareholders:
From net investment income:
Class A		—			—			—			(914	)		(883	)		—	(C)
Class B		—	(C)		—			—	(C)		(19	)
Class C		—	(C)		—			—	(C)		(61	)		(179	)		—	(C)
Class I		(9	)		—			—			(7	)		(428	)		(1	)
Class I2		(19	)		—			(359	)		(6,482	)		(7,885	)		(41	)
Class P		—	(C)		—			—	(C)		(4,645	)		—			—
		(28	)		—			(359	)		(12,128	)		(9,375	)		(42	)
From net realized gains:
Class A		(1,847	)		—			(10,446	)		—			—			—
Class B		(232	)		—			(711	)		—
Class C		(510	)		—			(1,806	)		—			—			—
Class I		(349	)		—			(145	)		—			—			—
Class I2		(19,816	)		—			(36,688	)		—			—			—
Class P		(1,888	)		—			(23,251	)		—
		(24,642	)		—			(73,047	)		—			—			—
Total distributions to shareholders		(24,670	)		—			(73,406	)		(12,128	)		(9,375	)		(42	)
Capital share transactions:
Proceeds from shares sold:
Class A		21,615			23,000			11,281			2,457			60,496			2,312
Class B		660			838			1,167			391
Class C		7,542			5,007			1,559			505			9,144			996
Class I		33,443			12,513			167,680			1,072			44,858			2,018
Class I2		169,765			398,989			19,675			60,732			404,842			95,239
Class P		4,374			11,925			1,546			49,683
Class T								551
		237,399			452,272			203,459			114,840			519,340			100,565
Issued from fund acquisition:
Class A		—			—			387,425			—			—			—
Class B		—			—			21,028			—
Class C		—			—			33,859			—			—			—
Class I		—			—			174,606			—			—			—
Class I2		—			—			371,097			—			—			—
Class T								89,251
		—			—			1,077,266			—			—			—
Dividends and distributions reinvested:
Class A		1,768			—			10,117			882			756			—	(C)
Class B		223			—			698			18
Class C		467			—			1,685			57			148			—	(C)
Class I		138			—			142			6			362			1
Class I2		19,835			—			37,047			6,482			7,885			41
Class P		1,863			—			23,224			2,688
		24,294			—			72,913			10,133			9,151			42
Cost of shares redeemed:
Class A		(24,775	)		(13,729	)		(64,948	)		(14,152	)		(6,621	)		(117	)
Class B		(1,040	)		(1,726	)		(2,555	)		(1,115	)
Class C		(4,091	)		(3,013	)		(6,581	)		(2,596	)		(631	)		—	(C)
Class I		(16,599	)		(1,164	)		(80,333	)		(314	)		(2,967	)		—	(C)
Class I2		(47,640	)		(1,581	)		(127,461	)		(134,434	)		(27,547	)		(143	)
Class P		(21,302	)		(24,833	)		(142,181	)		(220,859	)
Class T								(7,920	)
		(115,447	)		(46,046	)		(431,979	)		(373,470	)		(37,766	)		(260	)
Automatic conversions:
Class A		1,945			2,418			4,567			1,868			—			—
Class B		(1,945	)		(2,418	)		(4,567	)		(1,868	)
		—			—			—			—			—			—
Class level conversions:
Class I	��	52,090			—			46,486			—			—			—
Class P		(52,090	)		—			(46,486	)		—
		—			—			—			—			—			—

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page   117

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

(all amounts in thousands)

	Transamerica Capital Growth						Transamerica Diversified Equity						Transamerica Emerging  Markets Debt
	October 31, 2012			October 31, 2011			October 31, 2012			October 31, 2011			October 31, 2012			October 31, 2011 (B)
Fair fund settlement:
Class A		—			—			113			—	(C)		—			—
Class B		—			—			8			—	(C)
Class C		—			—			19			—	(C)		—			—
Class I		—			—			2			—	(C)		—			—
Class I2		—			—			401			2			—			—
Class P		—			—			253			2
		—			—			796			4			—			—
Net income equalization		—			—			—			5,091			—			—
Net increase (decrease) in net assets resulting from capital shares transactions
		146,246			406,226			922,455			(243,402	)		490,725			100,347
Net increase (decrease) in net assets		141,016			433,799			890,409			(226,263	)		522,547			100,569
Net assets:
Beginning of year	$	575,889		$	142,090		$	563,086		$	789,349		$	100,569		$	—
End of year	$	716,905		$	575,889		$	1,453,495		$	563,086		$	623,116		$	100,569
Undistributed net investment income	$	3,752		$	—		$	6,531		$	—		$	3,948		$	1,010
Share activity:
Shares issued:
Class A		1,373			1,461			829			165			5,572			237
Class B		46			58			87			26
Class C		527			347			116			33			858			103
Class I		2,120			794			12,267			68			4,030			206
Class I2		15,630			37,298			1,412			3,930			36,094			9,526
Class P		293			766			116			3,227
Class T								20
		19,989			40,724			14,847			7,449			46,554			10,072
Shares issued on fund acquisition:
Class A		—			—			28,762			—			—			—
Class B		—			—			1,572			—
Class C		—			—			2,536			—			—			—
Class I		—			—			12,839			—			—			—
Class I2		—			—			27,327			—			—			—
Class T								3,110
		—			—			76,146			—			—			—
Shares issued-reinvested from dividends and distributions:
Class A		129			—			853			58			71			—	(D)
Class B		18			—			59			1
Class C		37			—			143			4			14			—	(D)
Class I		10			—			12			–	(D)		34			—	(D)
Class I2		2,064			—			3,103			427			745			4
Class P		136			—			1,950			177
		2,394			—			6,120			667			864			4
Shares redeemed:
Class A		(1,608	)		(869	)		(4,702	)		(933	)		(604	)		(12	)
Class B		(74	)		(119	)		(189	)		(74	)
Class C		(289	)		(209	)		(491	)		(173	)		(59	)		—	(D)
Class I		(1,045	)		(73	)		(5,799	)		(21	)		(275	)		—	(D)
Class I2		(4,311	)		(145	)		(9,120	)		(9,517	)		(2,625	)		(15	)
Class P		(1,403	)		(1,566	)		(10,523	)		(14,091	)
Class T								(272	)
		(8,730	)		(2,981	)		(31,096	)		(24,809	)		(3,563	)		(27	)
Automatic conversions:
Class A		125			156			338			125			—			—
Class B		(137	)		(169	)		(341	)		(125	)
		(12	)		(13	)		(3	)		—			—			—
Class level conversions:
Class I		3,295			—			3,418			—			—			—
Class P		(3,328	)		—			(3,435	)		—
		(33	)		—			(17	)		—			—			—
Net increase (decrease) in shares outstanding:
Class A		19			748			26,080			(585	)		5,039			225
Class B		(147	)		(230	)		1,188			(172	)
Class C		275			138			2,304			(136	)		813			103
Class I		4,380			721			22,737			47			3,789			206
Class I2		13,383			37,153			22,722			(5,160	)		34,214			9,515
Class P		(4,302	)		(800	)		(11,892	)		(10,687	)
Class T								2,858
		13,608			37,730			65,997			(16,693	)		43,855			10,049

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page   118

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

(all amounts in thousands)

	Transamerica Emerging Markets Equity			Transamerica Flexible Income						Transamerica Growth Opportunities
	October 31, 2012(E)			October  31, 2012			October  31, 2011			October  31, 2012			October  31, 2011
From operations:
Net investment income (loss)	$	731		$	13,780		$	14,340		$	3,886		$	(1,496	)
Net realized gain (loss)(A)		(5,280	)		1,978			3,676			5,407			117,550
Net change in unrealized appreciation (depreciation)		1,970			14,830			(8,701	)		(43,452	)		(80,212	)
Net increase (decrease) in net assets resulting from operations		(2,579	)		30,588			9,315			(34,159	)		35,842
Distributions to shareholders:
From net investment income:
Class A		—			(3,528	)		(3,489	)		(2	)		—
Class B					(279	)		(416	)		—	(C)		—
Class C		—			(2,684	)		(2,181	)		—			—
Class I		—			(1,385	)		(987	)		(18	)		(8	)
Class I2		—			(6,246	)		(7,295	)		(252	)		(576	)
Class P											—	(C)		(112	)
		—			(14,122	)		(14,368	)		(272	)		(696	)
From net realized gains:
Class A		—			—			—			(21,108	)		—
Class B					—			—			(2,053	)		—
Class C		—			—			—			(3,164	)		—
Class I		—			—			—			(1,977	)		—
Class I2		—			—			—			(21,956	)		—
Class P											(20,068	)		—
		—			—			—			(70,326	)		—
Total distributions to shareholders		—			(14,122	)		(14,368	)		(70,598	)		(696	)
Capital share transactions:
Proceeds from shares sold:
Class A		317			25,018			37,059			10,257			53,115
Class B					1,286			1,645			446			805
Class C		269			48,106			34,498			1,066			3,521
Class I		317			19,263			22,523			54,794			12,282
Class I2		110,540			16,945			419			87,358			1,151
Class P											2,658			12,809
		111,443			110,618			96,144			156,579			83,683
Issued from fund acquisition:
Class I2		—			—			—			274,998			—
		—			—			—			274,998			—
Dividends and distributions reinvested:
Class A		—			2,991			2,848			20,745			—
Class B					237			308			2,006			—
Class C		—			1,514			1,242			2,974			—
Class I		—			708			542			1,687			3
Class I2		—			6,246			7,295			22,208			576
Class P											19,936			112
		—			11,696			12,235			69,556			691
												��
Cost of shares redeemed:
Class A		(4	)		(21,494	)		(30,886	)		(21,695	)		(18,918	)
Class B					(1,126	)		(2,689	)		(1,132	)		(1,941	)
Class C		—			(21,718	)		(20,629	)		(3,648	)		(3,362	)
Class I		—			(10,012	)		(12,507	)		(28,552	)		(3,328	)
Class I2		(820	)		(10,677	)		(43,197	)		(50,947	)		(8,256	)
Class P											(53,917	)		(31,828	)
		(824	)		(65,027	)		(109,908	)		(159,891	)		(67,633	)
Automatic conversions:
Class A		—			1,208			2,688			2,959			3,139
Class B					(1,208	)		(2,688	)		(2,959	)		(3,139	)
		—			—			—			—			—
Class level conversions:
Class I		—			—			—			50,880			—
Class P											(50,880	)		—
		—			—			—			—			—

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page   119

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

(all amounts in thousands)

	Transamerica Emerging Markets Equity			Transamerica Flexible Income						Transamerica Growth Opportunities
	October 31, 2012(E)			October  31, 2012			October  31, 2011			October  31, 2012			October  31, 2011
Fair fund settlement:
Class A		—			—			—			9			1
Class B											1			—	(C)
Class C		—			—			—			1			—	C)
Class I		—			—			—			1			—	(C)
Class I2		—			—			—			9			2
Class P											8			1
		—			—			—			29			4
Net increase (decrease) in net assets resulting from capital shares transactions
		110,619			57,287			(1,529	)		341,271			16,745
Net increase (decrease) in net assets		108,040			73,753			(6,582	)		236,514			51,891
Net assets:
Beginning of year	$	—		$	251,817		$	258,399		$	349,425		$	297,534
End of year	$	108,040		$	325,570		$	251,817		$	585,939		$	349,425
Undistributed net investment income	$	710		$	814		$	876		$	3,377		$	—
Share activity:
Shares issued:
Class A		32			2,761			4,106			1,193			4,731
Class B					142			183			58			77
Class C		27			5,309			3,846			137			334
Class I		32			2,121			2,493			5,949			1,070
Class I2		11,448			1,842			46			9,113			97
Class P											299			1,121
		11,539			12,175			10,674			16,749			7,430
Shares issued on fund acquisition:
Class I2		—			—			—			29,633			—
		—			—			—			29,633			—
Shares issued-reinvested from dividends and distributions:
Class A		—			332			318			2,691			—
Class B					26			34			292			—
Class C		—			169			139			431			—
Class I		—			78			60			208			—	(D)
Class I2		—			691			812			2,725			51
Class P											2,562			10
		—			1,296			1,363			8,909			61
Shares redeemed:
Class A		—	(D)		(2,379	)		(3,446	)		(2,496	)		(1,647	)
Class B					(125	)		(300	)		(147	)		(187	)
Class C		—			(2,410	)		(2,308	)		(481	)		(319	)
Class I		—			(1,101	)		(1,379	)		(3,219	)		(275	)
Class I2		(90	)		(1,178	)		(4,790	)		(5,504	)		(713	)
Class P											(6,140	)		(2,751	)
		(90	)		(7,193	)		(12,223	)		(17,987	)		(5,892	)
Automatic conversions:
Class A		—			134			298			349			274
Class B					(134	)		(297	)		(392	)		(299	)
		—			—			1			(43	)		(25	)
Class level conversions:
Class I		—			—			—			5,518			—
Class P											(5,748	)		—
		—			—			—			(230	)		—
Net increase (decrease) in shares outstanding:
Class A		32			848			1,276			1,737			3,358
Class B					(91	)		(380	)		(189	)		(409	)
Class C		27			3,068			1,677			87			15
Class I		32			1,098			1,174			8,456			795
Class I2		11,358			1,355			(3,932	)		35,967			(565	)
Class P											(9,027	)		(1,620	)
		11,449			6,278			(185	)		37,031			1,574

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page   120

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

(all amounts in thousands)

	Transamerica High Yield Bond						Transamerica International Bond						Transamerica International Equity
	October 31, 2012			October 31, 2011			October 31, 2012			October 31, 2011			October 31, 2012			October 31, 2011 (F)
From operations:
Net investment income	$	45,463 $			50,875		$	4,698 $			7,687		$	4,379 $			3,183
Net realized gain(A)		22,752			28,507			922			32,094			733			1,747
Net change in unrealized appreciation (depreciation)		24,399			(47,639	)		(1,464	)		(43,769	)		14,711			(10,477	)
Net increase (decrease) in net assets resulting from operations		92,614			31,743			4,156			(3,988	)		19,823			(5,547	)
Distributions to shareholders:
From net investment income:
Fund Level		—			—			—			—			—			(1,049	)
Class A		(15,588	)		(12,399	)		(1	)					(12	)		—
Class B		(536	)		(682	)
Class C		(3,732	)		(2,837	)		—	(C)					(5	)		—
Class I		(5,331	)		(2,173	)		—	(C)					(2,013	)		—
Class I2		(21,624	)		(30,575	)		(31,208	)		(32,153	)		(1,247	)
Class P		(255	)		(1,368	)
		(47,066	)		(50,034	)		(31,209	)		(32,153	)		(3,277	)		(1,049	)
From net realized gains:
Class I2		—			—			(2,784	)		(3,267	)		—			—
Total distributions to shareholders		(47,066	)		(50,034	)		(33,993	)		(35,420	)		(3,277	)		(1,049	)
Capital share transactions:
Proceeds from shares sold:
Fund Level		—			—			—			—			—			1,812
Class A		217,329			170,969			192						2,573			458
Class B		1,152			872
Class C		36,684			18,711			195						4,565			28
Class I		96,650			77,275			100						10,863			7,302
Class I2		27,611			117,637			31,860			282,605			128,849			50,397
Class P		15,313			37,103
		394,739			422,567			32,347			282,605			146,850			59,997
Issued from fund acquisition:
Class A		—			—			—						—			100
Class C		—			—			—						—			100
Class I		—			—			—						—			83,612
Class I2		—			—			—			—			—			—	(C)
		—			—			—			—			—			83,812
Dividends and distributions reinvested:
Fund Level		—			—			—			—			—			1,003
Class A		13,362			10,773			1						11			—
Class B		462			479
Class C		2,808			1,883			—	(C)					5			—
Class I		4,106			1,397			—	(C)					1,883			—
Class I2		21,624			30,575			33,992			35,420			1,247			—
Class P		247			1,322
		42,609			46,429			33,993			35,420			3,146			1,003
Redeemed due to acquisition:
Fund Level		—			—			—			—			—			(83,612	)
Cost of shares redeemed:
Fund Level		—			—			—			—			—			(1,336	)
Class A		(219,318	)		(146,735	)		(31	)					(219	)		(40	)
Class B		(1,219	)		(2,719	)
Class C		(15,610	)		(12,369	)		—						(64	)		(1	)
Class I		(109,609	)		(23,545	)		—						(8,533	)		(2,844	)
Class I2		(208,758	)		(153,205	)		(317,984	)		(250,466	)		(19,398	)		—	(C)
Class P		(9,724	)		(40,924	)
		(564,238	)		(379,497	)		(318,015	)		(250,466	)		(28,214	)		(4,221	)
Automatic conversions:
Class A		1,219			2,901			—						—			—
Class B		(1,219	)		(2,901	)
		—			—			—			—			—			—
Class level conversions:
Class I		25,615			—			—						—			—
Class P		(25,615	)		—
		—			—			—			—			—			—

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page   121

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

(all amounts in thousands)

	Transamerica High Yield Bond						Transamerica International Bond						Transamerica International Equity
	October 31, 2012			October 31, 2011			October 31, 2012			October 31, 2011			October 31, 2012			October 31, 2011 (F)
Fair fund settlement:
Class A		1			—			—						—			—
Class B		—	(C)		—
Class C		—	(C)		—			—						—			—
Class I		—	(C)		—			—						—			—
Class I2		2			—			—			—			—			—
Class P		—	(C)		—
		3			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital shares transactions
		(126,887	)		89,499			(251,675	)		67,559			121,782			56,979
Net increase (decrease) in net assets		(81,339	)		71,208			(281,512	)		28,151			138,328			50,383
Net assets:
Beginning of year	$	777,762		$	706,554		$	475,292		$	447,141		$	125,654		$	75,271
End of year	$	696,423		$	777,762		$	193,780		$	475,292		$	263,982		$	125,654
Undistributed (accumulated) net investment income (loss)	$	1,012		$	2,568		$	(4,057	)	$	23,705		$	3,926		$	3,001
Share activity:
Shares issued:
Fund Level		—			—			—			—			—			136
Class A		23,583			19,065			19						185			32
Class B		123			96
Class C		3,984			2,054			19						334			1
Class I		10,433			8,701			10						783			526
Class I2		2,963			12,683			3,057			24,524			9,235			3,429
Class P		1,704			4,043
		42,790			46,642			3,105			24,524			10,537			4,124
Shares issued on fund acquisition:
Class A		—			—			—						—			7
Class C		—			—			—						—			7
Class I		—			—			—						—			5,502
Class I2		—			—			—			—			—			—	(D)
		—			—			—			—			—			5,516
Shares issued-reinvested from dividends and distributions:
Fund Level		—			—			—			—			—			71
Class A		1,452			1,183			—	(D)					1			—
Class B		50			53
Class C		305			208			—	(D)					—	(D)		—
Class I		442			154			—	(D)					153			—
Class I2		2,345			3,340			3,365			3,358			101			—
Class P		28			145
		4,622			5,083			3,365			3,358			255			71
Shares redeemed due to acquisition:
Fund Level		—			—			—			—			—			(5,502	)
Shares redeemed:
Fund Level		—			—			—			—			—			(94	)
Class A		(24,048	)		(16,105	)		(3	)					(16	)		(3	)
Class B		(132	)		(297	)
Class C		(1,705	)		(1,373	)		—						(4	)		—	(D)
Class I		(12,141	)		(2,603	)		—						(623	)		(195	)
Class I2		(22,453	)		(17,227	)		(30,348	)		(22,601	)		(1,428	)		—	(D)
Class P		(1,107	)		(4,435	)
		(61,586	)		(42,040	)		(30,351	)		(22,601	)		(2,071	)		(292	)
Automatic conversions:
Class A		133			315			—						—			—
Class B		(133	)		(315	)
		—			—			—			—			—			—
Class level conversions:
Class I		2,760			—			—						—			—
Class P		(2,775	)		—
		(15	)		—			—			—			—			—
Net increase (decrease) in shares outstanding:
Fund Level		—			—			—			—			—			(5,839	)
Class A		1,120			4,458			16						170			36
Class B		(92	)		(463	)
Class C		2,584			889			19						330			8
Class I		1,494			6,252			10						313			5,833
Class I2		(17,145	)		(1,204	)		(23,926	)		5,281			7,908			3,429
Class P		(2,150	)		(247	)
		(14,189	)		9,685			(23,881	)		5,281			8,721			3,917

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page   122

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

(all amounts in thousands)

	Transamerica Large Cap Growth			Transamerica Large Cap Value						Transamerica Money Market
	October 31, 2012(E)			October 31, 2012			October 31, 2011(G)			October 31, 2012			October 31, 2011
From operations:
Net investment income	$	725		$	29,115		$	18,749		$	34		$	14
Net realized gain (loss)(A)		(1,548	)		89,724			(17,118	)		—			—
Net change in unrealized appreciation (depreciation)		(962	)		76,147			2,423			—			—
Net increase (decrease) in net assets resulting from operations		(1,785	)		194,986			4,054			34			14
Distributions to shareholders:
From net investment income:
Class A		—			(29	)		(8	)		(3	)		(3	)
Class B											—	(C)		(1	)
Class C		—			(21	)		(7	)		(1	)		(1	)
Class I		—			(174	)		(7	)		(3	)		—	(C)
Class I2		—			(29,944	)		(16,285	)		(22	)		(4	)
Class P											(5	)		(5	)
Total distributions to shareholders		—			(30,168	)		(16,307	)		(34	)		(14	)
Capital share transactions:
Proceeds from shares sold:
Class A		421			1,416			1,252			83,736			96,642
Class B											3,377			9,304
Class C		286			402			1,967			22,813			32,873
Class I		802			4,172			7,832			22,049			—
Class I2		140,050			259,850			1,510,101			829,533			19,769
Class P											1,489			7,531
		141,559			265,840			1,521,152			962,997			166,119
Dividends and distributions reinvested:
Class A		—			29			7			3			3
Class B											—	(C)		1
Class C		—			16			6			1			1
Class I		—			174			7			3			—	(C)
Class I2		—			29,944			16,285			22			4
Class P											5			5
		—			30,163			16,305			34			14
Cost of shares redeemed:
Class A		—			(718	)		(186	)		(102,999	)		(106,542	)
Class B											(6,836	)		(10,784	)
Class C		—			(690	)		(131	)		(27,501	)		(30,595	)
Class I		(10	)		(9,171	)		(330	)		(21,964	)		—	(C)
Class I2		(2,974	)		(462,112	)		(185,461	)		(194,701	)		(23,936	)
Class P											(3,464	)		(12,309	)
		(2,984	)		(472,691	)		(186,108	)		(357,465	)		(184,162	)
Automatic conversions:
Class A		—			—			—			2,570			2,643
Class B											(2,570	)		(2,643	)
		—			—			—			—			—
Class level conversions:
Class I		—			—			—			25,317			—
Class P											(25,317	)		—
		—			—			—			—			—
Net increase (decrease) in net assets resulting from capital shares transactions
		138,575			(176,688	)		1,351,349			605,566			(18,033	)
Net increase (decrease) in net assets		136,790			(11,870	)		1,339,096			605,566			(18,033	)
Net assets:
Beginning of year	$	—		$	1,339,096		$	—		$	208,840		$	226,873
End of year	$	136,790		$	1,327,226		$	1,339,096		$	814,406		$	208,840
Undistributed (accumulated) net investment income (loss)	$	750		$	1,451		$	2,504		$	—		$	—

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page   123

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

(all amounts in thousands)

	Transamerica Large Cap Growth			Transamerica Large Cap Value						Transamerica Money Market
	October 31, 2012(E)			October 31, 2012			October 31, 2011(G)			October 31, 2012			October 31, 2011
Share activity:
Shares issued:
Class A		43			125			115			83,736			96,642
Class B											3,377			9,304
Class C		29			36			182			22,813			32,873
Class I		81			369			791			22,049			—
Class I2		14,005			23,896			145,726			829,533			19,769
Class P											1,489			7,531
		14,158			24,426			146,814			962,997			166,119
Shares issued-reinvested from dividends and distributions:
Class A		—			3			1			3			3
Class B											—	(D)		—	(D)
Class C		—			2			—	(D)		1			1
Class I		—			16			1			3			—	(D)
Class I2		—			2,750			1,557			22			4
Class P											5			6
		—			2,771			1,559			34			14
Shares redeemed:
Class A		—			(62	)		(17	)		(102,999	)		(106,542	)
Class B											(6,836	)		(10,784	)
Class C		—			(62	)		(12	)		(27,501	)		(30,595	)
Class I		(1	)		(845	)		(31	)		(21,964	)		—	(D)
Class I2		(305	)		(43,605	)		(18,497	)		(194,701	)		(23,936	)
Class P											(3,464	)		(12,308	)
		(306	)		(44,574	)		(18,557	)		(357,465	)		(184,166	)
Automatic conversions:
Class A		—			—			—			2,570			2,643
Class B											(2,570	)		(2,643	)
		—			—			—			—			—
Automatic conversions:
Class A		—			—			—			25,317			2,643
Class B											(25,317	)		(2,643	)
		—			—			—			—			—
Net increase (decrease) in shares outstanding:
Class A		43			66			99			(16,690	)		(7,254	)
Class B											(6,029	)		(4,123	)
Class C		29			(24	)		170			(4,687	)		2,279
Class I		80			(460	)		761			25,405			—
Class I2		13,700			(16,959	)		128,786			634,854			(4,163	)
Class P											(27,287	)		(4,772	)
		13,852			(17,377	)		129,816			605,566			(18,033	)

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page   124

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

(all amounts in thousands)

	Transamerica  Multi-Managed Balanced						Transamerica Short-Term Bond						Transamerica Small Cap Growth			Transamerica Small Cap Value
	October 31, 2012			October 31, 2011			October 31, 2012			October 31, 2011			October 31, 2012 (H)			October 31, 2012 (E)
From operations:
Net investment income (loss)	$	4,675		$	4,612		$	94,532		$	99,140		$	(237	)	$	1,631
Net realized gain (loss)(A)		12,722			78,904			21,700			20,987			(2,235	)		(945	)
Net change in unrealized appreciation (depreciation)		20,142			(48,531	)		59,079			(66,942	)		(8,879	)		2,837
Net increase (decrease) in net assets resulting from operations		37,539			34,985			175,311			53,185			(11,351	)		3,523
Net equalization credit and charges		—			(14,794	)		—			—			—			—
Distributions to shareholders:
From net investment income:
Class A		(1,654	)		(1,337	)		(25,260	)		(30,442	)		—			—
Class B		(61	)		(46	)
Class C		(484	)		(239	)		(21,624	)		(24,518	)		—			—
Class I		(2,454	)		(95	)		(11,280	)		(9,068	)		—			—
Class I2								(39,814	)		(37,865	)		—			—
Class P		(657	)		(2,803	)
		(5,310	)		(4,520	)		(97,978	)		(101,893	)		—			—
From net realized gains:
Class A		(14,336	)		—			(5,501	)		(1,873	)		—			—
Class B		(1,301	)		—
Class C		(5,406	)		—			(6,009	)		(1,877	)		—			—
Class I		(1,677	)		—			(1,936	)		(450	)		—			—
Class I2								(6,847	)		(2,237	)		—			—
Class P		(21,641	)		—
		(44,361	)		—			(20,293	)		(6,437	)		—			—
Total distributions to shareholders		(49,671	)		(4,520	)		(118,271	)		(108,330	)		—			—
Capital share transactions:
Proceeds from shares sold:
Class A		24,778			58,119			307,909			359,599			252			272
Class B		2,416			1,366
Class C		28,526			19,491			194,377			268,987			250			257
Class I		89,462			15,514			253,607			245,690			250			369
Class I2								763,722			181,462			250,747			293,480
Class P		3,612			21,072
		148,794			115,562			1,519,615			1,055,738			251,499			294,378
Dividends and distributions reinvested:
Class A		15,186			1,253			26,299			25,781			—			—
Class B		1,316			45
Class C		5,150			208			22,189			18,792			—			—
Class I		2,682			49			8,680			4,400			—			—
Class I2								47,638			40,262			—			—
Class P		22,142			2,782
		46,476			4,337			104,806			89,235			—			—
Cost of shares redeemed:
Class A		(21,285	)		(60,819	)		(332,998	)		(446,889	)		—			—
Class B		(1,197	)		(2,492	)
Class C		(8,690	)		(7,139	)		(220,416	)		(259,670	)		—			—
Class I		(21,460	)		(3,914	)		(170,843	)		(173,095	)		—			(3	)
Class I2								(237,265	)		(278,428	)		(48	)		(8,344	)
Class P		(93,138	)		(73,052	)
		(145,770	)		(147,416	)		(961,522	)		(1,158,082	)		(48	)		(8,347	)
Automatic conversions:
Class A		3,039			4,839			—			—			—			—
Class B		(3,039	)		(4,839	)
		—			—			—			—			—			—
Class level conversions:
Class I		86,888			—			—			—			—			—
Class P		(86,888	)		—
		—			—			—			—			—			—
Net income equalization		—			14,794			—			—			—			—
Net increase (decrease) in net assets resulting from capital shares transactions
		49,500			(12,723	)		662,899			(13,109	)		251,451			286,031
Net increase (decrease) in net assets		37,368			2,948			719,939			(68,254	)		240,100			289,554
Net assets:
Beginning of year	$	336,549		$	333,601		$	2,821,089		$	2,889,343		$	—		$	—
End of year	$	373,917		$	336,549		$	3,541,028		$	2,821,089		$	240,100		$	289,554
Undistributed (accumulated) net investment income (loss)	$	290		$	556		$	(1,273	)	$	(2,420	)	$	(183	)	$	1,657

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page   125

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

(all amounts in thousands)

	Transamerica  Multi-Managed Balanced						Transamerica Short-Term Bond						Transamerica Small  Cap Growth			Transamerica Small Cap Value
	October 31, 2012			October 31, 2011			October 31, 2012			October 31, 2011			October 31, 2012 (H)			October 31, 2012 (E)
Share activity:
Shares issued:
Class A		1,145			2,540			29,711			34,402			25			27
Class B		113			59
Class C		1,339			846			18,799			25,782			25			26
Class I		4,199			669			24,916			23,932			25			38
Class I2								74,830			17,710			25,505			30,201
Class P		170			914
		6,966			5,028			148,256			101,826			25,580			30,292
Shares issued-reinvested from dividends and distributions:
Class A		764			55			2,548			2,470			—			—
Class B		67			2
Class C		262			9			2,156			1,804			—			—
Class I		125			2			855			429			—			—
Class I2								4,693			3,925			—			—
Class P		1,122			121
		2,340			189			10,252			8,628			—			—
Shares redeemed:
Class A		(985	)		(2,664	)		(32,204	)		(42,838	)		—			—
Class B		(56	)		(108	)
Class C		(411	)		(312	)		(21,345	)		(24,915	)		—			—
Class I		(983	)		(166	)		(16,781	)		(16,874	)		—			—	(D)
Class I2								(23,289	)		(27,058	)		(5	)		(869	)
Class P		(4,403	)		(3,127	)
		(6,838	)		(6,377	)		(93,619	)		(111,685	)		(5	)		(869	)
Automatic conversions:
Class A		141			209			—			—			—			—
Class B		(142	)		(210	)
		(1	)		(1	)		—			—			—			—
Class level conversions:
Class I		4,097			209			—			—			—			—
Class P		(4,107	)		(210	)
		(10	)		(1	)		—			—			—			—
Net increase (decrease) in shares outstanding:
Class A		1,065			140			55			(5,966	)		25			27
Class B		(18	)		(257	)
Class C		1,190			543			(390	)		2,671			25			26
Class I		7,438			505			8,990			7,487			25			38
Class I2								56,234			(5,423	)		25,500			29,332
Class P		(7,218	)		(2,092	)
		2,457			(1,161	)		64,889			(1,231	)		25,575			29,423

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page   126

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

(all amounts in thousands)

	Transamerica Small/Mid Cap Value						Transamerica Tactical Income(I)
	October 31, 2012			October 31, 2011			October 31, 2012
From operations:
Net investment income (loss)	$	2,352		$	(2,856	)	$	8,206
Net realized gain (loss)(A)		(11,852	)		193,786			8,876
Net change in unrealized appreciation
(depreciation)		82,860			(151,551	)		1,137
Net increase in net assets resulting from operations		73,360			39,379			18,219
Distributions to shareholders:
From net investment income:
Class A		—	(C)		—			(4,419	)
Class B		—	(C)		—
Class C		—	(C)		—			(3,696	)
Class I		—	(C)		—			(4,820	)
		—	(C)		—			(12,935	)
From net realized gains:
Class A		(17,683	)		—			—
Class B		(1,904	)		—
Class C		(10,530	)		—			—
Class I		(3,750	)		—			—
Class I2		(699	)		—
		(34,566	)		—			—
Total distributions to shareholders		(34,566	)		—			(12,935	)
Capital share transactions:
Proceeds from shares sold:
Class A		81,627			144,418			264,641
Class B		1,054			1,532
Class C		34,234			48,478			281,913
Class I		64,607			67,684			265,934
Class I2		2,230			905
		183,752			263,017			812,488
Dividends and distributions reinvested:
Class A		16,432			—			3,871
Class B		1,625			—
Class C		8,584			—			3,148
Class I		2,089			—			4,120
Class I2		699			—
		29,429			—			11,139
Cost of shares redeemed:
Class A		(112,261	)		(128,843	)		(15,688	)
Class B		(5,810	)		(6,989	)
Class C		(36,170	)		(50,447	)		(7,215	)
Class I		(35,288	)		(38,074	)		(31,178	)
Class I2		(1,357	)		(5,604	)
		(190,886	)		(229,957	)		(54,081	)
Automatic conversions:
Class A		2,739			2,578			—
Class B		(2,739	)		(2,578	)
		—			—			—
Net increase in net assets resulting from capital shares transactions		22,295			33,060			769,546
Net increase in net assets		61,089			72,439			774,830
Net assets:
Beginning of year	$	620,176		$	547,737		$	—
End of year	$	681,265		$	620,176		$	774,830
Undistributed (accumulated) net investment income (loss)	$	2,352		$	—		$	(31	)

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page   127

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

(all amounts in thousands)

							Transamerica
	Transamerica Small/Mid Cap Value						Tactical Income(I)
	October 31, 2012			October 31, 2011			October 31, 2012
Share activity:
Shares issued:
Class A		3,856			6,627			26,004
Class B		54			74
Class C		1,742			2,347			27,764
Class I		2,987			2,999			26,092
Class I2		106			40
		8,745			12,087			79,860
Shares issued-reinvested from dividends and distributions:
Class A		877			—			382
Class B		92			—
Class C		490			—			311
Class I		109			—			407
Class I2		36			—
		1,604			—			1,100
Shares redeemed:
Class A		(5,324	)		(6,093	)		(1,542	)
Class B		(292	)		(345	)
Class C		(1,845	)		(2,491	)		(708	)
Class I		(1,634	)		(1,848	)		(3,069	)
Class I2		(63	)		(256	)
		(9,158	)		(11,033	)		(5,319	)
Automatic conversions:
Class A		131			122			—
Class B		(139	)		(128	)
		(8	)		(6	)		—
Net increase (decrease) in shares outstanding:
Class A		(460	)		656			24,844
Class B		(285	)		(399	)
Class C		387			(144	)		27,367
Class I		1,462			1,151			23,430
Class I2		79			(216	)
		1,183			1,048			75,641

(A) Net realized gain (loss) includes all items as listed in the Statement of Operations.

(B) Commenced operations August 31, 2011.

(C) Rounds to less than $1.

(D) Rounds to less than 1 share.

(E) Commenced operations April 30, 2012.

(F) For this period, information is based on 120 days as TS&W International Equity Portfolio and 245 days as Transamerica TS&W International Equity. The 120 days represents Fund Level activity, which reflects activity of the predecessor’s fund.

(G) Commenced operations November 15, 2010.

(H) Commenced operations August 31, 2012.

(I) Includes information from inception date of October 31, 2011 through period end.

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page   128

FINANCIAL HIGHLIGHTS

For the period or years ended:

	Transamerica Capital Growth
	Class A									Class B
	October 31,			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2012			2011			2010(A)			2012			2011			2010(A)
Net asset value
Beginning of period/year	$	15.47		$	13.78		$	11.77		$	14.22		$	12.75		$	10.95
Investment operations
Net investment loss(B)		—	(C)		(0.12	)		(0.09	)		(0.10	)		(0.20	)		(0.15	)
Net realized and change in unrealized gain on investments		0.32			1.81			2.12			0.29			1.67			1.96
Total from investment operations		0.32			1.69			2.03			0.19			1.47			1.81
Distributions
Net investment income		—			—			(0.02	)		—	(C)		—			(0.01	)
Net realized gains on investments		(0.45	)		—			—			(0.45	)		—			—
Total distributions		(0.45	)		—			(0.02	)		(0.45	)		—			(0.01	)
Net asset value
End of year	$	15.34		$	15.47		$	13.78		$	13.96		$	14.22		$	12.75
Total return(D)		2.38	%		12.34	%		17.24	%(E)		1.65	%		11.61	%		16.51	%(E)
Net assets end of year (000’s)	$	65,782		$	66,058		$	48,547		$	5,596		$	7,786		$	9,916
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		1 .52	%		1 .55	%		1.55	%(F)		2.20	%		2.20	%		2.20	%(F)
Before reimbursement/waiver or recapture		1 .47	%		1 .63	%		1.78	%(F)		2.33	%		2.45	%		2.51	%(F)
Net investment income (loss) to average net assets(G)		0 .01	%		(0.76	)%		(0.75	)%(F)		(0.73	)%		(1.41	)%		(1.36	)%(F)
Portfolio turnover rate		52	%		90	%		57	%(E)		52	%		90	%		57	%(E)

	Transamerica Capital Growth
	Class C									Class I
	October 31,			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2012			2011			2010(A)			2012			2011			2010(H)
Net asset value
Beginning of period/year	$	14.20		$	12.74		$	10.94		$	15.66		$	13.89		$	11.64
Investment operations
Net investment income (loss)(B)		(0.08	)		(0.20	)		(0.15	)		0.11			(0.06	)		(0.06	)
Net realized and change in unrealized gain on investments		0.29			1.66			1.96			0.30			1.83			2.33
Total from investment operations		0.21			1.46			1.81			0.41			1.77			2.27
Distributions
Net investment income		—	(C)		—			(0.01	)		(0.01	)		—			(0.02	)
Net realized gains on investments		(0.45	)		—			—			(0.45	)		—			—
Total distributions		(0.45	)		—			(0.01	)		(0.46	)		—			(0.02	)
Net asset value
End of year	$	13.96		$	14.20		$	12.74		$	15.61		$	15.66		$	13.89
Total return(D)		1 .80	%		11.62	%		16.53	%(E)		2 .96	%		12.81	%		19.58	%(E)
Net assets end of year (000’s)	$	19,809		$	16,252		$	12,814		$	80,083		$	11,767		$	434
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		2 .08	%		2 .20	%		2.20	%(F)		0 .94	%		1 .13	%		1.20	%(F)
Before reimbursement/waiver or recapture		2 .06	%		2 .18	%		2.26	%(F)		0 .94	%		1 .10	%		1.85	%(F)
Net investment income (loss) to average net assets(G)		(0.54	)%		(1.41	)%		(1.39	)%(F)		0 .66	%		(0.37	)%		(0.51	)%(F)
Portfolio turnover rate		52	%		90	%		57	%(E)		52	%		90	%		57	%(E)

The notes to the financial statements are an integral part of this report. Transamerica Funds		Annual Report 2012
	Page     129

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica Capital Growth						Transamerica Diversified Equity
	Class I2						Class A
	October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2012			2011(J)			2012			2011			2010(A)
Net asset value
Beginning of period/year	$	10.96		$	10.00		$	14.63		$	14.29		$	12.85
Investment operations
Net investment income (loss)(B)		0.07			—	(C)		0.01			(0.06	)		0.15
Net realized and change in unrealized gain on investments		0.22			0.96			0.76	(K)		0.56			1.31
Total from investment operations		0.29			0.96			0.77			0.50			1.46
Distributions
Net investment income		—	(C)		—			—			(0.16	)		(0.02	)
Net realized gains on investments		(0.45	)		—			(1.99	)		—			—
Total distributions		(0.45	)		—			(1.99	)		(0.16	)		(0.02	)
Net asset value
End of year	$	10.80		$	10.96		$	13.41		$	14.63		$	14.29
Total return(D)		3.11	%		9.70	%(E)		7.04	%(K)		3.44	%		11.32	%(E)
Net assets end of year (000’s)	$	545,635		$	407,302		$	420,504		$	77,197		$	83,766
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.84	%		1.09	%(F)		1.47	%		1.52	%		1.52	%(F)
Before reimbursement/waiver or recapture		0.84	%		1.09	%(F)		1.39	%		1.66	%		1.72	%(F)
Net investment income (loss) to average net assets(G)		0.67	%		(0.48	)%(F)		0.08	%		(0.42	)%		1.14	%(F)
Portfolio turnover rate		52	%		90	%(E)		80	%		141	%		79	%(E)

	Transamerica Diversified Equity
	Class B									Class C
	October 31,			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2012			2011			2010(A)			2012			2011			2010(A)
Net asset value
Beginning of period/year	$	14.57		$	14.22		$	12.85		$	14.55		$	14.22		$	12.85
Investment operations
Net investment income (loss)(B)		(0.09	)		(0.16	)		0.06			(0.08	)		(0.16	)		0.06
Net realized and change in unrealized gain on investments		0.76	(K)		0.55			1.32			0.74	(K)		0.55			1.32
Total from investment operations		0.67			0.39			1.38			0.66			0.39			1.38
Distributions
Net investment income		—	(C)		(0.04	)		(0.01	)		—	(C)		(0.06	)		(0.01	)
Net realized gains on investments		(1.99	)		—			—			(1.99	)		—			—
Total distributions		(1.99	)		(0.04	)		(0.01	)		(1.99	)		(0.06	)		(0.01	)
Net asset value
End of year	$	13.25		$	14.57		$	14.22		$	13.22		$	14.55		$	14.22
Total return(D)		6.29	%(K)		2.71	%		10.68	%(E)		6.22	%(K)		2 .72	%		10.68	%(E)
Net assets end of year (000’s)	$	20,668		$	5,420		$	7,375		$	42,637		$	13,393		$	15,013
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		2.17	%		2.17	%		2.17	%(F)		2.17	%		2.17	%		2.17	%(F)
Before reimbursement/waiver or recapture		2.19	%		2.30	%		2.44	%(F)		2.16	%		2.25	%		2.31	%(F)
Net investment income (loss) to average net assets(G)		(0.63	)%		(1.07	)%		0.40	%(F)		(0.63	)%		(1.07	)%		0.48	%(F)
Portfolio turnover rate		80	%		141	%		79	%(E)		80	%		141	%		79	%(E)

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page     130

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica Diversified Equity
	Class I									Class I2(I)
	October 31,			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2012			2011			2010(H)			2012			2011			2010(A)
Net asset value
Beginning of period/year	$	14.74		$	14.41		$	12.65		$	14.73		$	14.38		$	12.85
Investment operations
Net investment income(B)		0.09			—	(C)		0.26			0.10			0.04			0.26
Net realized and change in unrealized gain on investments		0.76	(K)		0.56			1.53			0.77	(K)		0.57			1.30
Total from investment operations		0.85			0.56			1.79			0.87			0.61			1.56
Distributions
Net investment income		—			(0.23	)		(0.03	)		(0.02	)		(0.26	)		(0.03	)
Net realized gains on investments		(1.99	)		—			—			(1.99	)		—			—
Total distributions		(1.99	)		(0.23	)		(0.03	)		(2.01	)		(0.26	)		(0.03	)
Net asset value
End of year	$	13.60		$	14.74		$	14.41		$	13.59		$	14.73		$	14.38
Total return(D)		7.62	%(K)		3.82	%		14.16	%(E)		7.79	%(K)		4.19	%		12.12	%(E)
Net assets end of year (000’s)	$	310,170		$	1,127		$	421		$	577,540		$	291,409		$	358,714
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.90	%		1.17	%		1.17	%(F)		0.78	%		0.80	%		0.81	%(F)
Before reimbursement/waiver or recapture		0.90	%		1.15	%		1.81	%(F)		0.78	%		0.80	%		0.81	%(F)
Net investment income to average net assets(G)		0.67	%		0.01	%		2.14	%(F)		0.75	%		0.30	%		2.02	%(F)
Portfolio turnover rate		80	%		141	%		79	%(E)		80	%		141	%		79	%(E)

	Transamerica
	Diversified
	Equity			Transamerica Emerging Markets Debt
	Class T			Class A						Class C
	October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2012(L)			2012			2011(M)			2012			2011(M)
Net asset value
Beginning of period/year	$	28.70		$	10.00		$	10.00		$	9.99		$	10.00
Investment operations
Net investment income(B)		0.14			0.59			0.08			0.52			0.07
Net realized and change in unrealized gain (loss) on investments		(0.15	)(K)		1.45			(0.08	)		1.44			(0.08	)
Total from investment operations		(0.01	)		2.04			—			1.96			(0.01	)
Distributions
Net investment income		—			(0.50	)		—	(C)		(0.44	)		—	(C)
Total distributions		—			(0.50	)		—	(C)		(0.44	)		—	(C)
Net asset value
End of year	$	28.69		$	11.54		$	10.00		$	11.51		$	9.99
Total return(D)		(0.04	)%(E),(K)		21.07	%		0.04	%(E)		20.24	%		(0.08	)%(E)
Net assets end of year (000’s)	$	81,976		$	60,754		$	2,247		$	10,543		$	1,025
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.90	%(F)		1.21	%		1.35	%(F)		1.87	%		2.00	%(F)
Before reimbursement/waiver or recapture		0.90	%(F)		1.19	%		1.65	%(F)		1.86	%		2.29	%(F)
Net investment income to average net assets(G)		0.65	%(F)		5.47	%		5.24	%(F)		4.87	%		4.35	%(F)
Portfolio turnover rate		80	%(E)		305	%		31	%(E)		305	%		31	%(E)

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page     131

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

													Transamerica Emerging
	Transamerica Emerging Markets Debt												Markets Equity
	Class I						Class I2						Class A			Class C
	October 31,			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2012			2011(M)			2012			2011(M)			2012(N)			2012(N)
Net asset value
Beginning of period/year	$	10.01		$	10.00		$	10.01		$	10.00		$	10.00		$	10.00
Investment operations
Net investment income(B)		0.63			0.09			0.63			0.07			0.09			0.07
Net realized and change in unrealized gain (loss) on investments		1.44			(0.08	)		1.45			(0.06	)		(0.67	)		(0.68	)
Total from investment operations		2.07			0.01			2.08			0.01			(0.58	)		(0.61	)
Distributions
Net investment income		(0.52	)		—	(C)		(0.53	)		—	(C)		—			—
Total distributions		(0.52	)		—	(C)		(0.53	)		—	(C)		—			—
Net asset value
End of year	$	11.56		$	10.01		$	11.56		$	10.01		$	9.42		$	9.39
Total return(D)		21.40	%		0.14	%(E)		21 .50	%		0.14	%(E)		(5.80	)%(E)		(6.10	)%(E)
Net assets end of year (000’s)	$	46,190		$	2,064		$	505,629		$	95,233		$	302		$	253
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.86	%		1.00	%(F)		0.76	%		1.00	%(F)		1.85	%(F)		2.52	%(F)
Before reimbursement/waiver or recapture		0.84	%		1.34	%(F)		0.74	%		1.23	%(F)		1.85	%(F)		2.52	%(F)
Net investment income to average net assets(G)		5.68	%		5.46	%(F)		5.82	%		4.63	%(F)		1.97	%(F)		1.43	%(F)
Portfolio turnover rate		305	%		31	%(E)		305	%		31	%(E)		76	%(E)		76	%(E)

	Transamerica Emerging
	Markets Equity
	Class I			Class I2
	October 31,			October 31,
For a share outstanding throughout each period	2012(N)			2012(N)
Net asset value
Beginning of period/year	$	10.00		$	10.00
Investment operations
Net investment income(B)		0.11			0.10
Net realized and change in unrealized loss on investments		(0.68	)		(0.66	)
Total from investment operations		(0.57	)		(0.56	)
Net asset value
End of year	$	9.43		$	9.44
Total return(D)		(5.70	)%(E)		(5.60	)%(E)
Net assets end of year (000’s)	$	302 $			107,183
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		1.60	%(F)		1 .49	%(F)
Before reimbursement/waiver or recapture		1.60	%(F)		1 .49	%(F)
Net investment income to average net assets(G)		2.26	%(F)		2 .06	%(F)
Portfolio turnover rate		76	%(E)		76	%(E)

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page     132

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica Flexible Income
	Class A
	October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2012			2011			2010			2009			2008
Net asset value
Beginning of year	$	8.83		$	8.99		$	8.33		$	7.22		$	9.14
Investment operations
Net investment income(B)		0.45			0.51			0.50			0.46			0.44
Net realized and change in unrealized gain (loss) on investments		0.55			(0.16	)		0.70			1.08			(1.89	)
Total from investment operations		1.00			0.35			1.20			1.54			(1.45	)
Distributions
Net investment income		(0.46	)		(0.51	)		(0.54	)		(0.43	)		(0.47	)
Total distributions		(0.46	)		(0.51	)		(0.54	)		(0.43	)		(0.47	)
Net asset value
End of year	$	9.37		$	8.83		$	8.99		$	8.33		$	7.22
Total return(D)		11.60	%		3 .93	%		14.89	%		22.30	%		(16.57	)%
Net assets end of year (000’s)	$	77,291		$	65,393		$	55,103		$	24,173		$	13,360
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.95	%		0.97	%		1.07	%(O)		1.47	%		1.39	%
Before reimbursement/waiver or recapture		1.01	%		1.07	%		1.15	%(O)		1.47	%		1.39	%
Net investment income to average net assets(G)		4.95	%		5.70	%		5.79	%		6.03	%		5.12	%
Portfolio turnover rate		35	%		42	%		120	%		169	%		98	%

	Transamerica Flexible Income
	Class B
	October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2012			2011			2010			2009			2008
Net asset value
Beginning of year	$	8.83		$	9.00		$	8.34		$	7.23		$	9.14
Investment operations
Net investment income(B)		0.37			0.44			0.43			0.40			0.38
Net realized and change in unrealized gain (loss) on investments		0.55			(0.18	)		0.71			1.09			(1.88	)
Total from investment operations		0.92			0.26			1.14			1.49			(1.50	)
Distributions
Net investment income		(0.38	)		(0.43	)		(0.48	)		(0.38	)		(0.41	)
Total distributions		(0.38	)		(0.43	)		(0.48	)		(0.38	)		(0.41	)
Net asset value
End of year	$	9.37		$	8.83		$	9.00		$	8.34		$	7.23
Total return(D)		10.69	%		2.96	%		14.02	%		21.39	%		(17.03	)%
Net assets end of year (000’s)	$	6,641		$	7,066		$	10,614		$	8,161		$	8,628
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		1.79	%		1.82	%		1.88	%(O)		2.16	%		2.05	%
Before reimbursement/waiver or recapture		1.79	%		1.82	%		1.88	%(O)		2.16	%		2.05	%
Net investment income to average net assets(G)		4.13	%		4.87	%		4.97	%		5.36	%		4.42	%
Portfolio turnover rate		35	%		42	%		120	%		169	%		98	%

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page     133

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica Flexible Income
	Class C
	October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2012			2011			2010			2009			2008
Net asset value
Beginning of year	$	8.79		$	8.96		$	8.31		$	7.21		$	9.12
Investment operations
Net investment income(B)		0.38			0.45			0.44			0.41			0.39
Net realized and change in unrealized gain (loss) on investments		0.54			(0.17	)		0.70			1.08			(1.88	)
Total from investment operations		0.92			0.28			1.14			1.49			(1.49	)
Distributions
Net investment income		(0.40	)		(0.45	)		(0.49	)		(0.39	)		(0.42	)
Total distributions		(0.40	)		(0.45	)		(0.49	)		(0.39	)		(0.42	)
Net asset value
End of year	$	9.31		$	8.79		$	8.96		$	8.31		$	7.21
Total return(D)		10.71	%		3.21	%		14.15	%		21.50	%		(16.98	)%
Net assets end of year (000’s)	$	81,874		$	50,314		$	36,264		$	12,978		$	5,981
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		1.65	%		1.68	%		1.74	%(O)		2.06	%		1.97	%
Before reimbursement/waiver or recapture		1.65	%		1.68	%		1.74	%(O)		2.06	%		1.97	%
Net investment income to average net assets(G)		4.22	%		4.98	%		5.14	%		5.43	%		4.52	%
Portfolio turnover rate		35	%		42	%		120	%		169	%		98	%

	Transamerica Flexible Income
	Class I
	October 31,			October 31,			October 31,
For a share outstanding throughout each period	2012			2011			2010(H)
Net asset value
Beginning of period/year	$	8.85		$	9.02		$	8.48
Investment operations
Net investment income(B)		0.47			0.53			0.50
Net realized and change in unrealized gain (loss) on investments		0.55			(0.16	)		0.57
Total from investment operations		1.02			0.37			1.07
Distributions
Net investment income		(0.49	)		(0.54	)		(0.53	)
Total distributions		(0.49	)		(0.54	)		(0.53	)
Net asset value
End of year	$	9.38		$	8.85		$	9.02
Total return(D)		11.87	%		4 .19	%		13.10	%(E)
Net assets end of year (000’s)	$	31,480		$	19,992		$	9,787
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.67	%		0.69	%		0.76	%(F),(O)
Before reimbursement/waiver or recapture		0.67	%		0.69	%		0.76	%(F),(O)
Net investment income to average net assets(G)		5.20	%		5.93	%		6.25	%(F)
Portfolio turnover rate		35	%		42	%		120	%(E)

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page     134

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica Flexible Income
	Class I2(I)
	October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2012			2011			2010			2009			2008
Net asset value
Beginning of year	$	8.86		$	9.03		$	8.37		$	7.25		$	9.17
Investment operations
Net investment income(B)		0.48			0.55			0.53			0.50			0.50
Net realized and change in unrealized gain (loss) on investments		0.54			(0.17	)		0.71			1.10			(1.90	)
Total from investment operations		1.02			0.38			1.24			1.60			(1.40	)
Distributions
Net investment income		(0.50	)		(0.55	)		(0.58	)		(0.48	)		(0.52	)
Total distributions		(0.50	)		(0.55	)		(0.58	)		(0.48	)		(0.52	)
Net asset value
End of year	$	9.38		$	8.86		$	9.03		$	8.37		$	7.25
Total return(D)		11.85	%		4.31	%		15.39	%		23.16	%		(16.02	)%
Net assets end of year (000’s)	$	128,284		$	109,052		$	146,631		$	132,177		$	128,108
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.57	%		0.58	%		0.64	%(O)		0.85	%		0.77	%
Before reimbursement/waiver or recapture		0.57	%		0.58	%		0.64	%(O)		0.85	%		0.77	%
Net investment income to average net assets(G)		5.32	%		6.10	%		6.18	%		6.64	%		5.67	%
Portfolio turnover rate		35	%		42	%		120	%		169	%		98	%
	Transamerica Growth Opportunities
	Class A
	October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2012			2011			2010			2009			2008
Net asset value
Beginning of year	$	10.93		$	9.82		$	7.54		$	6.57		$	11.40
Investment operations
Net investment income (loss)(B)		0.01			(0.10	)		(0.05	)		(0.05	)		(0.06	)
Net realized and change in unrealized gain (loss) on investments		(0.55	)		1.21			2.33			1.02			(4.77	)
Total from investment operations		(0.54	)		1.11			2.28			0.97			(4.83	)
Distributions
Net investment income		—	(C)		—			—			—			—
Net realized gains on investments		(2.24	)		—			—			—			—
Total distributions		(2.24	)		—			—			—			—
Net asset value
End of year	$	8.15		$	10.93		$	9.82		$	7.54		$	6.57
Total return(D)		(3.79	)%		11.30	%		30.41	%		14.76	%		(42.37	)%
Net assets end of year (000’s)	$	91,110		$	103,177		$	59,685		$	48,788		$	41,005
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		1.67	%		1.75	%		1.75	%		1.75	%		1.75	%
Before reimbursement/waiver or recapture		1.54	%		1.64	%		1.98	%		2.23	%		1.81	%
Net investment income (loss) to average net assets(G)		0.10	%		(0.83	)%		(0.56	)%		(0.68	)%		(0.69	)%
Portfolio turnover rate		38	%		125	%		63	%		71	%		45	%

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page     135

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica Growth Opportunities
	Class B
	October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2012			2011			2010			2009			2008
Net asset value
Beginning of year	$	10.01		$	9.05		$	6.99		$	6.13		$	10.72
Investment operations
Net investment loss(B)		(0.04	)		(0.15	)		(0.10	)		(0.08	)		(0.12	)
Net realized and change in unrealized gain (loss) on investments		(0.52	)		1.11			2.16			0.94			(4.47	)
Total from investment operations		(0.56	)		0.96			2.06			0.86			(4.59	)
Distributions
Net investment income		—	(C)		—			—			—			—
Net realized gains on investments		(2.24	)		—			—			—			—
Total distributions		(2.24	)		—			—			—			—
Net asset value
End of year	$	7.21		$	10.01		$	9.05		$	6.99		$	6.13
Total return(D)		(4.47	)%		10.61	%		29.47	%		14.03	%		(42.82	)%
Net assets end of year (000’s)	$	5,582		$	9,636		$	12,406		$	14,067		$	20,823
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		2.32	%		2.40	%		2.40	%		2.40	%		2.40	%
Before reimbursement/waiver or recapture		2.31	%		2.29	%		2.41	%		2.71	%		2.46	%
Net investment loss to average net assets(G)		(0.56	)%		(1.40	)%		(1.21	)%		(1.25	)%		(1.39	)%
Portfolio turnover rate		38	%		125	%		63	%		71	%		45	%

	Transamerica Growth Opportunities
	Class C
	October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2012			2011			2010			2009			2008
Net asset value
Beginning of year	$	10.05		$	9.08		$	7.01		$	6.16		$	10.74
Investment operations
Net investment loss(B)		(0.04	)		(0.15	)		(0.10	)		(0.08	)		(0.11	)
Net realized and change in unrealized gain (loss) on investments		(0.52	)		1.12			2.17			0.93			(4.47	)
Total from investment operations		(0.56	)		0.97			2.07			0.85			(4.58	)
Distributions
Net realized gains on investments		(2.24	)		—			—			—			—
Total distributions		(2.24	)		—			—			—			—
Net asset value
End of year	$	7.25		$	10.05		$	9.08		$	7.01		$	6.16
Total return(D)		(4.46	)%		10.68	%		29.53	%		13.80	%		(42.64	)%
Net assets end of year (000’s)	$	10,943		$	14,288		$	12,781		$	10,774		$	10,619
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		2.28	%		2.40	%		2.40	%		2.40	%		2.34	%
Before reimbursement/waiver or recapture		2.28	%		2.28	%		2.41	%		2.62	%		2.34	%
Net investment loss to average net assets(G)		(0.51	)%		(1.43	)%		(1.21	)%		(1.31	)%		(1.29	)%
Portfolio turnover rate		38	%		125	%		63	%		71	%		45	%

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page     136

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica Growth Opportunities
	Class I
	October 31,			October 31,			October 31,
For a share outstanding throughout each period	2012			2011			2010(H)
Net asset value
Beginning of period/year	$	11.37		$	10.19		$	8.04
Investment operations
Net investment income (loss)(B)		0.08			(0.02	)		(0.02	)
Net realized and change in unrealized gain (loss) on investments		(0.58	)		1.24			2.17
Total from investment operations		(0.50	)		1.22			2.15
Distributions
Net investment income		(0.02	)		(0.04	)		—
Net realized gains on investments		(2.24	)		—			—
Total distributions		(2.26	)		(0.04	)		—
Net asset value
End of year	$	8.61		$	11.37		$	10.19
Total return(D)		(3.16	)%		12.01	%		26.74	%(E)
Net assets end of year (000’s)	$	80,359		$	9,954		$	815
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.99	%		1.08	%		1.40	%(F)
Before reimbursement/waiver or recapture		0.99	%		1.08	%		1.48	%(F)
Net investment income (loss) to average net assets(G)		0.90	%		(0.20	)%		(0.23	)%(F)
Portfolio turnover rate		38	%		125	%		63	%(E)

	Transamerica Growth Opportunities
	Class I2(I)
	October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2012			2011			2010			2009			2008
Net asset value
Beginning of year	$	11.43		$	10.23		$	7.78		$	6.74		$	11.59
Investment operations
Net investment income(B)		0.09			0.01			0.03			0.01			0.01
Net realized and change in unrealized gain (loss) on investments		(0.58	)		1.25			2.42			1.03			(4.86	)
Total from investment operations		(0.49	)		1.26			2.45			1.04			(4.85	)
Distributions
Net investment income		(0.02	)		(0.06	)		—			—			—
Net realized gains on investments		(2.24	)		—			—			—			—
Total distributions		(2.26	)		(0.06	)		—			—			—
Net asset value
End of year	$	8.68		$	11.43		$	10.23		$	7.78		$	6.74
Total return(D)		(2.97	)%		12.28	%		31.49	%		15.43	%		(41.85	)%
Net assets end of year (000’s)	$	397,945		$	113,057		$	106,970		$	111,402		$	86,425
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.85	%		0.89	%		0.88	%		0.91	%		0.86	%
Before reimbursement/waiver or recapture		0.85	%		0.89	%		0.88	%		0.91	%		0.86	%
Net investment income to average net assets(G)		0.99	%		0.09	%		0.32	%		0.15	%		0.15	%
Portfolio turnover rate		38	%		125	%		63	%		71	%		45	%

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page     137

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica High Yield Bond
	Class A
	October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2012			2011			2010			2009			2008
Net asset value
Beginning of year	$	8.95		$	9.16		$	8.45		$	6.31		$	9.12
Investment operations
Net investment income(B)		0.59			0.61			0.66			0.65			0.64
Net realized and change in unrealized gain (loss) on investments		0.67			(0.21	)		0.73			2.14			(2.83	)
Total from investment operations		1.26			0.40			1.39			2.79			(2.19	)
Distributions
Net investment income		(0.62	)		(0.61	)		(0.68	)		(0.66	)		(0.62	)
Total distributions		(0.62	)		(0.61	)		(0.68	)		(0.66	)		(0.62	)
Net asset value
End of year	$	9.59		$	8.95		$	9.16		$	8.45		$	6.31
Total return(D)		14.57	%		4.41	%		17.21	%		47.58	%		(25.46	)%
Net assets end of year (000’s)	$	256,099		$	228,920		$	193,332		$	67,290		$	24,506
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		1.06	%		1.17	%		1.15	%		1.19	%		1.16	%
Before reimbursement/waiver or recapture		1.06	%		1.17	%		1.15	%		1.19	%		1.16	%
Net investment income to average net assets(G)		6.44	%		6.65	%		7.52	%		9.08	%		7.65	%
Portfolio turnover rate		78	%		93	%		91	%		58	%		38	%
	Transamerica High Yield Bond
	Class B
	October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2012			2011			2010			2009			2008
Net asset value
Beginning of year	$	8.95		$	9.15		$	8.44		$	6.30		$	9.11
Investment operations
Net investment income(B)		0.52			0.55			0.61			0.60			0.58
Net realized and change in unrealized gain (loss) on investments		0.67			(0.21	)		0.72			2.15			(2.83	)
Total from investment operations		1.19			0.34			1.33			2.75			(2.25	)
Distributions
Net investment income		(0.54	)		(0.54	)		(0.62	)		(0.61	)		(0.56	)
Total distributions		(0.54	)		(0.54	)		(0.62	)		(0.61	)		(0.56	)
Net asset value
End of year	$	9.60		$	8.95		$	9.15		$	8.44		$	6.30
Total return(D)		13.77	%		3.81	%		16.38	%		46.69	%		(26.04	)%
Net assets end of year (000’s)	$	9,236		$	9,431		$	13,887		$	11,898		$	9,091
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		1.84	%		1.83	%		1.83	%		1.91	%		1.85	%
Before reimbursement/waiver or recapture		1.83	%		1.84	%		1.83	%		1.91	%		1.85	%
Net investment income to average net assets(G)		5.69	%		5.99	%		6.93	%		8.56	%		6.83	%
Portfolio turnover rate		78	%		93	%		91	%		58	%		38	%

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page     138

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

		Transamerica High Yield Bond
		Class C
For a share outstanding throughout each period	��	October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of year		$	8.92		$	9.13		$	8.42		$	6.30		$	9.10
Investment operations
Net investment income(B)			0.53			0.55			0.61			0.60			0.58
Net realized and change in unrealized gain (loss) on investments			0.66			(0.21	)		0.73			2.14			(2.82	)
Total from investment operations			1.19			0.34			1.34			2.74			(2.24	)
Distributions
Net investment income			(0.55	)		(0.55	)		(0.63	)		(0.62	)		(0.56	)
Total distributions			(0.55	)		(0.55	)		(0.63	)		(0.62	)		(0.56	)
Net asset value
End of year		$	9.56		$	8.92		$	9.13		$	8.42		$	6.30
Total return(D)			13.81	%		3.84	%		16.54	%		46.63	%		(25.89	)%
Net assets end of year (000’s)		$	76,995		$	48,789		$	41,810		$	19,548		$	5,429
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture			1.77	%		1.76	%		1.77	%		1.81	%		1.80	%
Before reimbursement/waiver or recapture			1.77	%		1.76	%		1.77	%		1.81	%		1.80	%
Net investment income to average net assets(G)			5.73	%		6.07	%		6.96	%		8.23	%		6.93	%
Portfolio turnover rate			78	%		93	%		91	%		58	%		38	%

	Transamerica High Yield Bond
	Class I
For a share outstanding throughout each period	October 31, 2012			October 31, 2011			October 31, 2010(H)
Net asset value
Beginning of period/year	$	9.00		$	9.20		$	8.55
Investment operations
Net investment income(B)		0.62			0.65			0.63
Net realized and change in unrealized gain (loss) on investments		0.68			(0.21	)		0.68
Total from investment operations		1.30			0.44			1.31
Distributions
Net investment income		(0.64	)		(0.64	)		(0.66	)
Total distributions		(0.64	)		(0.64	)		(0.66	)
Net asset value
End of year	$	9.66		$	9.00		$	9.20
Total return(D)		15.05	%		4.95	%		15.92	%(E)
Net assets end of year (000’s)	$	103,181		$	82,736		$	27,057
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.78	%		0.77	%		0.83	%(F)
Before reimbursement/waiver or recapture		0.78	%		0.78	%		0.83	%(F)
Net investment income to average net assets(G)		6.64	%		7.09	%		7.71	%(F)
Portfolio turnover rate		78	%		93	%		91	%(E)

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page     139

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica High Yield Bond															Transamerica International Bond
	Class I2(I)															Class A
For a share outstanding throughout each period	October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008			October 31, 2012(P)
Net asset value
Beginning of period/year	$	9.02		$	9.22		$	8.50		$	6.35		$	9.17		$	10.29
Investment operations
Net investment income(B)		0.64			0.66			0.71			0.69			0.69			0.09
Net realized and change in unrealized gain (loss) on investments		0.66			(0.21	)		0.73			2.16			(2.85	)		0.17
Total from investment operations		1.30			0.45			1.44			2.85			(2.16	)		0.26
Distributions
Net investment income		(0.65	)		(0.65	)		(0.72	)		(0.70	)		(0.66	)		(0.04	)
Total distributions		(0.65	)		(0.65	)		(0.72	)		(0.70	)		(0.66	)		(0.04	)
Net asset value
End of year	$	9.67		$	9.02		$	9.22		$	8.50		$	6.35		$	10.51
Total return(D)		15.01	%		5.06	%		17.74	%		48.39	%		(25.05	)%		2.52	%(E)
Net assets end of year (000’s)	$	250,912		$	388,633		$	408,505		$	472,936		$	418,923		$	165
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.67	%		0.66	%		0.66	%		0.67	%		0.65	%		1.05	%(F)
Before reimbursement/waiver or recapture		0.67	%		0.66	%		0.66	%		0.67	%		0.65	%		1.18	%(F)
Net investment income to average net assets(G)		6.88	%		7.16	%		8.11	%		9.96	%		8.34	%		1.34	%(F)
Portfolio turnover rate		78	%		93	%		91	%		58	%		38	%		47	%(E)

	Transamerica  International Bond
	Class C			Class I
For a share outstanding throughout each period	October 31, 2012(P)			October 31, 2012(P)
Net asset value
Beginning of period/year	$	10.29		$	10.29
Investment operations
Net investment income(B)		0.05			0.11
Net realized and change in unrealized gain on investments		0.16			0.17
Total from investment operations		0.21			0.28
Distributions
Net investment income		(0.03	)		(0.04	)
Total distributions		(0.03	)		(0.04	)
Net asset value
End of year	$	10.47		$	10.53
Total return(D)		2.03	%(E)		2.75	%(E)
Net assets end of year (000’s)	$	199		$	103
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		1.75	%(F)		0.75	%(F)
Before reimbursement/waiver or recapture		1.83	%(F)		0.87	%(F)
Net investment income to average net assets(G)		0.65	%(F)		1.65	%(F)
Portfolio turnover rate		47	%(E)		47	%(E)

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page     140

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica International Bond
	Class I2(I)
For a share outstanding throughout each period	October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of year	$	11.24		$	12.08		$	11.64		$	10.56		$	11.00
Investment operations
Net investment income(B)		0.19			0.23			0.24			0.26			0.29
Net realized and change in unrealized gain (loss) on investments		0.07			(0.05	)		0.71			1.59			(0.29	)
Total from investment operations		0.26			0.18			0.95			1.85			—	(C)
Distributions
Net investment income		(0.89	)		(0.93	)		(0.39	)		(0.68	)		(0.44	)
Net realized gains on investments		(0.08	)		(0.09	)		(0.12	)		(0.09	)		—
Total distributions		(0.97	)		(1.02	)		(0.51	)		(0.77	)		(0.44	)
Net asset value
End of year	$	10.53		$	11.24		$	12.08		$	11.64		$	10.56
Total return(D)		2.71	%		2.20	%		8.54	%		17.90	%		(0.14	)%
Net assets end of year (000’s)	$	193,313		$	475,292		$	447,141		$	732,964		$	699,078
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.68	%		0.63	%		0.61	%		0.60	%		0.61	%
Before reimbursement/waiver or recapture		0.68	%		0.63	%		0.61	%		0.60	%		0.61	%
Net investment income to average net assets(G)		1.77	%		2.09	%		2.16	%		2.38	%		2.55	%
Portfolio turnover rate		47	%		98	%		61	%		53	%		74	%

	Transamerica International Equity
	Class A						Class C
	October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2012			2011(Q)			2012			2011(Q)
Net asset value
Beginning of period/year	$	13.47		$	15.03		$	13.40		$	15.03
Investment operations
Net investment income(B)		0.24			0.15			0.11			0.16
Net realized and change in unrealized gain (loss) on investments		1.19			(1.71	)		1.24			(1.79	)
Total from investment operations		1.43			(1.56	)		1.35			(1.63	)
Distributions
Net investment income		(0.33	)		—			(0.30	)		—
Total distributions		(0.33	)		—			(0.30	)		—
Net asset value
End of year	$	14.57		$	13.47		$	14.45		$	13.40
Total return(D)		11.10	%		(10.38	)%(E)		10.49	%		(10.84	)%(E)
Net assets end of year (000’s)	$	2,999		$	490		$	4,886		$	113
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		1.46	%		1.50	%(F)		2.04	%		2.14	%(F)
Before reimbursement/waiver or recapture		1.51	%		1.52	%(F)		2.04	%		2.14	%(F)
Net investment income to average net assets(G)		1.76	%		1.56	%(F)		0.82	%		1.64	%(F)
Portfolio turnover rate		33	%		16	%(E)		33	%		16	%(E)

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page     141

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica International Equity
	Class I(R)
	October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2012			2011			2010			2009			2008
Net asset value
Beginning of year	$	13.50		$	13.97		$	12.55		$	9.94		$	21.16
Investment operations
Net investment income(B)		0.33			0.40			0.22			0.19			0.26
Net realized and change in unrealized gain (loss) on investments		1.17			(0.68	)		1.36			2.61			(8.99	)
Total from investment operations		1.50			(0.28	)		1.58			2.80			(8.73	)
Distributions
Net investment income		(0.35	)		(0.19	)		(0.16	)		(0.19	)		(0.20	)
Net realized gains on investments		—			—			—			—			(2.29	)
Total distributions		(0.35	)		(0.19	)		(0.16	)		(0.19	)		(2.49	)
Net asset value
End of year	$	14.65		$	13.50		$	13.97		$	12.55		$	9.94
Total return(D)		11.58	%		(2.05	)%		12.73	%		28.58	%		(46.36	)%
Net assets end of year (000’s)	$	90,012		$	78,738		$	75,271		$	64,600		$	51,529
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		1.05	%		1.16	%		1.43	%		1.67	%		1.52	%
Before reimbursement/waiver or recapture		1.05	%		1.16	%		1.43	%		1.67	%		1.53	%
Net investment income to average net assets(G)		2.39	%		2.79	%		1.76	%		1.87	%		1.67	%
Portfolio turnover rate		33	%		16	%		43	%		42	%		40	%

	Transamerica International Equity						Transamerica Large Cap Growth
	Class I2						Class A			Class C			Class I			Class I2
	October 31,			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2012			2011(Q)			2012(N)			2012(N)			2012(N)			2012(N)
Net asset value
Beginning of period/year	$	13.51		$	15.03		$	10.00		$	10.00		$	10.00		$	10.00
Investment operations
Net investment income(B)		0.36			0.29			0.03			—	(C)		0.04			0.05
Net realized and change in unrealized gain (loss) on investments		1.14			(1.81	)		(0.17	)		(0.18	)		(0.17	)		(0.17	)
Total from investment operations		1.50			(1.52	)		(0.14	)		(0.18	)		(0.13	)		(0.12	)
Distributions
Net investment income		(0.36	)		—			—			—			—			—
Total distributions		(0.36	)		—			—			—			—			—
Net asset value
End of year	$	14.65		$	13.51		$	9.86		$	9.82		$	9.87		$	9.88
Total return(D)		11.64	%		(10.11	)%(E)		(1.40	)%(E)		(1.80	)%(E)		(1.30	)%(E)		(1.20	)%(E)
Net assets end of year (000’s)	$	166,085		$	46,313		$	419		$	280		$	786		$	135,305
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.95	%		1.02	%(F)		1.25	%(F)		1.92	%(F)		0.95	%(F)		0.87	%(F)
Before reimbursement/waiver or recapture		0.95	%		1.02	%(F)		1.26	%(F)		1.92	%(F)		0.98	%(F)		0.87	%(F)
Net investment income to average net assets(G)		2.62	%		3.07	%(F)		0.65	%(F)		—	%(F),(S)		0.75	%(F)		1.07	%(F)
Portfolio turnover rate		33	%		16	%(E)		24	%(E)		24	%(E)		24	%(E)		24	%(E)

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page     142

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica Large Cap Value
	Class A						Class C						Class I
	October 31,			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2012			2011(T)			2012			2011(T)			2012			2011(T)
Net asset value
Beginning of period/year	$	10.30		$	10.00		$	10.29		$	10.00		$	10.31		$	10.00
Investment operations
Net investment income(B)		0.16			0.11			0.10			0.06			0.22			0.13
Net realized and change in unrealized gain on investments		1.51			0.28			1.50			0.28			1.51			0.30
Total from investment operations		1.67			0.39			1.60			0.34			1.73			0.43
Distributions
Net investment income		(0.20	)		(0.09	)		(0.13	)		(0.05	)		(0.23	)		(0.12	)
Total distributions		(0.20	)		(0.09	)		(0.13	)		(0.05	)		(0.23	)		(0.12	)
Net asset value
End of year	$	11.77		$	10.30		$	11.76		$	10.29		$	11.81		$	10.31
Total return(D)		16.40	%		3.94	%(E)		15.64	%		3.38	%(E)		17.00	%		4.31	%(E)
Net assets end of year (000’s)	$	1,949		$	1,021		$	1,716		$	1,752		$	3,550		$	7,855
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		1.26	%		1.32	%(F)		1.87	%		1.91	%(F)		0.83	%		0.95	%(F)
Before reimbursement/waiver or recapture		1.26	%		1.32	%(F)		1.87	%		1.91	%(F)		0.83	%		0.95	%(F)
Net investment income to average net assets(G)		1.45	%		1.09	%(F)		0.90	%		0.49	%(F)		2.01	%		1.38	%(F)
Portfolio turnover rate		117	%		35	%(E)		117	%		35	%(E)		117	%		35	%(E)

	Transamerica Large Cap Value
	Class I2
	October 31,			October 31,
For a share outstanding throughout each period	2012			2011(T)
Net asset value
Beginning of period/year	$	10.32		$	10.00
Investment operations
Net investment income(B)		0.23			0.16
Net realized and change in unrealized gain on investments		1.49			0.30
Total from investment operations		1.72			0.46
Distributions
Net investment income		(0.24	)		(0.14	)
Total distributions		(0.24	)		(0.14	)
Net asset value
End of year	$	11.80		$	10.32
Total return(D)		16.90	%		4.60	%(E)
Net assets end of year (000’s)	$	1,320,011		$	1,328,468
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.73	%		0.76	%(F)
Before reimbursement/waiver or recapture		0.73	%		0.76	%(F)
Net investment income to average net assets(G)		2.04	%		1.61	%(F)
Portfolio turnover rate		117	%		35	%(E)

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page     143

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica Money Market
	Class A
	October 31,			October 31,			October 31,				October 31,			October 31,
For a share outstanding throughout each period	2012			2011			2010				2009			2008
Net asset value
Beginning of year	$	1.00		$	1.00		$	1.00			$	1.00		$	1.00
Investment operations
Net investment income(B)		—	(C)		—	(C)		—	(C)			—	(C)		0.02
Net realized and change in unrealized gain on investments		—			—			—	(C)			—	(C)		—	(C)
Total from investment operations		—	(C)		—	(C)		—	(C)			—	(C)		0.02
Net Equalization credits and charges		—			—			—	(C)			—
Distributions
Net investment income		—	(C)		—	(C)		—	(C)			—	(C)		(0.02	)
Total distributions		—	(C)		—	(C)		—	(C)			—	(C)		(0.02	)
Net asset value										��
End of year	$	1.00		$	1.00		$	1.00			$	1.00		$	1.00
Total return(D)		0.01	%		—	%(S)		0.01	%			0.21	%		2.52	%
Net assets end of year (000’s)	$	95,801		$	112,490		$	119,744			$	146,598		$	142,456
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.27	%(U)		0.20	%(U)		0.22	%(U)			0.60	%(U)		0.83	%
Before reimbursement/waiver or recapture		1.17	%		1.26	%		1.19	%			1.11	%		1.08	%
Net investment income to average net assets(G)		—	%(S)		—	%(S)		—	%(S)			0.20	%		2.40	%

	Transamerica Money Market
	Class B
	October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2012			2011			2010			2009			2008
Net asset value
Beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Investment operations
Net investment income(B)		—	(C)		—	(C)		—	(C)		—	(C)		0.02
Net realized and change in unrealized gain on investments		—			—			—	(C)		—	(C)		—	(C)
Total from investment operations		—	(C)		—	(C)		—	(C)		—	(C)		0.02
Net Equalization credits and charges		—			—			—	(C)		—
Distributions
Net investment income		—	(C)		—	(C)		—	(C)		—	(C)		(0.02	)
Total distributions		—	(C)		—	(C)		—	(C)		—	(C)		(0.02	)
Net asset value
End of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(D)		0.01	%		—	%(S)		0.01	%		0.08	%		1.83	%
Net assets end of year (000’s)	$	9,289		$	15,318		$	19,442		$	35,612		$	40,110
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.27	%(U)		0.20	%(U)		0.21	%(U)		0.73	%(U)		1.48	%
Before reimbursement/waiver or recapture		1.84	%		1.89	%		1.81	%		1.75	%		1.75	%
Net investment income to average net assets(G)		—	%(S)		—	%(S)		—	%(S)		0.08	%		1.75	%

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page     144

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica Money Market
	Class C
	October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2012			2011			2010			2009			2008
Net asset value
Beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Investment operations
Net investment income(B)		—	(C)		—	(C)		—	(C)		—	(C)		0.02
Net realized and change in unrealized gain on investments		—			—			—	(C)		—	(C)		—	(C)
Total from investment operations		—	(C)		—	(C)		—	(C)		—	(C)		0.02
Net Equalization credits and charges		—			—			—	(C)		—
Distributions
Net investment income		—	(C)		—	(C)		—	(C)		—	(C)		(0.02	)
Total distributions		—	(C)		—	(C)		—	(C)		—	(C)		(0.02	)
Net asset value
End of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(D)		—	%(S)		—	%(S)		0.01	%		0.07	%		1.86	%
Net assets end of year (000’s)	$	31,391		$	36,078		$	33,800		$	46,177		$	59,991
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.27	%(U)		0.20	%(U)		0.22	%(U)		0.76	%(U)		1.48	%
Before reimbursement/waiver or recapture		1.67	%		1.73	%		1.66	%		1.64	%		1.67	%
Net investment income to average net assets(G)		—	%(S)		—	%(S)		—	%(S)		0.07	%		1.65	%

	Transamerica Money Market
	Class I
	October 31,			October 31,			October 31,
For a share outstanding throughout each period	2012			2011			2010(H)
Net asset value
Beginning of period/year	$	1.00		$	1.00		$	1.00
Investment operations
Net investment income(B)		—	(C)		—	(C)		—	(C)
Net realized and change in unrealized gain on investments		—			—			—	(C)
Total from investment operations		—	(C)		—	(C)		—	(C)
Net Equalization credits and charges		—			—			—	(C)
Distributions
Net investment income		—	(C)		—	(C)		—	(C)
Total distributions		—	(C)		—	(C)		—	(C)
Net asset value
End of year	$	1.00		$	1.00		$	1.00
Total return(D)		0.02	%		0.01	%		0.01	%(E)
Net assets end of year (000’s)	$	25,460		$	55		$	55
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.26	%(U)		0.19	%(U)		0.22	%(F),(U)
Before reimbursement/waiver or recapture		0.72	%		3.60	%		3.17	%(F)
Net investment income to average net assets(G)		0.02	%		0.02	%		0.01	%(F)

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page     145

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica Money Market
	Class I2(I)
	October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2012			2011			2010			2009			2008
Net asset value
Beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Investment operations
Net investment income(B)		—	(C)		—	(C)		—	(C)		—	(C)		0.03
Net realized and change in unrealized gain on investments		—			—			—	(C)		—	(C)		—	(C)
Total from investment operations		—	(C)		—	(C)		—	(C)		—	(C)		0.03
Net Equalization credits and charges		—			—			—	(C)		—
Distributions
Net investment income		—	(C)		—	(C)		—	(C)		—	(C)		(0.03	)
Total distributions		—	(C)		—	(C)		—	(C)		—	(C)		(0.03	)
Net asset value
End of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(D)		0.03	%		0.01	%		0.01	%		0.35	%		2.84	%
Net assets end of year (000’s)	$	652,465		$	17,612		$	21,773		$	34,119		$	29,327
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.25	%(U)		0.19	%(U)		0.21	%(U)		0.45	%(U)		0.48	%
Before reimbursement/waiver or recapture		0.50	%		0.55	%		0.50	%		0.53	%		0.49	%
Net investment income to average net assets(G)		0.03	%		0.02	%		0.01	%		0.36	%		2.89	%

	Transamerica Multi-Managed Balanced
	Class A
	October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2012			2011			2010			2009			2008
Net asset value
Beginning of year	$	23.34		$	21.40		$	17.85		$	16.44		$	25.70
Investment operations
Net investment income(B)		0.26			0.25			0.52			0.28			0.28
Net realized and change in unrealized gain (loss) on investments		1.94			1.94			3.55			2.47			(8.64	)
Total from investment operations		2.20			2.19			4.07			2.75			(8.36	)
Distributions
Net investment income		(0.31	)		(0.25	)		(0.52	)		(0.31	)		(0.24	)
Net realized gains on investments		(3.08	)		—			—			(1.03	)		(0.66	)
Total distributions		(3.39	)		(0.25	)		(0.52	)		(1.34	)		(0.90	)
Net asset value
End of year	$	22.15		$	23.34		$	21.40		$	17.85		$	16.44
Total return(D)		11.27	%		10.26	%		23.08	%		18.43	%		(33.55	)%
Net assets end of year (000’s)	$	125,266		$	107,146		$	95,258		$	60,279		$	49,917
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		1.47	%		1.46	%		1.56	%(V)		1.73	%(V)		1.52	%
Before reimbursement/waiver or recapture		1.43	%		1.49	%		1.56	%(V)		1.73	%(V)		1.52	%
Net investment income to average net assets(G)		1.20	%		1.09	%		2.67	%		1.72	%		1.27	%
Portfolio turnover rate		153	%		263	%		99	%		100	%		52	%

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page     146

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica Multi-Managed Balanced
	Class B
	October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2012			2011			2010			2009			2008
Net asset value
Beginning of year	$	23.23		$	21.34		$	17.79		$	16.37		$	25.58
Investment operations
Net investment income(B)		0.08			0.06			0.33			0.16			0.13
Net realized and change in unrealized gain (loss) on investments		1.92			1.92			3.58			2.45			(8.58	)
Total from investment operations		2.00			1.98			3.91			2.61			(8.45	)
Distributions
Net investment income		(0.14	)		(0.09	)		(0.36	)		(0.17	)		(0.10	)
Net realized gains on investments		(3.08	)		—			—			(1.03	)		(0.66	)
Total distributions		(3.22	)		(0.09	)		(0.36	)		(1.20	)		(0.76	)
Net asset value
End of year	$	22.01		$	23.23		$	21.34		$	17.79		$	16.37
Total return(D)		10.30	%		9.33	%		22.15	%		17.50	%		(33.95	)%
Net assets end of year (000’s)	$	9,074		$	9,996		$	14,658		$	17,787		$	32,469
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		2.33	%		2.29	%		2.34	%(V)		2.46	%(V)		2.15	%
Before reimbursement/waiver or recapture		2.29	%		2.32	%		2.34	%(V)		2.46	%(V)		2.15	%
Net investment income to average net assets(G)		0.36	%		0.25	%		1.73	%		1.02	%		0.59	%
Portfolio turnover rate		153	%		263	%		99	%		100	%		52	%

	Transamerica Multi-Managed Balanced
	Class C
	October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2012			2011			2010			2009			2008
Net asset value
Beginning of year	$	23.09		$	21.20		$	17.69		$	16.30		$	25.50
Investment operations
Net investment income(B)		0.13			0.13			0.40			0.18			0.15
Net realized and change in unrealized gain (loss) on investments		1.92			1.91			3.53			2.46			(8.56	)
Total from investment operations		2.05			2.04			3.93			2.64			(8.41	)
Distributions
Net investment income		(0.21	)		(0.15	)		(0.42	)		(0.22	)		(0.13	)
Net realized gains on investments		(3.08	)		—			—			(1.03	)		(0.66	)
Total distributions		(3.29	)		(0.15	)		(0.42	)		(1.25	)		(0.79	)
Net asset value
End of year	$	21.85		$	23.09		$	21.20		$	17.69		$	16.30
Total return(D)		10.63	%		9.63	%		22.43	%		17.80	%		(33.92	)%
Net assets end of year (000’s)	$	62,789		$	38,868		$	24,194		$	16,933		$	17,719
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		2.04	%		2.03	%		2.11	%(V)		2.27	%(V)		2.08	%
Before reimbursement/waiver or recapture		2.01	%		2.05	%		2.11	%(V)		2.27	%(V)		2.08	%
Net investment income to average net assets(G)		0.61	%		0.55	%		2.09	%		1.15	%		0.69	%
Portfolio turnover rate		153	%		263	%		99	%		100	%		52	%

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page     147

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica Multi-Managed Balanced
	Class I
	October 31,			October 31,			October 31,
For a share outstanding throughout each period	2012			2011			2010(H)
Net asset value
Beginning of period/year	$	23.40		$	21.46		$	18.49
Investment operations
Net investment income(B)		0.36			0.38			0.57
Net realized and change in unrealized gain on investments		1.94			1.91			2.98
Total from investment operations		2.30			2.29			3.55
Distributions
Net investment income		(0.40	)		(0.35	)		(0.58	)
Net realized gains on investments		(3.08	)		—			—
Total distributions		(3.48	)		(0.35	)		(0.58	)
Net asset value
End of year	$	22.22		$	23.40		$	21.46
Total return(D)		11.76	%		10.70	%		19.52	%(E)
Net assets end of year (000’s)	$	176,788		$	12,086		$	265
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.99	%		1.00	%		1.46	%(F),(V)
Before reimbursement/waiver or recapture		0.96	%		1.01	%		2.01	%(F),(V)
Net investment income to average net assets(G)		1.63	%		1.61	%		3.15	%(F)
Portfolio turnover rate		153	%		263	%		99	%(E)

	Transamerica Short-Term Bond
	Class A
	October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2012			2011			2010			2009			2008(Y)
Net asset value
Beginning of period/year	$	10.33		$	10.53		$	10.26		$	9.44		$	10.00
Investment operations
Net investment income(B)		0.33			0.37			0.43			0.51			0.38
Net realized and change in unrealized gain (loss) on investments		0.27			(0.16	)		0.29			0.78			(0.54	)
Total from investment operations		0.60			0.21			0.72			1.29			(0.16	)
Distributions
Net investment income		(0.35	)		(0.39	)		(0.45	)		(0.47	)		(0.40	)
Net realized gains on investments		(0.07	)		(0.02	)		—			—			—
Total distributions		(0.42	)		(0.41	)		(0.45	)		(0.47	)		(0.40	)
Net asset value
End of year	$	10.51		$	10.33		$	10.53		$	10.26		$	9.44
Total return(D)		5.95	%		2.01	%		7.15	%		13.40	%		(1.70	)%(E)
Net assets end of year (000’s)	$	793,493		$	779,041		$	856,959		$	289,879		$	5,663
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.83	%		0.82	%		0.83	%		0.91	%		1.11	%(F)
Before reimbursement/waiver or recapture		0.89	%		0.92	%		0.97	%		1.09	%		1.11	%(F)
Net investment income to average net assets(G)		3.22	%		3.58	%		4.16	%		5.14	%		3.92	%(F)
Portfolio turnover rate		61	%		51	%		54	%		77	%		67	%(E)

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page     148

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica Short-Term Bond
	Class C
	October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2012			2011			2010			2009			2008(Y)
Net asset value
Beginning of period/year	$	10.31		$	10.51		$	10.24		$	9.42		$	10.00
Investment operations
Net investment income(B)		0.25			0.29			0.36			0.43			0.32
Net realized and change in unrealized gain (loss) on investments		0.27			(0.17	)		0.28			0.80			(0.55	)
Total from investment operations		0.52			0.12			0.64			1.23			(0.23	)
Distributions
Net investment income		(0.27	)		(0.30	)		(0.37	)		(0.41	)		(0.35	)
Net realized gains on investments		(0.07	)		(0.02	)		—			—			—
Total distributions		(0.34	)		(0.32	)		(0.37	)		(0.41	)		(0.35	)
Net asset value
End of year	$	10.49		$	10.31		$	10.51		$	10.24		$	9.42
Total return(D)		5.15	%		1.23	%		6.32	%		12.74	%		(2.43	)%(E)
Net assets end of year (000’s)	$	857,435		$	846,464		$	834,859		$	317,130		$	7,263
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		1.59	%		1.59	%		1.59	%		1.65	%		1.76	%(F)
Before reimbursement/waiver or recapture		1.59	%		1.59	%		1.63	%		1.74	%		1.76	%(F)
Net investment income to average net assets(G)		2.46	%		2.81	%		3.40	%		4.38	%		3.28	%(F)
Portfolio turnover rate		61	%		51	%		54	%		77	%		67	%(E)

	Transamerica Short-Term Bond
	Class I
	October 31,			October 31,			October 31,
For a share outstanding throughout each period	2012			2011			2010(H)
Net asset value
Beginning of period/year	$	10.15		$	10.35		$	10.14
Investment operations
Net investment income(B)		0.35			0.38			0.39
Net realized and change in unrealized gain (loss) on investments		0.26			(0.16	)		0.24
Total from investment operations		0.61			0.22			0.63
Distributions
Net investment income		(0.36	)		(0.40	)		(0.42	)
Net realized gains on investments		(0.07	)		(0.02	)		—
Total distributions		(0.43	)		(0.42	)		(0.42	)
Net asset value
End of year	$	10.33		$	10.15		$	10.35
Total return(D)		6.21	%		2.16	%		6.34	%(E)
Net assets end of year (000’s)	$	368,296		$	270,667		$	198,461
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.63	%		0.64	%		0.65	%(F)
Before reimbursement/waiver or recapture		0.63	%		0.64	%		0.67	%(F)
Net investment income to average net assets(G)		3.40	%		3.75	%		4.17	%(F)
Portfolio turnover rate		61	%		51	%		54	%(E)

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page     149

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

																Transamerica Small Cap
	Transamerica Short-Term Bond															Growth
	Class I2(I)															Class A
	October 31,			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2012			2011			2010			2009			2008			2012(W)
Net asset value
Beginning of period/year	$	10.14		$	10.34		$	10.08		$	9.28		$	9.82		$	10.00
Investment operations
Net investment income (loss)(B)		0.36			0.40			0.46			0.50			0.43			(0.02	)
Net realized and change in unrealized gain (loss) on investments		0.26			(0.17	)		0.27			0.80			(0.54	)		(0.60	)
Total from investment operations		0.62			0.23			0.73			1.30			(0.11	)		(0.62	)
Distributions
Net investment income		(0.37	)		(0.41	)		(0.47	)		(0.50	)		(0.43	)		—
Net realized gains on investments		(0.07	)		(0.02	)		—			—			—			—
Total distributions		(0.44	)		(0.43	)		(0.47	)		(0.50	)		(0.43	)		—
Net asset value
End of year	$	10.32		$	10.14		$	10.34		$	10.08		$	9.28		$	9.38
Total return(D)		6.31	%		2.28	%		7.37	%		14.44	%		(1.22	)%		(6.20	)%(E)
Net assets end of year (000’s)	$	1,521,804		$	924,917		$	999,064		$	710,660		$	492,333		$	236
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.53	%		0.53	%		0.53	%		0.63	%		0.68	%		1.45	%(F)
Before reimbursement/waiver or recapture		0.53	%		0.53	%		0.58	%		0.69	%		0.68	%		1.52	%(F)
Net investment income (loss) to average net assets(G)		3.50	%		3.87	%		4.52	%		5.14	%		4.38	%		(1.17	)%(F)
Portfolio turnover rate		61	%		51	%		54	%		77	%		67	%		11	%(E)
	Transamerica Small Cap Growth									Transamerica Small Cap Value
	Class C			Class I			Class I2			Class A			Class C			Class I
	October 31,			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2012(W)			2012(W)			2012(W)			2012(N)			2012(N)			2012(N)
Net asset value
Beginning of period/year	$	10.00		$	10.00		$	10.00		$	10.00		$	10.00		$	10.00
Investment operations
Net investment income (loss)(B)		(0.03	)		(0.01	)		(0.01	)		0.04			0.01			0.06
Net realized and change in unrealized loss on investments		(0.60	)		(0.60	)		(0.60	)		(0.21	)		(0.22	)		(0.22	)
Total from investment operations		(0.63	)		(0.61	)		(0.61	)		(0.17	)		(0.21	)		(0.16	)
Net asset value
End of year	$	9.37		$	9.39		$	9.39		$	9.83		$	9.79		$	9.84
Total return(D)		(6.30	)%(E)		(6.10	)%(E)		(6.10	)%(E)		(1.70	)%(E)		(2.10	)%(E)		(1.60	)%(E)
Net assets end of year (000’s)	$	234		$	235		$	239,395		$	268		$	251		$	371
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		2.15	%(F)		1.15	%(F)		1.15	%(F)		1.36	%(F)		2.04	%(F)		1.12	%(F)
Before reimbursement/waiver or recapture		2.21	%(F)		1.31	%(F)		1.21	%(F)		1.36	%(F)		2.04	%(F)		1.12	%(F)
Net investment income (loss) to average net assets(G)		(1.89	)%(F)		(0.89	)%(F)		(0.87	)%(F)		0.91	%(F)		0.24	%(F)		1.17	%(F)
Portfolio turnover rate		11	%(E)		11	%(E)		11	%(E)		22	%(E)		22	%(E)		22	%(E)

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page     150

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica Small Cap Value			Transamerica Small/Mid Cap Value
	Class I2			Class A
	October 31,			October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2012(N)			2012			2011			2010			2009			2008
Net asset value
Beginning of period/year	$	10.00		$	20.65		$	18.89		$	14.72		$	12.70		$	23.78
Investment operations
Net investment income (loss)(B)		0.06			0.11			(0.06	)		(0.02	)		—	(C)		0.21
Net realized and change in unrealized gain (loss) on investments		(0.22	)		2.24			1.82			4.19			2.33			(8.64	)
Total from investment operations		(0.16	)		2.35			1.76			4.17			2.33			(8.43	)
Distributions
Net investment income		—			—	(C)		—			—			(0.31	)		(0.16	)
Net realized gains on investments		—			(1.14	)		—			—			—			(2.49	)
Total distributions		—			(1.14	)		—			—			(0.31	)		(2.65	)
Net asset value
End of year	$	9.84		$	21.86		$	20.65		$	18.89		$	14.72		$	12.70
Total return(D)		(1.60	)%(E)		12.28	%		9.32	%		28.33	%		19.12	%		(39.47	)%
Net assets end of year (000’s)	$	288,664		$	332,085		$	323,147		$	283,240		$	201,569		$	199,210
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		1.01	%(F)		1.41	%		1.43	%		1.47	%		1.59	%		1.41	%
Before reimbursement/waiver or recapture		1.01	%(F)		1.41	%		1.43	%		1.47	%		1.59	%		1.41	%
Net investment income (loss) to average net assets(G)		1.30	%(F)		0.50	%		(0.27	)%		(0.12	)%		—	%(S)		1.18	%
Portfolio turnover rate		22	%(E)		74	%		174	%		57	%		101	%		48	%

	Transamerica Small/Mid Cap Value
	Class B
	October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2012			2011			2010			2009			2008
Net asset value
Beginning of year	$	19.60		$	18.05		$	14.16		$	12.19		$	22.89
Investment operations
Net investment income (loss)(B)		(0.03	)		(0.20	)		(0.12	)		(0.08	)		0.06
Net realized and change in unrealized gain (loss) on investments		2.12			1.75			4.01			2.26			(8.27	)
Total from investment operations		2.09			1.55			3.89			2.18			(8.21	)
Distributions
Net investment income		—	(C)		—			—			(0.21	)		—
Net realized gains on investments		(1.14	)		—			—			—			(2.49	)
Total distributions		(1.14	)		—			—			(0.21	)		(2.49	)
Net asset value
End of year	$	20.55		$	19.60		$	18.05		$	14.16		$	12.19
Total return(D)		11.58	%		8 .59	%		27.47	%		18.37	%		(39.85	)%
Net assets end of year (000’s)	$	29,615		$	33,830		$	38,355		$	34,573		$	31,716
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		2.08	%		2.09	%		2.12	%		2.24	%		2.07	%
Before reimbursement/waiver or recapture		2.08	%		2.09	%		2.12	%		2.24	%		2.07	%
Net investment income (loss) to average net assets(G)		(0.16	)%		(0.95	)%		(0.74	)%		(0.66	)%		0.34	%
Portfolio turnover rate		74	%		174	%		57	%		101	%		48	%

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page     151

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica Small/Mid Cap Value
	Class C
	October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2012			2011			2010			2009			2008
Net asset value
Beginning of year	$	19.40		$	17.86		$	14.00		$	12.10		$	22.81
Investment operations
Net investment income (loss)(B)		(0.02	)		(0.18	)		(0.12	)		(0.08	)		0.09
Net realized and change in unrealized gain (loss) on investments		2.09			1.72			3.98			2.23			(8.24	)
Total from investment operations		2.07			1.54			3.86			2.15			(8.15	)
Distributions
Net investment income		—	(C)		—			—			(0.25	)		(0.07	)
Net realized gains on investments		(1.14	)		—			—			—			(2.49	)
Total distributions		(1.14	)		—			—			(0.25	)		(2.56	)
Net asset value
End of year	$	20.33		$	19.40		$	17.86		$	14.00		$	12.10
Total return(D)		11.60	%		8.62	%		27.57	%		18.42	%		(39.84	)%
Net assets end of year (000’s)	$	198,356		$	181,765		$	169,903		$	115,960		$	95,729
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		2.04	%		2.05	%		2.07	%		2.20	%		2.04	%
Before reimbursement/waiver or recapture		2.04	%		2.05	%		2.07	%		2.20	%		2.04	%
Net investment income (loss) to average net assets(G)		(0.13	)%		(0.89	)%		(0.73	)%		(0.63	)%		0.52	%
Portfolio turnover rate		74	%		174	%		57	%		101	%		48	%

	Transamerica Small/Mid Cap Value
	Class I
	October 31,			October 31,			October 31,
For a share outstanding throughout each period	2012			2011			2010(H)
Net asset value
Beginning of period/year	$	21.03		$	19.15		$	15.44
Investment operations
Net investment income (loss)(B)		0.20			0.05			(0.02	)
Net realized and change in unrealized gain on investments		2.29			1.83			3.73
Total from investment operations		2.49			1.88			3.71
Distributions
Net investment income		—	(C)		—			—
Net realized gains on investments		(1.14	)		—			—
Total distributions		(1.14	)		—			—
Net asset value
End of year	$	22.38		$	21.03		$	19.15
Total return(D)		12.75	%		9.82	%		24.03	%(E)
Net assets end of year (000’s)	$	105,664		$	68,499		$	40,346
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.97	%		1.00	%		1.04	%(F)
Before reimbursement/waiver or recapture		0.97	%		1.00	%		1.04	%(F)
Net investment income (loss) to average net assets(G)		0.93	%		0.24	%		(0.11	)%(F)
Portfolio turnover rate		74	%		174	%		57	%(E)

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page     152

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica Small/Mid Cap Value
	Class I2(I)
	October 31,			October 31,			October 31,			October 31,			October 31,
For a share outstanding throughout each period	2012			2011			2010			2009			2008
Net asset value
Beginning of year	$	21.03		$	19.13		$	14.82		$	12.81		$	23.91
Investment operations
Net investment income(B)		0.22			0.06			0.08			0.11			0.30
Net realized and change in unrealized gain (loss) on investments		2.30			1.84			4.23			2.31			(8.67	)
Total from investment operations		2.52			1.90			4.31			2.42			(8.37	)
Distributions
Net investment income		—	(C)		—			—			(0.41	)		(0.24	)
Net realized gains on investments		(1.14	)		—			—			—			(2.49	)
Total distributions		(1.14	)		—			—			(0.41	)		(2.73	)
Net asset value
End of year	$	22.41		$	21.03		$	19.13		$	14.82		$	12.81
Total return(D)		12.90	%		9.93	%		29.00	%		19.85	%		(39.11	)%
Net assets end of year (000’s)	$	15,545		$	12,935		$	15,893		$	10,746		$	214,351
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.87	%		0.88	%		0.88	%		0.91	%		0.85	%
Before reimbursement/waiver or recapture		0.87	%		0.88	%		0.88	%		0.91	%		0.85	%
Net investment income to average net assets(G)		1.03	%		0.26	%		0.47	%		0.89	%		1.58	%
Portfolio turnover rate		74	%		174	%		57	%		101	%		48	%

	Transamerica Tactical Income
	Class A			Class C			Class I
	October 31,			October 31,			October 31,
For a share outstanding throughout each period	2012(X)			2012(X)			2012(X)
Net asset value
Beginning of period/year	$	10.00		$	10.00		$	10.00
Investment operations
Net investment income(B)		0.33			0.25			0.37
Net realized and change in unrealized gain on investments		0.45			0.46			0.44
Total from investment operations		0.78			0.71			0.81
Distributions
Net investment income		(0.53	)		(0.49	)		(0.55	)
Total distributions		(0.53	)		(0.49	)		(0.55	)
Net asset value
End of year	$	10.25		$	10.22		$	10.26
Total return(D)		8.02	%		7.26	%		8.35	%
Net assets end of year (000’s)	$	254,763		$	279,728		$	240,339
Ratio and supplemental data
Expenses to average net assets
After reimbursement/waiver or recapture		0.92	%		1.67	%		0.67	%
Before reimbursement/waiver or recapture		0.98	%		1.68	%		0.72	%
Net investment income to average net assets(G)		3.27	%		2.48	%		3.61	%
Portfolio turnover rate		142	%		142	%		142	%

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page     153

FINANCIAL HIGHLIGHTS (continued)

^(A) Commenced operations November 13, 2009.

^(B) Calculation is based on average number of shares outstanding.

^(C) Rounds to less than $0.01 or $(0.01).

^(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)  Annualized.

^(G) 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.

^(H) Commenced operations November 30, 2009.

^(I)  Effective November 30, 2009, all previously existing Class I shares were re-designated as Class I2 Shares.

^(J)  Commenced operations September 30, 2011.

^(K)  Includes fair fund settlement. The impacts were $0.01 to Net realized and change in unrealized gain on investments and 0.08% to Total return.

^(L)  Commenced operations February 10, 2012.

^(M)  Commenced operations August 31, 2011.

^(N)  Commenced operations April 30, 2012.

^(O) Includes extraordinary expenses. The impact of the extraordinary expenses was 0.01%.

^(P)  Commenced operations March 1, 2012.

^(Q) Commenced operations March 1, 2011.

^(R)  Prior to March 1, 2010, information provided in previous periods reflects 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.

^(S) Rounds to less than 0.01% or (0.01)%.

^(T) Commenced operations November 15, 2010.

^(U) Transamerica Asset Management, Inc. or any of its affiliates waive fees or reimburse expenses in order to avoid a negative yield. Refer to the notes to the financial statements for details.

^(V) Includes extraordinary expenses. The impact of the extraordinary expenses were 0.01% and 0.02% for 2010 and 2009, respectively.

^(W) Commenced operations August 31, 2012.

^(X) Commenced operations October 31, 2011. Includes information from inception date of October 31, 2011 through period end.

^(Y) Commenced operations November 1, 2007.

Note: Prior to November 1, 2009, all financial highlights, with the exception of Transamerica International Equity, were audited by another independent registered public accounting firm.

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page     154

NOTES TO FINANCIAL STATEMENTS

At October 31, 2012

(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 Tactical Income commenced operations on October 31, 2011. Effective March 1, 2012, the following name changes occurred:

Fund Name	Formerly Known As
Transamerica Capital Growth	Transamerica Morgan Stanley Capital Growth
Transamerica Diversified Equity	Transamerica WMC Diversified Equity
Transamerica Emerging Markets Debt	Transamerica Logan Circle Emerging Markets Debt
Transamerica Flexible Income	Transamerica AEGON Flexible Income
Transamerica Growth Opportunities	Transamerica Morgan Stanley Growth Opportunities
Transamerica High Yield Bond	Transamerica AEGON High Yield Bond
Transamerica International Bond	Transamerica JPMorgan International Bond
Transamerica International Equity	Transamerica TS&W International Equity
Transamerica Money Market	Transamerica AEGON Money Market
Transamerica Quality Value	Transamerica WMC Quality Value
Transamerica Short-Term Bond	Transamerica AEGON Short-Term Bond
Transamerica Small/Mid Cap Value	Transamerica Systematic Small/Mid Cap Value

Effective July 31, 2012, Transamerica Quality Value changed its name to Transamerica Large Cap Value. Transamerica Emerging Markets Equity, Transamerica Large Cap Growth, and Transamerica Small Cap Value commenced operations on April 30, 2012. Transamerica Small Cap Growth commenced operations on August 31, 2012.

Transamerica Capital Growth, Transamerica Diversified Equity, Transamerica Emerging Markets Debt, Transamerica Emerging Markets Equity, Transamerica Flexible Income, Transamerica Growth Opportunities, Transamerica High Yield Bond, Transamerica International Bond, Transamerica International Equity, Transamerica Large Cap Growth, Transamerica Large Cap Value, Transamerica Money Market, Transamerica Multi-Managed Balanced, Transamerica Short-Term Bond, Transamerica Small Cap Growth, Transamerica Small Cap Value, Transamerica Small/Mid Cap Value, and Transamerica Tactical Income (each, a “Fund”; collectively, the “Funds”) are part of the Trust.

Transamerica Emerging Markets Debt and Transamerica International Bond are “non-diversified” under the 1940 Act.

Effective February 10, 2012 Class P shares of the following funds were converted into Class I shares: Transamerica High Yield Bond, Transamerica Money Market, Transamerica Capital Growth, Transamerica Growth Opportunities, Transamerica Multi-Managed Balanced, and Transamerica Diversified Equity. Effective March 1, 2012, Transamerica International Bond offers three new classes of shares; Class A, Class C, and Class I.

Transamerica Diversified Equity has six classes of shares; Class A, Class B, Class C, Class I, Class I2, and Class T. Transamerica Capital Growth, Transamerica Flexible Income, Transamerica Growth Opportunities, Transamerica High Yield Bond, Transamerica Money Market, and Transamerica Small/Mid Cap Value currently have five classes of shares; Class A, Class B, Class C, Class I, and Class I2. Transamerica Multi-Managed Balanced currently has four classes of shares; Class A, Class B, Class C, and Class I. Transamerica Emerging Markets Debt, Transamerica Emerging Markets Equity, Transamerica International Bond, Transamerica International Equity, Transamerica Large Cap Growth, Transamerica Large Cap Value, Transamerica Short-Term Bond, Transamerica Small Cap Growth, and Transamerica Small Cap Value currently have four classes of shares; Class A, Class C, Class I, and Class I2. Transamerica Tactical Income currently has three classes of shares; Class A, Class C, and Class I. 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.

Transamerica Funds		Annual Report 2012
	Page     155

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2012

(all amounts in thousands)

NOTE 1. (continued)

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 and fees.

Such income is reflected separately in the Statements of Operations. The value of loaned securities and related collateral outstanding at October 31, 2012 are shown in the Schedules of Investments and Statements of Assets and Liabilities.

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

Repurchase agreements: Securities purchased subject to a repurchase agreement are held at the Funds' custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, 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 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 taxes: The Funds may be subjected to taxes imposed by the countries in which they invest, with respect to their investments in issuers existing or operating in such countries. The Funds may also 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, when the related income or capital gains are earned and based upon the current interpretation of tax rules and regulations that exist in the markets in which the Funds invest. 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 of 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, with the exception of Transamerica Money Market (“Money Market”), enter into forward foreign currency contracts to hedge against exchange rate risk arising from investments in securities denominated in foreign currencies. Forward foreign currency contracts are marked to market daily, with the change in value recorded as an unrealized gain or loss. When the contracts are settled, a realized gain or loss is incurred. Risks may arise from changes in market value of the underlying currencies and from the possible inability of counterparties to meet the terms of their contracts.

Open forward foreign currency contracts at October 31, 2012 are listed in the Schedules of Investments.

Option 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, with the exception of Money Market, enter into option contracts to manage exposure to various market fluctuations. Funds purchase or write put and call options on U.S. securities, indices, futures, swaps (“swaptions”), commodities, and currency transactions. 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. Options are marked-to-market daily to reflect the current value of the option. Premiums paid for purchasing options or premiums received from writing options which expire are treated as realized losses or realized gains, respectively. Realized gains or losses are reflected in the realized gains or losses of investment securities in the Statements of Operations. 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.

Transamerica Funds		Annual Report 2012
	Page     156

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2012

(all amounts in thousands)

NOTE 1. (continued)

Purchased options: Purchasing call options tends to increase a Fund’s exposure to the underlying instrument. Purchasing put options tends to decrease a Fund’s exposure to the underlying instrument. The Funds pay premiums, which are included in the Statement of Assets and Liabilities as an investment and subsequently marked-to-market to reflect the current value of the option. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid from options which expire are treated as realized losses. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying U.S. security, index, future, swaption, commodity, or currency transaction to determine the realized gain or loss.

Written options: Writing call options tends to decrease a Fund’s exposure to the underlying investment. When a Fund writes a covered call or put option, the premium received is recorded as a liability in the Statement of Assets and Liabilities and is subsequently marked-to-market to reflect the current market value of the option written. Premiums received from written options which expire unexercised 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 U.S. security, index, future, swaption, commodity, or currency transaction to determine the realized gain or loss. In writing an option, a Fund bears the market risk of an unfavorable change in the price of the security or currency underlying the written option. Exercise of an option written by the Fund could result in a Fund selling or buying a security or currency at a price different from the current market value.

Inflation-capped options: A Fund purchases or writes inflation-capped options to enhance returns or for hedging opportunities. The purpose of purchasing inflation-capped options is to protect a Fund from inflation erosion above a certain rate on a given notional exposure. A floor can be used to give downside protection to the investments in inflation-linked products.

Straddle swaption contracts: The Funds enter into straddle swaption contracts. A straddle swaption is an investment strategy that consists of two swaptions, each with a different underlying swap, wherein the holder buys both a payer and receiver option on the same floating rate. If the floating rate falls, the holder receives the fixed rate, and if the floating rate rises, the holder pays the fixed rate.

The underlying face amounts of open option and swaption contracts at October 31, 2012 are listed in the Schedules of Investments.

Transactions in written options were as follows:

Transamerica Multi-Managed Balanced	Premium			Notional Amount
Balance at October 31, 2011	$	42		$	66
Sales		65			1,387
Closing Buys		(31	)		(890	)
Expirations		(76	)		(563	)
Exercised		—			—
Balance at October 31, 2012	$	—		$	—

There were no transactions in written swaptions during the year ended October 31, 2012.

Futures contracts: The Funds are subject to equity and commodity price risks, interest rate risk, and foreign currency exchange rate risk in the normal course of pursuing their investment objectives. The Funds, with the exception of Money Market, use futures contracts to gain exposure to, or hedge against, changes in the value of equities and commodities, 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 in 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 contract, 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 equity and commodity prices, interest rates, or exchange rates moving unexpectedly, in which case, the Funds may not achieve the anticipated benefits of the futures contracts and may realize losses. With futures, there is minimal counterparty credit risk to the Funds since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

The open futures contracts at October 31, 2012 are listed in the Schedules of Investments. The variation margin receivable or payable, as applicable, is included in the Statements of Assets and Liabilities.

Cash overdraft: Throughout the year, the Funds may have cash overdraft balances. A fee is incurred on these overdrafts, calculated by multiplying the overdraft by a rate based on the federal funds rate. Payables, if any, are reflected as Due to Custodian in the Statements of Assets and Liabilities. Expenses from cash overdrafts are included in Other in the Statements of Operations.

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. Open balances are included in the payable or receivable for investments purchase or sold.

Transamerica Funds		Annual Report 2012
	Page     157

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2012

(all amounts in thousands)

NOTE 1. (continued)

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 unrealized appreciation or depreciation on investments to interest receivable in the Statements of Assets and Liabilities.

The PIKs at October 31, 2012 are listed in the Schedules of Investments.

Restricted and illiquid securities: The Funds may invest in unregulated or restricted 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 year of time. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at the current valuation may be difficult.

The restricted and illiquid securities at October 31, 2012 are listed in the Schedules of Investments.

Commission recapture: The sub-adviser, to the extent consistent with the best execution and usual commission rate policies and practices, has elected to place security transactions of the Funds with broker/dealers with which Transamerica Funds has established a Commission Recapture Program. A Commission Recapture Program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Funds. In no event will commissions paid by the Funds be used to pay expenses that would otherwise be borne by any other funds within Transamerica Funds, or by any other party.

Commissions recaptured for the year ended October 31, 2012, are included in net realized gain (loss) in the Statements of Operations and are summarized as follows:

Fund Name	Commissions
Transamerica Capital Growth	$	56
Transamerica Diversified Equity		—	(A)
Transamerica Growth Opportunities		49
Transamerica International Equity		1
Transamerica Large Cap Value		27
Transamerica Multi-Managed Balanced		14
Transamerica Small/Mid Cap Value		135

^(A) Amount 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 dates, net of foreign taxes. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.

Real estate investment trust (“REITs”): Dividend income related to a Real Estate Investment Trust 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.

There are certain additional risks involved in investing in REITs. These include, but are not limited to, economical conditions, changes in zoning laws, real estate values, property taxes, and interest rates.

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 net assets. Each class bears its own specific expenses in addition to the non-class specific 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 in the Statements of Changes in Net Assets.

Transamerica Funds		Annual Report 2012
	Page     158

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2012

(all amounts in thousands)

NOTE 1. (continued)

Redemption fees: Prior to March 1, 2011, TS&W International Equity Portfolio, the predecessor fund of Transamerica 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 Fund’s Statement of Changes in Net Assets. Effective March 1, 2011, Transamerica 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 included in the Statements of Changes in Net Assets.

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, which may include Transamerica Asset Management, Inc.’s (“TAM”) Valuation Committee’s own assumptions in determining the fair value of investments. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the sub-adviser, issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer’s financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances.

The Funds’ Board of Trustees has delegated the valuation functions on a day-to-day basis to TAM, subject to board oversight. TAM has formed an internal valuation committee (the “Valuation Committee”) to monitor and implement the fair valuation policies and procedures as approved by the Board of Trustees. These policies and procedures are reviewed at least annually by the Board of Trustees. The Valuation Committee, among other tasks, monitors for when market quotations are not readily available or are unreliable and determines in good faith the fair value of portfolio investments. 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. The Valuation Committee may employ a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the security to determine the fair value of the security. An income-based valuation approach may also be used in which the anticipated future cash flows of the security are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the securities. When the Funds use fair value methods that rely on significant unobservable inputs to determine a security’s value, the Valuation Committee will choose the method that is believed to accurately reflect fair market value. These securities are categorized as Level 3 of the fair value hierarchy. The Valuation Committee reviews fair value measurements on a regular and ad hoc basis and may, as deemed appropriate, update the security valuations as well as the fair valuation guidelines.

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. Due to the inherent uncertainty of valuation, TAM’s Valuation Committee’s determination of values may differ significantly from values that would have been realized had a ready market for investments existed and the differences could be material. The Valuation Committee employs various methods for calibrating these valuation approaches including a regular review of valuation methodologies, key inputs and assumptions, transactional back-testing and reviews of any market related activity.

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.

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

Transamerica Funds		Annual Report 2012
	Page     159

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2012

(all amounts in thousands)

NOTE 2. (continued)

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

Equity securities (common and preferred stocks): 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 the 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 or Level 3 if inputs are unobservable.

Securities lending collateral: Securities lending collateral is invested in a money market fund which is valued at the net asset value 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; otherwise they would be categorized as Level 3.

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 or Level 3 if inputs are unobservable.

U.S. government agency securities: U.S. government agency securities are comprised of two main categories consisting of agency issued debt and mortgage pass-throughs. Generally, agency issued debt securities are valued in a manner similar to U.S. government securities. Mortgage pass-throughs include to be announced (“TBA”) securities and mortgage pass-through certificates. Generally, TBA securities and mortgage pass-throughs are valued using dealer quotations. Depending on market activity levels and whether quotations or other observable data are used, these securities are typically categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized as Level 3.

Restricted securities (equity and debt): The Funds may invest in unregulated or otherwise restricted securities. Restricted securities for which quotations are not readily available are valued at fair value as determined in good faith by TAM’s 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 observable 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, swaption, 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.

Transamerica Funds		Annual Report 2012
	Page     160

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2012

(all amounts in thousands)

NOTE 2. (continued)

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 or Level 3 if inputs are unobservable.

The hierarchy classification of inputs used to value the Funds’ investments, at October 31, 2012, is disclosed in the Valuation Summary of each 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.

AEGON USA Investment Management, LLC (“AUIM”) is both an affiliate and sub-adviser of Transamerica Flexible Income, Transamerica High Yield Bond, Transamerica Money Market, Transamerica Short-Term Bond, and Transamerica Tactical Income.

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

Certain officers and trustees of the Funds are also officers and/or directors of TAM, AUIM, TFS, and TCI. No interested trustee receives compensation from the Funds.

At the commencement of operations, TAM invested in the Funds. As of October 31, 2012, TAM had investments in the Funds as follows:

Fund Name	Market Value		% of Fund’s Net Assets
Transamerica Emerging Markets Equity
Class A		$236		0.22	%
Class C		235		0.22
Class I		236		0.22
Transamerica International Bond
Class A		103		0.05
Class C		102		0.05
Class I		103		0.05
Transamerica International Equity
Class A		100		0.04
Class C		99		0.04
Transamerica Large Cap Growth
Class A		247		0.18
Class C		246		0.18
Class I		247		0.18
Transamerica Large Cap Value
Class A		302		0.02
Class C		299		0.02
Transamerica Small Cap Growth
Class A		234		0.10
Class C		234		0.10
Class I		234		0.10
Transamerica Small Cap Value
Class A		246		0.08
Class C		245		0.08
Class I		246		0.08

Transamerica Funds		Annual Report 2012
	Page     161

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2012

(all amounts in thousands)

NOTE 3. (continued)

The following schedule reflects the percentage of each Fund’s assets owned by affiliated investment companies at October 31, 2012:

	Market		% of Net
Transamerica Capital Growth	Value		Assets
Transamerica Asset Allocation-Conservative Portfolio	$	12,732		1.78	%
Transamerica Asset Allocation-Growth Portfolio		66,747		9.31
Transamerica Asset Allocation-Moderate Portfolio		40,144		5.60
Transamerica Asset Allocation-Moderate Growth Portfolio		85,049		11.86
Transamerica Asset Allocation-Conservative VP		41,778		5.83
Transamerica Asset Allocation-Growth VP		46,034		6.42
Transamerica Asset Allocation-Moderate Growth VP		147,082		20.52
Transamerica Asset Allocation-Moderate VP		100,474		14.01
Total	$	540,040		75.33	%
Transamerica Diversified Equity	Market Value		% of Net Assets
Transamerica Asset Allocation-Conservative Portfolio	$	44,964		3.09	%
Transamerica Asset Allocation-Growth Portfolio		146,535		10.08
Transamerica Asset Allocation-Moderate Portfolio		144,908		9.97
Transamerica Asset Allocation-Moderate Growth Portfolio		222,373		15.30
Total	$	558,780		38.44	%
Transamerica Emerging Markets Debt	Market Value		% of Net Assets
Transamerica Asset Allocation-Conservative Portfolio	$	20,105		3.23	%
Transamerica Asset Allocation-Moderate Portfolio		32,019		5.14
Transamerica Asset Allocation-Moderate Growth Portfolio		21,378		3.43
Transamerica Multi-Manager Alternative Strategies Portfolio		45,685		7.33
Transamerica Asset Allocation-Conservative VP		67,791		10.88
Transamerica Asset Allocation-Growth VP		1,360		0.22
Transamerica Asset Allocation-Moderate Growth VP		126,137		20.24
Transamerica Asset Allocation-Moderate VP		179,574		28.82
Transamerica International Moderate Growth VP		8,306		1.33
Total	$	502,355		80.62	%

	Market		% of Net
Transamerica Emerging Markets Equity	Value		Assets
Transamerica Asset Allocation-Conservative Portfolio	$	745		0.69	%
Transamerica Asset Allocation-Growth Portfolio		10,789		9.99
Transamerica Asset Allocation-Moderate Portfolio		2,254		2.09
Transamerica Asset Allocation-Moderate Growth Portfolio		12,853		11.90
Transamerica Multi-Manager International Portfolio		16,266		15.05
Transamerica Asset Allocation-Growth VP		23,600		21.84
Transamerica Asset Allocation-Moderate Growth VP		15,998		14.81
Transamerica Asset Allocation-Moderate VP		22,820		21.12
Total	$	105,325		97.49	%
Transamerica Flexible Income	Market Value		% of Net Assets
Transamerica Asset Allocation-Conservative Portfolio	$	17,380		5.34	%
Transamerica Asset Allocation-Moderate Portfolio		44,170		13.57
Transamerica Asset Allocation-Conservative VP		23,034		7.07
Transamerica Asset Allocation-Moderate Growth VP		17,610		5.41
Transamerica Asset Allocation-Moderate VP		25,883		7.95
Total	$	128,077		39.34	%
Transamerica Growth Opportunities	Market Value		% of Net Assets
Transamerica Asset Allocation-Conservative Portfolio	$	15,539		2.65	%
Transamerica Asset Allocation-Growth Portfolio		43,801		7.48
Transamerica Asset Allocation-Moderate Portfolio		44,053		7.52
Transamerica Asset Allocation-Moderate Growth Portfolio		83,085		14.18
Transamerica Asset Allocation-Conservative VP		19,796		3.38
Transamerica Asset Allocation-Growth VP		22,714		3.88
Transamerica Asset Allocation-Moderate Growth VP		115,322		19.68
Transamerica Asset Allocation-Moderate VP		50,363		8.59
Total	$	394,673		67.36	%

Transamerica Funds		Annual Report 2012
	Page    162

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2012

(all amounts in thousands)

NOTE 3. (continued)

Transamerica High Yield Bond	Market Value		% of Net Assets
Transamerica Asset Allocation-Conservative Portfolio	$	29,920		4.30	%
Transamerica Asset Allocation-Moderate Portfolio		36,408		5.23
Transamerica Asset Allocation-Moderate Growth Portfolio		50,765		7.29
Transamerica Asset Allocation-Conservative VP		14,696		2.11
Transamerica Asset Allocation-Moderate Growth VP		25,316		3.63
Transamerica Asset Allocation-Moderate VP		40,284		5.78
Total	$	197,389		28.34	%
Transamerica International Bond	Market Value		% of Net Assets
Transamerica Asset Allocation-Conservative Portfolio	$	11,289		5.82	%
Transamerica Asset Allocation-Moderate Portfolio		26,724		13.79
Transamerica Asset Allocation-Moderate Growth Portfolio		21,346		11.02
Transamerica Asset Allocation-Conservative VP		24,740		12.77
Transamerica Asset Allocation-Moderate Growth VP		62,046		32.02
Transamerica Asset Allocation-Moderate VP		44,572		23.00
Total	$	190,717		98.42	%
Transamerica International Equity	Market Value		% of Net Assets
Transamerica Asset Allocation-Conservative Portfolio	$	2,345		0.89	%
Transamerica Asset Allocation-Growth Portfolio		35,569		13.47
Transamerica Asset Allocation-Moderate Portfolio		10,322		3.91
Transamerica Asset Allocation-Moderate Growth Portfolio		28,982		10.98
Transamerica Multi-Manager International Portfolio		27,034		10.24
Transamerica International Moderate Growth VP		60,236		22.82
Total	$	164,488		62.31	%
Transamerica Large Cap Growth	Market Value		% of Net Assets
Transamerica Asset Allocation-Conservative Portfolio	$	3,048		2.23	%
Transamerica Asset Allocation-Growth Portfolio		10,036		7.34
Transamerica Asset Allocation-Moderate Portfolio		9,004		6.58
Transamerica Asset Allocation-Moderate Growth Portfolio		14,596		10.67
Transamerica Asset Allocation-Moderate Growth VP		98,673		72.13
Total	$	135,357		98.95	%

Transamerica Large Cap Value	Market Value		% of Net Assets
Transamerica Asset Allocation-Conservative Portfolio	$	53,561		4.04	%
Transamerica Asset Allocation-Growth Portfolio		204,933		15.44
Transamerica Asset Allocation-Moderate Portfolio		161,762		12.19
Transamerica Asset Allocation-Moderate Growth Portfolio		316,180		23.82
Transamerica Asset Allocation-Conservative VP		688		0.05
Transamerica Asset Allocation-Growth VP		124,914		9.41
Transamerica Asset Allocation-Moderate Growth VP		313,789		23.64
Transamerica Asset Allocation-Moderate VP		126,090		9.50
Total	$	1,301,917		98.09	%
Transamerica Money Market	Market Value		% of Net Assets
Transamerica Asset Allocation-Conservative Portfolio	$	5,175		0.63	%
Transamerica Asset Allocation-Growth Portfolio		60		0.01
Transamerica Asset Allocation-Moderate Portfolio		3,865		0.47
Transamerica Multi-Manager Alternative Strategies Portfolio		3,082		0.38
Transamerica Asset Allocation-Conservative VP		236,415		29.03
Transamerica Asset Allocation-Growth VP		39,000		4.79
Transamerica Asset Allocation-Moderate Growth VP		200,003		24.56
Transamerica Asset Allocation-Moderate VP		150,002		18.42
Transamerica International Moderate Growth VP		11,643		1.43
Total	$	649,245		79.72	%
Transamerica Short-Term Bond	Market Value		% of Net Assets
Transamerica Asset Allocation-Conservative Portfolio	$	92,813		2.62	%
Transamerica Asset Allocation-Moderate Portfolio		142,994		4.04
Transamerica Asset Allocation-Moderate Growth Portfolio		66		—	(A)
Transamerica Multi-Manager Alternative Strategies Portfolio		35,692		1.01
Transamerica Asset Allocation-Conservative VP		364,737		10.30
Transamerica Asset Allocation-Growth VP		45,004		1.27
Transamerica Asset Allocation-Moderate Growth VP		250,041		7.06
Transamerica Asset Allocation-Moderate VP		521,544		14.73
Transamerica International Moderate Growth VP		55,626		1.57
Total	$	1,508,517		42.60	%

Transamerica Funds		Annual Report 2012
	Page     163

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2012

(all amounts in thousands)

NOTE 3. (continued)

Transamerica Small Cap Growth	Market Value		% of Net Assets
Transamerica Asset Allocation-Conservative Portfolio	$	7,700		3.21	%
Transamerica Asset Allocation-Growth Portfolio		25,739		10.72
Transamerica Asset Allocation-Moderate Portfolio		14,538		6.05
Transamerica Asset Allocation-Moderate Growth Portfolio		23,467		9.77
Transamerica Asset Allocation-Conservative VP		11,242		4.68
Transamerica Asset Allocation-Growth VP		18,274		7.61
Transamerica Asset Allocation-Moderate Growth VP		91,443		38.09
Transamerica Asset Allocation-Moderate VP		42,494		17.70
Total	$	234,897		97.83	%

Transamerica Small Cap Value	Market Value		% of Net Assets
Transamerica Asset Allocation-Conservative Portfolio	$	4,458		1.54	%
Transamerica Asset Allocation-Growth Portfolio		30,250		10.45
Transamerica Asset Allocation-Moderate Portfolio		21,977		7.59
Transamerica Asset Allocation-Moderate Growth Portfolio		36,468		12.59
Transamerica Asset Allocation-Conservative VP		18,440		6.37
Transamerica Asset Allocation-Growth VP		27,910		9.64
Transamerica Asset Allocation-Moderate Growth VP		91,940		31.75
Transamerica Asset Allocation-Moderate VP		52,866		18.26
Total	$	284,309		98.19	%

^(A) Rounds to less than 0.01%.

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

Fund Name/Breakpoint	Rate
Transamerica Capital Growth
First $500 million		0.80	%
Over $500 million		0.675
Transamerica Diversified Equity
First $500 million		0.73	%
Over $500 million up to $2.5 billion		0.70
Over $2.5 billion		0.65
Transamerica Emerging Markets Debt
First $400 million		0.60	%
Over $400 million		0.58
Transamerica Emerging Markets Equity
First $250 million		0.95	%
Over $250 million up to $500 million		0.93
Over $500 million		0.90
Transamerica Flexible Income
First $250 million		0.475	%
Over $250 million up to $350 million		0.425
Over $350 million		0.40
Transamerica Growth Opportunities
First $250 million		0.80	%
Over $250 million up to $500 million		0.75
Over $500 million		0.70
Transamerica High Yield Bond
First $400 million		0.59	%
Over $400 million up to $750 million		0.575
Over $750 million		0.55
Transamerica 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

Fund Name/Breakpoint	Rate
Transamerica International Equity
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 Large Cap Growth
First $250 million		0.675	%
Over $250 million up to $1 billion		0.65
Over $1 billion		0.60
Transamerica Large Cap Value (Effective July 31, 2012)
First $750 million		0.65	%
Over $750 million up to $1 billion		0.62
Over $1 billion		0.60
Transamerica Large Cap Value (Prior to July 31, 2012)
First $1 billion		0.70	%
Over $1 billion		0.675
Transamerica Money Market
ANA		0.40	%
Transamerica Multi-Managed Balanced
First $500 million		0.75	%
Over $500 million up to $1 billion		0.65
Over $1 billion		0.60
Transamerica 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 Small Cap Growth
First $300 million		0.84	%
Over $300 million		0.80

Transamerica Funds		Annual Report 2012
	Page     164

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2012

(all amounts in thousands)

NOTE 3. (continued)

Fund Name/Breakpoint	Rate
Transamerica Small Cap Value
First $250 million		0.86	%
Over $250 million		0.84
Transamerica Small/Mid Cap Value
First $500 million		0.80	%
Over $500 million		0.75

Fund Name/Breakpoint	Rate
Transamerica Tactical Income
First $1 billion		0.47	%
Over $1 billion up to $2 billion		0.45
Over $2 billion		0.43

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the operating expenses excluding, as applicable, 12b-1 fees, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Funds' business, exceed the following stated annual limit:

Fund Name	Expense Limit	Maximum Operating Expense Limit Effective Through
Transamerica Capital Growth	1.20%	March 1, 2013
Transamerica Diversified Equity	1.17	March 1, 2013
Transamerica Emerging Markets Debt	1.00	March 1, 2013
Transamerica Emerging Markets Equity	1.60	May 1, 2013
Transamerica Flexible Income	1.00	March 1, 2013
Transamerica Growth Opportunities	1.40	March 1, 2013
Transamerica High Yield Bond	0.95	March 1, 2013
Transamerica International Bond	0.75	March 1, 2013
Transamerica International Equity	1.15	March 1, 2013
Transamerica Large Cap Growth	0.95	May 1, 2013
Transamerica Large Cap Value	1.00	March 1, 2013
Transamerica Money Market	0.48	March 1, 2013
Transamerica Multi-Managed Balanced	1.45	March 1, 2013
Transamerica Short Term Bond	0.85	March 1, 2013
Transamerica Small Cap Growth	1.15	August 31, 2013
Transamerica Small Cap Value	1.15	May 1, 2013
Transamerica Small/Mid Cap Value	1.25	March 1, 2013
Transamerica Tactical Income	0.67	March 1, 2013

TAM is entitled to reimbursement by the Fund of fees waived and/or expenses reduced during any of the previous 36 months if on any day or month the estimated annualized Fund operating expenses are less than the stated annual limit.

Amounts recaptured by TAM during the year ended October 31, 2012 were as follows:

Fund Name	Recaptured Amount
Transamerica Capital Growth
Class A	$	31
Class C		4
Class P		20
Transamerica Diversified Equity
Class A		275
Class C		5
Class I		1
Transamerica Emerging Markets Debt
Fund Level		35
Class A		—	(A)
Class C		—	(A)
Class I		—	(A)
Class I2		1
Transamerica Growth Opportunities
Class A		123
Class B		1
Class C		1

Transamerica Funds		Annual Report 2012
	Page     165

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2012

(all amounts in thousands)

NOTE 3. (continued)

Fund Name	Recaptured Amount
Transamerica High Yield Bond
Fund Level	$	32
Transamerica Multi-Managed Balanced
Fund Level		92

^(A) Rounds to less than $1.

The following amounts were available for recapture as of October 31, 2012:

Fund Name	Amount Available			Year Reimbursed		Available Through
Transamerica Capital Growth
Class A	$	51			2011		10/31/2013
Class B		23			2011		10/31/2013
		9			2012		10/31/2014
Transamerica Diversified Equity
Class B		9			2011		10/31/2013
		4			2012		10/31/2014
Class C		11			2011		10/31/2013
Transamerica Emerging Markets Equity
Class I		—	(A)		2012		10/31/2014
Transamerica International Bond
Class A		—	(A)		2012		10/31/2014
Class C		—	(A)		2012		10/31/2014
Class I		—	(A)		2012		10/31/2014
Transamerica International Equity
Class A		—	(A)		2011		10/31/2013
Class A		—	(A)		2012		10/31/2014
Transamerica Large Cap Growth
Class A		—	(A)		2012		10/31/2014
Class I		—	(A)		2012		10/31/2014
Transamerica Money Market
Core		749			2011		10/31/2013
		660			2012		10/31/2014
Class A		783			2011		10/31/2013
		644			2012		10/31/2014
Class B		213			2011		10/31/2013
		154			2012		10/31/2014
Class C		376			2011		10/31/2013
		367			2012		10/31/2014
Class I		2			2011		10/31/2013
		42			2012		10/31/2014
Class I2		1			2011		10/31/2013
		1			2012		10/31/2014
Transamerica Small Cap Growth
Core		15			2012		10/31/2014
Class A		—	(A)		2012		10/31/2014
Class C		—	(A)		2012		10/31/2014
Class I		—	(A)		2012		10/31/2014
Class I2		2			2012		10/31/2014
Transamerica Tactical Income
Class A		10			2012		10/31/2014
Class C		13			2012		10/31/2014
Class I		44			2012		10/31/2014

^(A) Rounds to less than $1.

In addition to the advisory fee waiver for Transamerica Money Market, TAM or any of its affiliates waive fees or reimburse expenses of one or more classes of Transamerica Money Market in order to avoid a negative yield. At any point in which Transamerica Money Market, or any classes thereof, achieves a positive yield, the expenses previously waived or reimbursed within the succeeding 36 months pursuant to this paragraph may be reimbursed to TAM, to the extent that such reimbursement does not cause classes of Transamerica Money Market to experience a negative yield. Waived expenses related to the maintenance of the yield are included in the Statements of Operations, within the class expense (reimbursed). For the years ended October 31, 2012 and October 31, 2011, the amounts waived were as follows:

Transamerica Funds		Annual Report 2012
	Page     166

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2012

(all amounts in thousands)

NOTE 3. (continued)

Fund/Class	2012 Amount Waived ($)		2012 Amount Waived (Basis Points)		2011 Amount Waived ($)		2011 Amount Waived (Basis Points)
Fund	$	577		23	$	610		29
A		294		29		375		33
B		115		97		157		98
C		315		97		319		98

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 class up to the following limits: 0.30% for Class A (effective March 1, 2012), 1.00% for Class B, and 1.00% for Class C. 12b-1 fees are not applicable for Class I, Class I2, and Class T. Prior to March 1, 2012, Class A was authorized under the 12b-1 plan to pay a 0.35% fee. Effective March 1, 2012, TAM has contractually agreed to waive 0.05% of 12b-1 fees on Class A shares of Transamerica Flexible Income, Transamerica Short-Term Bond, and Transamerica Tactical Income through March 1, 2013. Prior to March 1, 2012, TAM had contractually agreed to waive 0.10% of 12b-1 fees on Class A shares of Transamerica Flexible Income, Transamerica Short-Term Bond, and Transamerica Tactical Income.

Underwriter commissions relate to front-end sales charges imposed for Class A shares and contingent deferred sales charges from Class B, Class C, and certain Class A share redemptions. For the year ended October 31, 2012, the underwriter commissions were as follows:

Transamerica Capital Growth
Received by Underwriter	$	461
Retained by Underwriter		68
Contingent Deferred Sales Charge		14
Transamerica Diversified Equity
Received by Underwriter	$	222
Retained by Underwriter		33
Contingent Deferred Sales Charge		25
Transamerica Emerging Markets Debt
Received by Underwriter	$	119
Retained by Underwriter		21
Contingent Deferred Sales Charge		1
Transamerica Flexible Income
Received by Underwriter	$	270
Retained by Underwriter		50
Contingent Deferred Sales Charge		21
Transamerica Growth Opportunities
Received by Underwriter	$	60
Retained by Underwriter		9
Contingent Deferred Sales Charge		7
Transamerica High Yield Bond
Received by Underwriter	$	792
Retained by Underwriter		146
Contingent Deferred Sales Charge		25
Transamerica International Bond
Received by Underwriter	$	1
Retained by Underwriter		—
Contingent Deferred Sales Charge		—
Transamerica International Equity
Received by Underwriter	$	5
Retained by Underwriter		—
Contingent Deferred Sales Charge		—

Transamerica Large Cap Growth
Received by Underwriter	$	5
Retained by Underwriter		1
Contingent Deferred Sales Charge		—
Transamerica Large Cap Value
Received by Underwriter	$	6
Retained by Underwriter		1
Contingent Deferred Sales Charge		—
Transamerica Money Market
Received by Underwriter	$	—
Retained by Underwriter		—
Contingent Deferred Sales Charge		52
Transamerica Multi-Managed Balanced
Received by Underwriter	$	459
Retained by Underwriter		71
Contingent Deferred Sales Charge		13
Transamerica Short-Term Bond
Received by Underwriter	$	772
Retained by Underwriter		156
Contingent Deferred Sales Charge		237
Transamerica Small/Mid Cap Value
Received by Underwriter	$	422
Retained by Underwriter		64
Contingent Deferred Sales Charge		76
Transamerica Tactical Income
Received by Underwriter	$	4,446
Retained by Underwriter		815
Contingent Deferred Sales Charge		28

Transamerica Funds		Annual Report 2012
	Page     167

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2012

(all amounts in thousands)

NOTE 3. (continued)

Administrative services: The Funds have entered into an agreement with TFS for financial and legal fund administration services. Effective March 1, 2012, the Funds pay TFS an annual fee of 0.025% of ANA. Prior to March 1, 2012, the Funds paid TFS an annual fee of 0.02% of ANA. The Legal fees on the Statement of Operations are for fees paid to external legal counsel.

Transfer agent fees: Pursuant to a Transfer Agency Agreement, as amended, the Funds pay TFS a fee for providing transfer agent services. Fees paid and the amounts due to TFS for the year ended October 31, 2012 are as follows:

Fund Name	Fees Paid to TFS		Fees Due to TFS
Transamerica Capital Growth	$	417	$	37
Transamerica Diversified Equity		1,829		180
Transamerica Emerging Markets Debt		67		12
Transamerica Emerging Markets Equity		3		1
Transamerica Flexible Income		194		17
Transamerica Growth Opportunities		645		50
Transamerica High Yield Bond		370		34
Transamerica International Bond		20		1
Transamerica International Equity		94		10
Transamerica Large Cap Growth		5		1
Transamerica Large Cap Value		121		10
Transamerica Money Market		478		40
Transamerica Multi-Managed Balanced		643		49
Transamerica Short-Term Bond		1,408		119
Transamerica Small Cap Growth		2		1
Transamerica Small Cap Value		9		2
Transamerica Small/Mid Cap Value		1,245		101
Transamerica Tactical Income		222		43

Deferred compensation plan: Under a non-qualified deferred compensation plan effective January 1, 1996, as amended and restated January 1, 2010 (the “Deferred Compensation Plan”), available to the Trustees, compensation may be deferred that would otherwise be payable by the Trust to an Independent Trustee on a current basis for services rendered as Trustee. Deferred compensation amounts will accumulate based on the value of Class A (or comparable) shares of a series of Transamerica Funds (without imposition of a 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 adviser or sub-advisers for the year ended October 31, 2012.

NOTE 4. INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the year ended October 31, 2012 were as follows:

	Purchases of securities:				Proceeds from maturities and sales of securities:
Fund Name	Long-term		U.S. Government		Long-term		U.S. Government
Transamerica Capital Growth	$	472,547	$	—	$	355,914	$	—
Transamerica Diversified Equity		1,602,353		—		996,840		—
Transamerica Emerging Markets Debt		1,096,112		501		638,718		501
Transamerica Emerging Markets Equity		163,934		—		54,873		—
Transamerica Flexible Income		91,807		58,649		85,308		10,158
Transamerica Growth Opportunities		206,692		—		199,860		—
Transamerica High Yield Bond		505,427		—		594,904		—
Transamerica International Bond		120,721		—		381,550		—
Transamerica International Equity		176,804		—		57,788		—
Transamerica Large Cap Growth		172,191		—		33,104		—
Transamerica Large Cap Value		1,629,122		—		1,826,129		—
Transamerica Money Market		—		—		—		—
Transamerica Multi-Managed Balanced		296,038		306,901		300,555		256,296
Transamerica Short-Term Bond		2,475,595		—		1,823,509		—
Transamerica Small Cap Growth		253,656		—		22,060		—
Transamerica Small Cap Value		332,160		—		55,225		—
Transamerica Small/Mid Cap Value		472,663		—		471,675		—
Transamerica Tactical Income		1,158,838		—		407,217		—

Transamerica Funds		Annual Report 2012
	Page     168

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2012

(all amounts in thousands)

NOTE 5. DERIVATIVE FINANCIAL INSTRUMENTS

Transamerica Emerging Markets Debt:

The Fund is subject to various risks in the normal course of pursuing its investment objective. The volume of forward foreign currency contracts held throughout the year decreased, starting with 21 contracts and decreasing to 17 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 in the Statement of Assets and Liabilities as of October 31, 2012:

Derivatives not accounted for as hedging instruments

Location	Foreign exchange contracts
Asset derivatives
Unrealized appreciation on forward foreign currency contracts	$	593
Liability derivatives
Unrealized depreciation on forward foreign currency contracts		(192	)
Total	$	401

Effect of Derivative Instruments in the Statement of Operations for the year ended October 31, 2012:

Derivatives not accounted for as hedging instruments

Location	Foreign exchange contracts
Net Realized Gain (Loss) on derivatives recognized in income
Net realized gain (loss) on forward foreign currency contracts ~	$	724
Net change in Unrealized Appreciation (Depreciation) on derivatives recognized in income
Net change in unrealized appreciation (depreciation) on forward foreign currency transactions		410
Total	$	1,134

~ Included within net realized gain (loss) on transactions from foreign currency transactions.

Included within net increase (decrease) in unrealized appreciation (depreciation) on translation of the assets and liabilities denominated in foreign currencies.

For non-exchange traded derivatives (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 International Bond:

The Fund is subject to various risks in the normal course of pursuing its investment objective. The volume of futures contracts held increased during the year, starting at 6 contracts and ending at 7 contracts. The volume of forward foreign currency contracts held averaged 92 throughout the year, with an overall decrease from 76 contracts at the beginning of the year to 38 contracts at the end of the year. The tables below highlight the types of risks and the derivative instruments used to mitigate the risks:

Fair Values of Derivative Instruments in the Statement of Assets and Liabilities as of October 31, 2012:

Derivatives not accounted for as hedging instruments

Location	Interest  rate contracts			Foreign exchange contracts			Total
Asset derivatives
Unrealized appreciation on futures contracts *	$	200		$	—		$	200
Unrealized appreciation on forward foreign currency contracts		—			237			237
Liability derivatives
Unrealized depreciation on futures contracts *		(131	)		—			(131	)
Unrealized depreciation on forward foreign currency contracts		—			(1,609	)		(1,609	)
Total	$	69		$	(1,372	)	$	(1,303	)

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

Transamerica Funds		Annual Report 2012
	Page     169

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2012

(all amounts in thousands)

NOTE 5. (continued)

Transamerica International Bond (continued):

Effect of Derivative Instruments in the Statement of Operations for the year ended October 31, 2012:

Derivatives not accounted for as hedging instruments

Location	Interest  rate contracts			Foreign exchange contracts		Total
Net Realized Gain (Loss) on derivatives recognized in income
Net realized gain (loss) on futures contracts	$	(547	)	$	—	$	(547	)
Net realized gain (loss) on forward foreign currency contracts ~		—			1,287		1,287
Net change in Unrealized Appreciation (Depreciation) on derivatives recognized in income
Net change in unrealized appreciation (depreciation) on forward foreign currency transactions		—			2,734		2,734
Total	$	(547	)	$	4,021	$	3,474

~ Included within net realized gain (loss) on transactions from foreign currency transactions.

Included within net increase (decrease) in unrealized appreciation (depreciation) on translation of the assets and liabilities denominated in foreign currencies.

For non-exchange traded derivatives (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 Multi-Managed Balanced:

The Fund is subject to various risks in the normal course of pursuing its investment objective. The volume of futures and forward foreign currency contracts held throughout the year increased, starting with 8 and zero contracts, respectively, and ending at 9 and 2 contracts, respectively. The volume of written options/swaptions and purchase options held decreased during the year, starting at 2 and 5 contracts, respectively, and both ending at zero contracts at the end of the year. The tables below highlight the types of risks and the derivative instruments used to mitigate the risks:

Fair Values of Derivative Instruments in the Statement of Assets and Liabilities as of October 31, 2012:

Derivatives not accounted for as hedging instruments

Location	Interest  rate contracts			Foreign exchange contracts		Equity contracts			Total
Asset derivatives
Unrealized appreciation on futures contracts *	$	47		$	—	$	—		$	47
Unrealized appreciation on forward foreign currency contracts		—			66		—			66
Liability derivatives
Unrealized depreciation on futures contracts *		(36	)		—		(122	)		(158	)
Total	$	11		$	66	$	(122	)	$	(45	)

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

Transamerica Funds		Annual Report 2012
	Page     170

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2012

(all amounts in thousands)

NOTE 5. (continued)

Transamerica Multi-Managed Balanced (continued):

Effect of Derivative Instruments in the Statement of Operations for the year ended October 31, 2012:

Derivatives not accounted for as hedging instruments

Location	Interest rate contracts			Foreign exchange contracts			Equity contracts			Total
Net Realized Gain (Loss) on derivatives recognized in income
Net realized gain (loss) on purchased options and swaptions ^	$	(98	)	$	—		$	—		$	(98	)
Net realized gain (loss) on written options and swaptions		55			—			—			55
Net realized gain (loss) on futures contracts		97			—			635			732
Net realized gain (loss) on forward foreign currency contracts ~		—			(86	)		—			(86	)
Net change in Unrealized Appreciation (Depreciation) on derivatives recognized in income
Net change in unrealized appreciation (depreciation) on purchased options and swaptions		71			—			—			71
Net change in unrealized appreciation (depreciation) on written options and swaptions		(31	)		—			—			(31	)
Net change in unrealized appreciation (depreciation) on futures contracts		(71	)		—			(166	)		(237	)
Net change in unrealized appreciation (depreciation) on forward foreign currency transactions		—			66			—			66
Total	$	23		$	(20	)	$	469		$	472

^ Included within net realized gain (loss) on transactions from Investment securities.

~ Included within net realized gain (loss) on transactions from foreign currency transactions.

Included within net increase (decrease) in unrealized appreciation (depreciation) on Investment securities.

Included within net increase (decrease) in unrealized appreciation (depreciation) on translation of the assets and liabilities denominated in foreign currencies.

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 its policy to distribute all of their taxable income and capital gains to their shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Funds recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has evaluated the Funds’ tax provisions taken or expected to be taken for all open tax years 2009-2012, 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 Statement 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 differing treatment for items including, but not limited to, wash sales, structured notes, foreign bonds, net operating losses, distribution reclasses for REITs, passive foreign investment companies, foreign currency transactions, and capital loss carryforwards.

Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. These reclassifications are as follows:

Transamerica Funds		Annual Report 2012
	Page     171

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2012

(all amounts in thousands)

NOTE 6. (continued)

Fund Name	Shares of beneficial interest, unlimited shares authorized			Undistributed (accumulated) net investment income (loss)			Undistributed (accumulated)  net realized gain (loss) from investment securities
Transamerica Capital Growth	$	—		$	(84	)	$	84
Transamerica Diversified Equity		422,819			773			(423,592	)
Transamerica Emerging Markets Debt		—			304			(304	)
Transamerica Emerging Markets Equity		(26	)		(21	)		47
Transamerica Flexible Income		—			280			(280	)
Transamerica Growth Opportunities		695			(237	)		(458	)
Transamerica High Yield Bond		—			47			(47	)
Transamerica International Bond		—			(1,251	)		1,251
Transamerica International Equity		—			(177	)		177
Transamerica Large Cap Growth		(26	)		25			1
Transamerica Multi-Managed Balanced		—			369			(369	)
Transamerica Short-Term Bond		—			4,593			(4,593	)
Transamerica Small Cap Growth		(54	)		54			—
Transamerica Small Cap Value		(26	)		26			—
Transamerica Small/Mid Cap Value		—	(A)		—	(A)		—	(A)
Transamerica Tactical Income		(17	)		4,698			(4,681	)

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

At October 31, 2012, the Funds had capital loss carryforwards available to offset future realized gains through the years listed below:

Fund Name	Capital Loss Carryforwards			AvailableThrough
Transamerica Diversified Equity	$	390,073		October 31, 2016
Transamerica Diversified Equity		6,050		October 31, 2017
Transamerica Emerging Markets Equity		4,788		Short-Term Indefinitely
Transamerica Flexible Income		7,723		October 31, 2015
Transamerica Flexible Income		51,526		October 31, 2016
Transamerica Flexible Income		20,524		October 31, 2017
Transamerica High Yield Bond		1,750		October 31, 2017
Transamerica International Equity		708		October 31, 2017
Transamerica Large Cap Growth		1,532		Short-Term Indefinitely
Transamerica Money Market		1		October 31, 2013
Transamerica Money Market		1		October 31, 2014
Transamerica Money Market		—	(A)	October 31, 2015
Transamerica Money Market		—	(A)	October 31, 2017
Transamerica Multi-Managed Balanced		2,021		October 31, 2017
Transamerica Small Cap Growth		971		Short-Term Indefinitely
Transamerica Small/Mid Cap Value		12,179		Short-Term Indefinitely

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

The capital loss carryforwards utilized or expired during the year ended October 31, 2012 were as follows:

Fund Name	Capital Loss  Carryforwards Utilized/Expired During the Year Ended October 31,2012
Transamerica Diversified Equity	$	33,714
Transamerica Emerging Markets Debt		65
Transamerica Flexible Income		1,697
Transamerica High Yield Bond		22,749
Transamerica International Equity		1,178
Transamerica Large Cap Value		14,538
Transamerica Multi-Managed Balanced		3,354

Funds not listed in the table above do not have capital loss carryforwards utilized or expired.

Transamerica Funds		Annual Report 2012
	Page     172

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2012

(all amounts in thousands)

NOTE 6. (continued)

The tax character of distributions paid may differ from the character of distributions shown in the Statements of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2012 and 2011 was as follows:

	2012 Distributions Paid From				2011 Distributions Paid From
	Ordinary income		Long-term Capital  Gain		Ordinary income		Long-term Capital  Gain
Transamerica Capital Growth	$	782	$	23,888	$	—	$	—
Transamerica Diversified Equity		357		73,049		11,530		598
Transamerica Emerging Markets Debt		9,375		—		42		—
Transamerica Flexible Income		14,122		—		14,368		—
Transamerica Growth Opportunities		271		70,327		—		696
Transamerica High Yield Bond		47,066		—		50,034		—
Transamerica International Bond		29,846		4,147		32,484		2,936
Transamerica International Equity		3,277		—		1,049		—
Transamerica Large Cap Value		30,168		—		16,307		—
Transamerica Money Market		34		—		14		—
Transamerica Multi-Managed Balanced		8,189		41,482		4,520		—
Transamerica Short-Term Bond		102,413		15,858		101,888		6,442
Transamerica Small/Mid Cap Value		—		34,566		—		—
Transamerica Tactical Income		12,891		44		—		—

The tax basis components of distributable earnings as of October 31, 2012 are as follows:

Fund Name	Undistributed Ordinary  income		Undistributed Long-term Capital Gain		Capital Loss Carryforward			Other Temporary Differences (A)			Net  Unrealized Appreciation (Depreciation) (B)
Transamerica Capital Growth	$	3,753	$	22,131	$	—		$	—		$	18,166
Transamerica Diversified Equity		6,532		—		(396,123	)		—			224,566
Transamerica Emerging Markets Debt		18,830		536		—			(354	)		13,080
Transamerica Emerging Markets Equity		744		—		(4,788	)		(27	)		1,518
Transamerica Flexible Income		816		—		(79,773	)		—			21,683
Transamerica Growth Opportunities		3,288		5,476		—			—			2,957
Transamerica High Yield Bond		1,109		—		(1,750	)		(96	)		20,511
Transamerica International Bond		—		1,449		—			(5,379	)		5,134
Transamerica International Equity		5,003		—		(708	)		—			9,096
Transamerica Large Cap Growth		781		—		(1,532	)		(31	)		(977	)
Transamerica Large Cap Value		16,630		58,400		—			—			77,597
Transamerica Money Market		2		—		(2	)		—			—
Transamerica Multi-Managed Balanced		6,753		6,562		(2,021	)		(68	)		29,259
Transamerica Short-Term Bond		5,013		12,043		—			(1,273	)		72,152
Transamerica Small Cap Growth		—		—		(971	)		(182	)		(10,144	)
Transamerica Small Cap Value		1,760		10		—			(38	)		1,817
Transamerica Small/Mid Cap Value		2,352		—		(12,179	)		—			41,266
Transamerica Tactical Income		6,581		—		—			(31	)		(1,249	)

^(A) Amounts include qualified ordinary late-year loss deferral, if applicable.

^(B) Amounts include unrealized gain/loss from wash sales, foreign currency, securities sold short, and derivative instruments, if applicable.

NOTE 7. ACCOUNTING PRONOUNCEMENTS

In December 2011, the Financial Accounting Standards Board issued the authoritative guidance that will enhance disclosures related to financial instruments and derivative instruments that are either offset in the statement of assets and liabilities or subject to an enforceable master netting arrangement or similar agreement. This information will enable users of the Funds’ financial statements to evaluate the effect or potential effect of netting arrangements on the Funds’ financial position. The adoption of this disclosure requirement is effective for financial statements interim and annual years beginning on or after January 1, 2013. Management is currently evaluating the implication of the additional disclosure requirements and its impact on the Funds' financial statements.

Transamerica Funds		Annual Report 2012
	Page     173

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2012

(all amounts in thousands)

NOTE 8. REORGANIZATION

Transamerica Diversified Equity:

On February 10, 2012, Transamerica Diversified Equity (formerly, Transamerica WMC Diversified Equity) acquired all of the net assets of Transamerica WMC Diversified Growth pursuant to a Plan of Reorganization. Transamerica Diversified Equity 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 76,146 shares of Transamerica Diversified Equity for 100,301 shares of Transamerica WMC Diversified Growth outstanding on February 10, 2012. Transamerica WMC Diversified Growth’s net assets at that date, $1,077,266, including $208,961 unrealized appreciation, were combined with those of Transamerica Diversified Equity. The aggregate net assets of Transamerica Diversified Equity immediately before the acquisition were $592,948; the combined net assets of Transamerica Diversified Equity immediately after the acquisition were $1,670,214. Shares issued with the acquisition were as follows:

Transamerica WMC Diversified Growth

Class	Shares		Amount
A		28,762	$	387,425
B		1,572		21,028
C		2,536		33,859
I		12,839		174,606
I2		27,327		371,097
T		3,110		89,251

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

Transamerica WMC Diversified Growth

Classes	Exchange Ratio
A		0.75
B		0.69
C		0.70
I		0.74
I2		0.77
T		1.00

Assuming the reorganization had been completed on November 1, 2011, the beginning of the annual reporting year of the Fund, the Fund’s pro forma result of operations for the year ended October 31, 2012 are as follows:

Net investment income	$	6,820
Net realized and unrealized gain		111,077
Net increase in net assets resulting from operations		117,897

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practical to separate the amounts of revenue and earnings of Transamerica WMC Diversified Growth that have been included on the Fund’s Statement of Operations since February 10, 2012.

Transamerica Growth Opportunities:

On February 10, 2012, Transamerica Growth Opportunities (formerly, Transamerica Morgan Stanley Growth Opportunities) acquired all of the net assets of Transamerica Morgan Stanley Mid-Cap Growth pursuant to a Plan of Reorganization. Transamerica Growth Opportunities is the accounting survivor. The purpose of the transaction was to achieve a more cohesive, focused, and streamlined fund complex. The acquisition was accomplished by a tax-free exchange of 29,633 shares of Transamerica Growth Opportunities for 24,617 shares of Transamerica Morgan Stanley Mid-Cap Growth outstanding on February 10, 2012. Transamerica Morgan Stanley Mid-Cap Growth’s net assets at that date, $274,998, including $54,483 unrealized appreciation, were combined with those of Transamerica Growth Opportunities. The aggregate net assets of Transamerica Growth Opportunities immediately before the acquisition were $348,798; the combined net assets of Transamerica Growth Opportunities immediately after the acquisition were $623,796. Shares issued with the acquisition were as follows:

Transamerica Funds		Annual Report 2012
	Page     174

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2012

(all amounts in thousands)

NOTE 8. (continued)

Transamerica Morgan Stanley Mid-Cap Growth

Class	Shares		Amount
I2		29,633	$	274,998

The exchange ratio of the reorganization for the Fund is as follows (Transamerica Growth Opportunities shares issuable/ Transamerica Morgan Stanley Mid-Cap Growth):

Transamerica Morgan Stanley Mid-Cap Growth

Class	Exchange Ratio
I2		1.20

Assuming the reorganization had been completed on November 1, 2011, the beginning of the annual reporting year of the Fund, the Fund’s pro forma results of operations for the year ended October 31, 2012 are as follows:

Net investment income	$	4,124
Net realized and unrealized (loss)		(27,328	)
Net (decrease) in net assets resulting from operations		(23,204	)

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practical to separate the amounts of revenue and earnings of Transamerica Morgan Stanley Mid-Cap Growth that have been included in the Fund’s Statement of Operations since February 10, 2012.

Transamerica International Equity:

On March 1, 2011, Transamerica International Equity (formerly, 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 International Equity for 5,502 shares of TS&W International Equity Portfolio outstanding on March 1, 2011. Transamerica 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 International Equity immediately after the acquisition were $83,812.

Shares issued with the acquisition were as follows:

TS&W International Equity Portfolio
Class	Shares		Amount
I		5,512	$	83,612

Transamerica International Equity
Class	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 International Equity shares issuable/TS&W International Equity Portfolio):

TS&W International Equity Portfolio
Class	Exchange Ratio
I		1.00

Transamerica International Equity
Class	Exchange Ratio
A		1.00
C		1.00
I		1.00
I2		1.00

Transamerica Funds		Annual Report 2012
	Page    175

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2012

(all amounts in thousands)

NOTE 9. SUBSEQUENT EVENTS

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

Transamerica Funds		Annual Report 2012
	Page     176

Report of Independent Registered Public Accounting Firm

To the Board of Trustees & Shareholders of Transamerica Funds:

We have audited the accompanying statements of assets and liabilities of Transamerica Capital Growth (formerly “Transamerica Morgan Stanley Capital Growth”), Transamerica Diversified Equity (formerly “Transamerica WMC Diversified Equity”), Transamerica Emerging Markets Debt (formerly “Transamerica Logan Circle Emerging Markets Debt”), Transamerica Emerging Markets Equity, Transamerica Flexible Income (formerly “Transamerica AEGON Flexible Income”), Transamerica Growth Opportunities (formerly “Transamerica Morgan Stanley Growth Opportunities”), Transamerica High Yield Bond (formerly “Transamerica AEGON High Yield Bond”), Transamerica International Bond (formerly “Transamerica JPMorgan International Bond”), Transamerica International Equity (formerly “Transamerica TS&W International Equity”), Transamerica Large Cap Growth, Transamerica Large Cap Value (formerly “Transamerica WMC Quality Value”), Transamerica Money Market (formerly “Transamerica AEGON Money Market”), Transamerica Multi-Managed Balanced, Transamerica Short-Term Bond (formerly “Transamerica AEGON Short-Term Bond”), Transamerica Small Cap Growth, Transamerica Small Cap Value, Transamerica Small/Mid Cap Value (formerly “Transamerica Systematic Small/Mid Cap Value”), and Transamerica Tactical Income, (collectively, the “Funds”) (eighteen of the funds of the Transamerica Funds), including the schedules of investments, as of October 31, 2012, and the related statements of operations and changes in net assets and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The financial highlights of Transamerica International Equity for the periods ended prior to November 1, 2010, as well as the financial highlights of all other Funds for the periods ended prior to November 1, 2009, were audited by another independent registered public accounting firm, whose reports dated December 17, 2010 and December 21, 2009, respectively, expressed unqualified opinions on those financial highlights.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2012, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the aforementioned eighteen Funds of the Transamerica Funds at October 31, 2012, the results of their operations, the changes in their net assets and the financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Boston, Massachusetts

December 26, 2012

Transamerica Funds		Annual Report 2012
	Page     177

TRANSAMERICA FUNDS

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS—CONTRACT RENEWAL

(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds (the “Board”) held on June 13-14, 2012, the Board reviewed and considered the renewal of the investment advisory agreements (each an “Investment Advisory Agreement” and collectively the “Investment Advisory Agreements”) between each of the following funds (each a “Fund” and collectively the “Funds”) and Transamerica Asset Management, Inc. (“TAM”):

Transamerica Capital Growth	Transamerica International Equity
Transamerica Diversified Equity	Transamerica Large Cap Value (then named Transamerica Quality Value)
Transamerica Flexible Income	Transamerica Money Market
Transamerica Growth Opportunities	Transamerica Multi-Managed Balanced
Transamerica High Yield Bond	Transamerica Short-Term Bond
Transamerica International Bond	Transamerica Small/Mid Cap Value

For the Funds listed in the left-hand column below, the Board also reviewed and considered the renewal of the investment sub-advisory agreements (each a “Sub-Advisory Agreement” and collectively the “Sub-Advisory Agreements”) between TAM and the corresponding sub-advisers listed in the right-hand column below (each a “Sub-Adviser” and collectively the “Sub-Advisers”).

Fund	Sub-Adviser(s)
Transamerica Capital Growth	Morgan Stanley Investment Management Inc.
Transamerica Diversified Equity	Wellington Management Company, LLP
Transamerica Flexible Income	AEGON USA Investment Management, LLC
Transamerica Growth Opportunities	Morgan Stanley Investment Management Inc.
Transamerica High Yield Bond	AEGON USA Investment Management, LLC
Transamerica International Bond	J.P. Morgan Investment Management Inc.
Transamerica International Equity	Thompson, Siegel & Walmsley LLC
Transamerica Large Cap Value (then named Transamerica Quality Value)	Wellington Management Company, LLP
Transamerica Money Market	AEGON USA Investment Management, LLC
Transamerica Multi-Managed Balanced	BlackRock Financial Management, Inc. J.P. Morgan Investment Management Inc.
Transamerica Short-Term Bond	AEGON USA Investment Management, LLC
Transamerica Small/Mid Cap Value	Systematic Financial Management L.P.

Following their review and consideration, the Trustees determined that the terms of each Investment Advisory Agreement and Sub-Advisory Agreement are reasonable and that the renewal of each agreement is in the best interests of the applicable Fund and its shareholders. The Board, including the independent members of the Board (the “Independent Trustees”), unanimously approved the renewal of each Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2013. In reaching their decision, the Trustees requested and received from TAM and each Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including, to the extent applicable, information about fees and performance of comparable funds and/or accounts managed by each Sub-Adviser. The Trustees also considered information they had previously received from TAM and each Sub-Adviser as part of their regular oversight of each Fund, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance information, and fee and expense information and profitability data prepared by TAM.

In their deliberations, the Independent Trustees had the opportunity to meet privately without representatives of TAM or any Sub-Adviser present and were represented throughout the process by independent legal counsel. In considering the proposed continuation of each Investment Advisory Agreement and Sub-Advisory Agreement, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the considerations discussed below, among others, although they did not identify any consideration or particular information that was controlling of their decisions, and each Trustee may have attributed different weights to the various factors.

Nature, Extent and Quality of the Services Provided

The Board considered the nature, extent and quality of the services provided by TAM and each Sub-Adviser to the applicable Fund in the past and the services anticipated to be provided in the future. The Board also considered the investment approach for each Fund; the experience, capability and integrity of TAM’s senior management; the financial resources of TAM and each Sub-Adviser; TAM’s management oversight process; and the professional qualifications of the portfolio management team of each Sub-Adviser. The Trustees noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for each applicable Sub-Adviser and a comparison of trading results against a peer universe of managers.

Transamerica Funds		Annual Report 2012
	Page     178

TRANSAMERICA FUNDS

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS—CONTRACT RENEWAL (continued)

(unaudited)

The Board also considered the services provided by TAM for the portion of the management fee it retains after payment of the sub-advisory fee(s) for each Fund. The Board noted that these services include not only the services TAM provides to all Transamerica funds in the form of oversight of the services provided by the funds’ administrator, custodian and transfer agent and supervision of the performance of recordkeeping, shareholder relations, regulatory reporting and compliance functions of the funds, but also the “manager of managers” services TAM provides to sub-advised funds in the form of selection and oversight of the sub-adviser(s).

With respect to Transamerica Large Cap Value, the Board noted that in May 2012 it had approved a sub-adviser change for the Fund, together with changes to the Fund’s investment objective and strategy, such that Wellington Management Company, LLP would only continue to serve as the Fund’s sub-adviser for a limited period of time to the extent that the applicable Sub-Advisory Agreement were renewed.

Based on these considerations, the Board determined that TAM and each Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the applicable Fund’s operations, the competitive landscape of the investment company business and investor needs.

Investment Performance

The Board considered the short- and longer-term performance, as applicable, of each Fund in light of its investment objective, policies and strategies, including relative performance against (i) a peer universe of comparable mutual funds, as prepared by Lipper, and (ii) the Fund’s benchmark(s), in each case for various trailing periods ended December 31, 2011.

Transamerica Capital Growth. The Board noted that the performance of Class A of the Fund was below the median for its peer universe for the past 1-year period and above the median for the past 2-year period. The Board also noted that the performance of Class A of the Fund was below its benchmark for the past 1-year period and above its benchmark for the past 2-year period. The Board noted that the Fund’s performance included the management of the Fund’s previous sub-adviser in accordance with different investment strategies. The Trustees discussed the reasons for the underperformance with TAM and agreed to continue to monitor the performance of the Fund. The Trustees also noted that the performance of the Fund had improved during 2012.

Transamerica Diversified Equity. The Board noted that the performance of Class A of the Fund was below the median for its peer universe for the past 1- and 2-year periods. The Board also noted that the performance of Class A of the Fund was below its benchmark for the past 1- and 2-year periods. The Board noted that the Fund’s performance included the management of the Fund’s previous sub-adviser in accordance with different investment strategies. The Trustees discussed the reasons for the underperformance with TAM and agreed to continue to monitor the performance of the Fund. The Trustees also noted that the performance of the Fund had improved during 2012.

Transamerica Flexible Income. The Board noted that the performance of Class A of the Fund was below the median for its peer universe for the past 1-, 5- and 10-year periods and above the median for the past 3-year period. The Board also noted that the performance of Class A of the Fund was below its benchmark for the past 1-, 5- and 10-year periods and above its benchmark for the past 3-year period.

Transamerica Growth Opportunities. The Board noted that the performance of Class A of the Fund was below the median for its peer universe for the past 1- and 3-year periods and above the median for the past 5- and 10-year periods. The Board also noted that the performance of Class A of the Fund was below its benchmark for the past 1- and 3-year periods and above its benchmark for the past 5- and 10-year periods. The Board noted that the Fund’s performance included the management of the Fund’s previous sub-adviser in accordance with different investment strategies. The Trustees discussed the reasons for the underperformance with TAM and agreed to continue to monitor the performance of the Fund. The Trustees also noted that the performance of the Fund had improved during 2012.

Transamerica High Yield Bond. The Board noted that the performance of Class A of the Fund was above the median for its peer universe for the past 1-, 3- and 5-year periods and in line with the median for the past 10-year period. The Board also noted that the performance of Class A of the Fund was below its benchmark for the past 1-, 3-, 5- and 10-year periods.

Transamerica International Bond. The Board noted that the performance of Class I2 of the Fund was above the median for its peer universe for the past 1- and 5-year periods and in line with the median for the past 3-year period. The Board also noted that the performance of Class I2 of the Fund was below its benchmark for the past 1- and 5-year periods and above its benchmark for the past 3-year period.

Transamerica International Equity. The Board noted that the performance of Class I of the Fund was above the median for its peer universe for the past 1-, 3- and 5-year periods and in line with the median for the past 10-year period. The Board also noted that the performance of Class I of the Fund was above its benchmark for the past 1-, 3- and 5-year periods and below its benchmark for the past 10-year period.

Transamerica Funds		Annual Report 2012
	Page     179

TRANSAMERICA FUNDS

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS—CONTRACT RENEWAL (continued)

(unaudited)

Transamerica Large Cap Value. The Board noted that the performance of Class A of the Fund was above the median for its peer universe for the past 1-year period. The Board also noted that the performance of Class A of the Fund was below its benchmark for the past 1-year period.

Transamerica Money Market. The Board noted that the performance of Class A of the Fund was above the median for its peer universe for the past 1-year period and below the median for the past 3- and 5-year periods.

Transamerica Multi-Managed Balanced. The Board noted that the performance of Class A of the Fund was above the median for its peer universe for the past 1-, 3-, 5- and 10-year periods. The Board also noted that the performance of Class A of the Fund was above its primary benchmark for the past 1-, 3-, 5- and 10-year periods. The Board noted that the Fund’s performance included the management of the Fund’s previous sub-adviser in accordance with different investment strategies.

Transamerica Short-Term Bond. The Board noted that the performance of Class A of the Fund was below the median for its peer universe for the past 1-year period and above the median for the past 3-year period. The Board also noted that the performance of Class A of the Fund was above its benchmark for the past 1- and 3-year periods. The Trustees discussed the reasons for the underperformance with TAM and agreed to continue to monitor the performance of the Fund.

Transamerica Small/Mid Cap Value. The Board noted that the performance of Class A of the Fund was in line with the median for its peer universe for the past 1-year period and above the median for the past 3-, 5- and 10-year periods. The Board also noted that the performance of Class A of the Fund was above its benchmark for the past 1-, 3-, 5- and 10-year periods. The Board noted that the Fund’s performance included the management of the Fund’s previous sub-adviser in accordance with different investment strategies.

On the basis of this information and the Board’s assessment of the nature, extent and quality of the services to be provided or procured by TAM and the Sub-Advisers, the Board concluded that TAM and each Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the applicable Fund’s investment objectives, policies and strategies and competitive with other investment companies.

Management and Sub-Advisory Fees and Total Expense Ratios

The Board considered the management fee and total expense ratio of each Fund, including information provided by Lipper comparing the management fee and total expense ratio of each Fund to the management fees and total expense ratios of other investment companies in both a peer group and broader peer universe compiled by Lipper. The Board also considered the fees charged by the Sub-Advisers for sub-advisory services as well as the portion of a Fund’s management fee retained by TAM following payment of the sub-advisory fee(s).

Transamerica Capital Growth. The Board noted that the Fund’s contractual management fee was in line with the median for its peer group and above the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class A of the Fund were above the medians for its peer group and peer universe. The Board also noted that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Diversified Equity. The Board noted that the Fund’s contractual management fee was in line with the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class A of the Fund were above the medians for its peer group and peer universe. The Board also noted that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Flexible Income. The Board noted that the Fund’s contractual management fee was below the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class A of the Fund were above the median for its peer group and in line with the median for its peer universe. The Board also noted that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Growth Opportunities. The Board noted that the Fund’s contractual management fee was in line with the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class A of the Fund were above the medians for its peer group and peer universe. The Board also noted that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Funds		Annual Report 2012
	Page     180

TRANSAMERICA FUNDS

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS—CONTRACT RENEWAL (continued)

(unaudited)

Transamerica High Yield Bond. The Board noted that the Fund’s contractual management fee was below the median for its peer group and in line with the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class A of the Fund were above the medians for its peer group and peer universe. The Board also noted that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica International Bond. The Board noted that the Fund’s contractual management fee was in line with the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I2 of the Fund were below the medians for its peer group and peer universe. The Board also noted that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica International Equity. The Board noted that the Fund’s contractual management fee was below the median for its peer group and in line with the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I of the Fund were in line with the median for its peer group and above the median for its peer universe. The Board also noted that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Large Cap Value. The Board noted that the Fund’s contractual management fee was below the median for its peer group and in line with the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class A of the Fund were above the medians for its peer group and peer universe. The Board noted that the Fund’s management fee rate would be reduced in connection with the sub-adviser change approved for the Fund in May 2012. The Board also noted that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Money Market. The Board noted that the Fund’s contractual management fee was below the median for its peer group and above the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class A of the Fund were below the medians for its peer group and peer universe. The Board also noted that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Multi-Managed Balanced. The Board noted that the Fund’s contractual management fee was above the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class A of the Fund were above the medians for its peer group and peer universe. The Board also noted that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Short-Term Bond. The Board noted that the Fund’s contractual management fee was above the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class A of the Fund were in line with the medians for its peer group and peer universe. The Board also noted that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Small/Mid Cap Value. The Board noted that the Fund’s contractual management fee was below the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class A of the Fund were above the median for its peer group and in line with the median for its peer universe. The Board also noted that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

On the basis of these considerations, together with the other information it considered, the Board determined that the management and sub-advisory fees to be received by TAM and the Sub-Advisers under the Investment Advisory Agreements and Sub-Advisory Agreements are reasonable in light of the services provided.

Cost of Services Provided and Level of Profitability

The Board reviewed information provided by TAM about the cost of providing and/or procuring fund management services, as applicable, as well as the costs of the provision of administration, transfer agency and other services, to each Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board considered the profitability of TAM and its affiliates in providing these services for each Fund and Transamerica Funds as a whole, as well as the allocation methodology used for calculating profitability.

Transamerica Funds		Annual Report 2012
	Page     181

TRANSAMERICA FUNDS

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS—CONTRACT RENEWAL (continued)

(unaudited)

With respect to the Sub-Advisers, the Board noted that the sub-advisory fees are the product of arm’s-length negotiation between TAM and the applicable Sub-Adviser (with the exception of those fees paid to AEGON USA Investment Management, LLC (“AUIM”)) and are paid by TAM and not the applicable Fund. As a result, for those Funds not sub-advised by AUIM, the Board principally considered the profitability of TAM and its affiliates with respect to the applicable Fund. For each Fund sub-advised by AUIM, the Board noted that information about AUIM’s revenues and expenses was incorporated into TAM’s profitability analysis for the Fund. As a result, for those Funds the Board principally considered profitability information for TAM and AUIM in the aggregate.

Based on this information, the Board determined that the profitability of TAM and its affiliates from their relationships with the Funds was not excessive.

Economies of Scale

The Board considered economies of scale with respect to the management of each Fund, whether the Fund had appropriately benefited from any economies of scale, and whether there was the potential for realization of any further economies of scale. The Board also considered the existence of economies of scale with respect to management of the Transamerica funds overall and the extent to which the Funds benefited from these economies of scale. The Board considered each Fund’s management fee schedule and the existence of breakpoints, if any, and also considered the extent to which TAM shared economies of scale with the Funds through investments in capabilities and services. The Trustees concluded that each Fund’s fee structure reflected economies of scale to date but noted that they will have the opportunity to periodically reexamine whether each Fund has achieved economies of scale, and the appropriateness of management fees payable to TAM and fees paid to the Sub-Advisers, in the future.

Benefits to TAM, its Affiliates, or the Sub-Advisers from their Relationships with the Funds

The Board considered any other benefits derived by TAM, its affiliates, and the Sub-Advisers from their relationships with the Funds. The Board noted that TAM does not realize soft dollar benefits from its relationships with the Funds and that TAM believes that any use of soft dollars by the Sub-Advisers is generally appropriate and in the best interests of the Funds. The Board also noted that certain Sub-Advisers are participating in a brokerage program pursuant to which a portion of brokerage commissions paid by each applicable Fund is recaptured for the benefit of the Fund and its shareholders, thus limiting the amount of soft dollar arrangements the Sub-Adviser may engage in with respect to a Fund’s brokerage transactions.

Other Considerations

The Board noted 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 each Fund in a professional manner that is consistent with the best interests of the Fund and its shareholders. In this regard, the Board favorably considered the procedures and policies TAM has in place to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Advisers. The Board also noted that TAM has made a significant entrepreneurial commitment to the management and success of the Funds.

Conclusion

After consideration of the factors described above, as well as other factors, the Trustees, including all of the Independent Trustees, concluded that the renewal of each Investment Advisory Agreement and Sub-Advisory Agreement is in the best interests of the applicable Fund and its shareholders and voted to approve the renewal of each Investment Advisory Agreement and Sub-Advisory Agreement.

Transamerica Funds		Annual Report 2012
	Page     182

TRANSAMERICA SMALL CAP GROWTH

APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS

(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds (the “Board”) held on May 24, 2012, the Board reviewed and considered the approval of a proposed mandate to establish Transamerica Small Cap Growth as a new series of Transamerica Funds (the “Trust”). The Board reviewed and considered the proposed investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Small Cap Growth (the “Fund” or “New Series”) and Transamerica Asset Management, Inc. (“TAM”), as well as the proposed investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and Ranger Investment Management, L.P. (“Ranger”) (the “Sub-Adviser”), to determine whether the agreements should be approved for an initial two-year period.

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

In reaching their decision, the Board requested and obtained from TAM and Ranger such information as they deemed reasonably necessary to evaluate the proposed agreements. In considering the proposed approval of Investment Advisory Agreement and Sub- Advisory Agreement, the Board 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 based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions and each member of the Board 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 Ranger. The Board considered the proposed investment approach for the New Series; the experience, capability and integrity of TAM’s senior management; the financial resources of TAM and Ranger; TAM’s management oversight process; and the professional qualifications of the portfolio management team of Ranger. The Board also considered the services to be provided by TAM for the portion of the management fee it will retain after payment of the sub-advisory fee for the New Series. The Board noted that these services include not only the services TAM provides to all Transamerica funds in the form of oversight of the services provided by the funds’ administrator, custodian and transfer agent and supervision of the performance of recordkeeping, shareholder relations, regulatory reporting and compliance functions of the funds, but also the “manager of managers” services TAM provides to sub-advised funds in the form of selection and oversight of the sub-adviser(s). Based on these considerations, the Board Members determined that TAM and Ranger 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 performance data for Ranger’s Small Cap Growth composite, which has substantially similar investment objectives, policies and strategies as the New Series, as compared against the proposed benchmark and a peer universe for the New Series for the 1-, 3-, 5-year periods ended March 31, 2012 (annualized). It was noted that the performance of the Ranger composite compared favorably to that of the benchmark and peer universe for the 1-, 3-, and 5-year periods ended March 31, 2012. On the basis of this information and the Board Members’ assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and Ranger, the Board Members concluded that TAM and Ranger are capable of generating a level of investment performance that is appropriate in light of the New Series’ proposed investment objectives, policies and strategies.

Management fees and total expense ratios. The Board considered the proposed management fee and anticipated total expense ratio of the New Series, including information comparing the management fee and total expense ratio of the New Series to the management fees and total expense ratios of other investment companies in a Lipper peer universe. The Board also considered the fee to be charged by Ranger for sub-advisory services as well as the portion of the New Series’ management fee to be retained by TAM following payment of the sub-advisory fee. The Board Members noted that the proposed management fee for the New Series was slightly lower than its Lipper category median. The Board Members also noted that the anticipated total expense ratio of Class A shares of the New Series was higher than the Lipper category median. The Board also noted that TAM proposed to enter into an expense limitation arrangement with the New Series, which may result in TAM waiving fees for the benefit of shareholders. On the basis of these considerations, together with the other information it considered, the Board determined that the management and sub- advisory fees to be received by TAM and Ranger under the investment advisory and sub-advisory agreements are reasonable in light of the services to be provided.

Transamerica Funds		Annual Report 2012
	Page     183

TRANSAMERICA SMALL CAP GROWTH

APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS (continued)

(unaudited)

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 and other services to the New Series by TAM and its affiliates. The Board noted that the sub-advisory fee is the product of arm’s-length negotiation between TAM and Ranger. As a result, the Board considered profitability information for TAM and its affiliates with respect to the New Series. Based on this information, the Board determined that the profitability of TAM and its affiliates from their relationships with the New Series was not anticipated to be excessive.

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 Ranger’s pricing schedules and the proposed advisory 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 Ranger.

Benefits to TAM, its affiliates, or Ranger from their relationship with the New Series. The Board considered any other benefits derived by TAM, its affiliates, and Ranger from their relationships with the New Series. The Board Members noted that TAM would not realize soft dollar benefits from its relationship with the New Series, and that Ranger may engage in soft dollar arrangements consistent with applicable law and “best execution” requirements.

Other considerations. The Board considered the investment objective of the New Series and its investment strategy and noted that TAM believes that investment in the New Series would enhance the Transamerica Funds’ retail product line-up as well as the investment options for the asset allocation funds. The Board noted 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 TAM’s procedures and policies to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of Ranger. The Board Members also noted that TAM has made a significant entrepreneurial commitment to the management and success of the New Series.

Conclusion. After consideration of the factors described above, as well as other factors, the Board Members, including all of the Independent Board Members, conclude that the approval of the Investment Advisory and Sub-Advisory Agreements is in the best interest of the Fund and its shareholders and voted to approve the Investment Advisory and Sub-Advisory Agreements.

Transamerica Funds		Annual Report 2012
	Page     184

TRANSAMERICA LARGE CAP VALUE

(FORMERLY, TRANSAMERICA QUALITY VALUE)

APPROVAL OF NEW INVESTMENT SUB-ADVISORY AGREEMENT

(unaudited)

At a meeting of the Boards of Trustees of Transamerica Funds (the “Board” or the “Board Members”) held on May 24, 2012, the Board considered the termination of Wellington Management Company, LLP (“Wellington”) as sub-adviser to Transamerica Quality Value (the “Fund”), a series of Transamerica Funds and approval of a new investment sub-advisory agreement (the “New Sub-Advisory Agreement”) for the Fund between Transamerica Asset Management, Inc. (“TAM”) and Levin Capital Strategies, LP (“LCS”), the Fund’s proposed new sub-adviser.

Following their review and consideration, the Trustees determined that the terms of the New Sub-Advisory Agreement are reasonable and that the termination of Wellington as sub-adviser to the Fund and approval of the New Sub-Advisory Agreement is in the best interests of the Fund and its shareholders. The Board, including the independent members of the Board (the “Independent Trustees”), unanimously approved the New Sub-Advisory Agreement for an initial two-year period and authorized TAM to terminate the sub-advisory agreement with Wellington.

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

Among other matters, the Board considered:

(a) that TAM advised the Board that the appointment of LCS is not expected to result in any diminution in the nature, extent and quality of services provided to the Fund and its shareholders, including compliance services;

(b) that LCS is an experienced and respected asset management firm and that LCS has the capabilities, resources and personnel necessary to provide sub-advisory services to the Fund;

© the proposed responsibilities of LCS for the Fund and the services expected to be provided by it;

(d) the fact that the sub-advisory fee payable to LCS would be paid by TAM and not the Fund;

(e) that the management fee rate paid by the Fund would be reduced in connection with the sub-adviser change, and that the sub-advisory fee to be paid by TAM to LCS is reasonable in light of the services to be provided; and

(f) that TAM recommended to the Board that LCS be appointed as sub-adviser to the Fund based on its desire to engage an investment sub-adviser that utilizes a more unique investment strategy that can be offered both to retail investors and utilized in the asset allocation funds.

A discussion followed that included additional consideration of these and other matters.

In their deliberations, the Board Members evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the considerations discussed here, among others, although they did not identify any consideration or particular information that was controlling of their decisions, and each Board Member may have attributed different weights to the various factors.

Nature, Extent and Quality of the Services to be Provided. In evaluating the nature, extent and quality of the services to be provided by LCS under the LCS Sub-Advisory Agreement, the Board considered, among other things, information and assurances provided by TAM and LCS as to the operations, facilities, organization and personnel of LCS, the anticipated ability of LCS 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 considered the proposed changes to the Fund’s investment objective and principal investment strategies, as well as the change to the Fund’s name. The Board considered that TAM has advised the Board that the appointment of LCS is not expected to result in any diminution in the nature, extent and quality of services provided to the Fund and its shareholders, including compliance services. The Board considered that LCS is an experienced and respected asset management firm and that TAM believes that LCS 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 determined that LCS can provide sub-advisory services that are appropriate in scope and extent in light of the proposed investment program for the Fund and that LCS’s appointment is not expected to adversely affect the nature, extent and quality of services provided to the Fund.

Transamerica Funds		Annual Report 2012
	Page     185

TRANSAMERICA LARGE CAP VALUE

(FORMERLY, TRANSAMERICA QUALITY VALUE)

APPROVAL OF NEW INVESTMENT SUB-ADVISORY AGREEMENT (continued)

(unaudited)

Investment Performance. The Board reviewed the performance of the Fund as compared to the composite performance of the strategy to be followed by LCS in providing services to the Fund (the “LCS Composite”), and also reviewed the performance of the LCS Composite as compared to the composite performance of the strategy followed by Wellington Management in providing services to the Fund (the “Wellington Composite”). The Board noted that the performance of the LCS Composite compared favorably to that of the Fund for the year-to-date period ended April 30, 2012, although the LCS Composite underperformed the Fund for the 1-year and since inception periods ended April 30, 2012. The Board also noted that the performance of the LCS Composite compared favorably to that of the Wellington Composite and the Fund’s benchmark for the year-to-date and 3-, 5- and 10-year periods ended March 31, 2012, although the LCS Composite underperformed the Wellington Composite and benchmark for the 1-year period ended March 31, 2012. The Board further noted that TAM believes that the appointment of LCS 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 LCS Sub-Advisory Agreement would actually have on the future performance of the Fund.

On the basis of this information and the Board’s assessment of the nature, extent and quality of the services to be provided by LCS, the Board concluded that LCS is capable of generating a level of investment performance that is appropriate in light of the Fund’s investment objectives, policies and strategies.

Sub-Advisory Fee, Cost of Services Provided and Profitability. The Board considered the proposed sub-advisory fee rate under the New Sub-Advisory Agreement. The Board noted that the management fee rate payable by the Fund would be reduced in connection with the sub-adviser change, which would benefit the Fund and its shareholders. The Board further noted that, in light of the management fee reduction and sub-advisory fee payable to LCS, there would be no change in the amount of the Fund’s management fee retained by TAM following payment of the sub-advisory fee as a result of the implementation of the New Sub-Advisory Agreement. The Board also noted that the Fund does not pay the sub-advisory fee. On the basis of these considerations, together with the other information it considered, the Board determined that the sub-advisory fee to be received by LCS under the New Sub-Advisory Agreement is reasonable in light of the services to be provided.

With respect to LCS’s costs and profitability in providing services to the Fund, the Board noted that the sub-advisory fee is the product of arm’s-length negotiation between TAM and LCS. As a result, the Board did not consider LCS’s anticipated profitability as material to its decision to approve the LCS Sub-Advisory Agreement.

Economies of Scale. The Board considered the sub-advisory fee schedule and the existence of breakpoints, noting that a breakpoint would be added to the management fee schedule in connection with the sub-adviser change. The Board Members concluded that they would have the opportunity to periodically reexamine whether the Fund has achieved economies of scale, and the appropriateness of management fees payable to TAM and fees payable by TAM to LCS, in the future.

Fall-Out Benefits. The Board considered any other benefits to be derived by LCS from its relationship with the Fund. The Board noted that TAM would not realize soft dollar benefits from its relationship with LCS, and that LCS may engage in soft dollar arrangements consistent with applicable law and “best execution” requirements.

Conclusion. After consideration of the factors described above, as well as other factors, the Board Members, including all of the Independent Board Members, concluded that the approval of the New Sub-Advisory Agreement is in the best interests of the Fund and its shareholders and voted to approve the New Sub-Advisory Agreement.

Transamerica Funds		Annual Report 2012
	Page     186

SUPPLEMENTAL INFORMATION (unaudited)

TAX INFORMATION

For dividends paid during the year ended October 31, 2012, the Funds designated the following as qualified dividend income:

	Qualified Dividend
Fund	Income (000’s)
Transamerica Capital Growth	$	730
Transamerica Diversified Equity		357
Transamerica Growth Opportunities		235
Transamerica International Equity		2,372
Transamerica Large Cap Value		22,539
Transamerica Multi-Managed Balanced		1,590
Transamerica Tactical Income		12,891

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

	Dividend Received
Fund	Deduction Percentage
Transamerica Capital Growth		100.00	%
Transamerica Diversified Equity		100.00
Transamerica Growth Opportunities		100.00
Transamerica Large Cap Value		71.00
Transamerica Multi-Managed Balanced		20.00
Transamerica Tactical Income		100.00

For tax purposes, the Long-Term Capital Gain Designations for the year ended October 31, 2012 were as follows:

	Long-Term Capital Gain
Fund	Designation
Transamerica Capital Growth	$	23,888
Transamerica Diversified Equity		73,049
Transamerica Growth Opportunities		70,327
Transamerica International Bond		4,147
Transamerica Multi-Managed Balanced		41,482
Transamerica Short-Term Bond		15,858
Transamerica Small/Mid Cap Value		34,566
Transamerica Tactical Income		44

The amounts which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:

Fund	Foreign Source Income (000’s)		Foreign Taxes (000’s)
Transamerica Emerging Markets Equity	$	1,416	$	174
Transamerica International Equity		6,663		524

The information and distributions reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2012. Complete information will be computed and reported in conjunction with your 2012 Form 1099-DIV.

Transamerica Funds		Annual Report 2012
	Page     187

TRANSAMERICA FUNDS

SUPPLEMENTAL SHAREHOLDER INFORMATION (unaudited)

At a meeting held on August 2, 2012, the Board of Trustees of the funds approved certain initiatives that are intended to move the fund complex to a more modern and efficient operating platform. The Board authorized seeking shareholder approval for these measures where required. A proxy statement asking fund shareholders to elect Trustees, approve a new investment advisory agreement between Transamerica Asset Management, Inc. and their funds, and approve changes to their fund’s fundamental investment policies was mailed in September 2012. If shareholder approval is obtained, these initiatives are expected to be implemented during the fourth quarter of 2012 or the first quarter of 2013. Shareholders of certain funds have already approved these proposals.

Transamerica Funds		Annual Report 2012
	Page     188

TRANSAMERICA FUNDS

Management of the Funds

(unaudited)

Interested Board Member means a board member who may be deemed an “interested person” (as that term is defined in the 1940 Act) of the Trust because of his current or former service with TAM or an affiliate of TAM. Interested Board Members may also be referred to herein as “Interested Trustees.” Independent Board Member means a Board Member who is not an “interested person” (as defined under the 1940 Act) of the Trust and may also be referred to herein as an “Independent Trustee.”

The Board governs each fund and is responsible for protecting the interests of the shareholders. The Board Members are experienced executives who meet periodically throughout the year to oversee the business affairs of each fund and the operation of each fund by its officers. The Board also reviews the management of each fund’s assets by the investment adviser and its respective sub-adviser.

The Funds are among the funds advised and sponsored by TAM (collectively, “Transamerica Asset Management Group”). Transamerica Asset Management Group (“TAMG”) consists of Transamerica Funds, Transamerica Series Trust (“TST”), Transamerica Income Shares, Inc. (“TIS”), Transamerica Partners Funds Group (“TPFG”), Transamerica Partners Funds Group II (“TPFG II”), Transamerica Partners Portfolios (“TPP”) and Transamerica Asset Allocation Variable Funds (“TAAVF”) and consists of 161 funds as of the mailing of this annual report.

The mailing address of each Board Member is c/o Secretary, 570 Carillon Parkway, St. Petersburg, Florida 33716.

The Board Members, their year of birth, their positions with the Trust, and their principal occupations for the past five years (their titles may have varied during that period), the number of funds in TAMG the Board oversees, and other board memberships they hold are set forth in the table below.

				Number of
		Term of		Funds in
		Office and		Complex	Other
	Position(s)	Length		Overseen	Directorships
Name and	Held with	of Time	Principal Occupation(s)	by Board	During the Past
Year of Birth	Trust	Served*	During Past Five Years	Member	Five Years
INTERESTED BOARD MEMBER
Thomas A. Swank (1960 )	Board Member	Since 2012	President and Chief Executive Officer, Transamerica Individual Savings & Retirement (2010 – present);	101	N/A
			President and Chief Executive Officer, Transamerica Capital Management (2009 – present);
			Board Member (November 2012 – present), President and Chief Executive Officer, Transamerica Funds, TST, TIS, (May 2012 – present);
			President and Chief Executive Officer, TPP, TPFG, TPFG II and TAAVF (May 2012 – present);
			Director, Chairman of the Board, Chief Executive Officer and President, Transamerica Asset Management, Inc. (“TAM”) (May 2012 – present);
			Director, Chairman of the Board, Chief Executive Officer and President, Transamerica Fund Services, Inc. (“TFS”) (May 2012 – present);

Transamerica Funds		Annual Report 2012
	Page     189

				Number of
		Term of		Funds in
		Office and		Complex	Other
	Position(s)	Length		Overseen	Directorships
Name and	Held with	of Time	Principal Occupation(s)	by Board	During the Past
Year of Birth	Trust	Served*	During Past Five Years	Member	Five Years
INTERESTED BOARD MEMBER—continued
Thomas A. Swank (continued)			Director and Trust Officer, Massachusetts Fidelity Trust Company (May 2012 – present); Supervisory Board Member, AEGON Sony Life Insurance Co., LTD. (2011 –  present);
			Division President, Monumental Life Insurance Company (2011 – present) ;
			Division President, Western Reserve Life Assurance Co. of Ohio (2011 – present);
			Vice President, Money Services, Inc. (2011 – present);
			Director, AEGON Financial Services Group, Inc. (2010 – present);
			Director, AFSG Securities Corporation (2010 – present); Director and President, Transamerica Advisors Life Insurance Company (2010 – present);
			Director, Chairman of the Board and President, Transamerica Advisors Life Insurance Company of New York (2010 – present);
			Director and President, Transamerica Resources, Inc. (2010 – present);
			Executive Vice President, Transamerica Life Insurance Company (2010 – present);
			Executive Vice President, Transamerica Financial Life Insurance Company (2009 – present);
			Director, Transamerica Capital, Inc. (2009 – present); and
			President and Chief Operating Officer (2007 – 2009), Senior Vice President, Chief Marketing Officer (2006 – 2007), Senior Vice President, Chief Financial Officer (2003 – 2006), Senior Vice President, Chief Risk Officer (2000 – 2003), Senior Vice President, Chief Investment Officer (1997 – 2000) and High Yield Portfolio Manager (1992 – 1997), Security Benefit Corporation

Transamerica Funds		Annual Report 2012
	Page     190

				Number of
		Term of		Funds in
		Office and		Complex	Other
	Position(s)	Length		Overseen	Directorships
Name and	Held with	of Time	Principal Occupation(s)	by Board	During the Past
Year of Birth	Trust	Served*	During Past Five Years	Member	Five Years
INTERESTED BOARD MEMBER—continued
Alan F. Warrick (1948 )	Board Member	Since 2012	Board Member, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (January 2012 – present);	161	N/A
			Consultant, AEGON USA (2010 – present);
			Senior Advisor, Lovell Minnick Equity Partners (2010 – present);
			Retired (2010 – present); and
			Managing Director for Strategic Business Development, AEGON USA (1994 – 2010).
INDEPENDENT BOARD MEMBERS
Sandra N. Bane (1952 )	Board Member	Since 2008	Retired (1999 – present);	161	Big 5 Sporting Goods (2002 –
			Board Member, Transamerica		present);
			Funds, TST, TIS, TPP, TPFG,		AGL Resources,
			TPFG II and TAAVF		Inc. (energy
			(2008 – present);		services holding
					company) (2008
			Board Member, TII		– present)
			(2003 – 2010); and
			Partner, KPMG (1975 – 1999).
Leo J. Hill (1956 )	Lead Independent Board Member	Since 2002	Principal, Advisor Network Solutions, LLC (business consulting) (2006 – present);	161	N/A
			Board Member, TST
			(2001 – present);
			Board Member, Transamerica Funds and TIS (2002 – present);
			Board Member, TPP, TPFG,
			TPFG II and TAAVF
			(2007 – present);
			Board Member, TII
			(2008 – 2010);
			President, L. J. Hill & Company (a holding company for privately- held assets) (1999 – present);
			Market President, Nations Bank of Sun Coast Florida (1998 – 1999);
			Chairman, President and Chief Executive Officer, Barnett Banks of Treasure Coast Florida (1994 – 1998);

Transamerica Funds		Annual Report 2012
	Page     191

				Number of
		Term of		Funds in
		Office and		Complex	Other
	Position(s)	Length		Overseen	Directorships
Name and	Held with	of Time	Principal Occupation(s)	by Board	During the Past
Year of Birth	Trust	Served*	During Past Five Years	Member	Five Years
INDEPENDENT BOARD MEMBERS—continued
Leo J. Hill (continued)			Executive Vice President and Senior Credit Officer, Barnett Banks of Jacksonville, Florida (1991 – 1994); and
			Senior Vice President and Senior Loan Administration Officer, Wachovia Bank of Georgia (1976 – 1991).
David W. Jennings (1946 )	Board Member	Since 2009	Board Member, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (2009 – present);	161	N/A
			Board Member, TII
			(2009 – 2010);
			Managing Director, Hilton
			Capital (2010 – present);
			Principal, Maxam Capital
			Management, LLC (2006 – 2008); and
			Principal, Cobble Creek Management LP (2004 – 2006).
Russell A. Kimball, Jr. (1944 )	Board Member	1986 – 1990 and Since 2002	General Manager, Sheraton Sand Key Resort (1975 – present);	161	N/A
			Board Member, TST
			(1986 – present);
			Board Member, Transamerica
			Funds, (1986 – 1990),
			(2002 – present);
			Board Member, TIS
			(2002 – present);
			Board Member, TPP, TPFG,
			TPFG II and TAAVF
			(2007 – present); and
			Board Member, TII
			(2008 – 2010).
Eugene M. Mannella (1954 )	Board Member	Since 2007	Chief Executive Officer, HedgeServ Corporation (hedge fund administration) (2008 – present);	161	N/A
			Self-employed consultant (2006 – present);
			Managing Member and Chief Compliance Officer, HedgeServ Investment Services, LLC (limited purpose broker-dealer) (2011 – present);

Transamerica Funds		Annual Report 2012
	Page     192

				Number of
		Term of		Funds in
		Office and		Complex	Other
	Position(s)	Length		Overseen	Directorships
Name and	Held with	of Time	Principal Occupation(s)	by Board	During the Past
Year of Birth	Trust	Served*	During Past Five Years	Member	Five Years
INDEPENDENT BOARD MEMBERS—continued
Eugene M. Mannella (continued)			President, ARAPAHO Partners LLC (limited purpose broker- dealer) (1998 – 2008);
			Board Member, TPP, TPFG, TPFG II and TAAVF (1993 – present);
			Board Member, Transamerica Funds, TST and TIS (2007 – present);
			Board Member, TII (2008 – 2010); and
			President, International Fund Services (alternative asset administration) (1993 – 2005).
Norman R. Nielsen,	Board	Since 2006	Retired (2005 – present);	161	Buena Vista
Ph.D.	Member				University Board
(1939 )			Board Member, Transamerica		of Trustees
			Funds, TST and TIS		(2004 – present)
			(2006 – present);
			Board Member, TPP, TPFG,
			TPFG II and TAAVF
			(2007 – present);
			Board Member, TII
			(2008 – 2010);
			Director, Aspire Resources Inc.
			(formerly, Iowa Student Loan
			Service Corporation)
			(2006 – present);
			Director, League for Innovation in
			the Community Colleges
			(1985 – 2005);
			Director, Iowa Health Systems
			(1994 – 2003);
			Director, U.S. Bank
			(1985 –2006); and
			President, Kirkwood Community
			College (1985 –2005).
Joyce G. Norden	Board	Since 2007	Retired (2004 – present);	161	Board of
(1939 )	Member				Governors,
			Board Member, TPFG, TPFG II		Reconstructionist
			and TAAVF (1993 –present);		Rabbinical
					College
			Board Member, TPP		(2007 – present)
			(2002 – present);
			Board Member, Transamerica
			Funds, TST and TIS
			(2007 – present);

Transamerica Funds		Annual Report 2012
	Page     193

				Number of
		Term of		Funds in
		Office and		Complex		Other
	Position(s)	Length		Overseen		Directorships
Name and	Held with	of Time	Principal Occupation(s)	by Board		During the Past
Year of Birth	Trust	Served*	During Past Five Years	Member		Five Years
INDEPENDENT BOARD MEMBERS—continued
Joyce G. Norden (continued)			Board Member, TII (2008 – 2010); and
			Vice President, Institutional Advancement, Reconstructionist Rabbinical College (1996 – 2004).
Patricia L. Sawyer	Board	Since 2007	Retired (2007 – present);		161	Honorary
(1950 )	Member					Trustee, Bryant
			President/Founder, Smith &			University (1996
			Sawyer LLC (management			– present)
			consulting) (1989 – 2007);
			Board Member, Transamerica
			Funds, TST and TIS
			(2007 – present);
			Board Member, TII (2008 – 2010);
			Board Member, TPP, TPFG,
			TPFG II and TAAVF
			(1993 – present);
			Trustee, Chair of Finance
			Committee and Chair of
			Nominating Committee
			(1987 – 1996), Bryant University;
			Vice President, American Express
			(1987 – 1989);
			Vice President, The Equitable
			(1986 – 1987); and
			Strategy Consultant, Booz, Allen
			& Hamilton (1982 –1986).
John W. Waechter	Board	Since 2005	Attorney, Englander and Fischer,
(1952 )	Member		LLP (2008 – present);
			Retired (2004 – 2008);
			Board Member, TST and TIS
			(2004 – present);
			Board Member, Transamerica
			Funds (2005 – present);
			Board Member, TPP, TPFG,
			TPFG II and TAAVF
			(2007 – present);
			Board Member, TII (2008 – 2010);
			Employee, RBC Dain Rauscher
			(securities dealer) (2004);

Transamerica Funds		Annual Report 2012
	Page     194

				Number of
		Term of		Funds in
		Office and		Complex	Other
	Position(s)	Length		Overseen	Directorships
Name and	Held with	of Time	Principal Occupation(s)	by Board	During the Past
Year of Birth	Trust	Served*	During Past Five Years	Member	Five Years
INDEPENDENT BOARD MEMBERS—continued
John W. Waechter (continued)	Board Member	Since 2005	Executive Vice President, Chief Financial Officer and Chief Compliance Officer, William R. Hough & Co. (securities dealer) (1979 – 2004); and	161	Operation PAR, Inc. (2008 – present); West Central Florida Council – Boy Scouts of America (2008 – present)
			Treasurer, The Hough Group of Funds (1993 – 2004).

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

Transamerica Funds		Annual Report 2012
	Page     195

OFFICERS

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

		Term of Office
Name and		and Length of	Principal Occupation(s) or Employment
Year of Birth	Position	Time Served*	During Past Five Years
Thomas A. Swank (1960)	Board Member, President and Chief Executive Officer	Since 2012	See table above.
Timothy S. Galbraith (1964)	Vice President and Chief Investment Officer, Alternative Investments	Since 2012	Vice President and Chief Investment Officer, Alternative Investments, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (April 2012 – present);
			Senior Vice President and Chief Investment Officer, Alternative Investments (March 2012 – present), TAM;
			Head of Alternative Investment Strategies, Morningstar Associates, LLC (2009 – March 2012); and
			Managing Director, Bear Stearns Asset Management (2001 – 2009).
Dennis P. Gallagher (1970)	Vice President, General Counsel and Secretary	Since 2006	Vice President, General Counsel and Secretary, Transamerica Funds, TST and TIS (2006 – present);
			Vice President, General Counsel and Secretary,
			TPP, TPFG, TPFG II and TAAVF
			(2007 – present);
			Vice President, General Counsel and Secretary,
			TII, (2006 – 2010);
			Director, Senior Vice President, General
			Counsel, Operations and Secretary, TAM
			(2006 – present);
			Director, Senior Vice President, General
			Counsel, Chief Administrative Officer and
			Secretary, TFS (2006 – present);
			Assistant Vice President, TCI (2007 – present);
			Director, Deutsche Asset Management
			(1998 – 2006); and
			Corporate Associate, Ropes & Gray LLP
			(1995 – 1998).
Todd R. Porter (1961)	Vice President and Chief Investment Officer, Asset Allocation	Since 2012	Vice President and Chief Investment Officer, Asset Allocation, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (April 2012 – present); Senior Vice President and Chief Investment Officer, Asset Allocation (April 2012 – present), TAM;
			Chief Investment Officer, Fund Architects, LLC
			(2007 – 2012); and
			Chief Investment Strategist, Morningstar
			Associates, LLC (1999 – 2006).

Transamerica Funds		Annual Report 2012
	Page     196

		Term of Office
Name and		and Length of	Principal Occupation(s) or Employment
Year of Birth	Position	Time Served*	During Past Five Years
Christopher A. Staples (1970)	Vice President and Chief Investment Officer, Advisory Services	Since 2005	Vice President and Chief Investment Officer, Advisory Services (2007 – present), Senior Vice President – Investment Management (2006 – 2007), Vice President – Investment Management (2005 – 2006), Transamerica Funds, TST and TIS;
			Vice President and Chief Investment Officer, Advisory Services, TPP, TPFG, TPFG II and TAAVF (2007 – present);
			Vice President and Chief Investment Officer (2007 – 2010); Vice President – Investment Administration (2005 – 2007), TII;
			Director (2005 – present), Senior Vice President (2006 – present) and Chief Investment Officer, Advisory Services (2007 – present), TAM;
			Director, TFS (2005 – present); and Assistant Vice President, Raymond James & Associates (1999 – 2004).
Elizabeth Strouse (1974)	Vice President, Treasurer and Principal Financial Officer	Since 2010	Vice President, Treasurer and Principal Financial Officer (2011 – present), Assistant Treasurer (2010 – 2011), Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF;
			Vice President, TAM and TFS (2009 – present);
			Director, Fund Administration, TIAA-CREF
			(2007 – 2009); and
			Manager (2006 – 2007) and Senior (2003 –
			2006) Accounting and Assurance,
			PricewaterhouseCoopers, LLC.
Robert S. Lamont, Jr. (1973)	Vice President, Chief Compliance Officer and Conflicts of Interest Officer	Since 2010	Vice President, Chief Compliance Officer and Conflicts of Interest Officer, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (2010 – present);
			Vice President and Senior Counsel, TAM and
			TFS (2007 – present);
			Senior Counsel, United States Securities and
			Exchange Commission (2004 – 2007); and
			Associate, Dechert, LLP (1999 – 2004).
Bradley O. Ackerman (1966)	Deputy Chief Compliance Officer and Anti-Money Laundering Officer	Since 2007	Deputy Chief Compliance Officer, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (January 2012 – present);
			Anti-Money Laundering Officer, TPP, TPFG, TPFG II and TAAVF (2009 – present);
			Anti-Money Laundering Officer, Transamerica Funds, TST and TIS (2007 – present);
			Senior Compliance Officer, TAM
			(2007 – present); and
			Director, Institutional Services, Rydex
			Investments (2002 – 2007).

Transamerica Funds		Annual Report 2012
	Page     197

		Term of Office
Name and		and Length of	Principal Occupation(s) or Employment
Year of Birth	Position	Time Served*	During Past Five Years
Sarah L. Bertrand (1967)	Assistant Secretary	Since 2009	Assistant Secretary, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (2009 – present);
			Assistant Secretary, TII (2009 – 2010);
			Assistant Vice President and Director, Legal
			Administration, TAM and TFS (2007 – present);
			Assistant Secretary and Chief Compliance
			Officer, 40|86 Series Trust and 40|86 Strategic
			Income Fund (2000 – 2007); and
			Second Vice President and Assistant
			Secretary, Legal and Compliance, 40|86
			Capital Management, Inc. (1994 – 2007).
Timothy J. Bresnahan	Assistant Secretary	Since 2009	Assistant Secretary, Transamerica Funds, TST,
(1968)			TIS, TPP, TPFG, TPFG II and TAAVF
			(2009 – present);
			Assistant Secretary, TII (2009 – 2010);
			Vice President and Senior Counsel, TAM
			(2008 – present);
			Counsel (contract), Massachusetts Financial
			Services, Inc. (2007);
			Assistant Counsel, BISYS Fund Services Ohio,
			Inc. (2005 – 2007); and
			Associate, Greenberg Traurig, P.A.
			(2004 – 2005).
Margaret A. Cullem-Fiore	Assistant Secretary	Since 2010	Assistant Secretary, Transamerica Funds, TST,
(1957)			TIS, TPP, TPFG, TPFG II and TAAVF
			(2010 – present);
			Assistant Vice President, TCI (2009 – present);
			Vice President and Assistant General Counsel,
			TAM and TFS (2006 – present);
			Vice President and Senior Counsel,
			Transamerica Financial Advisors, Inc.
			(2004 – 2007); and
			Vice President and Senior Counsel, Western
			Reserve Life Assurance Co. of Ohio (2006).

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

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

Additional information about the Funds’ Board Members can be found in the Statement of Additional Information, available, without charge, upon request, by calling toll free 1-800-233-4339 or on the Trust’s website at www.transamericainvestments.com.

Transamerica Funds		Annual Report 2012
	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 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 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.transamericainvestments.com for this and other information about the Funds and the Trust.

Important Notice Regarding Delivery of Shareholder Documents

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

Transamerica Funds		Annual Report 2012
	Page     199

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		Annual Report 2012
	Page     200

Customer Service 1-888-233-4339

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

Distributor: Transamerica Capital, Inc.

Class I2 Funds

Annual Report

October 31, 2012

www.transamericainvestments.com

Customer Service 1-888-233-4339

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

Distributor: Transamerica Capital, Inc.

Dear Fellow Shareholder,

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

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

We believe it is important to understand market conditions over the last year in order to provide a context for reading this report. One year ago, fears that a sovereign default or a large bank failure in Europe would precipitate a global crisis had driven U.S. and many international markets down. In late 2011, the European Central Bank responded by making unlimited loans available to European banks, which used this money to honor deposits and to purchase sovereign bonds. Market fears subsided and global economies improved modestly, helping markets to rally strongly throughout the first three months of 2012.

Then, in early spring, positive economic trends in both the United States and abroad faded, causing most equity markets to dip from their March 2012 highs. The onset of summer brought resurgence in both U.S. economics and markets and, at the same time, economic weakness in Europe and Asia moderated. These events, combined with additional easing by global central banks, helped to drive most international equities higher through the end of summer. In September, unlimited quantitative easing was announced by the Federal Reserve which pushed U.S. markets to their highs for the year. In October, disappointing corporate earnings caused U.S. markets to retreat modestly, leaving the Standard & Poor’s 500^® Index up 15.21% for the year ended October 31, 2012. During this same period, the Morgan Stanley Capital International—Europe, Australasia, Far East Index (“MSCI-EAFE”), a measure of international stock returns, gained 5.15% and the Barclays U.S. Aggregate Bond Index gained 5.25%. 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,

Thomas A. Swank	Christopher A. Staples
President & Chief Executive Officer	Vice President & Chief Investment Officer
Transamerica Funds	Transamerica Funds

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

Transamerica Arbitrage Strategy

(formerly, Transamerica Water Island Arbitrage Strategy)

(unaudited)

MARKET ENVIRONMENT

For the prior twelve months, investors have oscillated between bullish and bearish sentiments while seeking clarity on unresolved questions—including problems in Europe, the underwhelming U.S. economic recovery, the looming fiscal cliff, and a slowing Chinese economy. Meanwhile, central banks across the globe have unanimously stepped into the political leadership voids with pro-growth monetary strategies: money-printing, pro-inflationary backstops meant to prop up insolvent or weak economic institutions. While we cannot predict the outcome of this dynamic, we do suspect these easy money policies are as likely to create unintended problems as they are intended solutions.

In contrast to the uncertain macroeconomic picture, corporate fundamentals appeared quite strong during the fiscal year. Cash flow remained high with margins at pre-crisis levels. Many industries materially reduced capacity and have stable, profitable business at current levels of activity. Balance sheets are stronger than in recent years, often significantly so, and supply chains are much leaner. As a reflection of the large amount of cash on corporate balance sheets, merger and acquisition transactions with a cash-only payment method accounted for the majority of global mergers and acquisitions volume.

PERFORMANCE

For the year ended October 31, 2012, Transamerica Arbitrage Strategy Class I2 returned (2.67)%. By comparison, its benchmark, the Bank of America Merrill Lynch US Dollar LIBOR 3-Month Constant Maturity Index, returned 0.48%.

STRATEGY REVIEW

Merger arbitrage seeks to profit from investing in securities that are involved in mergers and acquisitions. Typically a low volatility strategy pursued by absolute-return-minded investors, our goal is to capture a return stream with low correlation to the overall markets.

Within the market environment described above, our discipline continues to focus on building a diversified global fund of deals—each having a sound strategic rationale—across all sectors, market capitalizations, and jurisdictions. For the period from November 1, 2011 through October 31, 2012, Transamerica Arbitrage Strategy underperformed its benchmark. The main source of this underperformance stems from an unusually high number of transactions within our fund that encountered terminations or delays. Additionally, many of our holdings have recently sold off in an increasingly fearful marketplace showcasing investors raising cash in their portfolios and exiting many of our high conviction holdings. Where possible, we have been adding to these positions on weakness.

While fairly widespread, we have seen this selling emphasized around deals subject to regulatory scrutiny or other uncertainties related to timing. Industrial, consumer discretionary, and energy sectors have had the greatest and most recent negative impacts on performance, with the majority of the underperformance occurring in the last two months of the fiscal year. This volatility in arbitrage situations has been widespread and the selling pressures have not been limited to any particular region, although they recently coalesced in Europe and North America. In recent months, these sectors and geographic locations impacted our fund negatively due to deal delays brought on by politics and nationalistic attitudes. These deal delays triggered forced or panicked selling by some market participants, but we believe patience will be rewarded, and we have been adding opportunistically to our high conviction positions in this environment.

Examples of transactions that have thus negatively impacted our fund to date include United Parcel Service Inc.’s purchase of Netherlands-based TNT Express NV, which has been hampered by regulatory delays, and Hertz Global Holdings Inc.’s purchase of Dollar Thrifty Automotive Group, Inc.

Performance contributors during the period included El Paso Corporation’s purchase by Kinder Morgan Inc., United Technologies Corporations ongoing acquisition of Goodrich Corporation, and the completed takeover of Progress Energy Inc. by Duke Energy. The information technology, utilities, financials, healthcare, and consumer staples sectors also contributed to returns.

While this was a challenging year, it is not unlike other periods of time we have encountered in the past twelve years. In retrospect, it is evident these are the years which have been the most formative for our team and its culture as we continually refine our investment process. Today, regarding our highest conviction ideas, we have performed meticulous fundamental analysis on specific deal valuations, we have assessed the backdrop of deal rationales and potential obstacles, and we are positioned to be opportunistic. While it is impossible to predict when this current phase of uncertainty will end, we are working to position ourselves properly and navigate through this volatile but opportunistic episode.

Transamerica Funds		Annual Report 2012
	Page    1

Transamerica Arbitrage Strategy

(formerly, Transamerica Water Island Arbitrage Strategy)

(unaudited)

STRATEGY REVIEW (continued)

Within this context, Water Island Capital, LLC has continued to upgrade its infrastructure in order to take advantage of the many consolidation opportunities witnessed across the globe. Elevated deal flow in the Asia-Pacific region has led to the addition of investment professionals who are dedicated to the area. We’ve also added professionals to our London based team focused on investments in the Europe, the Middle East and Africa region.

In many, but not all, situations, we utilize derivatives such as options to hedge both deal-specific and market risks. Short selling is also employed to hedge “stock for stock” merger transactions. When investing overseas we often invest in swaps, but we hedge currency risks at all times with currency forwards to achieve a dollar-neutral portfolio. As a whole, these hedging strategies serve an important role in providing long-term downside protection, but these hedges typically are modest detractors from our performance. During the fiscal year, this category as a whole modestly detracted from returns with foreign currency hedges being the largest detractor.

John S. Orrico, CFA

Todd W. Munn

Roger P. Foltynowicz

Co-Portfolio Managers

Water Island Capital, LLC

Transamerica Funds		Annual Report 2012
	Page    2

Transamerica Arbitrage Strategy

(formerly, Transamerica Water Island Arbitrage Strategy)

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2012

	1 Year			10 Years or Life of  Fund			Inception Date
Class I2 (NAV)		(2.67	)%		(0.16	)%		05/01/2011
BofAML US Dollar Libor 3-Month Constant Maturity *		0.48	%		0.42	%

NOTES

* Bank of America Merrill Lynch US Dollar LIBOR 3-Month Constant Maturity Index (“BofAML US Dollar Libor 3-Month Constant Maturity”) is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or Life of Fund calculation is based on the inception date of the class. You cannot invest directly in an index.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on fund distributions or the redemption of fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamericainvestments.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.

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

Securities purchased for an arbitrage strategy are intended to take advantage of a perceived relationship between the value of two securities and may not perform as expected. This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives and policies of this fund. This fund is only available in Class I2 shares, which are not available for direct investment by the public.

Transamerica Funds		Annual Report 2012
	Page    3

Transamerica Bond

(formerly, Transamerica Loomis Sayles Bond)

(unaudited)

MARKET ENVIRONMENT

Over the past year, markets have experienced on and off bouts of volatility, primarily driven by global macroeconomic events. Despite the presence of volatility during the year, fixed income markets generally rallied across most asset classes. Risk assets have been supported by central bank interventions around the world, most notable include actions taken by the U.S. Federal Reserve Board (“Fed”) to extend its “Operation Twist” program and the announcement of “QE3”, while the European Central Bank (“ECB”) took an affirmative stand to save the Euro at all costs by implementing a bond-buying program of its own. These expansionary policies have buoyed the prices of many risk assets including corporate bonds, securitized assets, and equities.

PERFORMANCE

For the year ended October 31, 2012, Transamerica Bond Class I2 returned 14.24%. By comparison, its benchmark, the Barclays U.S. Government/Credit Bond Index, returned 5.90%.

STRATEGY REVIEW

This strategy utilizes a multi-sector approach, which opportunistically uses various sectors within the fixed income market depending upon valuations. The fund has been kept well diversified and security selection has continued to be a key focus of the full discretion team.

During the 1-year period, Transamerica Bond outperformed the Barclays U.S. Government/Credit Bond Index. The fund was able to achieve significant alpha during the period, attributable to its multi-sector approach which can strategically utilize a number of out-of-benchmark sectors. High yield corporate, which represented over 20% of the fund on average, had the greatest impact on relative performance, contributing strongly to excess return. Strong security selection within the investment grade corporate space also provided a significant contribution to excess return. The fund maintained a significant underweight to U.S. Treasuries, which proved beneficial as the high quality asset class lagged higher beta assets given the rally in risk assets. Other positions including securitized assets, international positions, and equity and convertible holdings all aided relative performance during the year.

The strategy is positioned for slow but positive domestic growth and ongoing instability stemming from global macroeconomic factors. Corporate balance sheets remain sanguine and corresponding fundamentals are extremely strong. The full discretion team feels we are well-positioned longer term using our fundamental bottom-up approach. We do not view the short term volatility as exit points. Instead, we consider these opportunities to buy where we see value. We expect elevated levels of volatility to continue due to the current level of geopolitical risk, uncertainty surrounding the upcoming U.S. presidential election and domestic fiscal reform, and the continued potential for a ‘hard landing’ in China.

Matthew J. Eagan, CFA

Daniel J. Fuss, CFA

Elaine M. Stokes

Co-Portfolio Managers

Loomis, Sayles & Company, L.P.

Transamerica Funds		Annual Report 2012
	Page    4

Transamerica Bond

(formerly, Transamerica Loomis Sayles Bond)

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2012

	1 Year			5 Years			10 Years or Life of  Fund			Inception Date
Class I2 (NAV)		14.24	%		9.41	%		8.84	%		01/03/2007
Barclays U.S. Government/Credit Bond *		5.90	%		6.52	%		6.40	%

NOTES

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

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on fund distributions or the redemption of fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamericainvestments.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.

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

Fixed income investing is subject to credit risk, inflation risk, and interest rate risk. Credit risk is the risk that the issuer of a bond won’t meet their payments. Inflation risk is the risk that inflation could outpace a bond’s interest income. Interest rate risk is the risk that fluctuations in interest rates will affect the price of a bond. This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives and policies of this fund. This fund is only available in Class I2 shares, which are not available for direct investment by the public.

Transamerica Funds		Annual Report 2012
	Page    5

Transamerica Core Bond

(formerly, Transamerica JPMorgan Core Bond)

(unaudited)

MARKET ENVIRONMENT

The year began and ended with central bank relief as the global economy faced growing debt concerns, lower growth prospects and higher unemployment. The year started with European Union policymakers announcing an increase to the European Financial Stability Fund (“EFSF”) capacity to €1 trillion, and a verdict on Greek bonds, which included a 50% loss, or “haircut,” for private bondholders in converting their existing bonds into new loans. Risk assets then rallied towards the end of the fiscal year as global central banks (the European Central Bank, Federal Reserve and Bank of Japan) showed their commitment to remain accommodative by announcing additional quantitative easing programs.

The U.S. Congressional ‘super-committee’ on deficit reduction was tasked in 2011 to arrive at an agreement prior to its November 23^rd deadline, but was unsuccessful. As a result, $1.2 trillion in automatic spending cuts for defense and entitlement programs were scheduled to take place beginning in 2013. This, along with expiring tax breaks, was dubbed the “fiscal cliff” and there are now talks to extend portions of this legislation.

The U.S. unemployment rate continued to be above the Federal Reserve (“Fed”) comfort zone during the year; however, it has slowly declined. Lowering unemployment was major focus for the Fed and a key reason for announcing the third round of quantitative easing (“QE3”). The unemployment rate stood at 7.9% at the end of October 2012, down from 8.9% in October 2011; however, the labor force participation rate continued to fall, according to the U.S. Bureau of Labor Statistics, resulting in a rosier unemployment picture than reality.

Data through August 2012 showed that the U.S. housing market improved in most areas over the twelve months, based on Case-Shiller index data. As housing market data continues to funnel in, some believe that the market has stabilized and is now entering a recovery. We remain cautious; however, this positive sentiment, in addition to a vibrant renters’ market, has helped stabilize the mortgage market for now.

In Europe, austerity measures took a bite out of growth, pushing the peripherals into a recession and threatening to do the same to the core. Growth in Asia, and China in particular, has been below expectations, and the Bank of China has not been as aggressive in stimulating the economy as investors had hoped.

While the downside risks have been mitigated, the upside to the economy has not materially improved. The amount of deleveraging yet to occur could inhibit growth going forward. Although major central banks have provided a liquidity backdrop to stabilize the economy, there is still work to be done. In Europe, sovereign funding and the German constitutional court have given the green light for the European Stability Mechanism (ESM); however, agreements on integration and reform have yet to be reached.

PERFORMANCE

For the year ended October 31, 2012, Transamerica Core Bond Class I2 returned 6.12%. By comparison, its benchmark, the Barclays U.S. Aggregate Bond Index (“Barclays U.S. Aggregate Bond”), returned 5.25%.

STRATEGY REVIEW

The fund remained overweight in seasoned AAA-rated mortgage-backed securities (MBS), with most of its exposure in seasoned collateralized mortgage obligations (“CMOs”). We continued to favor seasoned agency CMOs, along with select high-quality non-agency structures.

U.S. Treasury yields were mixed during the fiscal year, with the curve between two- and 10-year maturities flattening 46 basis points (bps), as the spread fell from 187 bps to 141 bps. Specifically, the yield of the two-year note rose 4 bps, ending at 0.28%, while the yield of the 10-year bond fell 42 bps to 1.69%, according to Bloomberg. During this time, our underweight in Treasury debt was a positive as Treasuries were the worst-performing sector in the index in the Barclays U.S. Aggregate Bond.

Corporate earnings have remained strong but have appeared to have leveled off, as the business efficiencies produced over the last few years seem to be maximized. Balance sheets remain strong and corporations continue to hold record amounts of cash and cash equivalents on balance sheet in preparation for the unknown. Despite the economic and political uncertainty, 2012 stands to be one of the busiest years in recent history for new corporate issuance, with companies looking to capitalize on historically cheap rates. As such, the credit sector outperformed comparable-duration Treasuries by 525 bps, with financial names being among the best performers in the index.

The fund’s sector allocations did not change dramatically throughout the year. We remained overweight in mortgage securities, slightly overweight in agency debentures and modestly underweight in corporate bonds.

Transamerica Funds		Annual Report 2012
	Page    6

Transamerica Core Bond

(formerly, Transamerica JPMorgan Core Bond)

(unaudited)

STRATEGY REVIEW (continued)

From a ratings perspective, lower credit-quality issues outperformed AAA issues, as investors looked to add incremental risk and yield to their portfolios. Government policies, such as QE3 and Operation Twist, were also effective tools to push investors down the quality spectrum. Specifically, A and BBB securities produced 525 and 634 bps of excess returns versus duration-neutral AAA issues. The fund’s underweight in the BBB segment of the market was a slight detractor from performance for the period; however, the below-investment-grade issues held benefited results.

Douglas S. Swanson

Portfolio Manager

J.P. Morgan Investment Management, Inc.

Transamerica Funds		Annual Report 2012
	Page    7

Transamerica Core Bond

(formerly, Transamerica JPMorgan Core Bond)

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2012

	1 Year			10 Years or Life of  Fund			Inception Date
Class I2 (NAV)		6.12	%		6.07	%		07/01/2009
Barclays U.S. Aggregate Bond *		5.25	%		6.77	%

NOTES

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

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on fund distributions or the redemption of fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamericainvestments.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.

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

Investing in bond funds entails interest rate and credit risk as well as additional risks in that the fund may invest in high-yield/high-risk bonds and is subject to greater levels of liquidity risk, which are described in more detail in the prospectus. This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives and policies of this fund. This fund is only available in Class I2 shares, which are not available for direct investment by the public.

Transamerica Funds		Annual Report 2012
	Page    8

Transamerica Developing Markets Equity

(formerly, Transamerica Oppenheimer Developing Markets)

(unaudited)

MARKET ENVIRONMENT

In the emerging markets, potentially slowing growth in China and efforts to stall rising inflation were of concern to global markets, as China has been the major engine of worldwide growth. Countries such as India, Brazil and Australia struggled with how to tackle sovereign debt and weak economic growth. Adding to market volatility were swings in the currency markets, which significantly strengthened the U.S. dollar and weakened other currencies. Growing tensions in the Middle East resulted in volatility in oil prices and added geopolitical uncertainty.

The overhang of the sovereign debt crisis in Europe continued to produce market jitters. Persistent high unemployment and unwieldy sovereign debt in countries such as Spain, Greece and Italy led risk markets lower as did worries about the future of the eurozone and the Euro. However, the period closed on a positive note for the risk markets. The results of elections in Greece and continued efforts by European policymakers to stabilize the situation in the region appeared to help calm market fears.

PERFORMANCE

For the year ended October 31, 2012, Transamerica Developing Markets Equity Class I2 returned 8.07%. By comparison, its benchmark the Morgan Stanley Capital International Emerging Markets Index (“MSCI-EMI”), returned 2.98%.

STRATEGY REVIEW

In the midst of a tumultuous environment for developing market equities, Transamerica Developing Markets Equity outperformed the MSCI-EMI (the “Index”). The fund outperformed the Index primarily in Consumer Discretionary and Financials as a result of better relative stock selection. Conversely, the fund underperformed in Information Technology as a result of a few weaker performing securities. The fund outperformed the Index in several regions, including Latin America (in particular securities domiciled in Brazil), as well as better relative stock selection in Emerging Europe, mainly due to successes in Turkey and Russia. The fund underperformed the Index in Asia with underperformance concentrated in China where a few laggards hurt performance. South Africa also hurt performance.

The strongest performing stocks for the fund this period were SM Prime Holdings, Inc., Fomento Economico Mexicano SAB de CV (“FEMSA”), and Magnit. SM Prime Holdings continued to expand by opening new malls throughout Asia and increasing sales in existing stores on robust consumer spending and strong economic fundamentals. FEMSA owns and operates OXXO, the largest convenience store chain in Latin America and continued to perform well as sales increased across its businesses, and demand grew for FEMSA’s line of soft drink products throughout Latin America, the United States and Mexico. Magnit is one of Russian’s largest food retailers, with nearly 5,000 retail outlets. During the period, the company experienced increased sales and its stock price exceeded its peak level from early 2011.

The fund’s top performance detractors included HTC Corp., Infosys, Ltd., and Ctrip.com International, Ltd. HTC is a Taiwan-based designer and manufacturer of Android phones. Shares suffered during the period as HTC experienced declines amid fiercer competition from Apple and Samsung. A weak economy in India and ongoing problems around the need for economic and political reform pushed many Indian securities lower, including Infosys. Ctrip is a dominant travel aggregator in China, participating in a highly fragmented travel and hotel property market but its margins were lower as a result of aggressive investment in sales, marketing and research and development.

At period end, the fund was primarily overweight Consumer Staples, as well as Consumer Discretionary and Information Technology and underweight the other sectors. We remain optimistic regarding the emerging markets and the fund despite short-term volatility. It is our opinion that the emerging markets will remain the engines of global growth, with the sizable majority of global growth coming out of them. Growth deceleration and the sharp retreat in risk-taking behavior as a result of investor trepidation signals to us valuations almost across the board in the emerging markets are not just fair, in our opinion, but attractive for our long-term investment horizon.

Justin Leverenz, CFA

Portfolio Manager

OppenheimerFunds, Inc.

Transamerica Funds		Annual Report 2012
	Page    9

Transamerica Developing Markets Equity

(formerly, Transamerica Oppenheimer Developing Markets)

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2012

	1 Year			5 Years			10 Years or Life of  Fund			Inception Date
Class I2 (NAV)		8.07	%		1.58	%		9.96	%		12/06/2005
MSCI-EMI *		2.98	%		(3.17	)%		8.36	%

NOTES

* The Morgan Stanley Capital International Emerging Markets Index (“MSCI-EMI”) is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or Life of Fund calculation is based on the inception date of the class. You cannot invest directly in an index.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on fund distributions or the redemption of fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamericainvestments.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.

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

Investing in emerging and developing markets involves special considerations. These may include risks related to market and currency volatility, adverse social and political developments, and the relatively small size and lesser liquidity of these markets. This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives and policies of this fund. This fund is only available in Class I2 shares, which are not available for direct investment by the public.

Transamerica Funds		Annual Report 2012
	Page    10

Transamerica Global Macro

(formerly, Transamerica First Quadrant Global Macro)

(unaudited)

MARKET ENVIRONMENT

Throughout the fiscal year, markets were dominated by political and macro-economic news. As investors had less faith in long-term fundamentals, such as valuations, they tried instead to project broad political and economic outcomes on all securities.

The fiscal year began with an increase in risk sentiment as signs of a global economic recovery emerged and European leaders fueled optimism that the debt crisis could be resolved. Volatility fell and risky markets rose. As the year progressed, global economies began to show evidence of a “soft patch”, Europe was in outright recession, and the eurozone debt crisis worsened. Despite an overwhelming abundance of poor economic news, investors reacted positively to any modest drop in uncertainty and risky assets outperformed mid-year as most global central banks embarked on another monetary easing journey to revive their economies.

The gap between the glum state of the global economy and the buoyant mood of the markets prevailed in the latter part of the year as risk sentiment trended higher on expectations that disappointing economic data would warrant continued easing. These expectations were indeed realized as several central banks delivered another round of liquidity injections in September. The optimism was broadly manifested across market segments as positive returns accrued for most asset classes.

The last month the fiscal year was more subdued in terms of large macro policy shifts. However, there was a large amount of data that pointed to a deteriorating political and economic climate in Europe, a mild pick up in economic activity in the U.S. and China, and a divergent consumer versus business outlook in the U.S. In light of the lack of major policy announcements, investor optimism dimmed and markets became driven more by the fundamentals and less by expectations of a “next” announcement.

PERFORMANCE

For the year ended October 31, 2012, Transamerica Global Macro Class I2 returned (0.86)%. By comparison, its benchmark, the Citigroup 1-Month Treasury Bill Index, returned 0.04%.

STRATEGY REVIEW

The strategy seeks consistent returns by combining multiple uncorrelated strategies. With an appreciation of the cyclical nature of risk, the strategy increases risk where opportunities for profit are greater while reallocating risk away from markets where gains have been realized and future gains are less likely.

The currency selection strategy was the largest contributor for the period, primarily driven by the Japanese yen short, British pound long, and Swiss franc short. The persistent Australian dollar short dampened the overall positive results as investors seemed to favor this higher yielding currency.

The stock country selection ended the year on a strong note, finishing the last two-thirds of the year with good results. During the third quarter, when a majority of the returns were realized, most positions added value with the only exceptions being long positions in Canada and the UK. The short position to Japan delivered the strongest performance.

The volatility management sleeve delivered positive results for the year as a mild downdraft during the first half of the year was more than recovered in the latter half.

The global asset class selection strategy was unprofitable over the period as a long position in stocks hurt the fund during the mid-summer dip in the equity markets.

The bond country selection strategy struggled over the period as both the German Euro Bund long and Australian bond short positions dominated the strategy’s overall results. Japanese bonds helped dampen the loss as the short position in the latter half of the year added value.

Derivatives are an essential and integral part of the fund management processes and consists primarily of exchange traded futures and options contracts, synthetic bond futures, and over-the-counter currency forwards.

Derivatives are used to achieve the following primary objectives: achieve transactional efficiency and desired exposure while minimizing transaction costs.

Kenneth J. Ferguson

Dori Levanoni

Edgar E. Peters

Co-Portfolio Managers

First Quadrant, L.P.

Transamerica Funds		Annual Report 2012
	Page    11

Transamerica Global Macro

(formerly, Transamerica First Quadrant Global Macro)

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2012

	1 Year			5 Years			10 Years or Life of  Fund			Inception Date
Class I2 (NAV)		(0.86	)%		(2.43	)%		(2.38	)%		01/03/2007
Citigroup 1-Month Treasury Bill *		0.04	%		0.46	%		1.05	%

NOTES

* The Citigroup 1-Month Treasury Bill Index (“Citigroup 1-Month Treasury Bill”) is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or Life of Fund calculation is based on inception date of the class. You cannot invest directly in an index.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on fund distributions or the redemption of fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamericainvestments.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.

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

Global, foreign, and emerging market investing involves special considerations, including risks related to market and currency volatility, adverse social and political developments, and the relatively small size and lesser liquidity of these markets. This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives and policies of this fund. This fund is only available in Class I2 shares, which are not available for direct investment by the public.

Transamerica Funds		Annual Report 2012
	Page    12

Transamerica Global Real Estate Securities

(formerly, Transamerica Clarion Global Real Estate Securities)

(unaudited)

MARKET ENVIRONMENT

Global real estate stocks have generated a positive total return over the past twelve months as property fundamentals have gradually improved. Property companies have benefited from stability in the equity markets, a sense of diminished “tail risk” in global macroeconomic conditions and accommodative capital markets. This led to an increasingly active transactions market for property companies fueled by access to attractively priced equity and debt capital.

PERFORMANCE

For the year ended October 31, 2012, Transamerica Global Real Estate Securities Class I2 returned 14.57%. By comparison, its benchmark, the S&P Developed Property Index (“S&P Developed Property”), returned 17.39%.

STRATEGY REVIEW

Transamerica Global Real Estate Securities offers a global strategy for real estate securities investors in the U.S. The fund generally owns between 80-110 real estate stocks with the goal of outperforming the S&P Developed Property. The fund seeks to invest in attractively priced stocks that own property in markets with favorable underlying real estate fundamentals. The global universe of public real estate companies is approximately three times the size of the U.S. public company universe, which offers additional choices and diversification opportunities to the manager.

During the period, the fund trailed its benchmark primarily due to sub-par stock selection. While stock selection added value in Europe, the benefit was more than offset by the relative underperformance of holdings in the U.S., Japan and Hong Kong. In the U.S., stock selection in the hotel and apartment sector accounted for a majority of the relative shortfall during the period, overshadowing the value added by favorable stock selection in the mall sector. In Japan, the relative fund positioning in Tokyo office companies was the primary source of underperformance during the period. In Hong Kong, an underweight exposure to the outperforming residential developers hurt relative performance. Asset allocation decisions were essentially flat during the period as the benefit of an underweight to the underperforming European region was offset by allocation decisions in Singapore and Hong Kong.

We continue to be overweight property companies and geographies that provide a combination of yield and growth at reasonable valuations. In the U.S., we remain positive on the retail mall and apartment sectors and remain cautious on suburban office, health care and net lease sectors. In Europe, we remain underweight with a few exceptions where we have identified opportunity. We favor office companies that focus on London’s West End submarket, and prefer dominant retail mall companies with exposure to western and northern Europe. In the Asia-Pacific region, we remain overweight the Australian Real Estate Investment Trusts (“REITs”) and companies with significant exposure to Tokyo offices, where occupancies are improving. We continue to focus on companies that are attractively valued with investment characteristics that include high quality management, strong and flexible balance sheets, well-positioned properties and focused business plans.

The rationale for a global listed property strategy remains very much intact including diversification via low long-term correlation to broad equities and bonds, attractive current yield, reasonable valuations and the continued, gradual spread of the REIT structure globally. Real estate fundamentals will, as always, reflect improving economic conditions on a lagged basis as a result of the underlying lease structures.

We appreciate your continued faith and confidence in our portfolio management team.

T. Ritson Ferguson, CFA

Steven D. Burton, CFA

Joseph P. Smith, CFA

Co-Portfolio Managers

CBRE Clarion Securities LLC

Transamerica Funds		Annual Report 2012
	Page    13

Transamerica Global Real Estate Securities

(formerly, Transamerica Clarion Global Real Estate Securities)

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2012

	1 Year			5 Years			10 Years or Life of Fund			Inception Date
Class I2 (NAV)		14.57	%		(2.20	)%		5.56	%		11/15/2005
S&P Developed Property *		17.39	%		(2.23	)%		5.08	%

NOTES

* The S&P Developed Property Index (“S&P Developed Property”) is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or Life of Fund calculation is based on the inception date of the class. You cannot invest directly in an index.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on fund distributions or the redemption of fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamericainvestments.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.

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

Investments in real estate securities and real estate investment trusts (“REITs”) involve special risks, such as the possible decline in value of real estate, extended vacancies, and uninsured damages from natural disasters. This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives and policies of this fund. This fund is only available in Class I2 shares, which are not available for direct investment by the public.

Transamerica Funds		Annual Report 2012
	Page    14

Transamerica Growth

(formerly, Transamerica Jennison Growth)

(unaudited)

MARKET ENVIRONMENT

Equity markets were highly volatile in the 12 months ended October 31, 2012, up strongly in the first five months, down sharply in May, then back on an upward trajectory beginning in June. The gyrations reflected swings in sentiment around European sovereign debt issues and uncertainty about global growth. Stock prices rose and fell as sentiment veered between optimism and pessimism, often based on short-term data. U.S. economic growth proceeded at a subpar pace, and unemployment remained high as the job market expanded at a meager pace. Personal income and spending increased at generally lackluster rates, and business and housing indicators were inconsistent. With the implementation of austerity measures, many European economies contracted. Growth in China, a key engine of global economic expansion, slowed. Volatile raw materials, commodities, food, and energy prices reflected shifts in economic expectations.

PERFORMANCE

For the year ended October 31, 2012, Transamerica Growth Class I2 returned 8.19%. By comparison, its benchmark, the Russell 1000^® Growth Index, returned 13.02%.

STRATEGY REVIEW

The fund is built from the bottom up, based on the fundamentals of individual companies. Stocks held in consumer discretionary and health care lagged market returns in these sectors. Consumer holdings Amazon.com, Ralph Lauren, and Coach, which coming into the period had performed solidly on strong company-specific fundamentals, failed to keep pace with the meaningful rebound in economically sensitive specialty retail and media stocks. Amazon’s accelerated business investment is positioning the company, we believe, for robust longer-term growth not only in the core retail business but through the proliferation of digital commerce via the mobile market. Our long-term growth assumptions for Ralph Lauren are predicated on opportunities in Europe and Asia, in categories such as accessories and shoes, and in the online channel. We believe that Coach’s handbag and accessory markets continue to grow at a solid pace.

In health care, when investor risk appetite revived, biotechnology stocks, including holding Alexion Pharmaceuticals, benefited more than other subsectors. Alexion reported strong sales of its key product, Soliris, which treats rare, genetic, and potentially life-threatening blood disorders. The company is pursuing opportunities in other autoimmune and inflammatory disease settings with high unmet medical needs. Bristol-Myers Squibb and Shire, which earlier had been rewarded for attractive business opportunities, lagged the biotech surge. We expect Shire’s strong product pipeline to continue to generate strong revenue growth. We believe Bristol-Myers will benefit from product momentum, new product launches, pipeline data, and strong business development deals.

Consumer staples stocks, especially Whole Foods Market and Estée Lauder Cos., Inc.—Class A (“Estée Lauder”), contributed significantly to fund performance. Whole Foods reported strong sales and earnings, with solid operating margins and continued capital discipline. Estée Lauder’s revenue and earnings were fueled by successful product launches and increased market penetration, particularly in emerging markets.

Information technology holdings, including Apple, Google, and LinkedIn Corp., also contributed meaningfully to return. Apple reported continued impressive sales of iPhones, iPads, and Mac personal computers. We believe Apple’s creativity and innovation in product development, design, and marketing will continue to drive share gains. We consider Google’s technological lead and dominant position in Internet search a unique strength that has enabled the company to monetize search traffic at a meaningfully higher rate than its competitors. LinkedIn’s global online professional network has altered the talent-recruiting market and provides what we consider unique access to a scale database of active and passive job candidates.

The fund continues to hold stocks of companies believed to have above-average growth prospects at reasonable valuations.

Michael A. Del Balso

Blair A. Boyer

Spiro “Sig” Segalas

Portfolio Managers

Jennison Associates LLC

Transamerica Funds		Annual Report 2012
	Page    15

Transamerica Growth

(formerly, Transamerica Jennison Growth)

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2012

	1 Year			5 Years			10 Years or Life of Fund			Inception Date
Class I2 (NAV)		8.19	%		1.54	%		3.90	%		11/15/2005
Russell 1000® Growth *		13.02	%		1.95	%		5.17	%

NOTES

* The Russell 1000^® Growth Index (“Russell 1000^® Growth”) is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or Life of Fund calculation is based on the inception date of the class. You cannot invest directly in an index.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on fund distributions or the redemption of fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamericainvestments.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.

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

Growth stocks can be volatile and experience sharp price declines and certain types of stocks, especially technology, can be extremely volatile and subject to greater price swings than the broader market. This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives and policies of this fund. This fund is only available in Class I2 shares, which are not available for direct investment by the public.

Russell Investment Group is the source and owner of the trademarks, service marks, and copyrights related to the Russell indexes. Russell^® is a trademark of Russell Investment Group.

Transamerica Funds		Annual Report 2012
	Page    16

Transamerica International

(formerly, Transamerica Neuberger Berman International)

(unaudited)

MARKET ENVIRONMENT

International markets focused on the macro-economic uncertainty surrounding most major economic regions for the past year. As Europe enters the third year of its sovereign debt crisis, and other international developed economies, like Japan, have sluggish growth, the market mainly reacted to central bank monetary policy rather than underlying business fundamentals. European Central Bank’s policy announcements boosted sentiment that the European Union (“EU”) sovereign debt crisis could be managed—driving markets higher from December into the first quarter of 2012, and then again in the third quarter of 2012. While markets rallied on these announcements, they fell in the intervening period as the market recognized that the underlying economies continued to struggle. International markets did end the fiscal period with a 5% gain. The supportive monetary policy news drove the Financial sector up over 10% for the time period, as eurozone banks would be the most immediate beneficiaries. The rest of the sector indices varied with Health Care leading the pack, rising close to 17%, and IT trailing, falling over 8%. Given their deepening recession, Greece was the worst-performing country market, down over 27%. Other countries’ returns varied greatly from positive to negative.

The most recent central bank policy announcements come at a time of weak fundamentals—U.S. manufacturing has weakened as we approach the end-of-2012 “fiscal cliff”, and ongoing austerity in Europe undermines both the investment and consumption outlook there. Reduced demand for imports has in turn impacted the Chinese economy, itself experiencing a reduction in investment spending.

PERFORMANCE

For the year ended October 31, 2012, Transamerica International Class I2 returned 8.65%. By comparison its benchmark, the Morgan Stanley Capital International—Europe, Australasia, and Far East Index, returned 5.15%.

STRATEGY REVIEW

Given this weak global economic backdrop, and despite the expansive policies of the major central banks, we remain focused on businesses less dependent on a cyclical rebound. Our philosophy and process utilizes fundamental analyses to identify quality businesses trading at reasonable prices. These businesses should be growing, generating high returns, and not be financed by high-levels of debt. This disciplined focus has enabled us to construct an international fund of best of breed companies, with innovative technologies, unique brands and strong managements that we believe will enable them to grow in an environment of economic uncertainty.

The fund outperformed its benchmark for the last year with high-single-digit percentage gains. The fund’s Health Care, Industrials and Materials holdings outperformed their respective peer groups, while the Financials sector holdings, with no exposure to eurozone banks, have trailed the market. Central Banks’ policies have driven a rally in banks and insurers, where we remain underweight. While these initiatives may postpone the challenges for developed markets, we believe higher capital requirements and weak demand limit the attractiveness of the Financials sector firms. Our leading sector overweight is Materials where we remain focused on specialty chemical companies with pricing power and relatively stable end markets. Industrials is our second largest sector overweight, where we hold more distribution businesses with strong recurring revenue streams rather than manufacturers exposed to a slowing capital expenditure cycle. Japanese holdings contributed most to returns, while French holdings held back relative returns the most. The fund has no Southern European (Portugal, Italy, Greece and Spain) domiciled holdings.

The fund’s leading contributors include Jupiter Telecommunication, the Japanese cable TV provider that recently received a takeover bid; Nihon Kohden, a Japanese health care equipment manufacturer, and CSL, the Australian-based global blood-products provider. The fund’s leading detractors were Chemring, the British defense company, which we sold after losing conviction in the company’s earnings growth potential, Alcatel-Lucent, the French telecom equipment supplier, and Credit Suisse Group, the Swiss global private wealth manager and investment bank, which we also sold.

Benjamin Segal, CFA

Portfolio Manager

Nueberger Berman Management LLC

Transamerica Funds		Annual Report 2012
	Page    17

Transamerica International

(formerly, Transamerica Neuberger Berman International)

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2012

	1 Year			5 Years			10 Years or Life of  Fund			Inception Date
Class I2 (NAV)		8.65	%		(4.66	)%		1.83	%		12/06/2005
MSCI-EAFE *		5.15	%		(5.35	)%		2.22	%

NOTES

* The Morgan Stanley Capital International—Europe, Australasia, and Far East Index (“MSCI-EAFE”) is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or Life of Fund calculation is based on the inception date of the class. You cannot invest directly in an index.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on fund distributions or the redemption of fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamericainvestments.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.

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

Investments in global/international markets involve risks not associated with U.S. markets, such as currency fluctuations, adverse social and political developments, and the relatively small size and lesser liquidity of the markets. Investments in developing markets involve greater risks than investments in developed markets. This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives and policies of this fund. This fund is only available in Class I2 shares, which are not available for direct investment by the public.

Transamerica Funds		Annual Report 2012
	Page    18

Transamerica International Equity Opportunities

(formerly, Transamerica MFS International Equity)

(unaudited)

MARKET ENVIRONMENT

Just prior to the beginning of the reporting period, markets were roiled by several global concerns. These included the aftermath of the U.S. sovereign debt-ceiling debacle, the path of eurozone integration and the scope of its bailout facilities, and the likelihood of a Chinese hard landing. Amidst this turmoil, global equity markets had declined sharply and credit spreads widened. At the same time, global consumer and producer sentiment indicators had fallen precipitously, while highly-rated sovereign bond yields hit multi-decade lows.

During the first half of the period, however, additional liquidity from the U.S. Federal Reserve Board (“Fed”) (in the form of “Operation Twist”) and the European Central Bank (“ECB”) (in the form of 3-year, Long Term Refinancing Operations, or “LTROs”), coupled with healthier global macroeconomic conditions led by moderate but sustained U.S. growth, ushered in improved market dynamics.

During the latter part of the period, market trends were more mixed. Worsening conditions were driven by broadly weaker global macroeconomic indicators, as well as renewed concerns over the eurozone’s capacity and determination to address its ongoing crisis. However, broad market sentiment remained relatively resilient, as equity markets generally maintained gains and credit spreads did not indicate deterioration. A new round of monetary easing by the Fed (“QE3”) and the ECB (rate cut and a new bond purchase facility) towards the end of the period instilled additional confidence in risk markets. Nonetheless, towards the end of the period, weaker equity earnings reports and declining forward guidance caused market sentiment to soften.

PERFORMANCE

For the year ended October 31, 2012, Transamerica International Equity Opportunities Class I2 returned 8.00%. By comparison, its benchmark, the Morgan Stanley Capital International-Europe, Australasia, Far East Index (“MSCI-EAFE”), returned 5.15%.

STRATEGY REVIEW

A combination of an overweight position and, to a lesser extent, security selection in the consumer staples sector contributed to performance relative to the MSCI-EAFE. Within this sector, holdings of alcoholic beverage producer Diageo PLC (United Kingdom), Dutch brewer Heineken NV, and skin and beauty care products maker Beiersdorf AG (Germany) benefited relative returns as all three stocks turned in strong performance during the reporting period.

Security selection in the technology and basic materials sectors also aided relative performance. Within the technology sector, the fund’s holdings of South Korean microchip and electronics manufacturer Samsung Electronics Co, Ltd. strengthened relative results. There were no individual securities within the basic materials sector that were among the fund’s top relative contributors for the reporting period.

Elsewhere, the fund’s overweight allocation to healthcare products maker Bayer AG (Germany), convenience store chain Lawson, Inc. (Japan), travel and leisure IT firm Amadeus IT Holding SA—Class A (Spain), contract foodservice company Compass Group PLC (United Kingdom), advertising and marketing firm WPP PLC (United Kingdom), and pharmaceutical company Merck KGaA (Germany) benefited relative returns as all six stocks traded significantly higher during the period.

Stock selection in the financial services sector were a primary detractor from relative performance. However, there were no individual stocks within this sector that were among the fund’s top relative detractors for the period.

Stocks in other sectors that held back relative performance included printers and computer peripherals maker Canon Inc. (Japan), oil and gas exploration company IINPEX Corp. (Japan), telecommunications services company Tim Participacoes SA (Brazil), export trading company Li & Fung, Ltd. (Hong Kong), food and beverage producer Danone SA (France), electronics maker HTC (Taiwan), supermarkets and convenient stores operator Tesco (United Kingdom), telecommunications service provider China Unicom, Ltd. (Hong Kong), and Israeli-headquartered security software provider Check Point Software Technologies Ltd.

During the reporting period, the fund’s relative currency exposure, resulting primarily from differences between the fund’s and the benchmark’s exposures to holdings of securities denominated in foreign currencies, was another detractor from relative performance. All of our investment decisions are driven by the fundamentals of each individual opportunity and as such, it is common for our funds to have different currency exposure than the benchmark.

The fund’s cash and/or cash equivalents position was also a detractor from relative performance. The fund strives to be fully invested and only holds cash to buy new holdings and to provide liquidity. In a period when equity markets rose, as measured by the fund’s benchmark, holding cash hurt performance versus the benchmark, which has no cash position.

Daniel Ling

Marcus L. Smith

Co-Portfolio Managers

MFS^® Investment Management

Transamerica Funds		Annual Report 2012
	Page    19

Transamerica International Equity Opportunities

(formerly, Transamerica MFS International Equity)

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2012

	1 Year			10 Years or Life of Fund			Inception Date
Class I2 (NAV)		8.00	%		(0.29	)%		06/10/2008
MSCI-EAFE *		5.15	%		(3.25	)%

NOTES

* The Morgan Stanley Capital International-Europe, Australasia, Far East Index (“MSCI-EAFE”) is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or Life of Fund calculation is based on the inception date of the class. You cannot invest directly in an index.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on fund distributions or the redemption of fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamericainvestments.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.

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

Investments in global/international markets involve risks not associated with U.S. markets, such as currency fluctuations, adverse social and political developments, and the relatively small size and lesser liquidity of the markets. Investments in developing markets involve greater risks than investments in developed markets. This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives and policies of this fund. This fund is only available in Class I2 shares, which are not available for direct investment by the public.

Transamerica Funds		Annual Report 2012
	Page    20

Transamerica International Small Cap

(formerly, Transamerica Schroders International Small Cap)

(unaudited)

MARKET ENVIRONMENT

International small cap equities made modest positive progress over the year with the S&P Euro Pacific SmallCap Index (“S&P EPAC SmallCap”) rising 5.9%, marginally outperforming larger peers which rose 5.2% as represented by the S&P EPAC Large/Midcap Index. Equities have struggled to make progress amidst challenging global developments, particularly the continued bouts of uncertainty over the future of the euro with the focus shifting from the smaller economies of Greece and Portugal to the systemically more critical cases of Spain and Italy.

While Europe has tended to grab the headlines, sluggish growth in the United States also contributed to the subdued sentiment though America’s economic performance has been respectable compared to other developed economies due to stabilization of private consumption and improvement in the net trade position. Meanwhile, Emerging and Asian economies have generally been slowing, led by China, which has also impacted commodity related sectors, with energy and materials among the weakest areas.

In term of regional divergences, the United Kingdom was the outstanding performer of major markets with small cap substantially outperforming large companies, led by consumer discretionary, telecom and information technology sectors. In other regions such as continental Europe and Pacific ex Japan, returns overall were lower, and small cap returns were inferior to large cap returns. In these areas, defensive sectors such as consumer staples and health care outperformed.

PERFORMANCE

For the year ended October 31, 2012, Transamerica International Small Cap Class I2 returned 4.57%. By comparison, its benchmark, the S&P EPAC SmallCap, returned 5.92%.

STRATEGY REVIEW

Performance has lagged the benchmark over the period, primarily due to stock selection in Japan and the Pacific ex Japan markets. In Japan the shortfalls have been primarily in the consumer discretionary (particularly auto part related such as Musashi Seimitsu and Unipres) and industrial sectors (Toyo Tanso, Asahi Diamond), with sentiment generally subdued on cyclical exporters given the slowdown in major trading partners and the political tensions with China. In the rest of Asia, weak spots have been among energy stocks (Dart Energy) and China-exposed cyclicals (Leoch International Technology, Ports Design, Comba Telecom Systems Holdings). A lesser headwind has been stock selection in the United Kingdom, with selection shortfalls in energy (Lamprell due to cost overruns in some contracts) and information technology (SDL, TT Electronics) more than offsetting positive selection among industrials (Ashtead on strong US performance, Hamworthy which was bid for, and Keller).

Areas of positive impact included continental Europe, where financials selection was strong (Azimut Holdings), with lesser benefit from telecommunications (Freenet) and consumer discretionary (Tom Tailor Holdings, Forbo Holdings). The fund’s emerging market stocks also did well, with notable contributions from Merida Industry (Taiwanese bicycle manufacturer), Hemaraj Land and Development (Thai industrial parks) and Ciputra Property (Indonesian real estate).

Our focus remains upon identifying companies offering sustainable and superior long-term growth prospects accompanied by strong management and sound financials. However, the positioning of the fund has reflected our belief that, in most markets, cyclical growth stocks and sectors offer attractive value compared to very defensive stocks and sectors. This has proved an unrewarding stance in most markets as investors have continued to seek safe havens at the expense of long-term value. However, we see no reason to change our stance, reflected in sector overweightings in consumer discretionary, information technology and energy and underweights in consumer staples and utilities.

In regional terms, we have continued to place emphasis on Pacific ex Japan and Emerging markets, reflecting our belief in their superior long-term growth prospects. The major underweights have been Europe (including the peripheral markets such as Spain, Portugal and Greece), the United Kingdom and Japan.

Matthew Dobbs

Portfolio Manager

Schroder Investment Management North America Inc.

Transamerica Funds		Annual Report 2012
	Page    21

Transamerica International Small Cap

(formerly, Transamerica Schroders International Small Cap)

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2012

	1 Year			10 Years or Life of  Fund			Inception Date
Class I2 (NAV)		4.57	%		(0.48	)%		03/01/2008
S&P EPAC SmallCap *		5.92	%		(1.22	)%

NOTES

* The S&P Euro Pacific SmallCap Index (“S&P EPAC SmallCap”) is an unmanaged index used as a general measure of market performance.

Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or Life of Fund calculation is based on the inception date of the class. You cannot invest directly in an index.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on fund distributions or the redemption of fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamericainvestments.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.

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

Investments in global/international markets involve risks not associated with U.S. markets, such as currency fluctuations, adverse social and political developments, and the relatively small size and lesser liquidity of the markets. Investing in small size companies involves greater risk than is customarily associated with more established companies. This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives and policies of this fund. This fund is only available in Class I2 shares, which are not available for direct investment by the public.

Transamerica Funds		Annual Report 2012
	Page    22

Transamerica International Value Opportunities

(formerly, Transamerica Thornburg International Value)

(unaudited)

MARKET ENVIRONMENT

International equity markets were volatile during the annual reporting period November 1, 2011 through October 31, 2012, dominated by uncertainty and concerns about negative outcomes in the eurozone, slowing growth in China, and a muted U.S. economic recovery. This led investors to seek safety in more defensively oriented stocks and dividend oriented companies. Renewed vigor from European policy makers and “QE3” in the U.S. outweighed concerns over global economic weakness, leading markets to recover at the end of the period.

As the European Union (“EU”) continues to struggle toward financial union, and the harsh realities of fiscal austerity reverberate from the periphery throughout Europe and the world, the prospects for continued economic malaise in the region are sobering. Meanwhile, signs of economic recovery in the U.S. are mixed, and China’s policies for dealing with a slowing economy will not be known until after the transition of leadership. Against these elevated market uncertainties, we maintain a focus on financially sound companies, modest exposure to the European financial sector, emphasis on exporters within our European holdings, and broad geographic diversification across the fund. Our approach is intended to mitigate near term volatility while positioning for long-term capital appreciation.

PERFORMANCE

For the year ended October 31, 2012, Transamerica International Value Opportunities Class I2 returned 4.44%. By comparison, its benchmark the Morgan Stanley Capital International All Country World ex-U.S. (“MSCI ACWI ex-U.S.”), returned 4.48%.

STRATEGY REVIEW

The fund modestly underperformed relative to the MSCI ACWI ex-U.S. during the period, due in part to stock selection as well as an underweight allocation within the financials sector. Currency hedging contributed positively during the year.

Stock selection in the consumer discretionary sector and an underweight allocation to the materials sector contributed positively to relative performance. On a country basis, top relative contributors included Japan and Denmark. Top individual contributors included Novo Nordisk A/S—Class B (“Novo”), Natura Cosmeticos SA, and Reckitt Benckiser Group PLC.

Novo continues to execute well, gaining share in the diabetes market through ongoing success of novel drugs like Victoza as well as existing products. Recent excitement regarding the possibility of Federal Drug Administration approval for Victoza in the treatment of obesity also lifted the stock. Natura Cosmeticos SA, the leading health and beauty company in Brazil, benefited from the increase in disposable income in Brazil and market share gains resulting from innovation, productivity, and efficiency measures. Reckitt Benckiser performed well due to its defensive posture and market share gains in the household and personal care segment. Additionally, the company has been successful in transitioning patients from their off-patent tablet formulation of opiate dependency drug Suboxone to a novel film version, in efforts to protect this high margin franchise.

Stock selection in the financials and industrials sectors was the primary driver of negative relative performance. Taiwan and the United Kingdom lead the detractors on a country basis. Individual detractors included HTC Corp., Tesco PLC, and Canon.

Mobile phone manufacturer HTC Corp. was sold during the period as patent litigation issues and a loss of market share, partially attributed to product cycle and poor shipment development in the U.S., weighed on the stock. Tesco PLC’s Chief Executive Officer announced a new plan to regain market share through restructuring and increased spending, which has had a dampening effect on margins in the near term. Japanese exporter Canon was pressured by the ongoing strength of the Japanese yen and has been increasingly challenged by a heightened competitive landscape, including potential smart phone cannibalization of their compact digital camera business. We sold the stock during the year.

William V. Fries, CFA

Wendy Trevisani

Lei Wang

Co-Portfolio Managers

Thornburg Investment Management, Inc.

Transamerica Funds		Annual Report 2012
	Page    23

Transamerica International Value Opportunities

(formerly, Transamerica Thornburg International Value)

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2012

	1 Year			10 Years or Life of  Fund			Inception Date
Class I2 (NAV)		4.44	%		2.44	%		09/15/2008
MSCI ACWI ex-U.S *		4.48	%		2.75	%

NOTES

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

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on fund distributions or the redemption of fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamericainvestments.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.

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

Investments in global/international markets involve risks not associated with U.S. markets, such as currency fluctuations, adverse social and political developments, and the relatively small size and lesser liquidity of the markets. This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives and policies of this fund. This fund is only available in Class I2 shares, which are not available for direct investment by the public.

Transamerica Funds		Annual Report 2012
	Page    24

Transamerica Large Company

(formerly, Transamerica Large Cap Value)

(unaudited)

MARKET ENVIRONMENT

In the last few months of 2011 we experienced improving economic data and more concerted efforts among European leaders toward stemming the region’s debt crisis, gradually drawing investors back to the markets. Improving sentiment carried over into early 2012 as investors felt some relief from the world’s financial woes. Volatility abated and risk assets (including stocks, commodities and high yield bonds) moved boldly higher through the first two months of 2012, while climbing Treasury yields pressured higher-quality fixed income assets.

Markets reversed course in the spring when Europe’s debt problems boiled over once again. High levels of volatility returned as political instability in Greece threatened the country’s membership in the eurozone. Spain faced severe deficit issues while the nation’s banks clamored for liquidity. Yields on Spanish and Italian government debt rose to levels deemed unsustainable. European leaders conferred and debated vehemently over the need for fiscal integration among the 17 nations comprising the Euro currency bloc as a means to resolve the crisis for the long term.

Alongside the drama in Europe, investors were discouraged by gloomy economic reports from various parts of the world. A slowdown in China, a key powerhouse for global growth, became particularly worrisome. In the United States, disappointing jobs reports dealt a crushing blow to sentiment. Risk assets sold off in the second quarter as investors again retreated to safe haven assets.

Despite ongoing concerns about the health of the global economy and the debt crisis in Europe, most asset classes enjoyed a robust summer rally powered mainly by expectations for policy stimulus from central banks in Europe and United States. Although global economic data continued to be mixed, the spate of downside surprises seen in the second quarter had receded and, outside of Europe, the risk of recession largely subsided. Additionally, in response to growing debt pressures, the European Central Bank (“ECB”) allayed investors’ fears by stating its conviction to hold the eurozone together. Early in September, the ECB announced a plan to purchase sovereign debt in the eurozone’s most troubled nations. Later that month, the U.S. Federal Reserve Board (“Fed”) announced its long-awaited—and surprisingly aggressive—stimulus program, committing to purchase $40 billion of agency mortgage-backed securities per month until the U.S. economy exhibits enough strength to sustain real growth and improving labor market conditions. These central bank actions boosted risk assets globally as investors increased their risk appetites in their search for higher returns.

After a strong summer, stock market momentum faded in the last weeks of the reporting period. The positive momentum from the launch of the Fed’s third round of stimulus faded and investors began to focus on a relatively weak outlook for earnings and profits.

PERFORMANCE

For the year ended October 31, 2012, Transamerica Large Company Class I2 returned 14.26%. By comparison, its benchmark the Russell 1000^® Value Index, returned 16.89%.

STRATEGY REVIEW

Overall allocation and selection decisions detracted from the fund’s performance for the period. At the sector level, the largest detractor was the fund’s overweight to information technology (“IT”), followed by stock selection in health care and an overweight to energy. Within IT, the fund was biased toward commodity-exposed hardware securities, which underperformed on weakness in enterprise and PC demand. Stocks such as Hewlett-Packard Co. (“Hewlett-Packard”) (the largest individual detractor to overall fund returns), Dell Inc. (“Dell”), and Cisco Systems Inc. (“Cisco”) were the most significant detractors in the sector. The fund exited its positions in Dell and Cisco and reduced its holdings in Hewlett-Packard to a more neutral weighting relative to the benchmark index by the end of the reporting period. In health care, weakness was most notable among HMOs, which lagged as rising medical cost trends and pressure from the health care overhaul threatens to keep a lid on earnings in the near term. This negative performance overshadowed strong results from the fund’s pharmaceutical holdings. The fund has since reduced holdings within HMOs and distributors (including the sale of Aetna) and reallocated the monies to select pharmaceuticals. In energy, the fund’s overweight and selection in refiners (Tesoro and Valero) and select integrated companies (Murphy Oil) negatively impacted performance. The fund sold its positions in Tesoro, Valero and Murphy Oil by the end of the period.

On the positive side, selection in materials and financials were the greatest contributors to performance. Within the materials sector, the majority of positive performance came from a sector overweight and a position in CF Industries Holdings, Inc., a key fertilizer holding whose profit margins (and, hence, its share price) soared during the period as a result of lower input costs (i.e., natural gas) and rising demand and output prices for its nitrogen-based crop nutrients. LyondellBasel Industries N.V., a commodity chemical producer, also benefited from lower natural gas prices.

Transamerica Funds		Annual Report 2012
	Page    25

Transamerica Large Company

(formerly, Transamerica Large Cap Value)

(unaudited)

STRATEGY REVIEW (continued)

Outperformance in financials was almost entirely due to stock selection, with the largest contribution coming from the fund’s overweight in diversified financials including Citigroup, Inc. These holdings surged during the reporting period on a combination of factors, including diminished tail risk in Europe, improvement in the housing market and better-than-expected capital markets activity. Selection in the consumer finance industry also aided relative results, with Discover Financial Services benefiting from higher sales volumes and reduced charge-offs in its credit card business.

Chris Leavy, CFA

Peter Stournaras, CFA

Co-Portfolio Managers

BlackRock Investment Management, LLC.

Transamerica Funds		Annual Report 2012
	Page    26

Transamerica Large Company

(formerly, Transamerica Large Cap Value)

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2012

	1 Year			5 Years			10 Years or Life of  Fund			Inception Date
Class I2 (NAV)		14.26	%		(2.81	)%		1.75	%		11/15/2005
Russell 1000® Value *		16.89	%		(1.00	)%		3.40	%

NOTES

* The Russell 1000^® Value Index (“Russell 1000^® Value”) is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or Life of Fund calculation is based on the inception date of the class. You cannot invest directly in an index.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on fund distributions or the redemption of fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamericainvestments.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.

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

Stock markets, especially foreign markets, are volatile and can decline significantly. Value stocks can perform differently from other types of stocks and can continue to be undervalued by the market for long periods of time. This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives and policies of this fund. This fund is only available in Class I2 shares, which are not available for direct investment by the public.

Russell Investment Group is the source and owner of the trademarks, service marks, and copyrights related to the Russell indexes. Russell^® is a trademark of Russell Investment Group.

Transamerica Funds		Annual Report 2012
	Page    27

Transamerica Long/Short Strategy

(formerly, Transamerica JPMorgan Long/Short Strategy)

(unaudited)

MARKET ENVIRONMENT

The year began with a return to normality both in terms of the markets and our investment process. With regards to the markets, improved U.S. economic forecasts, combined with the Long Term Refinancing Operations (“LTROs”) funding program for European banks caused the U.S. markets to rally. As investors became less focused on macro factors, the correlations amongst stocks dropped, which created an environment which was more agreeable to stock pickers.

The second quarter of 2012 saw a reversal of the normality experienced during the first quarter of 2012. Markets declined as European uncertainty once again dominated headlines. Markets became more volatile and investors became more focused on macro factors. The second quarter 2012 proved to be a disadvantageous environment for active managers, with fundamentals taking a backseat as correlations amongst stocks rose. The widening spread between overvalued and undervalued stocks during the second quarter 2012 echoed the extreme valuation conditions we witnessed in the fourth quarter of 2011.

The third quarter of 2012 saw a reversion to the normality experienced during the first quarter 2012. The U.S. market advanced on the heels of aggressive central bank actions highlighted by both the European Central Bank and the Federal Reserve. Markets became less volatile and investors focused less on macro factors.

PERFORMANCE

For the year ended October 31, 2012, Transamerica Long/Short Strategy Class I2 returned 3.82%. By comparison its primary and secondary benchmarks, the Bank of America Merrill Lynch 3-Month Treasury Bill Index and Standard & Poor’s 500^® Index, returned 0.08% and 15.21%, respectively.

STRATEGY REVIEW

Transamerica Long/Short Strategy outperformed its primary benchmark for the trailing twelve months. The consumer cyclical, media and pharmaceutical/medical technology sectors contributed to performance while the semiconductors, industrial cyclicals and energy sectors detracted from performance. At the security level, long positions in Merck and Apple, and short positions in Cliff Natural Resources were the largest contributors while short positions in Lockheed Martin and Hershey were the largest detractors.

Within the pharmacy/medical technology space, an overweight in Merck contributed to performance. The stock gained on the back of better than expected second-quarter numbers. Expectations that the company’s recent launches would start contributing to its topline in the forthcoming quarters also helped the share price. Additionally, the company also has an agreement for an exclusive worldwide license for development and commercialization of CMX157, an investigational oral nucleoside reverse transcriptase inhibitor (antiviral drug for treatment of HIV and hepatitis C).

Within the systems hardware sector, a long position in Apple paired with a short position in Hewlett-Packard continued to work well. Apple benefitted from strong tablet sales, especially with the recent launch of the iPad 3, and smartphone sales, beating expectations and continuing to gain market share in both segments. We believe Apple is a relatively inexpensive stock on normalized earnings with sustainable gross margins and upside to estimates. Additionally, Apple reported strong quarterly performance with a year on year increase in net income and net sales. Further, shares advanced in the third quarter of 2012 following its triumph over Samsung on the patent infringement ruling expectations and a positive reaction to the launch of the iPhone 5. Meanwhile, Hewlett-Packard reported a weak top line and softer services margin, continuing to lag its peers amid structural shifts and should face challenges in long-term growth. The stock looks attractive based on valuation but does not sufficiently justify as a buying opportunity, so the strategy remains underweight in the name.

Within the basic materials sector, a short position in iron ore producer Cliff Natural Resources contributed to returns during the quarter as rising mining costs, labor and transportation fuel expenses, increased dramatically during the quarter and hurt top-line growth. Additionally, slowing Chinese growth has caused concerns of weaker demand throughout the metals sector.

Alternatively, within industrials, our short position in Lockheed detracted as that stock rose after the company raised its fiscal-year earnings-per-share guidance.

Within the consumer staples sector, a short position in Hershey detracted from performance as the confectionery company reported earnings that were ahead of consensus estimates, driven by better pricing and better-than-expected seasonal sales volumes. The company also raised its 2012 net sales and earnings estimates, and prioritized acquisitions for its cash reserves.

Terance Chen, CFA

Portfolio Manager

J.P. Morgan Investment Management Inc.

Transamerica Funds		Annual Report 2012
	Page    28

Transamerica Long/Short Strategy

(formerly, Transamerica JPMorgan Long/Short Strategy)

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2012

	1 Year			5 Years			10 Years or Life of Fund			Inception Date
Class I2 (NAV)		3.82	%		(2.15	)%		(2.22	)%		01/03/2007
BofA Merrill Lynch 3-Month Treasury Bill *		0.08	%		0.66	%		1.28	%
S&P 500 *		15.21	%		0.36	%		2.12	%

NOTES

* The Bank of America Merrill Lynch 3-Month Treasury Bill Index (“BofA Merrill Lynch 3-Month Treasury Bill”) and the Standard & Poor’s 500^® Index (“S&P 500”) are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or Life of Fund calculation is based on the inception date of the class. You cannot invest directly in an index.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on fund distributions or the redemption of fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamericainvestments.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.

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

Securities purchased for an arbitrage strategy are intended to take advantage of a perceived relationship between the value of two securities and may not perform as expected. This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives and policies of this fund. The fund is only available in Class I2 shares, which are not available for direct investment by the public.

Transamerica Funds		Annual Report 2012
	Page    29

Transamerica Mid Cap Value

(formerly, Transamerica JPMorgan Mid Cap Value)

(unaudited)

MARKET ENVIRONMENT

U.S. equity markets rallied sharply in the fourth quarter of 2011. Investor confidence improved as economic data supported the fact that the U.S. did not appear headed towards a recession and European policymakers took bolder actions in their efforts to stave off a sovereign debt crisis.

As the quarter drew to a close, the U.S. continued to see stronger-than-expected economic data on several fronts. Positive economic surprises included an encouraging Institute for Supply Management (“ISM”) manufacturing survey, a solid increase in the number of housing starts and continued declines in initial jobless claims. The November ISM manufacturing survey posted a reading of 52.7. A reading above 50 indicates the manufacturing sector is in expansion. While the reading was not much above the neutral level of 50, it was the highest reading since June. Housing starts for November came in at an annualized rate of 685,000. Most of the strength was in the construction of multi-family units. However, this is far below the long term average of 1.46 million homes built per year since 1975.

In the first quarter of 2012, U.S. equity markets advanced sharply as the S&P 500^® Index posted its strongest first-quarter gain since 1998. Performance was driven by an easing of the sovereign debt crisis in Europe, central banks across the globe becoming even more accommodative and continued momentum in U.S. economic data. Developments in Europe provided a significant tailwind for U.S. equities.

U.S. equity markets turned more volatile in the second quarter, with moderate losses highlighted by continued concerns over the future of the European Currency Union (“ECU”) and the increasing prospects of a global economic slowdown. Market declines were cut almost in half on the last trading day of the quarter as European policymakers made initial steps towards forming a banking union, which investors met with guarded optimism. European elections consumed the headlines during much of the quarter.

Another sharp advance characterized U.S. equity markets in the third quarter on the heels of aggressive central bank actions, highlighted by both the European Central Bank (“ECB”) and the U.S. Federal Reserve Board (“Fed”). Equity markets came under pressure in the quarter’s final weeks on a combination of downbeat earnings forecasts from industrial bellwethers FedEx and Caterpillar as well as increasingly disappointing economic data.

PERFORMANCE

For the year ended October 31, 2012, Transamerica Mid Cap Value Class I2 returned 20.57%. By comparison its benchmark, the Russell Midcap^® Value Index (“Russell Midcap^® Value”), returned 14.99%.

STRATEGY REVIEW

Transamerica Mid Cap Value outperformed the Russell Midcap^® Value. Stock selection in the industrials sector and a combination of stock selection and an overweight in the consumer discretionary sector contributed to returns. An underweight in the energy and telecommunication services sectors detracted from performance.

At the individual stock level, Lincare Holdings was the top fund contributor. We have long believed that Lincare, the largest provider of an essential service (i.e., oxygen in the home), would fare well regardless of the outcome of healthcare reform. Linde’s acquisition of the company at a significant premium confirmed that assessment, and unlocked the stock’s value sooner than expected.

Tiffany & Co. (“Tiffany”) got off to a slow start as jewelry spending was soft for part of 2012. In addition to weaker sales, the competitive environment was difficult—management noted that discounting is pervasive across the industry, including smaller “mom & pop” stores, and Tiffany does not offer discounts. We continue to view the stock favorably. Other than the timeless brand Tiffany brings, we believe the company will continue to grow domestically, benefitting from the glacial pace of consolidation in the U.S. jewelry business and from what we regard as an underpenetrated store base. Furthermore, Tiffany continues to expand internationally where it can benefit from the higher returns of smaller, higher-productivity stores, as well as the favorable economics of its Asian business.

Gloria Fu, CFA

Lawrence E. Playford, CFA

Jonathan K. L. Simon

Co-Portfolio Managers

J.P. Morgan Investment Management Inc.

Transamerica Funds		Annual Report 2012
	Page    30

Transamerica Mid Cap Value

(formerly, Transamerica JPMorgan Mid Cap Value)

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2012

	1 Year			5 Years			10 Years or Life of Fund			Inception Date
Class I2 (NAV)		20.57	%		3.91	%		6.71	%		11/15/2005
Russell Midcap® Value *		14.99	%		1.68	%		5.15	%

NOTES

* The Russell Midcap^® Value Index (“Russell Midcap^® Value”) is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or Life of Fund calculation is based on inception date of the class. You cannot invest directly in an index.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on fund distributions or the redemption of fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamericainvestments.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.

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

Growth stocks can be volatile and experience sharp price declines and certain types of stocks, especially technology, can be extremely volatile and subject to greater price swings than the broader market. Value approach carries the risk that the market will not recognize a security’s intrinsic value for a long time or that an undervalued stock is actually appropriately priced. This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives and policies of this fund. This fund is only available in Class I2 shares, which are not available for direct investment by the public.

Russell Investment Group is the source and owner of the trademarks, service marks, and copyrights related to the Russell indexes. Russell^® is a trademark of Russell Investment Group.

Transamerica Funds		Annual Report 2012
	Page    31

Transamerica Real Return TIPS

(formerly, Transamerica PIMCO Real Return TIPS)

(unaudited)

MARKET ENVIRONMENT

During the last months of 2011, policy initiatives were the major market drivers. In its December meeting, the Federal Open Market Committee (“FOMC”) left the federal funds rate unchanged and maintained its existing policy of extending the average maturity of its holdings and reinvesting its principal payments. The FOMC noted that the “economy has been expanding moderately, notwithstanding some apparent slowing in global growth,” and highlighted the recent improvement in overall labor markets and household spending. On the outlook, the FOMC noted that it “continues to expect a moderate pace of economic growth over coming quarters and consequently anticipates that the unemployment rate will decline only gradually,” but pointed to the continued downside risks due to the ongoing pressures in the global financial markets.

Entering 2012, after posting a revised 2.0 percent growth rate for the first quarter, the U.S. economy grew at a 1.5 percent annual rate during the second quarter, as consumer spending and business investment slowed, according to gross domestic product data released in July. Personal consumption expenditures increased by only 1.5 percent, the smallest gain in a year, from April through June, with spending on durable goods, particularly automobiles, slowing. The Conference Board’s consumer confidence index surprised observers by increasing for the first time since February, from a revised 62.7 in June to 65.9 in July as consumers grew more optimistic about the near-term prospects for business conditions and the labor market. Despite this positive report, July’s unemployment rate increased slightly to 8.3 percent. Fewer consumers are expecting an increase in their incomes in the short-term. In spite of the slight uptick in the jobless rate, non-farm payrolls rose by 163,000 during the month, beating forecasts and alleviating some concerns of a slowing U.S. economy. After falling 0.3 percent in May, the headline consumer price index remained unchanged in June at a 1.7 percent increase over the past 12 months, in line with expectations. Energy costs fell during June by 1.4 percent as gasoline prices decreased for the third straight month; however, food prices increased by 0.2 percent from May this year.

Risk appetite returned to financial markets during the last part of the fiscal year as investors responded to additional unconventional monetary policies. The European Central Bank (“ECB”) President, Mario Draghi, delivered on his pledge to do “whatever it takes” to support the Euro and the eurozone by unveiling the ECB’s Outright Monetary Transactions (“OMT”). The program entails unlimited, but conditional, purchases of eurozone government bonds with maturities of one to three years in the secondary market. Sovereign yields in both Spain and Italy fell during the quarter, following renewed investor confidence in European policymakers’ ability and willingness to support the eurozone. The FOMC met and confirmed their stance on rates, open-ended quantitative easing and “Operation Twist”. Finally, the threat of extreme weather in the U.S. eastern seaboard from hurricane Sandy and the contentious U.S. election triggered some safe-haven buying and gave the markets a risk-off tone.

PERFORMANCE

For the year ended October 31, 2012, Transamerica Real Return TIPS Class I2 returned 9.07%. By comparison, its benchmark, the Barclays U.S. Treasury Inflation Protected Securities Index, returned 8.03%.

STRATEGY REVIEW

Exposure to non-U.S. developed real interest rates, particularly Australia, added to performance as rates fell on fears of a global economic slowdown. Additionally, exposure to select emerging market local rates, such as Brazil added to performance as the central bank cut rates to spur economic growth. An underweight to U.S. real yields was negative for performance as real yields fell. On the spread sector front, exposure to bonds of financial companies was positive for returns. A modest allocation of senior commercial mortgage-backed securities and senior non-agency mortgages added to returns as these securities outperformed like-duration Treasuries during the year. Exposure to select emerging market external debt, especially Brazil and Mexico, was also positive for performance.

We used government bond futures for duration management, substitution for direct investment, and hedging/risk management. We used interest rates swaps for duration management, substitution for direct interest rate exposure, and hedging/risk management. We used swaptions for hedging/risk management, income (for written positions), and substitution for direct credit investment. We used money market futures for duration management and substitute for direct investment. We used foreign-exchange forwards for currency management and hedging/risk management. An underweight to U.S. duration, partially implemented via interest rate swaps, detracted from returns as interest rates fell across the curve. However, duration exposure through money market futures partially offset this negative impact. Currency positioning in various currencies using foreign-exchange forwards was positive for performance.

Mihir Worah

Portfolio Manager

Pacific Investment Management Company LLC

Transamerica Funds		Annual Report 2012
	Page    32

Transamerica Real Return TIPS

(formerly, Transamerica PIMCO Real Return TIPS)

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2012

	1 Year			5 Years			10 Years or Life of Fund			Inception Date
Class I2 (NAV)		9.07	%		8.34	%		6.62	%		11/08/2004
Barclays U.S. TIPS *		8.03	%		7.88	%		6.53	%

NOTES

* The Barclays U.S. Treasury Inflation Protected Securities Index (“Barclays U.S. TIPS”) is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or Life of Fund calculation is based on the inception date of the class. You cannot invest directly in an index.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on fund distributions or the redemption of fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamericainvestments.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.

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

This fund invests in inflation-indexed bonds of varying maturities. It may invest in non-U.S. securities. The fund may also invest in mortgage related securities as well as a portion in high-yield securities. Inflation-indexed bonds issued by the U.S. Government, known as TIPS, are fixed-income securities whose principal value is periodically adjusted according to the rate of inflation, which will affect the interest payable on them. This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives and policies of this fund. This fund is only available in Class I2 shares, which are not available for direct investment by the public.

Transamerica Funds		Annual Report 2012
	Page    33

Transamerica Select Equity

(formerly, Transamerica ICAP Select Equity)

(unaudited)

MARKET ENVIRONMENT

During the twelve-month period ending October 31, 2012, U.S. equity market returns were broadly positive, with volatility reduced compared to recent prior periods. While uncertainty over economic growth, fiscal policy and the European sovereign debt crisis continues to influence investors’ outlooks, there have been signs of stabilization during the period.

Global economic activity appears to have slowed since the spring as signs of softness have broadened around the globe. We remain somewhat cautious in our outlook for the economy given several key risks. First, in Europe, interrelated economic, fiscal, banking, and balance of payments crises are feeding on one another; increased fiscal and political integration is required to break this downward spiral. There are some early signs of progress but high political and fiscal costs will continue to present challenges. Second, activity in China is slowing as authorities try to temper credit growth and transition from investment-driven to consumption-led growth. Last, in the United States, major budget issues must be addressed in order to avoid a sharp tightening of fiscal policy; the political environment could create gridlock and prevent sensible policy adjustments from being implemented.

New positives have developed due to lower energy prices and increased policy stimulus; however, it remains to be seen whether these will be sustained and whether they will be adequate to improve the pace of economic activity. For example, energy prices have fallen sharply since their first-quarter highs, but we remain concerned about the potential for geopolitical instability in the Middle East. Also, monetary policy is easing around the world; still, interest rates are already very low so there may be little incremental benefit from recent measures. Overall, we continue to believe that the global economy will expand at a moderate pace this year, though the potential range of outcomes remains wide.

PERFORMANCE

For the period ended October 31, 2012, Transamerica Select Equity Class I2 returned 14.29%. By comparison, its benchmark, the Russell 1000^® Value Index (“Russell 1000^® Value”), returned 16.89%.

STRATEGY REVIEW

Overall, the fund is built on a stock-by-stock basis and reflects the individual names that we believe have a combination of attractive valuation and catalysts likely to trigger appreciation over a 12-18 months time frame. Stock-specific catalysts can be related to a company’s management, a restructuring, a problem-fixing situation, a new product or pricing flexibility.

During the period, two themes were in place that we believe are timely in an environment of slow economic growth. One, the “strong will get stronger” theme was maintained. The fund seeks to emphasize companies with strong operational and financial characteristics. We believe these companies can gain share from weaker competitors and thus improve their earnings. Two, the theme of “earn and return cash” was also maintained. We believe stocks of companies that can both grow earning and provide significant cash returns to shareholders should be attractive to many investors.

During the period, the fund underperformed the Russell 1000^® Value, driven by several key factors. In the consumer durables sector, stock selection detracted from relative performance as auto parts manufacturer Johnson Controls underperformed due to slowing auto sales in its European business and higher than expected product launch costs. The position remained in the fund as we believe significant turnaround potential exists. In the communications sector, wireless communications provider Vodafone lagged due to a slowdown in its Southern European units. We believe the stock is attractively valued and strength in its U.S. and emerging market businesses should allow the firm to continue to return cash to shareholders. Overweighting the technology sector also negatively impacted relative performance. Semi-conductor maker Texas Instruments and network equipment manufacturer Cisco Systems were notable underperformers in that sector. Both remained in the fund as we believe they possess a combination of attractive valuation and investment catalysts.

Stock selection in the financial sector added value, led by diversified financial services firm Citigroup and consumer finance company Capital One Financial. In the energy sector, refiner Phillips 66 was a top contributor to relative performance. Improved operating margins at the company helped the refining and chemical units beat expectations, and the firm also announced a $1 billion stock repurchase plan. Media company Time Warner and pharmaceutical firm Pfizer also added significant value during the period. Relative performance also benefited from avoiding the utilities sector.

Jerrold K. Senser, CFA

Thomas M. Cole, CFA

Thomas R. Wenzel, CFA

Co-Portfolio Managers

Institutional Capital LLC

Transamerica Funds		Annual Report 2012
	Page    34

Transamerica Select Equity

(formerly, Transamerica ICAP Select Equity)

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2012

	1 Year			10 Years or Life of Fund			Inception Date
Class I2 (NAV)		14.29	%		14.25	%		08/31/2011
Russell 1000® Value *		16.89	%		17.26	%

NOTES

* The Russell 1000^® Value Index (“Russell 1000^® Value”) is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or Life of Fund calculation is based on the inception date of the class. You cannot invest directly in an index.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on fund distributions or the redemption of fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamericainvestments.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.

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

Stocks may be volatile, their prices may go up and down dramatically over the shorter term. The prices of the securities the sub-adviser believes are undervalued may not appreciate as anticipated, or may go down. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “growth” stocks. This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives and policies of this fund. This fund is only available in Class I2 shares, which are not available for direct investment by the public.

Russell Investment Group is the source and owner of the trademarks, service marks, and copyrights related to the Russell indexes. Russell^® is a trademark of Russell Investment Group.

Transamerica Funds		Annual Report 2012
	Page    35

Transamerica Total Return

(formerly, Transamerica PIMCO Total Return)

(unaudited)

MARKET ENVIRONMENT

During the last months of 2011, policy initiatives were the major market drivers. In its December meeting, the Federal Open Market Committee (“FOMC”) left the federal funds rate unchanged and maintained its existing policy of extending the average maturity of its holdings and reinvesting its principal payments. The FOMC noted that the “economy has been expanding moderately, notwithstanding some apparent slowing in global growth,” and highlighted the recent improvement in overall labor markets and household spending. On the outlook, the FOMC noted that it “continues to expect a moderate pace of economic growth over coming quarters and consequently anticipates that the unemployment rate will decline only gradually,” but pointed to the continued downside risks due to the ongoing pressures in the global financial markets.

Entering 2012, after posting a revised 2.0 percent growth rate for the first quarter, the U.S. economy grew at a 1.5 percent annual rate during the second quarter, as consumer spending and business investment slowed, according to gross domestic product data released in July. Personal consumption expenditures increased by only 1.5 percent, the smallest gain in a year, from April through June, with spending on durable goods, particularly automobiles, slowing. The Conference Board’s consumer confidence index surprised observers by increasing for the first time since February, from a revised 62.7 in June to 65.9 in July as consumers grew more optimistic about the near-term prospects for business conditions and the labor market. Despite this positive report, July’s unemployment rate increased slightly to 8.3 percent. Fewer consumers are expecting an increase in their incomes in the short-term. In spite of the slight uptick in the jobless rate, non-farm payrolls rose by 163,000 during the month, beating forecasts and alleviating some concerns of a slowing U.S. economy. After falling 0.3 percent in May, the headline consumer price index remained unchanged in June at a 1.7 percent increase over the past 12 months, in line with expectations. Energy costs fell during June by 1.4 percent as gasoline prices decreased for the third straight month; however, food prices increased by 0.2 percent from May this year.

Risk appetite returned to financial markets during the last part of the fiscal year as investors responded to additional unconventional monetary policies. The European Central Bank (“ECB”) President, Mario Draghi, delivered on his pledge to do “whatever it takes” to support the euro and the eurozone by unveiling the ECB’s Outright Monetary Transactions (“OMT”). The program entails unlimited, but conditional, purchases of eurozone government bonds with maturities of one to three years in the secondary market. Sovereign yields in both Spain and Italy fell during the quarter, following renewed investor confidence in European policymakers’ ability and willingness to support the eurozone. The FOMC met and confirmed their stance on rates, open-ended quantitative easing and Operation Twist. Finally, the threat of extreme weather in the U.S. eastern seaboard from hurricane Sandy and the contentious U.S. election triggered some safe-haven buying and gave the markets a risk-off tone.

PERFORMANCE

For the year ended October 31, 2012, Transamerica Total Return Class I2 returned 8.30%. By comparison, its benchmark, the Barclays U.S. Aggregate Bond Index (“Barclays U.S. Aggregate Bond”), returned 5.25%.

STRATEGY REVIEW

The Transamerica Total Return outperformed the Barclays U.S. Aggregate Bond for the fiscal year ending October 31, 2012. An underweight to U.S. duration for most of the period, particularly the long-end of the yield curve, detracted from performance as interest rates fell across the curve. Conversely, exposure to non-U.S. developed interest rates, particularly core Europe and Australia, added to performance as rates fell on fears of a global economic slowdown. Additionally, exposure to local rates in Brazil added to performance as the central bank cut the main policy rate multiple times to help stimulate growth. On the spread sector front, exposure to Agency and non-agency mortgage-backed securities was positive for performance as the Federal Reserve remains committed to accommodative policies to support the U.S. housing market. In addition, exposure to non-taxable municipal bonds also added to returns as technical factors improved, causing spreads to narrow.

We used government bond futures for duration management, substitution for direct investment, and hedging/risk management. We used interest rates swaps for duration management, substitution for direct interest rate exposure, and hedging/risk management. We used credit default swaps for credit quality management, hedging/risk management, liquidity management, income (for sell protection positions), and substitution for direct credit investment. We used swaptions for hedging/risk management, income (for written positions), and substitution for direct credit investment. We used money market futures for duration management and substitute for direct investment. We used foreign-exchange forwards for currency management and hedging/risk management. An underweight to U.S. duration, partially implemented via government bond futures, detracted from returns as interest rates fell across the curve. Yield curve positioning, partially implemented using money market futures, added to returns. An underweight to the overall corporate market, partly through the use of credit default swaps, was negative for returns as corporates outperformed like-duration Treasuries. Exposure to Emerging Markets, particularly Brazil and Mexico, partly through the use of interest rate swaps contributed to performance. Currency positioning in various currencies using foreign-exchange forwards was positive for performance.

Chris P. Dialynas

Portfolio Manager

Pacific Investment Management Company LLC

Transamerica Funds		Annual Report 2012
	Page    36

Transamerica Total Return

(formerly, Transamerica PIMCO Total Return)

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2012

	1 Year			5 Years			10 Years or Life of Fund			Inception Date
Class I2 (NAV)		8.30	%		7.75	%		7.24	%		11/15/2005
Barclays U.S. Aggregate Bond *		5.25	%		6.38	%		6.10	%

NOTES

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

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on fund distributions or the redemption of fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamericainvestments.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.

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

This fund will normally invest its assets in a diversified portfolio of fixed-income securities. The fund may invest in non-U.S. securities and may invest a portion of its assets in high-yield securities. Investing in non-U.S. securities may entail risk due to foreign economic and political developments; this risk may be enhanced when investing in emerging markets. This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives and policies of this fund. This fund is only available in Class I2 shares, which are not available for direct investment by the public.

Transamerica Funds		Annual Report 2012
	Page    37

Transamerica Value

(formerly, Transamerica Third Avenue Value)

(unaudited)

MARKET ENVIRONMENT

During the fourth calendar quarter of 2011 we reported to Transamerica that, “(the) global markets recovery favored large, U.S.-based, dividend paying blue chip companies. It is our belief that this “safety trade” has created the opportunity for more long-term value in the generally overlooked and under-followed companies in which we invest.” Since writing that, we have seen the market largely vindicate our interpretation. Through calendar 2012, equity markets have risen worldwide, though conditions remained volatile as investors watched Europe edge towards resolution of its sovereign debt issues and tried to measure the slowing growth in the U.S. and China.

PERFORMANCE

For the year ended October 31, 2012, Transamerica Value Class I2 returned 10.42%. By comparison, its primary and secondary benchmarks, the Russell 3000^® Value Index and the Morgan Stanley Capital International World Index (“MSCI World”), returned 16.70% and 10.11%, respectively.

STRATEGY REVIEW

As always, we managed the fund with an eye towards generating superior, long-term results while minimizing investment risk. We invested in companies trading at significant discount to net asset value (“NAV”) that have capacity to grow over time. During the year, we identified eight new investments and sold eleven positions. Two holdings (Viterra and Pharmaceutical Products Development) were subject to, or are pending, take over.

During the year, we had an average 47% exposure to North America and 16.4% exposure to Hong Kong, with just under 10% cash. We found opportunities for buying and selling across industries and around the world and though financials (a broad GICS sector that includes not just banks but insurance, real estate and holding companies) were the largest collective performance contributors, we saw gains spread widely across the fund. On a country basis our Canadian stocks were the largest performance contributors, largely due to the pending take over bid for Viterra, which is based in Calgary, Alberta.

Viterra, a grain storage and handling company with operations in Western Canada and Australia, was the strongest performance contributor during the year as it is subject to a takeover bid by Glencore International. A takeover of this type was a possible exit that we had included in our investment thesis. Viterra had built the most sophisticated grain network in western Canada. As the region was deregulated, we expected that other agricultural firms would want access. It would have been very difficult for a competitor to build its own resources with Viterra dominating the market.

The next strongest performance contributor was a German specialty chemical company Lanxess AG. Lanxess executed extremely well all year and despite volatility owing to it being domiciled in troubled Europe, it proved that its revenues were protected by its global customer base, including major inroads recently made into emerging markets. Over the last twelve months we’ve trimmed this position as the stock price has appreciated.

The largest detractor from performance this year was AVX Corp (“AVX”). AVX, which is majority owned by Kyocera Electronics, makes passive electronic components. AVX has been operating in a difficult environment for technology spending and is in the process of finalizing an environmental liability, but it has a solid competitive position and a rich balance sheet. We believe that AVX has the flexibility and strength to deliver strong returns over time, despite present challenges.

Curtis R. Jensen

Yang Lie

Ian Lapey

Michael Lehman

Portfolio Manager

Third Avenue Management LLC

Transamerica Funds		Annual Report 2012
	Page    38

Transamerica Value

(formerly, Transamerica Third Avenue Value)

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2012

	1 Year			5 Years			10 Years or Life of Fund			Inception Date
Class I2 (NAV)		10.42	%		(3.36	)%		(2.49	)%		05/01/2007
Russell 3000® Value *		16.70	%		(0.85	)%		(0.72	)%
MSCI World *		10.11	%		(2.30	)%		(0.71	)%

NOTES

* The Russell 3000^® Value Index (“Russell 3000^® Value”) and the Morgan Stanley Capital International World Index (“MSCI World”) are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or Life of Fund calculation is based on the inception date of the class. You cannot invest directly in an index.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on fund distributions or the redemption of fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamericainvestments.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.

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

Growth stocks can be volatile and experience sharp price declines and certain types of stocks, especially technology, can be extremely volatile and subject to greater price swings than the broader market. Value approach carries the risk that the market will not recognize a security’s intrinsic value for a long time or that an undervalued stock is actually appropriately priced. This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives and policies of this fund. This fund is only available in Class I2 shares, which are not available for direct investment by the public.

Russell Investment Group is the source and owner of the trademarks, service marks, and copyrights related to the Russell indexes. Russell^® is a trademark of Russell Investment Group.

Transamerica Funds		Annual Report 2012
	Page    39

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 May 1, 2012 and held for the entire period until October 31, 2012.

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 EXAMPLE 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 your fund 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 transaction 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, such as fees and expenses of the trustees and their counsel, extraordinary expenses and interest expense.

			Actual Expenses				Hypothetical Expenses(A)
Fund Name(B)	Beginning Account Value		Ending Account Value		Expenses Paid During  Period(C)		Ending Account Value		Expenses Paid During  Period(C)		Annualized Expense Ratio
Transamerica Arbitrage Strategy	$	1,000.00	$	966.80	$	9.00	$	1,015.99	$	9.22		1.82	%(D)
Transamerica Bond		1,000.00		1,074.70		3.65		1,021.62		3.56		0.70
Transamerica Core Bond		1,000.00		1,030.30		2.40		1,022.77		2.39		0.47
Transamerica Developing Markets Equity		1,000.00		1,017.80		6.75		1,018.45		6.75		1.33
Transamerica Global Macro		1,000.00		1,003.50		7.55		1,017.60		7.61		1.50
Transamerica Global Real Estate Securities		1,000.00		1,047.80		4.99		1,020.26		4.93		0.97
Transamerica Growth		1,000.00		947.10		4.06		1,020.96		4.22		0.83
Transamerica International		1,000.00		1,022.60		5.24		1,019.96		5.23		1.03
Transamerica International Equity Opportunities		1,000.00		1,010.90		5.46		1,019.71		5.48		1.08
Transamerica International Small Cap		1,000.00		965.80		5.68		1,019.36		5.84		1.15
Transamerica International Value Opportunities		1,000.00		993.30		5.41		1,019.71		5.48		1.08
Transamerica Large Company		1,000.00		1,020.40		4.27		1,020.91		4.27		0.84
Transamerica Long/Short Strategy		1,000.00		1,021.30		17.58		1,007.74		17.46		3.46	(E)
Transamerica Mid Cap Value		1,000.00		1,055.90		4.60		1,020.66		4.52		0.89
Transamerica Real Return TIPS		1,000.00		1,046.70		3.55		1,021.67		3.51		0.69
Transamerica Select Equity		1,000.00		1,017.90		3.91		1,021.27		3.91		0.77
Transamerica Total Return		1,000.00		1,040.50		3.80		1,021.42		3.76		0.74
Transamerica Value		1,000.00		1,031.60		4.44		1,020.76		4.42		0.87

^(A) 5% return per year before expenses.

^(B) See the Notes to the Financial Statements for information regarding name changes for the funds.

^(C)  Expenses are calculated using the fund’s annualized expense ratios (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days), and divided by the number of days in the year (366 days).

^(D) Includes dividends and interest on securities sold short (representing 0.57% of average net assets).

^(E)  Includes dividends and interest on securities sold short (representing 2.00% of average net assets).

Transamerica Funds		Annual Report 2012
	Page    40

Schedules of Investments Composition

At October 31, 2012

(The following charts summarize the Schedules of Investments of the funds by asset type)

(unaudited)

Transamerica Arbitrage Strategy	% of Net Assets
Common Stocks		81.1	%
Repurchase Agreement		12.3
Purchased Options		0.1
Other Assets and Liabilities—Net (A)		6.5
Total		100.0	%
Transamerica Bond	% of Net Assets
Corporate Debt Securities		55.6	%
Foreign Government Obligations		13.3
Securities Lending Collateral		12.8
Convertible Bonds		6.9
Mortgage-Backed Securities		5.5
U.S. Government Obligations		5.4
U.S. Government Agency Obligation		5.2
Convertible Preferred Stocks		2.5
Preferred Stocks		1.6
Common Stocks		1.0
Repurchase Agreement		0.9
Asset-Backed Securities		0.6
Preferred Corporate Debt Security		0.1
Other Assets and Liabilities—Net		(11.4	)
Total		100.0	%
Transamerica Core Bond	% of Net Assets
U.S. Government Agency Obligations		45.1	%
Corporate Debt Securities		18.4
U.S. Government Obligations		16.5
Mortgage-Backed Securities		11.2
Asset-Backed Securities		4.7
Securities Lending Collateral		3.7
Foreign Government Obligations		2.0
Repurchase Agreement		1.5
Municipal Government Obligations		0.3
Other Assets and Liabilities—Net		(3.4	)
Total		100.0	%
Transamerica Developing Markets Equity	% of Net Assets
Common Stocks		93.8	%
Securities Lending Collateral		10.4
Repurchase Agreement		4.1
Preferred Stocks		2.0
Other Assets and Liabilities—Net		(10.3	)
Total		100.0	%
Transamerica Global Macro	% of Net Assets
Short-Term U.S. Government Obligations		60.6	%
Repurchase Agreement		39.8
Purchased Options		0.6
Other Assets and Liabilities—Net (A)		(1.0	)
Total		100.0	%
Transamerica Global Real Estate Securities	% of Net Assets
Common Stocks		99.1	%
Securities Lending Collateral		13.8
Repurchase Agreement		0.8
Other Assets and Liabilities—Net		(13.7	)
Total		100.0	%

Transamerica Growth	% of Net Assets
Common Stocks		99.1	%
Securities Lending Collateral		8.3
Repurchase Agreement		1.1
Other Assets and Liabilities—Net		(8.5	)
Total		100.0	%
Transamerica International	% of Net Assets
Common Stocks		96.9	%
Securities Lending Collateral		10.3
Repurchase Agreement		3.0
Other Assets and Liabilities—Net		(10.2	)
Total		100.0	%
Transamerica International Equity Opportunities	% of Net Assets
Common Stocks		99.1	%
Securities Lending Collateral		3.4
Repurchase Agreement		0.7
Right		0.0	(B)
Other Assets and Liabilities—Net		(3.2	)
Total		100.0	%
Transamerica International Small Cap	% of Net Assets
Common Stocks		96.0	%
Securities Lending Collateral		9.0
Repurchase Agreement		3.1
Preferred Stocks		0.4
Other Assets and Liabilities—Net		(8.5	)
Total		100.0	%
Transamerica International Value Opportunities	% of Net Assets
Common Stocks		95.2	%
Securities Lending Collateral		4.9
Repurchase Agreement		2.3
Preferred Stocks		2.0
Other Assets and Liabilities—Net (A)		(4.4	)
Total		100.0	%
Transamerica Large Company	% of Net Assets
Common Stocks		97.7	%
Securities Lending Collateral		3.2
Short-Term Investment Company		2.4
Other Assets and Liabilities—Net		(3.3	)
Total		100.0	%
Transamerica Long/Short Strategy	% of Net Assets
Common Stocks		100.2	%
Repurchase Agreement		0.2
Other Assets and Liabilities—Net (A)		(0.4	)
Total		100.0	%

Transamerica Funds		Annual Report 2012
	Page    41

Schedules of Investments Composition (continued)

At October 31, 2012

(The following charts summarize the Schedules of Investments of the funds by asset type)

(unaudited)

Transamerica Mid Cap Value	% of Net Assets
Common Stocks		98.8	%
Securities Lending Collateral		10.2
Repurchase Agreement		1.3
Other Assets and Liabilities—Net		(10.3	)
Total		100.0	%
Transamerica Real Return TIPS	% of Net Assets
U.S. Government Obligations		98.7	%
Foreign Government Obligations		8.9
Corporate Debt Securities		4.3
Mortgage-Backed Securities		1.5
Commercial Paper		0.6
Loan Assignments		0.5
Securities Lending Collateral		0.4
Asset-Backed Securities		0.4
U.S. Government Agency Obligations		0.2
Municipal Government Obligations		0.1
Repurchase Agreement		0.0	(B)
Purchased Straddle Swaptions		0.0	(B)
Purchased Swaptions		0.0	(B)
Other Assets and Liabilities—Net (A)		(15.6	)
Total		100.0	%
Transamerica Select Equity	% of Net Assets
Common Stocks		98.8	%
Securities Lending Collateral		11.2
Repurchase Agreement		1.2
Other Assets and Liabilities—Net		(11.2	)
Total		100.0	%
Transamerica Total Return	% of Net Assets
U.S. Government Agency Obligations		32.4	%
U.S. Government Obligations		21.0
Corporate Debt Securities		16.3
Short-Term U.S. Government Obligations		13.4
Repurchase Agreements		10.1
Mortgage-Backed Securities		7.5
Municipal Government Obligations		6.4
Foreign Government Obligations		5.8
Asset-Backed Securities		4.8
Commercial Papers		1.5
Certificate of Deposit		1.0
Convertible Preferred Stock		0.2
Securities Lending Collateral		0.2
Preferred Stock		0.1
Purchased Swaption		0.0	(B)
Other Assets and Liabilities—Net (A)		(20.7	)
Total		100.0	%

Transamerica Value	% of Net Assets
Common Stocks		86.7	%
Repurchase Agreement		13.4
Securities Lending Collateral		5.7
Other Assets and Liabilities—Net		(5.8	)
Total		100.0	%

^(A)        The Other Assets and Liabilities—Net category may include, but is not limited to, Reverse Repurchase Agreements, Forward Foreign Currency Contracts, Futures Contracts, Swap Agreements, Written Options and Swaptions, Securities Sold Short, TBA Short Commitments, and Cash Collateral.

^(B)        Amount rounds to less than 0.1%.

Transamerica Funds		Annual Report 2012
	Page    42

Transamerica Arbitrage Strategy

(formerly, Transamerica Water Island Arbitrage Strategy)

SCHEDULE OF INVESTMENTS

At October 31, 2012

	Shares		Value (000’s)
COMMON STOCKS—81.1%
Aerospace & Defense—0.6%
Ceradyne, Inc.		19,135	$	669
Air Freight & Logistics—5.1%
TNT Express NV		561,346		5,912
Beverages—1.7%
Grupo Modelo SAB de CV		219,253		1,932
Biotechnology—0.4%
Devgen ‡		20,580		424
Chemicals—0.3%
Spartech Corp. ‡		45,681		391
Commercial Banks—0.9%
Citizens Republic Bancorp, Inc. ‡		31,094		564
West Coast Bancorp		19,849		437
Construction & Engineering—3.6%
Chicago Bridge & Iron Co. NV—Class Y Ŏ		16,386		615
Shaw Group, Inc. ‡ Ŏ		80,852		3,541
Distributors—0.0% ¥
CFAO SA		716		35
Diversified Financial Services—0.2%
Osaka Securities Exchange Co., Ltd.		62		231
Electrical Equipment—6.5%
Cooper Industries PLC—Class A Ŏ		100,832		7,556
Energy Equipment & Services—0.1%
Union Drilling, Inc. ‡		16,224		105
Food Products—5.8%
Viterra, Inc.		427,815		6,742
Health Care Equipment & Supplies—1.4%
China Kanghui Holdings, Inc. ADR ‡		54,494		1,668
Health Care Providers & Services—8.5%
AMERIGROUP Corp. ‡ Ŏ		47,913		4,377
Coventry Health Care, Inc. Ŏ		99,799		4,356
PSS World Medical, Inc. ‡		3,396		97
Sunrise Senior Living, Inc. ‡		83,105		1,196
Health Care Technology—0.3%
Mediware Information Systems ‡		13,761		302
Hotels, Restaurants & Leisure—0.4%
KFC Holdings Malaysia Bhd ‡		275,094		352
QSR Brands Bhd ‡		74,840		162
Independent Power Producers & Energy Traders—3.0%
GenOn Energy, Inc. ‡ Ŏ		1,378,480		3,543
Industrial Conglomerates—0.5%
Fraser and Neave, Ltd.		69,783		524
Insurance—0.8%
Flagstone Reinsurance Holdings SA		23,432		207
SeaBright Holdings, Inc.		60,736		666
Machinery—3.7%
Cascade Corp.		9,388		610
Industrea, Ltd.		602,695		788
Robbins & Myers, Inc.		48,896		2,899
Media—4.1%
Astral Media, Inc.—Class A		115,816		4,740
Metals & Mining—3.8%
BC Iron, Ltd.		39,583		114
CGA Mining, Ltd. ‡		100,209		304
Flinders Mines, Ltd. ‡		3,711,505		331
Nippon Steel & Sumitomo Metal Corp.		5,160		11
Sundance Resources, Ltd. ‡		5,145,440		1,896
Talison Lithium, Ltd. ‡		237,895		1,532
Yancoal Australia, Ltd.—Class CVR ‡		83,718		209
Multi-Utilities—0.3%
CH Energy Group, Inc.		5,965		388
Oil, Gas & Consumable Fuels—12.0%
Celtic Exploration, Ltd. ‡		144,375		3,770

	Shares		Value (000’s)
Oil, Gas & Consumable Fuels (continued)
Nexen, Inc. Ŏ		187,509	$	4,482
Progress Energy Resources Corp.		271,746		5,475
Whitehaven Coal, Ltd.		125,073		396
Personal Products—0.0% ¥
Physicians Formula Holdings, Inc. ‡		9,249		45
Pharmaceuticals—4.0%
Medicis Pharmaceutical Corp.—Class A Ŏ		106,291		4,614
Real Estate Investment Trusts—0.3%
American Realty Capital Trust, Inc.		31,583		356
Road & Rail—4.1%
Dollar Thrifty Automotive Group, Inc. ‡		61,226		4,714
Semiconductors & Semiconductor Equipment—0.3%
Cymer, Inc. ‡		3,871		308
Software—3.1%
Kenexa Corp. ‡		77,618		3,567
Specialty Retail—0.9%
Douglas Holding AG		10,752		525
PEP Boys-Manny Moe & Jack		49,364		493
Thrifts & Mortgage Finance—2.4%
Hudson City Bancorp, Inc.		333,559		2,830
Wireless Telecommunication Services—2.0%
MetroPCS Communications, Inc. ‡ Ŏ		125,672		1,283
Sprint Nextel Corp. ‡		194,420		1,077
Total Common Stocks (cost $96,612)				94,361
	Notional Amount (000’s)		Value (000’s)
PURCHASED OPTIONS—0.1%
Call Option—0.0% ¥
MetroPCS Communications, Inc.	$	17		5
Strike Price $ 12.50
Expires 01/19/2013
Put Options—0.1%
Aetna, Inc.		1		¨
Strike Price $ 40.00
Expires 11/17/2012
Aetna, Inc.		1		1
Strike Price $ 42.00
Expires 11/17/2012
Chicago Bridge & Iron Co. NV		5		10
Strike Price $ 38.00
Expires 01/19/2013
Chicago Bridge & Iron Co. NV		2		6
Strike Price $ 39.00
Expires 01/19/2013
Dollar Thrifty Automotive Group, Inc.		2		7
Strike Price $ 75.00
Expires 12/22/2012
MetroPCS Communications, Inc.		85		115
Strike Price $ 11.00
Expires 01/19/2013
Peet’s Coffee & Tea, Inc. Ә		1		¨
Strike Price $ 70.00
Expires 12/22/2012
Shaw Group, Inc.		30		14
Strike Price $ 35.00
Expires 01/19/2013
SPDR S&P 500 ETF Trust		1		1
Strike Price $ 138.00
Expires 11/17/2012

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

Transamerica Funds		Annual Report 2012
	Page    43

Transamerica Arbitrage Strategy

(formerly, Transamerica Water Island Arbitrage Strategy)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

	Notional Amount (000’s)		Value (000’s)
Put Options (continued)
SPDR S&P 500 ETF Trust	$	7	$	12
Strike Price $ 140.00
Expires 11/17/2012
Total Purchased Options (cost $219)				171
	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT—12.3%
State Street Bank & Trust Co. 0.03% p, dated 10/31/2012, to be repurchased at $14,259 on 11/01/2012. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 12/15/2017, and with a value of $14,544.		14,259		14,259
Total Repurchase Agreement (cost $14,259)
Total Investment Securities (cost $111,090) Õ				108,791
Other Assets and Liabilities—Net				7,512
Net Assets			$	116,303
	Shares		Value (000’s)
SECURITIES SOLD SHORT—(12.0%)
COMMON STOCKS—(12.0%)
Chemicals—(0.2%)
PolyOne Corp.		(14,467)	$	(274)
Commercial Banks—(2.9%)
Columbia Banking System, Inc.		(11,944)		(212)
FirstMerit Corp.		(19,581)		(271)
M&T Bank Corp.		(28,028)		(2,918)
Gas Utilities—0.0%
APA Group		(2)		(¨)
Health Care Providers & Services—(1.3%)
Aetna, Inc.		(35,435)		(1,549)
Independent Power Producers & Energy Traders—(3.1%)
NRG Energy, Inc.		(167,623)		(3,613)
Insurance—(0.1%)
Validus Holdings, Ltd.		(4,532)		(162)
Machinery—(3.3%)
Eaton Corp.		(78,124)		(3,688)
Metals & Mining—(0.3%)
B2Gold Corp. ‡		(74,155)		(307)
Oil, Gas & Consumable Fuels—(0.2%)
Celtic Exploration, Ltd. ‡ ξ		(55,420)		(222)
Energy Transfer Partners, LP		(953)		(41)
Real Estate Investment Trusts—(0.3%)
Realty Income Corp.		(9,057)		(356)
Semiconductors & Semiconductor Equipment—(0.3%)
ASML Holding NV		(5,782)		(318)
Wireless Telecommunication Services—0.0%
Sprint Nextel Corp. ‡		(100)		(1)
Total Securities Sold Short (proceeds $(12,931))				(13,932)

	Notional Amount (000’s)		Value (000’s)
WRITTEN OPTIONS—(0.1%)
Call Options—0.0% ¥
Aetna, Inc. Strike Price $ 40.00 Expires 11/17/2012	$	¨	$	(1)
Aetna, Inc. Strike Price $ 41.00 Expires 11/17/2012		4		(10)
Aetna, Inc. Strike Price $ 42.00 Expires 11/17/2012		2		(4)
Aetna, Inc. Strike Price $ 45.00 Expires 11/17/2012		1		(1)
Ceradyne, Inc. Strike Price $ 35.00 Expires 11/17/2012		7		(¨)
Ceradyne, Inc. Strike Price $ 35.00 Expires 12/22/2012		9		(1)
Dollar Thrifty Automotive Group, Inc. Strike Price $ 85.00 Expires 01/19/2013		2		(2)
FirstMerit Corp. Ә Strike Price $ 15.00 Expires 11/17/2012		3		(¨)
FirstMerit Corp. Strike Price $ 15.00 Expires 12/22/2012		8		(1)
Medicis Pharmaceutical Corp. Strike Price $ 44.00 Expires 12/22/2012		8		(1)
MetroPCS Communications, Inc. Strike Price $ 12.00 Expires 11/17/2012		9		(¨)
MetroPCS Communications, Inc. Ә Strike Price $ 14.00 Expires 11/17/2012		4		(¨)
MetroPCS Communications, Inc. Ә Strike Price $ 15.00 Expires 11/17/2012		55		(3)
MetroPCS Communications, Inc. Strike Price $ 14.00 Expires 01/19/2013		33		(8)
Peet’s Coffee & Tea, Inc. Ә Strike Price $ 75.00 Expires 12/22/2012		¨		¨
Peet’s Coffee & Tea, Inc. Ә Strike Price $ 80.00 Expires 12/22/2012		1		¨
Robbins & Myers, Inc. Strike Price $ 60.00 Expires 11/17/2012		3		(¨)
Robbins & Myers, Inc. Strike Price $ 60.00 Expires 01/19/2013		4		(¨)
Shaw Group, Inc. Strike Price $ 43.00 Expires 01/19/2013		22		(47)
Shaw Group, Inc. Strike Price $ 44.00 Expires 01/19/2013		1		(1)

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

Transamerica Funds		Annual Report 2012
	Page    44

Transamerica Arbitrage Strategy

(formerly, Transamerica Water Island Arbitrage Strategy)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

	Notional Amount (000’s)		Value (000’s)
Call Options (continued)
Sprint Nextel Corp. Strike Price $ 5.00 Expires 11/17/2012		$30		$(17)
Sprint Nextel Corp. Strike Price $ 5.50 Expires 11/17/2012		34		(4)
Sprint Nextel Corp. Strike Price $ 6.00 Expires 11/17/2012		49		(1)
Put Options—(0.1%)
Dollar Thrifty Automotive Group, Inc. Strike Price $ 67.50 Expires 01/19/2013		2		(4)
FirstMerit Corp. Strike Price $ 15.00 Expires 11/17/2012		3		(3)
FirstMerit Corp. Strike Price $ 15.00 Expires 12/22/2012		7		(10)

	Notional Amount (000’s)		Value (000’s)
Put Options (continued)
MetroPCS Communications, Inc. Strike Price $ 10.00 Expires 11/17/2012		$52		$(16)
MetroPCS Communications, Inc. Strike Price $ 11.00 Expires 11/17/2012		3		(3)
MetroPCS Communications, Inc. Strike Price $ 10.00 Expires 12/22/2012		33		(18)
Shaw Group, Inc. Ә Strike Price $ 27.00 Expires 01/19/2013		1		(¨)
SPDR S&P 500 ETF Trust Strike Price $ 130.00 Expires 11/17/2012		1		(¨)
Sprint Nextel Corp. Strike Price $ 5.50 Expires 11/17/2012		75		(5)
Total Written Options (premiums: $(152))				(161)

FORWARD FOREIGN CURRENCY CONTRACTS:

Currency	Counterparty	Contracts Bought (Sold) (000’s)			Settlement Date		Amount in U.S. Dollars Bought (Sold) (000’s)			Net Unrealized Appreciation (Depreciation) (000’s)
AUD	GSC		(45	)		12/14/2012	$	(46	)	$	(¨	)
AUD	GSC		(50	)		12/14/2012		(52	)		(¨	)
AUD	GSC		(40	)		12/14/2012		(42	)		¨
AUD	GSC		54			12/14/2012		55			1
AUD	GSC		42			12/14/2012		44			(¨	)
AUD	GSC		56			12/14/2012		59			(1	)
AUD	GSC		(55	)		12/14/2012		(56	)		(1	)
AUD	GSC		(25	)		12/14/2012		(25	)		(1	)
AUD	GSC		(9	)		12/14/2012		(9	)		(¨	)
AUD	GSC		(8	)		12/14/2012		(8	)		¨
AUD	GSC		(2	)		12/14/2012		(2	)		(¨	)
AUD	GSC		(25	)		12/14/2012		(26	)		¨
AUD	GSC		(10	)		12/14/2012		(10	)		(¨	)
AUD	GSC		(15	)		12/14/2012		(16	)		¨
AUD	GSC		(3,834	)		12/14/2012		(3,966	)		1
AUD	GSC		(27	)		12/14/2012		(28	)		¨
AUD	GSC		23			12/14/2012		24			¨
AUD	GSC		23			12/14/2012		23			¨
AUD	GSC		5			12/14/2012		5			¨
AUD	GSC		50			12/14/2012		52			¨
AUD	GSC		590			12/14/2012		610			¨
AUD	GSC		(20	)		12/14/2012		(21	)		¨
AUD	GSC		(140	)		12/14/2012		(147	)		2
AUD	GSC		(60	)		12/14/2012		(62	)		(¨	)
AUD	GSC		(1	)		12/14/2012		(1	)		(¨	)
AUD	GSC		(13	)		12/14/2012		(13	)		(¨	)
BRL	GSC		950			12/14/2012		465			(¨	)
BRL	GSC		403			12/14/2012		197			¨
BRL	GSC		66			12/14/2012		32			¨
BRL	GSC		(2,819	)		12/14/2012		(1,378	)		(2	)
BRL	GSC		190			12/14/2012		93			(¨	)
BRL	GSC		190			12/14/2012		93			¨
BRL	GSC		150			12/14/2012		73			¨
BRL	GSC		500			12/14/2012		245			(1	)
BRL	GSC		160			12/14/2012		78			¨
BRL	GSC		210			12/14/2012		102			¨

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

Transamerica Funds		Annual Report 2012
	Page    45

Transamerica Arbitrage Strategy

(formerly, Transamerica Water Island Arbitrage Strategy)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

FORWARD FOREIGN CURRENCY CONTRACTS (continued):

Currency	Counterparty	Contracts Bought (Sold) (000’s)			Settlement Date			Amount in U.S. Dollars Bought (Sold) (000’s)			Net Unrealized Appreciation (Depreciation) (000’s)
CAD	GSC		(235	)		12/14/2012		$	(240	)	$	5
CAD	GSC		800			12/14/2012			804			(4	)
CAD	GSC		(1,100	)		12/14/2012			(1,106	)		5
CAD	GSC		(1,050	)		12/14/2012			(1,064	)		14
CAD	GSC		20			12/14/2012			20			(¨	)
CAD	GSC		60			12/14/2012			62			(2	)
CAD	GSC		15			12/14/2012			15			(¨	)
CAD	GSC		245			12/14/2012			251			(5	)
CAD	GSC		33			12/14/2012			34			(1	)
CAD	GSC		46			12/14/2012			47			(1	)
CAD	GSC		(60	)		12/14/2012			(60	)		1
CAD	GSC		450			12/14/2012			452			(2	)
CAD	GSC		(1,100	)		12/14/2012			(1,106	)		6
CAD	GSC		(65	)		12/14/2012			(66	)		1
CAD	GSC		(20	)		12/14/2012			(20	)		¨
CAD	GSC		(18	)		12/14/2012			(18	)		¨
CAD	GSC		(300	)		12/14/2012			(300	)		(¨	)
CAD	GSC		(160	)		12/14/2012			(163	)		2
CAD	GSC		(100	)		12/14/2012			(102	)		2
CAD	GSC		(100	)		12/14/2012			(101	)		1
CAD	GSC		(40	)		12/14/2012			(41	)		1
CAD	GSC		550			12/14/2012			560			(9	)
CAD	GSC		720			12/14/2012			735			(15	)
CAD	GSC		160			12/14/2012			163			(3	)
CAD	GSC		150			12/14/2012			150			¨
CAD	GSC		500			12/14/2012			501			(1	)
CAD	GSC		(21,570	)		12/14/2012			(22,135	)		558
EUR	GSC		(90	)		12/14/2012			(117	)		¨
EUR	GSC		(140	)		12/14/2012			(183	)		1
EUR	GSC		(4,888	)		12/14/2012			(6,286	)		(52	)
EUR	GSC		170			12/14/2012			221			(1	)
EUR	GSC		(210	)		12/14/2012			(271	)		(1	)
EUR	GSC		(40	)		12/14/2012			(52	)		(¨	)
EUR	GSC		14			12/14/2012			18			(¨	)
EUR	GSC		115			12/14/2012			151			(2	)
EUR	GSC		54			12/14/2012			70			¨
EUR	GSC		76			12/14/2012			100			(1	)
EUR	GSC		87			12/14/2012			114			(1	)
EUR	GSC		45			12/14/2012			59			(¨	)
EUR	GSC		(130	)		12/14/2012			(169	)		¨
EUR	GSC		(160	)		12/14/2012			(209	)		1
EUR	GSC		(79	)		12/14/2012	��		(102	)		(1	)
EUR	GSC		(110	)		12/14/2012			(143	)		¨
EUR	GSC		(35	)		12/14/2012			(45	)		(¨	)
EUR	GSC		(270	)		12/14/2012			(350	)		(¨	)
EUR	GSC		(22	)		12/14/2012			(28	)		(¨	)
EUR	GSC		(189	)		12/14/2012			(246	)		1
EUR	GSC		(600	)		12/14/2012			(776	)		(2	)
EUR	GSC		6			12/14/2012			8			¨
EUR	GSC		45			12/14/2012			58			¨
EUR	GSC		10			12/14/2012			13			¨
EUR	GSC		25			12/14/2012			32			¨
EUR	GSC		740			12/14/2012			955			5
EUR	GSC		78			12/14/2012			100			1
EUR	GSC		100			12/14/2012			130			(1	)
EUR	GSC		53			12/14/2012			69			(1	)
JPY	GSC		(200	)		12/14/2012			(3	)		¨
JPY	GSC		280			12/14/2012			3			¨
JPY	GSC		(2,300	)		12/14/2012			(29	)		¨
JPY	GSC		(380	)		12/14/2012			(5	)		¨
JPY	GSC		1,490			12/14/2012			19			(¨	)
JPY	GSC		(200	)		12/14/2012			(3	)		¨
JPY	GSC		450			12/14/2012			6			(¨	)
JPY	GSC		2,500			12/14/2012			32			(1	)
JPY	GSC		150			12/14/2012			2			(¨	)
JPY	GSC		(200	)		12/14/2012			(3	)		(¨	)

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

Transamerica Funds		Annual Report 2012
	Page    46

Transamerica Arbitrage Strategy

(formerly, Transamerica Water Island Arbitrage Strategy)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

FORWARD FOREIGN CURRENCY CONTRACTS (continued):

Currency	Counterparty	Contracts Bought (Sold) (000’s)			Settlement Date		Amount in U.S. Dollars Bought (Sold) (000’s)			Net Unrealized Appreciation (Depreciation) (000’s)
JPY	GSC		(2,400	)		12/14/2012	$	(31	)	$	1
JPY	GSC		(2,300	)		12/14/2012		(29	)		1
JPY	GSC		(1,500	)		12/14/2012		(19	)		¨
JPY	GSC		(280	)		12/14/2012		(4	)		¨
JPY	GSC		(76,341	)		12/14/2012		(982	)		26
JPY	GSC		60,150			12/14/2012		775			(21	)
JPY	GSC		275			12/14/2012		4			(¨	)
JPY	GSC		550			12/14/2012		7			(¨	)
JPY	GSC		370			12/14/2012		5			(¨	)
JPY	GSC		300			12/14/2012		4			(¨	)
JPY	GSC		90			12/14/2012		1			(¨	)
JPY	GSC		1,000			12/14/2012		13			(¨	)
JPY	GSC		600			12/14/2012		8			(¨	)
JPY	GSC		(1,300	)		12/14/2012		(17	)		¨
MYR	GSC		(18	)		12/14/2012		(6	)		(¨	)
MYR	GSC		(17	)		12/14/2012		(6	)		(¨	)
MYR	GSC		16			12/14/2012		5			¨
MYR	GSC		(1,535	)		12/14/2012		(496	)		(7	)
MYR	GSC		(20	)		12/14/2012		(7	)		(¨	)
NZD	GSC		(4	)		12/14/2012		(3	)		¨
NZD	GSC		2			12/14/2012		1			¨
NZD	GSC		27			12/14/2012		22			¨
NZD	GSC		7			12/14/2012		6			¨
NZD	GSC		(28	)		12/14/2012		(23	)		¨
NZD	GSC		(14	)		12/14/2012		(12	)		¨
NZD	GSC		11			12/14/2012		9			¨
SGD	GSC		(29	)		12/14/2012		(24	)		(¨	)
SGD	GSC		(156	)		12/14/2012		(127	)		(1	)
SGD	GSC		8			12/14/2012		7			(¨	)
SGD	GSC		(48	)		12/14/2012		(39	)		(¨	)
SGD	GSC		1			12/14/2012		1			¨
SGD	GSC		(416	)		12/14/2012		(339	)		(2	)
										$	493

OVER THE COUNTER SWAP AGREEMENTS: p

TOTAL RETURN SWAP AGREEMENTS—PAYABLE: ^(A)

Reference Entity	Floating Rate		Termination Date		Counterparty	Notional Amount (000’s)		Market Value (000’s)			Premiums Paid (Received) (000’s)		Unrealized Appreciation (Depreciation) (000’s)
Agis Group PLC Ә		GBP-1M-LIBOR-BBA		01/16/2013	UBS	$	5,408	$	(14	)	$	—	$	(14	)
CFAO SA Ә		EUR-1M-LIBOR-BBA		09/30/2013	UBS		3,127		(2	)		—		(2	)
Consolidated Media Holdings, Ltd. Ә		AUD-1M-LIBOR-BBA		01/16/2013	UBS		1,134		—			—		—
Dollar Thrifty Automotive Group, Inc. Ә		USD-1M-LIBOR-BBA		10/02/2017	UBS		251		(7	)		—		(7	)
Flinders Mines, Ltd. Ә		AUD-1M-LIBOR-BBA		01/16/2013	UBS		265		(3	)		—		(3	)
Gloucester Coal, Ltd. Ә		AUD-1M-LIBOR-BBA		01/16/2013	UBS		2,409		—			—		—
Nexen, Inc. Ә		USD-1M-LIBOR-BBA		10/02/2017	UBS		846		18			—		18
Progress Energy Resources Corp. Ә		CAD-1M-LIBOR-BBA		10/02/2017	UBS		360		32			—		32
Viterra, Inc. Ә		CAD-1M-LIBOR-BBA		10/02/2017	UBS		1,146		7			—		7
Yancoal Australia, Ltd. Ә		AUD-1M-LIBOR-BBA		01/16/2013	UBS		556		—			—		—
Yancoal Australia, Ltd.—CVR Ә		AUD-1M-LIBOR-BBA		01/16/2013	UBS		1,861		—			—		—
								$	31		$	—	$	31

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

Transamerica Funds		Annual Report 2012
	Page    47

Transamerica Arbitrage Strategy

(formerly, Transamerica Water Island Arbitrage Strategy)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

Collateral (Received) Pledged for OTC Financial Derivative Instruments

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received) pledged as of 10/31/2012:

Counterparty	Total Market Value of OTC Derivatives (000’s)		Collateral (Received) Pledged (000’s)		Net Exposures (1) (000’s)
GSC	$	493	$	—	$	493
UBS		31		7,450		7,481

⁽¹⁾  Net exposure represents the net receivable (payable) that would be due from/to the counterparty in the event of default.

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

‡ Non-income producing security.

Ŏ All or a portion of these securities has been segregated with the broker for options and short position contracts. Total value of securities segregated for options and short position contracts is $27,206.

¥ Percentage rounds to less than 0.1%.

Ә Fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. Total aggregate market value of fair valued securities is less than $1, or less than 0.01% of the fund’s net assets, and total aggregate market value of fair valued derivatives is $28, or 0.02% of the fund’s net assets.

 Rate shown reflects the yield at 10/31/2012.

ξ When-issued security.

P Aggregate cost for federal income tax purposes is $112,999. Net unrealized depreciation for tax purposes is $4,208.

¿ Amount is less than 1.

p Cash in the amount of $7,450 has been segregated as collateral with the broker for open swaps and forward foreign currency contracts.

^(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.

DEFINITIONS:

ADR	American Depositary Receipt
BBA	British Banker’s Association
CVR	Contingent Value Right
ETF	Exchange-Traded Fund
GSC	Goldman Sachs & Co.
LIBOR	London Interbank Offered Rate
OTC	Over the Counter
SPDR	Standard & Poor’s Depositary Receipt
UBS	UBS Warburg LLC

CURRENCY ABBREVIATIONS:

AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
EUR	Euro
GBP	Pound Sterling
JPY	Japanese Yen
MYR	Malaysian Ringgit
NZD	New Zealand Dollar
SGD	Singapore Dollar
USD	United States Dollar

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 10/31/2012
Common Stocks	$	82,451	$	11,910	$	—	$	94,361
Purchased Options		171		—		—		171
Repurchase Agreement		—		14,259		—		14,259
Total	$	82,622	$	26,169	$	—	$	108,791

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

Transamerica Funds		Annual Report 2012
	Page    48

Transamerica Arbitrage Strategy

(formerly, Transamerica Water Island Arbitrage Strategy)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

VALUATION SUMMARY (all amounts in thousands) (continued): '

Securities Sold Short	Level 1 - Quoted Prices			Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value at 10/31/2012
Common Stocks	$	(13,932	)	$	(¨	)	$	—	$	(13,932	)

Other Financial Instruments	Level 1 - Quoted Prices			Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value at 10/31/2012
Written Options	$	(158	)	$	(3	)	$	—	$	(161	)

Other Financial Instruments ₣	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value at 10/31/2012
Forward Foreign Currency Contracts—Appreciation	$	—	$	637		$	—	$	637
Forward Foreign Currency Contracts—Depreciation		—		(144	)		—		(144	)
Total Return Swaps—Appreciation		—		57			—		57
Total Return Swaps—Depreciation		—		(26	)		—		(26	)
Total	$	—	$	524		$	—	$	524

' Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of Levels 1 and 2 during the period ended 10/31/2012. 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		Annual Report 2012
	Page    49

Transamerica Bond

(formerly, Transamerica Loomis Sayles Bond)

SCHEDULE OF INVESTMENTS

At October 31, 2012

	Principal (000’s)		Value (000’s)
U.S. GOVERNMENT OBLIGATIONS—5.4%
United States—5.4%
U.S. Treasury Note
0.25%, 03/31/2014	$	9,315	$	9,315
0.88%, 01/31/2017		29,905		30,256
Total U.S. Government Obligations (cost $39,293)				39,571
U.S. GOVERNMENT AGENCY OBLIGATION—5.2%
United States—5.2%
Fannie Mae
3.50%, 06/01/2042		36,169		38,581
Total U.S. Government Agency Obligation (cost $37,973)
FOREIGN GOVERNMENT OBLIGATIONS—13.3%
Australia—0.8%
Queensland Treasury Corp.
7.13%, 09/18/2017—144A	NZD	5,865		5,546
Brazil—1.8%
Brazilian Government International Bond
8.50%, 01/05/2024	BRL	9,100		5,242
Republic of Brazil
10.25%, 01/10/2028		12,250		7,811
Canada—6.5%
Canada Housing Trust No. 1
3.60%, 06/15/2013—144A	CAD	19,980		20,312
Canadian Government Bond
4.25%, 06/01/2018		1,600		1,846
Province of Ontario Canada
2.95%, 02/05/2015 ^	$	15,610		16,457
4.20%, 03/08/2018—06/02/2020	CAD	6,965		7,845
Province of Quebec Canada
6.75%, 11/09/2015	NZD	2,825		2,542
Ireland—0.5%
Ireland Government Bond
5.00%, 10/18/2020	EUR	285		375
5.40%, 03/13/2025		2,060		2,722
Italy—0.1%
Italy Buoni Poliennali del Tesoro
5.75%, 02/01/2033		560		742
Mexico—1.9%
United Mexican States
8.00%, 12/07/2023	MXN	150,800		13,776
Philippines—0.2%
Republic of The Philippines
4.95%, 01/15/2021	PHP	50,000		1,335
Portugal—0.1%
Portugal Obrigacoes do Tesouro OT
4.95%, 10/25/2023—Reg S	EUR	910		911
Spain—0.8%
Spain Government Bond
4.65%, 07/30/2025		5,005		5,641
Supranational—0.4%
Asian Development Bank
2.50%, 03/15/2016 ^	$	2,845		3,030
Uruguay—0.2%
Uruguay Government International Bond
4.38%, 12/15/2028	UYU	30,672		1,834
Total Foreign Government Obligations (cost $88,873)				97,967

	Principal (000’s)		Value (000’s)
MORTGAGE-BACKED SECURITIES—5.5%
United States—5.5%
American Home Mortgage Investment Trust
Series 2004-3, Class 3A 2.56%, 10/25/2034 *	$	444	$	374
Banc of America Funding Corp.
Series 2006-I, Class 1A1 2.72%, 12/20/2036 *		187		187
Banc of America Merrill Lynch Commercial Mortgage, Inc.
Series 2007-2, Class A4 5.63%, 04/10/2049 *		500		581
Bear Stearns Adjustable Rate Mortgage Trust
Series 2004-3, Class 2A 2.96%, 07/25/2034 *		224		214
Series 2004-10, Class 11A1 3.03%, 01/25/2035 *		76		70
Citicorp Mortgage Securities, Inc.
Series 2006-5, Class 1A2 6.00%, 10/25/2036		442		446
Countrywide Home Loan Mortgage Pass-Through Trust
Series 2004-HYB4, Class 2A1 2.78%, 09/20/2034 *		566		514
Series 2005-11, Class 4A1 0.48%, 04/25/2035 *		828		582
Credit Suisse First Boston Mortgage Securities Corp.
Series 2005-1, Class 3A4 5.25%, 05/25/2028		296		298
Credit Suisse Mortgage Capital Certificates
Series 2007-C3, Class A4 5.68%, 06/15/2039 *		2,410		2,740
Series 2007-C4, Class A4 5.76%, 09/15/2039 *		1,200		1,380
Series 2007-C5, Class A4 5.70%, 09/15/2040 *		4,785		5,515
Series 2008-C1, Class A3 6.07%, 02/15/2041 *		1,540		1,799
CW Capital Cobalt, Ltd.
Series 2006-C1, Class AM 5.25%, 08/15/2048		950		985
Extended Stay America Trust
Series 2010-ESHA, Class D 5.50%, 11/05/2027—144A		4,035		4,063
GMAC Mortgage Corp., Loan Trust
Series 2005-AR4, Class 3A1 3.56%, 07/19/2035 *		1,710		1,530
Greenwich Capital Commercial Funding Corp.
Series 2007-GG11, Class A4 5.74%, 12/10/2049		3,100		3,647
GS Mortgage Securities Corp. II
Series 2007-GG10, Class AM 5.79%, 08/10/2045 *		3,110		2,987
GSR Mortgage Loan Trust
Series 2004-14, Class 3A1 2.94%, 12/25/2034 *		286		245
IndyMac Index Mortgage Loan Trust
Series 2005-16IP, Class A1 0.53%, 07/25/2045 *		326		249
JPMorgan Chase Commercial Mortgage Securities Corp.
Series 2007-LDPX, Class AM 5.46%, 01/15/2049 *		400		422

The notes to the financial statements are an integral part of this report.
Transamerica Funds		Annual Report 2012
	Page    50

Transamerica Bond

(formerly, Transamerica Loomis Sayles Bond)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

	Principal (000’s)		Value (000’s)
United States (continued)
JPMorgan Mortgage Trust
Series 2007-A1, Class 4A2 2.99%, 07/25/2035 *	$	275	$	279
Series 2007-A1, Class 5A1 2.98%, 07/25/2035 *		882		880
Merrill Lynch/Countrywide Commercial Mortgage Trust
Series 2007-9, Class AM 5.86%, 09/12/2049 *		650		686
Morgan Stanley Capital I Trust
Series 2007-HQ12, Class AM 5.58%, 04/12/2049 *		875		898
Morgan Stanley Mortgage Loan Trust
Series 2005-7, Class 7A5 5.50%, 11/25/2035		1,575		1,513
Morgan Stanley Re-REMIC Trust
Series 2009-GG10, Class A4B 5.79%, 08/12/2045—144A *		2,900		3,193
Wachovia Bank Commercial Mortgage Trust
Series 2006-C28, Class AM 5.60%, 10/15/2048 *		2,200		2,379
WaMu Mortgage Pass-Through Certificates
Series 2006-AR17, Class 1A1A 0.96%, 12/25/2046 *		300		256
Series 2007-OA3, Class 2A1A 0.91%, 04/25/2047 *		569		467
Wells Fargo Mortgage Backed Securities Trust
Series 2005-AR2, Class 2A2 2.62%, 03/25/2035 *		822		811
Series 2005-AR4, Class 2A2 2.69%, 04/25/2035 *		529		535
Total Mortgage-Backed Securities (cost $33,744)				40,725
ASSET-BACKED SECURITIES—0.6%
United States—0.6%
Chesapeake Funding LLC
Series 2009-2A, Class B 1.96%, 09/15/2021—144A *		1,000		1,009
Series 2009-2A, Class C 1.96%, 09/15/2021—144A *		1,200		1,207
Countrywide Asset-Backed Certificates
Series 2004-13, Class AF5B 5.10%, 05/25/2035 *		625		524
Diamond Resorts Owner Trust
Series 2009-1, Class A 9.31%, 03/20/2026—144A		458		482
DSC Floorplan Master Owner Trust
Series 2011-1, Class B 8.11%, 03/15/2016—144A		850		860
Total Asset-Backed Securities (cost $3,663)				4,082
PREFERRED CORPORATE DEBT SECURITY—0.1%
United States—0.1%
Hercules, Inc.
6.50%, 06/30/2029		1,260		1,008
Total Preferred Corporate Debt Security (cost $1,072)

	Principal (000’s)		Value (000’s)
CORPORATE DEBT SECURITIES—55.6%
Australia—0.7%
Newcrest Finance Pty, Ltd.
4.20%, 10/01/2022—144A	$	4,795	$	4,918
Austria—0.7%
OGX Austria GmbH
8.38%, 04/01/2022—144A		6,100		5,123
8.50%, 06/01/2018—144A ^		800		698
Belgium—0.1%
Delhaize Group SA
5.70%, 10/01/2040		500		471
Canada—0.6%
Bell Canada
6.10%, 03/16/2035—144A	CAD	475		574
Bombardier, Inc.
7.45%, 05/01/2034—144A	$	800		825
Connacher Oil and Gas, Ltd.
8.50%, 08/01/2019—144A ^		2,325		1,912
Methanex Corp.
5.25%, 03/01/2022		350		382
Cayman Islands—0.4%
Odebrecht Drilling Norbe VIII/IX, Ltd.
6.35%, 06/30/2021—144A ^		1,067		1,230
Schahin II Finance Co. SPV, Ltd.
5.88%, 09/25/2022—144A ^		1,400		1,484
Chile—0.0% ¥
Banco Santander Chile
6.50%, 09/22/2020—144A	CLP	100,000		204
France—0.0% ¥
Societe Generale SA
5.20%, 04/15/2021—144A ^	$	200		220
Isle of Man—0.3%
AngloGold Ashanti Holdings PLC
5.13%, 08/01/2022 ^		2,450		2,499
Korea, Republic of—1.5%
Export-Import Bank of Korea
4.00%, 11/26/2015—144A	PHP	386,300		9,852
Hyundai Capital Services, Inc.
3.50%, 09/13/2017—144A ^	$	800		846
Luxembourg—3.3%
ArcelorMittal
5.75%, 08/05/2020 ^		835		805
6.00%, 03/01/2021 ^		1,490		1,439
6.50%, 02/25/2022		175		172
7.25%, 03/01/2041 ^		4,715		4,319
7.25%, 10/15/2039		6,975		6,475
Telecom Italia Capital SA
6.00%, 09/30/2034		7,180		6,749
6.38%, 11/15/2033		4,240		4,092
Mexico—0.6%
America Movil SAB de CV
8.46%, 12/18/2036	MXN	50,000		4,005
Mexichem SAB de CV
4.88%, 09/19/2022—144A ^	$	800		846
Netherlands—2.5%
Cooperatieve Centrale Raiffeisen- Boerenleenbank BA
3.38%, 01/19/2017 ^		1,030		1,108
3.88%, 02/08/2022		1,810		1,958

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

Transamerica Funds		Annual Report 2012
	Page    51

Transamerica Bond

(formerly, Transamerica Loomis Sayles Bond)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

	Principal (000’s)		Value (000’s)
Netherlands (continued)
EDP Finance BV
4.90%, 10/01/2019—144A	$	3,200	$	3,104
6.00%, 02/02/2018—144A		200		204
Enel Finance International NV
5.13%, 10/07/2019—144A		800		847
6.00%, 10/07/2039—144A		11,190		10,840
6.80%, 09/15/2037—144A		100		105
Spain—1.2%
Telefonica Emisiones SAU
7.05%, 06/20/2036		8,925		9,192
United Kingdom—1.2%
Barclays Bank PLC
6.00%, 01/14/2021—Series EMTN	EUR	2,950		4,026
HBOS PLC
6.00%, 11/01/2033—144A	$	200		176
6.75%, 05/21/2018—144A		3,600		3,816
Lloyds TSB Bank PLC
6.50%, 03/24/2020 ^	EUR	1,300		1,777
United States—42.5%
Alcatel-Lucent USA, Inc.
6.45%, 03/15/2029	$	3,050		1,929
6.50%, 01/15/2028 ^		1,275		800
Ally Financial, Inc.
4.63%, 06/26/2015		7,195		7,475
American International Group, Inc.
6.25%, 03/15/2037		4,900		5,059
8.18%, 05/15/2058 *		5,210		6,500
American Tower Corp.
4.70%, 03/15/2022		3,330		3,679
Arch Coal, Inc.
7.25%, 06/15/2021 ^		2,215		1,955
Aviation Capital Group Corp.
6.75%, 04/06/2021—144A		1,055		1,096
Bank of America Corp.—Series K
8.00%, 01/30/2018 * Ž ^		215		239
Beazer Homes USA, Inc.
9.13%, 05/15/2019		1,890		1,985
Boyd Acquisition Sub LLC/Boyd Acquisition Finance Corp.
8.38%, 02/15/2018—144A ^		830		849
Braskem America Finance Co.
7.13%, 07/22/2041—144A		2,765		3,111
Bruce Mansfield Unit
6.85%, 06/01/2034		2,599		2,770
CCO Holdings LLC / CCO Holdings Capital Corp.
7.38%, 06/01/2020 ^		350		392
CenturyLink, Inc.
7.20%, 12/01/2025		595		657
7.60%, 09/15/2039		5,435		5,571
Chesapeake Energy Corp.
6.63%, 08/15/2020		75		79
6.88%, 08/15/2018 ^		500		525
6.88%, 11/15/2020		490		519
CHS/Community Health Systems, Inc.
8.00%, 11/15/2019 ^		2,675		2,886
Citigroup, Inc.
6.00%, 10/31/2033		11,785		12,660
CommScope, Inc.
8.25%, 01/15/2019—144A		635		684

	Principal (000’s)		Value (000’s)
United States (continued)
Continental Airlines Pass-Through Trust
Series 2001-1, Class A1
6.70%, 06/15/2021	$	694	$	755
Series 2012-1, Class B
6.25%, 04/11/2020		300		317
Series 2012-2, Class B
5.50%, 10/29/2020		840		877
CVS Pass-Through Trust
6.94%, 01/10/2030		1,181		1,494
DDR Corp.
7.88%, 09/01/2020		1,585		2,061
Delta Air Lines, Inc., Pass-Through Trust
Series 2007-1, Class A
6.82%, 08/10/2022		2,133		2,396
Series 2007-1, Class B
8.02%, 08/10/2022		1,790		1,947
Dillard’s, Inc.
7.13%, 08/01/2018		990		1,090
Dynegy Holdings LLC
7.75%, 06/01/2019 Ә		650		¿
Energy Future Holdings Corp.—Series P
5.55%, 11/15/2014 ^		6,735		3,906
Energy Future Holdings Corp.—Series Q
6.50%, 11/15/2024 ^		1,110		436
Energy Future Holdings Corp.—Series R
6.55%, 11/15/2034 ^		305		116
Energy Transfer Partners, LP
5.20%, 02/01/2022		1,095		1,257
First Data Corp.
6.75%, 11/01/2020—144A		2,275		2,275
7.38%, 06/15/2019—144A		1,285		1,330
Ford Motor Co.
7.50%, 08/01/2026		115		135
Forethought Financial Group, Inc.
8.63%, 04/15/2021—144A		1,430		1,818
Frontier Communications Corp.
7.88%, 01/15/2027		2,160		2,176
General Electric Capital Corp.—Series A
7.13%, 06/15/2022 * Ž		6,600		7,551
General Electric Capital Corp.—Series GMTN
5.50%, 02/01/2017	NZD	230		200
7.63%, 12/10/2014		320		284
Goldman Sachs Group, Inc.
6.45%, 05/01/2036	$	4,950		5,284
Goodyear Tire & Rubber Co.
7.00%, 05/15/2022 ^		620		650
HCA, Inc.
7.05%, 12/01/2027		105		99
7.50%, 12/15/2023—11/06/2033		3,655		3,621
7.58%, 09/15/2025		1,020		1,020
7.69%, 06/15/2025		1,545		1,560
7.75%, 07/15/2036 ^		125		125
8.36%, 04/15/2024		190		198
IFM US Colonial Pipeline 2 LLC
6.45%, 05/01/2021—144A		2,300		2,522
International Lease Finance Corp.
5.88%, 04/01/2019 ^		4,345		4,603
6.25%, 05/15/2019 ^		610		657

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

Transamerica Funds		Annual Report 2012
	Page    52

Transamerica Bond

(formerly, Transamerica Loomis Sayles Bond)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

	Principal (000’s)		Value (000’s)
United States (continued)
International Lease Finance Corp. (continued)
8.25%, 12/15/2020 ^	$	710	$	837
8.63%, 01/15/2022		3,555		4,297
JC Penney Corp., Inc.
6.38%, 10/15/2036 ^		2,232		1,839
7.40%, 04/01/2037		1,355		1,291
7.63%, 03/01/2097 ^		430		373
Jefferies Group, Inc.
6.25%, 01/15/2036		3,210		3,226
6.45%, 06/08/2027		275		288
6.88%, 04/15/2021		1,385		1,513
KB Home
7.25%, 06/15/2018 ^		945		1,035
7.50%, 09/15/2022 ^		2,210		2,401
8.00%, 03/15/2020 ^		1,280		1,430
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.
7.38%, 10/01/2017—144A		1,020		1,033
Level 3 Financing, Inc.
8.63%, 07/15/2020 ^		985		1,074
9.38%, 04/01/2019		100		112
Mackinaw Power LLC
6.30%, 10/31/2023—144A § D		1,250		1,317
Macy’s Retail Holdings, Inc.
6.79%, 07/15/2027		1,065		1,239
Masco Corp.
5.85%, 03/15/2017		2,440		2,663
6.50%, 08/15/2032 ^		895		925
7.13%, 03/15/2020		1,505		1,745
7.75%, 08/01/2029		360		412
Meccanica Holdings USA, Inc.
6.25%, 07/15/2019—01/15/2040—144A		2,700		2,487
7.38%, 07/15/2039—144A		5,400		5,167
Merrill Lynch & Co., Inc.
6.05%, 05/16/2016 —06/01/2034		920		956
6.11%, 01/29/2037		8,010		8,768
MGM Resorts International
6.75%, 10/01/2020—144A ^		2,180		2,164
7.50%, 06/01/2016		2,395		2,538
8.63%, 02/01/2019—144A ^		620		670
Morgan Stanley
5.50%, 01/26/2020—07/24/2020		4,460		4,924
5.75%, 01/25/2021		6,000		6,714
8.00%, 05/09/2017	AUD	2,470		2,823
Morgan Stanley—Series GMTN
7.60%, 08/08/2017	NZD	1,350		1,184
New Albertsons, Inc.
6.63%, 06/01/2028	$	4,210		2,247
7.45%, 08/01/2029		1,305		781
7.75%, 06/15/2026		680		414
8.00%, 05/01/2031		905		532
NGPL PipeCo LLC
7.77%, 12/15/2037—144A ^		2,000		2,054
9.63%, 06/01/2019—144A		760		874
NLV Financial Corp.
7.50%, 08/15/2033—144A		190		204
Northwest Airlines Pass-Through Trust
Series 2007-1, Class A
7.03%, 11/01/2019		6,035		6,668

	Principal (000’s)		Value (000’s)
United States (continued)
Owens Corning, Inc.
7.00%, 12/01/2036	$	4,585	$	5,279
Parker Drilling Co.
9.13%, 04/01/2018		325		348
PulteGroup, Inc.
6.00%, 02/15/2035		305		282
6.38%, 05/15/2033		1,850		1,795
7.88%, 06/15/2032		3,500		3,744
Qwest Capital Funding, Inc.
6.88%, 07/15/2028 ^		1,510		1,552
7.63%, 08/03/2021		1,000		1,128
Qwest Corp.
6.88%, 09/15/2033		2,770		2,784
7.20%, 11/10/2026 ^		895		904
7.25%, 10/15/2035 ^		290		300
Ralcorp Holdings, Inc.
6.63%, 08/15/2039		3,060		3,298
Reliance Holdings USA, Inc.
5.40%, 02/14/2022—144A		500		556
Residential Capital LLC
9.63%, 05/15/2015 Џ ‡		930		963
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu
8.25%, 02/15/2021		4,400		4,323
9.00%, 04/15/2019		500		506
9.88%, 08/15/2019		400		419
RR Donnelley & Sons Co.
6.13%, 01/15/2017 ^		205		202
7.25%, 05/15/2018 ^		2,550		2,534
7.63%, 06/15/2020 ^		60		59
8.25%, 03/15/2019 ^		360		371
SandRidge Energy, Inc.
7.50%, 02/15/2023—144A		415		430
8.13%, 10/15/2022—144A		1,370		1,473
SLM Corp.
5.00%, 06/15/2018		175		174
5.63%, 08/01/2033		3,904		3,650
7.25%, 01/25/2022 ^		6,665		7,348
8.45%, 06/15/2018		4,030		4,789
Southwestern Energy Co.
4.10%, 03/15/2022—144A ^		1,570		1,699
Springleaf Finance Corp.
5.40%, 12/01/2015		110		103
6.90%, 12/15/2017 ^		7,760		6,829
Sprint Capital Corp.
6.88%, 11/15/2028		8,800		8,998
6.90%, 05/01/2019		70		76
8.75%, 03/15/2032		660		779
Sprint Nextel Corp.
9.00%, 11/15/2018—144A		1,090		1,346
Toys “R” Us, Inc.
7.38%, 10/15/2018		3,880		3,453
U.S. Steel Corp.
6.65%, 06/01/2037 ^		6,345		5,425
UAL Pass-Through Trust
Series 2007-1, Class A
6.64%, 07/02/2022		5,909		6,323

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

Transamerica Funds		Annual Report 2012
	Page    53

Transamerica Bond

(formerly, Transamerica Loomis Sayles Bond)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

	Principal (000’s)		Value (000’s)
United States (continued)
US Airways Pass-Through Trust
Series 2012-1, Class A
5.90%, 10/01/2024 ^	$	1,835	$	2,000
Series 2012-1, Class B
8.00%, 10/01/2019 ^		1,640		1,714
USG Corp.
6.30%, 11/15/2016		4,585		4,665
9.75%, 01/15/2018 ^		1,070		1,169
Valeant Pharmaceuticals International
6.38%, 10/15/2020—144A		1,520		1,600
6.75%, 08/15/2021—144A		1,670		1,774
7.25%, 07/15/2022—144A ^		1,395		1,510
VPI Escrow Corp.
6.38%, 10/15/2020—144A		5,725		6,026
Westvaco Corp.
7.95%, 02/15/2031		1,135		1,504
8.20%, 01/15/2030		2,985		4,035
Weyerhaeuser Co.
6.88%, 12/15/2033		4,740		5,874
6.95%, 10/01/2027 ^		130		158
7.38%, 03/15/2032		1,530		1,947
Total Corporate Debt Securities (cost $378,114)				410,910
CONVERTIBLE BONDS—6.9%
United States—6.9%
Chesapeake Energy Corp.
2.50%, 05/15/2037 ^		935		865
2.75%, 11/15/2035		145		140
Ciena Corp.
0.88%, 06/15/2017 ^		4,510		3,788
3.75%, 10/15/2018—144A		4,125		4,174
Ford Motor Co.
4.25%, 11/15/2016		3,715		5,468
Illumina, Inc.
0.25%, 03/15/2016—144A		265		249
Intel Corp.
2.95%, 12/15/2035 ^		1,645		1,785
3.25%, 08/01/2039		5,700		6,929
Jefferies Group, Inc.
3.88%, 11/01/2029		3,445		3,318
LAM Research Corp.
1.25%, 05/15/2018 ^		655		639
Lennar Corp.
2.00%, 12/01/2020—144A		65		93
2.75%, 12/15/2020—144A		75		135
Level 3 Communications, Inc.
7.00%, 03/15/2015—144A § D		2,110		2,441
Liberty Interactive LLC
3.50%, 01/15/2031		93		44
Micron Technology, Inc.
1.88%, 08/01/2031		2,465		2,074
2.38%, 05/01/2032—144A		2,260		1,996
3.13%, 05/01/2032—144A ^		175		156
Old Republic International Corp.
3.75%, 03/15/2018 ^		1,790		1,835

	Principal (000’s)		Value (000’s)
United States (continued)
Peabody Energy Corp.
4.75%, 12/15/2041 ^	$	2,079	$	1,884
Ryland Group, Inc.
1.63%, 05/15/2018		1,715		2,208
Standard Pacific Corp.
1.25%, 08/01/2032 ^		1,140		1,289
Steel Dynamics, Inc.
5.13%, 06/15/2014		355		377
Trinity Industries, Inc.
3.88%, 06/01/2036 ^		3,050		3,235
Vertex Pharmaceuticals, Inc.
3.35%, 10/01/2015		4,530		5,396
Total Convertible Bonds (cost $43,947)				50,518
	Shares		Value (000’s)
CONVERTIBLE PREFERRED STOCKS—2.5%
United States—2.5%
AES Trust III, 6.75% ^		10,950		544
Bank of America Corp., 7.25%		960		1,070
El Paso Energy Capital Trust I, 4.75%		6,300		345
General Motors Co., 4.75% ^		229,000		9,302
Goodyear Tire & Rubber Co., 5.88% ^		28,250		1,188
Health Care REIT, Inc., 6.50% ^		19,300		1,087
Lucent Technologies Capital Trust I, 7.75%		4,900		2,781
United Rentals Trust I, 6.50%		3,243		169
Wells Fargo & Co., 7.50%		1,340		1,675
Total Convertible Preferred Stocks (cost $21,548)				18,161
PREFERRED STOCKS—1.6%
United States—1.6%
Ally Financial, Inc., 7.00%—144A		5,495		5,296
Ally Financial, Inc., 8.50% *		93,825		2,350
Countrywide Capital IV, 6.75%		88,375		2,222
SLM Corp., 6.00% ^		78,825		1,923
Total Preferred Stocks (cost $9,156)				11,791
COMMON STOCKS—1.0%
United States—1.0%
Dynegy, Inc. ‡ ^		11,969		224
Ford Motor Co. ^		7,110		79
KB Home ^		181,675		2,903
National Fuel Gas Co. ^		69,815		3,680
Owens-Illinois, Inc. ‡ ^		10,796		210
Total Common Stocks (cost $5,796)				7,096
SECURITIES LENDING COLLATERAL—12.8%
State Street Navigator Securities Lending Trust—Prime Portfolio, 0.31% 		94,623,740		94,624
Total Securities Lending Collateral (cost $94,624)

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

Transamerica Funds		Annual Report 2012
	Page    54

Transamerica Bond

(formerly, Transamerica Loomis Sayles Bond)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT—0.9%
State Street Bank & Trust Co. 0.03% , dated 10/31/2012, to be repurchased at $6,283 on 11/01/2012. Collateralized by a U.S. Government Agency Obligation, 3.00%, due 12/01/2026, and with a value of $6,410.	$	6,283	$	6,283
Total Repurchase Agreement (cost $6,283)
Total Investment Securities (cost $764,086) P				821,317
Other Assets and Liabilities—Net				(84,237	)
Net Assets			$	737,080

INVESTMENTS BY INDUSTRY (unaudited):	Percentage of Total  Investment Securities			Value (000’s)
Foreign Government Obligations		11.9	%	$	97,967
Diversified Financial Services		6.2			50,741
Diversified Telecommunication Services		6.0			49,159
Mortgage-Backed Securities		5.0			40,725
Consumer Finance		4.9			39,937
U.S. Government Obligations		4.8			39,571
U.S. Government Agency Obligation		4.7			38,581
Capital Markets		3.6			29,274
Metals & Mining		3.2			26,430
Commercial Banks		3.0			24,812
Airlines		2.8			22,997
Oil, Gas & Consumable Fuels		2.7			21,983
Household Durables		2.3			19,300
Electric Utilities		2.2			17,771
Building Products		2.1			16,858
Insurance		1.9			15,415
Automobiles		1.8			14,984
Real Estate Investment Trusts		1.8			14,805
Semiconductors & Semiconductor Equipment		1.7			13,578
Communications Equipment		1.4			11,376
Pharmaceuticals		1.3			10,910
Health Care Providers & Services		1.2			9,509
Aerospace & Defense		1.0			8,479
Hotels, Restaurants & Leisure		0.8			6,221
Food & Staples Retailing		0.7			5,939
Multiline Retail		0.7			5,832
Paper & Forest Products		0.7			5,539
Biotechnology		0.7			5,396
Wireless Telecommunication Services		0.7			5,351
Chemicals		0.7			5,347
Household Products		0.6			5,248
Energy Equipment & Services		0.5			4,507
Commercial Services & Supplies		0.5			4,367
Asset-Backed Securities		0.5			4,082
Gas Utilities		0.4			3,679
Software		0.4			3,605
Independent Power Producers & Energy Traders		0.4			3,539
Specialty Retail		0.4			3,453
Food Products		0.4			3,298
Machinery		0.4			3,235
Electronic Equipment & Instruments		0.3			2,781
Auto Components		0.2			1,838
Road & Rail		0.1			1,096
Media		0.1			436
Life Sciences Tools & Services		0.0	¥		249
Containers & Packaging		0.0	¥		210
Investment Securities, at Value		87.7			720,410
Short-Term Investments		12.3			100,907
Total Investments		100.0	%	$	821,317

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

Transamerica Funds		Annual Report 2012
	Page    55

Transamerica Bond

(formerly, Transamerica Loomis Sayles Bond)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

^ All or a portion of this security is on loan. The value of all securities on loan is $92,617.

* Floating or variable rate note. Rate is listed as of 10/31/2012.

¥ Percentage rounds to less than 0.1%.

¿ Amount is less than 1.

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

Ә Fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. Total aggregate market value of fair valued securities is less than $1, or less than 0.01% of the fund’s net assets.

Џ In default.

‡ Non-income producing security.

§ Illiquid. Total aggregate market value of illiquid securities is $3,758, or 0.51% of the fund’s net assets.

 Rate shown reflects the yield at 10/31/2012.

P Aggregate cost for federal income tax purposes is $764,086. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $71,659 and $14,428, respectively. Net unrealized appreciation for tax purposes is $57,231.

D Restricted. At 10/31/2012, the fund owned the respective securities which were restricted to public resale:

Investment Securities	Description	Acquisition Date		Cost		Value		Value as % of Net Assets
Corporate Debt Securities	Mackinaw Power LLC		06/15/2007	$	1,250	$	1,317		0.18	%
Convertible Bonds	Level 3 Communications, Inc.		06/22/2009		2,090		2,441		0.33
				$	3,340	$	3,758		0.51	%

DEFINITIONS (all amounts in thousands):

144A	144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 10/31/2012, these securities aggregated $145,105, or 19.69% of the fund’s net assets.
REIT	Real Estate Investment Trust
REMIC	Real Estate Mortgage Investment Conduits (consist of a fixed pool of mortgages broken apart and marketed to investors as individual securities)

CURRENCY ABBREVIATIONS:

AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CLP	Chilean Peso
EUR	Euro
MXN	Mexican Peso
NZD	New Zealand Dollar
PHP	Philippines Peso
UYU	Uruguayan Peso

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 10/31/2012
Asset-Backed Securities	$	—	$	4,082	$	—	$	4,082
Common Stocks		7,096		—		—		7,096
Convertible Bonds		—		50,518		—		50,518
Convertible Preferred Stocks		18,161		—		—		18,161
Corporate Debt Securities		—		410,910		¿		410,910
Foreign Government Obligations		—		97,967		—		97,967
Mortgage-Backed Securities		—		40,725		—		40,725
Preferred Corporate Debt Security		—		1,008		—		1,008
Preferred Stocks		11,791		—		—		11,791
Repurchase Agreement		—		6,283		—		6,283
Securities Lending Collateral		94,624		—		—		94,624
U.S. Government Agency Obligation		—		38,581		—		38,581
U.S. Government Obligations		—		39,571		—		39,571
Total	$	131,672	$	689,645	$	¿	$	821,317

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

Transamerica Funds		Annual Report 2012
	Page    56

Transamerica Bond

(formerly, Transamerica Loomis Sayles Bond)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

VALUATION SUMMARY (all amounts in thousands) (continued): '

Level 3 Rollforward—Investment Securities

Security

Beginning Balance at 10/31/2011

Purchases

Sales

Accrued Discounts/ (Premiums)

Total Realized Gain/ (Loss)

Net Change in Unrealized Appreciation /(Depreciation)

Transfers into Level 3

Transfers out of Level 3

Ending Balance at 10/31/2012 ₪

Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at 10/31/2012

Corporate Debt Securities

$

—

$

¿

$

—

$

—

$

—

$

—

$

—

$

—

$

¿

$

—

' Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of Levels 1 and 2 during the period ended 10/31/2012. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

₪ Inputs used in the valuation of the Level 3 securities were not considered significant unobservable inputs.

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

Transamerica Funds		Annual Report 2012
	Page    57

Transamerica Core Bond

(formerly, Transamerica JPMorgan Core Bond)

SCHEDULE OF INVESTMENTS

At October 31, 2012

	Principal (000’s)		Value (000’s)
U.S. GOVERNMENT OBLIGATIONS—16.5%
U.S. Treasury Bond
4.50%, 02/15/2036	$	9,450	$	12,574
4.75%, 02/15/2037		1,850		2,553
5.38%, 02/15/2031		2,500		3,603
5.50%, 08/15/2028		800		1,141
6.00%, 02/15/2026		200		291
6.13%, 11/15/2027—08/15/2029		1,600		2,437
6.25%, 05/15/2030		1,200		1,873
6.38%, 08/15/2027		50		76
6.63%, 02/15/2027		150		233
6.75%, 08/15/2026 ^		250		389
7.50%, 11/15/2016		8,250		10,535
8.50%, 02/15/2020		50		76
8.75%, 05/15/2020		1,240		1,918
11.25%, 02/15/2015 ^		12,700		15,856
U.S. Treasury Inflation Indexed Bond
2.50%, 01/15/2029		2,682		3,876
U.S. Treasury Inflation Indexed Note
0.13%, 04/15/2016		1,044		1,100
0.50%, 04/15/2015		5,314		5,552
0.63%, 04/15/2013		1,090		1,094
1.13%, 01/15/2021		2,106		2,490
1.25%, 04/15/2014		3,047		3,151
2.00%, 01/15/2014		2,493		2,586
U.S. Treasury Note
1.50%, 08/31/2018		3,500		3,620
2.00%, 04/30/2016 ^		3,000		3,159
2.13%, 12/31/2015		2,200		2,317
2.38%, 02/28/2015		300		314
2.63%, 04/30/2016—08/15/2020		11,315		12,331
2.75%, 05/31/2017		5,580		6,114
2.88%, 03/31/2018		1,425		1,582
3.00%, 09/30/2016		1,000		1,095
3.13%, 04/30/2017		7,500		8,327
3.25%, 12/31/2016 ^		5,450		6,050
3.25%, 03/31/2017		2,300		2,564
4.13%, 05/15/2015		3,100		3,396
4.25%, 11/15/2017		8,250		9,688
4.50%, 02/15/2016—05/15/2017		8,180		9,512
4.75%, 08/15/2017		1,630		1,943
U.S. Treasury STRIPS 
0.50%, 05/15/2016 ^		200		196
0.62%, 11/15/2016 ^		1,150		1,122
0.66%, 02/15/2017 ^		3,960		3,852
0.76%, 08/15/2017		300		290
0.81%, 11/15/2017		3,625		3,483
0.88%, 02/15/2018 ^		2,500		2,390
0.97%, 08/15/2018		550		521
1.13%, 05/15/2019		3,090		2,877
1.19%, 08/15/2019		2,550		2,360
1.31%, 02/15/2020 ^		2,000		1,823
1.37%, 05/15/2020		64,423		58,308
1.42%, 08/15/2020 ^		29,550		26,549
1.46%, 11/15/2020 ^		2,745		2,450
1.53%, 02/15/2021		4,455		3,941
1.59%, 05/15/2021		10,300		9,036
1.64%, 08/15/2021 ^		9,900		8,612

	Principal (000’s)		Value (000’s)
U.S. GOVERNMENT OBLIGATIONS (continued)
U.S. Treasury STRIPS  (continued)
1.75%, 02/15/2022	$	400	$	342
2.00%, 05/15/2023		1,000		815
2.14%, 02/15/2024		75		59
2.17%, 05/15/2024		300		235
2.21%, 08/15/2024		975		756
2.25%, 11/15/2024		1,600		1,229
2.29%, 02/15/2025		1,150		875
2.33%, 05/15/2025		700		527
2.43%, 02/15/2026 ^		500		365
2.46%, 05/15/2026		600		434
2.49%, 08/15/2026		1,900		1,362
2.55%, 02/15/2027		4,900		3,442
2.57%, 05/15/2027		850		592
2.59%, 08/15/2027		100		69
2.61%, 11/15/2027		1,350		922
2.63%, 02/15/2028		1,250		846
2.65%, 05/15/2028		100		67
2.67%, 08/15/2028		1,000		664
2.69%, 11/15/2028		2,600		1,710
2.71%, 02/15/2029		2,950		1,923
2.72%, 05/15/2029 ^		100		65
2.73%, 08/15/2029		3,800		2,435
2.75%, 11/15/2029		1,500		953
2.76%, 02/15/2030		4,350		2,738
2.78%, 05/15/2030—08/15/2030		2,775		1,725
2.79%, 11/15/2030		900		552
2.81%, 05/15/2031 ^		650		391
2.84%, 11/15/2031 ^		100		59
2.85%, 02/15/2032 ^		650		381
2.86%, 05/15/2032 ^		2,000		1,162
2.88%, 11/15/2032		3,350		1,910
2.90%, 05/15/2033 ^		4,350		2,438
2.91%, 08/15/2033		5,000		2,776
2.92%, 11/15/2033		600		330
2.93%, 02/15/2034		1,300		709
2.94%, 05/15/2034		400		216
2.95%, 08/15/2034		400		214
2.97%, 02/15/2035		1,700		893
3.00%, 05/15/2036		100		50
Total U.S. Government Obligations (cost $283,387)				310,457
U.S. GOVERNMENT AGENCY OBLIGATIONS—45.1%
Fannie Mae
0.41%, 10/27/2037 *		1,600		1,591
0.43%, 02/25/2036—03/25/2045 *		545		543
0.45%, 10/25/2046 *		534		532
0.46%, 06/27/2036—09/25/2036 *		3,464		3,444
0.47%, 11/25/2046 *		3,922		3,907
0.50%, 07/25/2036 *		513		515
0.51%, 03/25/2036 *		401		403
0.53%, 03/25/2037 *		3,767		3,779
0.56%, 08/25/2036 *		751		753
0.61%, 06/25/2037—05/25/2042 *		918		916
0.66%, 07/25/2034 *		55		55
0.74%, 08/25/2019 *		1,399		1,411
0.76%, 08/25/2041—08/25/2042 *		3,635		3,661

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

Transamerica Funds		Annual Report 2012
	Page    58

Transamerica Core Bond

(formerly, Transamerica JPMorgan Core Bond)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

	Principal (000’s)		Value (000’s)
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Fannie Mae (continued)
0.78%, 08/01/2022 *	$	997	$	1,004
0.81%, 04/25/2040 *		2,063		2,083
0.97%, 01/01/2019 *		1,089		1,095
1.01%, 07/05/2014 		4,000		3,943
1.34%, 06/01/2017 		800		765
1.99%, 01/01/2017		1,500		1,527
2.03%, 08/01/2019		2,233		2,310
2.07%, 07/01/2037 *		199		213
2.19%, 09/01/2036 *		121		129
2.22%, 02/01/2037 *		238		252
2.27%, 02/01/2037 *		102		107
2.49%, 10/01/2036 *		202		217
2.62%, 11/01/2037 *		222		239
2.66%, 12/01/2036 *		220		236
2.75%, 09/01/2036 *		332		355
2.80%, 12/01/2036 *		496		529
2.83%, 06/01/2036—04/01/2037 *		359		385
2.84%, 07/01/2037 *		170		183
2.86%, 09/01/2037 *		15		16
2.89%, 07/01/2037 *		143		153
2.95%, 09/01/2036 *		95		102
2.97%, 11/01/2018		1,452		1,570
2.98%, 05/01/2036 *		436		466
3.03%, 11/01/2036 *		100		107
3.12%, 01/01/2022		2,000		2,167
3.23%, 11/01/2020		700		765
3.24%, 12/25/2039 *		853		913
3.25%, 03/01/2036 *		1,161		1,239
3.27%, 11/01/2020		2,000		2,188
3.38%, 01/01/2018		4,000		4,401
3.43%, 11/01/2020		4,800		5,296
3.43%, 03/01/2036 *		426		457
3.50%, 09/01/2020		1,940		2,147
3.52%, 01/01/2018—12/01/2020		11,614		12,892
3.54%, 01/01/2018		3,901		4,296
3.55%, 11/01/2037 *		218		234
3.59%, 10/01/2021		2,000		2,230
3.63%, 01/01/2018		1,500		1,661
3.64%, 06/01/2018		6,000		6,671
3.73%, 06/25/2021		3,500		3,947
3.74%, 06/01/2018		1,979		2,241
3.76%, 06/25/2021—07/25/2021		10,500		11,757
3.77%, 01/01/2021		1,500		1,690
3.79%, 08/01/2037 *		271		293
3.80%, 03/01/2018		1,956		2,183
3.86%, 07/01/2021		1,965		2,229
3.87%, 08/01/2021		1,972		2,237
3.87%, 11/01/2036 *		414		445
3.88%, 09/01/2021		3,152		3,595
3.89%, 07/01/2021		6,000		6,819
3.92%, 08/01/2021		2,300		2,620
3.95%, 07/01/2021		7,000		7,984
3.97%, 06/01/2021		2,465		2,812
3.98%, 08/01/2021		4,891		5,568
3.99%, 07/01/2021—07/01/2026		6,672		7,562
4.00%, 04/01/2020—06/01/2023		1,551		1,655

	Principal (000’s)		Value (000’s)
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Fannie Mae (continued)
4.02%, 08/01/2021	$	3,918	$	4,487
4.05%, 01/01/2021		6,065		6,961
4.06%, 07/01/2021		6,000		6,889
4.07%, 07/01/2020		1,794		2,057
4.13%, 08/01/2021		1,478		1,704
4.16%, 03/01/2021		2,445		2,820
4.18%, 12/01/2019		4,801		5,500
4.22%, 07/01/2021		8,300		9,617
4.23%, 03/01/2020		4,758		5,468
4.24%, 06/01/2021		3,000		3,479
4.25%, 04/01/2021—04/01/2021		2,500		2,908
4.26%, 07/01/2021		2,500		2,906
4.28%, 01/01/2020		1,441		1,658
4.30%, 01/01/2021		1,470		1,721
4.31%, 06/01/2021		9,825		11,453
4.32%, 06/01/2021		2,462		2,872
4.34%, 06/01/2021		7,000		8,198
4.36%, 05/01/2021		2,000		2,337
4.37%, 04/01/2020		971		1,131
4.38%, 01/01/2021—04/01/2021		4,446		5,193
4.39%, 05/01/2021		1,000		1,171
4.40%, 02/01/2020		2,000		2,324
4.45%, 07/01/2026		1,479		1,738
4.48%, 06/01/2021		2,180		2,578
4.50%, 09/25/2018—10/25/2039		13,957		15,477
4.54%, 01/01/2020		965		1,129
4.55%, 06/25/2043		255		283
4.65%, 03/01/2021		3,584		4,243
4.75%, 09/25/2018		707		755
5.00%, 04/25/2016—09/25/2040		15,287		16,831
5.24%, 05/01/2017		5,971		6,740
5.50%, 01/01/2018—10/25/2040		64,807		72,785
5.53%, 05/01/2018		943		1,086
5.61%, 01/25/2032 *		229		250
5.75%, 08/25/2034		1,000		1,115
5.85%, 05/25/2051 *		1,380		1,500
5.87%, 04/01/2036—09/01/2037 *		508		549
5.94%, 06/25/2040 *		550		625
6.00%, 03/01/2019—12/25/2049		59,580		66,340
6.16%, 02/25/2040 *		712		786
6.19%, 08/01/2036 *		90		98
6.25%, 09/25/2038		466		519
6.45%, 03/25/2040 *		655		752
6.50%, 06/01/2023—07/25/2042		12,697		14,454
6.75%, 04/25/2037		566		620
6.99%, 12/25/2042 *		237		278
7.00%, 12/25/2033—02/25/2044		24,189		28,725
7.50%, 05/17/2024—12/25/2045		3,170		3,751
8.00%, 02/25/2023—10/01/2031		2,183		2,624
8.47%, 11/25/2037 *		1,014		1,209
12.24%, 03/25/2040 *		1,082		1,362
15.78%, 01/25/2034 *		110		146
16.35%, 08/25/2035—10/25/2035 *		409		550
16.96%, 04/25/2040 *		398		620
17.30%, 09/25/2024 *		573		781
18.95%, 05/25/2034 *		389		581

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

Transamerica Funds		Annual Report 2012
	Page    59

Transamerica Core Bond

(formerly, Transamerica JPMorgan Core Bond)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

	Principal (000’s)		Value (000’s)
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Fannie Mae (continued)
19.55%, 05/25/2035 *	$	683	$	1,015
21.96%, 04/25/2037 *		448		646
23.79%, 11/25/2035 *		335		542
Fannie Mae, IO
0.64%, 10/25/2016 *		631		7
3.00%, 01/25/2021		3,211		213
3.12%, 01/25/2038 *		262		18
4.00%, 10/25/2014		1,653		77
4.23%, 11/25/2040 *		4,072		416
4.62%, 04/25/2041 *		2,783		205
4.79%, 07/25/2040 *		4,936		904
5.00%, 07/25/2039		483		59
5.50%, 10/25/2039		1,037		145
5.69%, 10/25/2039 *		758		92
5.79%, 02/25/2038—06/25/2039 *		6,849		821
5.97%, 12/25/2039 *		180		21
6.04%, 01/25/2040 *		2,364		306
6.14%, 12/25/2037 *		3,760		598
6.19%, 07/25/2037—05/25/2040 *		5,434		786
6.21%, 04/25/2040 *		1,244		169
6.24%, 10/25/2037—12/25/2037 *		1,622		278
6.41%, 07/25/2037 *		1,814		239
6.44%, 10/25/2026—03/25/2039 *		4,174		588
6.49%, 03/25/2036 *		3,494		775
6.78%, 03/25/2038 *		889		134
6.89%, 02/25/2040 *		993		138
Fannie Mae, PO
10/25/2023—07/25/2040		14,931		14,157
Fannie Mae STRIPS
2.53%, 11/15/2021 		1,000		814
Fannie Mae STRIPS, PO
12/01/2024—08/01/2032		1,715		1,585
Federal Farm Credit Banks
5.13%, 11/15/2018		2,000		2,456
Financing Corp. Fico STRIPS
2.00%, 09/26/2019 		500		444
Freddie Mac
0.46%, 08/15/2023 *		867		867
0.51%, 06/15/2024—03/15/2036 *		1,592		1,596
0.56%, 07/15/2034 *		1,244		1,249
0.61%, 02/15/2033 *		1,504		1,503
0.63%, 07/15/2037 *		2,780		2,793
0.71%, 08/15/2042 *		1,493		1,502
0.76%, 07/15/2042 *		1,989		2,000
1.41%, 07/15/2039 *		556		560
2.30%, 04/01/2037 *		46		48
2.31%, 05/01/2037 *		209		223
2.47%, 10/01/2036 *		240		258
2.50%, 11/01/2036 *		232		246
2.52%, 12/01/2036 *		549		589
2.55%, 10/01/2037 *		131		140
2.66%, 12/01/2036 *		523		562
2.76%, 05/01/2037 *		167		179
2.89%, 11/01/2036 *		57		61
2.91%, 09/01/2037 *		109		118
3.11%, 05/01/2037 *		239		256
3.14%, 05/01/2038 *		134		143

	Principal (000’s)		Value (000’s)
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Freddie Mac (continued)
3.17%, 04/01/2037 *	$	127	$	136
3.22%, 03/01/2037 *		325		347
3.29%, 11/01/2036—05/01/2037 *		1,403		1,497
3.35%, 12/01/2031 *		806		873
3.43%, 05/01/2036 *		186		199
3.47%, 10/25/2037 *		901		912
3.50%, 06/15/2021—07/15/2042		6,968		7,535
3.50%, 03/01/2036 *		975		1,059
4.00%, 01/15/2018—12/15/2041		3,637		3,936
4.25%, 10/15/2030		86		86
4.50%, 07/01/2014—05/01/2041		46,428		50,585
4.90%, 02/01/2036 *		2,036		2,191
5.00%, 10/01/2018—07/15/2041		19,805		22,286
5.03%, 01/01/2035 *		1,606		1,737
5.08%, 07/01/2036 *		1,415		1,530
5.23%, 05/25/2043		1,657		1,853
5.30%, 01/15/2033		1,521		1,674
5.50%, 02/01/2018—01/15/2039		27,103		29,782
5.50%, 05/15/2041 *		3,705		4,004
5.64%, 06/01/2037 *		241		261
5.69%, 10/15/2038 *		1,403		1,545
5.75%, 10/15/2035		959		1,014
5.88%, 04/01/2037 *		48		52
6.00%, 05/01/2017—06/15/2038		16,475		18,032
6.25%, 10/15/2023		811		842
6.45%, 02/01/2037 *		134		146
6.48%, 10/01/2037 *		247		274
6.50%, 08/15/2021—02/25/2043		11,492		13,014
6.50%, 09/25/2043 *		233		265
6.79%, 11/15/2021 *		1,022		1,102
7.00%, 12/15/2036—07/25/2043		2,819		3,424
7.16%, 11/15/2046 *		2,298		2,575
7.50%, 11/15/2036—09/25/2043		4,027		4,711
8.00%, 06/15/2035 *		308		339
8.50%, 09/01/2015		70		75
8.75%, 11/15/2033 *		274		304
8.83%, 10/15/2033 *		66		67
10.00%, 03/17/2026—10/01/2030		1,011		1,150
11.00%, 02/17/2021		339		357
14.46%, 06/15/2033 *		151		188
15.91%, 10/15/2033 *		15		15
16.05%, 10/15/2033 *		36		37
16.79%, 02/15/2040 *		500		786
16.92%, 02/15/2038 *		85		114
19.58%, 07/15/2035 *		112		160
20.37%, 08/15/2031 *		165		288
21.14%, 05/15/2035 *		132		184
23.79%, 06/15/2035 *		127		194
Freddie Mac, IO
3.50%, 09/15/2024		1,599		90
4.00%, 11/15/2029—10/15/2037		14,205		1,011
4.14%, 01/15/2040 *		2,918		144
4.50%, 12/15/2024—07/15/2037		6,277		605
5.00%, 04/15/2032—08/15/2040		7,015		1,017
5.50%, 07/15/2037		458		38
5.79%, 11/15/2037—10/15/2040 *		4,620		1,010

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

Transamerica Funds		Annual Report 2012
	Page    60

Transamerica Core Bond

(formerly, Transamerica JPMorgan Core Bond)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

	Principal (000’s)		Value (000’s)
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Freddie Mac, IO (continued)
5.84%, 05/15/2038 *	$	2,194	$	265
5.89%, 05/15/2039 *		1,797		227
6.04%, 12/15/2039 *		2,289		363
6.13%, 12/15/2039 *		1,658		447
6.19%, 01/15/2037 *		1,034		168
6.24%, 11/15/2037 *		155		22
6.49%, 01/15/2019 *		510		16
6.59%, 09/15/2039 *		1,031		188
7.49%, 08/15/2036 *		3,378		432
Freddie Mac, PO
03/15/2019—01/15/2040		14,744		14,092
Freddie Mac STRIPS, PO
04/01/2028		482		426
Ginnie Mae
0.41%, 04/16/2037 *		184		184
0.69%, 03/20/2060 *		1,004		1,003
0.88%, 05/20/2061 *		1,500		1,512
0.93%, 05/20/2061 *		1,681		1,695
5.50%, 05/16/2019—09/20/2039		9,797		11,289
5.54%, 07/20/2040 *		5,229		5,979
5.75%, 02/20/2036—10/20/2037		10,549		11,467
5.85%, 10/20/2033 *		678		770
6.00%, 04/20/2020—12/20/2039		11,410		12,985
6.13%, 06/16/2031		1,584		1,802
6.50%, 04/20/2028—12/15/2035		3,538		4,085
7.00%, 09/15/2031—10/16/2040		2,786		3,320
7.00%, 09/20/2034 *		56		61
7.43%, 03/17/2033 *		207		227
7.50%, 09/16/2035—10/15/2037		866		1,008
8.79%, 04/20/2034 *		313		344
14.31%, 11/17/2032 *		97		126
16.89%, 02/20/2034 *		73		110
22.54%, 04/20/2037 *		607		862
Ginnie Mae, IO
4.00%, 09/16/2037		4,265		493
5.62%, 02/20/2038 *		334		46
5.69%, 09/20/2038 *		2,507		334
5.74%, 02/20/2039—06/20/2039 *		1,118		153
5.79%, 02/20/2038 *		3,168		458
5.83%, 02/20/2039 *		373		51
5.84%, 08/16/2039 *		2,082		262
5.88%, 09/20/2039 *		2,299		377
5.89%, 11/20/2034—08/20/2039 *		6,316		828
5.94%, 07/20/2038 *		2,181		365
5.99%, 03/20/2037—06/20/2038 *		5,007		734
6.09%, 03/20/2039 *		374		41
6.19%, 12/20/2038—11/16/2039 *		3,875		534
6.32%, 12/20/2037 *		161		26
6.34%, 11/16/2033—11/20/2037 *		489		92
6.39%, 05/20/2041 *		1,616		273
6.44%, 09/20/2033 *		1,594		117
6.47%, 07/20/2037 *		1,465		230
6.49%, 06/20/2037 *		2,489		406
6.50%, 03/20/2039		217		42
7.09%, 12/20/2038 *		1,692		296
7.39%, 09/20/2038 *		196		31

	Principal (000’s)		Value (000’s)
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Ginnie Mae, IO (continued)
7.49%, 04/16/2038 *	$	119	$	20
Ginnie Mae, PO
12/20/2032—12/20/2040		5,592		5,258
Government Trust Certificate Zero Coupon, 04/01/2016—04/01/2020		15,890		14,029
0.97%, 10/01/2015 		4,000		3,850
NCUA Guaranteed Notes
0.57%, 12/07/2020 *		224		225
0.78%, 12/08/2020 *		858		862
2.40%, 12/08/2020		375		384
2.65%, 10/29/2020		2,956		3,109
Residual Funding Corp., Principal STRIPS, PO 
1.95%, 10/15/2019		2,500		2,263
1.96%, 07/15/2020		1,400		1,233
2.16%, 10/15/2020		1,000		873
Tennessee Valley Authority
4.63%, 09/15/2060		236		289
5.25%, 09/15/2039		40		54
5.88%, 04/01/2036		2,325		3,272
Tennessee Valley Authority Generic STRIPS
1.77%, 05/01/2019 		500		445
Tennessee Valley Authority Principal STRIPS
3.39%, 11/01/2025 		2,000		1,348
Total U.S. Government Agency Obligations (cost $810,556)				847,795
FOREIGN GOVERNMENT OBLIGATIONS—2.0%
African Development Bank
8.80%, 09/01/2019		500		665
Corp. Andina de Fomento
3.75%, 01/15/2016		795		835
Israel Government AID Bond 
1.61%, 08/15/2018		1,500		1,388
1.75%, 09/15/2019		10,000		9,099
1.82%, 09/15/2020		7,996		6,917
1.88%, 09/15/2019		7,500		6,720
1.98%, 02/15/2020		6,500		5,738
3.04%, 02/15/2025		2,250		1,583
3.23%, 11/15/2026		1,400		913
Mexico Government International Bond
4.75%, 03/08/2044		688		764
5.75%, 10/12/2110		550		646
Province of Manitoba Canada
2.13%, 04/22/2013		100		101
Province of Ontario Canada
1.65%, 09/27/2019		780		780
2.95%, 02/05/2015		515		543
Province of Quebec Canada
6.35%, 01/30/2026		285		386
Total Foreign Government Obligations (cost $35,159)				37,078
MORTGAGE-BACKED SECURITIES—11.2%
A10 Securitization LLC
Series 2012-1, Class A 3.49%, 04/15/2024—144A		1,416		1,424
American General Mortgage Loan Trust
Series 2006-1, Class A5 5.75%, 12/25/2035—144A *		308		322
Series 2009-1, Class A4 5.75%, 09/25/2048—144A *		1,333		1,338

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

Transamerica Funds		Annual Report 2012
	Page    61

Transamerica Core Bond

(formerly, Transamerica JPMorgan Core Bond)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

	Principal (000’s)		Value (000’s)
MORTGAGE-BACKED SECURITIES (continued)
American General Mortgage Loan Trust (continued)
Series 2009-1, Class A5 5.75%, 09/25/2048—144A *	$	1,100	$	1,111
Series 2009-1, Class A7 5.75%, 09/25/2048—144A *		1,900		1,939
Series 2010-1A, Class A1 5.15%, 03/25/2058—144A *		764		790
Series 2010-1A, Class A3 5.65%, 03/25/2058—144A *		1,140		1,186
ASG Resecuritization Trust
Series 2009-1, Class A60 2.47%, 06/26/2037—144A *		123		121
Series 2009-2, Class A55 5.13%, 05/24/2036—144A *		184		188
Series 2009-2, Class G60 5.13%, 05/24/2036—144A *		400		411
Series 2009-3, Class A65 2.58%, 03/26/2037—144A *		1,116		1,118
Series 2009-4, Class A60 6.00%, 06/28/2037—144A		171		175
Series 2010-3, Class 2A22 0.41%, 10/28/2036—144A *		373		370
Series 2010-4, Class 2A20 0.36%, 11/28/2036—144A *		267		263
Series 2011-1, Class 3A50 2.73%, 11/28/2035—144A *		475		464
Banc of America Alternative Loan Trust
Series 2003-7, Class 2A4 5.00%, 09/25/2018		358		366
Series 2003-9, Class 1CB2 5.50%, 11/25/2033		165		169
Series 2003-11, Class 1A1 6.00%, 01/25/2034		149		156
Series 2003-11, Class 2A1 6.00%, 01/25/2034		194		202
Series 2004-1, Class 1A1 6.00%, 02/25/2034		610		626
Series 2004-1, Class 5A1 5.50%, 02/25/2019		74		76
Series 2004-6, Class 3A2 6.00%, 07/25/2034		194		198
Series 2004-8, Class 3A1 5.50%, 09/25/2019		97		99
Banc of America Funding Corp.
Series 2004-3, Class 1A1 5.50%, 10/25/2034		700		717
Series 2004-C, Class 1A1 5.06%, 12/20/2034 *		164		165
Series 2005-E, Class 4A1 2.67%, 03/20/2035 *		2,345		2,315
Series 2010-R4, Class 5A1 0.37%, 07/26/2036—144A *		164		161
Series 2010-R5, Class 1A1 5.50%, 10/26/2037—144A		880		920
Series 2010-R11A, Class 1A6 5.36%, 08/26/2035—144A *		764		811
Banc of America Merrill Lynch Commercial Mortgage, Inc.
Series 2005-3, Class A4 4.67%, 07/10/2043		300		328

	Principal (000’s)		Value (000’s)
MORTGAGE-BACKED SECURITIES (continued)
Banc of America Merrill Lynch Commercial
Mortgage, Inc. (continued)
Series 2005-3, Class AM 4.73%, 07/10/2043	$	800	$	857
Series 2005-5, Class A4 5.12%, 10/10/2045 *		200		224
Series 2006-3, Class A4 5.89%, 07/10/2044 *		600		687
Series 2006-4, Class A4 5.63%, 07/10/2046		500		574
Series 2006-5, Class A4 5.41%, 09/10/2047		225		256
Banc of America Mortgage Securities, Inc.
Series 2003-3, Class 2A1 0.76%, 05/25/2018 *		86		82
Series 2003-4, Class 2A1 0.76%, 06/25/2018 *		322		314
Series 2003-6, Class 2A1 0.66%, 08/25/2018 *		132		127
Series 2003-C, Class 3A1 3.09%, 04/25/2033 *		299		306
Series 2003-E, Class 2A2 3.13%, 06/25/2033 *		425		428
Series 2004-3, Class 1A26 5.50%, 04/25/2034		1,300		1,329
Series 2004-3, Class 3A1 5.00%, 04/25/2019		110		113
Series 2004-5, Class 4A1 4.75%, 06/25/2019		77		80
Series 2004-C, Class 2A2 3.14%, 04/25/2034 *		845		849
BCAP LLC Trust
Series 2009-RR5, Class 8A1 5.50%, 11/26/2034—144A		429		441
Series 2009-RR10, Class 17A1 5.75%, 06/26/2037—144A		114		116
Series 2009-RR13, Class 17A2 5.50%, 04/26/2037—144A *		482		509
Series 2009-RR14, Class 3A2 2.92%, 08/26/2035—144A *		500		464
Series 2010-RR4, Class 12A1 4.00%, 07/26/2036—144A *		506		505
Series 2010-RR5, Class 2A5 5.25%, 04/26/2037—144A *		722		725
Series 2010-RR6, Class 22A3 4.90%, 06/26/2036—144A *		554		563
Series 2010-RR6, Class 5A1 5.19%, 11/26/2037—144A *		204		204
Series 2010-RR7, Class 15A1 1.01%, 01/26/2036—144A *		329		313
Series 2010-RR7, Class 16A1 0.85%, 02/26/2047—144A *		525		505
Series 2010-RR7, Class 1A5 5.00%, 04/26/2035—144A *		698		685
Series 2010-RR7, Class 2A1 2.69%, 07/26/2045—144A *		1,046		991
Series 2010-RR8, Class 3A3 5.06%, 05/26/2035—144A *		417		423
Series 2010-RR8, Class 3A4 5.06%, 05/26/2035—144A *		773		712

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

Transamerica Funds		Annual Report 2012
	Page    62

Transamerica Core Bond

(formerly, Transamerica JPMorgan Core Bond)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

	Principal (000’s)		Value (000’s)
MORTGAGE-BACKED SECURITIES (continued)
BCAP LLC Trust (continued)
Series 2010-RR12, Class 2A5 4.50%, 01/26/2036—144A *	$	668	$	680
Series 2011-RR4, Class 6A3 5.00%, 08/26/2037—144A *		847		825
Series 2011-RR5, Class 11A3 0.36%, 05/28/2036—144A *		988		881
Series 2011-RR5, Class 14A3 2.93%, 07/26/2036—144A *		771		748
Series 2011-RR10, Class 2A1 3.26%, 09/26/2037—144A *		2,233		1,990
Series 2012-RR2, Class 1A1 0.39%, 08/26/2036—144A *		1,361		1,300
Series 2012-RR3, Class 2A5 4.93%, 05/26/2037—144A		1,735		1,713
Series 2012-RR10 1.00%, 05/26/2036		1,001		923
Bear Stearns Adjustable Rate Mortgage Trust
Series 2003-4, Class 3A1 5.00%, 07/25/2033 *		182		186
Series 2004-2, Class 14A 5.09%, 05/25/2034 *		227		234
Series 2005-5, Class A1 2.24%, 08/25/2035 *		324		326
Bear Stearns Alt-A Trust
Series 2005-2, Class 1A1 0.71%, 03/25/2035 *		424		408
Bear Stearns Commercial Mortgage Securities
Series 2004-PWR4, Class A3 5.47%, 06/11/2041 *		863		915
Series 2006-PW11, Class A4 5.45%, 03/11/2039 *		200		227
Bear Stearns Commercial Mortgage Securities, IO
Series 2005-PWR8, Class X1 0.25%, 06/11/2041—144A *		13,863		191
Chase Mortgage Finance Corp.
Series 2004-S3, Class 2A5 5.50%, 03/25/2034		704		735
Series 2007-A1, Class 1A3 3.01%, 02/25/2037 *		2,545		2,543
Series 2007-A1, Class 2A1 3.00%, 02/25/2037 *		580		593
Series 2007-A1, Class 7A1 2.94%, 02/25/2037 *		439		441
Series 2007-A1, Class 9A1 2.98%, 02/25/2037 *		190		194
Series 2007-A2, Class 1A1 3.08%, 07/25/2037 *		124		123
Series 2007-A2, Class 2A1 2.97%, 07/25/2037 *		754		758
Chase Mortgage Finance Corp., PO
Series 2003-S9, Class AP 10/25/2018		47		47
Citicorp Mortgage Securities, Inc.
Series 2004-4, Class A4 5.50%, 06/25/2034		655		686
Citigroup Commercial Mortgage Trust
Series 2005-C3, Class AM 4.83%, 05/15/2043 *		440		471

	Principal (000’s)		Value (000’s)
MORTGAGE-BACKED SECURITIES (continued)
Citigroup Commercial Mortgage Trust (continued)
Series 2006-C5, Class A4 5.43%, 10/15/2049	$	500	$	577
Citigroup Mortgage Loan Trust, Inc.
Series 2003-1, Class 3A4 5.25%, 09/25/2033		521		551
Series 2005-2, Class 2A11 5.50%, 05/25/2035		366		375
Series 2008-AR4, Class 1A1A 3.03%, 11/25/2038—144A *		1,295		1,320
Series 2009-10, Class 1A1 2.45%, 09/25/2033—144A *		882		894
Series 2009-11, Class 3A1 5.75%, 05/25/2037—144A *		953		999
Series 2010-7, Class 10A1 2.61%, 02/25/2035—144A *		358		365
Series 2010-8, Class 5A6 4.00%, 11/25/2036—144A		7,342		7,565
Series 2010-8, Class 6A6 4.50%, 12/25/2036—144A		6,385		6,647
Series 2011-3, Class 1A1 0.29%, 02/25/2047—144A *		282		280
Series 2011-10, Class 4A1 0.41%, 02/25/2046—144A *		1,119		1,066
Citigroup/Deutsche Bank Commercial Mortgage Trust, IO
Series 2007-CD4, Class XC 0.15%, 12/11/2049—144A *		40,610		315
Commercial Mortgage Asset Trust
Series 1999-C1, Class D 7.35%, 01/17/2032 *		1,000		1,051
Commercial Mortgage Pass-Through Certificates, IO
Series 2012-CR2, Class XA 1.98%, 08/15/2045 *		2,252		290
Countrywide Alternative Loan Trust, PO
Series 2002-7 08/25/2032		113		83
Countrywide Home Loan Mortgage Pass-Through Trust
Series 2003-39, Class A6 5.00%, 10/25/2033		700		725
Series 2003-50, Class A1 5.00%, 11/25/2018		414		426
Series 2003-J13, Class 1A7 5.25%, 01/25/2034		1,262		1,304
Series 2004-3, Class A26 5.50%, 04/25/2034		609		631
Series 2004-3, Class A4 5.75%, 04/25/2034		914		945
Series 2004-5, Class 1A4 5.50%, 06/25/2034		813		847
Series 2004-8, Class 2A1 4.50%, 06/25/2019		78		79
Series 2004-J4, Class 2A1 5.00%, 05/25/2019		153		157
Credit Suisse First Boston Mortgage Securities Corp.
Series 2003-21, Class 1A4 5.25%, 09/25/2033		296		309

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

Transamerica Funds		Annual Report 2012
	Page    63

Transamerica Core Bond

(formerly, Transamerica JPMorgan Core Bond)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

	Principal (000’s)		Value (000’s)
MORTGAGE-BACKED SECURITIES (continued)
Credit Suisse First Boston Mortgage Securities Corp. (continued)
Series 2003-27, Class 5A3 5.25%, 11/25/2033	$	651	$	670
Series 2003-27, Class 5A4 5.25%, 11/25/2033		429		445
Series 2003-29, Class 5A1 7.00%, 12/25/2033		261		279
Series 2003-29, Class 8A1 6.00%, 11/25/2018		113		115
Series 2003-AR15, Class 3A1 3.00%, 06/25/2033 *		370		355
Series 2004-4, Class 2A4 5.50%, 09/25/2034		690		739
Series 2004-5, Class 3A1 5.25%, 08/25/2019		405		416
Series 2004-8, Class 1A4 5.50%, 12/25/2034		703		739
Series 2004-8, Class 3A5 5.50%, 12/25/2034		318		327
Series 2005-C3, Class AM 4.73%, 07/15/2037		400		432
Credit Suisse Mortgage Capital Certificates
Series 2006-C2, Class A3 5.67%, 03/15/2039 *		1,600		1,801
Series 2009-3R, Class 19A3 6.00%, 01/27/2038—144A		352		357
Series 2010-16, Class A3 3.86%, 06/25/2050—144A *		400		385
Series 2010-16, Class A4 3.86%, 06/25/2050—144A *		1,000		932
Series 2010-1R, Class 5A1 5.00%, 01/27/2036—144A *		436		454
Series 2010-11R, Class A6 1.32%, 06/28/2047—144A *		2,000		1,902
Series 2010-12R, Class 14A1 2.94%, 09/26/2046—144A *		412		411
Series 2010-15R, Class 7A1 1.45%, 10/26/2037—144A *		86		85
Series 2010-17R, Class 1A1 2.72%, 06/26/2036—144A *		337		348
Series 2011-1R, Class A1 1.22%, 02/27/2047—144A *		1,051		1,042
Series 2011-6R, Class 3A1 2.97%, 07/28/2036—144A *		662		625
Series 2011-7R, Class A1 1.47%, 08/28/2047—144A *		1,390		1,376
Series 2011-9R, Class A1 2.22%, 03/27/2046—144A *		2,991		2,966
Series 2011-16R, Class 7A3 3.50%, 12/27/2036—144A *		698		692
Series 2012-3R, Class 1A1 3.25%, 07/27/2037—144A *		1,728		1,735
CW Capital Cobalt, Ltd.
Series 2006-C1, Class A4 5.22%, 08/15/2048		600		673
Series 2006-C1, Class AM 5.25%, 08/15/2048		1,000		1,037
CW Capital Cobalt, Ltd., IO
Series 2006-C1 0.75%, 08/15/2048 *		27,092		641

	Principal (000’s)		Value (000’s)
MORTGAGE-BACKED SECURITIES (continued)
DBRR Trust, IO
Series 2011-C32, Class A3X1 2.02%, 06/17/2049—144A *	$	6,000	$	451
Deutsche ALT-A Securities, Inc., Alternate Loan Trust
Series 2005-1, Class 2A1 5.62%, 02/25/2020 *		250		257
Deutsche Mortgage Securities, Inc.
Series 2009-RS2, Class 4A1 0.35%, 04/26/2037—144A *		230		224
Series 2010-RS2, Class A1 1.46%, 06/28/2047—144A *		166		165
FDIC Structured Sale Guaranteed Notes
Series 2010-C1, Class A 2.98%, 12/06/2020—144A		982		1,033
First Horizon Asset Securities, Inc.
Series 2003-8, Class 2A1 4.50%, 09/25/2018		105		108
Series 2004-AR2, Class 2A1 2.63%, 05/25/2034 *		702		695
Fontainebleau Miami Beach Trust
Series 2012-FBLU, Class A 2.89%, 05/05/2027—144A		1,146		1,182
GE Capital Commercial Mortgage Corp.
Series 2005-C1, Class AJ 4.83%, 06/10/2048 *		1,000		1,053
GMAC Mortgage Corp., Loan Trust
Series 2003-AR1, Class A4 3.42%, 10/19/2033 *		206		212
Series 2003-AR2, Class 2A4 3.39%, 12/19/2033 *		1,165		1,182
Series 2004-J5, Class A7 6.50%, 01/25/2035		1,782		1,838
Series 2004-J6, Class 1A1 5.00%, 01/25/2020		190		195
Greenwich Capital Commercial Funding Corp.
Series 2005-GG3, Class AJ 4.86%, 08/10/2042 *		220		233
GS Mortgage Securities Corp. II
Series 2004-GG2, Class A6 5.40%, 08/10/2038 *		1,000		1,068
GS Mortgage Securities Corp. II, IO
Series 2006-GG8, Class X 0.60%, 11/10/2039—144A *		10,805		206
GSMPS Mortgage Loan Trust
Series 2005-RP3, Class 1AF 0.56%, 09/25/2035—144A *		1,482		1,202
GSMPS Mortgage Loan Trust, IO
Series 2005-RP3, Class 1AS 5.05%, 09/25/2035—144A *		1,111		164
GSR Mortgage Loan Trust
Series 2003-7F, Class 1A4 5.25%, 06/25/2033		1,623		1,617
Series 2004-8F, Class 2A3 6.00%, 09/25/2034		1,668		1,745
Series 2005-5F, Class 8A3 0.71%, 06/25/2035 *		167		159
Impac CMB Trust
Series 2005-4, Class 2A1 0.51%, 05/25/2035 *		398		392

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

Transamerica Funds		Annual Report 2012
	Page    64

Transamerica Core Bond

(formerly, Transamerica JPMorgan Core Bond)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

	Principal (000’s)		Value (000’s)
MORTGAGE-BACKED SECURITIES (continued)
Impac Secured Assets CMN Owner Trust
Series 2003-2, Class A1 5.50%, 08/25/2033	$	122	$	128
Series 2006-1, Class 2A1 0.56%, 05/25/2036 *		861		851
Series 2006-2, Class 2A1 0.56%, 08/25/2036 *		812		818
JPMorgan Chase Commercial Mortgage Securities Corp.
Series 2004-CB8, Class A4 4.40%, 01/12/2039		1,000		1,040
Series 2004-CB9, Class A4 5.59%, 06/12/2041 *		1,000		1,073
Series 2005-CB11, Class AJ 5.36%, 08/12/2037 *		700		753
Series 2005-CB13, Class A4 5.29%, 01/12/2043 *		385		426
Series 2006-CB15, Class A4 5.81%, 06/12/2043 *		1,500		1,726
Series 2006-CB16, Class A4 5.55%, 05/12/2045		100		115
Series 2006-LDP9, Class A3SF 0.37%, 05/15/2047 *		1,000		952
JPMorgan Chase Commercial Mortgage Securities Corp., IO
Series 2006-CB15, Class X1 0.07%, 06/12/2043 *		51,000		355
JPMorgan Mortgage Trust
Series 2004-A3, Class 4A1 3.05%, 07/25/2034 *		144		145
Series 2004-A4, Class 1A1 3.04%, 09/25/2034 *		164		168
Series 2004-S1, Class 1A7 5.00%, 09/25/2034		65		66
Series 2005-A1, Class 3A4 5.00%, 02/25/2035 *		606		623
Series 2005-A1, Class 5A1 4.43%, 02/25/2035 *		12		12
Series 2006-A2, Class 4A1 3.01%, 08/25/2034 *		462		467
Series 2006-A2, Class 5A3 2.86%, 11/25/2033 *		1,070		1,083
Series 2006-A3, Class 6A1 3.01%, 08/25/2034 *		113		111
JPMorgan Re-REMIC
Series 2009-6, Class 4A1 5.48%, 09/26/2036—144A *		375		372
Series 2010-4, Class 7A1 1.87%, 08/26/2035—144A *		412		408
LB-UBS Commercial Mortgage Trust
Series 2004-C2, Class A4 4.37%, 03/15/2036		1,110		1,158
Series 2006-C1, Class A4 5.16%, 02/15/2031		150		168
Series 2006-C4, Class A4 5.87%, 06/15/2038 *		400		463
LB-UBS Commercial Mortgage Trust, IO
Series 2006-C1, Class XCL 0.14%, 02/15/2041—144A *		23,687		243

	Principal (000’s)		Value (000’s)
MORTGAGE-BACKED SECURITIES (continued)
LVII Resecuritization Trust
Series 2009-2, Class A5 3.00%, 09/27/2037—144A *	$	902	$	900
Series 2009-3, Class M3 5.55%, 11/27/2037—144A *		600		628
MASTR Adjustable Rate Mortgages Trust
Series 2004-13, Class 2A1 2.66%, 04/21/2034 *		1,222		1,234
Series 2004-13, Class 3A6 2.63%, 11/21/2034 *		41		41
Series 2004-13, Class 3A7 2.63%, 11/21/2034 *		700		716
MASTR Alternative Loans Trust
Series 2003-9, Class 2A1 6.00%, 12/25/2033		148		157
Series 2004-5, Class 5A1 4.75%, 06/25/2019		183		186
MASTR Asset Securitization Trust
Series 2003-2, Class 1A1 5.00%, 03/25/2018		94		97
Series 2003-3, Class 3A18 5.50%, 04/25/2033		271		279
Series 2003-11, Class 9A6 5.25%, 12/25/2033		1,117		1,165
Series 2004-P7, Class A6 5.50%, 12/27/2033—144A		510		537
MASTR Resecuritization Trust, PO
Series 2005, Class 3 05/28/2035—144A		193		154
Merrill Lynch Mortgage Investors, Inc.
Series 2003-A4, Class 2A 2.75%, 07/25/2033 *		159		163
Series 2003-A5, Class 2A6 2.68%, 08/25/2033 *		168		171
Series 2004-A4, Class A2 2.58%, 08/25/2034 *		274		278
Merrill Lynch Mortgage Trust
Series 2005-LC1, Class AJ 5.38%, 01/12/2044 *		500		546
Series 2006-C1, Class A4 5.69%, 05/12/2039 *		730		838
Merrill Lynch/Countrywide Commercial Mortgage Trust, IO
Series 2006-4, Class XC 0.20%, 12/12/2049—144A *		15,402		191
MLCC Mortgage Investors, Inc.
Series 2004-1, Class 2A1 2.52%, 12/25/2034 *		587		604
Series 2004-D, Class A2 1.43%, 09/25/2029 *		407		393
Morgan Stanley Capital I, Inc.
Series 2004-HQ4, Class A7 4.97%, 04/14/2040		2,500		2,646
Series 2006-T21, Class A4 5.16%, 10/12/2052 *		200		224
Series 2007-T27, Class A4 5.65%, 06/11/2042 *		200		238
Series 2011-C3, Class A3 4.05%, 07/15/2049		637		717

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

Transamerica Funds		Annual Report 2012
	Page    65

Transamerica Core Bond

(formerly, Transamerica JPMorgan Core Bond)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

	Principal (000’s)		Value (000’s)
MORTGAGE-BACKED SECURITIES (continued)
Morgan Stanley Capital I, Inc., IO
Series 2006-IQ12, Class X1 0.13%, 12/15/2043—144A *	$	37,378	$	524
Series 2006-T21, Class X 0.18%, 10/12/2052—144A *		90,429		641
Series 2007-HQ11, Class X 0.23%, 02/12/2044—144A *		67,963		424
Morgan Stanley Mortgage Loan Trust
Series 2004-3, Class 4A 5.67%, 04/25/2034 *		609		620
Morgan Stanley Re-REMIC Trust
0.25%, 07/27/2049		500		373
2.00%, 07/27/2049		2,252		2,272
Series 2009-IO, Class A1 3.00%, 07/17/2056—144A		72		72
Series 2009-IO, Class A2 5.00%, 07/17/2056—144A		2,500		2,555
Series 2010-C30A, Class A3A 3.25%, 12/17/2043—144A		670		669
Series 2010-HQ4B, Class A7A 4.97%, 04/16/2040—144A		1,400		1,479
Series 2011-IO, Class A 2.50%, 03/23/2051—144A		1,504		1,517
Prime Mortgage Trust
Series 2004-CL1, Class 1A1 6.00%, 02/25/2034		250		263
Prime Mortgage Trust, PO
Series 2004-CL1, Class 1 02/25/2034		22		21
Provident Funding Mortgage Loan Trust
Series 2005-1, Class 2A1 2.84%, 05/25/2035 *		515		519
RALI Trust
Series 2003-QS1, Class A6 4.25%, 01/25/2033		131		133
Series 2003-QS13, Class A5 0.86%, 07/25/2033 *		418		379
Series 2003-QS15, Class A7 5.50%, 08/25/2033		1,323		1,365
Series 2003-QS18, Class A1 5.00%, 09/25/2018		135		140
Series 2004-QS7, Class A4 5.50%, 05/25/2034		397		366
RAMP Trust
Series 2004-RS6, Class AI4 5.46%, 05/25/2032 *		239		242
Series 2004-RZ1, Class M1 4.32%, 03/25/2034 *		571		495
Series 2004-SL2, Class A3 7.00%, 10/25/2031		412		430
Series 2005-EFC5, Class A3 0.55%, 10/25/2035 *		600		554
Series 2006-RZ1, Class A3 0.51%, 03/25/2036 *		1,000		881
RBSSP Resecuritization Trust
Series 2009-1, Class 1A1 6.50%, 02/26/2036—144A		579		621
Series 2010-9, Class 7A5 4.00%, 05/26/2037—144A *		796		796

	Principal (000’s)		Value (000’s)
MORTGAGE-BACKED SECURITIES (continued)
Residential Asset Securitization Trust
Series 2002-A13, Class A4 5.25%, 12/25/2017	$	67	$	68
RFMSI Trust
Series 2003-S4, Class A4 5.75%, 03/25/2033		549		561
Series 2003-S20, Class 2A1 4.75%, 12/25/2018		105		108
Salomon Brothers Mortgage Securities VII, Inc.
Series 2003-HYB1, Class A 3.10%, 09/25/2033 *		517		525
Series 2003-UP1, Class A 3.95%, 04/25/2032—144A *		40		39
Sequoia Mortgage Trust
Series 2004-11, Class A1 0.51%, 12/20/2034 *		695		642
Series 2004-11, Class A3 0.51%, 12/20/2034 *		797		785
Series 2004-12, Class A3 1.06%, 01/20/2035 *		455		367
Springleaf Mortgage Loan Trust
Series 2011-1A, Class A1 4.05%, 01/25/2058—144A *		1,771		1,825
Series 2011-1A, Class A2 5.45%, 01/25/2058—144A *		1,500		1,583
Series 2012-1A, Class A 2.67%, 09/25/2057—144A *		689		698
Series 2012-1A, Class M3 6.00%, 09/25/2057—144A *		1,000		988
Series 2012-2A, Class A 2.22%, 10/25/2057—144A *		2,296		2,308
Series 2012-2A, Class M4 6.00%, 10/25/2057—144A *		1,200		1,200
Series 2012-3A, Class A 1.57%, 12/25/2059—144A		1,031		1,034
Series 2012-3A, Class M1 2.66%, 12/25/2059—144A		534		535
Series 2012-3A, Class M2 3.56%, 12/25/2059—144A		471		472
Series 2012-3A, Class M3 4.44%, 12/25/2059—144A		253		253
Series 2012-3A, Class M4 5.30%, 12/25/2059—144A		146		146
Structured Adjustable Rate Mortgage Loan Trust
Series 2004-6, Class 5A4 4.90%, 06/25/2034 *		800		807
Structured Asset Mortgage Investments, Inc.
Series 2004-AR5, Class 1A1 0.87%, 10/19/2034 *		595		565
Thornburg Mortgage Securities Trust
Series 2003-4, Class A1 0.85%, 09/25/2043 *		476		474
Series 2004-1, Class II2A 1.91%, 03/25/2044 *		224		220
TIAA Seasoned Commercial Mortgage Trust
Series 2007-C4, Class A3 5.59%, 08/15/2039 *		650		691

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

Transamerica Funds		Annual Report 2012
	Page    66

Transamerica Core Bond

(formerly, Transamerica JPMorgan Core Bond)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

	Principal (000’s)		Value (000’s)
MORTGAGE-BACKED SECURITIES (continued)
UBS-BAMLL Trust
Series 2012-WRM, Class A 3.66%, 06/10/2030—144A	$	1,386	$	1,490
UBS-Barclays Commercial Mortgage Trust
Series 2012-C2, Class A4 3.53%, 05/10/2063		650		709
UBS-Barclays Commercial Mortgage Trust, IO
Series 2012-C2, Class XA 1.83%, 05/10/2063—144A *		6,224		666
Vendee Mortgage Trust
Series 1993-1, Class ZB 7.25%, 02/15/2023		387		456
Series 1998-2, Class 1G 6.75%, 06/15/2028		692		841
Vericrest Opportunity Loan Transferee
Series 2011-NL2A, Class A2 9.32%, 06/25/2051—144A *		1,234		1,237
Series 2011-NL3A, Class A1 5.19%, 09/25/2051—144A *		423		423
Series 2011-NL3A, Class A2 9.32%, 09/25/2051—144A *		614		615
Series 2012-NL1A, Class A1 4.21%, 03/25/2049—144A *		168		169
Series 2012-NL2A, Class A1 2.49%, 02/26/2052—144A		681		683
Wachovia Bank Commercial Mortgage Trust
Series 2003-C9, Class A4 5.01%, 12/15/2035 *		1,441		1,492
Series 2004-C11, Class A5 5.22%, 01/15/2041 *		1,118		1,186
Wachovia Bank Commercial Mortgage Trust, IO
Series 2006-C24, Class XC 0.05%, 03/15/2045—144A *		143,358		605
WaMu Mortgage Pass-Through Certificates
Series 2003-AR6, Class A1 2.44%, 06/25/2033 *		924		949
Series 2003-AR7, Class A7 2.32%, 08/25/2033 *		340		341
Series 2003-AR8, Class A 2.46%, 08/25/2033 *		118		121
Series 2003-AR9, Class 1A6 2.45%, 09/25/2033 *		592		604
Series 2003-S3, Class 1A4 5.50%, 06/25/2033		623		651
Series 2003-S4, Class 2A10 16.88%, 06/25/2033 *		39		44
Series 2003-S8, Class A4 4.50%, 09/25/2018		60		60
Series 2003-S9, Class A8 5.25%, 10/25/2033		487		511
Series 2004-AR3, Class A1 2.58%, 06/25/2034 *		79		80
Series 2004-AR3, Class A2 2.58%, 06/25/2034 *		809		824
Series 2004-CB2, Class 7A 5.50%, 08/25/2019		437		456
Series 2004-CB3, Class 4A 6.00%, 10/25/2019		489		509

	Principal (000’s)		Value (000’s)
MORTGAGE-BACKED SECURITIES (continued)
WaMu Mortgage Pass-Through Certificates (continued)
Series 2004-S1, Class 1A3 0.61%, 03/25/2034 *	$	88	$	86
Series 2004-S2, Class 2A4 5.50%, 06/25/2034		635		669
Washington Mutual MSC Mortgage Pass-Through Certificates
Series 2003-MS2, Class 1A1 5.75%, 02/25/2033		369		386
Series 2004-RA2, Class 2A 7.00%, 07/25/2033		153		167
Wells Fargo Mortgage Backed Securities Trust
Series 2003-11, Class 1A10 4.75%, 10/25/2018		730		751
Series 2003-11, Class 2A1 4.75%, 10/25/2018		593		612
Series 2003-15, Class 1A1 4.75%, 12/25/2018		132		137
Series 2003-J, Class 2A5 4.43%, 10/25/2033 *		9		9
Series 2003-K, Class 1A1 4.44%, 11/25/2033 *		54		55
Series 2004-4, Class A9 5.50%, 05/25/2034		561		579
Series 2004-7, Class 2A2 5.00%, 07/25/2019		184		190
Series 2004-EE, Class 2A1 2.63%, 12/25/2034 *		439		452
Series 2004-EE, Class 2A2 2.63%, 12/25/2034 *		110		113
Series 2004-EE, Class 3A1 3.04%, 12/25/2034 *		101		105
Series 2004-EE, Class 3A2 3.04%, 12/25/2034 *		152		158
Series 2004-I, Class 1A1 2.77%, 07/25/2034 *		1,451		1,466
Series 2004-P, Class 2A1 2.62%, 09/25/2034 *		2,456		2,482
Series 2004-R, Class 2A1 2.62%, 09/25/2034 *		1,280		1,300
Series 2004-U, Class A1 2.80%, 10/25/2034 *		1,404		1,418
Series 2004-V, Class 1A1 2.65%, 10/25/2034 *		256		262
Series 2004-V, Class 1A2 2.65%, 10/25/2034 *		114		118
Series 2004-W, Class A9 2.70%, 11/25/2034 *		366		372
Series 2005-1, Class 2A1 5.00%, 01/25/2020		245		257
Series 2005-13, Class A1 5.00%, 11/25/2020		125		133
Series 2005-AR8, Class 2A1 2.73%, 06/25/2035 *		576		584
Series 2005-AR9, Class 2A1 2.74%, 10/25/2033 *		227		231
Wells Fargo Mortgage Loan Trust
Series 2012-RR1, Class A1 2.85%, 08/27/2037—144A *		804		808

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

Transamerica Funds		Annual Report 2012
	Page    67

Transamerica Core Bond

(formerly, Transamerica JPMorgan Core Bond)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

	Principal (000’s)		Value (000’s)
MORTGAGE-BACKED SECURITIES (continued)
Wells Fargo Re-REMIC Trust
Series 2012-IO, Class A 1.75%, 08/20/2021—144A	$	2,643	$	2,639
WF-RBS Commercial Mortgage Trust
Series 2011-C3, Class A4 4.38%, 03/15/2044—144A		550		630
Total Mortgage-Backed Securities (cost $204,732)				210,173
ASSET-BACKED SECURITIES—4.7%
Academic Loan Funding Trust
Series 2012-1A, Class A1 1.01%, 12/27/2022—144A *		1,295		1,299
AH Mortgage Advance Co., Ltd.
Series SART-3, Class 1A1 2.98%, 03/13/2043—144A		1,035		1,041
Series SART-3, Class 1A2 3.72%, 03/13/2044—144A		1,969		2,022
AH Mortgage Advance Trust
Series SART-1, Class A1R 2.23%, 05/10/2043—144A		1,230		1,235
Series SART-1, Class A2 3.37%, 05/10/2043—144A		4,434		4,433
Series SART-2, Class A1 3.27%, 09/15/2043—144A		2,134		2,160
Series SART-2, Class B1 6.90%, 09/15/2043—144A		800		800
Ally Auto Receivables Trust
Series 2010-1, Class A3 1.45%, 05/15/2014		45		45
Series 2010-3, Class A3 1.11%, 10/15/2014		532		534
Series 2010-3, Class A4 1.55%, 08/17/2015		357		362
Series 2010-4, Class A3 0.91%, 11/17/2014		218		219
Series 2011-1, Class A3 1.38%, 01/15/2015		218		220
American Credit Acceptance Receivables Trust
Series 2012-1, Class A1 1.96%, 01/15/2014—144A		46		46
Series 2012-1, Class A2 3.04%, 10/15/2015—144A		512		513
Series 2012-2, Class A 1.89%, 07/15/2016—144A		1,423		1,424
AmeriCredit Automobile Receivables Trust
Series 2010-3, Class A3 1.14%, 04/08/2015		348		349
Series 2010-4, Class A3 1.27%, 04/08/2015		117		118
Series 2011-1, Class A2 0.84%, 06/09/2014		1		1
Series 2011-1, Class A3 1.39%, 09/08/2015		200		201
Series 2011-3, Class A2 0.84%, 11/10/2014		258		258
Series 2011-4, Class A2 0.92%, 03/09/2015		366		366
Series 2011-4, Class A3 1.17%, 05/09/2016		1,885		1,899

	Principal (000’s)		Value (000’s)
ASSET-BACKED SECURITIES (continued)
AmeriCredit Automobile Receivables Trust (continued)
Series 2011-5, Class A3 1.55%, 07/08/2016	$	1,593	$	1,617
Series 2012-1, Class A2 0.91%, 10/08/2015		348		349
Series 2012-3, Class A2 0.71%, 12/08/2015		900		902
Series 2012-3, Class A3 0.96%, 01/09/2017		448		451
Series 2012-4, Class A2 0.49%, 04/08/2016		545		545
Asset Backed Funding Certificates
Series 2005-AQ1, Class A4 5.01%, 06/25/2035 *		683		692
Bank of America Auto Trust
Series 2010-2, Class A3 1.31%, 07/15/2014		53		53
Series 2010-2, Class A4 1.94%, 06/15/2017		510		516
Series 2010-1A, Class A4 2.18%, 02/15/2017—144A		175		176
BMW Vehicle Lease Trust
Series 2012-1, Class A3 0.75%, 02/20/2015		311		313
BXG Receivables Note Trust
Series 2012-A, Class A 2.66%, 12/02/2027—144A		975		973
CarMax Auto Owner Trust
Series 2010-1, Class A3 1.56%, 07/15/2014		35		35
Series 2011-1, Class A4 2.16%, 09/15/2016		530		546
Series 2011-3, Class A3 1.07%, 06/15/2016		1,552		1,566
Chase Funding Mortgage Loan Asset-Backed Certificates
Series 2003-2, Class 2A2 0.77%, 02/25/2033 *		575		522
Series 2003-5, Class 1A4 4.40%, 02/25/2030		161		162
Series 2003-6, Class 1A4 4.50%, 11/25/2034		250		254
Series 2003-6, Class 1A5 5.35%, 11/25/2034 *		500		468
Chrysler Financial Auto Securitization Trust
Series 2010-A, Class A3 0.91%, 08/08/2013		72		72
Series 2010-A, Class B 1.65%, 11/08/2013		2,000		2,002
Citigroup Mortgage Loan Trust, Inc.
Series 2011-5, Class 1A1 0.40%, 02/25/2046—144A *		658		609
CNH Equipment Trust
Series 2011-A, Class A4 2.04%, 10/17/2016		267		275
CPS Auto Trust
Series 2011-C, Class A 4.21%, 03/15/2019—144A		932		975
Series 2012-A, Class A 2.78%, 06/17/2019—144A		271		272

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

Transamerica Funds		Annual Report 2012
	Page    68

Transamerica Core Bond

(formerly, Transamerica JPMorgan Core Bond)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

	Principal (000’s)		Value (000’s)
ASSET-BACKED SECURITIES (continued)
CPS Auto Trust (continued)
Series 2012-B, Class A 2.52%, 09/16/2019—144A	$	1,922	$	1,929
Series 2012-C, Class A 1.82%, 12/16/2019—144A		1,271		1,272
Credit Acceptance Auto Loan Trust
Series 2011-1, Class A 2.61%, 03/15/2019—144A		860		872
Series 2012-2A, Class A 1.52%, 03/16/2020—144A		907		907
DT Auto Owner Trust
Series 2012-2A, Class A 0.91%, 11/16/2015—144A		675		676
Exeter Automobile Receivables Trust
Series 2012-2A, Class A 1.30%, 06/15/2017—144A		1,250		1,250
First Investors Auto Owner Trust
Series 2012-2A, Class A2 1.47%, 05/15/2018—144A		800		802
Ford Credit Auto Lease Trust
Series 2011-A, Class A2 0.74%, 09/15/2013		547		548
Ford Credit Auto Owner Trust
Series 2011-B, Class A2 0.68%, 01/15/2014		43		43
Series 2012-B, Class A3 0.72%, 12/15/2016		400		402
Fortress Opportunities Residential Transaction
Series 2011-1A, Class A1 7.21%, 10/25/2047—144A *		1,448		1,459
Freedom Trust
Series 2011-1, Class A13 0.38%, 11/30/2037—144A *		215		213
GE Equipment Midticket LLC
Series 2012-1, Class A4 0.78%, 09/22/2020		300		300
HLSS Servicer Advance Receivables Backed Notes
Series 2012-T2, Class A1 1.34%, 10/15/2043—144A		580		581
Series 2012-T2, Class A2 1.99%, 10/15/2045—144A		487		491
HSBC Home Equity Loan Trust
Series 2005-2, Class A1 0.48%, 01/20/2035 *		74		72
Series 2006-1, Class A1 0.37%, 01/20/2036 *		138		134
Series 2007-1, Class A2F 5.60%, 03/20/2036 *		72		73
Series 2007-1, Class AS 0.41%, 03/20/2036 *		146		140
Series 2007-3, Class APT 1.41%, 11/20/2036 *		103		101
Huntington Auto Trust
Series 2011-1A, Class A2 0.76%, 04/15/2014—144A		1,031		1,032
Series 2011-1A, Class A3 1.01%, 01/15/2016—144A		2,000		2,011
Series 2011-1A, Class A4 1.31%, 11/15/2016—144A		1,500		1,523

	Principal (000’s)		Value (000’s)
ASSET-BACKED SECURITIES (continued)
Huntington Auto Trust (continued)
Series 2012-2, Class A2 0.38%, 09/15/2015	$	343	$	343
Hyundai Auto Receivables Trust
Series 2010-B, Class A3 0.97%, 04/15/2015		192		193
Series 2010-B, Class A4 1.63%, 03/15/2017		375		383
Series 2011-A, Class A3 1.16%, 04/15/2015		255		256
Series 2011-A, Class A4 1.78%, 12/15/2015		310		317
Series 2011-B, Class A3 1.04%, 09/15/2015		257		259
Series 2011-B, Class A4 1.65%, 02/15/2017		288		294
LAI Vehicle Lease Securitization Trust
Series 2010-A, Class A 2.55%, 09/15/2016—144A		189		189
Lake Country Mortgage Loan Trust
Series 2006-HE1, Class A3 0.56%, 07/25/2034—144A *		524		517
Madison Avenue Manufactured Housing Contract
Series 2002-A, Class M2 2.46%, 03/25/2032 *		1,103		1,025
Mercedes-Benz Auto Receivables Trust
Series 2010-1, Class A3 1.42%, 08/15/2014		74		74
MMCA Automobile Trust
Series 2012-A, Class A4 1.57%, 08/15/2017—144A		2,000		2,024
Morgan Stanley ABS Capital I
Series 2004-WMC3, Class M1 0.96%, 01/25/2035 *		13		13
Newcastle Investment Trust
Series 2011-MH1, Class A 2.45%, 12/10/2033—144A		194		196
Nissan Auto Receivables Owner Trust
Series 2010-A, Class A3 0.87%, 07/15/2014		235		235
Series 2010-A, Class A4 1.31%, 09/15/2016		300		303
PennyMac Loan Trust
Series 2011-NPL1, Class A 5.25%, 09/25/2051—144A *		573		573
Series 2012-NPL1, Class A 3.42%, 05/28/2052—144A *		1,143		1,143
RASC Trust
Series 2005-KS9, Class A3 0.58%, 10/25/2035 *		337		329
Residential Credit Solutions Trust
Series 2011-1, Class A1 6.00%, 03/25/2041—144A		783		785
RFA
Series 2012-1, Class A1 6.25%, 07/05/2018		2,654		2,654
RMAT
Series 2012-1A, Class A1 2.73%, 08/26/2052—144A *		1,129		1,137

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

Transamerica Funds		Annual Report 2012
	Page    69

Transamerica Core Bond

(formerly, Transamerica JPMorgan Core Bond)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

	Principal (000’s)		Value (000’s)
ASSET-BACKED SECURITIES (continued)
Santander Drive Auto Receivables Trust
Series 2010-A, Class A4 2.39%, 06/15/2017—144A	$	400	$	410
Series 2011-S2A, Class B 2.06%, 06/15/2017—144A		114		114
Series 2011-S2A, Class D 3.35%, 06/15/2017—144A		227		228
Series 2012-1, Class A2 1.25%, 04/15/2015		879		883
Series 2012-1, Class A3 1.49%, 10/15/2015		411		416
Series 2012-5, Class A3 0.83%, 12/15/2016		360		362
Saxon Asset Securities Trust
Series 2003-1, Class AF6 4.80%, 06/25/2033 *		259		259
SNAAC Auto Receivables Trust
Series 2012-1A, Class A 1.78%, 06/15/2016—144A		299		299
Stanwich Mortgage Loan Trust
Series 2012-NPL3, Class A 4.21%, 05/15/2042—144A		238		239
Series 2012-NPL4, Class A 2.98%, 09/15/2042—144A		2,106		2,107
Structured Asset Investment Loan Trust
Series 2005-5, Class A9 0.48%, 06/25/2035 *		284		282
Structured Asset Securities Corp.
Series 2002-AL1, Class A2 3.45%, 02/25/2032		254		250
Series 2003-16, Class A3 0.71%, 06/25/2033 *		85		82
Series 2003-32, Class 1A1 5.33%, 11/25/2033 *		163		173
Series 2003-35, Class 3A1 0.71%, 12/25/2033 *		414		401
Series 2003-33H, Class 1A1 5.50%, 10/25/2033		162		163
Series 2003-37A, Class 2A 4.99%, 12/25/2033 *		238		244
Series 2004-5H, Class A4 5.54%, 12/25/2033		773		771
Series 2004-4XS, Class 1A5 5.49%, 02/25/2034 *		700		714
Series 2004-6XS, Class A5A 5.53%, 03/25/2034 *		570		573
Series 2004-6XS, Class A5B 5.55%, 03/25/2034 *		570		573
Series 2005-NC1, Class A11 4.69%, 02/25/2035 *		1,120		1,110
Toyota Auto Receivables Owner Trust
Series 2010-C, Class A3 0.77%, 04/15/2014		28		28
Series 2011-A, Class A3 0.98%, 10/15/2014		686		688
Trafigura Securitisation Finance PLC
Series 2012-1A, Class A 2.61%, 10/15/2015—144A *		2,219		2,254
USAA Auto Owner Trust
Series 2009-2, Class A4 2.53%, 06/17/2013		91		91

	Principal (000’s)		Value (000’s)
ASSET-BACKED SECURITIES (continued)
USAA Auto Owner Trust (continued)
Series 2012-1, Class A2 0.38%, 06/15/2015	$	206	$	206
Volkswagen Auto Lease Trust
Series 2012-A, Class A3 0.87%, 07/20/2015		935		945
VOLT LLC
Series 2012-1A, Class A1 4.95%, 04/25/2017—144A *		3,044		3,043
Series 2012-RP2A, Class A1 4.70%, 06/26/2017—144A		1,375		1,396
Series 2012-RP2A, Class A2 8.84%, 06/26/2017—144A		150		155
Westgate Resorts LLC
Series 2012-1, Class A 4.50%, 09/20/2025—144A		1,636		1,652
Series 2012-2A, Class A 3.00%, 01/20/2025—144A		1,650		1,654
Westlake Automobile Receivables Trust
Series 2011-1A, Class A3 1.49%, 06/16/2014—144A		230		231
World Omni Auto Receivables Trust
Series 2010-A, Class A4 2.21%, 05/15/2015		255		258
Series 2012-A, Class A3 0.64%, 02/15/2017		585		588
World Omni Automobile Lease Securitization Trust
Series 2012-A, Class A2 0.71%, 01/15/2015		488		489
Series 2012-A, Class A3 0.93%, 11/16/2015		218		219
Total Asset-Backed Securities (cost $87,772)				88,513
MUNICIPAL GOVERNMENT OBLIGATIONS—0.3%
American Municipal Power, Inc.
7.50%, 02/15/2050		640		873
New York State Dormitory Authority, Revenue Bond
5.60%, 03/15/2040		280		349
Ohio State University
4.80%, 06/01/2111		1,370		1,556
Port Authority of New York & New Jersey
4.46%, 10/01/2062		970		958
5.65%, 11/01/2040		485		603
State of California—Build America Bonds
7.30%, 10/01/2039		520		706
State of Illinois
5.10%, 06/01/2033		85		84
Total Municipal Government Obligations (cost $4,490)				5,129
CORPORATE DEBT SECURITIES—18.4%
Aerospace & Defense—0.1%
BAE Systems Holdings, Inc.
5.20%, 08/15/2015—144A		380		418
BAE Systems PLC
5.80%, 10/11/2041—144A		439		535
Lockheed Martin Corp.
2.13%, 09/15/2016		320		333
4.25%, 11/15/2019 ^		150		171
4.85%, 09/15/2041		190		219

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

Transamerica Funds		Annual Report 2012
	Page    70

Transamerica Core Bond

(formerly, Transamerica JPMorgan Core Bond)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

	Principal (000’s)		Value (000’s)
Aerospace & Defense (continued)
Lockheed Martin Corp. (continued)
5.72%, 06/01/2040	$	108	$	136
United Technologies Corp.
4.50%, 06/01/2042		257		296
8.88%, 11/15/2019		250		343
Air Freight & Logistics—0.0% ¥
United Parcel Service of America, Inc.
8.38%, 04/01/2020		60		83
8.38%, 04/01/2030 *		200		305
United Parcel Service, Inc.
2.45%, 10/01/2022		186		190
Airlines—0.1%
American Airlines Pass-Through Trust
Series 2011-1, Class A 5.25%, 01/31/2021		103		109
American Airlines Pass-Through Trust
Series 2011-2, Class A 8.63%, 04/15/2023		590		618
Continental Airlines Pass-Through Trust
Series 2007-1A, Class A 5.98%, 04/19/2022		268		299
Continental Airlines Pass-Through Trust
Series 2012-2, Class A 4.00%, 10/29/2024		255		265
Delta Air Lines, Inc., Pass-Through Trust
Series 2010-2, Class A 4.95%, 05/23/2019		257		277
Delta Air Lines, Inc., Pass-Through Trust
Series 2011-1, Class A 5.30%, 04/15/2019		80		87
Delta Air Lines, Inc., Pass-Through Trust
Series 2012-1, Class A 4.75%, 05/07/2020		143		151
Auto Components—0.1%
Johnson Controls, Inc.
3.75%, 12/01/2021 ^		571		607
4.25%, 03/01/2021		335		369
5.25%, 12/01/2041		970		1,106
Automobiles—0.1%
Daimler Finance North America LLC
2.63%, 09/15/2016—144A		778		812
2.95%, 01/11/2017—144A		1,100		1,154
6.50%, 11/15/2013		80		85
Volkswagen International Finance NV
1.63%, 08/12/2013—144A		116		117
Beverages—0.2%
Anheuser-Busch InBev Worldwide, Inc.
1.50%, 07/14/2014		136		138
7.75%, 01/15/2019		650		881
8.20%, 01/15/2039		240		404
Diageo Capital PLC
1.50%, 05/11/2017		189		193
4.83%, 07/15/2020		90		108
5.75%, 10/23/2017		230		280
Diageo Finance BV
5.50%, 04/01/2013		290		296
Heineken NV
1.40%, 10/01/2017—144A		400		402
PepsiCo, Inc.
1.25%, 08/13/2017		625		633
3.00%, 08/25/2021		250		268
7.90%, 11/01/2018		21		29

	Principal (000’s)		Value (000’s)
Beverages (continued)
SABMiller Holdings, Inc.
3.75%, 01/15/2022—144A	$	200	$	220
SABMiller PLC
5.50%, 08/15/2013—144A		180		187
5.70%, 01/15/2014—144A		330		349
Biotechnology—0.2%
Amgen, Inc.
3.45%, 10/01/2020		400		428
3.88%, 11/15/2021 ^		435		478
4.50%, 03/15/2020		56		63
5.15%, 11/15/2041		1,075		1,240
5.65%, 06/15/2042		252		309
5.75%, 03/15/2040		165		201
Celgene Corp.
1.90%, 08/15/2017		659		669
Capital Markets—1.3%
Bank of New York Mellon Corp.
2.40%, 01/17/2017		994		1,049
3.10%, 01/15/2015 ^		125		132
3.55%, 09/23/2021		509		558
4.60%, 01/15/2020 ^		40		47
5.45%, 05/15/2019		200		240
BlackRock, Inc.
3.38%, 06/01/2022		174		186
6.25%, 09/15/2017 ^		635		778
Charles Schwab Corp.
3.23%, 09/01/2022—144A		100		101
Credit Suisse USA, Inc.
5.13%, 08/15/2015		170		189
Goldman Sachs Group, Inc.
3.63%, 02/07/2016 ^		255		270
3.70%, 08/01/2015		308		324
5.38%, 03/15/2020		390		441
6.00%, 06/15/2020		1,047		1,229
6.25%, 09/01/2017		650		764
6.75%, 10/01/2037		200		220
7.50%, 02/15/2019 ^		3,875		4,838
Jefferies Group, Inc.
3.88%, 11/09/2015		171		174
6.25%, 01/15/2036		260		261
6.45%, 06/08/2027		180		189
8.50%, 07/15/2019 ^		1,720		2,012
Macquarie Group, Ltd.
6.00%, 01/14/2020—144A		450		491
6.25%, 01/14/2021—144A		525		579
7.30%, 08/01/2014—144A		700		760
7.63%, 08/13/2019—144A		1,150		1,358
Morgan Stanley
4.20%, 11/20/2014		156		163
5.63%, 09/23/2019		2,610		2,898
5.95%, 12/28/2017		700		794
7.30%, 05/13/2019		1,800		2,166
Morgan Stanley—Series F
5.55%, 04/27/2017		170		189
6.25%, 08/28/2017		450		513
Nomura Holdings, Inc.
4.13%, 01/19/2016 ^		200		208
5.00%, 03/04/2015 ^		350		370
6.70%, 03/04/2020		543		627

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

Transamerica Funds		Annual Report 2012
	Page    71

Transamerica Core Bond

(formerly, Transamerica JPMorgan Core Bond)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

	Principal (000’s)		Value (000’s)
Chemicals—0.4%
Dow Chemical Co.
4.13%, 11/15/2021 ^	$	438	$	479
4.25%, 11/15/2020		174		193
5.25%, 11/15/2041		283		324
7.60%, 05/15/2014		640		706
8.55%, 05/15/2019		456		618
E.I. du Pont de Nemours & Co.
1.95%, 01/15/2016		173		179
4.90%, 01/15/2041		125		153
5.60%, 12/15/2036		550		717
Ecolab, Inc.
5.50%, 12/08/2041		570		712
Mosaic Co.
3.75%, 11/15/2021		209		226
4.88%, 11/15/2041		253		285
Potash Corp. of Saskatchewan, Inc.
6.50%, 05/15/2019 ^		260		329
PPG Industries, Inc.
5.75%, 03/15/2013		120		122
6.65%, 03/15/2018		470		591
7.40%, 08/15/2019		300		372
9.00%, 05/01/2021		310		421
Praxair, Inc.
4.38%, 03/31/2014		375		395
5.20%, 03/15/2017		150		176
Union Carbide Corp.
7.50%, 06/01/2025		400		491
7.75%, 10/01/2096		210		255
Commercial Banks—2.7%
ANZ National Int’l, Ltd.
3.13%, 08/10/2015—144A		105		110
Australia & New Zealand Banking Group, Ltd.
2.40%, 11/23/2016—144A ^		997		1,049
3.25%, 03/01/2016—144A ^		130		139
4.88%, 01/12/2021—144A		137		158
Bank of Nova Scotia
1.65%, 10/29/2015—144A ^		359		370
2.55%, 01/12/2017 ^		855		905
3.40%, 01/22/2015		405		430
Bank of Tokyo-Mitsubishi UFJ, Ltd.
2.35%, 02/23/2017—144A		785		816
3.85%, 01/22/2015—144A		227		241
Barclays Bank PLC
2.25%, 05/10/2017—144A ^		276		285
2.50%, 01/23/2013		150		151
2.50%, 09/21/2015—144A ^		510		531
2.75%, 02/23/2015		1,120		1,158
5.00%, 09/22/2016		100		113
5.20%, 07/10/2014		125		134
BB&T Corp.
3.38%, 09/25/2013		220		226
3.95%, 04/29/2016 ^		515		568
4.90%, 06/30/2017		550		625
5.20%, 12/23/2015		250		280
5.25%, 11/01/2019 ^		90		104
5.70%, 04/30/2014		195		210
6.85%, 04/30/2019		250		318
Comerica, Inc.
3.00%, 09/16/2015		150		159

	Principal (000’s)		Value (000’s)
Commercial Banks (continued)
Commonwealth Bank of Australia
2.25%, 03/16/2017—144A ^	$	530	$	553
Cooperatieve Centrale Raiffeisen—Boerenleenbank BA
3.38%, 01/19/2017		205		220
4.50%, 01/11/2021		300		340
5.80%, 09/30/2110—144A		300		356
Deutsche Bank AG
2.38%, 01/11/2013		250		251
3.25%, 01/11/2016 ^		400		424
3.88%, 08/18/2014 ^		100		106
6.00%, 09/01/2017 ^		190		228
DNB Boligkreditt AS
2.10%, 10/14/2015—144A		1,057		1,097
HSBC Bank PLC
3.10%, 05/24/2016—144A		262		277
3.50%, 06/28/2015—144A		1,175		1,251
4.13%, 08/12/2020—144A		275		305
HSBC Holdings PLC
4.88%, 01/14/2022 ^		1,520		1,765
5.10%, 04/05/2021		911		1,074
ING Bank NV
2.00%, 09/25/2015—144A		270		272
3.75%, 03/07/2017—144A		943		999
KeyBank NA
5.70%, 11/01/2017 ^		245		276
5.80%, 07/01/2014		250		269
Manufacturers & Traders Trust Co.
6.63%, 12/04/2017		250		302
National Australia Bank, Ltd.
2.00%, 06/20/2017—144A ^		580		600
2.75%, 09/28/2015—144A		280		293
3.00%, 07/27/2016—144A ^		1,730		1,839
3.75%, 03/02/2015—144A		280		297
National Bank of Canada
1.65%, 01/30/2014—144A		271		275
National City Corp.
4.90%, 01/15/2015		165		180
Nordea Bank AB
1.75%, 10/04/2013—144A		200		202
3.13%, 03/20/2017—144A		1,070		1,127
4.88%, 05/13/2021—144A ^		384		406
Oversea-Chinese Banking Corp., Ltd.
1.63%, 03/13/2015—144A		598		604
PNC Bank NA
6.88%, 04/01/2018		1,600		2,027
PNC Funding Corp.
2.70%, 09/19/2016		720		764
3.00%, 05/19/2014		180		187
4.38%, 08/11/2020		433		500
5.13%, 02/08/2020		250		300
5.25%, 11/15/2015		130		146
5.63%, 02/01/2017		130		151
6.70%, 06/10/2019 ^		150		194
Rabobank Nederland NV
2.13%, 10/13/2015		105		108
3.20%, 03/11/2015—144A		500		525
Royal Bank of Canada
1.20%, 09/19/2017		1,873		1,882

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

Transamerica Funds		Annual Report 2012
	Page    72

Transamerica Core Bond

(formerly, Transamerica JPMorgan Core Bond)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

	Principal (000’s)		Value (000’s)
Commercial Banks (continued)
Royal Bank of Canada (continued)
2.30%, 07/20/2016 ^	$	800	$	837
Stadshypotek AB
1.88%, 10/02/2019—144A		530		530
Svenska Handelsbanken AB
3.13%, 07/12/2016		388		412
Toronto-Dominion Bank
2.50%, 07/14/2016		718		758
U.S. Bancorp
2.45%, 07/27/2015		540		566
2.88%, 11/20/2014 ^		121		127
3.00%, 03/15/2022		233		247
4.13%, 05/24/2021		133		154
7.50%, 06/01/2026		111		146
UBS AG
2.25%, 08/12/2013		250		253
3.88%, 01/15/2015		600		636
4.88%, 08/04/2020		525		603
5.88%, 12/20/2017		110		130
US Bancorp
1.65%, 05/15/2017		384		393
Wachovia Bank NA
0.72%, 03/15/2016 *		450		443
5.00%, 08/15/2015		500		544
6.00%, 11/15/2017		3,100		3,702
Wachovia Corp.
5.75%, 06/15/2017 ^		970		1,160
5.75%, 02/01/2018		1,200		1,448
Wells Fargo & Co.
2.63%, 12/15/2016		995		1,051
3.68%, 06/15/2016 *		390		423
5.63%, 12/11/2017		550		658
Westpac Banking Corp.
2.45%, 11/28/2016—144A ^		600		633
4.88%, 11/19/2019 ^		750		867
Commercial Services & Supplies—0.1%
ADT Corp.
3.50%, 07/15/2022—144A ^		124		126
4.88%, 07/15/2042—144A		147		157
ERAC USA Finance LLC
2.25%, 01/10/2014—144A		257		260
2.75%, 03/15/2017—144A		65		68
4.50%, 08/16/2021—144A		175		192
5.63%, 03/15/2042—144A		141		161
6.70%, 06/01/2034—144A		331		412
Pitney Bowes, Inc.
4.88%, 08/15/2014		350		367
5.00%, 03/15/2015 ^		250		267
5.60%, 03/15/2018 ^		100		109
Waste Management, Inc.
4.75%, 06/30/2020		319		370
Communications Equipment—0.0% ¥
Cisco Systems, Inc.
4.45%, 01/15/2020		150		177
5.50%, 01/15/2040		250		326
5.90%, 02/15/2039		100		135
Computers & Peripherals—0.1%
Dell, Inc.
3.10%, 04/01/2016		184		195

	Principal (000’s)		Value (000’s)
Computers & Peripherals (continued)
Hewlett-Packard Co.
2.60%, 09/15/2017 ^	$	225	$	219
4.05%, 09/15/2022 ^		97		93
4.30%, 06/01/2021		200		197
4.38%, 09/15/2021		312		308
4.65%, 12/09/2021 ^		440		440
6.00%, 09/15/2041 ^		1,360		1,340
Construction & Engineering—0.1%
ABB Finance USA, Inc.
1.63%, 05/08/2017		210		214
2.88%, 05/08/2022		152		157
4.38%, 05/08/2042		128		144
Fluor Corp.
3.38%, 09/15/2021 ^		547		588
Construction Materials—0.0% ¥
CRH America, Inc.
6.00%, 09/30/2016		221		248
Consumer Finance—0.7%
American Express Co.
7.00%, 03/19/2018		700		888
American Express Credit Corp.
2.38%, 03/24/2017		277		291
2.80%, 09/19/2016 ^		1,617		1,722
5.13%, 08/25/2014		350		378
7.30%, 08/20/2013		200		211
American Express Credit Corp.—Series C
5.88%, 05/02/2013		150		154
Capital One Bank USA NA
8.80%, 07/15/2019		1,300		1,730
Capital One Financial Corp.
2.15%, 03/23/2015		400		411
4.75%, 07/15/2021 ^		625		717
6.75%, 09/15/2017		730		898
7.38%, 05/23/2014		75		82
Caterpillar Financial Services Corp.
7.15%, 02/15/2019		100		133
Caterpillar Financial Services Corp.— Series F
5.85%, 09/01/2017		150		182
7.05%, 10/01/2018		150		195
HSBC Finance Corp.
4.75%, 07/15/2013		165		169
5.00%, 06/30/2015 ^		455		497
5.50%, 01/19/2016		260		289
John Deere Capital Corp.
1.20%, 10/10/2017		306		308
2.25%, 04/17/2019		333		347
2.75%, 03/15/2022		153		159
3.15%, 10/15/2021		290		313
5.75%, 09/10/2018		100		124
PACCAR Financial Corp.
1.55%, 09/29/2014		497		506
1.60%, 03/15/2017 ^		197		200
Toyota Motor Credit Corp.
2.00%, 09/15/2016		1,675		1,738
Diversified Financial Services—2.6%
Allstate Life Global Funding Trust
5.38%, 04/30/2013		200		205
American Honda Finance Corp.
1.50%, 09/11/2017—144A		200		201

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

Transamerica Funds		Annual Report 2012
	Page    73

Transamerica Core Bond

(formerly, Transamerica JPMorgan Core Bond)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

	Principal (000’s)		Value (000’s)
Diversified Financial Services (continued)
American Honda Finance Corp. (continued)
2.60%, 09/20/2016—144A ^	$	902	$	946
7.63%, 10/01/2018—144A		300		381
Aon Corp.
3.13%, 05/27/2016		235		249
3.50%, 09/30/2015		46		49
6.25%, 09/30/2040		83		109
ASIF Global Financing XIX
4.90%, 01/17/2013—144A		2,236		2,252
Associates Corp.
6.95%, 11/01/2018		1,934		2,336
Bank of America Corp.
5.00%, 05/13/2021		75		85
5.63%, 07/01/2020		3,840		4,480
5.75%, 12/01/2017		220		255
5.88%, 02/07/2042		400		492
6.50%, 08/01/2016		633		736
Bank of America Corp.—Series MTNL
5.65%, 05/01/2018		770		896
Blackstone Holdings Finance Co., LLC
6.25%, 08/15/2042—144A		289		317
5.88%, 03/15/2021—144A		1,205		1,345
Caisse Centrale Desjardins du Quebec
2.55%, 03/24/2016—144A ^		580		616
Citigroup, Inc.
4.45%, 01/10/2017		1,080		1,193
4.59%, 12/15/2015		485		529
4.75%, 05/19/2015		892		967
5.38%, 08/09/2020		355		415
6.00%, 12/13/2013—08/15/2017		1,820		2,118
6.01%, 01/15/2015		420		462
6.13%, 11/21/2017		345		409
6.38%, 08/12/2014		310		338
6.50%, 08/19/2013		110		115
6.88%, 03/05/2038		340		453
8.13%, 07/15/2039		100		153
8.50%, 05/22/2019		550		733
CME Group, Inc.
3.00%, 09/15/2022		640		657
5.75%, 02/15/2014		196		209
Countrywide Financial Corp.
6.25%, 05/15/2016 ^		550		606
Ford Motor Credit Co. LLC
3.00%, 06/12/2017 ^		314		321
3.98%, 06/15/2016		555		588
4.21%, 04/15/2016		401		427
4.25%, 09/20/2022		332		344
General Electric Capital Corp.
4.38%, 09/16/2020		1,190		1,332
4.65%, 10/17/2021		1,300		1,471
5.40%, 02/15/2017 ^		400		461
5.50%, 01/08/2020		1,140		1,356
5.63%, 09/15/2017—05/01/2018		5,513		6,548
6.00%, 08/07/2019		1,420		1,739
6.75%, 03/15/2032		485		645
Goldman Sachs Group, LP
8.00%, 03/01/2013—144A		325		332

	Principal (000’s)		Value (000’s)
Diversified Financial Services (continued)
Macquarie Bank, Ltd.
5.00%, 02/22/2017—144A ^	$	1,092	$	1,186
MassMutual Global Funding II
2.00%, 04/05/2017—144A		370		378
2.88%, 04/21/2014—144A		100		103
Merrill Lynch & Co., Inc.
6.88%, 04/25/2018		600		724
Merrill Lynch & Co., Inc.—Series C
6.40%, 08/28/2017		2,325		2,742
National Rural Utilities Cooperative Finance Corp.
10.38%, 11/01/2018		250		372
Diversified Telecommunication Services—1.1%
AT&T Corp.
8.00%, 11/15/2031		27		42
AT&T, Inc.
5.35%, 09/01/2040		898		1,101
5.80%, 02/15/2019 ^		1,300		1,633
6.30%, 01/15/2038		500		669
BellSouth Capital Funding Corp.
7.12%, 07/15/2097		335		435
BellSouth Corp.
6.55%, 06/15/2034		500		604
6.88%, 10/15/2031		270		341
BellSouth Telecommunications, Inc.
6.30%, 12/15/2015		110		116
7.00%, 10/01/2025		300		382
British Telecommunications PLC
5.95%, 01/15/2018 ^		200		240
9.63%, 12/15/2030		180		294
Centel Capital Corp.
9.00%, 10/15/2019		450		539
CenturyLink, Inc.
6.45%, 06/15/2021		540		592
7.60%, 09/15/2039		360		369
Deutsche Telekom International Finance BV
6.00%, 07/08/2019		395		487
8.75%, 06/15/2030		330		509
France Telecom SA
2.75%, 09/14/2016 ^		350		370
8.50%, 03/01/2031		430		660
GTE Corp.
6.84%, 04/15/2018		1,792		2,247
8.75%, 11/01/2021		250		358
GTP Acquisition Partners I LLC
4.35%, 06/15/2016—144A		758		798
Nippon Telegraph & Telephone Corp.
1.40%, 07/18/2017		400		403
Qwest Corp.
6.75%, 12/01/2021		1,296		1,551
Telecom Italia Capital SA
4.95%, 09/30/2014		250		260
6.18%, 06/18/2014		281		298
7.00%, 06/04/2018		250		285
Telefonica Emisiones SAU
5.46%, 02/16/2021		91		92
6.22%, 07/03/2017		650		702
6.42%, 06/20/2016 ^		380		412
Verizon Communications, Inc.
6.10%, 04/15/2018		411		515

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

Transamerica Funds		Annual Report 2012
	Page    74

Transamerica Core Bond

(formerly, Transamerica JPMorgan Core Bond)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

	Principal (000’s)		Value (000’s)
Diversified Telecommunication Services (continued)
Verizon Communications, Inc. (continued)
8.75%, 11/01/2018 ^	$	1,000	$	1,395
8.95%, 03/01/2039		520		919
Verizon Global Funding Corp.
5.85%, 09/15/2035		175		228
7.75%, 12/01/2030		525		795
Verizon Maryland, Inc.
7.15%, 05/01/2023		600		615
Verizon Pennsylvania, Inc.
8.35%, 12/15/2030		240		332
Electric Utilities—1.3%
AEP Texas Central Co.
6.65%, 02/15/2033		100		130
Alabama Power Co.
6.00%, 03/01/2039		248		334
6.13%, 05/15/2038		77		105
Alabama Power Co.—Series S
5.88%, 12/01/2022		370		466
Appalachian Power Co.
5.95%, 05/15/2033		50		58
6.38%, 04/01/2036		200		254
6.70%, 08/15/2037		425		563
Arizona Public Service Co.
4.50%, 04/01/2042		121		133
5.05%, 09/01/2041 ^		303		358
Carolina Power & Light Co.
3.00%, 09/15/2021		610		650
5.30%, 01/15/2019 ^		80		98
Cleveland Electric Illuminating Co.
7.88%, 11/01/2017		180		226
8.88%, 11/15/2018		337		452
Comision Federal de Electricidad
4.88%, 05/26/2021—144A		261		293
Detroit Edison Co.
2.65%, 06/15/2022		68		71
3.95%, 06/15/2042		101		107
Duke Energy Carolinas LLC
3.90%, 06/15/2021		260		297
4.25%, 12/15/2041		264		299
4.30%, 06/15/2020 ^		156		181
6.00%, 01/15/2038		133		178
6.45%, 10/15/2032		100		133
Duke Energy Corp.
3.55%, 09/15/2021		348		373
Duke Energy Indiana, Inc.
3.75%, 07/15/2020		200		223
Enel Finance International NV
5.13%, 10/07/2019—144A		450		476
Florida Power & Light Co.
5.13%, 06/01/2041 ^		112		143
5.95%, 10/01/2033 ^		425		572
Great Plains Energy, Inc.
4.85%, 06/01/2021		26		30
Hydro-Quebec
8.40%, 01/15/2022		420		604
9.40%, 02/01/2021		100		149
Indiana Michigan Power Co.
7.00%, 03/15/2019		338		419

	Principal (000’s)		Value (000’s)
Electric Utilities (continued)
Jersey Central Power & Light Co.
7.35%, 02/01/2019 ^	$	330	$	428
John Sevier Combined Cycle Generation LLC
4.63%, 01/15/2042		500		566
Kansas City Power & Light Co.
5.30%, 10/01/2041		1,040		1,214
Massachusetts Electric Co.
5.90%, 11/15/2039—144A		55		73
MidAmerican Energy Co.
5.30%, 03/15/2018		500		603
Nevada Power Co.
5.38%, 09/15/2040		52		65
5.45%, 05/15/2041 ^		400		516
6.50%, 08/01/2018		910		1,156
Nevada Power Co.—Series V
7.13%, 03/15/2019		100		131
NextEra Energy Capital Holdings, Inc.
1.20%, 06/01/2015 ^		78		78
Niagara Mohawk Power Corp.
4.88%, 08/15/2019—144A		50		59
NiSource Finance Corp.
5.80%, 02/01/2042		1,119		1,338
6.80%, 01/15/2019		604		739
Northern States Power Co.
5.35%, 11/01/2039		19		25
6.25%, 06/01/2036 ^		100		141
Oncor Electric Delivery Co., LLC
6.80%, 09/01/2018		775		959
7.00%, 09/01/2022		175		222
Pacific Gas & Electric Co.
2.45%, 08/15/2022 ^		181		183
3.25%, 09/15/2021 ^		159		172
4.45%, 04/15/2042		167		186
4.50%, 12/15/2041		540		606
5.40%, 01/15/2040		42		53
6.05%, 03/01/2034		60		80
8.25%, 10/15/2018 ^		395		540
PacifiCorp
5.50%, 01/15/2019		125		153
5.65%, 07/15/2018		100		124
6.25%, 10/15/2037		360		507
Pennsylvania Electric Co.
6.05%, 09/01/2017		150		174
PPL Capital Funding, Inc.
4.20%, 06/15/2022		165		177
PPL Energy Supply LLC
4.60%, 12/15/2021		460		503
Progress Energy, Inc.
3.15%, 04/01/2022		156		161
4.40%, 01/15/2021		140		158
4.88%, 12/01/2019		200		232
6.00%, 12/01/2039		50		63
7.75%, 03/01/2031		150		213
Public Service Co., of Colorado
2.25%, 09/15/2022 ^		137		139
3.20%, 11/15/2020		56		62
Public Service Co., of Oklahoma
5.15%, 12/01/2019		133		154

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

Transamerica Funds		Annual Report 2012
	Page    75

Transamerica Core Bond

(formerly, Transamerica JPMorgan Core Bond)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

	Principal (000’s)		Value (000’s)
Electric Utilities (continued)
Public Service Electric & Gas Co.
2.70%, 05/01/2015 ^	$	150	$	157
3.65%, 09/01/2042 ^		288		300
5.38%, 11/01/2039		28		36
Southern California Edison Co.
3.90%, 12/01/2041 ^		660		704
5.50%, 03/15/2040		130		170
6.65%, 04/01/2029		300		402
Southern Co.
1.95%, 09/01/2016 ^		254		263
Southwestern Public Service Co.—Series G
8.75%, 12/01/2018		405		552
Virginia Electric and Power Co.
2.95%, 01/15/2022 ^		157		167
Wisconsin Electric Power Co.
2.95%, 09/15/2021		26		28
Electronic Equipment & Instruments—0.0% ¥
Arrow Electronics, Inc.
3.38%, 11/01/2015		75		79
6.00%, 04/01/2020		385		438
6.88%, 07/01/2013—06/01/2018		252		275
Energy Equipment & Services—0.4%
ANR Pipeline Co.
9.63%, 11/01/2021		200		308
Halliburton Co.
6.15%, 09/15/2019		70		89
7.60%, 08/15/2096—144A		160		252
Nabors Industries, Inc.
6.15%, 02/15/2018		205		243
9.25%, 01/15/2019 ^		400		537
Noble Holding International, Ltd.
3.95%, 03/15/2022		87		93
5.25%, 03/15/2042		253		284
Schlumberger Investment SA
3.30%, 09/14/2021—144A		344		372
Spectra Energy Capital LLC
6.20%, 04/15/2018		325		396
7.50%, 09/15/2038 ^		125		173
8.00%, 10/01/2019		490		656
Texas Eastern Transmission, LP
2.80%, 10/15/2022—144A		462		465
TransCanada PipeLines, Ltd.
2.50%, 08/01/2022		250		254
6.50%, 08/15/2018		175		218
7.13%, 01/15/2019		400		515
Transocean, Inc.
6.38%, 12/15/2021		161		196
6.50%, 11/15/2020		500		607
7.35%, 12/15/2041		124		166
7.50%, 04/15/2031		200		252
Weatherford International, Ltd.
5.95%, 04/15/2042		105		115
9.88%, 03/01/2039		655		941
Food & Staples Retailing—0.2%
CVS Caremark Corp.
4.13%, 05/15/2021		360		414
6.13%, 09/15/2039		150		201
CVS Pass—Through Trust
5.93%, 01/10/2034—144A		656		800

	Principal (000’s)		Value (000’s)
Food & Staples Retailing (continued)
Kroger Co.
2.20%, 01/15/2017	$	123	$	126
3.40%, 04/15/2022 ^		700		747
5.40%, 07/15/2040		51		59
6.15%, 01/15/2020		300		370
7.50%, 04/01/2031		100		134
8.00%, 09/15/2029		175		237
Walgreen Co.
3.10%, 09/15/2022		516		525
Food Products—0.4%
Bunge, Ltd. Finance Corp.
5.88%, 05/15/2013		400		411
8.50%, 06/15/2019		310		400
Cargill, Inc.
3.30%, 03/01/2022—144A		1,260		1,310
6.00%, 11/27/2017—144A		220		265
7.35%, 03/06/2019—144A		250		317
ConAgra Foods, Inc.
2.10%, 03/15/2018		200		202
Kraft Foods Group, Inc.
3.50%, 06/06/2022—144A		214		232
5.00%, 06/04/2042—144A		156		182
5.38%, 02/10/2020—144A		318		390
6.13%, 08/23/2018—144A		225		279
6.50%, 02/09/2040—144A		645		904
6.88%, 01/26/2039—144A		196		279
Mondelez International, Inc.
5.38%, 02/10/2020		291		357
6.50%, 08/11/2017		1,171		1,446
Gas Utilities—0.2%
AGL Capital Corp.
3.50%, 09/15/2021		601		656
4.45%, 04/15/2013		300		305
5.25%, 08/15/2019		100		120
5.88%, 03/15/2041		109		146
6.38%, 07/15/2016		300		355
Atmos Energy Corp.
4.95%, 10/15/2014		200		216
8.50%, 03/15/2019		44		58
Boston Gas Co.
4.49%, 02/15/2042—144A		330		362
CenterPoint Energy Resources Corp.
4.50%, 01/15/2021		352		403
5.95%, 01/15/2014		150		159
6.13%, 11/01/2017		630		767
Health Care Providers & Services—0.2%
Aetna, Inc.
4.50%, 05/15/2042 ^		153		160
6.75%, 12/15/2037		305		414
Medco Health Solutions, Inc.
2.75%, 09/15/2015 ^		140		146
7.13%, 03/15/2018		250		318
UnitedHealth Group, Inc.
3.38%, 11/15/2021		412		441
WellPoint, Inc.
3.13%, 05/15/2022		492		501
3.30%, 01/15/2023		105		109
4.63%, 05/15/2042		400		425
4.65%, 01/15/2043		38		41

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

Transamerica Funds		Annual Report 2012
	Page    76

Transamerica Core Bond

(formerly, Transamerica JPMorgan Core Bond)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

	Principal (000’s)		Value (000’s)
Health Care Providers & Services (continued)
WellPoint, Inc. (continued)
5.88%, 06/15/2017	$	650	$	770
Household Durables—0.0% ¥
Newell Rubbermaid, Inc.
4.70%, 08/15/2020		183		204
Household Products—0.0% ¥
Kimberly-Clark Corp.
2.40%, 03/01/2022 ^		68		69
Independent Power Producers & Energy Traders—0.2%
Exelon Generation Co., LLC
4.00%, 10/01/2020		600		647
5.75%, 10/01/2041		86		99
6.20%, 10/01/2017		940		1,119
PSEG Power LLC
4.15%, 09/15/2021		417		455
5.13%, 04/15/2020		151		175
5.32%, 09/15/2016		800		914
5.50%, 12/01/2015		100		113
Southern Power Co.
5.15%, 09/15/2041		360		421
Industrial Conglomerates—0.1%
Danaher Corp.
3.90%, 06/23/2021		261		294
Koninklijke Philips Electronics NV
3.75%, 03/15/2022 ^		606		671
7.20%, 06/01/2026		500		683
Insurance—1.2%
ACE INA Holdings, Inc.
5.60%, 05/15/2015		425		477
Aflac, Inc.
4.00%, 02/15/2022 ^		466		518
6.45%, 08/15/2040		108		138
8.50%, 05/15/2019		235		319
AIG SunAmerica Global Financing X
6.90%, 03/15/2032—144A		800		1,067
Allstate Corp.
5.00%, 08/15/2014		70		75
7.45%, 05/16/2019 ^		100		133
Berkshire Hathaway Finance Corp.
2.45%, 12/15/2015		187		197
3.00%, 05/15/2022 ^		850		894
4.40%, 05/15/2042 ^		268		282
5.40%, 05/15/2018 ^		1,000		1,206
5.75%, 01/15/2040		100		125
Berkshire Hathaway, Inc.
3.75%, 08/15/2021 ^		727		814
CNA Financial Corp.
5.85%, 12/15/2014		200		218
5.88%, 08/15/2020		282		332
Jackson National Life Global Funding
4.70%, 06/01/2018—144A		1,400		1,538
5.38%, 05/08/2013—144A		950		974
Liberty Mutual Group, Inc.
4.95%, 05/01/2022—144A		183		200
Lincoln National Corp.
4.20%, 03/15/2022 ^		53		56
4.85%, 06/24/2021		58		64
Massachusetts Mutual Life Insurance Co.
5.38%, 12/01/2041—144A		297		351

	Principal (000’s)		Value (000’s)
Insurance (continued)
MetLife, Inc.
6.75%, 06/01/2016	$	580	$	693
Metropolitan Life Global Funding I
2.50%, 09/29/2015—144A		2,200		2,298
3.65%, 06/14/2018—144A ^		520		571
3.88%, 04/11/2022—144A		720		794
Nationwide Mutual Insurance Co.
6.60%, 04/15/2034—144A		260		263
9.38%, 08/15/2039—144A		1,425		2,066
New York Life Global Funding
1.30%, 01/12/2015—144A ^		420		426
3.00%, 05/04/2015—144A		600		633
4.65%, 05/09/2013—144A		150		153
Pacific Life Global Funding
5.00%, 05/15/2017—144A		100		107
5.15%, 04/15/2013—144A		280		286
Pacific Life Insurance Co.
9.25%, 06/15/2039—144A		1,350		1,910
Principal Life Income Funding Trusts
5.10%, 04/15/2014		385		409
5.30%, 12/14/2012		260		261
5.30%, 04/24/2013 ^		250		256
Prudential Insurance Co. of America
8.30%, 07/01/2025—144A		900		1,217
Travelers Property Casualty Corp.
7.75%, 04/15/2026		450		635
Internet Software & Services—0.0% ¥
eBay, Inc.
2.60%, 07/15/2022 ^		117		120
3.25%, 10/15/2020 ^		420		458
4.00%, 07/15/2042 ^		133		133
IT Services—0.1%
HP Enterprise Services LLC
7.45%, 10/15/2029		500		587
International Business Machines Corp.
1.25%, 02/06/2017		315		321
1.88%, 05/15/2019 ^		420		435
1.95%, 07/22/2016		264		276
4.00%, 06/20/2042		169		185
7.00%, 10/30/2025 ^		508		749
Machinery—0.2%
Caterpillar, Inc.
1.50%, 06/26/2017		115		117
2.60%, 06/26/2022 ^		123		127
7.90%, 12/15/2018 ^		250		340
Deere & Co.
2.60%, 06/08/2022		119		123
3.90%, 06/09/2042		107		113
Eaton Corp.
7.63%, 04/01/2024		500		657
Illinois Tool Works, Inc.
3.90%, 09/01/2042		1,624		1,726
Media—0.9%
CBS Corp.
4.85%, 07/01/2042		320		347
5.50%, 05/15/2033		150		167
5.75%, 04/15/2020		63		76
7.88%, 07/30/2030		130		183
8.88%, 05/15/2019		100		138

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

Transamerica Funds		Annual Report 2012
	Page    77

Transamerica Core Bond

(formerly, Transamerica JPMorgan Core Bond)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

	Principal (000’s)		Value (000’s)
Media (continued)
Comcast Cable Communications LLC
8.88%, 05/01/2017	$	250	$	328
Comcast Cable Holdings LLC
10.13%, 04/15/2022		414		615
Comcast Corp.
6.45%, 03/15/2037		100		132
6.50%, 11/15/2035		100		132
7.05%, 03/15/2033		1,300		1,750
COX Communications, Inc.
5.45%, 12/15/2014		50		55
COX Enterprises, Inc.
7.38%, 07/15/2027—144A		200		257
DIRECTV Holdings LLC / DIRECTV
Financing Co., Inc.
3.80%, 03/15/2022		910		947
4.60%, 02/15/2021		400		443
6.00%, 08/15/2040		700		805
6.38%, 03/01/2041		240		289
Discovery Communications LLC
4.38%, 06/15/2021		344		389
Historic TW, Inc.
9.15%, 02/01/2023		200		286
NBCUniversal Media LLC
4.38%, 04/01/2021		1,000		1,144
5.95%, 04/01/2041		210		262
News America, Inc.
6.20%, 12/15/2034		250		312
6.65%, 11/15/2037		600		792
7.25%, 05/18/2018		155		195
7.30%, 04/30/2028		130		170
7.70%, 10/30/2025		300		407
8.88%, 04/26/2023		200		272
TCI Communications, Inc.
7.13%, 02/15/2028		100		135
Thomson Reuters Corp.
3.95%, 09/30/2021 ^		1,005		1,106
4.70%, 10/15/2019		75		86
Time Warner Cable, Inc.
5.50%, 09/01/2041		388		453
6.55%, 05/01/2037		700		911
6.75%, 07/01/2018		40		51
7.30%, 07/01/2038		90		126
8.25%, 02/14/2014—04/01/2019		930		1,155
8.75%, 02/14/2019		380		522
Time Warner Entertainment Co., LP
8.38%, 07/15/2033		250		371
Time Warner, Inc.
4.75%, 03/29/2021		140		164
5.38%, 10/15/2041		112		132
6.20%, 03/15/2040		100		128
6.25%, 03/29/2041		87		113
7.63%, 04/15/2031		300		430
7.70%, 05/01/2032		100		147
Viacom, Inc.
3.88%, 12/15/2021 ^		606		665
Metals & Mining—0.2%
BHP Billiton Finance USA, Ltd.
3.25%, 11/21/2021		670		722
4.13%, 02/24/2042		300		325

	Principal (000’s)		Value (000’s)
Metals & Mining (continued)
BHP Billiton Finance USA, Ltd. (continued)
6.50%, 04/01/2019	$	270	$	347
Placer Dome, Inc.
6.45%, 10/15/2035		399		485
Rio Tinto Finance USA, Ltd.
3.50%, 11/02/2020		80		85
3.75%, 09/20/2021		941		1,020
8.95%, 05/01/2014 ^		400		448
Multiline Retail—0.1%
Kohl’s Corp.
4.00%, 11/01/2021 ^		262		285
Macy’s Retail Holdings, Inc.
3.88%, 01/15/2022 ^		203		223
5.13%, 01/15/2042		100		113
6.90%, 04/01/2029		200		244
7.45%, 07/15/2017		240		298
Nordstrom, Inc.
4.00%, 10/15/2021 ^		301		337
Target Corp.
7.00%, 01/15/2038		140		210
Multi-Utilities—0.3%
CenterPoint Energy, Inc.
6.50%, 05/01/2018		180		219
Consolidated Edison Co., of New York, Inc.
5.70%, 06/15/2040		154		206
Consumers Energy Co.
2.85%, 05/15/2022		121		128
6.70%, 09/15/2019		100		130
Delmarva Power & Light Co.
4.00%, 06/01/2042		294		311
Dominion Resources, Inc.
4.90%, 08/01/2041		103		122
5.25%, 08/01/2033		500		580
6.00%, 11/30/2017		450		547
6.40%, 06/15/2018		170		213
MidAmerican Energy Holdings Co.
6.13%, 04/01/2036		310		408
San Diego Gas & Electric Co.
3.95%, 11/15/2041		376		404
6.00%, 06/01/2026		320		439
Sempra Energy
2.00%, 03/15/2014		110		112
2.88%, 10/01/2022		227		233
6.00%, 10/15/2039		150		197
8.90%, 11/15/2013		180		195
9.80%, 02/15/2019		764		1,084
Xcel Energy, Inc.
4.70%, 05/15/2020		50		59
4.80%, 09/15/2041 ^		116		137
Office Electronics—0.1%
Xerox Corp.
4.50%, 05/15/2021 ^		80		85
5.63%, 12/15/2019		535		606
6.75%, 02/01/2017		330		388
8.25%, 05/15/2014		90		99
Oil, Gas & Consumable Fuels—1.2%
Alberta Energy Co., Ltd.
7.38%, 11/01/2031		500		663

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

Transamerica Funds		Annual Report 2012
	Page    78

Transamerica Core Bond

(formerly, Transamerica JPMorgan Core Bond)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

	Principal (000’s)		Value (000’s)
Oil, Gas & Consumable Fuels (continued)
Anadarko Finance Co.—Series B
7.50%, 05/01/2031	$	530	$	724
Anadarko Holding Co.
7.15%, 05/15/2028		552		680
Anadarko Petroleum Corp.
7.63%, 03/15/2014		400		435
8.70%, 03/15/2019		150		205
Apache Corp.
3.25%, 04/15/2022		152		166
4.75%, 04/15/2043		268		317
6.90%, 09/15/2018		180		231
BG Energy Capital PLC
5.13%, 10/15/2041—144A		200		242
BP Capital Markets PLC
1.85%, 05/05/2017		429		442
3.25%, 05/06/2022		462		496
3.88%, 03/10/2015		675		725
4.74%, 03/11/2021 ^		100		118
Burlington Resources Finance Co.
7.40%, 12/01/2031		290		424
Canadian Natural Resources, Ltd.
6.45%, 06/30/2033		150		198
Cenovus Energy, Inc.
3.00%, 08/15/2022		91		94
4.45%, 09/15/2042		223		241
ConocoPhillips
6.00%, 01/15/2020		105		134
6.65%, 07/15/2018 ^		350		448
Devon Energy Corp.
3.25%, 05/15/2022		337		356
4.75%, 05/15/2042 ^		224		253
6.30%, 01/15/2019		600		755
EnCana Corp.
6.50%, 05/15/2019—08/15/2034		610		760
ENI SpA
5.70%, 10/01/2040—144A		900		957
EOG Resources, Inc.
2.63%, 03/15/2023		236		242
4.10%, 02/01/2021 ^		300		344
Hess Corp.
7.88%, 10/01/2029		620		892
Kerr-McGee Corp.
7.88%, 09/15/2031		300		412
Occidental Petroleum Corp.
1.75%, 02/15/2017		208		215
2.70%, 02/15/2023		882		917
Petrobras International Finance Co.
5.38%, 01/27/2021		400		454
Petro-Canada
5.35%, 07/15/2033		100		117
6.05%, 05/15/2018		312		383
7.88%, 06/15/2026		100		149
Phillips 66
2.95%, 05/01/2017—144A		161		172
4.30%, 04/01/2022—144A		130		146
Shell International Finance BV
3.10%, 06/28/2015		478		510
4.30%, 09/22/2019 ^		300		354
4.38%, 03/25/2020		410		485

	Principal (000’s)		Value (000’s)
Oil, Gas & Consumable Fuels (continued)
Shell International Finance BV (continued)
6.38%, 12/15/2038	$	100	$	147
Statoil ASA
3.13%, 08/17/2017		200		219
3.15%, 01/23/2022		313		337
4.25%, 11/23/2041		236		264
5.25%, 04/15/2019		1,130		1,370
Suncor Energy, Inc.
5.95%, 12/01/2034		400		501
6.10%, 06/01/2018		250		308
Talisman Energy, Inc.
7.75%, 06/01/2019		385		497
Tosco Corp.
7.80%, 01/01/2027		160		239
8.13%, 02/15/2030		230		352
Total Capital International SA
0.75%, 01/25/2016		102		102
1.55%, 06/28/2017		187		191
2.88%, 02/17/2022 ^		688		724
Total Capital SA
2.30%, 03/15/2016		400		419
4.13%, 01/28/2021		82		94
Pharmaceuticals—0.1%
Merck & Co., Inc.
2.40%, 09/15/2022		288		293
Novartis Capital Corp.
2.40%, 09/21/2022		360		366
Pharmacia Corp.
6.50%, 12/01/2018		260		335
Teva Pharmaceutical Finance Co., BV
3.65%, 11/10/2021		830		903
Watson Pharmaceuticals, Inc.
3.25%, 10/01/2022		162		167
Real Estate Investment Trusts—0.3%
CommonWealth REIT
5.88%, 09/15/2020 ^		400		436
6.25%, 08/15/2016		400		437
6.65%, 01/15/2018		215		239
ERP Operating, LP
4.63%, 12/15/2021		479		549
5.25%, 09/15/2014		860		928
5.75%, 06/15/2017		120		142
HCP, Inc.
3.75%, 02/01/2019		232		246
5.38%, 02/01/2021		105		122
Simon Property Group, LP
4.13%, 12/01/2021		404		454
4.38%, 03/01/2021 ^		210		237
5.65%, 02/01/2020		247		297
6.13%, 05/30/2018		280		344
6.75%, 05/15/2014		50		54
10.35%, 04/01/2019		220		317
WEA Finance LLC
7.13%, 04/15/2018—144A		260		320
WEA Finance LLC / WT Finance AUST Pty, Ltd.
3.38%, 10/03/2022—144A ^		363		368
6.75%, 09/02/2019—144A		580		718

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

Transamerica Funds		Annual Report 2012
	Page    79

Transamerica Core Bond

(formerly, Transamerica JPMorgan Core Bond)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

	Principal (000’s)		Value (000’s)
Road & Rail—0.4%
Burlington Northern Santa Fe LLC
3.05%, 09/01/2022	$	180	$	188
3.45%, 09/15/2021		176		189
3.60%, 09/01/2020		125		137
4.38%, 09/01/2042 ^		100		109
4.70%, 10/01/2019		75		87
5.40%, 06/01/2041		175		215
5.65%, 05/01/2017		387		461
5.75%, 05/01/2040		500		640
7.29%, 06/01/2036		90		126
Canadian National Railway Co.
5.85%, 11/15/2017		180		218
CSX Corp.
4.25%, 06/01/2021 ^		65		73
6.25%, 04/01/2015 ^		125		141
6.25%, 03/15/2018		160		197
7.38%, 02/01/2019		350		448
7.90%, 05/01/2017		400		506
Norfolk Southern Corp.
3.25%, 12/01/2021		166		174
3.95%, 10/01/2042		140		143
6.00%, 03/15/2105—05/23/2111		944		1,191
Ryder System, Inc.
2.50%, 03/01/2017		440		448
3.60%, 03/01/2016		132		140
Union Pacific Corp.
2.95%, 01/15/2023		43		45
4.16%, 07/15/2022		306		348
4.30%, 06/15/2042		148		163
5.78%, 07/15/2040		300		393
Semiconductors & Semiconductor Equipment—0.1%
Intel Corp.
3.30%, 10/01/2021		586		644
4.80%, 10/01/2041		535		632
National Semiconductor Corp.
3.95%, 04/15/2015		500		540
6.60%, 06/15/2017		200		248
Software—0.1%
Intuit, Inc.
5.75%, 03/15/2017		70		81
Microsoft Corp.
4.50%, 10/01/2040		70		84
Oracle Corp.
5.00%, 07/08/2019		100		122
5.38%, 07/15/2040		123		160
6.13%, 07/08/2039		731		1,032
6.50%, 04/15/2038		200		288
Specialty Retail—0.1%
Gap, Inc.
5.95%, 04/12/2021		913		1,037
Lowe’s Cos., Inc.
4.65%, 04/15/2042 ^		443		499
5.13%, 11/15/2041		189		226
5.50%, 10/15/2035		140		169
7.11%, 05/15/2037		120		168
Staples, Inc.
9.75%, 01/15/2014		80		88

	Principal (000’s)		Value (000’s)
Transportation Infrastructure—0.0% ¥
Penske Truck Leasing Co., LP / PTL Finance Corp.
4.88%, 07/11/2022—144A	$	500	$	511
Water Utilities—0.0% ¥
American Water Capital Corp.
6.09%, 10/15/2017		780		925
Wireless Telecommunication Services—0.1%
America Movil SAB de CV
2.38%, 09/08/2016		421		440
3.13%, 07/16/2022		236		243
Crown Castle Towers LLC
3.21%, 08/15/2015—144A		290		302
Vodafone Group PLC
1.63%, 03/20/2017		470		480
5.45%, 06/10/2019		75		92
Total Corporate Debt Securities (cost $316,204)				346,464
	Shares		Value (000’s)
SECURITIES LENDING COLLATERAL—3.7%
State Street Navigator Securities Lending Trust—Prime Portfolio, 0.31% 		69,981,080		69,981
Total Securities Lending Collateral (cost $69,981)
	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT—1.5%
State Street Bank & Trust Co. 0.03% , dated 10/31/2012, to be repurchased at $27,436 on 11/01/2012. Collateralized by a U.S. Government Agency Obligation, 3.00%, due 12/01/2026, and with a value of $27,986.	$	27,436		27,436
Total Repurchase Agreement (cost $27,436)
Total Investment Securities (cost $1,839,717) P				1,943,026
Other Assets and Liabilities—Net				(63,832	)
Net Assets			$	1,879,194

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

Transamerica Funds		Annual Report 2012
	Page    80

Transamerica Core Bond

(formerly, Transamerica JPMorgan Core Bond)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

^ All or a portion of this security is on loan. The value of all securities on loan is $68,551.

 Rate shown reflects the yield at 10/31/2012.

* Floating or variable rate note. Rate is listed as of 10/31/2012.

¥ Percentage rounds to less than 0.1%.

P Aggregate cost for federal income tax purposes is $1,839,717. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $107,738 and $4,429, respectively. Net unrealized appreciation for tax purposes is $103,309.

DEFINITIONS (all amounts in thousands):

144A 144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 10/31/2012, these securities aggregated $213,114, or 11.34% 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 (all amounts in thousands): '

Investment Securities	Level 1  - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 10/31/2012
Asset-Backed Securities	$	—	$	88,513	$	—	$	88,513
Corporate Debt Securities		—		346,464		—		346,464
Foreign Government Obligations		—		37,078		—		37,078
Mortgage-Backed Securities		—		210,173		—		210,173
Municipal Government Obligations		—		5,129		—		5,129
Repurchase Agreement		—		27,436		—		27,436
Securities Lending Collateral		69,981		—		—		69,981
U.S. Government Agency Obligations		—		847,795		—		847,795
U.S. Government Obligations		—		310,457		—		310,457
Total	$	69,981	$	1,873,045	$	—	$	1,943,026

' Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of Levels 1 and 2 during the period ended 10/31/2012. 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		Annual Report 2012
	Page    81

Transamerica Developing Markets Equity

(formerly, Transamerica Oppenheimer Developing Markets)

SCHEDULE OF INVESTMENTS

At October 31, 2012

	Shares		Value (000’s)
PREFERRED STOCKS—2.0%
Brazil—1.5%
Lojas Americanas SA , 0.52% 		588,634	$	4,927
Colombia—0.5%
Banco Davivienda SA , 2.12% 		148,331		1,830
Total Preferred Stocks (cost $5,510)				6,757
COMMON STOCKS—93.8%
Brazil—9.8%
Amil Participacoes SA		32,800		493
B2W Cia Global Do Varejo ‡		154,216		750
Banco Bradesco SA ADR		109,400		1,713
BM&FBovespa SA		1,010,846		6,471
Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR		71,060		3,321
Cia de Bebidas das Americas ADR		80,900		3,300
Embraer SA ADR ‡		102,190		2,852
Estacio Participacoes SA		136,900		2,609
Kroton Educacional SA ‡		145,104		2,901
Natura Cosmeticos SA		146,700		3,911
Petroleo Brasileiro SA—Class A ADR		123,400		2,533
Vale SA—Class B ADR		151,880		2,702
Chile—0.2%
Banco Santander Chile		11,673,585		807
China—6.4%
Baidu, Inc. ADR ‡		96,120		10,248
Ctrip.com International, Ltd. ADR ‡ ^		173,120		3,464
Home Inns & Hotels Management, Inc. ADR ‡		54,930		1,618
NetEase, Inc. ADR ‡		57,530		3,107
New Oriental Education & Technology Group ADR ^		133,560		2,252
Youku Tudou, Inc. ADR ‡		62,530		1,238
Colombia—1.4%
Almacenes Exito SA		158,328		3,019
Bancolombia SA ADR		27,260		1,745
Cementos Argos SA		21,755		104
Denmark—2.4%
Carlsberg AS—Class B		77,036		6,646
FLSmidth & Co. A/S ^		25,290		1,494
Egypt—0.7%
Commercial International Bank Egypt SAE		372,222		2,314
France—0.2%
Technip SA		5,280		595
Hong Kong—11.7%
AIA Group, Ltd.		945,800		3,740
China Oilfield Services, Ltd.—Class H		410,000		776
China Shenhua Energy Co., Ltd.—Class H		432,500		1,842
CNOOC, Ltd.		1,547,000		3,209
Hang Lung Group, Ltd.		241,750		1,427
Hang Lung Properties, Ltd.		772,549		2,692
Hong Kong Exchanges and Clearing, Ltd. ^		286,887		4,723
Prada SpA		496,000		4,048
Shandong Weigao Group Medical Polymer Co., Ltd. ^		267,000		361
Sinopharm Group Co., Ltd.—Class H ^		412,600		1,390
Soho China, Ltd. ^		1,301,500		885
Sun Art Retail Group, Ltd. ^		48,000		65
Tencent Holdings, Ltd.		149,400		5,294
Tingyi Cayman Islands Holding Corp. ^		1,731,000		5,159
Want Want China Holdings, Ltd.		3,043,000		4,162
India—13.0%
Ambuja Cements, Ltd.		156,325		589
Asian Paints, Ltd.		24,392		1,748
Cipla, Ltd.		162,226		1,101
Colgate-Palmolive India, Ltd.		92,950		2,203

	Shares		Value (000’s)
India (continued)
HDFC Bank, Ltd. ADR		118,980	$	4,449
Hindustan Unilever, Ltd.		353,776		3,600
Housing Development Finance Corp.		476,966		6,722
ICICI Bank, Ltd. ADR		97,130		3,812
Infosys, Ltd.		222,272		9,773
Marico, Ltd.		396,106		1,549
Sun Pharmaceuticals Industries, Ltd.		72,614		938
Sun TV Network, Ltd.		173,356		1,057
Tata Consultancy Services, Ltd.		141,542		3,460
Ultratech Cement, Ltd.		6,454		239
Zee Entertainment Enterprises, Ltd.		1,033,209		3,629
Indonesia—1.8%
Astra International PT		4,437,000		3,718
Semen Gresik Persero PT		114,500		178
Unilever Indonesia PT		767,000		2,080
Italy—0.5%
Saipem SpA		10,289		462
Salvatore Ferragamo Italia SpA		58,679		1,192
Korea, Republic of—3.9%
E-Mart Co., Ltd. ^		18,750		4,066
MegaStudy Co., Ltd.		4,614		286
NHN Corp. ^		31,683		7,336
Shinsegae Co., Ltd.		9,006		1,610
Luxembourg—1.1%
Tenaris SA ADR		97,450		3,666
Malaysia—0.4%
Genting Bhd		433,300		1,259
Mexico—8.5%
America Movil SAB de CV—Series L ADR		475,270		12,019
Fomento Economico Mexicano SAB de CV ADR		56,230		5,095
Fomento Economico Mexicano SAB de CV ^		564,613		5,084
Grupo Financiero Inbursa SAB de CV—Class O ^		673,778		1,791
Grupo Televisa SAB ADR		74,420		1,682
Wal-Mart de Mexico SAB de CV—Series V		1,119,021		3,293
Philippines—3.0%
Jollibee Foods Corp.		704,130		1,807
SM Investments Corp.		161,530		3,149
SM Prime Holdings, Inc.		14,589,163		5,134
Russian Federation—2.3%
Magnit OJSC Ә		55,399		7,877
Singapore—1.0%
Dairy Farm International Holdings, Ltd.		76,215		851
Genting Singapore PLC ^		1,909,000		2,081
Jardine Strategic Holdings, Ltd. ^		17,000		619
South Africa—3.0%
Anglo American Platinum, Ltd. ^		17,391		808
Impala Platinum Holdings, Ltd. ^		156,521		2,816
MTN Group, Ltd. ^		263,111		4,744
Standard Bank Group, Ltd.		140,021		1,730
Taiwan—2.4%
Epistar Corp.		760,500		1,211
HTC Corp.		80,263		580
Synnex Technology International Corp.		905,801		1,916
Taiwan Semiconductor Manufacturing Co., Ltd.		1,522,459		4,622
Thailand—0.6%
Siam Commercial Bank PCL ^		400,200		2,102
Turkey—5.0%
Akbank TAS		504,295		2,431
Anadolu Efes Biracilik Ve Malt Sanayii AS		180,112		2,703
BIM Birlesik Magazalar AS		50,576		2,349
Enka Insaat ve Sanayi AS		743,815		1,975
Haci OMER Sabanci Holding AS		984,296		5,194
Turkiye Garanti Bankasi AS		510,292		2,437

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

Transamerica Funds		Annual Report 2012
	Page    82

Transamerica Developing Markets Equity

(formerly, Transamerica Oppenheimer Developing Markets)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

	Shares		Value (000’s)
United Kingdom—11.6%
Anglo American PLC		194,173	$	5,962
BG Group PLC		238,050		4,408
Burberry Group PLC		75,040		1,412
Eurasia Drilling Co., Ltd.—Reg S GDR		53,604		1,855
Magnit OJSC—Reg S GDR ^		54,470		1,934
Mail.ru Group, Ltd.—Reg S GDR		43,000		1,434
NovaTek OAO—Reg S GDR		54,600		6,224
Rio Tinto PLC		20,270		1,016
SABMiller PLC		113,110		4,845
Tullow Oil PLC		294,780		6,680
Unilever PLC		102,998		3,841
United States—2.9%
Almacenes Exito SA—144A GDR		135,400		2,572
Credicorp, Ltd.		10,080		1,304
Inretail Peru Corp.—144A ‡ Ә		55,400		1,072
MercadoLibre, Inc. ^		8,260		694
Yandex NV—Class A ‡ ^		184,770		4,301
Total Common Stocks (cost $300,652)				320,356

	Shares		Value (000’s)
SECURITIES LENDING COLLATERAL—10.4%
State Street Navigator Securities Lending Trust—Prime Portfolio, 0.31% 		35,535,356	$	35,535
Total Securities Lending Collateral (cost $35,535)
	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT—4.1%
State Street Bank & Trust Co. 0.03% , dated 10/31/2012, to be repurchased at $13,968 on 11/01/2012. Collateralized by U.S. Government Agency Obligations, 3.00%, due 12/01/2026, and with a total value of $14,249.	$	13,968		13,968
Total Repurchase Agreement (cost $13,968)
Total Investment Securities (cost $355,665) P				376,616
Other Assets and Liabilities—Net				(35,254	)
Net Assets			$	341,362

INVESTMENTS BY INDUSTRY (unaudited):	Percentage of Total Investment Securities			Value (000’s)
Internet Software & Services		8.9	%	$	33,651
Food & Staples Retailing		8.5			32,029
Commercial Banks		7.6			28,464
Beverages		7.3			27,673
Oil, Gas & Consumable Fuels		6.6			24,896
Wireless Telecommunication Services		4.5			16,764
Diversified Financial Services		4.4			16,388
Metals & Mining		3.5			13,305
IT Services		3.5			13,232
Food Products		3.5			13,163
Hotels, Restaurants & Leisure		2.7			10,229
Real Estate Management & Development		2.7			10,139
Diversified Consumer Services		2.1			8,047
Household Products		2.1			7,884
Energy Equipment & Services		2.0			7,353
Thrifts & Mortgage Finance		1.8			6,722
Textiles, Apparel & Luxury Goods		1.8			6,652
Media		1.7			6,368
Semiconductors & Semiconductor Equipment		1.5			5,833
Industrial Conglomerates		1.5			5,743
Personal Products		1.4			5,460
Multiline Retail		1.3			4,927
Insurance		1.0			3,740
Automobiles		1.0			3,719
Aerospace & Defense		0.8			2,852
Pharmaceuticals		0.5			2,039
Electronic Equipment & Instruments		0.5			1,916
Health Care Providers & Services		0.5			1,883
Chemicals		0.5			1,748
Construction & Engineering		0.4			1,494
Construction Materials		0.3			1,109
Internet & Catalog Retail		0.2			750
Communications Equipment		0.2			580
Health Care Equipment & Supplies		0.1			361
Investment Securities, at Value		86.9			327,113
Short-Term Investments		13.1			49,503
Total Investments		100.0	%	$	376,616

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

Transamerica Funds		Annual Report 2012
	Page    83

Transamerica Developing Markets Equity

(formerly, Transamerica Oppenheimer Developing Markets)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

 Rate shown reflects the yield at 10/31/2012.

‡ Non-income producing security.

^ All or a portion of this security is on loan. The value of all securities on loan is $33,954.

Ә Fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. Total aggregate market value of fair valued securities is $8,949, or 2.62% of the fund’s net assets.

P Aggregate cost for federal income tax purposes is $360,580. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $39,529 and $23,493, respectively. Net unrealized appreciation for tax purposes is $16,036.

DEFINITIONS (all amounts in thousands):

144A	144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 10/31/2012, these securities aggregated $3,644, or 1.07% of the fund’s net assets.
ADR	American Depositary Receipt
GDR	Global Depositary Receipt
OJSC	Open Joint Stock Company
OAO	Otkrytoe Aktsionernoe Obschestvo (Russian: Open Joint Stock Corporation)

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 10/31/2012
Common Stocks	$	116,619	$	203,737	$	—	$	320,356
Preferred Stocks		6,757		—		—		6,757
Repurchase Agreement		—		13,968		—		13,968
Securities Lending Collateral		35,535		—		—		35,535
Total	$	158,911	$	217,705	$	—	$	376,616

Level 3 Rollforward—Investment Securities

Securities	Beginning Balance at 10/31/2011		Purchases		Sales			Accrued Discounts/ (Premiums)		Total Realized Gain/(Loss)		Net Change in Unrealized Appreciation/ (Depreciation) ƒ		Transfers into Level 3		Transfers out of Level 3		Ending Balance at 10/31/2012 ₪		Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at 10/31/2012 ƒ
Rights	$	¿	$	1	$	(1	) ∂	$	—	$	—	$	—	$	—	$	—	$	—	$	—

' Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of Levels 1 and 2 during the period ended 10/31/2012. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

ƒ Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at 10/31/2012 may be due to an investment no longer held or categorized as Level 3 at period end.

∂ Rights exercised on 11/10/2011.

₪ Inputs used in the valuation of the Level 3 securities were not considered significant unobservable inputs.

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

Transamerica Funds		Annual Report 2012
	Page    84

Transamerica Global Macro

(formerly, Transamerica First Quadrant Global Macro)

SCHEDULE OF INVESTMENTS

At October 31, 2012

	Principal (000’s)		Value (000’s)
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS—60.6%
U.S. Treasury Bill
0.05%, 11/15/2012  n	$	7,000	$	7,000
0.07%, 12/06/2012  n g		23,500		23,497
0.08%, 12/20/2012 - 12/27/2012  n		37,500		37,494
Total Short-Term U.S. Government Obligations (cost $67,991)				67,991
	Notional Amount (000’s)		Value (000’s)
PURCHASED OPTIONS—0.6%
Call Options—0.1%
S&P 500 Index Index Value 1,570.00 Expires 11/17/2012		6		¿
S&P 500 Index Index Value 1,575.00 Expires 11/17/2012		6		¿
S&P 500 Index Index Value 1,405.00 Expires 12/22/2012		2		63
S&P 500 Index Index Value 1,430.00 Expires 12/22/2012		1		11
S&P 500 Index Index Value 1,435.00 Expires 12/22/2012		1		26
S&P 500 Index Index Value 1,445.00 Expires 12/22/2012		1		18
S&P 500 Index Index Value 1,450.00 Expires 12/22/2012		1		14
S&P 500 Index Index Value 1,455.00 Expires 12/22/2012		1		17
S&P 500 Index Index Value 1,465.00 Expires 12/22/2012		¿		3
Put Options—0.5%
S&P 500 Index Index Value 1,410.00 Expires 12/22/2012		¿		11
S&P 500 Index Index Value 1,150.00 Expires 11/17/2012		28		4
S&P 500 Index Index Value 1,170.00 Expires 11/17/2012		38		6
S&P 500 Index Index Value 1,175.00 Expires 11/17/2012		18		4
S&P 500 Index Index Value 1,180.00 Expires 11/17/2012		36		13
S&P 500 Index Index Value 1,200.00 Expires 11/17/2012		146		44

	Notional Amount (000’s)		Value (000’s)
Put Options (continued)
S&P 500 Index Index Value 1,220.00 Expires 11/17/2012	$	68	$	24
S&P 500 Index Index Value 1,230.00 Expires 11/17/2012		20		8
S&P 500 Index Index Value 1,240.00 Expires 11/17/2012		40		18
S&P 500 Index Index Value 1,370.00 Expires 11/17/2012		6		55
S&P 500 Index Index Value 1,400.00 Expires 11/17/2012		8		145
S&P 500 Index Index Value 1,420.00 Expires 11/17/2012		8		195
S&P 500 Index Index Value 1,460.00 Expires 12/22/2012		1		62
Total Purchased Options (cost $1,100)				741

	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT—39.8%
State Street Bank & Trust Co. 0.03% , dated 10/31/2012, to be repurchased at $44,637 on 11/01/2012. Collateralized by a U.S. Government Agency Obligation, 3.00%, due 12/01/2026, and with a value of $45,529.		44,637		44,637
Total Repurchase Agreement (cost $44,637)
Total Investment Securities (cost $113,728) P				113,369
Other Assets and Liabilities—Net				(1,108	)
Net Assets			$	112,261

	Notional Amount (000’s)		Value (000’s)
WRITTEN OPTIONS—(0.8%)
Call Options—(0.1%)
S&P 500 Index Index Value 1,420.00 Expires 11/17/2012		$             (2)		$            (26)
S&P 500 Index Index Value 1,410.00 Expires 12/22/2012		(¿)		(10)
S&P 500 Index Index Value 1,460.00 Expires 11/17/2012		(6)		(16)
S&P 500 Index Index Value 1,470.00 Expires 11/17/2012		(16)		(31)
S&P 500 Index Index Value 1,480.00 Expires 11/17/2012		(8)		(8)

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

Transamerica Funds		Annual Report 2012
	Page    85

Transamerica Global Macro

(formerly, Transamerica First Quadrant Global Macro)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

	Notional Amount (000’s)			Value (000’s)
Call Options (continued)
S&P 500 Index Index Value 1,490.00 Expires 11/17/2012	$	(24	)	$	(17	)
S&P 500 Index Index Value 1,500.00 Expires 11/17/2012		(16	)		(8	)
S&P 500 Index Index Value 1,520.00 Expires 11/17/2012		(8	)		(2	)
S&P 500 Index Index Value 1,525.00 Expires 11/17/2012		(6	)		(1	)
S&P 500 Index Index Value 1,540.00 Expires 11/17/2012		(6	)		(1	)
S&P 500 Index Index Value 1,460.00 Expires 12/22/2012		(1	)		(10	)
S&P 500 Index Index Value 1,550.00 Expires 12/22/2012		(4	)		(2	)
Put Options—(0.7%)
S&P 100 Index Index Value 1,435.00 Expires 12/22/2012		(1	)		(61	)
S&P 500 Index Index Value 1,270.00 Expires 11/17/2012		(28	)		(28	)
S&P 500 Index Index Value 1,275.00 Expires 11/17/2012		(54	)		(54	)
S&P 500 Index Index Value 1,280.00 Expires 11/17/2012		(54	)		(70	)

	Notional Amount (000’s)		Value (000’s)
Put Options (continued)
S&P 500 Index Index Value 1,300.00 Expires 11/17/2012		$             (42)		$            (76)
S&P 500 Index Index Value 1,310.00 Expires 11/17/2012		(36)		(72)
S&P 500 Index Index Value 1,320.00 Expires 11/17/2012		(23)		(69)
S&P 500 Index Index Value 1,405.00 Expires 12/22/2012		(2)		(59)
S&P 500 Index Index Value 1,430.00 Expires 12/22/2012		(1)		(24)
S&P 500 Index Index Value 1,445.00 Expires 12/22/2012		(1)		(58)
S&P 500 Index Index Value 1,450.00 Expires 12/22/2012		(1)		(66)
S&P 500 Index Index Value 1,455.00 Expires 12/22/2012		(1)		(84)
S&P 500 Index Index Value 1,465.00 Expires 12/22/2012		(¿)		(21)
Total Written Options (premiums: $(1,260))				(874)

FORWARD FOREIGN CURRENCY CONTRACTS:

Currency	Counterparty	Contracts Bought (Sold) (000’s)			Settlement Date	Amount in U.S. Dollars Bought (Sold) (000’s)			Net Unrealized Appreciation (Depreciation) (000’s)
AUD	MSC		1,364		12/19/2012	$	1,415		$	(5	)
AUD	MSC		3,413		12/19/2012		3,515			14
AUD	MSC		274		12/19/2012		282			1
AUD	MSC		(17,057	)	12/19/2012		(17,213	)		(420	)
AUD	MSC		(1,774	)	12/19/2012		(1,797	)		(37	)
AUD	MSC		(2,924	)	12/19/2012		(3,043	)		20
AUD	MSC		(872	)	12/19/2012		(901	)		(1	)
AUD	MSC		(1,128	)	12/19/2012		(1,156	)		(10	)
AUD	MSC		(1,127	)	12/19/2012		(1,144	)		(21	)
AUD	MSC		(1,083	)	12/19/2012		(1,102	)		(18	)
AUD	MSC		(1,727	)	12/19/2012		(1,775	)		(11	)
AUD	MSC		(753	)	12/19/2012		(768	)		(10	)
CAD	MSC		1,185		12/19/2012		1,215			(30	)
CAD	MSC		2,011		12/19/2012		2,009			3
CAD	MSC		852		12/19/2012		866			(13	)
CAD	MSC		256		12/19/2012		261			(5	)
CAD	MSC		(1,843	)	12/19/2012		(1,868	)		24
CAD	MSC		(2,932	)	12/19/2012		(3,007	)		74
CAD	MSC		(1,568	)	12/19/2012		(1,609	)		40
CAD	MSC		(1,118	)	12/19/2012		(1,145	)		27

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

Transamerica Funds		Annual Report 2012
	Page    86

Transamerica Global Macro

(formerly, Transamerica First Quadrant Global Macro)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

FORWARD FOREIGN CURRENCY CONTRACTS (continued):

Currency	Counterparty	Contracts Bought (Sold) (000’s)			Settlement Date	Amount in U.S. Dollars Bought (Sold) (000’s)			Net Unrealized Appreciation (Depreciation) (000’s)
CAD	MSC		(10,462	)	12/19/2012	$	(10,560	)	$	96
EUR	MSC		11,552		12/19/2012		14,906			76
EUR	MSC		13,219		12/19/2012		16,643			500
EUR	MSC		2,703		12/19/2012		3,413			92
EUR	MSC		1,285		12/19/2012		1,663			4
EUR	MSC		1,529		12/19/2012		1,968			14
EUR	MSC		(1,760	)	12/19/2012		(2,280	)		(3	)
EUR	MSC		1,581		12/19/2012		2,077			(26	)
EUR	MSC		(10,228	)	12/19/2012		(13,092	)		(172	)
EUR	MSC		(230	)	12/19/2012		(296	)		(2	)
EUR	MSC		(1,551	)	12/19/2012		(2,000	)		(12	)
EUR	MSC		(1,649	)	12/19/2012		(2,147	)		8
EUR	MSC		2,004		12/19/2012		2,534			65
GBP	MSC		1,776		12/19/2012		2,846			19
GBP	MSC		712		12/19/2012		1,155			(6	)
GBP	MSC		720		12/19/2012		1,164			(3	)
GBP	MSC		(1,785	)	12/19/2012		(2,876	)		(5	)
GBP	MSC		338		12/19/2012		548			(3	)
GBP	MSC		5,884		12/19/2012		9,360			134
GBP	MSC		567		12/19/2012		913			1
JPY	MSC		189,814		12/19/2012		2,435			(56	)
JPY	MSC		2,000		12/19/2012		26			(1	)
JPY	MSC		27,446		12/19/2012		352			(8	)
JPY	MSC		27,187		12/19/2012		347			(6	)
JPY	MSC		(157,788	)	12/19/2012		(2,015	)		37
JPY	MSC		(110,429	)	12/19/2012		(1,405	)		21
JPY	MSC		(1,057,369	)	12/19/2012		(13,493	)		241
JPY	MSC		(39,021	)	12/19/2012		(493	)		4
JPY	MSC		(262,102	)	12/19/2012		(3,367	)		82
NOK	MSC		12,095		12/19/2012		2,116			2
NOK	MSC		10,245		12/19/2012		1,788			6
NOK	MSC		37,361		12/19/2012		6,402			139
NOK	MSC		2,017		12/19/2012		352			1
NOK	MSC		13,815		12/19/2012		2,403			16
NOK	MSC		1,275		12/19/2012		222			1
NOK	MSC		(6,263	)	12/19/2012		(1,066	)		(30	)
NZD	MSC		(2,783	)	12/19/2012		(2,308	)		27
NZD	MSC		(1,273	)	12/19/2012		(1,007	)		(36	)
NZD	MSC		(10,485	)	12/19/2012		(8,260	)		(335	)
NZD	MSC		(1,509	)	12/19/2012		(1,243	)		6
NZD	MSC		852		12/19/2012		703			(5	)
NZD	MSC		1,639		12/19/2012		1,344			(1	)
SEK	MSC		(14,840	)	12/19/2012		(2,197	)		(37	)
SEK	MSC		8,587		12/19/2012		1,274			19
SGD	MSC		(1,867	)	12/19/2012		(1,527	)		(3	)
SGD	MSC		1,006		12/19/2012		822			3
SGD	MSC		(11,332	)	12/19/2012		(9,082	)		(208	)
									$	278

FUTURES CONTRACTS:

Description	Type	Contracts			Expiration Date	Unrealized Appreciation (Depreciation) (000’s)
10-Year Australian Treasury Bond	Short		(91	)	12/17/2012	$	25
10-Year Government of Canada Bond	Short		(218	)	12/18/2012		(217	)
10-Year JGB Mini	Short		(239	)	12/10/2012		(132	)
10-Year U.S. Treasury Note	Long		244		12/19/2012		64
AEX Index	Long		51		11/16/2012		(9	)
ASX SPI 200 Index	Long		3		12/20/2012		2
CAC 40 Index	Short		(263	)	11/16/2012		264
DAX Index	Long		10		12/21/2012		(18	)
FTSE 100 Index	Long		50		12/21/2012		(24	)
FTSE MIB Index	Short		(108	)	12/21/2012		162

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

Transamerica Funds		Annual Report 2012
	Page    87

Transamerica Global Macro

(formerly, Transamerica First Quadrant Global Macro)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

FUTURES CONTRACTS (continued)

Description	Type		Contracts			Expiration Date		Unrealized Appreciation (Depreciation) (000’s)
German Euro Bund		Long		78			12/06/2012	$	39
Hang Seng Index Futures		Long		14			11/29/2012		(9	)
IBEX 35 Index		Long		3			11/16/2012		(5	)
S&P 500 E-Mini Index		Long		166			12/21/2012		(127	)
S&P TSE 60 Index		Long		65			12/20/2012		61
U.K. Long Gilt Bond		Long		190			12/27/2012		(255	)
TOPIX Index		Short		(54	)		12/14/2012		(108	)
								$	(287	)

Collateral (Received) Pledged for OTC Financial Derivative Instruments

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received) pledged as of 10/31/2012:

Counterparty	Total Market Value of OTC Derivatives (000’s)		Collateral  (Received) Pledged (000’s)		Net Exposures (1) (000’s)
MSC	$	278	$	—	$	278

⁽¹⁾  Net exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default.

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

g A portion of this security in the amount of $6,999 has been segregated as collateral with the broker to cover margin requirements for open futures contracts.

 Rate shown reflects the yield at 10/31/2012.

¾ A portion of these securities in the amount of $44,794 has been segregated with the broker to cover open written options.

P Aggregate cost for federal income tax purposes is $113,728. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $157 and $516, respectively. Net unrealized depreciation for tax purposes is $359.

¿ Amount is less than 1.

DEFINITIONS:

MSC	Morgan Stanley
OTC	Over the Counter

CURRENCY ABBREVIATIONS:

AUD	Australian Dollar
CAD	Canadian Dollar
EUR	Euro
GBP	Pound Sterling
JPY	Japanese Yen
NOK	Norwegian Krone
NZD	New Zealand Dollar
SEK	Swedish Krona
SGD	Singapore Dollar

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 10/31/2012
Purchased Options	$	730	$	11	$	—	$	741
Repurchase Agreement		—		44,637		—		44,637
Short-Term U.S. Government Obligations		—		67,991		—		67,991
Total	$	730	$	112,639	$	—	$	113,369

Other Financial Instruments	Level 1 - Quoted Prices			Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value at 10/31/2012
Written Options	$	(838	)	$	(36	)	$	—	$	(874	)

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

Transamerica Funds		Annual Report 2012
	Page    88

Transamerica Global Macro

(formerly, Transamerica First Quadrant Global Macro)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

VALUATION SUMMARY (all amounts in thousands) (continued): '

Other Financial Instruments ₣	Level 1 - Quoted Prices			Level 2  - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value at 10/31/2012
Futures Contracts—Appreciation	$	617		$	—		$	—	$	617
Futures Contracts—Depreciation		(904	)		—			—		(904	)
Forward Foreign Currency Contracts—Appreciation		—			1,817			—		1,817
Forward Foreign Currency Contracts—Depreciation		—			(1,539	)		—		(1,539	)
Total	$	(287	)	$	278		$	—	$	(9	)

' Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of Levels 1 and 2 during the period ended 10/31/2012. 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		Annual Report 2012
	Page    89

Transamerica Global Real Estate Securities

(formerly, Transamerica Clarion Global Real Estate Securities)

SCHEDULE OF INVESTMENTS

At October 31, 2012

	Shares			Value (000’s)
COMMON STOCKS—99.1%
Australia—10.0%
Centro Retail Australia REIT		579,227		$	1,293
Dexus Property Group REIT		2,066,591			2,113
Goodman Group REIT		305,711			1,406
GPT Group REIT		270,001	��		998
Investa Office Fund REIT		315,900			974
Mirvac Group REIT		828,551			1,294
Westfield Group REIT		435,548			4,819
Westfield Retail Trust REIT		994,579			3,201
Brazil—0.1%
Sonae Sierra Brasil SA		10,900			182
Canada—2.0%
Boardwalk Real Estate Investment Trust		14,600			940
Calloway Real Estate Investment Trust		10,100			293
Canadian Real Estate Investment Trust		11,100			463
Primaris Retail Real Estate Investment Trust		20,000			469
RioCan Real Estate Investment Trust		33,300			908
France—4.9%
Fonciere Des Regions REIT		11,697			940
ICADE REIT ^		7,820			704
Klepierre REIT		35,830			1,328
Societe Immobiliere de Location pour I’Industrie et le Commerce REIT		4,605			516
Unibail—Rodamco SE REIT ^		19,577			4,410
Germany—0.9%
Deutsche Wohnen AG		9,180			168
GSW Immobilien AG		29,607			1,218
Hong Kong—11.8%
Cheung Kong Holdings, Ltd.		260,090			3,843
China Overseas Land & Investment, Ltd. ^		531,000			1,398
Great Eagle Holdings, Ltd.		158,400			469
Hang Lung Group, Ltd. ^		120,848			713
Hang Lung Properties, Ltd.		311,748			1,086
Kerry Properties, Ltd. ^		283,000			1,408
Link Real Estate Investment Trust		566,300			2,813
New World Development Co., Ltd.		359,400			556
Sino Land Co., Ltd. ^		959,528			1,723
Sun Hung Kai Properties, Ltd.		191,245			2,663
Swire Properties, Ltd.		219,000			680
Wharf Holdings, Ltd.		214,405			1,472
Japan—14.0%
Advance Residence Investment Corp.—Class A REIT		161			349
Daito Trust Construction Co., Ltd.		20,200			2,039
Daiwa House Industry Co., Ltd.		33,000			500
Japan Real Estate Investment Corp. REIT		217			2,172
Japan Retail Fund Investment Corp.—Class A REIT		684			1,247
Kenedix Realty Investment Corp.—Class A REIT ^		100			342
Mitsubishi Estate Co., Ltd.		313,936			6,210
Mitsui Fudosan Co., Ltd.		254,946			5,151
Nippon Accommodations Fund, Inc.—Class A REIT		69			490
Nippon Building Fund, Inc. REIT		88			945
Sumitomo Realty & Development Co., Ltd.		42,600			1,176
Tokyo Tatemono Co., Ltd. ‡^		260,000			1,068
United Urban Investment Corp.—Class A REIT ^		592			712
Netherlands—0.2%
Eurocommercial Properties NV REIT		8,338			327
Singapore—5.1%
Ascendas Real Estate Investment Trust		97,000			188
CapitaCommercial Trust REIT ^		1,607,000			2,068

	Shares		Value (000’s)
Singapore (continued)
CapitaLand, Ltd.		674,950	$	1,809
CapitaMall Trust REIT		901,114		1,559
Frasers Centrepoint Trust REIT		124,100		199
Global Logistic Properties, Ltd.—Class L		666,200		1,404
Hongkong Land Holdings, Ltd.		54,797		348
Keppel Land, Ltd. ^		224,000		624
Sweden—0.7%
Castellum AB		48,230		646
Hufvudstaden AB—Class A		39,504		502
Switzerland—0.6%
PSP Swiss Property AG ‡		10,550		969
United Kingdom—5.3%
British Land Co., PLC REIT		78,368		668
Derwent London PLC REIT		37,539		1,249
Great Portland Estates PLC REIT		153,960		1,162
Hammerson PLC REIT		300,987		2,292
Land Securities Group PLC REIT		216,253		2,806
Safestore Holdings PLC		197,600		348
United States—43.5%
American Tower Corp.—Class A REIT		20,000		1,506
AvalonBay Communities, Inc. REIT		21,025		2,850
Boston Properties, Inc. REIT		40,900		4,348
BRE Properties, Inc. REIT		33,800		1,634
DDR Corp. REIT ^		115,900		1,780
Douglas Emmett, Inc. REIT ^		60,300		1,414
Equity Residential REIT		38,600		2,216
Essex Property Trust, Inc. REIT ^		14,600		2,190
Federal Realty Investment Trust REIT		14,600		1,574
General Growth Properties, Inc. REIT		168,290		3,309
HCP, Inc. REIT		66,900		2,964
Health Care REIT, Inc.		33,400		1,985
Highwoods Properties, Inc. REIT ^		23,500		758
Host Hotels & Resorts, Inc. REIT ^		253,177		3,661
Kilroy Realty Corp. REIT ^		40,500		1,799
Kimco Realty Corp. REIT ^		124,000		2,420
Liberty Property Trust REIT		56,000		1,967
Macerich Co. REIT		60,307		3,437
Pebblebrook Hotel Trust REIT		26,100		554
Post Properties, Inc. REIT		36,600		1,786
ProLogis, Inc. REIT		90,613		3,107
Public Storage REIT		17,100		2,371
Simon Property Group, Inc. REIT		48,563		7,391
SL Green Realty Corp. REIT ^		39,700		2,989
Starwood Hotels & Resorts Worldwide, Inc.		6,800		353
Tanger Factory Outlet Centers REIT		29,100		916
Taubman Centers, Inc. REIT		28,300		2,223
UDR, Inc. REIT ^		110,683		2,686
Ventas, Inc. REIT		38,435		2,432
Vornado Realty Trust REIT		15,737		1,262
Total Common Stocks (cost $120,115)				158,912
SECURITIES LENDING COLLATERAL—13.8%
State Street Navigator Securities Lending Trust—Prime Portfolio, 0.31% 		22,050,879		22,051
Total Securities Lending Collateral (cost $22,051)

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

Transamerica Funds		Annual Report 2012
	Page    90

Transamerica Global Real Estate Securities

(formerly, Transamerica Clarion Global Real Estate Securities)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT—0.8%
State Street Bank & Trust Co. 0.03% p, dated 10/31/2012, to be repurchased at $1,343 on 11/01/2012. Collateralized by a U.S. Government Agency Obligation, 3.00%, due 12/01/2026, and with a value of $1,373.	$	1,343	$	1,343
Total Repurchase Agreement (cost $1,343)
Total Investment Securities (cost $143,509) P				182,306
Other Assets and Liabilities—Net				(21,976	)
Net Assets			$	160,330

INVESTMENTS BY INDUSTRY (unaudited):	Percentage of Total  Investment Securities			Value (000’s)
Real Estate Investment Trusts		64.8	%	$	118,186
Real Estate Management & Development		22.2			40,373
Hotels, Restaurants & Leisure		0.2			353
Investment Securities, at Value		87.2			158,912
Short-Term Investments		12.8			23,394
Total Investments		100.0	%	$	182,306

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

^ All or a portion of this security is on loan. The value of all securities on loan is $21,245.

‡ Non-income producing security.

 Rate shown reflects the yield at 10/31/2012.

P Aggregate cost for federal income tax purposes is $156,645. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $26,354 and $693, respectively. Net unrealized appreciation for tax purposes is $25,661.

DEFINITION:

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

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 10/31/2012
Common Stocks	$	73,137	$	85,775	$	—	$	158,912
Repurchase Agreement		—		1,343		—		1,343
Securities Lending Collateral		22,051		—		—		22,051
Total	$	95,188	$	87,118	$	—	$	182,306

' Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of Levels 1 and 2 during the period ended 10/31/2012. 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		Annual Report 2012
	Page    91

Transamerica Growth

(formerly, Transamerica Jennison Growth)

SCHEDULE OF INVESTMENTS

At October 31, 2012

	Shares		Value (000’s)
COMMON STOCKS—99.1%
Aerospace & Defense—5.5%
Boeing Co.		132,579	$	9,339
Precision Castparts Corp.		74,969		12,974
United Technologies Corp.		100,930		7,889
Auto Components—0.8%
BorgWarner, Inc. ‡^		63,941		4,209
Biotechnology—4.4%
Alexion Pharmaceuticals, Inc. ‡		81,496		7,366
Biogen Idec, Inc. ‡		42,413		5,862
Gilead Sciences, Inc. ‡		66,767		4,484
Vertex Pharmaceuticals, Inc. ‡		137,639		6,640
Capital Markets—2.6%
Goldman Sachs Group, Inc.		114,720		14,041
Chemicals—1.8%
Monsanto Co.		112,625		9,694
Communications Equipment—1.1%
QUALCOMM, Inc.		100,423		5,882
Computers & Peripherals—9.0%
Apple, Inc.		61,248		36,447
EMC Corp. ‡		502,080		12,261
NetApp, Inc. ‡		34,870		938
Electrical Equipment—0.5%
Roper Industries, Inc.		26,127		2,852
Energy Equipment & Services—1.5%
National Oilwell Varco, Inc.		110,620		8,153
Food & Staples Retailing—3.5%
Costco Wholesale Corp.		104,244		10,261
Whole Foods Market, Inc.		96,393		9,131
Food Products—2.5%
Kraft Foods Group, Inc. ‡		63,982		2,910
Mead Johnson Nutrition Co.—Class A		83,717		5,162
Mondelez International, Inc.—Class A		210,955		5,599
Health Care Providers & Services—2.9%
Express Scripts Holding Co. ‡		166,522		10,248
UnitedHealth Group, Inc.		100,785		5,644
Hotels, Restaurants & Leisure—3.7%
Chipotle Mexican Grill, Inc.—Class A ‡^		23,153		5,893
Dunkin’ Brands Group, Inc. ^		178,880		5,545
Yum! Brands, Inc.		125,359		8,789
Internet & Catalog Retail—4.4%
Amazon.com, Inc. ‡		70,423		16,396
priceline.com, Inc. ‡		13,504		7,748
Internet Software & Services—9.1%
Baidu, Inc. ADR ‡		60,280		6,427
eBay, Inc. ‡		78,460		3,789
Facebook, Inc.—Class A ‡^		185,933		3,926
Google, Inc.—Class A ‡		24,805		16,863
LinkedIn Corp.—Class A ‡		79,446		8,495
Rackspace Hosting, Inc. ‡^		76,668		4,883
Tencent Holdings, Ltd.		156,539		5,546
Youku Tudou, Inc. ADR ‡		36,586		724
IT Services—7.6%
International Business Machines Corp.		58,304		11,342
Mastercard, Inc.—Class A		39,657		18,279
Teradata Corp. ‡		31,458		2,149
Visa, Inc.—Class A		74,052		10,275
Life Sciences Tools & Services—0.7%
Illumina, Inc. ‡^		77,858		3,699
Media—1.6%
Walt Disney Co.		174,264		8,551
Multiline Retail—0.6%
Family Dollar Stores, Inc. ^		51,865		3,421
Oil, Gas & Consumable Fuels—1.7%
Concho Resources, Inc. ‡		71,188		6,131
EOG Resources, Inc.		29,042		3,383
Personal Products—1.7%
Estee Lauder Cos., Inc.—Class A		148,397		9,144

	Shares		Value (000’s)
Pharmaceuticals—7.9%
Abbott Laboratories		79,704	$	5,222
Allergan, Inc.		92,514		8,319
Bristol—Myers Squibb Co.		198,175		6,589
Novo Nordisk A/S ADR		66,526		10,664
Perrigo Co. ^		39,656		4,561
Shire PLC ADR		96,432		8,138
Real Estate Investment Trusts—1.9%
American Tower Corp.—Class A		140,606		10,586
Road & Rail—1.6%
Union Pacific Corp.		72,342		8,900
Semiconductors & Semiconductor Equipment—2.6%
ARM Holdings PLC ADR ^		144,803		4,684
Avago Technologies, Ltd.		143,030		4,724
Broadcom Corp.—Class A ‡		159,270		5,023
Software—6.0%
Intuit, Inc.		86,884		5,163
Red Hat, Inc. ‡		158,175		7,777
Salesforce.com, Inc. ‡^		70,858		10,344
Splunk, Inc. ‡		54,707		1,535
VMware, Inc.—Class A ‡		87,299		7,400
Workday, Inc.—Class A ‡^		17,156		832
Specialty Retail—4.0%
Inditex SA ^		101,128		12,903
TJX Cos., Inc.		213,637		8,894
Textiles, Apparel & Luxury Goods—6.9%
Burberry Group PLC		189,486		3,565
Coach, Inc.		139,358		7,811
Lululemon Athletica, Inc. ‡		110,130		7,600
NIKE, Inc.—Class B		112,571		10,288
Ralph Lauren Corp.—Class A		57,969		8,909
Wireless Telecommunication Services—1.0%
Crown Castle International Corp. ‡		78,726		5,255
Total Common Stocks (cost $395,868)				545,070
SECURITIES LENDING COLLATERAL—8.3%
State Street Navigator Securities Lending Trust—Prime Portfolio, 0.31% 		45,671,016		45,671
Total Securities Lending Collateral (cost $45,671)
	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT—1.1%
State Street Bank & Trust Co. 0.03% , dated 10/31/2012, to be repurchased at $6,203 on 11/01/2012. Collateralized by a U.S. Government Agency Obligation, 3.00%, due 12/01/2026, and with a value of $6,328.	$	6,203		6,203
Total Repurchase Agreement (cost $6,203)
Total Investment Securities (cost $447,742) P				596,944
Other Assets and Liabilities—Net				(46,737	)
Net Assets			$	550,207

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

Transamerica Funds		Annual Report 2012
	Page    92

Transamerica Growth

(formerly, Transamerica Jennison Growth)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

^ All or a portion of this security is on loan. The value of all securities on loan is $44,407.

‡ Non-income producing security.

 Rate shown reflects the yield at 10/31/2012.

P Aggregate cost for federal income tax purposes is $450,677. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $152,506 and $6,239, respectively. Net unrealized appreciation for tax purposes is $146,267.

DEFINITION:

ADR American Depositary Receipt

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 10/31/2012
Common Stocks	$	523,056	$	22,014	$	—	$	545,070
Repurchase Agreement		—		6,203		—		6,203
Securities Lending Collateral		45,671		—		—		45,671
Total	$	568,727	$	28,217	$	—	$	596,944

' Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of Levels 1 and 2 during the period ended 10/31/2012. 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		Annual Report 2012
	Page    93

Transamerica International

(formerly, Transamerica Neuberger Berman International)

SCHEDULE OF INVESTMENTS

At October 31, 2012

	Shares		Value (000’s)
COMMON STOCKS—96.9%
Australia—1.8%
CSL, Ltd.		48,725	$	2,403
Iluka Resources, Ltd. ^		217,455		2,239
Imdex, Ltd.		679,485		945
Belgium—1.9%
Anheuser-Busch InBev NV		31,295		2,617
Anheuser-Busch InBev NV—STRIP VVPR ‡		130,726		¨
Colruyt SA ^		66,155		3,022
Canada—8.4%
Cenovus Energy, Inc.		64,963		2,292
Corus Entertainment, Inc.—Class B ^		156,560		3,544
Goldcorp, Inc.		95,400		4,313
Home Capital Group, Inc.—Class B		45,000		2,291
MacDonald Dettwiler & Associates, Ltd.		56,415		3,163
New Gold, Inc. ‡		368,800		4,317
Silver Wheaton Corp.		91,300		3,679
Vermilion Energy, Inc. ^		50,700		2,424
Chile—1.0%
Sociedad Quimica y Minera de Chile SA ADR		55,485		3,210
Czech Republic—0.6%
Komercni Banka AS		8,531		1,741
Denmark—2.5%
Novo Nordisk A/S—Class B		14,247		2,296
Sydbank A/S ‡		125,365		2,294
Tryg A/S		52,960		3,460
France—6.8%
Alcatel-Lucent ‡^		1,653,405		1,682
Arkema SA		40,895		3,728
CFAO SA		82,681		3,988
Eutelsat Communications SA		69,553		2,227
Pernod-Ricard SA		20,960		2,256
Rexel SA		162,596		2,943
Sodexo		57,375		4,415
Germany—8.2%
Brenntag AG		31,635		3,987
Continental AG		16,025		1,606
Deutsche Boerse AG		61,455		3,326
Deutsche Telekom AG		200,775		2,293
Fresenius Medical Care AG & Co., KGaA		62,771		4,409
Gerresheimer AG ‡		62,483		3,100
Linde AG		25,394		4,271
NORMA Group AG		92,605		2,559
Hong Kong—1.5%
China Liansu Group Holdings, Ltd. ^		3,007,900		1,773
China Mobile, Ltd. ADR		52,565		2,912
Indonesia—0.5%
Bank Mandiri Persero PT		1,794,900		1,542
Ireland—0.7%
DCC PLC		71,926		2,057
Israel—0.5%
Bezeq Israeli Telecommunication Corp., Ltd.		1,347,600		1,643
Japan—13.5%
Daikin Industries, Ltd.		58,300		1,613
FANUC Corp.		14,000		2,229
Jupiter Telecommunications Co., Ltd.		6,394		8,690
Kansai Paint Co., Ltd. ^		307,800		3,312
Kenedix Realty Investment Corp.—Class A REIT ^		806		2,754
Keyence Corp.		8,700		2,309
Nihon Kohden Corp. ^		122,800		4,564
Pigeon Corp. ^		49,300		2,273
SMC Corp.		16,200		2,553
Softbank Corp.		38,000		1,203
Sugi Holdings Co., Ltd. ^		77,300		2,794
Sundrug Co., Ltd. ^		126,600		4,660

	Shares		Value (000’s)
Japan (continued)
Toyota Motor Corp.		74,100	$	2,845
Korea, Republic of—3.3%
Hyundai Mobis		11,590		2,955
Samsung Electronics Co., Ltd.		3,862		4,639
Shinhan Financial Group Co., Ltd.		72,095		2,476
Netherlands—5.4%
Akzo Nobel NV		57,995		3,155
Koninklijke Ahold NV		255,313		3,250
Nutreco NV		49,522		3,707
Royal Imtech NV		60,785		1,525
Unilever NV ^		133,021		4,884
Norway—3.5%
DNB ASA		298,100		3,722
Norwegian Property ASA		198,511		298
ProSafe SE ^		358,780		2,988
Subsea 7 SA ^		150,653		3,306
Russian Federation—0.9%
Sberbank of Russia ADR		241,100		2,809
Singapore—1.0%
United Overseas Bank, Ltd.		201,000		3,010
Sweden—2.6%
Axfood AB		19,596		726
Elekta AB—Class B		235,368		3,353
Nordea Bank AB		150,820		1,370
Telefonaktiebolaget LM Ericsson—Class B		300,725		2,644
Switzerland—11.7%
Bucher Industries AG		16,797		3,147
Givaudan SA ‡		3,939		3,942
Nestle SA		56,318		3,574
Novartis AG		49,436		2,975
Partners Group Holding AG		10,995		2,327
Roche Holding AG		26,864		5,167
SGS SA		2,374		5,027
Sika AG		1,489		3,107
Sulzer AG		39,821		5,764
Turkey—0.5%
Sinpas Gayrimenkul Yatirim Ortakligi AS REIT		2,006,118		1,410
United Kingdom—17.1%
Afren PLC ‡		1,070,900		2,380
Amlin PLC		649,296		3,911
BG Group PLC		128,400		2,378
BHP Billiton PLC		100,735		3,228
Bunzl PLC		218,855		3,620
Cairn Energy PLC ‡		399,980		1,809
Diploma PLC §		271,950		1,964
Direct Line Insurance Group PLC ‡		292,900		919
Experian Group, Ltd.		199,817		3,450
ICAP PLC		430,110		2,256
Informa PLC		331,077		2,138
Mitie Group PLC		784,493		3,692
NovaTek OAO GDR		16,420		1,872
Petrofac, Ltd.		141,950		3,674
Reed Elsevier PLC		161,527		1,580
RPS Group PLC		811,043		3,061
Synergy Health PLC §		226,147		3,390
Tullow Oil PLC		136,572		3,093
Vodafone Group PLC		1,492,229		4,051
United States—3.0%
Autoliv, Inc. ^		34,400		1,981
Check Point Software Technologies, Ltd. ‡^		75,000		3,340
Willis Group Holdings PLC ^		115,300		3,882
Total Common Stocks (cost $237,380)				297,692

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

Transamerica Funds		Annual Report 2012
	Page    94

Transamerica International

(formerly, Transamerica Neuberger Berman International)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

	Shares		Value (000’s)
SECURITIES LENDING COLLATERAL—10.3%
State Street Navigator Securities Lending Trust—Prime Portfolio, 0.31% p		31,552,255	$	31,552
Total Securities Lending Collateral (cost $31,552)

	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT—3.0%
State Street Bank & Trust Co. 0.03% p, dated 10/31/2012, to be repurchased at $9,213 on 11/01/2012. Collateralized by a U.S. Government Agency Obligation, 3.00%, due 12/01/2026, and with a value of $9,401.	$	9,213	$	9,213
Total Repurchase Agreement (cost $9,213)
Total Investment Securities (cost $278,145) P				338,457
Other Assets and Liabilities—Net				(31,314	)
Net Assets			$	307,143

INVESTMENTS BY INDUSTRY (unaudited):	Percentage of Total Investment Securities			Value (000’s)
Chemicals		7.3	%	$	24,725
Commercial Banks		5.6			18,964
Metals & Mining		5.5			18,721
Media		5.4			18,179
Machinery		4.8			16,252
Oil, Gas & Consumable Fuels		4.8			16,248
Food & Staples Retailing		4.3			14,452
Insurance		3.6			12,172
Food Products		3.6			12,165
Trading Companies & Distributors		3.1			10,550
Pharmaceuticals		3.1			10,438
Energy Equipment & Services		2.9			9,968
Professional Services		2.5			8,477
Wireless Telecommunication Services		2.4			8,166
Health Care Equipment & Supplies		2.3			7,917
Health Care Providers & Services		2.3			7,799
Commercial Services & Supplies		2.0			6,753
Auto Components		1.9			6,542
Software		1.9			6,503
Beverages		1.4			4,873
Semiconductors & Semiconductor Equipment		1.4			4,639
Capital Markets		1.4			4,583
Hotels, Restaurants & Leisure		1.3			4,415
Communications Equipment		1.3			4,326
Electronic Equipment & Instruments		1.3			4,273
Real Estate Investment Trusts		1.2			4,164
Distributors		1.2			3,988
Diversified Telecommunication Services		1.2			3,936
Building Products		1.0			3,386
Diversified Financial Services		1.0			3,326
Life Sciences Tools & Services		0.9			3,100
Automobiles		0.8			2,845
Biotechnology		0.7			2,403
Thrifts & Mortgage Finance		0.7			2,291
Household Products		0.7			2,273
Industrial Conglomerates		0.6			2,057
Construction & Engineering		0.5			1,525
Real Estate Management & Development		0.1			298
Investment Securities, at Value		88.0			297,692
Short-Term Investments		12.0			40,765
Total Investments		100.0	%	$	338,457

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

Transamerica Funds		Annual Report 2012
	Page    95

Transamerica International

(formerly, Transamerica Neuberger Berman International)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

^ All or a portion of this security is on loan. The value of all securities on loan is $30,199.

‡ Non-income producing security.

 Rate shown reflects the yield at 10/31/2012.

§ Illiquid. Total aggregate market value of illiquid securities is $5,354, or 1.74%, of the fund’s net assets.

P Aggregate cost for federal income tax purposes is $280,845. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $67,431 and $9,819, respectively. Net unrealized appreciation for tax purposes is $57,612.

¨ Amount is less than 1.

DEFINITIONS:

ADR	American Depositary Receipt
GDR	Global Depositary Receipt
OAO	Otkrytoe Aktsionernoe Obschestvo (Russian: Open Joint Stock Corporation)
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, entitles the shareholder to a reduced rate of withholding tax on the dividends paid by the company.

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 10/31/2012
Common Stocks	$	46,029	$	251,663	$	—	$	297,692
Repurchase Agreement		—		9,213		—		9,213
Securities Lending Collateral		31,552		—		—		31,552
Total	$	77,581	$	260,876	$	—	$	338,457

' Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of Levels 1 and 2 during the period ended 10/31/2012. 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		Annual Report 2012
	Page    96

Transamerica International Equity Opportunities

(formerly, Transamerica MFS International Equity)

SCHEDULE OF INVESTMENTS

At October 31, 2012

	Shares		Value (000’s)
COMMON STOCKS—99.1%
Australia—1.9%
QBE Insurance Group, Ltd.		187,135	$	2,560
Westpac Banking Corp.		35,910		951
Brazil—1.8%
BM&FBovespa SA		199,000		1,274
Itau Unibanco Holding SA ADR		90,430		1,318
Tim Participacoes SA ADR		25,320		440
Canada—2.3%
Canadian National Railway Co.		47,283		4,084
Czech Republic—0.8%
Komercni Banka AS		6,460		1,318
France—11.6%
Air Liquide SA		30,199		3,562
Danone SA		56,516		3,474
Dassault Systemes SA		9,626		1,014
Legrand SA		51,925		2,000
LVMH Moet Hennessy Louis Vuitton SA		21,493		3,493
Pernod-Ricard SA		31,772		3,419
Schneider Electric SA		52,604		3,289
Germany—11.6%
Bayer AG		69,777		6,077
Beiersdorf AG		48,787		3,548
Deutsche Boerse AG		10,505		569
Linde AG		27,741		4,666
Merck KGaA		19,845		2,536
SAP AG		44,311		3,228
Hong Kong—4.2%
AIA Group, Ltd.		518,000		2,049
China Unicom, Ltd. ^		1,002,000		1,642
CNOOC, Ltd.		313,000		649
Li & Fung, Ltd. ^		1,646,000		2,761
India—1.7%
ICICI Bank, Ltd. ADR		74,200		2,912
Japan—13.8%
Canon, Inc.		69,400		2,241
Denso Corp.		100,300		3,140
FANUC Corp.		14,800		2,356
Honda Motor Co., Ltd.		111,500		3,338
Hoya Corp.		92,100		1,864
INPEX Corp.		492		2,804
Lawson, Inc. ^		43,300		3,184
NTT DOCOMO, Inc.		748		1,099
Shin-Etsu Chemical Co., Ltd.		76,400		4,307
Korea, Republic of—0.8%
Samsung Electronics Co., Ltd.		1,223		1,469
Mexico—0.4%
Grupo Financiero Santander Mexico SAB de CV ADR ‡		51,580		705
Netherlands—7.8%
Akzo Nobel NV		49,969		2,718
Heineken NV		70,473		4,345
ING Groep NV ‡		378,023		3,339
Randstad Holding NV		96,136		3,138
Singapore—1.3%
DBS Group Holdings, Ltd.		142,000		1,618
Singapore Telecommunications, Ltd.		286,150		755
South Africa—0.3%
MTN Group, Ltd.		28,220		509
Spain—2.9%
Amadeus IT Holding SA—Class A		105,048		2,601
Banco Santander SA		239,254		1,795
Red Electrica Corp. SA		16,170		758
Sweden—1.0%
Hennes & Mauritz AB—Class B		51,770		1,752
Switzerland—10.4%
Givaudan SA ‡		362		362
Julius Baer Group, Ltd. ‡		78,478		2,722
Keuhne & Nagel International AG		8,110		947

	Shares		Value (000’s)
Switzerland (continued)
Nestle SA		94,101	$	5,972
Roche Holding AG		14,374		2,764
Sonova Holding AG ‡		12,695		1,277
Swiss Re AG ‡		22,087		1,526
UBS AG ‡		175,095		2,625
Taiwan—2.3%
Hon Hai Precision Industry Co., Ltd.		448,530		1,362
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		158,131		2,514
United Kingdom—20.4%
Barclays PLC		333,850		1,226
BG Group PLC		81,400		1,507
Compass Group PLC		359,600		3,946
Diageo PLC		116,412		3,327
Hays PLC		612,054		805
HSBC Holdings PLC		663,787		6,522
Reckitt Benckiser Group PLC		51,155		3,096
Rio Tinto PLC		59,800		2,996
Royal Dutch Shell PLC—Class A		92,971		3,189
Smiths Group PLC		106,824		1,820
Standard Chartered PLC		167,934		3,967
WPP PLC		235,826		3,043
United States—1.8%
Check Point Software Technologies, Ltd. ‡ ^		31,280		1,393
Delphi Automotive PLC ‡ ^		53,760		1,690
Total Common Stocks (cost $179,533)				173,266
RIGHT—0.0% ¥
Spain—0.0% ¥
Banco Santander SA ‡ ^		239,254		47
Total Right (cost $47)
SECURITIES LENDING COLLATERAL—3.4%
State Street Navigator Securities Lending Trust—Prime Portfolio, 0.31% p		6,010,913		6,011
Total Securities Lending Collateral (cost $6,011)
	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT—0.7%
State Street Bank & Trust Co. 0.03% p, dated 10/31/2012, to be repurchased at $1,173 on 11/01/2012. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 08/01/2026, and with a value of $1,198.	$	1,173		1,173
Total Repurchase Agreement (cost $1,173)
Total Investment Securities (cost $186,764) P				180,497
Other Assets and Liabilities—Net				(5,598	)
Net Assets			$	174,899

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

Transamerica Funds		Annual Report 2012
	Page    97

Transamerica International Equity Opportunities

(formerly, Transamerica MFS International Equity)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

INVESTMENTS BY INDUSTRY (unaudited):	Percentage of Total Investment Securities			Value (000’s)
Commercial Banks		13.9	%	$	25,004
Chemicals		8.7			15,615
Pharmaceuticals		6.3			11,377
Beverages		6.1			11,091
Food Products		5.2			9,446
Oil, Gas & Consumable Fuels		4.5			8,149
Insurance		3.4			6,135
Software		3.1			5,635
Electrical Equipment		2.9			5,289
Diversified Financial Services		2.9			5,182
Auto Components		2.7			4,830
Road & Rail		2.3			4,084
Semiconductors & Semiconductor Equipment		2.2			3,983
Hotels, Restaurants & Leisure		2.2			3,946
Professional Services		2.2			3,943
Personal Products		2.0			3,548
Textiles, Apparel & Luxury Goods		1.9			3,493
Automobiles		1.9			3,338
Electronic Equipment & Instruments		1.8			3,226
Food & Staples Retailing		1.8			3,184
Household Products		1.7			3,096
Media		1.7			3,043
Metals & Mining		1.7			2,996
Distributors		1.5			2,761
Capital Markets		1.5			2,722
IT Services		1.4			2,601
Diversified Telecommunication Services		1.3			2,397
Machinery		1.3			2,356
Office Electronics		1.2			2,241
Wireless Telecommunication Services		1.1			2,048
Industrial Conglomerates		1.0			1,820
Specialty Retail		1.0			1,752
Health Care Equipment & Supplies		0.7			1,277
Marine		0.5			947
Electric Utilities		0.4			758
Investment Securities, at Value		96.0			173,313
Short-Term Investments		4.0			7,184
Total Investments		100.0	%	$	180,497

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

^ All or a portion of this security is on loan. The value of all securities on loan is $5,754.

‡ Non-income producing security.

¥ Percentage rounds to less than 0.1%.

p Rate shown reflects the yield at 10/31/2012.

P Aggregate cost for federal income tax purposes is $187,708. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $11,015 and $18,226, respectively. Net unrealized depreciation for tax purposes is $7,211.

DEFINITION:

ADR American Depositary Receipt

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 10/31/2012
Common Stocks	$	13,418	$	159,848	$	—	$	173,266
Repurchase Agreement		—		1,173		—		1,173
Right		—		47		—		47
Securities Lending Collateral		6,011		—		—		6,011
Total	$	19,429	$	161,068	$	—	$	180,497

' Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of Levels 1 and 2 during the period ended 10/31/2012. 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		Annual Report 2012
	Page    98

Transamerica International Small Cap

(formerly, Transamerica Schroders International Small Cap)

SCHEDULE OF INVESTMENTS

At October 31, 2012

	Shares		Value (000’s)
PREFERRED STOCKS— 0.4%
Germany—0.4%
Draegerwerk AG & Co. KGaA, 0.26% p		6,900	$	675
Fuchs Petrolub AG, 1.84% p		3,952		279
Total Preferred Stocks (cost $896)				954
COMMON STOCKS—96.0%
Australia—7.0%
Amcor, Ltd.		221,398		1,815
Ansell, Ltd.		150,650		2,440
Computershare, Ltd.		229,881		2,074
Iluka Resources, Ltd. ^		158,998		1,638
Mesoblast, Ltd. ‡ ^		132,910		796
Mineral Deposits, Ltd. ‡		176,790		899
Mirvac Group REIT		1,241,526		1,940
Myer Holdings, Ltd. ^		576,320		1,170
Sims Metal Management, Ltd. ^		139,083		1,360
Starpharma Holdings, Ltd. ‡		676,344		1,141
Transfield Services, Ltd.		302,518		499
Whitehaven Coal, Ltd. ^		333,679		1,056
Austria—2.0%
Kapsch TrafficCom AG		34,000		1,981
Mayr Melnhof Karton AG		13,000		1,286
Rosenbauer International AG §		38,000		1,989
Belgium—1.1%
D’ieteren SA/NV		16,800		812
Kinepolis Group NV		6,100		609
Tessenderlo Chemie NV ^		38,000		1,101
Brazil—0.9%
BR Properties SA		86,558		1,134
Brazil Pharma SA		140,000		851
Canada—0.1%
Niko Resources, Ltd.		20,030		255
Denmark—1.3%
Jyske Bank A/S ‡		50,000		1,525
Sydbank A/S ‡		85,000		1,555
France—4.8%
Alten SA		42,000		1,321
Bourbon SA		60,000		1,619
Club Mediterranee ‡		75,000		1,191
Euler Hermes SA		7,000		483
Groupe Eurotunnel SA		300,000		2,281
ID Logistics Group ‡ §		15,800		544
Inside Secure SA ‡		102,392		299
Lectra §		291,306		1,698
Medica SA		120,000		2,145
Saft Groupe SA		9,600		213
Germany—8.3%
CANCOM AG		50,000		776
Carl Zeiss Meditec AG		17,400		477
Cewe Color Holding AG		12,000		529
Delticom AG		21,635		1,215
Freenet AG ^		40,000		661
Lotto24 ‡		10,265		46
LPKF Laser & Electronics AG		24,200		495
Prime Office REIT-AG		155,000		645
PSI AG Gesellschaft Fuer Produkte und Systeme der Informationstechnologie		28,524		545
Rheinmetall AG		49,724		2,373
RIB Software AG §		200,000		1,242
SAF-Holland SA ‡		200,000		1,296
STRATEC Biomedical AG		27,000		1,139
Tipp24 SE ‡		35,000		1,724
Tom Tailor Holding AG		125,000		2,661
Wirecard AG		77,000		1,760
XING AG		46,000		2,614
Hong Kong—5.6%
Comba Telecom Systems Holdings, Ltd. ^		1,711,500		669

	Shares		Value (000’s)
Hong Kong (continued)
Convenience Retail Asia, Ltd.		1,192,000	$	744
Dah Sing Banking Group, Ltd.		1,175,640		1,170
Evergreen International Holdings, Ltd.		3,835,000		772
Johnson Electric Holdings, Ltd.		3,416,500		2,187
Leoch International Technology, Ltd.		1,890,000		298
Parkson Retail PLC ^		732,500		619
Ports Design, Ltd. ^		1,025,500		730
Techtronic Industries Co.		1,519,500		2,893
Yue Yuen Industrial Holdings ^		540,500		1,859
Yuexiu Transport Infrastructure, Ltd. ^		3,708,000		1,665
Indonesia—0.6%
Ciputra Property PT		24,937,500		1,713
Ireland—3.0%
DCC PLC		75,000		2,164
Grafton Group PLC		250,000		1,105
IFG Group PLC		720,000		1,306
Irish Continental Group PLC		45,000		1,091
Smurfit Kappa Group PLC		105,000		1,153
Italy—4.4%
Amplifon SpA		400,000		1,852
Azimut Holding SpA		150,000		1,899
Cairo Communication SpA		428,685		1,343
Credito Emiliano SpA		101,940		491
Danieli & C Officine Meccaniche SpA		33,800		526
Interpump Group SpA		18,261		139
Natuzzi SpA ADR ‡ ^		56,721		113
Prysmian SpA		140,000		2,693
Safilo Group SpA ‡		47,343		399
Sorin SpA ‡		550,000		1,291
Japan—16.7%
Accordia Golf Co., Ltd.		1,960		1,395
AICA Kogyo Co., Ltd. ^		97,700		1,653
Arcs Co., Ltd. ^		70,000		1,477
Asahi Diamond Industrial Co., Ltd. ^		143,600		1,270
Capcom Co., Ltd. ^		75,500		1,439
Daido Steel Co., Ltd.		55,000		238
Exedy Corp.		13,000		252
Fujikura Kasei Co., Ltd.		51,000		215
Glory, Ltd.		78,600		1,908
Hitachi Transport System, Ltd. ^		44,100		661
Icom, Inc. ^		8,900		186
JSP Corp. ^		70,900		917
Koito Manufacturing Co., Ltd.		30,000		372
Kureha Corp.		309,000		1,200
Kuroda Electric Co., Ltd.		94,100		1,060
Lintec Corp. ^		47,800		826
Mitsui Sugar Co., Ltd. ^		198,000		637
Modec, Inc. ^		72,800		1,477
Musashi Seimitsu Industry Co., Ltd. ^		93,800		1,963
Nabtesco Corp. ^		27,700		516
NEC Networks & System Integration Corp.		115,600		2,112
Nichi-iko Pharmaceutical Co., Ltd. ^		73,900		1,564
Nidec Copal Corp. ^		25,800		195
Nifco, Inc. ^		13,500		306
Nihon Parkerizing Co., Ltd.		87,000		1,313
Nippon Soda Co., Ltd. ^		258,000		1,121
Nippon Thompson Co., Ltd. ^		85,000		294
Nitta Corp. ^		104,400		1,606
Plenus Co., Ltd.		53,900		877
Shinko Plantech Co., Ltd. ^		40,100		330
Takasago International Corp.		222,000		1,129
Tokai Tokyo Financial Holdings, Inc. ^		490,000		1,762
Toyo Tanso Co., Ltd. ^		25,500		483
Trusco Nakayama Corp. ^		65,400		1,179
Tsumura & Co. ^		43,500		1,390
Tsuruha Holdings, Inc. ^		14,500		1,099
Tsutsumi Jewelry Co., Ltd. ^		57,100		1,310

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

Transamerica Funds		Annual Report 2012
	Page    99

Transamerica International Small Cap

(formerly, Transamerica Schroders International Small Cap)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

	Shares		Value (000’s)
Japan (continued)
Unipres Corp. ^		65,200	$	1,505
Yushin Precision Equipment Co., Ltd. ^		46,400		814
Korea, Republic of—2.1%
BS Financial Group, Inc.		134,060		1,518
Hankook Tire Co., Ltd. ‡		40,160		1,695
Hankook Tire Worldwide Co., Ltd.		9,179		119
Hyundai Home Shopping Network Corp.		4,076		484
Mando Corp.		11,558		1,527
Malaysia—0.3%
Media Prima Bhd		855,900		641
Netherlands—2.2%
Delta Lloyd NV		200,000		3,325
Koninklijke Ten Cate NV		74,000		1,641
Nutreco NV		7,500		561
New Zealand—1.7%
Chorus, Ltd.		519,551		1,444
Fletcher Building, Ltd. ^		446,990		2,588
Norway—2.4%
Borregaard ASA ‡		415,000		1,434
Dockwise, Ltd. ‡ ^		70,552		1,126
Schibsted ASA		22,800		854
Storebrand ASA ‡		495,000		2,496
Singapore—3.5%
First Resources, Ltd.		808,000		1,358
Goodpack, Ltd. ^		289,000		460
Mapletree Commercial Trust REIT		1,414,000		1,403
Mapletree Industrial Trust REIT ^		1,518,800		1,743
STX OSV Holdings, Ltd. ^		1,552,000		1,947
UOL Group, Ltd. ^		317,000		1,471
Spain—0.1%
Pescanova SA		15,000		278
Sweden—1.4%
Byggmax Group AB		305,873		1,411
FinnvedenBulten AB		155,000		689
Loomis AB		84,000		1,152
Switzerland—4.4%
Clariant AG ‡		100,000		1,071
Forbo Holding AG ‡		2,000		1,263
Gategroup Holding AG ‡		85,706		2,259
Helvetia Holding AG		8,000		2,805
Kuoni Reisen Holding AG ‡		7,267		1,940
Orior AG ‡		35,000		1,827
Taiwan—1.3%
CTCI Corp.		463,000		921
Lung Yen Life Service Corp.		292,000		901
Merida Industry Co., Ltd.		340,400		1,305
Thailand—0.8%
Hemaraj Land and Development PCL		8,319,900		852
Siam City Cement PCL ^		78,200		1,087
United Kingdom—20.0%
A.G.BARR PLC		152,122		1,092
Albemarle & Bond Holdings ^		200,000		826
AMEC PLC		51,497		881
Anglo Pacific Group PLC		250,000		1,010
Ashtead Group PLC		220,000		1,324
Berendsen PLC		100,000		909
Berkeley Group Holdings PLC ‡		62,732		1,541
Bodycote PLC		120,000		731
Bovis Homes Group PLC		127,095		1,051
Computacenter PLC		125,000		740
Consort Medical PLC		84,267		1,038
CSR PLC ^		234,077		1,333
Daily Mail & General Trust PLC		140,446		1,082
De La Rue PLC		46,815		800
Debenhams PLC		655,417		1,266
Dechra Pharmaceuticals PLC		163,854		1,631
Derwent London PLC REIT		30,000		998
Devro PLC		261,530		1,384

	Shares		Value (000’s)
United Kingdom (continued)
Dignity PLC		102,994	$	1,554
E2V Technologies PLC		500,000		938
Elementis PLC		270,893		915
Exillon Energy PLC ‡		340,000		855
Fidessa Group PLC		30,000		644
Future PLC ‡		1,123,572		308
Grainger PLC		612,380		1,091
Halma PLC		140,446		935
IG Group Holdings PLC		80,000		562
Inchcape PLC		140,446		911
John Wood Group PLC		88,631		1,215
Keller Group PLC		144,941		1,418
Lamprell PLC		450,000		537
Millennium & Copthorne Hotels PLC		117,038		949
Morgan Crucible Co. PLC		100,000		407
Oxford Instruments PLC		40,000		868
Pace PLC		150,000		450
Premier Oil PLC ‡		187,262		1,060
QinetiQ Group PLC		250,000		795
SDL PLC		93,631		802
Senior PLC		406,339		1,276
Shanks Group PLC		749,048		986
SIG PLC		749,048		1,266
Sports Direct International PLC ‡		150,000		966
ST Modwen Properties PLC		200,000		650
TalkTalk Telecom Group PLC		125,000		383
Travis Perkins PLC ^		84,267		1,468
TT electronics PLC		300,000		605
Ultra Electronics Holdings PLC		37,452		1,023
William Hill PLC		163,854		894
WS Atkins PLC		60,000		691
Yule Catto & Co. PLC		275,000		652
Total Common Stocks (cost $215,680)				232,160
SECURITIES LENDING COLLATERAL—9.0%
State Street Navigator Securities Lending Trust—Prime Portfolio, 0.31% p		21,806,174		21,806
Total Securities Lending Collateral (cost $21,806)
	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT—3.1%
State Street Bank & Trust Co. 0.03% p, dated 10/31/2012, to be repurchased at $7,532 on 11/01/2012. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 08/01/2026, and with a value of $7,685.	$	7,532		7,532
Total Repurchase Agreement (cost $7,532)
Total Investment Securities (cost $245,914) P				262,452
Other Assets and Liabilities—Net				(20,524	)
Net Assets			$	241,928

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

Transamerica Funds		Annual Report 2012
	Page    100

Transamerica International Small Cap

(formerly, Transamerica Schroders International Small Cap)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

INVESTMENTS BY INDUSTRY (unaudited):	Percentage of Total Investment Securities			Value (000’s)
Chemicals		5.3	%	$	13,813
Machinery		4.4			11,475
Auto Components		3.7			9,604
Insurance		3.5			9,109
Hotels, Restaurants & Leisure		3.4			9,016
IT Services		3.3			8,783
Specialty Retail		3.2			8,336
Trading Companies & Distributors		2.8			7,402
Energy Equipment & Services		2.7			7,185
Commercial Services & Supplies		2.7			7,134
Health Care Equipment & Supplies		2.7			7,060
Real Estate Management & Development		2.6			6,911
Household Durables		2.6			6,861
Real Estate Investment Trusts		2.6			6,729
Software		2.4			6,370
Commercial Banks		2.4			6,259
Food & Staples Retailing		2.3			5,998
Electrical Equipment		2.2			5,874
Electronic Equipment & Instruments		2.2			5,822
Pharmaceuticals		2.2			5,726
Media		1.8			4,837
Industrial Conglomerates		1.7			4,537
Containers & Packaging		1.6			4,254
Oil, Gas & Consumable Fuels		1.6			4,236
Food Products		1.6			4,218
Metals & Mining		1.6			4,135
Health Care Providers & Services		1.5			3,997
Construction Materials		1.4			3,675
Capital Markets		1.4			3,661
Multiline Retail		1.2			3,055
Marine		1.2			3,038
Textiles, Apparel & Luxury Goods		1.1			2,988
Road & Rail		1.1			2,942
Internet Software & Services		1.0			2,614
Diversified Consumer Services		0.9			2,455
Construction & Engineering		0.9			2,340
Diversified Financial Services		0.8			1,987
Diversified Telecommunication Services		0.7			1,828
Aerospace & Defense		0.7			1,818
Distributors		0.7			1,723
Transportation Infrastructure		0.6			1,665
Building Products		0.6			1,653
Semiconductors & Semiconductor Equipment		0.6			1,632
Leisure Equipment & Products		0.6			1,500
Communications Equipment		0.5			1,305
Beverages		0.4			1,092
Air Freight & Logistics		0.4			1,004
Consumer Finance		0.3			826
Biotechnology		0.3			796
Professional Services		0.3			691
Wireless Telecommunication Services		0.3			661
Internet & Catalog Retail		0.2			484
Investment Securities, at Value		88.8			233,114
Short-Term Investments		11.2			29,338
Total Investments		100.0	%	$	262,452

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

p Rate shown reflects the yield at 10/31/2012.

^ All or a portion of this security is on loan. The value of all securities on loan is $20,597.

‡ Non-income producing security.

P Aggregate cost for federal income tax purposes is $250,093. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $34,992 and $22,633, respectively. Net unrealized appreciation for tax purposes is $12,359.

§ Illiquid. Total aggregate market value of illiquid securities is $5,473, or 2.26% of the fund’s net assets.

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

Transamerica Funds		Annual Report 2012
	Page    101

Transamerica International Small Cap

(formerly, Transamerica Schroders International Small Cap)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

DEFINITIONS:

ADR	American Depositary Receipt
REIT	Real Estate Investment Trust (includes domestic REITs and Foreign Real Estate Investment Companies)

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 10/31/2012
Common Stocks	$	2,353	$	229,807	$	—	$	232,160
Preferred Stocks		—		954		—		954
Repurchase Agreement		—		7,532		—		7,532
Securities Lending Collateral		21,806		—		—		21,806
Total	$	24,159	$	238,293	$	—	$	262,452

' Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of Levels 1 and 2 during the period ended 10/31/2012. 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		Annual Report 2012
	Page    102

Transamerica International Value Opportunities

(formerly, Transamerica Thornburg International Value)

SCHEDULE OF INVESTMENTS

At October 31, 2012

	Shares		Value (000’s)
PREFERRED STOCKS—2.0%
Germany—2.0%
Volkswagen AG, 1.86% 		20,741	$	4,291
United Kingdom—0.0% ¥
Rolls-Royce Holdings PLC ‡ §		14,403,520		23
Total Preferred Stocks (cost $2,171)				4,314
COMMON STOCKS—95.2%
Brazil—4.3%
BM&FBovespa SA		315,700		2,021
Embraer SA ADR ‡		77,027		2,150
Itau Unibanco Holding SA ADR		173,800		2,534
Natura Cosmeticos SA		98,700		2,631
Canada—3.1%
Canadian National Railway Co.		36,889		3,185
Cenovus Energy, Inc.		64,397		2,272
Teck Resources, Ltd.—Class B		51,400		1,631
China—1.2%
Baidu, Inc. ADR ‡		25,299		2,698
Denmark—2.7%
Novo Nordisk A/S—Class B		36,782		5,928
France—7.0%
Air Liquide SA		34,840		4,109
Cie Generale des Etablissements Michelin—Class B		34,433		2,957
LVMH Moet Hennessy Louis Vuitton SA		31,440		5,110
Publicis Groupe SA		66,947		3,607
Germany—11.2%
Adidas AG		65,896		5,615
Allianz SE		27,398		3,398
Deutsche Bank AG		54,000		2,448
Fresenius Medical Care AG & Co., KGaA		58,635		4,118
SAP AG		58,709		4,277
Siemens AG		46,400		4,663
Hong Kong—11.6%
AIA Group, Ltd.		410,721		1,624
China Merchants Bank Co., Ltd.—Class H ^		1,233,160		2,304
CNOOC, Ltd.		2,339,333		4,853
Hong Kong Exchanges and Clearing, Ltd. ^		230,700		3,798
HSBC Holdings PLC ^		467,595		4,610
Industrial & Commercial Bank of China, Ltd.—Class H ^		5,095,149		3,373
Sinopharm Group Co., Ltd.—Class H		717,114		2,415
Tencent Holdings, Ltd.		66,839		2,368
India—0.5%
Coal India, Ltd.		181,580		1,173
Israel—1.9%
Teva Pharmaceutical Industries, Ltd. ADR		101,938		4,120
Japan—8.5%
Dai-ichi Life Insurance Co., Ltd.		914		1,053
FANUC Corp.		15,410		2,453
KDDI Corp.		39,708		3,084
Komatsu, Ltd.		165,055		3,457
Mitsubishi UFJ Financial Group, Inc. ^		905,561		4,095
Toyota Motor Corp.		115,674		4,441
Korea, Republic of—2.6%
Hyundai Motor Co.		14,128		2,908
Samsung Electronics Co., Ltd.		2,342		2,813
Mexico—1.5%
Wal-Mart de Mexico SAB de CV—Series V		1,109,280		3,264
Sweden—2.5%
Hennes & Mauritz AB—Class B		107,830		3,650
Svenska Handelsbanken AB—Class A		53,900		1,846
Switzerland—7.4%
Julius Baer Group, Ltd. ‡		67,370		2,337
Nestle SA		70,896		4,499

	Shares		Value (000’s)
Switzerland (continued)
Novartis AG		68,641	$	4,131
Swatch Group AG—BR		5,370		2,222
Syngenta AG		7,760		3,031
United Kingdom—19.5%
ARM Holdings PLC		235,622		2,529
BG Group PLC		211,866		3,923
British American Tobacco PLC		86,281		4,274
Burberry Group PLC		59,217		1,114
Carnival PLC ^		99,063		3,939
Kingfisher PLC		793,460		3,707
Pearson PLC		129,007		2,592
Reckitt Benckiser Group PLC		88,962		5,384
Rolls-Royce Holdings PLC ‡		189,520		2,613
Royal Bank of Scotland Group PLC ‡		252,375		1,124
SABMiller PLC		63,959		2,740
Standard Chartered PLC		178,775		4,222
Tesco PLC		230,280		1,189
Vodafone Group PLC		1,458,900		3,961
United States—9.7%
Accenture PLC—Class A		39,026		2,631
Check Point Software Technologies, Ltd. ‡^		52,887		2,355
Covidien PLC		55,222		3,034
Potash Corp. of Saskatchewan, Inc.		80,845		3,264
Schlumberger, Ltd.		71,174		4,949
Yandex NV—Class A ‡^		55,500		1,292
Yum! Brands, Inc.		53,300		3,737
Total Common Stocks (cost $194,134)				209,847
SECURITIES LENDING COLLATERAL—4.9%
State Street Navigator Securities Lending Trust—Prime Portfolio, 0.31% 		10,740,101		10,740
Total Securities Lending Collateral (cost $10,740)

	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT—2.3%
State Street Bank & Trust Co. 0.03% , dated 10/31/2012, to be repurchased at $5,028 on 11/01/2012. Collateralized by a U.S. Government Agency Obligation, 3.00%, due 12/01/2026, and with a value of $5,129.	$	5,028		5,028
Total Repurchase Agreement (cost $5,028)
Total Investment Securities (cost $212,073) P				229,929
Other Assets and Liabilities—Net				(9,739	)
Net Assets			$	220,190

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

Transamerica Funds		Annual Report 2012
	Page    103

Transamerica International Value Opportunities

(formerly, Transamerica Thornburg International Value)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

FORWARD FOREIGN CURRENCY CONTRACTS:

Currency	Counterparty		Contracts Bought (Sold) (000’s)			Settlement Date		Amount in U.S. Dollars Bought (Sold) (000’s)			Net Unrealized Appreciation (Depreciation) (000’s)
EUR		SSB		3,924			11/08/2012	$	4,910		$	177
EUR		SSB		7,313			11/08/2012		9,489			(9	)
EUR		SSB		4,593			11/08/2012		6,036			(82	)
EUR		SSB		2,151			11/08/2012		2,716			72
EUR		SSB		(21,468	)		11/08/2012		(28,125	)		297
											$	455

Collateral (Received) Pledged for OTC Financial Derivative Instruments:

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received) pledged as of 10/31/2012:

Counterparty	Total Market Value of OTC Derivatives (000’s)		Collateral  (Received) Pledged (000’s)		Net Exposures (1) (000’s)
SSB	$	455	$	— ��	$	455

⁽¹⁾ Net exposure represents the net receivable (payable) that would be due from/to the counterparty in the event of default.

INVESTMENTS BY INDUSTRY (unaudited):	Percentage of Total Investment Securities			Value (000’s)
Commercial Banks		11.6	%	$	26,555
Pharmaceuticals		6.2			14,179
Textiles, Apparel & Luxury Goods		6.1			14,061
Oil, Gas & Consumable Fuels		5.3			12,221
Automobiles		5.1			11,640
Chemicals		4.5			10,404
Hotels, Restaurants & Leisure		3.3			7,676
Specialty Retail		3.2			7,357
Wireless Telecommunication Services		3.1			7,045
Software		2.9			6,632
Health Care Providers & Services		2.8			6,533
Internet Software & Services		2.8			6,358
Media		2.7			6,199
Insurance		2.6			6,075
Machinery		2.6			5,911
Diversified Financial Services		2.5			5,819
Household Products		2.3			5,384
Semiconductors & Semiconductor Equipment		2.3			5,342
Energy Equipment & Services		2.2			4,949
Aerospace & Defense		2.1			4,786
Industrial Conglomerates		2.0			4,663
Food Products		2.0			4,499
Food & Staples Retailing		1.9			4,453
Tobacco		1.9			4,274
Road & Rail		1.4			3,185
Health Care Equipment & Supplies		1.3			3,034
Auto Components		1.3			2,957
Beverages		1.2			2,740
Personal Products		1.1			2,631
IT Services		1.1			2,631
Capital Markets		1.0			2,337
Metals & Mining		0.7			1,631
Investment Securities, at Value		93.1			214,161
Short-Term Investments		6.9			15,768
Total Investments		100.0	%	$	229,929

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

Transamerica Funds		Annual Report 2012
	Page    104

Transamerica International Value Opportunities

(formerly, Transamerica Thornburg International Value)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

 Rate shown reflects the yield at 10/31/2012.

¥ Percentage rounds to less than 0.1%.

‡ Non-income producing security.

^ All or a portion of this security is on loan. The value of all securities on loan is $10,290.

§ lliquid. Total aggregate market value of illiquid securities is $23, or 0.01% of the fund’s net assets.

P Aggregate cost for federal income tax purposes is $213,218. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $26,485 and $9,774, respectively. Net unrealized appreciation for tax purposes is $16,711.

DEFINITIONS:

ADR	American Depositary Receipt
OTC	Over the Counter
SSB	State Street Bank & Trust Co.

CURRENCY ABBREVIATION:

EUR Euro

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 10/31/2012
Common Stocks	$	44,504	$	165,343	$	—	$	209,847
Preferred Stocks		—		4,314		—		4,314
Repurchase Agreement		—		5,028		—		5,028
Securities Lending Collateral		10,740		—		—		10,740
Total	$	55,244	$	174,685	$	—	$	229,929

Other Financial Instruments ₣	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value at 10/31/2012
Forward Foreign Currency Contracts—Appreciation	$	—	$	546		$	—	$	546
Forward Foreign Currency Contracts—Depreciation		—		(91	)		—		(91	)
Total	$	—	$	455		$	—	$	455

' Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of Levels 1 and 2 during the period ended 10/31/2012. 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		Annual Report 2012
	Page    105

Transamerica Large Company

(formerly, Transamerica Large Cap Value)

SCHEDULE OF INVESTMENTS

At October 31, 2012

	Shares		Value (000’s)
COMMON STOCKS—97.7%
Aerospace & Defense—1.3%
Raytheon Co.		123,300	$	6,974
Airlines—1.3%
Delta Air Lines, Inc. ‡		451,330		4,346
United Continental Holdings, Inc. ‡^		138,632		2,663
Auto Components—0.3%
Autoliv, Inc. ^		29,375		1,692
Beverages—1.1%
Constellation Brands, Inc.—Class A ‡		162,000		5,725
Capital Markets—2.4%
Goldman Sachs Group, Inc.		105,029		12,854
Chemicals—0.6%
CF Industries Holdings, Inc.		16,700		3,427
Commercial Banks—2.6%
U.S. Bancorp		382,875		12,715
Wells Fargo & Co.		36,900		1,243
Commercial Services & Supplies—1.3%
ADT Corp. ‡		63,650		2,642
Pitney Bowes, Inc. ^		66,900		961
Tyco International, Ltd.		127,300		3,420
Computers & Peripherals—1.5%
Hewlett-Packard Co.		238,200		3,299
Western Digital Corp.		130,600		4,471
Construction & Engineering—1.0%
KBR, Inc.		194,100		5,408
Consumer Finance—1.3%
Discover Financial Services		174,200		7,142
Containers & Packaging—1.8%
Rock-Tenn Co.—Class A		132,538		9,700
Diversified Financial Services—7.9%
Citigroup, Inc.		468,599		17,521
JPMorgan Chase & Co.		543,866		22,668
Moody’s Corp. ^		34,900		1,681
Diversified Telecommunication Services—2.8%
AT&T, Inc.		142,700		4,936
Verizon Communications, Inc.		220,500		9,843
Electronic Equipment & Instruments—0.9%
Arrow Electronics, Inc. ‡		39,585		1,395
Avnet, Inc. ‡		110,900		3,177
Food & Staples Retailing—4.8%
CVS Caremark Corp.		272,000		12,621
Wal-Mart Stores, Inc.		174,300		13,076
Health Care Providers & Services—3.1%
AmerisourceBergen Corp.—Class A ^		69,500		2,741
Humana, Inc.		54,300		4,033
UnitedHealth Group, Inc.		170,900		9,570
Household Products—0.4%
Procter & Gamble Co.		27,300		1,890
Independent Power Producers & Energy Traders—1.8%
AES Corp.		459,200		4,799
NRG Energy, Inc. ^		217,900		4,698
Industrial Conglomerates—2.7%
3M Co.		93,000		8,146
General Electric Co.		284,500		5,992
Insurance—10.5%
American Financial Group, Inc.		129,800		5,036
American International Group, Inc. ‡		285,900		9,986
Arch Capital Group, Ltd. ‡ ^		62,100		2,742
Berkshire Hathaway, Inc.—Class B ‡		9,700		838
Chubb Corp.		89,400		6,882
HCC Insurance Holdings, Inc.		130,000		4,633
MetLife, Inc.		217,400		7,716
Prudential Financial, Inc.		122,300		6,977

	Shares		Value (000’s)
Insurance (continued)
RenaissanceRe Holdings, Ltd.		38,900	$	3,165
Travelers Cos., Inc.^		109,700		7,782
IT Services—1.1%
Amdocs, Ltd.		124,300		4,111
DST Systems, Inc.		33,000		1,882
Machinery—1.9%
Ingersoll-Rand PLC		187,600		8,823
Pentair, Ltd.		30,544		1,290
Media—7.0%
Comcast Corp.—Class A		384,000		14,404
News Corp.—Class A		506,500		12,115
Time Warner Cable, Inc.		108,900		10,793
Metals & Mining—0.4%
Alcoa, Inc. ^		234,900		2,013
Multiline Retail—0.9%
Dillard’s, Inc.—Class A		62,110		4,782
Multi-Utilities—0.4%
Ameren Corp.		69,000		2,269
Office Electronics—0.2%
Xerox Corp.		203,275		1,309
Oil, Gas & Consumable Fuels—15.6%
Chevron Corp.		226,700		24,986
Exxon Mobil Corp.		445,700		40,635
Marathon Oil Corp.		222,300		6,682
Suncor Energy, Inc.		327,610		11,014
Paper & Forest Products—2.3%
Domtar Corp.		72,800		5,806
International Paper Co.		184,400		6,607
Pharmaceuticals—11.2%
Abbott Laboratories		87,400		5,726
Eli Lilly & Co.		107,700		5,237
Forest Laboratories, Inc. ‡		172,900		5,828
Johnson & Johnson ^		9,700		687
Merck & Co., Inc.		411,000		18,755
Pfizer, Inc.		945,000		23,503
Semiconductors & Semiconductor Equipment—1.3%
KLA-Tencor Corp.		152,200		7,080
Software—2.5%
CA, Inc.		104,400		2,351
Microsoft Corp.		185,300		5,288
Oracle Corp.		176,700		5,486
Specialty Retail—0.5%
Gap, Inc.		75,900		2,711
Tobacco—1.0%
Philip Morris International, Inc.		59,300		5,252
Total Common Stocks (cost $448,674)				520,651
SHORT-TERM INVESTMENT COMPANY—2.4%
Capital Markets—2.4%
BlackRock Provident TempFund 24 à		12,805		12,805
Total Short-Term Investment Company (cost $12,805)
SECURITIES LENDING COLLATERAL—3.2%
State Street Navigator Securities Lending Trust—Prime Portfolio, 0.31% 		17,085,915		17,086
Total Securities Lending Collateral (cost $17,086)
Total Investment Securities (cost $478,565) P				550,542
Other Assets and Liabilities—Net				(17,483	)
Net Assets			$	533,059

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

Transamerica Funds		Annual Report 2012
	Page    106

Transamerica Large Company

(formerly, Transamerica Large Cap Value)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

‡ Non-income producing security.

^ All or a portion of this security is on loan. The value of all securities on loan is $16,705.

à The investment issuer is affiliated with the sub-adviser of the fund.

 Rate shown reflects the yield at 10/31/2012.

P Aggregate cost for federal income tax purposes is $487,333. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $71,546 and $8,337, respectively. Net unrealized appreciation for tax purposes is $63,209.

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 10/31/2012
Common Stocks	$	520,651	$	—	$	—	$	520,651
Securities Lending Collateral		17,086		—		—		17,086
Short-Term Investment Company		12,805		—		—		12,805
Total	$	550,542	$	—	$	—	$	550,542

' Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of Levels 1 and 2 during the period ended 10/31/2012. 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		Annual Report 2012
	Page    107

Transamerica Long/Short Strategy

(formerly, Transamerica JPMorgan Long/Short Strategy)

SCHEDULE OF INVESTMENTS

At October 31, 2012

	Shares		Value (000’s)
COMMON STOCKS—100.2%
Aerospace & Defense—1.7%
United Technologies Corp. ⌂		19,920	$	1,557
Auto Components—1.9%
BorgWarner, Inc. ‡		2,000		132
Johnson Controls, Inc. ⌂		36,470		939
Lear Corp.		11,590		494
TRW Automotive Holdings Corp. ‡		2,990		139
Automobiles—1.3%
General Motors Co. ⌂ ‡		45,210		1,153
Beverages—3.1%
Beam, Inc.		5,490		305
Coca-Cola Co. ⌂		15,190		565
Coca-Cola Enterprises, Inc. ⌂		33,900		1,066
Constellation Brands, Inc.—Class A ‡		7,380		261
Dr. Pepper Snapple Group, Inc. ⌂		5,540		237
PepsiCo, Inc.		5,030		348
Biotechnology—3.0%
Biogen Idec, Inc. ⌂ ‡		7,030		972
Celgene Corp. ⌂ ‡		13,730		1,006
Dendreon Corp. ⌂ ‡		7,890		30
Onyx Pharmaceuticals, Inc. ‡		3,900		306
Vertex Pharmaceuticals, Inc. ‡		9,430		455
Building Products—0.6%
Masco Corp. ⌂		37,980		573
Capital Markets—2.4%
Ameriprise Financial, Inc.		4,620		270
Goldman Sachs Group, Inc. ⌂		4,730		578
Invesco, Ltd.		20,150		490
Morgan Stanley ⌂		13,860		241
State Street Corp. ⌂		9,880		440
TD Ameritrade Holding Corp. ⌂		12,080		190
Chemicals—3.5%
Air Products & Chemicals, Inc. ⌂		15,420		1,196
E.I. du Pont de Nemours & Co. ⌂		31,680		1,409
Georgia Gulf Corp. ⌂		15,500		549
Commercial Banks—1.8%
Comerica, Inc.		2,910		87
East-West Bancorp, Inc.		7,000		149
Regions Financial Corp.		29,980		195
SunTrust Banks, Inc.		7,470		203
Wells Fargo & Co. ⌂		28,000		944
Zions Bancorporation ⌂		4,770		102
Commercial Services & Supplies—1.1%
ADT Corp. ‡		6,065		252
Tyco International, Ltd. ⌂		28,710		771
Communications Equipment—1.1%
Cisco Systems, Inc. ⌂		37,150		637
Juniper Networks, Inc. ⌂ ‡		11,400		189
QUALCOMM, Inc. ⌂		3,418		200
Computers & Peripherals—1.3%
Apple, Inc. ⌂		1,640		976
Hewlett-Packard Co.		15,740		218
Construction & Engineering—1.0%
Fluor Corp. ⌂		16,700		933
Consumer Finance—0.3%
American Express Co.		5,660		317
Containers & Packaging—0.1%
Rock-Tenn Co.—Class A		650		48
Diversified Financial Services—1.4%
Bank of America Corp. ⌂		42,130		393
Citigroup, Inc.		11,559		432
CME Group, Inc.—Class A		4,170		233
IntercontinentalExchange, Inc. ‡		1,720		225
Electric Utilities—3.0%
American Electric Power Co., Inc.		15,950		709
NextEra Energy, Inc. ⌂		11,150		781
NV Energy, Inc. ⌂		65,400		1,243

	Shares		Value (000’s)
Electrical Equipment—1.5%
Emerson Electric Co. ⌂		27,920	$	1,352
Electronic Equipment & Instruments—0.2%
TE Connectivity, Ltd. ⌂		5,360		172
Energy Equipment & Services—1.6%
Baker Hughes, Inc.		4,910		206
Cameron International Corp. ‡		2,350		119
Ensco PLC—Class A		4,050		234
Halliburton Co.		8,460		273
National Oilwell Varco, Inc.		4,140		306
Schlumberger, Ltd. ⌂		4,300		299
Food Products—6.2%
Archer-Daniels-Midland Co. ⌂		22,880		614
Campbell Soup Co. ⌂		36,940		1,303
ConAgra Foods, Inc. ⌂		48,020		1,337
General Mills, Inc. ⌂		34,310		1,375
Kraft Foods Group, Inc. ‡		8,420		383
Mondelez International, Inc.—Class A ⌂		24,270		644
Gas Utilities—0.3%
AGL Resources, Inc.		6,330		258
Health Care Equipment & Supplies—1.6%
CareFusion Corp. ‡		17,910		476
Covidien PLC ⌂		17,610		967
Health Care Providers & Services—2.2%
DaVita, Inc. ‡		6,720		756
Humana, Inc.		7,540		560
UnitedHealth Group, Inc.		12,750		714
Hotels, Restaurants & Leisure—0.6%
Carnival Corp. ⌂		6,950		264
Royal Caribbean Cruises, Ltd.		7,640		257
Household Durables—1.0%
Lennar Corp.—Class A		13,680		513
PulteGroup, Inc. ‡		14,560		252
Ryland Group, Inc.		5,440		184
Household Products—0.9%
Energizer Holdings, Inc.		6,560		479
Procter & Gamble Co. ⌂		5,420		375
Insurance—7.2%
ACE, Ltd. ⌂		25,890		2,035
Axis Capital Holdings, Ltd.		21,310		772
Everest RE Group, Ltd. ⌂		6,990		776
Hartford Financial Services Group, Inc.		16,000		347
MetLife, Inc. ⌂		42,710		1,516
PartnerRe, Ltd.		3,160		256
Prudential Financial, Inc. ⌂		8,950		511
XL Group PLC—Class A		9,790		242
Internet & Catalog Retail—1.3%
Amazon.com, Inc. ⌂ ‡		3,640		847
Expedia, Inc.		5,850		346
Internet Software & Services—1.5%
eBay, Inc. ‡		6,130		296
Facebook, Inc.—Class A ‡		1,530		32
Google, Inc.—Class A ‡		1,280		871
LinkedIn Corp.—Class A ‡		1,370		146
IT Services—1.6%
Cognizant Technology Solutions Corp.—Class A ⌂ ‡		6,490		433
Fidelity National Information Services, Inc.		8,490		279
Genpact, Ltd. ⌂		9,570		169
VeriFone Systems, Inc. ‡		4,150		123
Visa, Inc.—Class A		3,520		488
Life Sciences Tools & Services—0.1%
Mettler-Toledo International, Inc. ‡		560		95
Machinery—2.6%
PACCAR, Inc. ⌂		32,060		1,389
Pentair, Ltd.		11,124		470
SPX Corp.		6,890		473
Media—6.6%
CBS Corp.—Class B ⌂		59,130		1,916

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

Transamerica Funds		Annual Report 2012
	Page    108

Transamerica Long/Short Strategy

(formerly, Transamerica JPMorgan Long/Short Strategy)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

	Shares		Value (000’s)
Media (continued)
Discovery Communications, Inc.—Series A ⌂ ‡		11,280	$	666
DISH Network Corp.—Class A		8,730		311
Time Warner Cable, Inc.		4,230		419
Time Warner, Inc. ⌂		61,770		2,684
Metals & Mining—2.0%
Alcoa, Inc. ⌂		80,360		689
Freeport-McMoRan Copper & Gold, Inc. ⌂		21,060		818
U.S. Steel Corp.		12,800		261
Walter Energy, Inc.		2,230		78
Multiline Retail—0.8%
Target Corp.		11,080		706
Multi-Utilities—3.1%
NiSource, Inc.		11,250		287
PG&E Corp. ⌂		30,900		1,314
Sempra Energy		17,480		1,219
Oil, Gas & Consumable Fuels—2.8%
Anadarko Petroleum Corp.		3,320		228
Chevron Corp.		990		109
EOG Resources, Inc.		3,620		422
Kinder Morgan, Inc.		10,080		350
Occidental Petroleum Corp. ⌂		10,860		858
Peabody Energy Corp.		6,430		179
Valero Energy Corp.		14,880		433
Pharmaceuticals—4.2%
Abbott Laboratories		4,340		284
Allergan, Inc.		5,630		506
Merck & Co., Inc. ⌂		58,050		2,650
Mylan, Inc. ‡		16,120		408
Real Estate Investment Trusts—7.0%
American Campus Communities, Inc.		20,810		944
Apartment Investment & Management Co.—Class A		17,550		468
Associated Estates Realty Corp.		11,430		171
AvalonBay Communities, Inc.		3,020		409
Boston Properties, Inc.		1,800		191
DDR Corp. ⌂		26,330		404
Digital Realty Trust, Inc.		2,040		125
Highwoods Properties, Inc.		11,100		358
Liberty Property Trust		23,400		822
Macerich Co.		5,610		320
Post Properties, Inc.		8,620		421
Public Storage		5,020		696
Simon Property Group, Inc. ⌂		3,120		475
SL Green Realty Corp.		2,340		176
Sunstone Hotel Investors, Inc. ‡		20,800		206
Ventas, Inc.		3,710		235
Road & Rail—2.7%
CSX Corp. ⌂		47,250		967
Norfolk Southern Corp. ⌂		9,420		578
Union Pacific Corp. ⌂		7,230		890
Semiconductors & Semiconductor Equipment—4.5%
Altera Corp. ⌂		21,010		640
ASML Holding NV		5,150		283
Avago Technologies, Ltd.		3,510		116
Broadcom Corp.—Class A ⌂ ‡		20,460		645
Freescale Semiconductor, Ltd. ⌂ ‡		27,390		245
LAM Research Corp. ⌂ ‡		21,500		762
LSI Corp. ‡		30,080		206
Marvell Technology Group, Ltd.		23,860		188
Maxim Integrated Products, Inc.		10,160		280
ON Semiconductor Corp. ‡		22,920		141
Texas Instruments, Inc.		7,060		198
Xilinx, Inc. ⌂		12,600		413
Software—2.6%
Adobe Systems, Inc. ⌂ ‡		11,800		401
Citrix Systems, Inc. ⌂ ‡		5,620		347
Microsoft Corp. ⌂		23,200		662

	Shares		Value (000’s)
Software (continued)
Oracle Corp. ⌂		24,720	$	768
Zynga, Inc.—Class A ‡		83,520		188
Specialty Retail—1.9%
AutoZone, Inc. ‡		1,770		664
Home Depot, Inc.		8,170		501
Lowe’s Cos., Inc.		17,810		577
Textiles, Apparel & Luxury Goods—1.7%
Coach, Inc. ⌂		8,200		460
Lululemon Athletica, Inc. ‡		3,040		210
NIKE, Inc.—Class B		1,460		133
V.F. Corp.		4,830		756
Tobacco—0.3%
Philip Morris International, Inc.		2,790		247
Trading Companies & Distributors—0.4%
WW Grainger, Inc.		1,900		383
Wireless Telecommunication Services—0.6%
SBA Communications Corp.—Class A ‡		4,170		278
Sprint Nextel Corp. ⌂ ‡		56,190		311
Total Common Stocks (cost $87,134)				91,376

	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT—0.2%
State Street Bank & Trust Co. 0.03% , dated 10/31/2012, to be repurchased at $180 on 11/01/2012. Collateralized by a U.S. Government Agency Obligation, 3.00%, due 12/01/2026, and with a value of $185.	$	180		180
Total Repurchase Agreement (cost $180)
Total Investment Securities (cost $87,314) P				91,556
Other Assets and Liabilities—Net				(366	)
Net Assets			$	91,190

	Shares			Value (000’s)
SECURITIES SOLD SHORT— (72.0%)
COMMON STOCKS—(72.0%)
Aerospace & Defense—(3.6%)
Boeing Co.		(13,210	)	$	(931	)
Lockheed Martin Corp.		(15,190	)		(1,423	)
Raytheon Co.		(9,220	)		(521	)
Textron, Inc.		(14,720	)		(371	)
Air Freight & Logistics—(1.3%)
FedEx Corp.		(8,950	)		(823	)
United Parcel Service, Inc.—Class B		(5,010	)		(367	)
Auto Components—(0.6%)
Autoliv, Inc.		(3,250	)		(187	)
Gentex Corp.		(21,210	)		(365	)
Automobiles—(0.6%)
Ford Motor Co.		(52,350	)		(584	)
Beverages—(0.7%)
Brown-Forman Corp.—Class B		(9,860	)		(632	)
Biotechnology—(0.8%)
Amgen, Inc.		(5,840	)		(505	)
Medivation, Inc. ‡		(1,680	)		(86	)
United Therapeutics Corp. ‡		(2,520	)		(115	)
Capital Markets—(1.1%)
BlackRock, Inc.—Class A		(1,290	)		(245	)
Federated Investors, Inc.—Class B		(7,440	)		(173	)

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

Transamerica Funds		Annual Report 2012
	Page    109

Transamerica Long/Short Strategy

(formerly, Transamerica JPMorgan Long/Short Strategy)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

	Shares			Value (000’s)
Capital Markets (continued)
Franklin Resources, Inc.		(4,760	)	$	(608	)
Teton Advisors, Inc.—Class B Ә		(3	)		¿
Chemicals—(3.4%)
Cabot Corp.		(5,760	)		(206	)
Celanese Corp.—Series A		(2,430	)		(92	)
Dow Chemical Co.		(22,250	)		(652	)
OM Group, Inc. ‡		(3,150	)		(64	)
Praxair, Inc.		(13,760	)		(1,461	)
Sigma-Aldrich Corp.		(3,190	)		(224	)
Valspar Corp.		(7,160	)		(401	)
Commercial Banks—(1.7%)
Bank of Hawaii Corp.		(9,210	)		(407	)
Commerce Bancshares, Inc.		(5,362	)		(204	)
UMB Financial Corp.		(11,760	)		(523	)
Valley National Bancorp		(42,797	)		(417	)
Communications Equipment—(0.3%)
JDS Uniphase Corp. ‡		(6,600	)		(64	)
Motorola Solutions, Inc.		(4,200	)		(217	)
Construction Materials—(0.4%)
Vulcan Materials Co.		(8,070	)		(371	)
Electric Utilities—(3.7%)
Consolidated Edison, Inc.		(18,270	)		(1,103	)
Duke Energy Corp.		(10,580	)		(695	)
Edison International		(4,030	)		(189	)
Entergy Corp.		(8,080	)		(586	)
Exelon Corp.		(10,030	)		(359	)
Southern Co.		(9,470	)		(444	)
Electrical Equipment—(0.9%)
Rockwell Automation, Inc.		(12,160	)		(864	)
Energy Equipment & Services—(0.5%)
Diamond Offshore Drilling, Inc.		(3,720	)		(258	)
Tenaris SA ADR		(5,510	)		(207	)
Food Products—(3.0%)
Hershey Co.		(25,900	)		(1,783	)
HJ Heinz Co.		(10,470	)		(602	)
Mead Johnson Nutrition Co.—Class A		(5,640	)		(348	)
Gas Utilities—(0.3%)
National Fuel Gas Co.		(5,040	)		(266	)
Health Care Equipment & Supplies—(2.3%)
Edwards Lifesciences Corp. ‡		(3,140	)		(273	)
Medtronic, Inc.		(14,520	)		(604	)
Varian Medical Systems, Inc. ‡		(8,880	)		(593	)
Zimmer Holdings, Inc.		(10,430	)		(669	)
Health Care Providers & Services—(0.1%)
Tenet Healthcare Corp. ‡		(4,570	)		(108	)
Hotels, Restaurants & Leisure—(0.5%)
Choice Hotels International, Inc.		(3,060	)		(96	)
Hyatt Hotels Corp.—Class A ‡		(9,270	)		(338	)
Household Durables—(0.6%)
Harman International Industries, Inc.		(4,210	)		(177	)
Toll Brothers, Inc. ‡		(10,750	)		(354	)
Household Products—(0.9%)
Church & Dwight Co., Inc.		(13,280	)		(674	)
Kimberly-Clark Corp.		(1,530	)		(128	)
Industrial Conglomerates—(1.4%)
Danaher Corp.		(10,070	)		(521	)
General Electric Co.		(35,190	)		(741	)
Insurance—(7.1%)
Allstate Corp.		(11,290	)		(451	)
American International Group, Inc. ‡		(8,310	)		(290	)
Aon PLC		(18,920	)		(1,021	)

	Shares			Value (000’s)
Insurance (continued)
Arch Capital Group, Ltd. ‡		(10,020	)	$	(442	)
Chubb Corp.		(12,210	)		(940	)
Lincoln National Corp.		(9,450	)		(234	)
Principal Financial Group, Inc.		(6,450	)		(178	)
Progressive Corp.		(19,490	)		(435	)
RenaissanceRe Holdings, Ltd.		(4,270	)		(347	)
Torchmark Corp.		(11,080	)		(561	)
Travelers Cos., Inc.		(7,540	)		(535	)
WR Berkley Corp.		(28,950	)		(1,127	)
Internet & Catalog Retail—(0.6%)
NetFlix, Inc. ‡		(4,250	)		(336	)
priceline.com, Inc. ‡		(320	)		(184	)
Internet Software & Services—(0.4%)
AOL, Inc. ‡		(9,550	)		(328	)
IT Services—(1.3%)
Automatic Data Processing, Inc.		(5,470	)		(316	)
Fiserv, Inc. ‡		(1,880	)		(141	)
Paychex, Inc.		(10,400	)		(337	)
SAIC, Inc.		(15,050	)		(165	)
Total System Services, Inc.		(10,350	)		(233	)
Vantiv, Inc.—Class A ‡		(380	)		(8	)
Life Sciences Tools & Services—(0.2%)
Agilent Technologies, Inc.		(4,780	)		(172	)
Machinery—(3.5%)
Caterpillar, Inc.		(6,340	)		(538	)
Cummins, Inc.		(1,890	)		(177	)
Dover Corp.		(17,630	)		(1,026	)
Eaton Corp.		(6,490	)		(306	)
Illinois Tool Works, Inc.		(16,985	)		(1,043	)
Parker Hannifin Corp.		(1,430	)		(112	)
Media—(5.1%)
Gannett Co., Inc.		(23,520	)		(397	)
Interpublic Group of Cos., Inc.		(16,050	)		(162	)
New York Times Co.—Class A ‡		(13,690	)		(112	)
News Corp.—Class B		(37,270	)		(908	)
Omnicom Group, Inc.		(24,480	)		(1,173	)
Scripps Networks Interactive, Inc.—Class A		(20,480	)		(1,245	)
Washington Post Co.—Class B		(2,010	)		(670	)
Metals & Mining—(2.3%)
AK Steel Holding Corp.		(8,470	)		(43	)
Cliffs Natural Resources, Inc.		(21,500	)		(780	)
Nucor Corp.		(25,570	)		(1,026	)
Vale SA—Class B ADR		(12,170	)		(223	)
Multiline Retail—(0.2%)
JC Penney Co., Inc.		(8,580	)		(206	)
Multi-Utilities—(0.6%)
Wisconsin Energy Corp.		(13,470	)		(518	)
Oil, Gas & Consumable Fuels—(2.7%)
CONSOL Energy, Inc.		(5,680	)		(200	)
EnCana Corp.		(15,280	)		(345	)
Exxon Mobil Corp.		(10,690	)		(974	)
Newfield Exploration Co. ‡		(5,030	)		(136	)
Spectra Energy Corp.		(4,970	)		(143	)
TransCanada Corp.		(13,810	)		(625	)
Personal Products—(0.6%)
Estee Lauder Cos., Inc.—Class A		(9,110	)		(561	)
Pharmaceuticals—(2.3%)
Eli Lilly & Co.		(29,850	)		(1,451	)
Forest Laboratories, Inc. ‡		(9,400	)		(317	)
Hospira, Inc. ‡		(12,140	)		(373	)

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

Transamerica Funds		Annual Report 2012
	Page    110

Transamerica Long/Short Strategy

(formerly, Transamerica JPMorgan Long/Short Strategy)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

	Shares			Value (000’s)
Real Estate Investment Trusts—(7.2%)
Brandywine Realty Trust		(30,450	)	$	(353	)
DCT Industrial Trust, Inc.		(85,700	)		(553	)
DiamondRock Hospitality Co.		(14,370	)		(122	)
Douglas Emmett, Inc.		(13,820	)		(324	)
EastGroup Properties, Inc.		(13,570	)		(706	)
Health Care REIT, Inc.		(4,940	)		(294	)
Kimco Realty Corp.		(41,360	)		(807	)
Mid-America Apartment Communities, Inc.		(5,230	)		(338	)
ProLogis, Inc.		(22,800	)		(782	)
Realty Income Corp.		(16,800	)		(660	)
Tanger Factory Outlet Centers		(9,010	)		(284	)
Vornado Realty Trust		(6,300	)		(505	)
Weingarten Realty Investors		(30,060	)		(813	)
Road & Rail—(1.5%)
Heartland Express, Inc.		(34,360	)		(480	)
Knight Transportation, Inc.		(27,990	)		(423	)
Werner Enterprises, Inc.		(20,310	)		(470	)
Semiconductors & Semiconductor Equipment—(4.6%)
Cypress Semiconductor Corp. ‡		(25,510	)		(253	)
Intel Corp.		(52,730	)		(1,140	)

	Shares			Value (000’s)
Semiconductors & Semiconductor Equipment (continued)
Linear Technology Corp.		(7,650	)	$	(239	)
Microchip Technology, Inc.		(36,100	)		(1,132	)
NVIDIA Corp. ‡		(27,020	)		(323	)
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		(72,510	)		(1,153	)
Software—(0.6%)
Electronic Arts, Inc. ‡		(33,260	)		(411	)
Salesforce.com, Inc. ‡		(640	)		(93	)
Specialty Retail—(0.7%)
Bed Bath & Beyond, Inc. ‡		(2,890	)		(167	)
CarMax, Inc. ‡		(7,520	)		(253	)
O’Reilly Automotive, Inc. ‡		(2,100	)		(180	)
Tobacco—(1.3%)
Altria Group, Inc.		(37,590	)		(1,195	)
Trading Companies & Distributors—(0.5%)
Fastenal Co.		(9,580	)		(428	)
Total Common Stocks (proceeds $(63,185))					(65,671	)
Total Securities Sold Short (proceeds $(63,185))					(65,671	)

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

⌂ All or a portion of these securities have been pledged to the broker as collateral for open securities sold short transactions. Total value of securities segregated for open securities sold short transactions is $41,328.

‡ Non-income producing security.

 Rate shown reflects the yield at 10/31/2012.

P Aggregate cost for federal income tax purposes is $89,002. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $5,932 and $3,378, respectively. Net unrealized appreciation for tax purposes is $2,554.

¿ Amount is less than 1.

Ә Fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. Total aggregate market value of fair valued securities is less than $1, or less than 0.01% of the fund’s net assets.

DEFINITION:

ADR American Depository Receipt

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1 - Quoted Prices			Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 10/31/2012
Common Stocks	$	91,376		$	—	$	—	$	91,376
Repurchase Agreement		—			180		—		180
Total	$	91,376		$	180	$	—	$	91,556
Securities Sold Short	Level 1 - Quoted Prices			Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 10/31/2012
Common Stocks	$	(65,671	)	$	—	$	¿	$	(65,671	)

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

Transamerica Funds		Annual Report 2012
	Page    111

Transamerica Long/Short Strategy

(formerly, Transamerica JPMorgan Long/Short Strategy)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

VALUATION SUMMARY (continued) (all amounts in thousands): '

Level 3 Rollforward—Securities Sold Short

Security

Beginning Balance at 10/31/2011

Purchases

Sales

Accrued Discounts/ (Premiums)

Total Realized Gain/(Loss)

Net Change in Unrealized Appreciation/ (Depreciation)

Transfers into Level 3

Transfers out of Level 3

Ending Balance at 10/31/2012 ₪

Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at 10/31/2012

Common Stocks

$

—

$

¿

$

—

$

—

$

—

$

—

$

—

$

—

$

¿

$

—

' Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of Levels 1 and 2 during the period ended 10/31/2012. See the notes to the financial statments for more information regarding pricing inputs and valuation techniques.

₪ Inputs used in the valuation of the Level 3 securities were not considered significant unobservable inputs.

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

Transamerica Funds		Annual Report 2012
	Page    112

Transamerica Mid Cap Value

(formerly, Transamerica JPMorgan Mid Cap Value)

SCHEDULE OF INVESTMENTS

At October 31, 2012

	Shares		Value (000’s)
COMMON STOCKS—98.8%
Aerospace & Defense—0.6%
Alliant Techsystems, Inc.		22,850	$	1,309
Beverages—2.6%
Beam, Inc.		39,280		2,183
Brown—Forman Corp.—Class B		21,045		1,348
Dr. Pepper Snapple Group, Inc. ^		42,015		1,800
Building Products—0.8%
Fortune Brands Home & Security, Inc. ‡		61,530		1,750
Capital Markets—5.6%
Ameriprise Financial, Inc.		57,770		3,372
Charles Schwab Corp. ^		164,515		2,234
Invesco, Ltd.		89,700		2,182
Northern Trust Corp.		33,635		1,607
T. Rowe Price Group, Inc.		36,435		2,366
Chemicals—3.8%
Airgas, Inc.		22,510		2,003
Albemarle Corp.		35,979		1,983
Sherwin-Williams Co.		12,660		1,805
Sigma-Aldrich Corp. ^		30,450		2,135
Commercial Banks—6.1%
City National Corp.		29,070		1,485
Cullen/Frost Bankers, Inc. ^		22,730		1,257
Fifth Third Bancorp		175,150		2,545
Huntington Bancshares, Inc.		141,020		901
M&T Bank Corp.		31,015		3,229
SunTrust Banks, Inc.		78,870		2,145
Zions Bancorporation ^		53,760		1,154
Commercial Services & Supplies—1.4%
Republic Services, Inc.—Class A		102,147		2,896
Containers & Packaging—3.6%
Ball Corp.		80,110		3,432
Rock-Tenn Co.—Class A		24,517		1,794
Silgan Holdings, Inc.		52,050		2,254
Distributors—1.0%
Genuine Parts Co.		34,446		2,156
Electric Utilities—2.7%
Northeast Utilities		25,815		1,015
NV Energy, Inc.		121,575		2,311
Westar Energy, Inc. ^		78,570		2,333
Electrical Equipment—2.1%
AMETEK, Inc.		58,350		2,074
Regal Beloit Corp. ^		34,070		2,221
Electronic Equipment & Instruments—2.3%
Amphenol Corp.—Class A		42,370		2,548
Arrow Electronics, Inc. ‡		62,055		2,186
Food Products—2.4%
Hershey Co.		28,190		1,940
JM Smucker Co.		14,205		1,217
Ralcorp Holdings, Inc. ‡		26,650		1,924
Gas Utilities—1.9%
EQT Corp.		45,034		2,731
ONEOK, Inc.		25,845		1,222
Health Care Equipment & Supplies—0.5%
Becton Dickinson and Co.		13,710		1,038
Health Care Providers & Services—3.7%
AmerisourceBergen Corp.—Class A		53,445		2,108
CIGNA Corp.		51,455		2,625
Henry Schein, Inc. ‡		16,215		1,196
Humana, Inc.		24,040		1,785
Hotels, Restaurants & Leisure—2.6%
Darden Restaurants, Inc. ^		30,785		1,620
Marriott International, Inc.—Class A		60,865		2,220
Yum! Brands, Inc.		23,502		1,648
Household Durables—1.5%
Jarden Corp.		13,960		695

	Shares		Value (000’s)
Household Durables (continued)
Mohawk Industries, Inc. ‡		28,350	$	2,367
Household Products—1.0%
Energizer Holdings, Inc.		28,175		2,056
Industrial Conglomerates—1.2%
Carlisle Cos., Inc.		45,820		2,545
Insurance —11.1%
Alleghany Corp. ‡		7,786		2,706
Arch Capital Group, Ltd. ‡ ^		19,134		845
Chubb Corp.		27,350		2,105
Hartford Financial Services Group, Inc. ^		59,840		1,299
Loews Corp.		94,955		4,014
Marsh & McLennan Cos., Inc.		95,185		3,239
Old Republic International Corp.		129,830		1,283
OneBeacon Insurance Group, Ltd.—Class A ^		59,095		798
Unum Group		78,652		1,595
WR Berkley Corp. ^		62,800		2,442
XL Group PLC—Class A		102,050		2,525
Internet & Catalog Retail—1.1%
Expedia, Inc.		26,736		1,581
TripAdvisor, Inc. ‡ ^		25,119		761
IT Services—1.2%
Jack Henry & Associates, Inc.		67,360		2,560
Machinery—2.3%
IDEX Corp.		37,610		1,600
Rexnord Corp. ‡ ^		72,500		1,314
Snap-on, Inc.		24,923		1,927
Media—3.2%
AMC Networks, Inc. ‡		16,545		773
Cablevision Systems Corp.—Class A ^		46,610		812
CBS Corp.—Class B		55,280		1,791
Clear Channel Outdoor Holdings, Inc.—Class A ‡ ^		66,363		442
DISH Network Corp.—Class A		54,231		1,932
Gannett Co., Inc. ^		37,205		629
Washington Post Co.—Class B ^		1,155		385
Multiline Retail—2.8%
Family Dollar Stores, Inc.		35,550		2,345
Kohl’s Corp. ^		65,665		3,499
Multi-Utilities—6.1%
CenterPoint Energy, Inc.		79,107		1,714
CMS Energy Corp.		99,600		2,423
NiSource, Inc.		78,958		2,011
Sempra Energy		30,500		2,127
Wisconsin Energy Corp.		53,176		2,046
Xcel Energy, Inc.		82,348		2,326
Oil, Gas & Consumable Fuels—5.0%
Devon Energy Corp.		37,400		2,177
Energen Corp.		71,162		3,320
Marathon Petroleum Corp.		36,694		2,016
QEP Resources, Inc.		49,560		1,437
Williams Cos., Inc.		43,164		1,510
Professional Services—0.8%
Equifax, Inc.		31,560		1,579
Real Estate Investment Trusts—2.7%
HCP, Inc.		38,965		1,726
Regency Centers Corp.		43,185		2,074
Vornado Realty Trust		22,516		1,806
Real Estate Management & Development—0.7%
Brookfield Office Properties, Inc.		97,565		1,505
Semiconductors & Semiconductor Equipment—2.1%
Analog Devices, Inc.		66,670		2,608
Xilinx, Inc.		55,255		1,810
Software—0.9%
Synopsys, Inc. ‡		61,300		1,974

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

Transamerica Funds		Annual Report 2012
	Page    113

Transamerica Mid Cap Value

(formerly, Transamerica JPMorgan Mid Cap Value)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

	Shares		Value (000’s)
Specialty Retail—6.8%
AutoZone, Inc. ‡		6,799	$	2,550	��
Bed Bath & Beyond, Inc. ‡		37,105		2,140
Gap, Inc.		59,645		2,131
PetSmart, Inc.		18,006		1,195
Tiffany & Co.		30,280		1,914
TJX Cos., Inc.		39,420		1,641
Williams-Sonoma, Inc.		57,560		2,660
Textiles, Apparel & Luxury Goods—1.9%
PVH Corp.		25,209		2,773
V.F. Corp.		7,810		1,222
Thrifts & Mortgage Finance—1.1%
Capitol Federal Financial, Inc.		57,370		683
People’s United Financial, Inc. ^		136,800		1,646
Trading Companies & Distributors—1.1%
MSC Industrial Direct Co., Inc.—Class A		29,342		2,189
Wireless Telecommunication Services—0.5%
Telephone & Data Systems, Inc.		39,610		985
Total Common Stocks (cost $158,794)				206,070
SECURITIES LENDING COLLATERAL—10.2%
State Street Navigator Securities Lending Trust—Prime Portfolio, 0.31% 		21,224,973		21,225
Total Securities Lending Collateral (cost $21,225)

	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT—1.3%
State Street Bank & Trust Co. 0.03% , dated 10/31/2012, to be repurchased at $2,657 on 11/01/2012. Collateralized by a U.S. Government Agency Obligation, 3.00%, due 12/01/2026, and with a value of $2,711.	$	2,657	$	2,657
Total Repurchase Agreement (cost $2,657)
Total Investment Securities (cost $182,676) P				229,952
Other Assets and Liabilities—Net				(21,494	)
Net Assets			$	208,458

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

^ All or a portion of this security is on loan. The value of all securities on loan is $20,706.

‡ Non-income producing security.

 Rate shown reflects the yield at 10/31/2012.

P Aggregate cost for federal income tax purposes is $184,352. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $47,117 and $1,517, respectively. Net unrealized appreciation for tax purposes is $45,600.

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 10/31/2012
Common Stocks	$	206,070	$	—	$	—	$	206,070
Repurchase Agreement		—		2,657		—		2,657
Securities Lending Collateral		21,225		—		—		21,225
Total	$	227,295	$	2,657	$	—	$	229,952

' Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of Levels 1 and 2 during the period ended 10/31/2012. 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		Annual Report 2012
	Page    114

Transamerica Real Return TIPS

(formerly, Transamerica PIMCO Real Return TIPS)

SCHEDULE OF INVESTMENTS

At October 31, 2012

	Principal (000’s)		Value (000’s)
U.S. GOVERNMENT OBLIGATIONS—98.7%
U.S. Treasury Inflation Indexed Bond
0.75%, 02/15/2042 —	$	5,046	$	5,619
1.75%, 01/15/2028 Ð g		42,990		56,343
2.00%, 01/15/2026		39,342		52,201
2.13%, 02/15/2040		1,492		2,219
2.38%, 01/15/2025		31,221		42,688
2.38%, 01/15/2027 —		60,867		84,900
2.50%, 01/15/2029 Ð g		54,329		78,509
3.38%, 04/15/2032		389		651
3.63%, 04/15/2028 Ð		46,426		74,550
3.88%, 04/15/2029 Ð —		53,019		89,018
U.S. Treasury Inflation Indexed Note
0.13%, 04/15/2016 a Ð		33,863		35,698
0.13%, 04/15/2017		913		979
0.13%, 01/15/2012—07/15/2022 Ð —		169,355		185,307
0.50%, 04/15/2015		43,153		45,081
0.63%, 07/15/2021 Ð g a —		78,848		90,220
1.13%, 01/15/2021 g a		15,847		18,740
1.25%, 07/15/2020 Ð		58,196		69,403
1.38%, 07/15/2018—01/15/2020		47,569		56,169
1.63%, 01/15/2015—01/15/2018		36,329		40,265
1.88%, 07/15/2013—07/15/2019		56,223		60,713
1.88%, 07/15/2015 a		54,000		59,016
2.00%, 01/15/2014 —		9,723		10,087
2.00%, 07/15/2014—01/15/2016		106,833		114,977
2.13%, 01/15/2019		20,405		24,942
2.38%, 01/15/2017		11,650		13,585
2.63%, 07/15/2017		10,225		12,282
Total U.S. Government Obligations (cost $1,247,140)				1,324,162
U.S. GOVERNMENT AGENCY OBLIGATIONS—0.2%
Fannie Mae
0.36%, 08/25/2034 *		101		100
0.89%, 02/25/2041 *		2,319		2,335
1.35%, 10/01/2044 *		35		36
Freddie Mac
0.44%, 02/15/2019 *		839		841
Total U.S. Government Agency Obligations (cost $3,306)				3,312
FOREIGN GOVERNMENT OBLIGATIONS—8.9%
Australia Government Bond
3.00%, 09/20/2025	AUD	3,100		4,515
Canadian Government Bond
1.50%, 12/01/2044	CAD	4,636		6,174
2.75%, 09/01/2016		2,600		2,745
3.00%, 12/01/2036		355		584
4.25%, 12/01/2021		13,047		18,632
Denmark I/L Government Bond
0.10%, 11/15/2023	DKK	14,344		2,612
Italy Buoni Poliennali del Tesoro
2.10%, 09/15/2016—09/15/2017	EUR	28,400		36,509
2.35%, 09/15/2019		652		812
Mexican Udibonos
2.00%, 06/09/2022	MXN	13,471		1,077
New South Wales Treasury Corp.
2.50%, 11/20/2035	AUD	1,100		1,442
2.75%, 11/20/2025		14,100		19,363
South Africa Government Bond—CPI Linked
2.75%, 01/31/2022	ZAR	22,387		2,960

	Principal (000’s)		Value (000’s)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
U.K. Gilt Inflation Linked
0.13%, 03/22/2024	GBP	4,711	$	8,071
1.25%, 11/22/2032		895		1,776
1.88%, 11/22/2022		3,072		6,280
2.50%, 07/26/2016—Reg S		1,200		6,637
Total Foreign Government Obligations (cost $115,810)				120,189
MORTGAGE-BACKED SECURITIES—1.5%
Arran Residential Mortgages Funding PLC
Series 2010-1A, Class A1B
1.55%, 05/16/2047—144A *	$	69		90
Series 2011-1A, Class A1B
1.54%, 11/19/2047—144A *		1,730		2,251
Banc of America Merrill Lynch Commercial Mortgage, Inc.
Series 2007-3, Class A2
5.54%, 06/10/2049 *		29		29
Series 2007-3, Class A2FL
0.39%, 06/10/2049—144A *		29		29
Series 2007-5, Class A4
5.49%, 02/10/2051		530		623
Banc of America Mortgage Securities, Inc.
Series 2004-1, Class 5A1
6.50%, 09/25/2033		23		24
Bear Stearns Adjustable Rate Mortgage Trust
Series 2005-2, Class A1
2.57%, 03/25/2035 *		525		529
Series 2005-2, Class A2
3.08%, 03/25/2035 *		153		154
Series 2005-5, Class A1
2.24%, 08/25/2035 *		163		164
Series 2005-5, Class A2
2.32%, 08/25/2035 *		303		295
Citigroup Mortgage Loan Trust, Inc.
Series 2005-6, Class A1
2.23%, 09/25/2035 *		214		212
Series 2005-6, Class A2
2.34%, 09/25/2035 *		267		258
Series 2005-6, Class A3
1.99%, 09/25/2035 *		34		34
Series 2005-11, Class A1A
2.60%, 05/25/2035 *		28		27
Citigroup/Deutsche Bank Commercial Mortgage Trust
Series 2007-CD5, Class A4
5.89%, 11/15/2044 *		400		475
Countrywide Home Loan Mortgage Pass-Through Trust
Series 2005-3, Class 1A2
0.50%, 04/25/2035 *		928		698
Series 2005-R2, Class 1AF1
0.55%, 06/25/2035—144A *		192		164
DBUBS Mortgage Trust
Series 2011-LC2A, Class A2
3.39%, 07/10/2044—144A		6,700		7,246
Greenpoint Mortgage Funding Trust
Series 2005-AR1, Class A2
0.43%, 06/25/2045 *		367		290
GSR Mortgage Loan Trust
Series 2005-AR6, Class 2A1
2.66%, 09/25/2035 *		562		564
LB-UBS Commercial Mortgage Trust
Series 2007-C7, Class A3
5.87%, 09/15/2045 * §		200		240

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

Transamerica Funds		Annual Report 2012
	Page    115

Transamerica Real Return TIPS

(formerly, Transamerica PIMCO Real Return TIPS)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

	Principal (000’s)		Value (000’s)
MORTGAGE-BACKED SECURITIES (continued)
MASTR Alternative Loans Trust
Series 2006-2, Class 2A1 0.61%, 03/25/2036 *	$	607	$	104
Merrill Lynch/Countrywide Commercial Mortgage Trust
Series 2007-9, Class A4 5.70%, 09/12/2049		300		352
Morgan Stanley Capital I Trust
Series 2007-IQ15, Class A4 5.88%, 06/11/2049 *		1,200		1,407
Permanent Master Issuer PLC
Series 2011-1A, Class 1A3 1.51%, 07/15/2042—144A *		400		525
RALI Trust
Series 2006-QO6, Class A1 0.39%, 06/25/2046 *		973		424
Sequoia Mortgage Trust
Series 5, Class A 0.91%, 10/19/2026 *		75		74
Structured Asset Mortgage Investments, Inc.
Series 2006-AR5, Class 1A1 0.42%, 05/25/2046 *		864		494
Wachovia Bank Commercial Mortgage Trust
Series 2006-C28, Class A4 5.57%, 10/15/2048		400		460
WaMu Mortgage Pass-Through Certificates
Series 2003-AR9, Class 2A 2.54%, 09/25/2033 *		627		630
Wells Fargo Mortgage Backed Securities Trust
Series 2006-AR8, Class 2A1 2.72%, 04/25/2036 *		1,659		1,472
Total Mortgage-Backed Securities (cost $19,827)				20,338
ASSET-BACKED SECURITIES—0.4%
Ares VIR CLO, Ltd.
Series 2006-6RA, Class A1B 0.63%, 03/12/2018—144A *		721		715
Countrywide Asset-Backed Certificates
Series 2005-13, Class 3AV3 0.46%, 04/25/2036 *		184		174
CSAB Mortgage Backed Trust
Series 2006-1, Class A6A 6.17%, 06/25/2036 *		1,128		775
Duane Street CLO I, Ltd.
Series 2005-1A, Class A2 0.69%, 11/08/2017—144A *		300		296
Equity One, Inc.
Series 2004-1, Class AV2 0.51%, 04/25/2034 *		46		34
Harvest CLO SA
Series I-X, Class A1 0.94%, 03/29/2017 * Ә		111		142
Katonah VI, Ltd.
Series 6A, Class A1A 0.70%, 09/20/2016—144A *		384		383
Magi Funding PLC
Series I-A, Class A 0.67%, 04/11/2021—144A * Ә		550		676
Magnolia Funding, Ltd.
Series 2010-1A, Class A1 3.00%, 04/20/2017–144A Ә		141		182

	Principal (000’s)		Value (000’s)
ASSET-BACKED SECURITIES (continued)
Morgan Stanley Mortgage Loan Trust
Series 2006-12XS, Class A6A
5.73%, 10/25/2036 *	$	412	$	240
Saxon Asset Securities Trust
Series 2003-1, Class AF7
4.03%, 06/25/2033 *		412		412
SLM Student Loan Trust
Series 2003-6, Class A4
0.59%, 12/17/2018 *		388		387
Series 2010-B, Class A1
2.13%, 08/15/2016—144A *		147		148
Structured Asset Securities Corp.
Series 2007-BC3, Class 2A2
0.35%, 05/25/2047 *		900		684
Wood Street CLO BV
Series II-A, Class A1
0.70%, 03/29/2021—144A * Ә		215		270
Total Asset-Backed Securities (cost $5,702)				5,518
MUNICIPAL GOVERNMENT OBLIGATIONS—0.1%
Tobacco Settlement Finance Authority—Series A
7.47%, 06/01/2047		660		525
Tobacco Settlement Financing Corp.—Series A
6.00%, 06/01/2023		230		235
Total Municipal Government Obligations (cost $838)				760
CORPORATE DEBT SECURITIES—4.3%
Capital Markets—0.8%
Morgan Stanley
0.61%, 03/01/2013 *		1,000		1,295
2.94%, 05/14/2013 *		8,800		8,886
Morgan Stanley—Series F
0.78%, 10/18/2016 * ^		800		758
Commercial Banks—1.9%
Banco Bradesco SA
2.54%, 05/16/2014—144A *		4,600		4,645
BBVA Bancomer SA
6.50%, 03/10/2021—144A ^		1,900		2,168
CIT Group, Inc.
5.25%, 04/01/2014—144A ^		1,000		1,038
Dexia Credit Local
1.65%, 09/12/2013		3,500		3,500
HBOS PLC
1.11%, 09/06/2017 *		9,400		7,817
ICICI Bank, Ltd.
2.18%, 02/24/2014—144A *		600		589
Societe Generale SA
1.40%, 04/11/2014—144A *		3,800		3,786
Turkiye Garanti Bankasi AS
2.82%, 04/20/2016—144A *		500		489
Consumer Finance—0.0% ¥
Ally Financial, Inc.
3.64%, 02/11/2014 *		100		102
3.78%, 06/20/2014 *		200		204
SLM Corp.
5.05%, 11/14/2014		300		317
Diversified Financial Services—0.6%
Credit Agricole Home Loan SFH
1.07%, 07/21/2014—144A * §		3,400		3,368

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

Transamerica Funds		Annual Report 2012
	Page    116

Transamerica Real Return TIPS

(formerly, Transamerica PIMCO Real Return TIPS)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

	Principal (000’s)		Value (000’s)
Diversified Financial Services (continued)
Ford Motor Credit Co. LLC
3.98%, 06/15/2016	$	3,600	$	3,816
International Lease Finance Corp.
6.50%, 09/01/2014—144A		600		645
6.75%, 09/01/2016—144A		500		565
Insurance—0.5%
American International Group, Inc.
6.77%, 11/15/2017 ^		227		428
8.18%, 05/15/2058 * ^		3,650		4,554
8.63%, 05/22/2038—Reg S * ^		250		475
Marsh & McLennan Cos., Inc.
5.75%, 09/15/2015		1,093		1,235
Metals & Mining—0.0% ¥
Gerdau Holdings, Inc.
7.00%, 01/20/2020—144A		200		235
Oil, Gas & Consumable Fuels—0.5%
Gazprom OAO Via GAZ Capital SA
5.09%, 11/29/2015—144A ^		500		536
Gazprom OAO Via GAZ Capital SA—Series 16
7.34%, 04/11/2013—144A		300		307
Petrobras International Finance Co.
3.88%, 01/27/2016		3,700		3,930
Petroleos Mexicanos
5.50%, 01/21/2021		800		934
6.50%, 06/02/2041		700		869
Total Corporate Debt Securities (cost $53,274)				57,491
COMMERCIAL PAPER—0.6%
Commercial Banks—0.6%
Santander Commercial Paper SA Unipersonal
2.20%, 04/02/2013—144A		8,300		8,223
Total Commercial Paper (cost $8,223)
LOAN ASSIGNMENTS—0.5%
Consumer Finance—0.4%
Springleaf Financial Funding Co.
5.50%, 05/10/2017 *		4,400		4,328
Independent Power Producers & Energy Traders —0.1%
NRG Energy, Inc., Tranche B
4.00%, 07/02/2018 *		1,975		1,984
Total Loan Assignments (cost $6,354)				6,312

	Notional Amount (000’s)		Value (000’s)
PURCHASED STRADDLE SWAPTIONS—0.0% ¥
Straddle Options—0.0% ¥
OTC- Call & Put 3-Month vs. 30-Year
Forward Volatility Agreement		2,300		171
Exercise Level 1.00% Þ
Expires 03/11/2013 §
Counterparty: RBS
OTC- Call & Put 3-Month vs. 30-Year
Forward Volatility Agreement		3,600		268
Exercise Level 1.00% Þ
Expires 03/11/2013 §
Counterparty: DUB
Total Purchased Straddle Swaptions (cost $499)				439

	Notional Amount (000’s)		Value (000’s)
PURCHASED SWAPTIONS—0.0% ¥
Put Options—0.0% ¥
OTC- If exercised the Series receives floating 3 month LIBOR, and pays 3.875%, European Style Expires 04/14/2014 § Counterparty: DUB	$	5,000	$	120
Total Purchased Swaptions (cost $254)

	Shares		Value (000’s)
SECURITIES LENDING COLLATERAL—0.4%
State Street Navigator Securities Lending
Trust—Prime Portfolio, 0.31% 		5,407,915		5,408
Total Securities Lending Collateral (cost $5,408)

	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT—0.0% ¥
State Street Bank & Trust Co. 0.03% , dated 10/31/2012, to be repurchased at $612 on 11/01/2012. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 04/01/2025, and with a value of $626.	$	612		612
Total Repurchase Agreement (cost $612)
Total Investment Securities (cost $1,467,247) P				1,552,884
Other Assets and Liabilities—Net				(209,432	)
Net Assets			$	1,343,452

	Principal (000’s)			Value (000’s)
REVERSE REPURCHASE AGREEMENTS—(10.6%) F
BNP Paribas 0.26% , dated 10/18/2012, to be repurchased at $(62,799) on 11/20/2012.	$	(62,784	)	$	(62,784	)
BNP Paribas 0.27% , dated 10/19/2012, to be repurchased at $(39,306) on 11/21/2012.		(39,297	)		(39,297	)
Deutsche Bank Securities, Inc. 0.29% , dated 10/31/2012, to be repurchased at $(1,791) on 02/06/2013.		(1,790	)		(1,790	)
Deutsche Bank Securities, Inc. 0.29% , dated 10/31/2012, to be repurchased at $(5,604) on 01/29/2013.		(5,600	)		(5,600	)
JPMorgan Chase & Co. 0.28% , dated 10/25/2012, to be repurchased at $(33,620) on 11/09/2012.		(33,615	)		(33,615	)
Total Reverse Repurchase Agreements (cost $(143,086))					(143,086	)

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

Transamerica Funds		Annual Report 2012
	Page    117

Transamerica Real Return TIPS

(formerly, Transamerica PIMCO Real Return TIPS)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

WRITTEN INFLATION FLOOR OPTIONS:

Description	Counterparty	Strike Index		Exercise Index	Expiration Date		Notional Amount (000’s)		Premiums (Received) (000’s)			Value (000’s)
Floor—OTC CPURNSA Index	DUB		215.95	Maximum of ((1 + 0.000%)10 - Inflation Adjustment) or 0		03/10/2020	$	1,800	$	(13	)	$	(4	)
Floor—OTC CPURNSA Index	CITI		216.69	Maximum of ((1 + 0.000%)10 - Inflation Adjustment) or 0		04/07/2020		14,200		(127	)		(23	)
Floor—OTC CPURNSA Index	CITI		217.97	Maximum of ((1 + 0.000%)10 - Inflation Adjustment) or 0		09/29/2020		1,700		(22	)		(3	)
									$	(162	)	$	(30	)

WRITTEN SWAPTIONS: p

Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate			Expiration Date		Notional Amount (000’s)		Premiums (Received) (000’s)			Value (000’s)
		3-Month USD
Call- OTC 2-Year Interest Rate Swap	MSC	LIBOR BBA	Receive		0.92	%		11/14/2012	$	13,400	$	—		$	(140	)
		3-Month USD
Call- OTC 5-Year Interest Rate Swap	RBS	LIBOR BBA	Receive		0.75			03/18/2013		39,000		(92	)		(80	)
		3-Month USD
Call- OTC 5-Year Interest Rate Swap	BNP	LIBOR BBA	Receive		0.75			03/18/2013		16,100		(37	)		(33	)
		3-Month USD
Call- OTC 5-Year Interest Rate Swap	DUB	LIBOR BBA	Receive		1.70			03/18/2013		22,900		(271	)		(858	)
		3-Month USD
Call- OTC 5-Year Interest Rate Swap	CITI	LIBOR BBA	Receive		1.70			03/18/2013		7,600		(90	)		(285	)
		6-Month EUR
Put- OTC 10-Year Interest Rate Swap	DUB	EURIBOR	Pay		2.15			01/07/2013	EUR	5,900		(31	)		(22	)
		3-Month USD
Put- OTC 2-Year Interest Rate Swap	MSC	LIBOR BBA	Pay		0.92			11/14/2012	$	13,400		—			—
		3-Month USD
Put- OTC 5-Year Interest Rate Swap	BNP	LIBOR BBA	Pay		1.40			03/18/2013		16,100		(43	)		(18	)
		3-Month USD
Put- OTC 5-Year Interest Rate Swap	RBS	LIBOR BBA	Pay		1.40			03/18/2013		39,000		(92	)		(44	)
		3-Month USD
Put- OTC 5-Year Interest Rate Swap	DUB	LIBOR BBA	Pay		1.70			03/18/2013		22,900		(446	)		(8	)
		3-Month USD
Put- OTC 5-Year Interest Rate Swap	CITI	LIBOR BBA	Pay		1.70			03/18/2013		7,600		(143	)		(3	)
		3-Month USD
Put- OTC 5-Year Interest Rate Swap	DUB	LIBOR BBA	Pay		2.00			03/18/2013		3,100		(29	)		(¿)
		3-Month USD
Put- OTC 5-Year Interest Rate Swap	DUB	LIBOR BBA	Pay		2.85			04/14/2014		21,200		(254	)		(47	)
											$	(1,528	)	$	(1,538	)

CENTRALLY CLEARED SWAP AGREEMENTS:

INTEREST RATE SWAP AGREEMENTS—FIXED RATE PAYABLE:

Floating Rate Index	Fixed Rate			Maturity Date		Currency Code	Notional Amount (000’s)		Market Value (000’s)		Premiums Paid (000’s)		Unrealized (Depreciation) (000’s)
3-Month USD-LIBOR		2.50	%		12/19/2042	USD	$	31,300	$	780	$	1,198	$	(418	)

OVER THE COUNTER SWAP AGREEMENTS: p

CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES—BUY PROTECTION:⁽¹⁾

Reference Obligation	Fixed Deal Pay Rate			Maturity Date		Counterparty	Implied Credit Spread (BP) at 10/31/2012(2)		Notional Amount (000’s)(3)		Market Value (000’s)			Premiums Paid (000’s)		Unrealized (Depreciation) (000’s)
Black and Decker Corp.,
8.95%, 04/15/2014		2.20	%		06/20/2014	CITI		14.59	$	3,000	$	(101	)	$	—	$	(101	)
Marsh & McLennan Cos., Inc.,
5.75%, 09/15/2015		0.76			09/20/2015	BCLY		28.87		6,000		(79	)		—		(79	)

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

Transamerica Funds		Annual Report 2012
	Page    118

Transamerica Real Return TIPS

(formerly, Transamerica PIMCO Real Return TIPS)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

OVER THE COUNTER SWAP AGREEMENTS (continued): p

CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES—BUY PROTECTION⁽¹⁾ (continued):

Reference Obligation	Fixed Deal Pay Rate			Maturity Date		Counterparty	Implied Credit Spread (BP) at 10/31/2012(2)		Notional Amount (000’s)(3)		Market Value (000’s)			Premiums Paid (000’s)		Unrealized (Depreciation) (000’s)
Societe Generale SA,
5.25%, 03/28/2013		1.00	%		06/20/2014	BCLY		93.99	$	3,800	$	(2	)	$	92	$	(94	)
											$	(182	)	$	92	$	(274	)

CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES—SELL PROTECTION:⁽⁴⁾

Reference Obligation	Fixed Deal Receive Rate			Maturity Date		Counterparty	Implied Credit Spread (BP) at 10/31/2012(2)		Notional Amount (000’s)(3)		Market Value (000’s)(5)			Premiums Paid (Received) (000’s)			Unrealized Appreciation (Depreciation) (000’s)
20-Year Japan Government Bond,
2.00%, 03/21/2022		1.00	%		12/20/2015	RBS		38.43	$	600	$	11		$	8		$	3
20-Year Japan Government Bond,
2.00%, 03/21/2022		1.00			12/20/2015	BOA		38.43		2,900		52			39			13
American International Group, Inc.,
6.25%, 05/01/2036		5.00			12/20/2013	DUB		35.97		800		42			(18	)		60
Federative Republic of Brazil,
12.25%, 03/06/2030		1.00			06/20/2015	HSBC		64.84		1,000		9			(7	)		16
Federative Republic of Brazil,
12.25%, 03/06/2030		1.00			06/20/2015	BCLY		64.84		1,000		9			(10	)		19
Federative Republic of Brazil,
12.25%, 03/06/2030		1.00			06/20/2015	BCLY		64.84		1,000		9			(4	)		13
Federative Republic of Brazil,
12.25%, 03/06/2030		1.00			06/20/2020	DUB		138.99		2,500		(68	)		(62	)		(6	)
											$	64		$	(54	)	$	118

INTEREST RATE SWAP AGREEMENTS—FIXED RATE RECEIVABLE:

Floating Rate Index	Fixed Rate			Maturity Date		Counterparty	Currency Code	Notional Amount (000’s)		Market Value (000’s)			Premiums Paid (Received) (000’s)			Unrealized Appreciation (Depreciation) (000’s)
3-Month USD-LIBOR		1.50	%		11/02/2012	BCLY	USD	$	1,100	$	(2	)	$	(w	)	$	(2	)
BRL-CDI §		8.63			01/02/2015	MSC	BRL		14,800		120			63			57
BRL-CDI §		8.26			01/02/2015	UBS	BRL		67,900		307			79			229
BRL-CDI §		8.12			01/02/2015	HSBC	BRL		8,700		27			(7	)		34
BRL-CDI §		8.83			01/02/2015	HSBC	BRL		46,000		463			238			225
BRL-CDI §		8.26			01/02/2015	GSC	BRL		4,500		20			3			17
France CPI Ex Tobacco §		2.00			09/01/2012	BNP	EUR		3,500		(9	)		5			(14	)
										$	926		$	381		$	546

INTEREST RATE SWAP AGREEMENTS—FIXED RATE PAYABLE:

Floating Rate Index	Fixed Rate		Maturity Date		Counterparty	Currency Code	Notional Amount (000’s)		Market Value (000’s)		Premiums Paid (000’s)		Unrealized Appreciation (000’s)
U.S. CPI Urban Consumers NAS §		2.50		07/15/2022	BNP	USD	$	5,500	$	114	$	34	$	80
U.S. CPI Urban Consumers NAS §		2.50		07/15/2022	DUB	USD		3,900		81		31		50
									$	195	$	65	$	130

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

Transamerica Funds		Annual Report 2012
	Page    119

Transamerica Real Return TIPS

(formerly, Transamerica PIMCO Real Return TIPS)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

FORWARD FOREIGN CURRENCY CONTRACTS: p

Currency	Counterparty	Contracts Bought (Sold) (000’s)			Settlement Date	Amount in U.S. Dollars Bought (Sold) (000’s)			Net  Unrealized Appreciation (Depreciation) (000’s)
AUD	MSC		2,354		11/21/2012	$	2,399		$	40
AUD	BCLY		(27,898	)	11/21/2012		(28,431	)		(479	)
BRL	UBS		(4,893	)	12/04/2012		(2,364	)		(34	)
BRL	HSBC		(16,141	)	12/04/2012		(7,881	)		(29	)
BRL	UBS		4,329		12/04/2012		2,110			11
BRL	UBS		5,073		12/04/2012		2,490			(4	)
BRL	HSBC		693		12/04/2012		340			(w	)
BRL	UBS		693		12/04/2012		340			(w	)
BRL	UBS		1,085		12/04/2012		530			2
BRL	UBS		1,517		12/04/2012		740			3
BRL	UBS		2,110		12/04/2012		1,030			4
BRL	UBS		999		12/04/2012		490			(w	)
BRL	MSC		999		12/04/2012		490			(w	)
BRL	GSC		2,450		12/04/2012		1,200			1
BRL	HSBC		1,085		12/04/2012		530			2
BRL	HSBC		16,141		02/04/2013		7,819			30
CAD	DUB		(28,523	)	12/20/2012		(29,238	)		710
CNY	BCLY		16,915		02/01/2013		2,683			5
CNY	JPM		(16,753	)	02/01/2013		(2,629	)		(33	)
DKK	BCLY		(14,631	)	11/21/2012		(2,454	)		(89	)
EUR	CITI		135		12/17/2012		175			w
EUR	CITI		(9,879	)	12/17/2012		(12,745	)		(67	)
EUR	HSBC		(4,625	)	12/17/2012		(5,831	)		(167	)
EUR	UBS		(9,309	)	12/17/2012		(11,908	)		(163	)
EUR	CITI		(4,655	)	12/17/2012		(5,964	)		(73	)
EUR	BCLY		(3,968	)	12/17/2012		(5,108	)		(38	)
EUR	CITI		(1,648	)	12/17/2012		(2,167	)		30
EUR	BCLY		(2,433	)	12/17/2012		(3,190	)		35
EUR	BCLY		(2,596	)	12/17/2012		(3,387	)		21
EUR	CITI		(6,403	)	12/17/2012		(8,330	)		27
EUR	WBC		1,808		12/17/2012		2,328			17
EUR	RBS		(94	)	12/17/2012		(122	)		w
EUR	GSC		(1,623	)	12/17/2012		(2,094	)		(11	)
EUR	BNP		87		12/17/2012		114			(1	)
EUR	WBC		1,161		12/17/2012		1,517			(12	)
EUR	JPM		827		12/17/2012		1,072			1
EUR	CITI		891		12/17/2012		1,159			(4	)
EUR	WBC		7,440		12/17/2012		9,646			2
EUR	JPM		156		12/17/2012		202			1
EUR	BCLY		2,058		12/17/2012		2,634			34
GBP	BNP		(3,938	)	12/12/2012		(6,262	)		(92	)
GBP	BCLY		(8,075	)	12/12/2012		(13,113	)		83
GBP	BCLY		518		12/12/2012		825			10
GBP	RBS		(1,057	)	12/12/2012		(1,695	)		(10	)
GBP	CITI		2,783		12/12/2012		4,505			(14	)
GBP	BNP		(5,013	)	12/12/2012		(8,077	)		(11	)
MXN	HSBC		9,045		12/03/2012		700			(11	)
MXN	JPM		(80	)	12/03/2012		(6	)		w
MXN	HSBC		(9,045	)	12/03/2012		(694	)		5
MXN	HSBC		80		12/03/2012		6			w
MXN	HSBC		9,045		04/03/2013		685			(5	)
MXN	JPM		80		04/03/2013		6			(w	)
ZAR	JPM		(23,742	)	01/30/2013		(2,685	)		(16	)
									$	(289	)

FUTURES CONTRACTS:

Description	Type	Contracts		Expiration Date	Unrealized Appreciation (000’s)
10-Year U.S. Treasury Note	Long		24	12/19/2012	$	15
90-Day Eurodollar	Long		112	09/14/2015		11
90-Day Eurodollar	Long		439	03/14/2016		47
					$	73

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

Transamerica Funds		Annual Report 2012
	Page    120

Transamerica Real Return TIPS

(formerly, Transamerica PIMCO Real Return TIPS)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

Collateral (Received) Pledged for OTC Financial Derivative Instruments

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received) pledged as of 10/31/2012:

Counterparty	Total Market Value of OTC Derivatives (000’s)			Collateral  (Received) Pledged (000’s)			Net Exposures (1) (000’s)
BCLY	$	(483	)	$	—		$	(483	)
BNP		(50	)		—			(50	)
BOA		52			(60	)		(8	)
CITI		(516	)		—			516
DUB		214			(260	)		(46	)
GSC		10			—			10
HSBC		324			(220	)		104
JPM		(47	)		—			(47	)
MSC		20			(270	)		(250	)
RBS		48			—			48
UBS		126			—			126
WBC		7			—			7

⁽¹⁾  Net exposure represents the net receivable (payable) that would be due from/to the counterparty in the event of default.

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

Ð Security is subject to dollar roll transactions.

g All or a portion of this security has been segregated as collateral with the broker to cover margin requirements for open futures contracts. Total value of all segregated securities to cover margin requirements for open futures contracts is $379.

a All or a portion of this security has been segregated as collateral with the custodian for centrally cleared swaps. Total value of securities segregated to cover centrally cleared swaps is $3,172.

— All or a portion of this security has been segregated as collateral with the broker to cover the open reverse repurchase agreements. Total value of all segregated securities to cover open reverse repurchase agreements is $145,692.

F Cash, in the amount of $260, has been pledged by the broker as collateral for open reverse repurchase agreements.

p Cash, in the amount of $810, has been pledged by the broker as collateral for open swaps, swaptions, and/or forward foreign currency contracts.

§ Illiquid. Total aggregate market value of illiquid securities is $4,167, or 0.31% of the fund’s net assets, and total aggregate market value of illiquid derivatives is $1,123, or 0.08% of the fund’s net assets.

Þ Exercise level and final premium determined on a future date, based upon implied volatility parameters.

* Floating or variable rate note. Rate is listed as of 10/31/2012.

Ә Fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. Total aggregate market value of fair valued securities is $1,270, or 0.09% of the fund’s net assets.

^ All or a portion of this security is on loan. The value of all securities on loan is $5,297.

¥ Percentage rounds to less than 0.1%.

 Rate shown reflects the yield at 10/31/2012.

P Aggregate cost for federal income tax purposes is $1,487,579. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $68,161 and $2,856, respectively. Net unrealized appreciation for tax purposes is $65,305.

w Amount is less than 1.

(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 (a) 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 obligation or (b) 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 obligation.

(2) 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 of 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 the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation.

(3) 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.

(4) 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 (a) 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 obligation or (b) 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 obligation.

(5) The quoted market prices and resulting values for credit default swap agreements on asset-backed securities, sovereign issues 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 ended. 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.

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

Transamerica Funds		Annual Report 2012
	Page    121

Transamerica Real Return TIPS

(formerly, Transamerica PIMCO Real Return TIPS)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

DEFINITIONS (all amounts in thousands):

144A	144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 10/31/2012, these securities aggregated $39,569, or 2.95% of the fund’s net assets.
BBA	British Banker’s Association
BCLY	Barclays Bank PLC
BNP	BNP Paribas
BOA	Bank of America
BP	Basis Point
CDI	Credit Default Index
CITI	Citibank, Inc.
CLO	Collateralized Loan Obligation
CPI	Consumer Price Index
CPURNSA	US CPI Urban Consumers Non-Seasonably Adjusted Index
DUB	Deutsche Bank AG
GSC	Goldman Sachs & Co.
HSBC	HSBC Bank USA
JPM	JP Morgan Chase & Co.
LIBOR	London Interbank Offered Rate
MSC	Morgan Stanley
OTC	Over The Counter
RBS	Royal Bank of Scotland PLC
UBS	UBS Warburg
WBC	Westpac Banking Corporation

CURRENCY ABBREVIATIONS:

AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CNY	Chinese Yuan
DKK	Danish Krone
EUR	Euro
GBP	Pound Sterling
MXN	Mexican Peso
USD	United States Dollar
ZAR	South African Rand

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 10/31/2012
Asset-Backed Securities	$	—	$	5,336	$	182	$	5,518
Commercial Paper		—		8,223		—		8,223
Corporate Debt Securities		—		57,491		—		57,491
Foreign Government Obligations		—		120,189		—		120,189
Loan Assignments		—		6,312		—		6,312
Mortgage-Backed Securities		—		20,338		—		20,338
Municipal Government Obligations		—		760		—		760
Purchased Straddle Swaptions		—		439		—		439
Purchased Swaptions		—		120		—		120
Repurchase Agreement		—		612		—		612
Securities Lending Collateral		5,408		—		—		5,408
U.S. Government Agency Obligations		—		3,312		—		3,312
U.S. Government Obligations		—		1,324,162		—		1,324,162
Total	$	5,408	$	1,547,294	$	182	$	1,552,884

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

Transamerica Funds		Annual Report 2012
	Page    122

Transamerica Real Return TIPS

(formerly, Transamerica PIMCO Real Return TIPS)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

VALUATION SUMMARY (all amounts in thousands) (continued): '

Other Financial Instruments	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value at 10/31/2012
Inflation Floor Options	$	—	$	(30	)	$	—	$	(30	)
Reverse Repurchase Agreements		—		(143,086	)		—		(143,086	)
Written Swaptions		—		(1,538	)		—		(1,538	)
Total	$	—	$	(144,654	)	$	—	$	(144,654	)

Other Financial Instruments ₣	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value at 10/31/2012
Futures Contracts—Appreciation	$	73	$	—		$	—	$	73
Credit Default Swaps—Appreciation		—		124			—		124
Credit Default Swaps—Depreciation		—		(280	)		—		(280	)
Forward Foreign Currency Contracts—Appreciation		—		1,074			—		1,074
Forward Foreign Currency Contracts—Depreciation		—		(1,363	)		—		(1,363	)
Interest Rate Swaps—Appreciation		—		692			—		692
Interest Rate Swaps—Depreciation		—		(434	)		—		(434	)
Total	$	73	$	(187	)	$	—	$	(114	)

Level 3 Rollforward—Investment Securities

Securities	Beginning Balance at 10/31/2011		Purchases		Sales		Accrued Discounts/ (Premiums)		Total Realized Gain/(Loss)		Net Change in Unrealized Appreciation/ (Depreciation) ƒ		Transfers into Level 3 Y		Transfers out of Level 3		Ending Balance at 10/31/2012 ₪		Net Change in Unrealized (Depreciation) on Investments Held at 10/31/2012 ƒ
Asset – Backed Securities	$	—	$	—	$	—	$	—	$	—	$	—	$	182	$	—	$	182	$	(19	)

' Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of Levels 1 and 2 during the period ended 10/31/2012. 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.

ƒ Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized (Depreciation) on Investments Held at 10/31/2012 may be due to an investment no longer held or becomes categorized as Level 3 at period end.

Y Transferred into Level 3 because of unavailability of observable inputs.

₪ Inputs used in the valuation of the Level 3 securities were not considered significant unobservable inputs.

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

Transamerica Funds		Annual Report 2012
	Page    123

Transamerica Select Equity

(formerly, Transamerica ICAP Select Equity)

SCHEDULE OF INVESTMENTS

At October 31, 2012

	Shares		Value (000’s)
COMMON STOCKS—98.8%
Aerospace & Defense—4.5%
Honeywell International, Inc.		880,000	$	53,891
Auto Components—2.8%
Johnson Controls, Inc. ^		1,322,600		34,057
Chemicals—3.2%
Monsanto Co.		439,450		37,823
Commercial Banks—4.7%
BB&T Corp.		881,050		25,506
Wells Fargo & Co.		922,250		31,071
Communications Equipment—3.6%
Cisco Systems, Inc.		2,512,000		43,056
Consumer Finance—3.3%
Capital One Financial Corp.		648,650		39,029
Diversified Financial Services—7.2%
Citigroup, Inc. ^		1,403,950		52,494
JPMorgan Chase & Co.		820,850		34,213
Energy Equipment & Services—2.0%
Halliburton Co.		757,150		24,448
Food Products—1.3%
Archer-Daniels-Midland Co.		567,400		15,229
Health Care Equipment & Supplies—5.9%
Baxter International, Inc. ^		618,000		38,705
Covidien PLC		590,550		32,451
Health Care Providers & Services—1.9%
McKesson Corp.		244,050		22,772
Industrial Conglomerates—3.7%
General Electric Co.		2,134,250		44,947
Machinery—1.8%
Cummins, Inc. ^		235,600		22,047
Media—10.5%
Time Warner, Inc. ^		1,813,850		78,811
Viacom, Inc.—Class B		923,300		47,338
Metals & Mining—3.1%
Barrick Gold Corp.		931,750		37,736
Oil, Gas & Consumable Fuels—11.1%
EnCana Corp. L		920,200		20,751
Exxon Mobil Corp.		544,050		49,602

	Shares		Value (000’s)
Oil, Gas & Consumable Fuels (continued)
Occidental Petroleum Corp.		501,550	$	39,602
Southwestern Energy Co. ‡ ^		664,500		23,058
Pharmaceuticals—13.1%
Johnson & Johnson		641,250		45,414
Novartis AG ADR		541,950		32,766
Pfizer, Inc.		3,161,850		78,636
Semiconductors & Semiconductor Equipment—5.0%
Applied Materials, Inc.		515,250		5,462
Texas Instruments, Inc. ^		1,938,900		54,463
Software—5.6%
Adobe Systems, Inc. ‡		455,150		15,475
Microsoft Corp.		1,794,850		51,216
Wireless Telecommunication Services—4.5%
Vodafone Group PLC ADR		1,970,200		53,629
Total Common Stocks (cost $1,066,373)				1,185,698
SECURITIES LENDING COLLATERAL—11.2%
State Street Navigator Securities Lending Trust—Prime Portfolio, 0.31% 		134,286,725		134,287
Total Securities Lending Collateral (cost $134,287)
	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT—1.2%
State Street Bank & Trust Co. 0.03% , dated 10/31/2012, to be repurchased at $15,002 on 11/01/2012. Collateralized by a U.S. Government Agency Obligation, 3.50%, due 11/25/2038, and with a value of $15,304.	$	15,002		15,002
Total Repurchase Agreement (cost $15,002)
Total Investment Securities (cost $1,215,662) P				1,334,987
Other Assets and Liabilities—Net				(134,786	)
Net Assets			$	1,200,201

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

^ All or a portion of this security is on loan. The value of all securities on loan is $130,955.

‡ Non-income producing security.

 Rate shown reflects the yield at 10/31/2012.

P Aggregate cost for federal income tax purposes is $1,217,475. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $132,776 and $15,264, respectively. Net unrealized appreciation for tax purposes is $117,512.

DEFINITION:

ADR American Depositary Receipt

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

Transamerica Funds		Annual Report 2012
	Page    124

Transamerica Select Equity

(formerly, Transamerica ICAP Select Equity)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 10/31/2012
Common Stocks	$	1,185,698	$	—	$	—	$	1,185,698
Repurchase Agreement		—		15,002		—		15,002
Securities Lending Collateral		134,287		—		—		134,287
Total	$	1,319,985	$	15,002	$	—	$	1,334,987

' Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of Levels 1 and 2 during the period ended 10/31/2012. 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		Annual Report 2012
	Page    125

Transamerica Total Return

(formerly, Transamerica PIMCO Total Return)

SCHEDULE OF INVESTMENTS

At October 31, 2012

	Principal (000’s)		Value (000’s)
U.S. GOVERNMENT OBLIGATIONS—21.0%
U.S. Treasury Bond
3.00%, 05/15/2042	$	1,100	$	1,136
3.13%, 11/15/2041		15,700		16,662
3.75%, 08/15/2041		700		834
3.88%, 08/15/2040		7,200		8,765
4.38%, 02/15/2038—05/15/2041		4,500		5,935
7.50%, 11/15/2024		1,400		2,246
U.S. Treasury Inflation Indexed Bond
2.13%, 02/15/2041		2,945		4,419
U.S. Treasury Inflation Indexed Note
0.13%, 01/15/2022—07/15/2022		22,427		24,531
1.13%, 01/15/2021 g		12,004		14,195
U.S. Treasury Note
1.25%, 01/31/2019		4,500		4,575
1.75%, 05/15/2022		5,600		5,655
2.00%, 11/15/2021 Ð a		33,900		35,213
2.13%, 08/15/2021		3,500		3,683
2.38%, 05/31/2018		15,000		16,252
2.63%, 11/15/2020 a		16,300		17,904
3.13%, 05/15/2021		5,900		6,707
Total U.S. Government Obligations (cost $157,178)				168,712
U.S. GOVERNMENT AGENCY OBLIGATIONS—32.4%
Fannie Mae
0.31%, 01/25/2021 *		166		166
0.56%, 09/25/2042 *		339		337
1.35%, 03/01/2044—10/01/2044 *		1,364		1,413
2.18%, 09/01/2035 *		658		704
2.31%, 01/01/2026 *		3		3
2.34%, 01/01/2028 *		41		44
2.39%, 11/01/2033 *		173		186
2.42%, 07/01/2035 *		332		352
2.82%, 03/01/2034 *		254		271
3.50%, 10/01/2013—04/01/2027		5,397		5,746
4.00%, 06/01/2024—03/01/2041		20,854		22,322
4.50%, 12/01/2024		849		915
5.00%, 08/01/2020—01/01/2030		4,043		4,450
5.50%, 12/01/2036—03/01/2037		8,862		9,732
6.00%, 07/01/2038—09/01/2038		1,453		1,611
6.30%, 10/17/2038		391		425
Fannie Mae, IO
6.89%, 07/25/2034 * §		1,403		305
Fannie Mae, TBA
2.50%		37,000		38,722
3.00%		3,000		3,139
3.50%		3,000		3,183
4.00%		2,000		2,136
4.50%		3,000		3,236
5.00%		14,000		15,268
Freddie Mac
0.12%, 01/03/2013 		13,500		13,496
1.35%, 10/25/2044 *		388		388
1.55%, 07/25/2044 *		396		402
2.25%, 03/01/2034 *		153		162
2.35%, 11/01/2033 *		141		147
2.36%, 03/01/2034 *		162		172
2.42%, 01/01/2036 *		2,769		2,951
2.46%, 09/01/2035 *		47		50

	Principal (000’s)		Value (000’s)
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Freddie Mac (continued)
3.00%, 09/01/2035 *	$	606	$	651
4.00%, 01/01/2041		3,865		4,127
4.50%, 05/15/2018—07/01/2041		8,787		9,457
5.00%, 02/15/2020—08/15/2020		307		311
6.50%, 04/15/2029—07/25/2043		23		27
Freddie Mac, TBA
4.50%		8,000		8,573
Ginnie Mae
1.75%, 05/20/2024 *		41		43
6.50%, 06/20/2032		22		24
Ginnie Mae, IO
6.35%, 04/16/2033—10/16/2033 * §		1,290		267
6.39%, 08/16/2033—09/20/2034 * §		3,059		642
Ginnie Mae, TBA
3.00%		75,000		79,751
3.50%		10,000		10,883
Overseas Private Investment Corp.
Zero Coupon, 12/10/2012 Ә		2,600		2,670
0.01%, 05/02/2013 		9,320		9,499
U.S. Small Business Administration
4.50%, 02/01/2014		27		28
Total U.S. Government Agency Obligations (cost $256,588)				259,387
FOREIGN GOVERNMENT OBLIGATIONS—5.8%
Australia Government Bond
5.50%, 12/15/2013	AUD	6,300		6,744
Bundesschatzanweisungen
0.75%, 09/13/2013	EUR	19,700		25,691
Canadian Government Bond
1.75%, 03/01/2013	CAD	5,300		5,320
Province of Ontario Canada
3.15%, 06/02/2022		5,600		5,800
Province of Quebec Canada
3.50%, 12/01/2022		2,300		2,423
Republic of Brazil
10.25%, 01/10/2028	BRL	1,000		638
U.K. Gilt Inflation Linked
0.13%, 03/22/2024	GBP	200		343
Total Foreign Government Obligations (cost $45,576)				46,959
MORTGAGE-BACKED SECURITIES—7.5%
American Home Mortgage Assets LLC
Series 2006-2, Class 2A1 0.40%, 09/25/2046 *	$	858		535
Series 2006-4, Class 1A12 0.42%, 10/25/2046 *		1,905		1,099
Banc of America Funding Corp.
Series 2005-D, Class A1 2.62%, 05/25/2035 *		735		761
Series 2006-J, Class 4A1 5.67%, 01/20/2047 *		89		64
Bear Stearns Adjustable Rate Mortgage Trust
Series 2003-5, Class 2A1 2.76%, 08/25/2033 *		647		661
Series 2003-8, Class 2A1 2.94%, 01/25/2034 *		14		14

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

Transamerica Funds		Annual Report 2012
	Page    126

Transamerica Total Return

(formerly, Transamerica PIMCO Total Return)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

	Principal (000’s)		Value (000’s)
MORTGAGE-BACKED SECURITIES (continued)
Bear Stearns Adjustable Rate Mortgage Trust (continued)
Series 2003-8, Class 4A1 3.08%, 01/25/2034 *	$	127	$	127
Series 2005-2, Class A2 3.08%, 03/25/2035 *		450		453
Series 2005-5, Class A2 2.32%, 08/25/2035 *		222		216
Bear Stearns Alt-A Trust
Series 2006-6, Class 32A1 3.07%, 11/25/2036 *		321		203
Bear Stearns Structured Products, Inc.
Series 2007-R6, Class 1A1 2.85%, 01/26/2036 *		282		169
Berica Residential MBS Srl
Series 8, Class A 0.65%, 03/31/2048 *		9,540		10,966
CC Funding Corp.
Series 2004-3A, Class A1 0.46%, 08/25/2035—144A *		201		153
Citigroup Mortgage Loan Trust, Inc.
Series 2005-6, Class A2 2.34%, 09/25/2035 *		267		258
Series 2007-10, Class 22AA 3.08%, 09/25/2037 *		1,659		1,242
Series 2007-AHL1, Class A2A 0.25%, 12/25/2036 *		23		23
Citigroup/Deutsche Bank Commercial Mortgage Trust
Series 2007-CD5, Class A4 5.89%, 11/15/2044 *		200		237
Countrywide Alternative Loan Trust
Series 2003-J1, Class 4A1 6.00%, 10/25/2032		1		1
Series 2005-81, Class A1 0.49%, 02/25/2037 *		602		375
Series 2006-30T1, Class 1A3 6.25%, 11/25/2036		361		294
Series 2006-J8, Class A2 6.00%, 02/25/2037		350		245
Series 2006-OA17, Class 1A1A 0.41%, 12/20/2046 *		2,278		1,401
Series 2007-2CB, Class 1A13 5.75%, 03/25/2037 *		598		463
Series 2007-HY4, Class 1A1 3.00%, 06/25/2037 *		1,066		783
Series 2007-OA6, Class A1B 0.41%, 06/25/2037 *		1,001		751
Countrywide Home Loan Mortgage Pass-Through Trust
Series 2002-30, Class M 2.79%, 10/19/2032 *		16		11
Series 2004-12, Class 12A1 2.86%, 08/25/2034 *		367		318
Series 2004-R1, Class 2A 6.50%, 11/25/2034—144A		531		538
Series 2005-R2, Class 1AF1 0.55%, 06/25/2035—144A *		1,319		1,127
Credit Suisse First Boston Mortgage Securities Corp.
Series 2002-P1A, Class A 0.89%, 03/25/2032—144A *		1			¿

	Principal (000’s)		Value (000’s)
MORTGAGE-BACKED SECURITIES (continued)
Credit Suisse First Boston Mortgage
Securities Corp. (continued)
Series 2003-AR15, Class 2A1 2.46%, 06/25/2033 *	$	851	$	837
Deutsche ALT-A Securities, Inc., Alternate Loan Trust
Series 2005-6, Class 2A3 5.50%, 12/25/2035		768		613
First Horizon Alternative Mortgage Securities
Series 2007-FA4, Class 1A8 6.25%, 08/25/2037		353		276
First Horizon Asset Securities, Inc.
Series 2005-AR3, Class 2A1 2.61%, 08/25/2035 *		69		65
GSR Mortgage Loan Trust
Series 2005-AR6, Class 2A1 2.66%, 09/25/2035 *		116		116
Harborview Mortgage Loan Trust
Series 2006-1, Class 2A1A 0.45%, 03/19/2036 *		1,413		870
Series 2006-6, Class 5A1A 5.32%, 08/19/2036 *		503		420
Series 2006-12, Class 2A2A 0.40%, 01/19/2038 *		956		694
Series 2007-1, Class 2A1A 0.34%, 04/19/2038 *		992		730
IndyMac Index Mortgage Loan Trust
Series 2004-AR11, Class 2A 2.67%, 12/25/2034 *		43		37
JPMorgan Chase Commercial Mortgage Securities Corp.
Series 2011-FL1, Class A 2.11%, 11/15/2028—144A *		5,880		5,939
JPMorgan Mortgage Trust
Series 2005-A1, Class 6T1 4.99%, 02/25/2035 *		92		93
Series 2007-A1, Class 5A5 2.98%, 07/25/2035 *		653		670
LB-UBS Commercial Mortgage Trust
Series 2007-C7, Class A3 5.87%, 09/15/2045 *		1,900		2,285
Luminent Mortgage Trust
Series 2006-6, Class 2A1 0.41%, 10/25/2046 *		557		425
MASTR Alternative Loans Trust
Series 2006-2, Class 2A1 0.61%, 03/25/2036 *		128		22
Mellon Residential Funding Corp.
Series 2000-TBC3, Class A1 0.65%, 12/15/2030 *		267		265
MLCC Mortgage Investors, Inc.
Series 2005-2, Class 3A 1.22%, 10/25/2035 *		39		38
Series 2005-3, Class 4A 0.46%, 11/25/2035 *		33		30
Series 2005-A10, Class A 0.42%, 02/25/2036 *		168		142
Morgan Stanley Capital I Trust
Series 2007-IQ15, Class A4 5.88%, 06/11/2049 *		100		117

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

Transamerica Funds		Annual Report 2012
	Page    127

Transamerica Total Return

(formerly, Transamerica PIMCO Total Return)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

	Principal (000’s)		Value (000’s)
MORTGAGE-BACKED SECURITIES (continued)
Permanent Master Issuer PLC
Series 2011-1A, Class 1A1 1.74%, 07/15/2042—144A * §	$	2,100	$	2,127
Series 2011-1A, Class 1A3 1.51%, 07/15/2042—144A *		4,200		5,511
RALI Trust
Series 2006-QO6, Class A1 0.39%, 06/25/2046 *		292		127
Residential Asset Securitization Trust
Series 2006-R1, Class A2 0.61%, 01/25/2046 *		278		114
RFMSI Trust
Series 2003-S9, Class A1 6.50%, 03/25/2032		2		2
RMAC Securities PLC
Series 2007-NS1X, Class A2B 0.55%, 06/12/2044 *		3,541		3,127
Sequoia Mortgage Trust
Series 10, Class 2A1 0.97%, 10/20/2027 *		40		39
Series 2007-1, Class 1A1 2.75%, 01/20/2047 *		601		496
Structured Adjustable Rate Mortgage Loan Trust
Series 2004-19, Class 2A1 1.56%, 01/25/2035 *		183		127
Structured Asset Mortgage Investments, Inc.
Series 2002-AR3, Class A1 0.87%, 09/19/2032 *		18		17
Series 2005-AR5, Class A1 0.46%, 07/19/2035 *		37		32
Series 2005-AR5, Class A2 0.46%, 07/19/2035 *		63		61
Series 2005-AR5, Class A3 0.46%, 07/19/2035 *		115		111
Series 2005-AR8, Class A1A 0.49%, 02/25/2036 *		490		320
Series 2006-AR3, Class 12A1 0.43%, 05/25/2036 *		581		370
Series 2006-AR6, Class 2A1 0.40%, 07/25/2046 *		2,088		1,346
Wachovia Bank Commercial Mortgage Trust
Series 2006-WL7A, Class A1 0.30%, 09/15/2021—144A *		536		521
WaMu Mortgage Pass-Through Certificates
Series 2002-AR2, Class A 2.32%, 02/27/2034 *		17		17
Series 2002-AR9, Class 1A 1.55%, 08/25/2042 *		9		9
Series 2003-AR5, Class A7 2.45%, 06/25/2033 *		605		622
Series 2003-AR9, Class 2A 2.54%, 09/25/2033 *		1,238		1,243
Series 2005-AR11, Class A1A 0.53%, 08/25/2045 *		525		477
Series 2006-AR9, Class 2A 2.57%, 08/25/2046 *		521		452
Series 2006-AR19, Class 1A 0.89%, 01/25/2047 *		976		685
Series 2006-AR19, Class 1A1A 0.88%, 01/25/2047 *		831		680

	Principal (000’s)		Value (000’s)
MORTGAGE-BACKED SECURITIES (continued)
WaMu Mortgage Pass-Through Certificates (continued)
Series 2007-HY1, Class 4A1 2.71%, 02/25/2037 *	$	1,927	$	1,495
Series 2007-OA1, Class A1A 0.85%, 02/25/2047 *		2,103		1,446
Wells Fargo Mortgage Backed Securities Trust
Series 2003-13, Class A5 4.50%, 11/25/2018		42		43
Series 2004-CC, Class A1 2.62%, 01/25/2035 *		193		192
Series 2006-AR4, Class 2A6 5.54%, 04/25/2036 *		182		78
Series 2006-AR8, Class 2A4 2.72%, 04/25/2036 *		359		318
Total Mortgage-Backed Securities (cost $62,120)				60,377
ASSET-BACKED SECURITIES—4.8%
Amortizing Residential Collateral Trust
Series 2002-BC4, Class A 0.79%, 07/25/2032 *		4		3
Artus Loan Fund, Ltd.
Series 2007-1A, Class A1L 1.09%, 02/15/2018—144A *		449		446
Asset Backed Funding Certificates
Series 2004-OPT5, Class A1 0.91%, 06/25/2034 *		340		284
Babson CLO, Inc.
Series 2004-2A, Class A2C 0.76%, 11/15/2016—144A *		3,359		3,347
Bear Stearns Asset Backed Securities Trust
Series 2002-2, Class A1 0.87%, 10/25/2032 *		11		10
Series 2006-SD4, Class 1A1 3.02%, 10/25/2036 *		693		500
Series 2007-AQ1, Class A1 0.32%, 11/25/2036 *		753		459
Chester Asset Receivables Dealings
Series 2004-1, Class A 0.89%, 04/15/2016 *		3,700		5,955
Countrywide Asset-Backed Certificates
Series 2007-1, Class 2A1 0.26%, 07/25/2037 *		6		6
Credit-Based Asset Servicing and Securitization LLC
Series 2007-CB1, Class AF1A 0.28%, 01/25/2037 *		443		130
First Franklin Mortgage Loan Asset Backed Certificates
Series 2005-FF1, Class A2C 0.95%, 12/25/2034 *		15		15
Harbourmaster CLO, Ltd.
Series 5A, Class A1 0.51%, 06/15/2020—144A * Ә		511		645
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		1,553

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

Transamerica Funds		Annual Report 2012
	Page    128

Transamerica Total Return

(formerly, Transamerica PIMCO Total Return)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

	Principal (000’s)		Value (000’s)
ASSET-BACKED SECURITIES (continued)
Mid-State Trust IV
Series 4, Class A 8.33%, 04/01/2030	$	143	$	150
Morgan Stanley Mortgage Loan Trust
Series 2007-3XS, Class 2A1A 0.28%, 01/25/2047 *		112		103
Series 2007-8XS, Class A1 5.75%, 04/25/2037 *		330		246
Series 2007-10XS, Class A1 6.00%, 07/25/2047 *		314		240
New Century Home Equity Loan Trust
Series 2006-1, Class A2B 0.39%, 05/25/2036 *		146		84
Park Place Securities, Inc.
Series 2005-WCW1, Class A1B 0.47%, 09/25/2035 *		77		75
Penarth Master Issuer PLC
Series 2011-1A, Class A1 0.86%, 05/18/2015—144A *		3,700		3,706
Plymouth Rock CLO, Ltd./Inc.
Series 2010-1A, Class A 1.94%, 02/16/2019—144A *		1,270		1,270
Securitized Asset Backed Receivables LLC
Series 2007-HE1, Class A2A 0.27%, 12/25/2036 *		81		21
Small Business Administration Participation Certificates
Series 2003-20I, Class 1 5.13%, 09/01/2023		34		38
Series 2004-20C, Class 1 4.34%, 03/01/2024		230		253
Structured Asset Securities Corp.
Series 2002-HF1, Class A 0.79%, 01/25/2033 *		3		2
Series 2003-22A, Class 2A1 2.71%, 06/25/2033 *		1,030		1,019
Series 2006-BC6, Class A2 0.29%, 01/25/2037 *		9		9
Venture VIII CDO, Ltd.
Series 2007-8A, Class A2A 0.54%, 07/22/2021—144A *		6,000		5,685
Wood Street CLO BV
Series I, Class A 1.22%, 11/22/2021 * Ә		9,893		12,402
Total Asset-Backed Securities (cost $38,393)				38,657
MUNICIPAL GOVERNMENT OBLIGATIONS—6.4%
Buckeye Tobacco Settlement Financing Authority
5.88%, 06/01/2047		600		512
Chicago Board of Education—Class A
5.00%, 12/01/2012		255		256
Chicago Transit Authority—Class A
6.90%, 12/01/2040		4,900		5,936
Chicago Transit Authority—Class B
6.90%, 12/01/2040		2,700		3,271
Citizens Property Insurance Corp.
5.00%, 06/01/2020		4,735		5,515
City of Chicago, IL—Series A
4.75%, 01/01/2036		6,930		7,353

	Principal (000’s)		Value (000’s)
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Kentucky State Property & Building Commission
5.37%, 11/01/2025	$	100	$	118
New York City Transitional Finance Authority Future Tax Secured Revenue
4.73%, 11/01/2023		100		118
North Carolina Medical Care Commission
5.00%, 06/01/2035—06/01/2042		13,280		15,251
Port Authority of New York & New Jersey
4.46%, 10/01/2062		4,100		4,047
State of California
5.65%, 04/01/2039 *		5,900		6,026
State of California—Build America Bonds
7.50%, 04/01/2034		300		404
Tobacco Settlement Finance Authority—Series A
7.47%, 06/01/2047		1,115		888
Tobacco Settlement Financing Corp.
5.50%, 06/01/2026		180		195
5.88%, 05/15/2039		40		41
Tobacco Settlement Financing Corp.—Series 1A
5.00%, 06/01/2041		1,400		1,218
Total Municipal Government Obligations (cost $47,587)				51,149
CORPORATE DEBT SECURITIES—16.3%
Airlines—0.3%
Continental Airlines, Inc.
6.75%, 09/15/2015—144A		2,200		2,302
Automobiles—1.2%
Daimler Finance North America LLC
1.30%, 07/31/2015—144A		8,200		8,259
Volkswagen International Finance NV
0.97%, 04/01/2014—144A *		1,600		1,606
Capital Markets—2.2%
Goldman Sachs Group, Inc.
0.50%, 02/04/2013 *		300		389
0.65%, 11/15/2014 *		500		638
6.75%, 10/01/2037		900		991
Morgan Stanley
0.61%, 04/13/2016 *		1,900		2,311
1.29%, 04/29/2013 *		6,100		6,112
3.45%, 11/02/2015		4,200		4,329
7.30%, 05/13/2019		700		842
Morgan Stanley—Series MTN
6.63%, 04/01/2018		2,000		2,326
Commercial Banks—4.3%
Barclays Bank PLC
6.05%, 12/04/2017—144A §		2,600		2,840
6.75%, 05/22/2019		2,500		3,064
10.18%, 06/12/2021—144A §		2,240		2,971
Cie de Financement Foncier SA
2.50%, 09/16/2015—144A §		6,000		6,221
Export-Import Bank of Korea
1.26%, 07/26/2013—144A *		4,400		4,400
8.13%, 01/21/2014 §		3,300		3,570
HSBC Capital Funding, LP
10.18%, 06/30/2030—144A * Ž §		150		206
Lloyds TSB Bank PLC
5.80%, 01/13/2020—144A		700		824

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

Transamerica Funds		Annual Report 2012
	Page    129

Transamerica Total Return

(formerly, Transamerica PIMCO Total Return)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

	Principal (000’s)		Value (000’s)
Commercial Banks (continued)
Lloyds TSB Bank PLC (continued)
12.00%, 12/16/2024—144A * Ž	$	5,300	$	5,914
Rabobank Nederland NV
11.00%, 06/30/2019—144A * Ž §		378		506
Royal Bank of Scotland Group PLC
7.64%, 09/29/2017 * Ž		3,000		2,513
Wells Fargo & Co.—Series K
7.98%, 03/15/2018 * Ž ^		800		946
Consumer Finance—0.4%
Ally Financial, Inc.
3.78%, 06/20/2014 *		3,100		3,169
Diversified Financial Services—5.2%
Bank of America Corp.
7.63%, 06/01/2019		4,000		5,072
Bank of America Corp.—Series MTNL
5.65%, 05/01/2018		3,900		4,541
Bear Stearns Cos., LLC
5.70%, 11/15/2014		1,900		2,078
6.40%, 10/02/2017		900		1,084
7.25%, 02/01/2018		2,100		2,613
Citigroup, Inc.
0.54%, 03/07/2014 *		2,000		1,986
2.44%, 08/13/2013 *		1,200		1,214
5.50%, 04/11/2013		1,400		1,430
6.00%, 08/15/2017		600		706
Ford Motor Credit Co., LLC
7.00%, 10/01/2013		400		421
International Lease Finance Corp.
7.13%, 09/01/2018—144A		6,600		7,754
JPMorgan Chase & Co.
4.25%, 10/15/2020		1,900		2,096
4.40%, 07/22/2020		200		222
6.30%, 04/23/2019		900		1,110
Lehman Brothers Holdings (Escrow shares)
1.00%, 01/24/2013		4,100		928
Lehman Brothers Holdings Prod (Escrow shares)
1.00%, 12/30/2016—05/02/2018		2,300		513
Lehman Brothers Holdings, Inc. (Escrow shares)
6.75%, 12/28/2017 Ә		1,700		¿
Merrill Lynch & Co., Inc.
0.46%, 01/31/2014 *		1,000		1,282
6.88%, 04/25/2018		3,900		4,709
Merrill Lynch & Co., Inc.—Series C
6.40%, 08/28/2017		400		472
SSIF Nevada, LP
1.04%, 04/14/2014—144A * §		500		502
Diversified Telecommunication Services—0.0% ¥
KT Corp.
4.88%, 07/15/2015—144A		200		217
Energy Equipment & Services—0.2%
NGPL PipeCo LLC
7.12%, 12/15/2017—144A ^		1,800		1,931
Household Durables—0.0% ¥
Urbi Desarrollos Urbanos SAB de CV
9.50%, 01/21/2020—144A		400		368
Insurance—0.3%
American International Group, Inc.
4.25%, 09/15/2014		1,000		1,059
5.60%, 10/18/2016		1,000		1,146

	Principal (000’s)		Value (000’s)
Metals & Mining—0.0% ¥
CSN Resources SA
6.50%, 07/21/2020—144A ^	$	300	$	339
Oil, Gas & Consumable Fuels—1.4%
Gazprom OAO Via GAZ Capital SA
6.51%, 03/07/2022—Reg S		3,500		4,121
8.15%, 04/11/2018—144A		1,000		1,225
Gazprom OAO Via GAZ Capital SA—Series 2
8.63%, 04/28/2034—Reg S		1,500		2,151
TNK-BP Finance SA
7.50%, 03/13/2013—Reg S ^		4,000		4,088
Paper & Forest Products—0.4%
Georgia-Pacific LLC
5.40%, 11/01/2020—144A ^		2,500		2,967
Tobacco—0.4%
Altria Group, Inc.
4.13%, 09/11/2015		400		438
9.70%, 11/10/2018		642		916
Reynolds American, Inc.
7.63%, 06/01/2016		200		242
7.75%, 06/01/2018		1,000		1,260
Transportation Infrastructure—0.0% ¥
Korea Expressway Corp.
5.13%, 05/20/2015—144A		200		218
Total Corporate Debt Securities (cost $118,883)				130,668
CERTIFICATE OF DEPOSIT—1.0%
Commercial Banks—1.0%
Banco Do Brasil SA
1.95%, 06/28/2013 		8,100		7,996
Total Certificate of Deposit (cost $7,996)
COMMERCIAL PAPERS—1.5%
Cash Equivalent—0.5%
Ford Motor Credit Co.
1.05%, 11/16/2012 		4,200		4,198
Diversified Financial Services—1.0%
Ford Motor Credit Co.
1.40%, 01/18/2013 		8,000		7,976
Total Commercial Papers (cost $12,174)				12,174
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS—13.4%
Fannie Mae
0.13%, 02/27/2013 		14,900		14,891
0.17%, 08/01/2013 		1,600		1,598
Freddie Mac
0.13%, 02/11/2013—02/26/2013 		11,800		11,795
0.14%, 03/05/2013 		700		700
U.S. Treasury Bill
0.10%, 02/14/2013  a		190		190
0.12%, 03/07/2013 		9,600		9,596
0.13%, 03/14/2013 		6,600		6,596
0.13%, 04/04/2013  ☼ ⌂ a		17,990		17,979
0.14%, 03/28/2013—04/25/2013 		14,200		14,191
0.15%, 05/02/2013—05/30/2013 		814		814
0.17%, 07/25/2013—09/19/2013 		13,300		13,279
0.17%, 08/22/2013  ☼ a		16,500		16,476
Total Short-Term U.S. Government Obligations (cost $108,105)				108,105

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

Transamerica Funds		Annual Report 2012
	Page    130

Transamerica Total Return

(formerly, Transamerica PIMCO Total Return)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

	Shares		Value (000’s)
CONVERTIBLE PREFERRED STOCK—0.2%
Commercial Banks—0.2%
Wells Fargo & Co., 7.50%		1,600	$	2,000
Total Convertible Preferred Stock (cost $1,384)
PREFERRED STOCK—0.1%
Thrifts & Mortgage Finance—0.1%
DG Funding Trust, 0.70%—144A * Ә ‡ §		119		873
Total Preferred Stock (cost $1,266)
	Notional Amount (000’s)		Value (000’s)
PURCHASED SWAPTION—0.0% ¥
Put Options—0.0% ¥
OTC- Receives floating based on 3 -month LIBOR, and pays a fixed rate of 3.45% §	$	5,000		386
Expires 09/21/2015
Counterparty: RBS
Total Purchased Swaption (cost $399)
	Shares		Value (000’s)
SECURITIES LENDING COLLATERAL—0.2%
State Street Navigator Securities Lending Trust—Prime Portfolio, 0.31% 		1,657,398		1,657
Total Securities Lending Collateral (cost $1,657)
	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENTS—10.1%
Barclays Capital, Inc. 0.35%, dated 10/31/2012, to be repurchased at $2,200 on 11/01/2012. Collateralized by a U.S. Government Agency Obligation, 3.50%, due 06/20/2042, and with a value of $2,277.	$	2,200		2,200
Citigroup Global Markets 0.22%—0.30%, dated 10/12/2012—10/31/2012, to be repurchased at $42,406 on 11/01/2012—11/14/2012. Collateralized by a U.S. Government Obligation and a U.S Government Agency Obligation, 0.25%—3.50%, due 08/15/2015—01/01/2026, and with a total value of $43,489. §		42,400		42,400

	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENTS (continued)
Morgan Stanley & Co. 0.31%, dated 10/31/2012, to be repurchased at $11,100 on 11/01/2012. Collateralized by a U.S. Government Obligation, 1.50%, due 06/30/2016, and with a value of $11,281.	$	11,100	$	11,100
Royal Bank of Scotland 0.22%, dated 10/26/2012, to be repurchased at $5,002 on 01/03/2013. Collateralized by a U.S. Government Obligation, 4.25%, due 11/15/2013, and with a value of $5,009. §		5,000		5,000
State Street Bank & Trust Co. 0.03% , dated 10/31/2012, to be repurchased at $547 on 11/01/2012. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 04/01/2025, and with a value of $560.		547		547
Toronto Dominion Bank 0.32%, dated 10/31/2012, to be repurchased at $20,000 on 11/01/2012. Collateralized by a U.S. Government Obligation, 1.75%, due 07/31/2015, and with a value of $20,220.		20,000		20,000
Total Repurchase Agreements (cost $81,247)				81,247
Total Investment Securities (cost $940,553) P				970,347
Other Assets and Liabilities—Net				(166,567	)
Net Assets			$	803,780

	Principal (000’s)			Value (000’s)
TBA SHORT COMMITMENTS—(4.3%) ¨
U.S. Government Agency Obligations—(4.3%)
Fannie Mae, TBA
4.00%	$	(22,000	)	$	(23,502	)
4.50%		(800	)		(862	)
5.50%		(8,000	)		(8,771	)
6.00%		(1,100	)		(1,219	)
Total TBA Short Commitments (proceeds $(34,324))				$	(34,354	)

WRITTEN SWAPTIONS: p

Description	Counterparty	Floating Rate Index	Pay/ Receive Floating Rate	Exercise Rate			Expiration Date		Notional Amount (000’s)		Premiums (Received) (000’s)			Value (000’s)
Call- OTC 5-Year Interest Rate Swap	DUB	3-Month USD LIBOR BBA	Receive		1.40	%		03/18/2013	$	29,100	$	(187	)	$	(686	)
Put- OTC 5-Year Interest Rate Swap	DUB	3-Month USD LIBOR BBA	Pay		1.40			03/18/2013		29,100		(715	)		(33	)
Put- OTC 5-Year Interest Rate Swap	RBS	3-Month USD LIBOR BBA	Pay		2.50			09/21/2015		21,000		(399	)		(365	)
											$	(1,301	)	$	(1,084	)

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

Transamerica Funds		Annual Report 2012
	Page    131

Transamerica Total Return

(formerly, Transamerica PIMCO Total Return)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

CENTRALLY CLEARED SWAP AGREEMENTS: ¶

CREDIT DEFAULT SWAPS ON CREDIT INDICES—BUY PROTECTION:⁽¹⁾

Reference Obligation	Fixed Deal Pay Rate			Maturity Date	Currency Code	Notional Amount (000’s)(2)		Market Value (000’s)(3)			Premiums Paid (000’s)		Unrealized (Depreciation) (000’s)
North America High Yield Index—Series 14		5.00	%	06/20/2015	USD		14,016	$	(734	)	$	245	$	(979	)
North America High Yield Index—Series 15		5.00		12/20/2015	USD		23,424		(1,124	)		897		(2,021	)
								$	(1,858	)	$	1,142	$	(3,000	)

INTEREST RATE SWAP AGREEMENTS—FIXED RATE RECEIVABLE:

Floating Rate Index	Fixed Rate			Maturity Date	Currency Code	Notional Amount (000’s)		Market Value (000’s)			Premiums Paid (Received) (000’s)			Unrealized Appreciation (000’s)
6-Month AUD BBR-BBSW		3.50	%	03/15/2018	AUD		10,600	$	80		$	(29	)	$	109
6-Month EURIBOR		2.00		03/21/2017	EUR		9,900		645			328			317
								$	725		$	299		$	426
INTEREST RATE SWAP AGREEMENTS—FIXED RATE PAYABLE:
Floating Rate Index	Fixed Rate			Maturity Date	Currency Code	Notional Amount (000’s)		Market Value (000’s)			Premiums Paid (Received) (000’s)			Unrealized (Depreciation) (000’s)
3-Month USD-LIBOR		1.50	%	06/20/2017	USD		31,300	$	(1,088	)	$	(977	)	$	(111	)
3-Month USD-LIBOR		1.75		12/19/2022	USD		11,100		19			184			(165	)
6-Month EURIBOR		1.75		03/20/2023	EUR		2,100		34			40			(6	)
								$	(1,035	)	$	(753	)	$	(282	)

OVER THE COUNTER SWAP AGREEMENTS: p CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES—BUY PROTECTION:(1)

Reference Obligation

Fixed Deal Pay Rate

Maturity Date

Counterparty

Implied Credit Spread (BP) at 10/31/2012(4)

Notional Amount (000’s)(2)

Market Value (000’s)

Premiums Paid (000’s)

Unrealized (Depreciation) (000’s)

Time Warner, Inc., 5.88%, 11/15/2016

1.19

%

03/20/2014

DUB

18.16

$

20

$

(

¿)

$

¿

$

(

¿)

CREDIT DEFAULT SWAPS ON CREDIT INDICES—BUY PROTECTION:⁽¹⁾

Reference Obligation

Fixed Deal Pay Rate

Maturity Date

Counterparty

Currency Code

Notional Amount (000’s)(2)

Market Value (000’s)(3)

Premiums Paid (000’s)

Unrealized (Depreciation) (000’s)

Dow Jones North America Investment Grade Index—Series 5

0.14

%

12/20/2012

MSC

USD

4,500

$

(

¿)

$

¿

$

(

¿)

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

Transamerica Funds		Annual Report 2012
	Page    132

Transamerica Total Return

(formerly, Transamerica PIMCO Total Return)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

OVER THE COUNTER SWAP AGREEMENTS (continued): p

CREDIT DEFAULT SWAPS ON CREDIT INDICES—SELL PROTECTION:⁽⁵⁾

Reference Obligation	Fixed  Deal Receive Rate			Maturity Date		Counterparty		Currency Code		Notional Amount (000’s)(2)		��	Market Value (000’s)(3)			Premiums Paid (Received) (000’s)			Unrealized Appreciation (Depreciation) (000’s)
Dow Jones North America Investment Grade Index—Series 5		0.46	%		12/20/2015		MSC		USD		3,200		$	(90	)	$	¿		$	(90	)
North America Investment Grade Index—Series 16		1.00			06/20/2016		BCLY		USD		6,000			56			(42	)		98
													$	(34	)	$	(42	)	$	8

INTEREST RATE SWAP AGREEMENTS—FIXED RATE RECEIVABLE:

Floating Rate Index	Fixed Rate			Maturity Date	Counterparty	Currency Code	Notional Amount (000’s)		Market Value (000’s)		Premiums Paid (Received) (000’s)			Unrealized Appreciation (Depreciation) (000’s)
6-Month AUD BBR-BBSW §		5.50	%	12/15/2017	DUB	AUD		2,200	$	236	$	(7	)	$	243
6-Month AUD BBR-BBSW		5.50		12/15/2017	BCLY	AUD		3,600		387		(13	)		400
6-Month AUD BBR-BBSW		3.75		03/15/2018	DUB	AUD		10,000		198		15			183
6-Month AUD BBR-BBSW		3.75		03/15/2018	GSC	AUD		5,300		105		11			94
BRL-CDI		12.12		01/02/2014	HSBC	BRL		11,600		486		9			477
BRL-CDI		11.94		01/02/2014	HSBC	BRL		6,200		219		6			213
BRL-CDI §		7.78		01/02/2014	HSBC	BRL		26,600		64		51			13
BRL-CDI		12.56		01/02/2014	HSBC	BRL		3,200		113		3			110
BRL-CDI		12.51		01/02/2014	JPM	BRL		3,300		116		2			114
BRL-CDI §		7.79		01/02/2014	MSC	BRL		26,800		68		57			11
BRL-CDI		11.99		01/02/2014	GSC	BRL		4,000		158		¿			158
BRL-CDI §		7.40		01/02/2014	BCLY	BRL		2,000		1		(¿	)		1
BRL-CDI		11.96		01/02/2014	GSC	BRL		24,800		972		(9	)		981
BRL-CDI		10.53		01/02/2014	HSBC	BRL		5,200		105		1			104
BRL-CDI		10.58		01/02/2014	MSC	BRL		9,300		191		11			180
BRL-CDI §		10.14		01/02/2015	HSBC	BRL		32,100		749		52			697
BRL-CDI §		8.63		01/02/2015	MSC	BRL		10,900		88		87			1
BRL-CDI §		10.61		01/02/2015	MSC	BRL		18,400		513		85			428
BRL-CDI §		9.94		01/02/2015	GSC	BRL		21,600		460		¿			460
BRL-CDI §		9.93		01/02/2015	UBS	BRL		22,600		479		15			464
BRL-CDI §		8.08		01/02/2015	HSBC	BRL		8,200		20		15			5
BRL-CDI §		8.43		01/02/2015	DUB	BRL		2,400		15		15			(¿	)
BRL-CDI §		9.93		01/02/2015	MSC	BRL		26,200		555		9			546
BRL-CDI §		8.49		01/02/2017	BNP	BRL		2,300		¿		¿			¿
MXN-TIIE-Banxico		6.50		03/05/2013	MSC	MXN		64,800		23		(1	)		24
MXN-TIIE-Banxico		7.50		06/02/2021	UBS	MXN		80,200		707		232			475
									$	7,028	$	646		$	6,382

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

Transamerica Funds		Annual Report 2012
	Page    133

Transamerica Total Return

(formerly, Transamerica PIMCO Total Return)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

FUTURES CONTRACTS:

Description	Type		Contracts			Expiration Date		Unrealized (Depreciation) (000’s)
5-Year U.S. Treasury Note		Short		(34	)		12/31/2012	$	(24	)
Euro OAT		Short		(25	)		12/06/2012		(32	)
								$	(56	)

FORWARD FOREIGN CURRENCY CONTRACTS: p

Currency	Counterparty	Contracts Bought (Sold) (000’s)			Settlement Date	Amount in U.S. Dollars Bought (Sold) (000’s)			Net  Unrealized Appreciation (Depreciation) (000’s)
AUD	BNP		116		11/01/2012	$	118		$	2
AUD	CITI		178		11/01/2012		186			(1	)
AUD	JPM		(89	)	11/01/2012		(92	)		(¿	)
AUD	WBC		(29,738	)	11/01/2012		(30,972	)		105
AUD	JPM		(113	)	11/01/2012		(115	)		(2	)
AUD	UBS		13,900		11/01/2012		14,460			(32	)
AUD	WBC		(15,746	)	12/13/2012		(16,231	)		(56	)
BRL	UBS		(3,856	)	12/04/2012		(1,863	)		(27	)
BRL	HSBC		3,856		12/04/2012		1,883			7
BRL	HSBC		(3,856	)	02/04/2013		(1,868	)		(7	)
CAD	BNP		20,713		12/20/2012		21,349			(632	)
CAD	DUB		(10,294	)	12/20/2012		(10,535	)		239
CAD	DUB		(5,943	)	12/20/2012		(6,092	)		148
CAD	CITI		(18,033	)	12/20/2012		(18,618	)		582
CNY	DUB		6,353		02/01/2013		1,004			6
CNY	GSC		6,562		02/01/2013		1,046			(3	)
CNY	HSBC		(1,401	)	02/01/2013		(219	)		(4	)
CNY	DUB		8,367		02/01/2013		1,330			¿
CNY	JPM		5,633		02/01/2013		884			11
CNY	UBS		103,161		02/01/2013		16,366			30
CNY	HSBC		(85,721	)	02/01/2013		(13,478	)		(145	)
CNY	RBS		(51,388	)	02/01/2013		(8,042	)		(125	)
CNY	DUB		2,000		08/05/2013		319			(5	)
CNY	UBS		7,078		08/05/2013		1,121			(8	)
EUR	BOA		(24,427	)	01/15/2013		(31,762	)		75
EUR	RBS		(8,359	)	01/15/2013		(10,836	)		(7	)
EUR	UBS		(34	)	01/15/2013		(44	)		(¿	)
EUR	HSBC		(6,000	)	09/13/2013		(7,532	)		(269	)
EUR	JPM		(13,700	)	09/13/2013		(17,010	)		(801	)
EUR	JPM		(216	)	10/11/2013		(262	)		(19	)
EUR	JPM		(864	)	10/11/2013		(1,066	)		(58	)
EUR	JPM		1,080		10/11/2013		1,406			(1	)
GBP	BNP		(5,768	)	12/12/2012		(9,172	)		(135	)
GBP	BNP		(190	)	12/12/2012		(306	)		(¿	)
JPY	BCLY		(91,087	)	12/10/2012		(1,163	)		21
MXN	HSBC		68,443		12/03/2012		5,055			155
MXN	CITI		290		12/03/2012		21			1
MXN	JPM		(68,995	)	12/03/2012		(5,342	)		90
MXN	DUB		(474	)	12/03/2012		(37	)		1
MXN	MSC		262		12/03/2012		20			¿
MXN	UBS		474		12/03/2012		37			(¿	)
MXN	JPM		68,995		04/03/2013		5,279			(92	)
MXN	DUB		474		04/03/2013		36			(1	)
NOK	DUB		15,778		11/21/2012		2,687			78
TWD	UBS		(27,166	)	11/30/2012		(911	)		(19	)
TWD	BCLY		122,831		11/30/2012		4,168			37
TWD	UBS		(58,150	)	11/30/2012		(1,952	)		(39	)
TWD	CITI		(37,727	)	11/30/2012		(1,266	)		(26	)
									$	(926	)

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

Transamerica Funds		Annual Report 2012
	Page    134

Transamerica Total Return

(formerly, Transamerica PIMCO Total Return)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

Collateral (Received) Pledged for OTC Financial Derivative Instruments

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received) pledged as of 10/31/2012:

Counterparty	Total Market Value of OTC Derivatives (000’s)			Collateral (Received)  Pledged (000’s)			Net Exposures (1) (000’s)
BCLY	$	502		$	(640	)	$	(138	)
BNP		(765	)		649			(116	)
BOA		75			—			75
CITI		556			(750	)		(194	)
DUB		196			—			196
GSC		1,692			(1,450	)		242
HSBC		1,493			(1,630	)		(137	)
JPM		(756	)		963			207
MSC		1,348			(1,690	)		(342	)
RBS		(111	)		—			(111	)
UBS		1,091			(910	)		181
WBC		49			(180	)		(131	)

⁽¹⁾  Net exposure represents the net receivable (payable) that would be due from/to the counterparty in the event of default.

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

* Floating or variable rate note. Rate is listed as of 10/31/2012.

Ð Security is subject to dollar roll transactions.

 Rate shown reflects the yield at 10/31/2012.

Ә Fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. Total aggregate market value of fair valued securities is $16,590, or 2.06% of the fund’s net assets.

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

^ All or a portion of this security is on loan. The value of all securities on loan is $1,625.

¥ Percentage rounds to less than 0.1%.

§ Illiquid. Total aggregate market value of illiquid securities is $68,816, or 8.56% of the fund’s net assets, and total aggregate market value of illiquid derivatives is $3,248, or 0.40% of the fund’s net assets.

‡ Non-income producing security.

P Aggregate cost for federal income tax purposes is $940,618. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $37,654 and $7,925, respectively. Net unrealized appreciation for tax purposes is $29,729.

¿ Amount is less than 1.

g All or a portion of this security has been segregated as collateral with the custodian to cover margin requirements for open futures contracts. Total value of securities segregated as collateral to cover margin requirements for open futures contracts is $136.

☼ All or a portion of this security has been segregated with the broker to cover open swaps, swaptions, and/or forward contracts. Total value of securities segregated to cover open swaps, swaptions, and/or forward contracts is $1,613.

a All or a portion of this security has been segregated as collateral with the broker for centrally cleared swaps. Total value of securities segregated as collateral to cover centrally cleared swaps is $2,392.

⌂ All or a portion of this security has been pledged to the broker as collateral for open TBA short commitment transactions. Total value of securities pledged as collateral for open TBA short commitment transactions is $470.

^¨  Cash, in the amount of $320, has been segregated as collateral by the broker for open TBA short commitment transactions.

¶ Cash in the amount of $47, has been segregated by the custodian for centrally cleared swaps.

p Cash, in the amount of $7,250, has been pledged by the broker as collateral for open swaps, swaptions, and/or forward foreign currency contracts.

(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 (a) 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 obligation or (b) 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 obligation.

(2) 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.

(3) 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 ended. 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.

(4) 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 of 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 the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation.

(5) 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 (a) 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 obligation or (b) 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 obligation.

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

Transamerica Funds		Annual Report 2012
	Page    135

Transamerica Total Return

(formerly, Transamerica PIMCO Total Return)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

DEFINITIONS (all amounts in thousands):

144A	144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 10/31/2012, these securities aggregated $83,458, or 10.38% of the fund’s net assets.
BBA	British Banker’s Association
BBR-BBSW	Bank Bill Rate—Bank Bill Swap Reference Rate
BCLY	Barclays Bank PLC
BNP	BNP Paribas
BOA	Bank of America
BP	Basis Point
CDI	Credit Default Index
CDO	Collateralized Debt Obligation
CITI	Citibank, Inc.
CLO	Collateralized Loan Obligation
DUB	Deutsche Bank AG
EURIBOR	Euro InterBank Offered Rate
GSC	Goldman Sachs & Co.
HSBC	HSBC Bank USA
IO	Interest Only
JPM	JPMorgan Chase Bank
LIBOR	London Interbank Offered Rate
MSC	Morgan Stanley
OTC	Over The Counter
RBS	Royal Bank of Scotland Group PLC
TBA	To Be Announced
TIIE	Tasa de Interés Interbancaria de Equilibrio (Mexican Interbank Interest Rate)
UBS	UBS AG
WBC	Wespac Banking Corporation

CURRENCY ABBREVIATIONS:

AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CNY	Chinese Yuan
EUR	Euro
GBP	Pound Sterling
JPY	Japanese Yen
MXN	Mexican Peso
NOK	Norwegian Krone
TWD	Taiwan New Dollar
USD	United States Dollar

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3  - Significant Unobservable Inputs		Value at 10/31/2012
Asset-Backed Securities	$	—	$	38,657	$	—	$	38,657
Certificate of Deposit		—		7,996		—		7,996
Commercial Papers		—		12,174		—		12,174
Convertible Preferred Stock		2,000		—		—		2,000
Corporate Debt Securities		—		130,668		¿		130,668
Foreign Government Obligations		—		46,959		—		46,959
Mortgage-Backed Securities		—		60,377		—		60,377
Municipal Government Obligations		—		51,149		—		51,149
Preferred Stock		—		—		873		873
Purchased Swaption		—		386		—		386
Repurchase Agreements		—		81,247		—		81,247
Securities Lending Collateral		1,657		—		—		1,657
Short-Term U.S. Government Obligations		—		108,105		—		108,105
U.S. Government Agency Obligations		—		259,387		—		259,387
U.S. Government Obligations		—		168,712		—		168,712
Total	$	3,657	$	965,817	$	873	$	970,347

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

Transamerica Funds		Annual Report 2012
	Page    136

Transamerica Total Return

(formerly, Transamerica PIMCO Total Return)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

VALUATION SUMMARY (all amounts in thousands) (continued): '

TBA Short Commitments	Level 1 - Quoted Prices			Level 2 - Other Significant Observable Inputs			Level 3  - Significant Unobservable Inputs		Value at 10/31/2012
U.S. Government Agency Obligations	$	—		$	(34,354	)	$	—	$	(34,354	)
Other Financial Instruments	Level 1 - Quoted Prices			Level 2 - Other Significant Observable Inputs			Level 3  - Significant Unobservable Inputs		Value at 10/31/2012
Written Swaptions	$	—		$	(1,084	)	$	—	$	(1,084	)
Other Financial Instruments ₣	Level 1 - Quoted Prices			Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value at 10/31/2012
Futures Contracts—Depreciation	$	(56	)	$	—		$	—	$	(56	)
Credit Default Swaps—Appreciation		—			98			—		98
Credit Default Swaps—Depreciation		(3,000	)		(90	)		—		(3,090	)
Forward Foreign Currency Contracts—Appreciation		—			1,588			—		1,588
Forward Foreign Currency Contracts—Depreciation		—			(2,514	)		—		(2,514	)
Interest Rate Swaps—Appreciation		426			6,382			—		6,808
Interest Rate Swaps—Depreciation		(282	)		—			—		(282	)
Total	$	(2,912	)	$	5,464		$	—	$	2,552

Level 3 Rollforward—Investment Securities

Securities	Beginning Balance at 10/31/2011		Purchases		Sales		Accrued Discounts (Premiums)		Total Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation) ƒ			Transfers into Level 3		Transfers out of Level 3		Ending Balance at 10/31/2012 ₪		Net Change in Unrealized Appreciation (Depreciation) on Investments Held at 10/31/2012 ƒ
Corporate Debt Securities	$	—	$	¿	$	—	$	—	$	—	$	(¿)		$	—	$	—	$	¿	$	(¿)
Preferred Stocks		895		—		—		—		—		(22	)		—		—		873		(22	)
Total	$	895	$	¿	$	—	$	—	$	—	$	(22	)	$	—	$	—	$	873		(22	)

' Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of Levels 1 and 2 during the period ended 10/31/2012. 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.

ƒ Any difference between Net Change in Unrealized Appreciation (Depreciation) and Net Change in Unrealized Appreciation (Depreciation) on Investments Held at 10/31/2012 may be due to an investment no longer held or categorized as Level 3 at period end.

₪ Inputs used in the valuation of the Level 3 securities were not considered significant unobservable inputs.

¿ Amount is less than 1.

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

Transamerica Funds		Annual Report 2012
	Page    137

Transamerica Value

(formerly, Transamerica Third Avenue Value)

SCHEDULE OF INVESTMENTS

At October 31, 2012

	Shares		Value (000’s)
COMMON STOCKS—86.7%
Canada—0.7%
Viterra, Inc.		126,850	$	1,999
France—1.7%
Sanofi		51,950		4,567
Germany—1.5%
Lanxess AG		48,000		3,965
Hong Kong—15.7%
Cheung Kong Holdings, Ltd.		934,153		13,802
Henderson Land Development Co., Ltd. ^		1,824,727		12,655
Hutchison Whampoa, Ltd.		1,245,888		12,274
Wheelock & Co., Ltd.		862,000		3,787
Japan—6.6%
Daiwa Securities Group, Inc. ^		365,000		1,454
Mitsui Fudosan Co., Ltd.		274,462		5,546
Toyota Industries Corp. ^		385,107		10,999
Korea, Republic of—3.9%
POSCO ADR		134,261		10,523
Sweden—5.0%
Investor AB—Class A		626,796		13,390
Switzerland—3.3%
Pargesa Holding SA		133,000		8,969
United Kingdom—1.9%
Segro PLC REIT		1,313,400		5,036
United States—46.4%
Alamo Group, Inc. ^		18,983		636
Alleghany Corp. ‡		12,000		4,171
Applied Materials, Inc.		629,461		6,672
AVX Corp.		679,541		6,687
Bank of New York Mellon Corp.		560,052		13,839
Bristow Group, Inc.		173,630		8,668
Brookfield Asset Management, Inc.—Class A		395,036		13,605
Capital Southwest Corp.		19,256		2,075
Comerica, Inc.		141,000		4,203
Devon Energy Corp.		103,000		5,996
Electronics for Imaging, Inc. ‡		212,436		3,688
EnCana Corp. ^		317,000		7,148
Forest City Enterprises, Inc.—Class A ‡^		539,836		8,664
Haemonetics Corp. ‡		26,000		2,124
Intel Corp.		255,961		5,535
Investment Technology Group, Inc. ‡		424,815		3,585
KeyCorp		610,000		5,136
Leucadia National Corp.		181,000		4,109
Lexmark International, Inc.—Class A ^		21,205		451
Lowe’s Cos., Inc.		74,000		2,396
Symantec Corp. ‡		140,000		2,547
Tejon Ranch Co. ‡ ^		86,299		2,584
Tellabs, Inc.		941,479		2,749
Westwood Holdings Group, Inc. ^		99,253		3,853
White Mountains Insurance Group, Ltd.		10,100		5,178
Total Common Stocks (cost $285,726)				235,265
SECURITIES LENDING COLLATERAL—5.7%
State Street Navigator Securities Lending Trust—Prime Portfolio, 0.31% 		15,569,014		15,569
Total Securities Lending Collateral (cost $15,569)

	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT—13.4%
State Street Bank & Trust Co. 0.03% , dated 10/31/2012, to be repurchased at $36,347 on 11/01/2012. Collateralized by a U.S. Government Agency Obligation, 3.00%, due 12/01/2026, and with a value of $37,076.	$	36,347	$	36,347
Total Repurchase Agreement (cost $36,347)
Total Investment Securities (cost $337,642) P				287,181
Other Assets and Liabilities—Net				(15,622	)
Net Assets			$	271,559

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

Transamerica Funds		Annual Report 2012
	Page    138

Transamerica Value

(formerly, Transamerica Third Avenue Value)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

INVESTMENTS BY INDUSTRY (unaudited):	Percentage of Total Investment Securities			Value (000’s)
Real Estate Management & Development		21.1	%	$	60,643
Diversified Financial Services		9.2			26,468
Capital Markets		8.6			24,806
Oil, Gas & Consumable Fuels		4.6			13,144
Industrial Conglomerates		4.3			12,274
Semiconductors & Semiconductor Equipment		4.2			12,207
Auto Components		3.8			10,999
Metals & Mining		3.7			10,523
Insurance		3.3			9,349
Commercial Banks		3.3			9,339
Energy Equipment & Services		3.0			8,668
Electronic Equipment & Instruments		2.3			6,687
Real Estate Investment Trusts		1.8			5,036
Pharmaceuticals		1.6			4,567
Computers & Peripherals		1.4			4,139
Chemicals		1.4			3,965
Communications Equipment		1.0			2,749
Software		0.9			2,547
Specialty Retail		0.8			2,396
Health Care Equipment & Supplies		0.7			2,124
Food Products		0.7			1,999
Machinery		0.2			636
Investment Securities, at Value		81.9			235,265
Short-Term Investments		18.1			51,916
Total Investments		100.0	%	$	287,181

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

^ All or a portion of this security is on loan. The value of all securities on loan is $15,012.

‡ Non-income producing security.

 Rate shown reflects the yield at 10/31/2012.

P Aggregate cost for federal income tax purposes is $337,765. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $16,516 and $67,100, respectively. Net unrealized depreciation for tax purposes is $50,584.

DEFINITIONS:

ADR	American Depositary Receipt
REIT	Real Estate Investment Trust (includes domestic REITs and Foreign Real Estate Investment Companies)

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 10/31/2012
Common Stocks	$	128,298	$	106,967	$	—	$	235,265
Repurchase Agreement		—		36,347		—		36,347
Securities Lending Collateral		15,569		—		—		15,569
Total	$	143,867	$	143,314	$	—	$	287,181

' Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of Levels 1 and 2 during the period ended 10/31/2012. 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		Annual Report 2012
	Page    139

STATEMENTS OF ASSETS AND LIABILITIES

At October 31, 2012

(all amounts except per share amounts in thousands)

	Transamerica Arbitrage Strategy			Transamerica Bond		Transamerica Core Bond		Transamerica Developing Markets Equity			Transamerica Global Macro
Assets:
Investment securities, at value	$	94,532		$	815,034	$	1,915,590	$	362,648		$	68,732
Repurchase agreement, at value		14,259			6,283		27,436		13,968			44,637
Cash		7			—		2,824		—			—
Cash on deposit with broker		21,222			—		—		—			—
Foreign currency, at value		1,319			58		—		116			—
Receivables:
Investment securities sold		2,255			88		358		631			103
Shares of beneficial interest sold		—			825		31		4			144
Interest		—	(A)		9,996		9,599		—	(A)		1
Securities lending income (net)		—			35		22		14			—	(A)
Dividends		246			152		—		230			—
Dividend reclaims		1			—		—		4			7
Prepaid expenses		1			2		8		2			—	(A)
Unrealized appreciation on swap agreements		57			—		—		—			—
Unrealized appreciation on forward foreign currency contracts		637			—		—		—			1,817
	$	134,536		$	832,473	$	1,955,868	$	377,617		$	115,441
Liabilities:
Cash deposit due to broker		1,399			—		—		—			—
Foreign currency due to broker		—			—		—		—			31
Accounts payable and accrued liabilities:
Investment securities purchased		2,286			—		2,824		128			13
Shares of beneficial interest redeemed		105			262		2,914		—	(A)		216
Management and advisory fees		79			422		754		350			126
Trustees fees		—	(A)		2		7		1			—	(A)
Transfer agent fees		1			5		14		2			1
Custody fees		35			10		37		48			16
Administration fees		3			17		47		8			2
Audit and tax fees		21			20		20		33			23
Dividends and interest from securities sold short		24			—		—		—			—
Interest payable		1			—		—		—			—
Variation margin		—			—		—		—			333
Foreign capital gains tax		—			—		—		134			—
Other		16			31		76		16			6
Collateral for securities on loan		—			94,624		69,981		35,535			—
Written options and swaptions, at value		161			—		—		—			874
Unrealized depreciation on swap agreements		26			—		—		—			—
Securities sold short, at value		13,932			—		—		—			—
Unrealized depreciation on forward foreign currency contracts		144			—		—		—			1,539
		18,233			95,393		76,674		36,255			3,180
Net assets	$	116,303		$	737,080	$	1,879,194	$	341,362		$	112,261
Net assets consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	118,775		$	667,387	$	1,761,126	$	288,619		$	183,469
Undistributed (accumulated) net investment income (loss)		408			5,697		8,974		1,448			(1,222	)
Undistributed (accumulated) net realized gain (loss) from investments		(99	)		6,746		5,785		30,514			(70,006	)
Net unrealized appreciation (depreciation) on:
Investment securities		(2,299	)		57,231		103,309		20,951			(359	)
Futures contracts		—			—		—		—			(287	)
Written option and swaption contracts		(9	)		—		—		—			386
Swap agreements		31			—		—		—			—
Translation of assets and liabilities denominated in foreign currencies		497			19		—		(170	)		280
Securities sold short		(1,001	)		—		—		—			—
Net assets	$	116,303		$	737,080	$	1,879,194	$	341,362		$	112,261
Shares outstanding		11,765			68,893		172,965		28,465			19,472
Net asset value and offering price per share	$	9.89		$	10.70	$	10.86	$	11.99		$	5.77
Investment securities, at cost	$	96,831		$	757,803	$	1,812,281	$	341,697		$	69,091
Repurchase agreement, at cost	$	14,259		$	6,283	$	27,436	$	13,968		$	44,637
Foreign currency, at cost	$	1,313		$	58	$	—	$	149		$	(31	)
Securities loaned, at value	$	—		$	92,617	$	68,551	$	33,954		$	—
Premiums received on written option and swaption contracts	$	152		$	—	$	—	$	—		$	1,260
Proceeds received from securities sold short	$	12,931		$	—	$	—	$	—		$	—

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

Transamerica Funds		Annual Report 2012
	Page    140

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2012

(all amounts except per share amounts in thousands)

	Transamerica Global Real Estate Securities			Transamerica Growth			Transamerica International			Transamerica International Equity Opportunities			Transamerica International Small Cap
Assets:
Investment securities, at value	$	180,963		$	590,741		$	329,244		$	179,324		$	254,920
Repurchase agreement, at value		1,343			6,203			9,213			1,173			7,532
Foreign currency, at value		—			—			39			67			1,185
Receivables:
Investment securities sold		—			1,258			61			—	(A)		133
Shares of beneficial interest sold		17			13			2			1			2
Interest		—	(A)		—	(A)		—	(A)		—	(A)		—	(A)
Securities lending income (net)		6			8			12			2			23
Dividends		245			165			317			464			569
Dividend reclaims		74			5			251			173			118
Prepaid expenses		—	(A)		2			1			1			1
	$	182,648		$	598,395		$	339,140		$	181,205		$	264,483
Liabilities:
Accounts payable and accrued liabilities:
Investment securities purchased		—			1,465			—			46			375
Shares of beneficial interest redeemed		103			589			118			49			61
Management and advisory fees		115			399			270			143			231
Trustees fees		1			2			1			1			1
Transfer agent fees		1			1			2			1			2
Custody fees		17			7			14			21			15
Administration fees		4			13			7			4			5
Audit and tax fees		19			18			19			18			19
Foreign capital gains tax		—			—			—			—			29
Other		7			23			14			12			11
Collateral for securities on loan		22,051			45,671			31,552			6,011			21,806
		22,318			48,188			31,997			6,306			22,555
Net assets	$	160,330		$	550,207		$	307,143		$	174,899		$	241,928
Net assets consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	200,780		$	345,896		$	412,390		$	168,879		$	224,689
Undistributed (accumulated) net investment income (loss)		(2,881	)		(1	)		4,756			4,852			3,292
Undistributed (accumulated) net realized gain (loss) from investments		(76,363	)		55,110			(170,304	)		7,444			(2,565	)
Net unrealized appreciation (depreciation) on:
Investment securities		38,797			149,202			60,312			(6,267	)		16,538
Translation of assets and liabilities denominated in foreign currencies		(3	)		—	(A)		(11	)		(9	)		(26	)
Net assets	$	160,330		$	550,207		$	307,143		$	174,899		$	241,928
Shares outstanding		12,444			40,991			33,886			23,559			30,612
Net asset value and offering price per share	$	12.88		$	13.42		$	9.06		$	7.42		$	7.90
Investment securities, at cost	$	142,166		$	441,539		$	268,932		$	185,591		$	238,382
Repurchase agreement, at cost	$	1,343		$	6,203		$	9,213		$	1,173		$	7,532
Foreign currency, at cost	$	—		$	—		$	39		$	67		$	1,170
Securities loaned, at value	$	21,245		$	44,407		$	30,199		$	5,754		$	20,597

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

Transamerica Funds		Annual Report 2012
	Page    141

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2012

(all amounts except per share amounts in thousands)

	Transamerica International Value Opportunities			Transamerica Large Company			Transamerica Long/Short Strategy			Transamerica Mid Cap Value			Transamerica Real Return TIPS
Assets:
Investment securities, at value	$	224,901		$	550,542		$	91,376		$	227,295		$	1,552,272
Repurchase agreement, at value		5,028			—			180			2,657			612
Cash on deposit with broker		—			—			65,460			—			—
Foreign currency, at value		20			—			—			—			78
Receivables:
Investment securities sold		300			272			17			—			9,135
Shares of beneficial interest sold		6			14			—			3			16
Interest		—	(A)		1			—	(A)		—	(A)		5,234
Securities lending income (net)		5			4			—			4			1
Dividends		421			430			82			143			—
Dividend reclaims		178			1			1			—			—
Variation margin		—			—			—			—			84
Prepaid expenses		1			2			—	(A)		1			3
Unrealized appreciation on swap agreements		—			—			—			—			816
Premium paid on swap agreements		—			—			—			—			1,790
Unrealized appreciation on forward foreign currency contracts		546			—			—			—			1,074
	$	231,406		$	551,266		$	157,116		$	230,103		$	1,571,115
Liabilities:
Due to custodian		—			—			5			—			997
Cash deposit due to broker		—			—			—			—			1,070
Foreign currency due to broker		—			—			6			—			—
Accounts payable and accrued liabilities:
Investment securities purchased		48			152			8			—			4,541
Shares of beneficial interest redeemed		77			522			32			229			3,682
Management and advisory fees		208			384			107			155			850
Trustees fees		1			2			—	(A)		1			5
Transfer agent fees		1			4			1			1			10
Custody fees		15			6			8			3			29
Administration fees		5			12			2			5			35
Audit and tax fees		19			18			19			17			25
Dividends and interest from securities sold short		—			—			53			—			12
Interest payable		—			—			—			—			17
Other		11			21			14			9			66
Collateral for securities on loan		10,740			17,086			—			21,225			5,408
Payable for delayed delivery securities		—			—			—			—			63,957
Deferred income for dollar rolls		—			—			—			—			120
Reverse repurchase agreement, at value		—			—			—			—			143,086
Written options and swaptions, at value		—			—			—			—			1,568
Unrealized depreciation on swap agreements		—			—			—			—			714
Premium received on swap agreements		—			—			—			—			108
Securities sold short, at value		—			—			65,671			—			—
Unrealized depreciation on forward foreign currency contracts		91			—			—			—			1,363
		11,216			18,207			65,926			21,645			227,663
Net assets	$	220,190		$	533,059		$	91,190		$	208,458		$	1,343,452
Net assets consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	195,121		$	547,593		$	103,052		$	163,381		$	1,214,334
Undistributed (accumulated) net investment income (loss)		4,429			6,188			(928	)		1,556			4,614
Undistributed (accumulated) net realized gain (loss) from investments		2,338			(92,699	)		(12,690	)		(3,755	)		38,988
Net unrealized appreciation (depreciation) on:
Investment securities		17,856			71,977			4,242			47,276			85,637
Futures contracts		—			—			—			—			73
Written option and swaption contracts		—			—			—			—			122
Swap agreements		—			—			—			—			102
Translation of assets and liabilities denominated in foreign currencies		446			—			—	(A)		—			(418	)
Securities sold short		—			—			(2,486	)		—			—
Net assets	$	220,190		$	533,059		$	91,190		$	208,458		$	1,343,452
Shares outstanding		24,867			53,236			11,174			15,995			114,406
Net asset value and offering price per share	$	8.85		$	10.01		$	8.16		$	13.03		$	11.74
Investment securities, at cost	$	207,045		$	478,565		$	87,134		$	180,019		$	1,466,635
Repurchase agreement, at cost	$	5,028		$	—		$	180		$	2,657		$	612
Reverse repurchase agreement, at cost	$	—		$	—		$	—		$	—		$	(143,086	)
Foreign currency, at cost	$	19		$	—		$	(6	)	$	—		$	79
Securities loaned, at value	$	10,290		$	16,705		$	—		$	20,706		$	5,297
Premiums received on written option and swaption contracts	$	—		$	—		$	—		$	—		$	1,690
Proceeds received from securities sold short	$	—		$	—		$	63,185		$	—		$	—

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

Transamerica Funds		Annual Report 2012
	Page    142

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2012

(all amounts except per share amounts in thousands)

	Transamerica Select Equity			Transamerica Total Return			Transamerica Value
Assets:
Investment securities, at value	$	1,319,985		$	889,100		$	250,834
Repurchase agreement, at value		15,002			81,247			36,347
Cash on deposit with custodian		—			47			—
Foreign currency, at value		—			140			—
Receivables:
Investment securities sold		—			43,966			—
Shares of beneficial interest sold		156			33			2
Interest		—	(A)		4,729			—	(A)
Securities lending income (net)		17			3			5
Dividends		747			—			285
Dividend reclaims		—			—			72
Variation margin		—			2,263			—
Prepaid expenses		6			2			1
Unrealized appreciation on swap agreements		—			6,906			—
Premium paid on swap agreements		—			2,370			—
Unrealized appreciation on forward foreign currency contracts		—			1,588			—
	$	1,335,913		$	1,032,394		$	287,546
Liabilities:
Due to custodian		—			11			—
Cash deposit due to broker		—			7,570			—
Accounts payable and accrued liabilities:
Investment securities purchased		—			174,905			—
Shares of beneficial interest redeemed		524			916			175
Management and advisory fees		791			475			197
Trustees fees		4			3			1
Transfer agent fees		8			5			2
Custody fees		9			22			7
Administration fees		28			18			6
Audit and tax fees		15			25			18
Interest payable		—			571			—
Other		46			34			12
Collateral for securities on loan		134,287			1,657			15,569
Written options and swaptions, at value		—			1,084			—
Unrealized depreciation on swap agreements		—			3,372			—
Premium received on swap agreements		—			1,078			—
TBA short commitments, at value		—			34,354			—
Unrealized depreciation on forward foreign currency contracts		—			2,514			—
		135,712			228,614			15,987
Net assets	$	1,200,201		$	803,780		$	271,559
Net assets consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	1,050,335		$	764,582		$	401,441
Undistributed (accumulated) net investment income (loss)		786			391			3,716
Undistributed (accumulated) net realized gain (loss) from investments		29,755			6,212			(83,133	)
Net unrealized appreciation (depreciation) on:
Investment securities		119,325			29,794			(50,461	)
Futures contracts		—			(56	)		—
Written option and swaption contracts		—			217			—
Swap agreements		—			3,534			—
Translation of assets and liabilities denominated in foreign currencies		—			(864	)		(4	)
TBA short commitments		—			(30	)		—
Net assets	$	1,200,201		$	803,780		$	271,559
Shares outstanding		104,823			73,813			11,892
Net asset value and offering price per share	$	11.45		$	10.89		$	22.84
Investment securities, at cost	$	1,200,660		$	859,306		$	301,295
Repurchase agreement, at cost	$	15,002		$	81,247		$	36,347
Foreign currency, at cost	$	—		$	142		$	—
Securities loaned, at value	$	130,955		$	1,625		$	15,012
Premiums received on written option and swaption contracts	$	—		$	1,301		$	—
Proceeds received from TBA short commitments	$	—		$	34,324		$	—

^(A)  Rounds to less than $1.

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

Transamerica Funds		Annual Report 2012
	Page    143

STATEMENTS OF OPERATIONS

For the year ended October 31, 2012

(all amounts in thousands)

	Transamerica Arbitrage Strategy			Transamerica Bond			Transamerica Core Bond		Transamerica Developing Markets Equity			Transamerica Global Macro
Investment income:
Dividend income	$	1,275		$	2,111		$	—	$	7,823		$	—
Withholding taxes on foreign income		(27	)		(48	)		—		(531	)		—
Interest income		5			29,529			76,351		4			56
Securities lending income (net)		—			272			315		238			4
Total investment income		1,253			31,864			76,666		7,534			60
Expenses:
Management and advisory		1,471			3,737			8,709		4,688			1,361
Transfer agent		11			44			162		31			8
Printing and shareholder reports		6			20			55		10			5
Custody		428			111			453		622			163
Administration		33			138			503		96			25
Legal		5			24			68		12			7
Audit and tax		21			19			20		53			20
Trustees		3			12			40		7			2
Registration		—			3			—		—			—
Interest		12			—			—		—			—
Dividends and interest on securities sold short		967			—			—		—			—
Other		10			9			30		9			2
Total expenses		2,967			4,117			10,040		5,528			1,593
Expenses reimbursed		(172	)		—			—		—			—
Net expenses	��	2,795			4,117			10,040		5,528			1,593
Net investment income (loss)		(1,542	)		27,747			66,626		2,006			(1,533	)
Net realized gain (loss) on transactions from:
Investment securities		6,444			10,585			20,751		37,183	(A)		(5,762	)
Futures contracts		—			—			—		—			3,228
Written option and swaption contracts		2,118			—			—		—			2,718
Swap agreements		(1,585	)		—			—		—			—
Foreign currency transactions		(1,435	)		(126	)		—		(441	)		2,889
Securities sold short		(3,528	)		—			—		—			—
Net realized gain		2,014			10,459			20,751		36,742			3,073
Net change in unrealized appreciation (depreciation) on:
Investment securities		(4,550	)		42,608			42,751		(13,681	)(B)		4
Futures contracts		—			—			—		—			(1,898	)
Written option and swaption contracts		95			—			—		—			506
Swap agreements		31			—			—		—			—
Translation of assets and liabilities denominated in foreign currencies		1,271			62			—		(49	)		(1,015	)
Securities sold short		(210	)		—			—		—			—
Net change in unrealized appreciation (depreciation)		(3,363	)		42,670			42,751		(13,730	)		(2,403	)
Net realized and change in unrealized gain (loss)		(1,349	)		53,129			63,502		23,012			670
Net increase (decrease) in net assets resulting from operations	$	(2,891	)	$	80,876		$	130,128	$	25,018		$	(863	)

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

Transamerica Funds		Annual Report 2012
	Page    144

STATEMENTS OF OPERATIONS (continued)

For the year ended October 31, 2012

(all amounts in thousands)

	Transamerica Global Real Estate Securities			Transamerica Growth			Transamerica International			Transamerica International Equity Opportunities			Transamerica International Small Cap
Investment income:
Dividend income	$	5,183		$	5,222		$	10,130		$	8,418		$	7,355
Withholding taxes on foreign income		(229	)		(82	)		(839	)		(688	)		(424	)
Interest income		1			1			3			—	(C)		2
Securities lending income (net)		151			147			307			289			379
Total investment income		5,106			5,288			9,601			8,019			7,312
Expenses:
Management and advisory		1,230			4,592			3,217			2,411			2,813
Transfer agent		12			45			25			20			20
Printing and shareholder reports		7			14			9			7			8
Custody		154			85			190			261			212
Administration		36			138			78			62			61
Legal		6			18			10			15			8
Audit and tax		31			17			19			18			21
Trustees		3			12			7			5			5
Registration		1			1			—			—			—
Other		4			11			7			7			5
Total expenses		1,484			4,933			3,562			2,806			3,153
Net investment income		3,622			355			6,039			5,213			4,159
Net realized gain (loss) on transactions from:
Investment securities		10,693			60,142			(395	)		7,828			(1,526	)(D)
Foreign currency transactions		(96	)		(21	)		(494	)		(207	)		12
Net realized gain (loss)		10,597			60,121			(889	)		7,621			(1,514	)
Net change in unrealized appreciation (depreciation) on:
Investment securities		6,807			(9,950	)		13,217			(322	)		6,014
Translation of assets and liabilities denominated in foreign currencies		—	(C)		—	(C)		(8	)		—	(C)		(4	)(E)
Net change in unrealized appreciation (depreciation)		6,807			(9,950	)		13,209			(322	)		6,010
Net realized and change in unrealized gain		17,404			50,171			12,320			7,299			4,496
Net increase in net assets resulting from operations	$	21,026		$	50,526		$	18,359		$	12,512		$	8,655

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

Transamerica Funds		Annual Report 2012
	Page    145

STATEMENTS OF OPERATIONS (continued)

For the year ended October 31, 2012

(all amounts in thousands)

	Transamerica International Value Opportunities			Transamerica Large Company			Transamerica Long/Short Strategy			Transamerica Mid Cap Value			Transamerica Real Return TIPS
Investment income:
Dividend income	$	9,306		$	12,868		$	1,965		$	3,802		$	15
Withholding taxes on foreign income		(734	)		(133	)		—	(C)		(7	)		—	(C)
Interest income		2			5			71			1			20,684
Securities lending income (net)		245			169			—			49			88
Total investment income		8,819			12,909			2,036			3,845			20,787
Expenses:
Management and advisory		3,445			4,250			1,177			1,550			7,845
Transfer agent		25			41			7			14			93
Printing and shareholder reports		9			13			4			6			40
Custody		184			71			61			31			306
Administration		77			126			21			44			295
Legal		8			17			3			7			51
Audit and tax		18			17			17			16			24
Trustees		6			11			2			4			25
Registration		—			—			—			—	(C)		6
Interest		—			—			—			—			68
Dividends and interest on securities sold short		—			—			1,836			—			—
Other		9			9			2			3			18
Total expenses		3,781			4,555			3,130			1,675			8,771
Net investment income (loss)		5,038			8,354			(1,094	)		2,170			12,016
Net realized gain (loss) on transactions from:
Investment securities		2,436			41,315			4,729			15,341			40,184
Futures contracts		—			—			—			—			2,030
Written option and swaption contracts		—			—			—			—			1,603
Swap agreements		—			—			—			—			3,214
Foreign currency transactions		3,002			—	(C)		—	(C)		—			(3,588	)
Securities sold short		—			—			(3,149	)		—			—
Net realized gain		5,438			41,315			1,580			15,341			43,443
Net change in unrealized appreciation (depreciation) on:
Investment securities		(4,991	)		22,644			6,352			17,602			41,907
Futures contracts		—			—			—			—			(1,173	)
Written option and swaption contracts		—			—			—			—			(1,115	)
Swap agreements		—			—			—			—			(702	)
Translation of assets and liabilities denominated in foreign currencies		(755	)		—			—	(C)		—			4,673
Securities sold short		—			—			(3,555	)		—			—
Net change in unrealized appreciation (depreciation)		(5,746	)		22,644			2,797			17,602			43,590
Net realized and change in unrealized gain (loss)		(308	)		63,959			4,377			32,943			87,033
Net increase in net assets resulting from operations	$	4,730		$	72,313		$	3,283		$	35,113		$	99,049

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

Transamerica Funds		Annual Report 2012
	Page    146

STATEMENTS OF OPERATIONS (continued)

For the year ended October 31, 2012

(all amounts in thousands)

	Transamerica Select Equity			Transamerica Total Return			Transamerica Value
Investment income:
Dividend income	$	31,440		$	153		$	6,739
Withholding taxes on foreign income		(228	)		—			(435	)
Interest income		9			20,720			8
Securities lending income (net)		170			54			164
Total investment income		31,391			20,927			6,476
Expenses:
Management and advisory		8,370			4,735			2,306
Transfer agent		87			54			22
Printing and shareholder reports		47			22			8
Custody		115			263			78
Administration		273			170			67
Legal		42			27			9
Audit and tax		12			24			18
Trustees		21			14			6
Registration		2			2			—
Other		15			11			6
Total expenses		8,984			5,322			2,520
Net investment income		22,407			15,605			3,956
Net realized gain (loss) on transactions from:
Investment securities		33,562			14,314			(496	)
Futures contracts		—			720			—
Written option and swaption contracts		—			451			—
Swap agreements		—			(1,103	)		—
Foreign currency transactions		—			(4,216	)		(115	)
Securities sold short		—			(705	)		—
Net realized gain (loss)		33,562			9,461			(611	)
Net change in unrealized appreciation (depreciation) on:
Investment securities		92,257			27,160			20,991
Futures contracts		—			45			—
Written option and swaption contracts		—			(9	)		—
Swap agreements		—			2,754			—
Translation of assets and liabilities denominated in foreign currencies		—			3,020			6
Securities sold short		—			106			—
Net change in unrealized appreciation (depreciation)		92,257			33,076			20,997
Net realized and change in unrealized gain		125,819			42,537			20,386
Net increase in net assets resulting from operations	$	148,226		$	58,142		$	24,342

^(A)  Net of foreign capital gains tax of $81.

^(B)  Net of foreign capital gains tax of $134.

^(C)  Rounds to less than $1.

^(D)  Net of foreign capital gains tax of $2.

^(E) Net of foreign capital gains tax of $24.

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

Transamerica Funds		Annual Report 2012
	Page    147

STATEMENTS OF CHANGES IN NET ASSETS

For the years ended:

(all amounts in thousands)

	Transamerica Arbitrage Strategy						Transamerica Bond						Transamerica Core Bond
	October 31, 2012			October 31, 2011(A)			October 31, 2012			October 31, 2011			October 31, 2012			October 31, 2011
From operations:
Net investment income (loss)	$	(1,542	)	$	(294	)	$	27,747		$	27,710		$	66,626		$	41,873
Net realized gain(B)		2,014			1,587			10,459			32,188			20,751			4,104
Net change in unrealized appreciation (depreciation)		(3,363	)		582			42,670			(39,892	)		42,751			21,961
Net increase (decrease) in net assets resulting from operations		(2,891	)		1,875			80,876			20,006			130,128			67,938
Distributions to shareholders:
From net investment income		—			—			(33,834	)		(34,541	)		(75,050	)		(45,454	)
From net realized gains		(1,456	)		—			(25,612	)		(10,465	)		—			(6,906	)
Total distributions to shareholders		(1,456	)		—			(59,446	)		(45,006	)		(75,050	)		(52,360	)
Capital share transactions:
Proceeds from shares sold		52,695			123,667			244,593			67,202			258,804			1,164,942
Dividends and distributions reinvested		1,456			—			59,446			45,006			75,050			52,360
Cost of shares redeemed		(57,709	)		(1,334	)		(50,729	)		(219,088	)		(718,521	)		(87,555	)
Net increase (decrease) in net assets resulting from capital shares transactions		(3,558	)		122,333			253,310			(106,880	)		(384,667	)		1,129,747
Net increase (decrease) in net assets		(7,905	)		124,208			274,740			(131,880	)		(329,589	)		1,145,325
Net assets:
Beginning of year		124,208			—			462,340			594,220			2,208,783			1,063,458
End of year	$	116,303		$	124,208		$	737,080		$	462,340		$	1,879,194		$	2,208,783
Undistributed (accumulated) net investment income (loss)	$	408		$	(80	)	$	5,697		$	8,071		$	8,974		$	3,706
Share activity:
Shares issued		5,154			12,244			24,116			6,127			24,224			111,128
Shares issued-reinvested from dividends and distributions		143			—			6,153			4,246			6,998			5,058
Shares redeemed		(5,644	)		(132	)		(4,960	)		(20,146	)		(66,715	)		(8,438	)
Net increase (decrease) in shares outstanding		(347	)		12,112			25,309			(9,773	)		(35,493	)		107,748
	Transamerica Developing Markets Equity						Transamerica Global Macro						Transamerica Global Real Estate Securities
	October 31, 2012			October 31, 2011			October 31, 2012			October 31, 2011			October 31, 2012			October 31, 2011
From operations:
Net investment income (loss)	$	2,006		$	3,479		$	(1,533	)	$	(2,033	)	$	3,622		$	5,062
Net realized gain (loss)(B)		36,742			69,535			3,073			(7,580	)		10,597			35,217
Net change in unrealized appreciation (depreciation)		(13,730	)		(119,084	)		(2,403	)		1,957			6,807			(33,053	)
Net increase (decrease) in net assets resulting from operations		25,018			(46,070	)		(863	)		(7,656	)		21,026			7,226
Distributions to shareholders:
From net investment income		(2,678	)		(1,725	)		—			—			(5,154	)		(16,534	)
From net realized gains		(40,297	)		—			—			—			—			—
Total distributions to shareholders		(42,975	)		(1,725	)		—			—			(5,154	)		(16,534	)
Capital share transactions:
Proceeds from shares sold		82,358			33,700			52,588			45,323			38,557			10,642
Dividends and distributions reinvested		42,975			1,725			—			—			5,154			16,534
Cost of shares redeemed		(263,670	)		(100,186	)		(77,015	)		(26,258	)		(46,310	)		(190,179	)
Net increase (decrease) in net assets resulting from capital shares transactions		(138,337	)		(64,761	)		(24,427	)		19,065			(2,599	)		(163,003	)
Net increase (decrease) in net assets		(156,294	)		(112,556	)		(25,290	)		11,409			13,273			(172,311	)
										��
Net assets:
Beginning of year		497,656			610,212			137,551			126,142			147,057			319,368
End of year	$	341,362		$	497,656		$	112,261		$	137,551		$	160,330		$	147,057
Undistributed (accumulated) net investment income (loss)	$	1,448		$	2,677		$	(1,222	)	$	—		$	(2,881	)	$	(4,861	)
Share activity:
Shares issued		7,248			2,510			9,160			7,581			3,142			869
Shares issued-reinvested from dividends and distributions		4,251			128			—			—			444			1,435
Shares redeemed		(23,578	)		(7,853	)		(13,337	)		(4,535	)		(3,776	)		(15,685	)
Net increase (decrease) in shares outstanding		(12,079	)		(5,215	)		(4,177	)		3,046			(190	)		(13,381	)

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

Transamerica Funds		Annual Report 2012
	Page    148

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

(all amounts in thousands)

	Transamerica Growth						Transamerica International						Transamerica International Equity Opportunities
	October 31, 2012			October 31, 2011			October 31, 2012			October 31, 2011			October 31, 2012			October 31, 2011
From operations:
Net investment income	$	355		$	77		$	6,039		$	8,398		$	5,213		$	8,730
Net realized gain (loss)(B)		60,121			52,646			(889	)		47,149			7,621			46,909
Net change in unrealized appreciation (depreciation)		(9,950	)		14,358			13,209			(64,738	)		(322	)		(66,947	)
Net increase (decrease) in net assets resulting from operations		50,526			67,081			18,359			(9,191	)		12,512			(11,308	)
Distributions to shareholders:
From net investment income		(427	)		(800	)		(6,082	)		(7,056	)		(8,205	)		(5,767	)
From net realized gains		(22,717	)		—			—			—			(47,521	)		(27,053	)
Total distributions to shareholders		(23,144	)		(800	)		(6,082	)		(7,056	)		(55,726	)		(32,820	)
Capital share transactions:
Proceeds from shares sold		22,465			10,349			87,922			14,663			16,465			26,144
Dividends and distributions reinvested		23,144			800			6,082			7,056			55,726			32,820
Cost of shares redeemed		(141,551	)		(185,395	)		(158,784	)		(230,675	)		(207,772	)		(197,323	)
Net decrease in net assets resulting from capital shares transactions		(95,942	)		(174,246	)		(64,780	)		(208,956	)		(135,581	)		(138,359	)
Net decrease in net assets		(68,560	)		(107,965	)		(52,503	)		(225,203	)		(178,795	)		(182,487	)
Net assets:
Beginning of year		618,767			726,732			359,646			584,849			353,694			536,181
End of year	$	550,207		$	618,767		$	307,143		$	359,646		$	174,899		$	353,694
Undistributed (accumulated) net investment income (loss)	$	(1	)	$	—		$	4,756		$	5,236		$	4,852		$	8,051
Share activity:
Shares issued		1,732			812			10,002			1,582			2,253			2,854
Shares issued-reinvested from dividends and distributions		1,986			65			788			778			8,859			3,785
Shares redeemed		(10,554	)		(14,750	)		(19,195	)		(25,494	)		(29,944	)		(23,102	)
Net decrease in shares outstanding		(6,836	)		(13,873	)		(8,405	)		(23,134	)		(18,832	)		(16,463	)
	Transamerica International Small Cap						Transamerica International Value Opportunities						Transamerica Large Company
	October 31, 2012			October 31, 2011			October 31, 2012			October 31, 2011			October 31, 2012			October 31, 2011
From operations:
Net investment income	$	4,159		$	7,763		$	5,038		$	10,022		$	8,354		$	6,672
Net realized gain (loss)(B)		(1,514	)		38,370			5,438			55,344			41,315			26,527
Net change in unrealized appreciation (depreciation)		6,010			(64,866	)		(5,746	)		(103,001	)		22,644			7,725
Net increase (decrease) in net assets resulting from operations		8,655			(18,733	)		4,730			(37,635	)		72,313			40,924
Distributions to shareholders:
From net investment income		(8,007	)		(6,178	)		(8,733	)		(4,250	)		(6,909	)		(8,350	)
From net realized gains		(38,213	)		(3,119	)		(62,673	)		(4,928	)		—			—
Total distributions to shareholders		(46,220	)		(9,297	)		(71,406	)		(9,178	)		(6,909	)		(8,350	)
Capital share transactions:
Proceeds from shares sold		51,755			19,996			20,441			32,625			20,934			77,937
Dividends and distributions reinvested		46,220			9,297			71,406			9,178			6,909			8,350
Cost of shares redeemed		(148,840	)		(219,193	)		(253,419	)		(325,036	)		(104,237	)		(277,017	)
Net decrease in net assets resulting from capital shares transactions		(50,865	)		(189,900	)		(161,572	)		(283,233	)		(76,394	)		(190,730	)
Net decrease in net assets		(88,430	)		(217,930	)		(228,248	)		(330,046	)		(10,990	)		(158,156	)
Net assets:
Beginning of year		330,358			548,288			448,438			778,484			544,049			702,205
End of year	$	241,928		$	330,358		$	220,190		$	448,438		$	533,059		$	544,049
Undistributed net investment income	$	3,292		$	6,757		$	4,429		$	8,459		$	6,188		$	4,743
Share activity:
Shares issued		6,761			1,991			2,321			2,856			2,298			8,266
Shares issued-reinvested from dividends and distributions		6,698			944			9,155			819			811			976
Shares redeemed		(19,535	)		(22,976	)		(30,149	)		(30,161	)		(11,109	)		(32,162	)
Net decrease in shares outstanding		(6,076	)		(20,041	)		(18,673	)		(26,486	)		(8,000	)		(22,920	)

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

Transamerica Funds		Annual Report 2012
	Page    149

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

(all amounts in thousands)

	Transamerica Long/Short Strategy						Transamerica Mid Cap Value						Transamerica Real Return TIPS
	October 31, 2012			October 31, 2011			October 31, 2012			October 31, 2011			October 31, 2012			October 31, 2011
From operations:
Net investment income (loss)	$	(1,094	)	$	(2,131	)	$	2,170		$	1,799		$	12,016		$	28,089
Net realized gain (loss)(B)		1,580			(917	)		15,341			8,286			43,443			54,764
Net change in unrealized appreciation (depreciation)		2,797			(3,559	)		17,602			2,850			43,590			(30,952	)
Net increase (decrease) in net assets resulting from operations		3,283			(6,607	)		35,113			12,935			99,049			51,901
Distributions to shareholders:
From net investment income		—			—			(1,745	)		(2,200	)		(15,604	)		(28,799	)
From net realized gains		—			—			—			—			(46,537	)		(30,631	)
Total distributions to shareholders		—			—			(1,745	)		(2,200	)		(62,141	)		(59,430	)
Capital share transactions:
Proceeds from shares sold		24,174			38,093			49,746			—			854,212			213,951
Dividends and distributions reinvested		—			—			1,745			2,200			62,141			59,430
Cost of shares redeemed		(49,375	)		(26,720	)		(34,745	)		(18,203	)		(581,443	)		(140,183	)
Net increase (decrease) in net assets resulting from capital shares transactions		(25,201	)		11,373			16,746			(16,003	)		334,910			133,198
Net increase (decrease) in net assets		(21,918	)		4,766			50,114			(5,268	)		371,818			125,669
Net assets:
Beginning of year		113,108			108,342			158,344			163,612			971,634			845,965
End of year	$	91,190		$	113,108		$	208,458		$	158,344		$	1,343,452		$	971,634
Undistributed (accumulated) net investment income (loss)	$	(928	)	$	—		$	1,556		$	1,131		$	4,614		$	5,592
Share activity:
Shares issued		2,995			4,746			4,190			—			74,635			19,339
Shares issued-reinvested from dividends and distributions		—			—			165			207			5,652			5,557
Shares redeemed		(6,218	)		(3,374	)		(2,851	)		(1,800	)		(50,747	)		(12,897	)
Net increase (decrease) in shares outstanding		(3,223	)		1,372			1,504			(1,593	)		29,540			11,999
	Transamerica Select Equity						Transamerica Total Return						Transamerica Value
	October 31, 2012			October 31, 2011(C)			October 31, 2012			October 31, 2011			October 31, 2012			October 31, 2011
From operations:
Net investment income	$	22,407		$	855		$	15,605		$	17,888		$	3,956		$	4,177
Net realized gain (loss)(B)		33,562			(3,807	)		9,461			5,845			(611	)		15,644
Net change in unrealized appreciation (depreciation)		92,257			27,068			33,076			(10,844	)		20,997			(26,148	)
Net increase (decrease) in net assets resulting from operations		148,226			24,116			58,142			12,889			24,342			(6,327	)
Distributions to shareholders:
From net investment income		(22,422	)		(54	)		(21,728	)		(17,746	)		(728	)		(7,774	)
From net realized gains		—			—			(2,586	)		(19,234	)		—			—
Total distributions to shareholders		(22,422	)		(54	)		(24,314	)		(36,980	)		(728	)		(7,774	)
Capital share transactions:
Proceeds from shares sold		276,365			914,980			223,125			55,205			26,221			5,202
Dividends and distributions reinvested		22,422			54			24,314			36,980			728			7,774
Cost of shares redeemed		(160,669	)		(2,817	)		(103,222	)		(110,080	)		(86,728	)		(74,285	)
Net increase (decrease) in net assets resulting from capital shares transactions		138,118			912,217			144,217			(17,895	)		(59,779	)		(61,309	)
Net increase (decrease) in net assets		263,922			936,279			178,045			(41,986	)		(36,165	)		(75,410	)
Net assets:
Beginning of year		936,279			—			625,735			667,721			307,724			383,134
End of year	$	1,200,201		$	936,279		$	803,780		$	625,735		$	271,559		$	307,724
Undistributed (accumulated) net investment income (loss)	$	786		$	801		$	391		$	3,557		$	3,716		$	118
Share activity:
Shares issued		25,687			91,871			21,153			5,272			1,177			227
Shares issued-reinvested from dividends and distributions		2,090			5			2,312			3,654			39			353
Shares redeemed		(14,553	)		(277	)		(9,729	)		(10,679	)		(4,163	)		(3,508	)
Net increase (decrease) in shares outstanding		13,224			91,599			13,736			(1,753	)		(2,947	)		(2,928	)

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

Transamerica Funds		Annual Report 2012
	Page    150

STATEMENTS OF CHANGES IN NET ASSETS (continued)

^(A)  Commenced operations on May 1, 2011.

^(B)  Net realized gain (loss) includes all items listed in the Statements of Operations.

^(C) Commenced operations on August 31, 2011.

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

Transamerica Funds		Annual Report 2012
	Page    151

FINANCIAL HIGHLIGHTS

For the period or years ended:

For a share outstanding throughout each period	Transamerica Arbitrage Strategy
	October 31, 2012			October 31, 2011(A)
Net asset value
Beginning of period/year	$	10.25		$	10.00
Investment operations
Net investment loss(B)		(0.11	)		(0.04	)
Net realized and change in unrealized gain (loss) on investments		(0.16	)		0.29
Total from investment operations		(0.27	)		0.25
Distributions
Net realized gains on investments		(0.09	)		—
Total distributions		(0.09	)		—
Net asset value
End of year	$	9.89		$	10.25
Total return(C)		(2.67	)%		2.50	%(D)
Net assets end of year (000’s)	$	116,303		$	124,208
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture(E)		1.92	%		1.55	%(F)
Before reimbursement/recapture(E)		2.04	%		1.71	%(F)
Net investment loss to average net assets(E)		(1.06	)%		(0.78	)%(F)
Portfolio turnover rate		566	%		311	%(D)

	Transamerica Bond
For a share outstanding throughout each period	October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of year	$	10.61		$	11.14		$	9.93		$	7.34		$	10.19
Investment operations
Net investment income(B)		0.49			0.54			0.57			0.60			0.60
Net realized and change in unrealized gain (loss) on investments		0.84			(0.20	)		1.23			2.61			(2.88	)
Total from investment operations		1.33			0.34			1.80			3.21			(2.28	)
Distributions
Net investment income		(0.65	)		(0.68	)		(0.59	)		(0.57	)		(0.57	)
Net realized gains on investments		(0.59	)		(0.19	)		—			(0.05	)		—
Total distributions		(1.24	)		(0.87	)		(0.59	)		(0.62	)		(0.57	)
Net asset value
End of year	$	10.70		$	10.61		$	11.14		$	9.93		$	7.34
Total return(C)		14.24	%		3.31	%		18.69	%		46.27	%		(23.56	)%
Net assets end of year (000’s)	$	737,080		$	462,340		$	594,220		$	812,252		$	577,368
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		0.71	%		0.71	%		0.70	%		0.69	%		0.69	%
Before reimbursement/recapture		0.71	%		0.71	%		0.70	%		0.69	%		0.69	%
Net investment income to average net assets		4.77	%		4.98	%		5.49	%		7.22	%		6.34	%
Portfolio turnover rate		26	%		57	%		79	%		42	%		24	%

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

Transamerica Funds		Annual Report 2012
	Page    152

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica Core Bond
For a share outstanding throughout each period	October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009 (G)
Net asset value
Beginning of period/year	$	10.60		$	10.56		$	10.08		$	10.00
Investment operations
Net investment income(B)		0.33			0.32			0.28			0.07
Net realized and change in unrealized gain on investments		0.31			0.15			0.53			0.06
Total from investment operations		0.64			0.47			0.81			0.13
Distributions
Net investment income		(0.38	)		(0.36	)		(0.33	)		(0.05	)
Net realized gains on investments		—			(0.07	)		—			—
Total distributions		(0.38	)		(0.43	)		(0.33	)		(0.05	)
Net asset value
End of year	$	10.86		$	10.60		$	10.56		$	10.08
Total return(C)		6.12	%		4.62	%		8.16	%		1.34	%(D)
Net assets end of year (000’s)	$	1,879,194		$	2,208,783		$	1,063,458		$	215,816
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		0.47	%		0.48	%		0.50	%		0.55	%(F)
Before reimbursement/recapture		0.47	%		0.48	%		0.50	%		0.55	%(F)
Net investment income to average net assets		3.09	%		3.04	%		2.73	%		2.15	%(F)
Portfolio turnover rate		23	%		19	%		33	%		3	%(D)

	Transamerica Developing Markets Equity
For a share outstanding throughout each period	October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of year	$	12.27		$	13.34		$	10.12		$	8.20		$	17.07
Investment operations
Net investment income(B)		0.05			0.08			0.05			0.06			0.19
Net realized and change in unrealized gain (loss) on investments		0.74			(1.11	)		3.22			3.51			(7.65	)
Total from investment operations		0.79			(1.03	)		3.27			3.57			(7.46	)
Distributions
Net investment income		(0.07	)		(0.04	)		(0.05	)		(0.16	)		(0.09	)
Net realized gains on investments		(1.00	)		—			—			(1.49	)		(1.32	)
Total distributions		(1.07	)		(0.04	)		(0.05	)		(1.65	)		(1.41	)
Net asset value
End of year	$	11.99		$	12.27		$	13.34		$	10.12		$	8.20
Total return(C)		8.07	%		(7.77	)%		32.43	%		56.01	%		(47.48	)%
Net assets end of year (000’s)	$	341,362		$	497,656		$	610,212		$	495,636		$	317,973
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		1.33	%		1.31	%		1.31	%		1.35	%		1.32	%
Before reimbursement/recapture		1.33	%		1.31	%		1.31	%		1.35	%		1.32	%
Net investment income to average net assets		0.48	%		0.58	%		0.48	%		0.77	%		1.42	%
Portfolio turnover rate		37	%		40	%		54	%		50	%		67	%

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

Transamerica Funds		Annual Report 2012
	Page    153

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica Global Macro
For a share outstanding throughout each period	October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of year	$	5.82		$	6.12		$	6.08		$	8.60		$	9.83
Investment operations
Net investment income (loss)(B)		(0.08	)		(0.09	)		(0.10	)		0.02			0.18
Net realized and change in unrealized gain (loss) on investments		0.03			(0.21	)		0.14			(0.04	)		(1.30	)
Total from investment operations		(0.05	)		(0.30	)		0.04			(0.02	)		(1.12	)
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 year	$	5.77		$	5.82		$	6.12		$	6.08		$	8.60
Total return(C)		(0.86	)%		(4.90	)%		0.66	%		5.34	%		(11.55	)%
Net assets end of year (000’s)	$	112,261		$	137,551		$	126,142		$	107,017		$	165,567
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		1.46	%		1.53	%		1.61	%		1.58	%		1.51	%
Before reimbursement/recapture		1.46	%		1.53	%		1.61	%		1.58	%		1.51	%
Net investment income (loss) to average net assets		(1.41	)%		(1.49	)%		(1.56	)%		0.32	%		1.81	%
Portfolio turnover rate		—	%		—	%		—	%		358	%		84	%

	Transamerica Global Real Estate Securities
For a share outstanding throughout each period	October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of year	$	11.64		$	12.28		$	10.77		$	9.52		$	20.48
Investment operations
Net investment income(B)		0.29			0.24			0.26			0.29			0.32
Net realized and change in unrealized gain (loss) on investments		1.36			(0.19	)		1.98			1.15			(8.33	)
Total from investment operations		1.65			0.05			2.24			1.44			(8.01	)
Distributions
Net investment income		(0.41	)		(0.69	)		(0.73	)		(0.19	)		(0.90	)
Net realized gains on investments		—			—			—			—			(2.05	)
Total distributions		(0.41	)		(0.69	)		(0.73	)		(0.19	)		(2.95	)
Net asset value
End of year	$	12.88		$	11.64		$	12.28		$	10.77		$	9.52
Total return(C)		14.57	%		0.51	%		21.70	%		15.72	%		(44.82	)%
Net assets end of year (000’s)	$	160,330		$	147,057		$	319,368		$	285,502		$	232,115
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		0.97	%		0.91	%		0.91	%		0.93	%		0.89	%
Before reimbursement/recapture		0.97	%		0.91	%		0.91	%		0.93	%		0.89	%
Net investment income to average net assets		2.36	%		2.01	%		2.31	%		3.30	%		2.29	%
Portfolio turnover rate		55	%		39	%		62	%		61	%		41	%

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

Transamerica Funds		Annual Report 2012
	Page    154

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica Growth
For a share outstanding throughout each period	October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of year	$	12.94		$	11.78		$	10.17		$	8.37		$	13.05
Investment operations
Net investment income(B)		0.01			—	(H)		0.01			0.01			0.02
Net realized and change in unrealized gain (loss) on investments		0.97			1.17			1.61			1.81			(4.68	)
Total from investment operations		0.98			1.17			1.62			1.82			(4.66	)
Distributions
Net investment income		(0.01	)		(0.01	)		(0.01	)		(0.02	)		(0.02	)
Net realized gains on investments		(0.49	)		—			—			—			—
Total distributions		(0.50	)		(0.01	)		(0.01	)		(0.02	)		(0.02	)
Net asset value
End of year	$	13.42		$	12.94		$	11.78		$	10.17		$	8.37
Total return(C)		8.19	%		9.96	%		15.96	%		21.79	%		(35.77	)%
Net assets end of year (000’s)	$	550,207		$	618,767		$	726,732		$	654,610		$	184,981
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		0.83	%		0.81	%		0.81	%		0.85	%		0.85	%
Before reimbursement/recapture		0.83	%	��	0.81	%		0.81	%		0.85	%		0.85	%
Net investment income to average net assets		0.06	%		0.01	%		0.09	%		0.16	%		0.21	%
Portfolio turnover rate		43	%		55	%		83	%		82	%		70	%

	Transamerica International
For a share outstanding throughout each period	October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of year	$	8.50		$	8.94		$	7.57		$	5.95		$	13.55
Investment operations
Net investment income(B)		0.15			0.14			0.10			0.10			0.19
Net realized and change in unrealized gain (loss) on investments		0.56			(0.47	)		1.34			1.69			(6.63	)
Total from investment operations		0.71			(0.33	)		1.44			1.79			(6.44	)
Distributions
Net investment income		(0.15	)		(0.11	)		(0.07	)		(0.17	)		(0.13	)
Net realized gains on investments		—			—			—			—			(1.03	)
Total distributions		(0.15	)		(0.11	)		(0.07	)		(0.17	)		(1.16	)
Net asset value
End of year	$	9.06		$	8.50		$	8.94		$	7.57		$	5.95
Total return(C)		8.65	%		(3.80	)%		19.16	%		30.83	%		(51.66	)%
Net assets end of year (000’s)	$	307,143		$	359,646		$	584,849		$	485,803		$	307,981
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		1.07	%		1.07	%		1.06	%		1.09	%		1.06	%
Before reimbursement/recapture		1.07	%		1.07	%		1.06	%		1.09	%		1.06	%
Net investment income to average net assets		1.81	%		1.52	%		1.22	%		1.62	%		1.87	%
Portfolio turnover rate		50	%		46	%		51	%		75	%		72	%

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

Transamerica Funds		Annual Report 2012
	Page    155

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica International Equity Opportunities
For a share outstanding throughout each period	October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008 (I)
Net asset value
Beginning of period/year	$	8.34		$	9.11		$	8.16		$	6.58		$	10.00
Investment operations
Net investment income(B)		0.14			0.15			0.12			0.12			0.02
Net realized and change in unrealized gain (loss) on investments		0.29			(0.37	)		1.09			1.46			(3.44	)
Total from investment operations		0.43			(0.22	)		1.21			1.58			(3.42	)
Distributions
Net investment income		(0.20	)		(0.10	)		(0.06	)		—			—
Net realized gains on investments		(1.15	)		(0.45	)		(0.20	)		—			—
Total distributions		(1.35	)		(0.55	)		(0.26	)		—			—
Net asset value
End of year	$	7.42		$	8.34		$	9.11		$	8.16		$	6.58
Total return(C)		8.00	%		(2.69	)%		15.16	%		24.01	%		(34.20	)%(D)
Net assets end of year (000’s)	$	174,899		$	353,694		$	536,181		$	396,754		$	40,997
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		1.04	%		0.99	%		0.99	%		1.09	%		1.23	%(F)
Before reimbursement/recapture		1.04	%		0.99	%		0.99	%		1.78	%		0.71	%(F)
Net investment income to average net assets		1.94	%		1.69	%		1.47	%		1.78	%		0.71	%(F)
Portfolio turnover rate		29	%		29	%		35	%		24	%		37	%(D)

	Transamerica International Small Cap
For a share outstanding throughout each period	October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008 (J)
Net asset value
Beginning of period/year	$	9.00		$	9.67		$	8.22		$	5.82		$	10.00
Investment operations
Net investment income(B)		0.11			0.15			0.08			0.08			0.12
Net realized and change in unrealized gain (loss) on investments		0.11			(0.66	)		1.42			2.41			(4.30	)
Total from investment operations		0.22			(0.51	)		1.50			2.49			(4.18	)
Distributions
Net investment income		(0.23	)		(0.11	)		(0.05	)		(0.09	)		—
Net realized gains on investments		(1.09	)		(0.05	)		—			—			—
Total distributions		(1.32	)		(0.16	)		(0.05	)		(0.09	)		—
Net asset value
End of year	$	7.90		$	9.00		$	9.67		$	8.22		$	5.82
Total return(C)		4.57	%		(5.39	)%		18.29	%		43.56	%		(41.80	)%(D)
Net assets end of year (000’s)	$	241,928		$	330,358		$	548,288		$	543,673		$	108,655
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		1.20	%		1.15	%		1.16	%		1.23	%		1.27	%(F)
Before reimbursement/recapture		1.20	%		1.15	%		1.16	%		1.21	%		1.30	%(F)
Net investment income to average net assets		1.58	%		1.46	%		0.97	%		1.23	%		1.96	%(F)
Portfolio turnover rate		33	%		38	%		54	%		46	%		14	%(D)

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

Transamerica Funds		Annual Report 2012
	Page    156

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica International Value Opportunities
For a share outstanding throughout each period	October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009				October 31, 2008(K)
Net asset value
Beginning of period/year	$	10.30		$	11.12		$	9.69		$	7.98			$	10.00
Investment operations
Net investment income(B)		0.13			0.16			0.10			0.10		��		—	(H)
Net realized and change in unrealized gain (loss) on investments		0.10			(0.85	)		1.42			1.66				(2.02	)
Total from investment operations		0.23			(0.69	)		1.52			1.76				(2.02	)
Distributions
Net investment income		(0.21	)		(0.06	)		(0.06	)		—				—
Net realized gains on investments		(1.47	)		(0.07	)		(0.03	)		(0.05	)			—
Total distributions		(1.68	)		(0.13	)		(0.09	)		(0.05	)			—
Net asset value
End of year	$	8.85		$	10.30		$	11.12		$	9.69			$	7.98
Total return(C)		4.44	%		(6.31	)%		15.75	%		22.21	%			(20.20	)%(D)
Net assets end of year (000’s)	$	220,190		$	448,438		$	778,484		$	591,539			$	79,516
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		1.12	%		1.08	%		1.08	%		1.17	%			1.35	%(F)
Before reimbursement/recapture		1.12	%		1.08	%		1.08	%		1.15	%			1.76	%(F)
Net investment income (loss) to average net assets		1.49	%		1.41	%		0.97	%		1.14	%			(0.18	)%(F)
Portfolio turnover rate		19	%		28	%		36	%		39	%			5	%(D)

	Transamerica Large Company
For a share outstanding throughout each period	October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of year	$	8.88		$	8.34		$	7.81		$	7.61		$	13.08
Investment operations
Net investment income(B)		0.15			0.10			0.10			0.13			0.13
Net realized and change in unrealized gain (loss) on investments		1.10			0.56			0.54			0.20			(4.78	)
Total from investment operations		1.25			0.66			0.64			0.33			(4.65	)
Distributions
Net investment income		(0.12	)		(0.12	)		(0.11	)		(0.13	)		(0.09	)
Net realized gains on investments		—			—			—			—			(0.73	)
Total distributions		(0.12	)		(0.12	)		(0.11	)		(0.13	)		(0.82	)
Net asset value
End of year	$	10.01		$	8.88		$	8.34		$	7.81		$	7.61
Total return(C)		14.26	%		7.92	%		8.16	%		4.50	%		(37.76	)%
Net assets end of year (000’s)	$	533,059		$	544,049		$	702,205		$	633,675		$	461,816
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		0.84	%		0.84	%		0.83	%		0.83	%		0.83	%
Before reimbursement/recapture		0.84	%		0.84	%		0.83	%		0.83	%		0.83	%
Net investment income to average net assets		1.55	%		1.05	%		1.21	%		1.87	%		1.21	%
Portfolio turnover rate		100	%		100	%		124	%		130	%		71	%

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

Transamerica Funds		Annual Report 2012
	Page    157

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica Long/Short Strategy
For a share outstanding throughout each period	October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of year	$	7.86		$	8.32		$	8.43		$	9.51		$	9.78
Investment operations
Net investment income (loss)(B)		(0.10	)		(0.15	)		(0.13	)		(0.17	)		0.10
Net realized and change in unrealized gain (loss) on investments		0.40			(0.31	)		0.02			(0.80	)		0.20
Total from investment operations		0.30			(0.46	)		(0.11	)		(0.97	)		0.30
Distributions
Net investment income		—			—			—			—			(0.57	)
Return of capital		—			—			—			(0.11	)		—
Total distributions		—			—			—			(0.11	)		(0.57	)
Net asset value
End of year	$	8.16		$	7.86		$	8.32		$	8.43		$	9.51
Total return(C)		3.82	%		(5.53	)%		(1.30	)%		(10.27	)%		3.30	%
Net assets end of year (000’s)	$	91,190		$	113,108		$	108,342		$	86,682		$	121,348
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture(L)		3.46	%		3.59	%		2.85	%		3.61	%		2.79	%
Before reimbursement/recapture(L)		3.46	%		3.59	%		2.85	%		3.61	%		2.79	%
Net investment income (loss) to average net assets(L)		(1.21	)%		(1.86	)%		(1.61	)%		(1.87	)%		1.05	%
Portfolio turnover rate		153	%		411	%		303	%		463	%		192	%

	Transamerica Mid Cap Value
For a share outstanding throughout each period	October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of year	$	10.93		$	10.17		$	8.28		$	7.54		$	12.32
Investment operations
Net investment income(B)		0.14			0.11			0.12			0.15			0.13
Net realized and change in unrealized gain (loss) on investments		2.08			0.79			1.93			0.82			(4.20	)
Total from investment operations		2.22			0.90			2.05			0.97			(4.07	)
Distributions
Net investment income		(0.12	)		(0.14	)		(0.16	)		(0.17	)		(0.10	)
Net realized gains on investments		—			—			—			(0.06	)		(0.61	)
Total distributions		(0.12	)		(0.14	)		(0.16	)		(0.23	)		(0.71	)
Net asset value
End of year	$	13.03		$	10.93		$	10.17		$	8.28		$	7.54
Total return(C)		20.57	%		8.88	%		25.08	%		13.39	%		(34.92	)%
Net assets end of year (000’s)	$	208,458		$	158,344		$	163,612		$	165,838		$	147,772
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		0.89	%		0.90	%		0.89	%		0.90	%		0.87	%
Before reimbursement/recapture		0.89	%		0.90	%		0.89	%		0.90	%		0.87	%
Net investment income to average net assets		1.16	%		1.04	%		1.33	%		2.05	%		1.22	%
Portfolio turnover rate		38	%		39	%		29	%		43	%		45	%

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

Transamerica Funds		Annual Report 2012
	Page    158

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica Real Return TIPS
For a share outstanding throughout each period	October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of year	$	11.45		$	11.61		$	10.72		$	9.21		$	10.21
Investment operations
Net investment income(B)		0.10			0.37			0.25			0.32			0.47
Net realized and change in unrealized gain (loss) on investments		0.88			0.27			1.04			1.58			(0.96	)
Total from investment operations		0.98			0.64			1.29			1.90			(0.49	)
Distributions
Net investment income		(0.15	)		(0.37	)		(0.40	)		(0.33	)		(0.51	)
Net realized gains on investments		(0.54	)		(0.43	)		—			(0.06	)		—
Total distributions		(0.69	)		(0.80	)		(0.40	)		(0.39	)		(0.51	)
Net asset value
End of year	$	11.74		$	11.45		$	11.61		$	10.72		$	9.21
Total return(C)		9.07	%		6.23	%		12.40	%		21.00	%		(5.29	)%
Net assets end of year (000’s)	$	1,343,452		$	971,634		$	845,965		$	752,723		$	621,092
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		0.70	%		0.73	%		0.72	%		0.74	%		0.74	%
Before reimbursement/recapture		0.70	%		0.73	%		0.72	%		0.74	%		0.74	%
Net investment income to average net assets		0.96	%		3.35	%		2.32	%		3.23	%		4.47	%
Portfolio turnover rate		151	%		213	%		307	%		583	%		1,028	%

	Transamerica Select Equity
For a share outstanding throughout each period	October 31, 2012			October 31, 2011 (M)
Net asset value
Beginning of period/year	$	10.22		$	10.00
Investment operations
Net investment income(B)		0.21			0.01
Net realized and change in unrealized gain on investments		1.23			0.21
Total from investment operations		1.44			0.22
Distributions
Net investment income		(0.21	)		—	(H)
Total distributions		(0.21	)		—	(H)
Net asset value
End of year	$	11.45		$	10.22
Total return(C)		14.29	%		2.31	%(D)
Net assets end of year (000’s)	$	1,200,201		$	936,279
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		0.77	%		0.83	%(F)
Before reimbursement/recapture		0.77	%		0.83	%(F)
Net investment income to average net assets		1.92	%		0.83	%(F)
Portfolio turnover rate		66	%		6	%(D)

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

Transamerica Funds		Annual Report 2012
	Page    159

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Transamerica Total Return
For a share outstanding throughout each period	October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of year	$	10.42		$	10.80		$	10.85		$	9.58		$	10.47
Investment operations
Net investment income(B)		0.23			0.30			0.35			0.49			0.49
Net realized and change in unrealized gain (loss) on investments		0.62			(0.07	)		0.67			1.64			(0.88	)
Total from investment operations		0.85			0.23			1.02			2.13			(0.39	)
Distributions
Net investment income		(0.33	)		(0.30	)		(0.34	)		(0.67	)		(0.44	)
Net realized gains on investments		(0.05	)		(0.31	)		(0.73	)		(0.19	)		(0.06	)
Total distributions		(0.38	)		(0.61	)		(1.07	)		(0.86	)		(0.50	)
Net asset value
End of year	$	10.89		$	10.42		$	10.80		$	10.85		$	9.58
Total return(C)		8.30	%		2.45	%		10.25	%		23.74	%		(4.04	)%
Net assets end of year (000’s)	$	803,780		$	625,735		$	667,721		$	505,329		$	555,428
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		0.74	%		0.74	%		0.74	%		0.74	%		0.75	%
Before reimbursement/recapture		0.74	%		0.74	%		0.74	%		0.74	%		0.75	%
Net investment income to average net assets		2.16	%		2.92	%		3.30	%		4.95	%		4.66	%
Portfolio turnover rate		98	%		144	%		222	%		841	%		751	%

	Transamerica Value
For a share outstanding throughout each period	October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of year	$	20.74		$	21.56		$	18.44		$	16.93		$	28.93
Investment operations
Net investment income(B)		0.29			0.24			0.19			0.15			0.24
Net realized and change in unrealized gain (loss) on investments		1.86			(0.62	)		3.20			1.36			(11.45	)
Total from investment operations		2.15			(0.38	)		3.39			1.51			(11.21	)
Distributions
Net investment income		(0.05	)		(0.44	)		(0.27	)		—			(0.42	)
Net realized gains on investments		—			—			—			—			(0.37	)
Total distributions		(0.05	)		(0.44	)		(0.27	)		—			(0.79	)
Net asset value
End of year	$	22.84		$	20.74		$	21.56		$	18.44		$	16.93
Total return(C)		10.42	%		(1.87	)%		18.53	%		8.92	%		(39.75	)%
Net assets end of year (000’s)	$	271,559		$	307,724		$	383,134		$	423,550		$	336,845
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		0.87	%		0.87	%		0.87	%		0.87	%		0.86	%
Before reimbursement/recapture		0.87	%		0.87	%		0.87	%		0.87	%		0.86	%
Net investment income to average net assets		1.37	%		1.06	%		0.98	%		0.91	%		1.00	%
Portfolio turnover rate		16	%		4	%		—	%(N)		17	%		29	%

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

Transamerica Funds		Annual Report 2012
	Page    160

FINANCIAL HIGHLIGHTS (continued)

^(A)  Commenced operations on May 1, 2011.

^(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)  Includes dividends and interest on securities sold short (representing 0.67% and 0.30% of average net assets for 2012 and 2011, respectively).

^(F)  Annualized.

^(G)  Commenced operations on July 1, 2009.

^(H)  Rounds to less than $0.01 or $(0.01).

^(I)  Commenced operations on June 10, 2008.

^(J)  Commenced operations on March 1, 2008.

^(K)  Commenced operations on September 15, 2008.

^(L)  Includes dividends and interest on securities sold short (representing 2.03%, 2.17%, 1.35%, 2.09%, and 1.30% of average net assets for 2012, 2011, 2010, 2009, and 2008, respectively).

^(M)  Commenced operations on August 31, 2011.

^(N)  Rounds to less than 1%.

Note: Prior to November 1, 2009, all the financial highlights were audited by another independent registered public accounting firm.

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

Transamerica Funds		Annual Report 2012
	Page    161

Transamerica Commodity Strategy

(formerly, Transamerica Goldman Sachs Commodity Strategy)

(unaudited)

MARKET ENVIRONMENT

The energy sector was the main driver of the index’s negative return. Crude oil was the largest driver in the sector as increasing supplies and continued global economic concerns drove prices lower. In addition, natural gas prices reached a record low level amid milder-than-normal temperatures over the winter period, leaving record gas volume in storage as production continued to tick up. The agriculture sector was the strongest performer over the period, driven by a severe drought in the U.S. Midwest during the summer growing season of 2012.

PERFORMANCE

For the year ended October 31, 2012, Transamerica Commodity Strategy Class I2 returned (6.57%). By comparison, its benchmark, the Dow Jones-UBS Commodity, returned (4.44%).

STRATEGY REVIEW

During the period, the fund underperformed its benchmark. The primary detractor from performance was our deferred positioning in soybeans, corn and wheat. Hot and dry weather during the growing season in the U.S. Midwest caused significant damage to the crop causing grain prices to rally. Nearby corn, soybean and wheat futures outperformed longer-dated futures, leading to our deferred futures position to underperform that of the benchmark. Offsetting some of this negative impact, our deferred position in natural gas added to performance in the first quarter of 2012 as milder-than-normal temperatures over the winter period left record natural gas volumes in storage, causing nearby natural gas prices to decline more than deferred natural gas prices.

As of October 31, 2012, the fund held exposure to commodities through customized swaps on the Dow Jones-UBS (“DJ-UBS”) Commodity. Relative to the benchmark, we have 6-months deferred positions in Western Texas Intermediate crude oil and natural gas with the remaining commodities in the same contract month as the benchmark.

Goldman Sachs Asset Management’s (“GSAM”) strategy seeks to provide full exposure to the DJ-UBS Commodity. GSAM employs a semi-active approach whereby we do not take active views on individual commodities, but rather create exposure to commodities through the purchase of DJ-UBS total return swaps and total return swaps on enhanced roll versions of the index that deviate from the standard index roll.

Roll management is the primary source of our alpha generation. We implement the roll by deviating slightly from the DJ-UBS convention, which calls for rolling 20% of the futures each day on business days five through nine on a bi-monthly basis. Instead, we tactically avoid the buying pressure that coincides with the peak roll period, which can create a modest amount of alpha with small increases in tracking error.

To the extent the firm believes fundamental or technical developments will impact the futures roll timing decision, it will incorporate those views into the fund by electing to roll positions earlier, later, forward, or in different weights versus the index roll. Roll timing strategies employed may include: alternative roll date modifications, which avoid the market impact of plain vanilla index rolls during business days 5 to 9; forward exposure roll modifications, which avoid the market impact of vanilla index rolls and move exposure out the curve to mitigate the returns impact often associated with persistent contango; and seasonal roll modifications, which take advantage of seasonal relationships in commodity markets to increase returns. These strategies enable GSAM to generate potential excess returns over the benchmark.

Stephen Lucas

Michael G. Johnson

John Calvaruso, CFA

Co-Portfolio Managers

Goldman Sachs Asset Management, L.P.

Transamerica Funds		Annual Report 2012
	Page    162

Transamerica Commodity Strategy

(formerly, Transamerica Goldman Sachs Commodity Strategy)

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2012

	1 Year			5 Years			10 Years or Life of Fund			Inception Date
Class I2 (NAV)		(6.57	)%		(4.34	)%		2.13	%	01/03/2007
Dow Jones–UBS Commodity *		(4.44	)%		(4.43	)%		(0.98	)%

NOTES

* The Dow Jones–UBS Commodity Index Total Return USD (“Dow Jones–UBS Commodity”) is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or Life of Fund calculation is based on inception date of the class. You cannot invest directly in an index.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on fund distributions or the redemption of fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamericafunds.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.

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

The fund’s investment exposure to the commodities markets may subject the fund to greater volatility than investments in more traditional securities, such as stocks and bonds. The performance of commodity-linked derivative instruments may depend on the performance of the overall commodities markets and on other factors that affect the value of commodities, including weather, disease, and political, tax, and other regulatory developments. This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives and policies of this fund. This fund is only available in Class I2 shares, which are not available for direct investment by the public.

Transamerica Funds		Annual Report 2012
	Page    163

Transamerica Global Allocation

(formerly, Transamerica BlackRock Global Allocation)

(unaudited)

MARKET ENVIRONMENT

For the period of November 1, 2011 through October 31, 2012, global investors generally put aside concerns about Europe’s credit crisis, slowing growth in China, and uncertainty surrounding U.S. elections so as to drive up the returns of global equities versus returns of global bonds. We continue to believe that the best opportunities continue to lie primarily in high-quality equities and certain commodity-oriented investments relative to nearly all forms of fixed income securities, but particularly Western government bonds. Nevertheless, we believe that a diversified approach will remain important, as concerns regarding the U.S. “fiscal cliff” are likely to endure throughout the remainder of 2012, and because some degree of fiscal drag is highly likely to occur in the U.S., even if the full effects of the fiscal cliff are avoided.

PERFORMANCE

For the year ended October 31, 2012, Transamerica Global Allocation Class I2 returned 4.91%. By comparison, its primary and secondary benchmark the Financial Times Stock Exchange World Index (“FTSE World”) and the Transamerica Global Allocation Blended Benchmark, returned 9.48% and 7.75%, respectively.

STRATEGY REVIEW

For the 12-month period ended October 31, 2012, the fund underperformed the broad-based all-equity benchmark, the FTSE World Index and underperformed the Transamerica Global Allocation Blended Benchmark, which is comprised of the Standard & Poor’s 500^® Index (36%), Financial Times Stock Exchange All-World ex-U.S. Index (24%), Bank of America Merrill Lynch U.S. Treasury Current 5-Year Index (24%), and Citigroup Non-U.S. Dollar World Government Bond Index (16%).

Within equities, the fund’s underweights in the U.S. and Canada detracted from performance. An overweight to Japan also detracted although this was partially offset by stock selection. From a sector perspective, an overweight and stock selection in materials and energy, as well as stock selection in information technology, had a negative impact. Stock selection in utilities contributed to performance. Within financials, stock selection was also additive, although positive effects were partially offset by an underweight exposure to the sector. The fund’s overall relative underweight in fixed income added to returns. Within fixed income, an overweight to corporate bonds also contributed to performance. The fund’s overweight to cash also weighed on returns.

During the 12-month period, the fund’s overall equity allocation decreased from 63% of net assets to 60%. Within equities, the fund decreased its weightings in Asia and Latin America and increased its weighting in the United States and Europe. The fund decreased its sector weightings in energy, materials, telecom, utilities, and industrials and increased its weightings in health care and financials. The fund’s allocation to fixed income decreased over the period from 27% of net assets to 24%. In the fixed income segment, the fund reduced exposure to U.S. Treasury securities and U.S. dollar-denominated foreign convertible bonds. Conversely, the fund increased exposure to U.S. dollar-denominated foreign corporate bonds, U.S. corporate bonds, and Australian government bonds. Reflecting the changes in the fund’s overall allocations to the equity and fixed income asset classes during the period, the fund’s cash and cash equivalent holdings increased from 10% of net assets to 16%.

Relative to the Transamerica Global Allocation Blended Benchmark, the fund ended the period neutral in equities, significantly underweight in fixed income and overweight in cash and cash equivalents. Within equities, the fund was overweight in Asia (most notably in Japan) and underweight in Europe and the United States. On a sector basis, the fund was overweight in materials, health care, energy, telecom, and IT, and underweight in financials, consumer staples, consumer discretionary, and industrials. Within fixed income, the fund was underweight U.S. treasuries, Japanese government bonds, and sovereign debt in Europe, and overweight sovereign debt in Australia and Brazil. In addition, the fund was overweight convertible bonds and corporate debt. With respect to currency exposure, the fund was overweight the U.S. Dollar, Brazilian Real, Singapore Dollar, and Canadian Dollar, along with smaller overweights in several emerging Asian currencies. The fund was underweight the Euro, Japanese Yen and British Pound.

Throughout the period, cash helped mitigate fund volatility and served as a source of funds for new investments. In addition, the fund’s cash position helped keep overall fund duration (sensitivity to interest rate movements) low.

The fund uses derivatives which may include options, futures, indexed securities, inverse securities, swaps and forward contracts both to seek to increase the return of the fund and to hedge (or protect) the value of the assets against adverse movements in currency exchange rates, interest rates and movements in the securities markets. The use of options, futures, indexed securities, inverse securities, swaps and forward contracts can be effective in protecting or enhancing the value of the fund’s assets and the fund will not engage in certain strategies that are considered highly risky and speculative. In addition, the Global Allocation Team adheres to all BlackRock-wide policies and SEC guidelines to ensure that the fund does not use leverage.

Dennis Stattman, CFA

Dan Chamby, CFA

Aldo Roldan

Co-Portfolio Managers

BlackRock Investment Management, LLC

Transamerica Funds		Annual Report 2012
	Page    164

Transamerica Global Allocation

(formerly, Transamerica BlackRock Global Allocation)

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2012

	1 Year			5 Years			10 Years or Life of Fund			Inception Date
Class I2 (NAV)		4.91	%		1.78	%		6.04	%	12/06/2005
FTSE World *		9.48	%		(2.21	)%		3.69	%
Transamerica Global Allocation Blended Benchmark *		7.75	%		2.19	%		5.34	%

NOTES

* The Financial Times Stock Exchange World Index (“FTSE World”), and the Transamerica Global Allocation Blended Benchmark are unmanaged indices used as a general measure of market performance. The Transamerica Global Allocation Blended Benchmark is composed of the following benchmarks: Standard & Poor’s 500^® Index, 36%, The FTSE World, 24%, Merrill Lynch current 5-year Treasury Index, 24%, and Citigroup World Government Bond Index, 16%. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or Life of Fund calculation is based on the inception date of the class. You cannot invest directly in an Index.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on fund distributions or the redemption of fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamericafunds.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.

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

Global, foreign, and emerging market investing involves special considerations, including risks related to market and currency volatility, adverse social and political developments, and the relatively small size and lesser liquidity of these markets. The risks of investing in foreign securities are magnified in emerging markets. This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives and policies of this fund. This fund is only available in Class I2 shares, which are not available for direct investment by the public.

Transamerica Funds		Annual Report 2012
	Page    165

Transamerica Managed Futures Strategy

(formerly, Transamerica AQR Managed Futures Strategy)

unaudited

MARKET ENVIRONMENT

The fund does not express any fundamental views on the market environment. Instead, the fund pursues an active managed futures strategy. We invest in futures and forward contracts both long and short across the global equity, fixed income, commodity, and currency markets. We utilize both short and long-term trend following signals to attempt to profit from different types of trends that occur in all of these markets. Trend following can be simply described as going long markets that are rising in price and going short markets that are falling in price. In addition to trend following signals, we also incorporate signals that seek to identify overextended trends and reduce risk when the chance of a reversal is perceived as higher than normal, since market reversals generally cause losses for trend following strategies.

PERFORMANCE

For the year ended October 31, 2012, Transamerica Managed Futures Strategy, Class I2 returned 0.31%. By comparison, its benchmark, the Citigroup 3-Month Treasury Bill + 7% Wrap Index, returned 7.29%.

STRATEGY REVIEW

Fixed income was the strongest contributing asset class over the period. Most of the gains came from being generally long in global bond markets as well as short term interest rate futures, largely due to aggressive monetary policy actions undertaken by central banks around the world to combat a lackluster global economic growth.

In commodities, the fund performed well yearly in the period as it benefited from continued weakness in natural gas, which dropped primarily because of a very mild winter that tempered seasonal demand. The fund also benefited from drops in softs and precious metals. Conversely, the fund suffered later in the period as short positions detracted from performance when commodities generally rallied.

Equities were a small detractor from the fund’s performance. The fund was generally long equity markets in the period. This contributed to performance when equity markets generally rallied, but detracted from performance during periods of sharp drawdowns.

Currencies detracted from performance as trends reversed from the previous period, and instead generally followed a relatively choppy or trendless pattern throughout the year.

From a signal perspective, long term trend following signals contributed positively while short term trend following signals detracted. Overextended trend signals contributed positively as well, as a number of markets suffered sharp reversals. Overall, we believe this period continued to illustrate the importance of our fund construction, which emphasizes diversification across asset classes as well as diversification across signals.

Clifford S. Asness

John M. Liew

Brian K. Hurst

Yao Hua Ooi

Co-Portfolio Managers

AQR Capital Management, LLC.

Transamerica Funds		Annual Report 2012
	Page    166

Transamerica Managed Futures Strategy

(formerly, Transamerica AQR Managed Futures Strategy)

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2012

	1 Year			10 Years or Life of Fund			Inception Date
Class I2 (NAV)		0.31	%		(2.30	)%	09/30/2010
Citigroup 3-Month Treasury Bill *		7.29	%		7.32	%

NOTES

* The Citigroup 3-Month Treasury Bill + 7% Wrap Index (“Citigroup 3-Month Treasury Bill”) is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or Life of Fund calculation is based on the inception date of the class. You cannot invest directly in an index.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on fund distributions or the redemption of fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamericainvestments.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.

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

Securities purchased for an arbitrage strategy are intended to take advantage of a perceived relationship between the value of two securities and may not perform as expected. This material must be preceded or accompanied by a current prospectus, which includes specific contents regarding the investment objectives and policies of this fund. This fund is only available in Class I2 shares, which are not available for direct investment by the public.

Transamerica Funds		Annual Report 2012
	Page    167

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 May 1, 2012 and held for the entire period until October 31, 2012.

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(A)
Fund Name(B)	Beginning Account Value		Ending Account Value		Expenses Paid During Period(C)		Ending Account Value		Expenses Paid During Period(C)		Annualized Expense Ratio
Transamerica Commodity Strategy	$	1,000.00	$	997.90	$	3.62	$	1,021.52	$	3.66		0.72	%
Transamerica Global Allocation		1,000.00		1,009.10		5.10		1,020.06		5.13		1.01
Transamerica Managed Futures Strategy		1,000.00		995.70		6.82		1,018.30		6.90		1.36

^(A) 5% return per year before expenses.

^(B) See the Notes to the Financial Statements for information regarding name changes for the funds.

^(C) Expenses are calculated using the funds’ annualized expense ratios (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days), and divided by the number of days in the year (366 days).

Transamerica Funds		Annual Report 2012
	Page    168

Consolidated Schedules of Investments Composition

At October 31, 2012

(The following charts summarize the Consolidated Schedules of Investments of the funds by asset type)

(unaudited)

Transamerica Commodity Strategy	% of Net Assets
Short-Term U.S. Government Obligations		65.7	%
Repurchase Agreement		25.7
Securities Lending Collateral		20.5
Other Assets and Liabilities—Net(A)		(11.9	)
Total		100.0	%
Transamerica Global Allocation	% of Net Assets
Common Stocks		58.2	%
Short-Term U.S. Government Obligations		14.7
Securities Lending Collateral		10.9
Foreign Government Obligations		9.4
U.S. Government Obligations		5.7
Corporate Debt Securities		4.1
Convertible Bonds		3.0
Short-Term Foreign Government Obligations		3.0
Investment Companies		2.7
Preferred Stocks		1.1
Purchased Options		0.7
Convertible Preferred Stocks		0.5
Loan Assignments		0.4
Mortgage-Backed Security		0.1
Preferred Corporate Debt Securities		0.0	(B)
Warrants		0.0	(B)
Right		0.0	(B)
Other Assets and Liabilities—Net(A)		(14.5	)
Total		100.0	%
Transamerica Managed Futures Strategy	% of Net Assets
Investment Companies		87.8	%
Other Assets and Liabilities—Net(A)		12.2
Total		100.0	%

^(A) The Other Assets and Liabilities—Net category may include, but is not limited to, Forward Foreign Currency contracts, Futures Contracts, Swap Agreements, Written Options and Swaptions, Securities Sold Short, and Cash Collateral.

^(B) Amount rounds to less than 0.1%.

Transamerica Funds		Annual Report 2012
	Page    169

Transamerica Commodity Strategy

(formerly, Transamerica Goldman Sachs Commodity Strategy)

CONSOLIDATED SCHEDULE OF INVESTMENTS

At October 31, 2012

	Principal (000’s)		Value (000’s)
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS—65.7%
U.S. Treasury Bill
0.08%, 01/10/2013 ^	$	19,000	$	18,995
0.10%, 02/07/2013 ^		20,000		19,992
0.12%, 03/07/2013 		20,000		19,988
0.17%, 08/22/2013—09/19/2013 		40,000		39,941
Total Short-Term U.S. Government Obligations (cost $98,916)				98,916
	Shares		Value (000’s)
SECURITIES LENDING COLLATERAL—20.5%
State Street Navigator Securities Lending Trust—Prime Portfolio, 0.31% 		30,835,620		30,836
Total Securities Lending Collateral (cost $30,836)

	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT—25.7%
State Street Bank & Trust Co. 0.03% , dated 10/31/2012, to be repurchased at $38,705 on 11/01/2012. Collateralized by U.S. Government Agency Obligations, 3.00%, due 12/01/2026, and with a total value of $39,484.	$	38,705	$	38,705
Total Repurchase Agreement (cost $38,705)
Total Investment Securities (cost $168,457) P				168,457
Other Assets and Liabilities—Net				(17,964	)
Net Assets			$	150,493

OVER THE COUNTER SWAP AGREEMENTS: b

TOTAL RETURN SWAP AGREEMENTS—RECEIVABLE: ^(A)

Reference Entity	Fixed Rate			Termination Date	Counterparty	Notional Amount (000’s)		Market Value (000’s)			Premiums Paid (Received) (000’s)		Unrealized Appreciation (Depreciation) (000’s)
Dow Jones-UBS Commodity Custom Index §		0.27	%	06/13/2013	UBS	$	53,873	$	¿		$	—	$	¿
Dow Jones-UBS Commodity Custom Index §		0.27		06/13/2013	UBS		1,506		¿			—		¿
Dow Jones-UBS Commodity Custom Index §		0.27		06/13/2013	UBS		30,566		¿			—		¿
GSAM MLBXGSM7 Index §		0.25		12/17/2012	BOA		38,691		¿			—		¿
GSAM MLBXGSM7 Index §		0.25		12/17/2012	BOA		26,600		(¿	)		—		(¿	)
								$	¿		$	—	$	¿

Collateral (Received) Pledged for OTC Financial Derivative Instruments

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received) pledged as of 10/31/2012:

Counterparty	Total Market Value of OTC Derivatives		Collateral (Received)/Pledged		Net Exposures
BOA	$	¿	$	8,690	$	8,690
UBS		¿		10,425		10,425

⁽¹⁾  Net exposure represents the net receivable (payable) that would be due from/to the counterparty in the event of default.

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

Transamerica Funds		Annual Report 2012
	Page    170

Transamerica Commodity Strategy

(formerly, Transamerica Goldman Sachs Commodity Strategy)

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

 Rate shown reflects the yield at 10/31/2012.

^ All or a portion of this security is on loan. The value of all securities on loan is $30,223.

P Aggregate cost for federal income tax purposes is $192,632. Net unrealized depreciation for tax purposes is $11,059.

b Cash, in the amount of $19,115, has been segregated by the custodian for the benefit of the broker for open swap contracts.

^(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.

§ Illiquid. Total aggregate market value of illiquid derivatives is less than $1, or less than 0.01% of the fund’s net assets.

¿ Amount is less than 1.

DEFINITIONS:

BOA	Bank of America
OTC	Over the Counter
UBS	UBS Warburg LLC

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 10/31/2012
Repurchase Agreement	$	—	$	38,705	$	—	$	38,705
Securities Lending Collateral		30,836		—		—		30,836
Short-Term U.S. Government Obligations		—		98,916		—		98,916
Total	$	30,836	$	137,621	$	—	$	168,457

Other Financial Instruments ₣	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value at 10/31/2012
Total Return Swaps—Appreciation	$	—	$	¿		$	—	$	¿
Total Return Swaps—Depreciation		—		(¿	)		—		(¿	)
Total	$	—	$	¿		$	—	$	¿

' Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of Levels 1 and 2 during the period ended 10/31/2012. 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		Annual Report 2012
	Page    171

Transamerica Global Allocation

(formerly, Transamerica BlackRock Global Allocation)

CONSOLIDATED SCHEDULE OF INVESTMENTS

At October 31, 2012

	Principal (000’s)		Value     (000’s)
U.S. GOVERNMENT OBLIGATIONS—5.7%
United States—5.7%
U.S. Treasury Note
0.63%, 09/30/2017 ^	$	1,544	$	1,538
1.00%, 09/30/2019 ^		1,172		1,162
1.25%, 10/31/2019		392		395
1.38%, 09/30/2018		1,627		1,670
1.75%, 05/15/2022 g		562		568
2.00%, 11/15/2021		409		424
2.25%, 03/31/2016		3,035		3,220
2.63%, 08/15/2020		2,721		2,990
3.50%, 05/15/2020 ☼		5,091		5,927
Total U.S. Government Obligations (cost $16,749)				17,894
FOREIGN GOVERNMENT OBLIGATIONS—9.4%
Australia—2.6%
Australia Government Bond
4.75%, 11/15/2012	AUD	1,453		1,509
5.50%, 12/15/2013—04/21/2023		3,702		4,483
5.75%, 05/15/2021— 07/15/2022		1,710		2,150
Brazil—1.5%
Brazil Notas do Tesouro Nacional
6.00%, 05/15/2015—08/15/2022	BRL	1,279		1,602
10.00%, 01/01/2017—01/01/2021		5,936		3,073
Canada—0.5%
Canadian Government Bond
1.50%, 03/01/2017	CAD	560		565
3.50%, 06/01/2020		416		473
4.00%, 06/01/2016		363		398
Germany—2.0%
Bundesrepublik Deutschland
3.50%, 07/04/2019	EUR	1,801		2,733
4.25%, 07/04/2017		2,299		3,506
Hong Kong—0.5%
Hong Kong Government Bond
1.67%, 03/24/2014	HKD	1,550		204
1.69%, 12/22/2014		1,500		199
2.03%, 03/18/2013		2,850		370
3.51%, 12/08/2014		2,750		379
4.13%, 02/22/2013		1,950		255
Malaysia—0.5%
Malaysia Government Bond
5.09%, 04/30/2014	MYR	1,956		661
Republic of Malaysia
3.21%, 05/31/2013		1,988		653
3.46%, 07/31/2013		1,092		360
Netherlands—0.1%
Netherlands Government Bond
1.00%, 02/24/2017—144A	$	373		375
Poland—0.1%
Republic of Poland
3.00%, 08/24/2016	PLN	1,352		447
Switzerland—0.2%
Switzerland Government Bond
2.00%, 04/28/2021—05/25/2022	CHF	255		312
2.25%, 07/06/2020		210		259
United Kingdom—1.4%
United Kingdom Gilt
4.00%, 09/07/2016	GBP	279		509
4.75%, 03/07/2020		2,007		4,018
Total Foreign Government Obligations (cost $28,241)				29,493

	Principal (000’s)		Value     (000’s)
MORTGAGE-BACKED SECURITY—0.1%
United States—0.1%
Banc of America Large Loan, Inc.
Series 2010-HLTN, Class HLTN
1.96%, 11/15/2015—144A *	$	362	$	362
Total Mortgage-Backed Security (cost $328)
PREFERRED CORPORATE DEBT SECURITIES—0.0% ¥
United States—0.0% ¥
Deutsche Bank Capital Funding Trust VII
5.63%, 01/19/2016—144A * Ž		64		61
NB Capital Trust II
7.83%, 12/15/2026		31		32
Total Preferred Corporate Debt Securities (cost $81)				93
CORPORATE DEBT SECURITIES—4.1%
Argentina—0.0% ¥
Empresa Distribuidora Y Comercializadora Norte
9.75%, 10/25/2022—144A		73		34
Australia—0.4%
Commonwealth Bank of Australia
1.90%, 09/18/2017		250		254
FMG Resources August 2006 Pty, Ltd.
6.00%, 04/01/2017—144A		120		115
National Australia Bank, Ltd.
2.00%, 06/20/2017—144A		462		478
TFS Corp., Ltd.
11.00%, 07/15/2018—144A §		515		491
Austria—0.1%
OGX Austria GmbH
8.50%, 06/01/2018—144A ^		340		297
Brazil—0.2%
Banco Bradesco SA
4.50%, 01/12/2017—144A ^		200		215
Hypermarcas SA
6.50%, 04/20/2021—144A ^		170		183
Canada—0.1%
Bank of Nova Scotia
2.55%, 01/12/2017 ^		261		276
Viterra, Inc.
5.95%, 08/01/2020—144A		106		114
Cayman Islands—0.3%
Hutchison Whampoa International 11, Ltd.
3.50%, 01/13/2017—144A		271		288
Odebrecht Drilling Norbe VIII/IX, Ltd.
6.35%, 06/30/2021—144A ^		183		211
Petrobras International Finance Co.—Pifco
3.50%, 02/06/2017		193		204
Chile—0.3%
Banco del Estado de Chile
2.03%, 04/02/2015		250		248
Banco Santander Chile
2.44%, 02/14/2014—144A *		270		266
Inversiones Alsacia SA
8.00%, 08/18/2018—144A §		190		200
Guernsey, Channel Islands—0.0% ¥
Credit Suisse Group Guernsey I, Ltd.
7.88%, 02/24/2041—Reg S *		200		208
Ireland—0.0% ¥
Nara Cable Funding, Ltd.
8.88%, 12/01/2018—144A	EUR	100		122

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

Transamerica Funds		Annual Report 2012
	Page    172

Transamerica Global Allocation

(formerly, Transamerica BlackRock Global Allocation)

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

	Principal (000’s)		Value     (000’s)
Luxembourg—0.3%
Capsugel FinanceCo S.C.A.
9.88%, 08/01/2019—144A	EUR	100	$	147
Intelsat Jackson Holdings SA
7.50%, 04/01/2021	$	234		251
Sberbank of Russia Via SB Capital SA
5.13%, 10/29/2022—144A ^		200		200
TNK-BP Finance SA
6.63%, 03/20/2017—144A		100		113
TNK-BP Finance SA—Series 2
7.50%, 07/18/2016—144A		100		114
Netherlands—0.0% ¥
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
3.38%, 01/19/2017		285		307
New World Resources NV
7.88%, 05/01/2018—Reg S	EUR	91		117
Singapore—0.1%
Bumi Investment Pte, Ltd.
10.75%, 10/06/2017—144A	$	144		112
Oversea-Chinese Banking Corp., Ltd.
1.63%, 03/13/2015—144A		274		277
Sweden—0.1%
Nordea Bank AB
3.13%, 03/20/2017—144A		200		211
Switzerland—0.0% ¥
UBS AG
5.88%, 12/20/2017		100		118
United Kingdom—0.2%
BAT International Finance PLC
2.13%, 06/07/2017—144A ^		189		193
Lloyds TSB Bank PLC
13.00%, 01/22/2029 * Ž	GBP	340		714
United States—2.0%
Ally Financial, Inc.
4.50%, 02/11/2014	$	155		160
American Express Credit Corp.
1.75%, 06/12/2015		190		195
2.38%, 03/24/2017		85		89
Anheuser-Busch InBev Worldwide, Inc.
1.38%, 07/15/2017		157		159
Bank of America Corp.
1.50%, 10/09/2015		413		414
Building Materials Corp., of America
6.88%, 08/15/2018—144A		61		65
Cablevision Systems Corp.
5.88%, 09/15/2022		118		117
Calpine Corp. (Escrow Shares)
8.75%, 07/15/2013 Ә		2,142		¿
CCO Holdings LLC / CCO Holdings Capital Corp.
5.25%, 09/30/2022		387		389
Citigroup Funding, Inc.
0.80%, 11/27/2012 		400		400
Citigroup, Inc.
5.95%, 01/30/2023 * Ž		142		146
CONSOL Energy, Inc.
8.00%, 04/01/2017		300		316
Cricket Communications, Inc.
7.75%, 10/15/2020 ^		117		121
DaVita, Inc.
6.38%, 11/01/2018		91		97
6.63%, 11/01/2020		73		78

	Principal (000’s)		Value     (000’s)
United States (continued)
Delta Topco Limited
10.00%, 11/24/2060 Ә § D	$	497	$	533
DJO Finance LLC / DJO Finance Corp.
9.75%, 10/15/2017		50		42
Ford Motor Credit Co., LLC
6.63%, 08/15/2017		112		131
General Electric Capital Corp.
5.63%, 05/01/2018		185		220
6.25%, 12/15/2022 * Ž		300		327
Hughes Satellite Systems Corp.
6.50%, 06/15/2019		169		181
7.63%, 06/15/2021		89		99
Hyundai Capital America
1.63%, 10/02/2015—144A		74		74
2.13%, 10/02/2017—144A		117		118
JPMorgan Chase Bank NA
0.73%, 06/13/2016 *		250		242
Linn Energy LLC / Linn Energy Finance Corp.
7.75%, 02/01/2021		158		169
Morgan Stanley
4.88%, 11/01/2022		157		159
Phibro Animal Health Corp.
9.25%, 07/01/2018—144A		52		50
Reliance Holdings USA, Inc.
4.50%, 10/19/2020—144A		294		311
SunGard Data Systems, Inc.
7.38%, 11/15/2018		171		184
Texas Industries, Inc.
9.25%, 08/15/2020 ^		212		226
Total Corporate Debt Securities (cost $12,470)				12,890
CONVERTIBLE BONDS—3.0%
Bermuda—0.0% ¥
Celestial Nutrifoods, Ltd.
0.00%, 06/12/2011 Џ ‡ §	SGD	1,400		34
Cayman Islands—0.4%
China Milk Products Group, Ltd.
0.00%, 01/05/2012 Џ ‡ §	$	600		120
FU JI Food and Catering Services Holdings, Ltd.
0.00%, 10/18/2010 Џ ‡ §	CNY	2,700		4
Pyrus, Ltd.
7.50%, 12/20/2015—144A §	$	200		224
Zeus Cayman
2.67%, 08/19/2013 	JPY	67,000		818
China—0.0% ¥
China Petroleum & Chemical Corp.
1.73%, 04/24/2014 	HKD	820		125
Guernsey, Channel Islands—0.1%
Credit Suisse Group Capital
4.00%, 03/29/2013 Ә	CHF	214		308
India—0.3%
REI Agro, Ltd.
5.50%, 11/13/2014—144A §	$	640		436
Suzlon Energy, Ltd.
Zero Coupon, 07/25/2014 §		342		188
0.01%, 10/11/2012  Џ ‡		187		126
Jersey, Channel Islands—0.3%
Dana Gas Sukuk, Ltd.
7.50%, 10/31/2049 ^		1,400		1,092

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

Transamerica Funds		Annual Report 2012
	Page    173

Transamerica Global Allocation

(formerly, Transamerica BlackRock Global Allocation)

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

	Principal (000’s)		Value     (000’s)
Malaysia—0.1%
Paka Capital, Ltd.
3.02%, 03/12/2013 	$	200	$	205
Netherlands—0.4%
Bio City Development Co. B.V.
8.00%, 07/06/2018—144A §		1,200		1,197
Singapore—0.5%
CapitaLand, Ltd.
2.10%, 11/15/2016	SGD	500		411
2.95%, 06/20/2022		750		600
3.13%, 03/05/2018		250		219
Keppel Land, Ltd.
2.50%, 06/23/2013		200		164
Olam International, Ltd.
6.00%, 10/15/2016	$	400		433
Ying Li International Real Estate, Ltd.
4.00%, 03/03/2015 §	SGD	500		426
United Kingdom—0.1%
Essar Energy PLC
4.25%, 02/01/2016	$	200		140
United States—0.8%
Electronic Arts, Inc.
0.75%, 07/15/2016		105		95
Gilead Sciences, Inc.
1.63%, 05/01/2016		335		527
Hologic, Inc.—Series 2010
2.00%, 12/15/2037 *		494		555
Mylan, Inc.
3.75%, 09/15/2015		292		577
Stillwater Mining Co.
1.75%, 10/15/2032		118		122
Take-Two Interactive Software, Inc.
1.75%, 12/01/2016—144A		306		291
4.38%, 06/01/2014		73		91
Total Convertible Bonds (cost $11,244)				9,528
LOAN ASSIGNMENTS—0.4%
Canada—0.0% ¥
Essar Steel Algoma, Inc.
8.75%, 09/19/2014 *		94		94
United States—0.4%
Navistar, Inc., Tranche B
7.00%, 08/17/2017 *		48		48
Obsidian Natural Gas Trust
7.00%, 11/02/2015 * §		751		751
Vodafone Amers Finance 2, Inc., Tranche B
6.25%, 07/11/2016 * §		386		395
Total Loan Assignments (cost $1,271)				1,288
SHORT-TERM FOREIGN GOVERNMENT OBLIGATIONS—3.0%
Germany—0.4%
German Treasury Bill
Zero Coupon, 12/05/2012—01/23/2013	EUR	800		1,038
Japan—1.0%
Japan Treasury Discount Bill
0.10%, 02/20/2013 	JPY	60,000		751
0.11%, 12/10/2012—01/16/2013 		110,000		1,378
0.73%, 11/09/2012 		80,000		1,002
Mexico—0.6%
Mexico Cetes
4.76%, 11/15/2012 	MXN	13,040		994
6.36%, 12/13/2012 		12,715		966

	Principal (000’s)		Value     (000’s)
Singapore—1.0%
Singapore Treasury Bill
0.23%, 01/10/2013—01/31/2013 	SGD	2,726	$	2,233
0.25%, 02/07/2013 		1,129		925
Total Short-Term Foreign Government Obligations (cost $9,210)				9,287
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS—14.7%
United States—14.7%
U.S. Treasury Bill
0.05%, 11/01/2012—11/08/2012 	$	11,975		11,974
0.07%, 12/06/2012—12/13/2012 ^		6,270		6,270
0.07%, 01/03/2013—01/17/2013 		4,780		4,780
0.08%, 12/20/2012 		3,100		3,100
0.08%, 01/10/2013 ^		575		575
0.09%, 01/24/2013 		2,945		2,944
0.10%, 01/31/2013 		10,875		10,871
0.12%, 11/15/2012 ^		2,200		2,200
0.12%, 11/23/2012 		3,500		3,500
Total Short-Term U.S. Government Obligations (cost $46,214)				46,214
	Shares		Value (000’s)
CONVERTIBLE PREFERRED STOCKS—0.5%
United States—0.5%
General Motors Co., 4.75% ^		7,376		300
Health Care REIT, Inc., 6.50%		3,997		225
NextEra Energy, Inc., 5.60%		4,971		253
Omnicare Capital Trust II, 4.00%		2,661		125
PPL Corp., 8.75%		3,988		216
PPL Corp., 9.50% ^		4,300		234
United Technologies Corp., 7.50%		2,704		147
Wells Fargo & Co., 7.50%		145		181
Total Convertible Preferred Stocks (cost $1,616)				1,681
PREFERRED STOCKS—1.1%
Brazil—0.2%
Cia Brasileira de Distribuicao Grupo Pao de Acucar, 0.78% 		7,208		331
Itau Unibanco Holding SA, 3.80% 		18,947		277
Germany—0.3%
Volkswagen AG, 1.86% 		4,188		866
United Kingdom—0.2%
HSBC Holdings PLC, 8.00% ^		8,400		237
Royal Bank of Scotland Group PLC, 6.40% ‡		5,075		110
Royal Bank of Scotland Group PLC, 6.75% ^ ‡		2,725		61
Royal Bank of Scotland Group PLC, 7.25% ‡		8,364		199
United States—0.4%
Citigroup Capital XIII, 7.88% *		13,106		364
GMAC Capital Trust I, 8.13% *		17,508		458
RBS Capital Funding Trust VII, 6.08% ‡ Ž		5,177		97
US Bancorp—Series F, 6.50% *		7,244		214
US Bancorp—Series G, 6.00% * ^		4,308		124
Total Preferred Stocks (cost $2,891)				3,338

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

Transamerica Funds		Annual Report 2012
	Page    174

Transamerica Global Allocation

(formerly, Transamerica BlackRock Global Allocation)

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

	Shares		Value (000’s)
COMMON STOCKS—58.2%
Australia—0.4%
Asciano, Ltd.		50,214	$	238
Newcrest Mining, Ltd.		13,720		376
Orica, Ltd.		7,190		187
Telstra Corp., Ltd.		48,257		207
Belgium—0.1%
RHJ International ‡		36,300		181
Brazil—0.8%
Cia Energetica de Minas Gerais ADR		6,882		83
Cyrela Brazil Realty SA Empreendimentos e Participacoes		27,741		235
Hypermarcas SA ‡		37,975		302
MRV Engenharia e Participacoes SA		47,504		241
Petroleo Brasileiro SA—Class A ADR		28,419		583
Qualicorp SA ‡		21,554		221
SLC Agricola SA		24,481		234
Telefonica Brasil SA ADR		10,926		241
Canada—1.6%
Athabasca Oil Corp. ‡		44,600		540
Bank of Nova Scotia ^		5,098		277
Detour Gold Corp. ‡		6,734		190
Eldorado Gold Corp.		27,542		407
Kinross Gold Corp.		37,002		368
Osisko Mining Corp. ‡		28,608		281
Rogers Communications, Inc.—Class B ^		4,926		216
Shaw Communications, Inc.—Class B		4,616		101
Silver Wheaton Corp.		13,563		549
Sino-Forest Corp.—Class A ‡ Ә ^		20,700		28
Suncor Energy, Inc.		28,554		958
Talisman Energy, Inc.		11,017		125
Teck Resources, Ltd.—Class B		1,339		43
TELUS Corp. Ә		3,170		206
Toronto-Dominion Bank ^		2,401		195
Chile—0.0% ¥
Sociedad Quimica y Minera de Chile SA ADR		2,651		153
Denmark—0.1%
A.P. Moller—Maersk A/S—Class B		24		167
France—1.5%
AXA SA		22,769		362
BNP Paribas SA		14,497		729
Cie Generale D’optique Essilor International SA		1,720		155
Eutelsat Communications SA		6,060		194
LVMH Moet Hennessy Louis Vuitton SA		2,481		403
Safran SA		17,268		687
Sanofi ADR		1,000		44
Sanofi		6,261		550
Technip SA		1,280		144
Total SA		11,639		586
Total SA ADR		13,996		705
Unibail-Rodamco SE REIT		776		175
Germany—2.3%
Allianz SE		3,707		460
BASF SE		7,693		637
Bayer AG		6,914		602
Bayerische Motoren Werke AG		3,016		240
Daimler AG		3,856		180
Deutsche Bank AG		7,173		325
Deutsche Boerse AG		1,730		94
Deutsche Telekom AG		41,681		476
Fresenius Medical Care AG & Co., KGaA		7,877		553
Fresenius SE & Co. KGaA		4,762		543
Infineon Technologies AG		47,571		324
Kabel Deutschland Holding AG		4,306		310
Lanxess AG		5,213		431
Linde AG		4,281		720

	Shares		Value (000’s)
Germany (continued)
Muenchener Rueckversicherungs AG		1,118	$	180
SAP AG		2,877		210
Siemens AG		3,818		384
Telefonica Deutschland Holding AG ‡		27,939		213
Hong Kong—0.8%
Beijing Enterprises Holdings, Ltd. ^		118,790		769
Chaoda Modern Agriculture Holdings, Ltd. ‡ Ә ^ §		1,090,190		25
China BlueChemical, Ltd.		219,825		140
China Resources Gas Group, Ltd.		88,802		198
Dongfeng Motor Group Co., Ltd.—Class H		57,273		71
Haitian International Holdings, Ltd.		57,386		71
Jiangsu Expressway Co., Ltd.—Class H		40,000		34
Link Real Estate Investment Trust		140,630		698
Sinopharm Group Co., Ltd.—Class H ^		74,595		251
Tianjin Development Holdings, Ltd. ‡		493,079		235
Yuanda China Holdings, Ltd.		778,504		91
Zhongsheng Group Holdings, Ltd. ^		112,578		146
Indonesia—0.0% ¥
Telekomunikasi Indonesia Persero PT		97,683		99
Israel—0.1%
Teva Pharmaceutical Industries, Ltd. ADR n		11,101		449
Italy—0.6%
ENI SpA		35,285		810
Fiat Industrial SpA		57,482		621
Intesa Sanpaolo SpA		158,170		254
UniCredit SpA ‡		27,530		122
Japan—6.1%
Aisin Seiki Co., Ltd.		4,830		140
Asahi Kasei Corp.		39,800		219
Astellas Pharma, Inc.		4,200		209
Bridgestone Corp.		23,300		543
Canon, Inc.		13,664		441
Daihatsu Motor Co., Ltd. ^		8,780		154
Daikin Industries, Ltd.		3,200		89
Denso Corp.		7,770		243
East Japan Railway Co.		9,865		677
FANUC Corp.		1,850		295
Fuji Heavy Industries, Ltd.		64,420		619
Futaba Industrial Co., Ltd. ^ ‡		11,500		43
Hitachi Chemical Co., Ltd. ^		13,600		192
Hitachi, Ltd.		30,300		161
Honda Motor Co., Ltd.		17,882		535
Hoya Corp.		17,089		346
IHI Corp.		20,000		42
INPEX Corp.		98		559
Japan Airlines Co., Ltd. ‡		5,000		238
JGC Corp.		17,910		616
JSR Corp. ^		11,300		194
KAO Corp.		4,300		121
KDDI Corp.		5,600		435
Kinden Corp.		3,000		19
Kirin Holdings Co., Ltd.		24,100		302
Kubota Corp. ^		55,584		568
Kuraray Co., Ltd.		14,230		165
Kyowa Hakko Kirin Co., Ltd.		19,180		204
Mitsubishi Corp.		26,320		470
Mitsui & Co., Ltd.		66,832		942
Mitsui Fudosan Co., Ltd.		12,500		253
MS&AD Insurance Group Holdings		19,517		331
Murata Manufacturing Co., Ltd.		5,550		270
Nintendo Co., Ltd. ^		2,700		348
Nippon Telegraph & Telephone Corp.		7,530		343
Nomura Holdings, Inc.		71,600		258
NTT DOCOMO, Inc.		249		366
Okumura Corp. ^		41,300		133
Rinnai Corp.		2,780		190

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

Transamerica Funds		Annual Report 2012
	Page    175

Transamerica Global Allocation

(formerly, Transamerica BlackRock Global Allocation)

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

	Shares		Value (000’s)
Japan (continued)
ROHM Co., Ltd.		3,460	$	112
Shin-Etsu Chemical Co., Ltd.		12,276		692
Softbank Corp.		1,800		57
Sony Financial Holdings, Inc.		10,400		186
Sumitomo Corp.		13,300		181
Sumitomo Electric Industries, Ltd.		8,900		96
Sumitomo Mitsui Financial Group, Inc.		12,080		370
Suzuki Motor Corp.		33,662		763
Takeda Pharmaceutical Co., Ltd.		3,500		163
TDK Corp. ^		4,120		155
Terumo Corp.		3,350		144
Toda Corp. ^		39,900		120
Tokio Marine Holdings, Inc.		31,900		844
Tokyo Gas Co., Ltd.		96,370		511
Toyota Industries Corp.		17,137		489
UBE Industries, Ltd.		87,100		199
West Japan Railway Co. ^		4,400		192
Yahoo! Japan Corp.		567		195
Yamada Denki Co., Ltd. ^		6,640		288
Jersey, Channel Islands—0.1%
Randgold Resources, Ltd. ADR		3,787		453
Korea, Republic of—0.9%
Cheil Industries, Inc.		1,764		151
Hyundai Motor Co.		1,869		385
KT Corp.		1,180		40
KT Corp. ADR		6,128		104
KT&G Corp.		4,254		324
POSCO		427		134
POSCO ADR		1,893		148
Samsung Electronics Co., Ltd.		1,544		1,856
Samsung Fine Chemicals Co., Ltd.		618		39
Luxembourg—0.1%
Tenaris SA ADR		4,738		178
Malaysia—0.5%
Axiata Group Bhd		267,712		574
British American Tobacco Malaysia Bhd		7,200		149
IHH Healthcare Bhd ‡		535,000		574
Telekom Malaysia Bhd		115,424		227
Mexico—0.4%
America Movil SAB de CV ADR		23,169		586
Fomento Economico Mexicano SAB de CV ADR		1,739		158
Mexichem SAB de CV ^		38,300		190
Netherlands—0.8%
ASML Holding NV		8,350		459
DE Master Blenders 1753 NV ‡		14,738		180
ING Groep NV ‡		42,255		373
Koninklijke KPN NV		22,940		145
Royal Dutch Shell PLC—Class A ADR		9,845		674
Unilever NV		6,335		233
Ziggo NV		16,598		538
New Zealand—0.0% ¥
Guinness Peat Group PLC ‡ ^		208,533		98
Norway—0.1%
Statoil ASA		11,395		282
Philippines—0.0% ¥
Philippine Long Distance Telephone Co. ADR		2,221		141
Portugal—0.0% ¥
Zon Multimedia Servicos de Telecomunicacoes e Multimedia SGPS SA		28,615		91
Russian Federation—0.2%
Federal Hydrogenerating Co. JSC ADR		98,167		233
Sberbank of Russia		122,978		360
Singapore—0.4%
CapitaLand, Ltd. ^		146,150		392
DBS Group Holdings, Ltd.		12,770		146

	Shares		Value (000’s)
Singapore (continued)
Keppel Corp., Ltd.		50,111	$	438
MobileOne, Ltd.		19,000		41
Oversea-Chinese Banking Corp.		45,190		337
Raffles Medical Group, Ltd.		51,200		103
Singapore Press Holdings, Ltd. ^		31,080		103
Singapore Telecommunications, Ltd.		155,450		410
United Overseas Bank, Ltd.		6,970		104
South Africa—0.1%
Life Healthcare Group Holdings, Ltd.		53,340		202
Spain—0.2%
Banco Bilbao Vizcaya Argentaria SA		25,465		212
Banco Santander SA		45,649		343
Sweden—0.1%
Millicom International Cellular SA		487		42
Svenska Handelsbanken AB—Class A		5,248		180
Switzerland—1.4%
Nestle SA		15,489		982
Novartis AG		5,639		339
Roche Holding AG		5,067		974
Swisscom AG		679		282
Syngenta AG		2,643		1,032
UBS AG ‡		24,005		360
Zurich Insurance Group AG ‡		909		224
Taiwan—0.4%
Cheng Shin Rubber Industry Co., Ltd.		61,670		154
Chunghwa Telecom Co., Ltd.		56,333		177
Chunghwa Telecom Co., Ltd. ADR ^		10,109		314
Far EasTone Telecommunications Co., Ltd.		77,069		178
Taiwan Semiconductor Manufacturing Co., Ltd.		103,760		315
Yulon Motor Co., Ltd.		84,057		147
Thailand—0.4%
Bangkok Dusit Medical Services PCL		48,300		168
PTT Global Chemical PCL		159,037		317
PTT PCL		20,597		214
Siam Commercial Bank PCL		43,875		230
United Kingdom—3.2%
Amlin PLC		14,849		89
Antofagasta PLC		21,135		429
AstraZeneca PLC		18,700		868
AstraZeneca PLC ADR		993		46
BG Group PLC		63,366		1,173
BHP Billiton PLC		10,195		327
BP PLC		46,255		331
BP PLC ADR		10,204		438
British American Tobacco PLC		4,346		215
BT Group PLC—Class A		145,445		499
Diageo PLC ADR		4,240		485
Genel Energy PLC ‡		18,886		247
GlaxoSmithKline PLC ADR		985		44
Glencore International PLC		21,396		118
HSBC Holdings PLC		99,939		982
Invensys PLC		44,396		163
KazMunaiGas Exploration Production—Reg S JSC GDR		19,996		355
Lloyds TSB Group PLC ‡		412,852		270
National Grid PLC		60,712		693
NMC Health PLC ‡		30,513		89
Novorossiysk Commercial Sea Port—Reg S PJSC GDR		18,622		124
Polyus Gold International, Ltd. ‡		85,688		285
Rio Tinto PLC		4,544		228
Shire PLC		15,721		442
SSE PLC		25,425		594
Unilever PLC		4,188		156
Unilever PLC ADR		2,615		98
Vodafone Group PLC		96,716		263

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

Transamerica Funds		Annual Report 2012
	Page    176

Transamerica Global Allocation

(formerly, Transamerica BlackRock Global Allocation)

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

	Shares		Value (000’s)
United Kingdom (continued)
Vodafone Group PLC ADR		13,830	$	376
United States—34.5%
3M Co.		4,809		421
Abbott Laboratories		9,192		602
Accenture PLC—Class A		732		49
ACE, Ltd.		11,035		867
Activision Blizzard, Inc. n		66,720		727
Adobe Systems, Inc. ‡		1,776		60
AES Corp.		26,404		276
Aetna, Inc.		16,849		736
Agilent Technologies, Inc. ^		8,897		320
Agrium, Inc.		2,350		248
Alcoa, Inc. ^ n		34,190		293
Allergan, Inc.		7,157		644
Alliance Data Systems Corp. ‡ ^		448		64
Altria Group, Inc.		11,863		378
Amdocs, Ltd. ^		1,597		53
American Electric Power Co., Inc.		9,399		418
American Express Co.		8,171		457
American Tower Corp.—Class A REIT		7,105		535
American Water Works Co., Inc.		5,955		219
Ameriprise Financial, Inc.		731		43
AmerisourceBergen Corp.—Class A ^		6,992		276
Amgen, Inc.		5,261		455
Anadarko Petroleum Corp.		4,954		341
Apache Corp.		6,285		520
Apple, Inc.		8,630		5,136
Applied Materials, Inc. n		28,584		303
Arch Capital Group, Ltd. ‡ ^		3,623		160
ASML Holding NV ^		1,095		60
AT&T, Inc.		53,431		1,847
Autoliv, Inc. ^		600		35
Axis Capital Holdings, Ltd.		1,159		42
Bank of America Corp.		96,921		903
Bank of New York Mellon Corp.		31,892		787
BB&T Corp.		5,380		156
Berkshire Hathaway, Inc.—Class B ‡		2,482		214
BioMarin Pharmaceutical, Inc. ‡ ^ n		3,727		138
Boeing Co.		8,689		612
BorgWarner, Inc. ‡ ^		2,792		184
Bristol-Myers Squibb Co.		14,241		474
Brookfield Asset Management, Inc.—Class A ^		6,862		236
CA, Inc.		19,346		436
Calpine Corp. ‡		23,594		415
Canadian Natural Resources, Ltd.		11,542		349
Canadian Pacific Railway, Ltd.		4,636		427
Capital One Financial Corp.		8,261		497
Cardinal Health, Inc.		12,464		513
Celgene Corp. ‡		4,107		301
CenturyLink, Inc. ^		3,263		125
CF Industries Holdings, Inc.		872		179
Charles Schwab Corp. ^		12,036		163
Check Point Software Technologies, Ltd. ‡		918		41
Chevron Corp.		8,803		970
Chubb Corp. ^		5,083		391
CIGNA Corp.		6,006		306
Cisco Systems, Inc. n		75,136		1,288
Citigroup, Inc.		24,898		931
CMS Energy Corp.		9,343		227
CNA Financial Corp.		1,693		50
CNH Global NV ‡		1,241		56
Coach, Inc. ^		793		44
Cobalt International Energy, Inc. ‡		13,826		288
Coca-Cola Co.		7,149		266
Colgate-Palmolive Co.		5,897		619
Comcast Corp.—Class A		40,971		1,536

	Shares		Value (000’s)
United States (continued)
Computer Sciences Corp.		1,452	$	44
ConocoPhillips		762		44
CONSOL Energy, Inc.		21,524		757
Constellation Brands, Inc.—Class A ‡		1,593		56
Corning, Inc. ^ n		89,571		1,051
Cosan, Ltd.—Class A		35,176		577
Coventry Health Care, Inc.		1,045		46
Covidien PLC		4,412		242
Crown Castle International Corp. ‡ ^		3,330		222
Crown Holdings, Inc. ‡		3,928		150
Cummins, Inc.		2,108		197
CVS Caremark Corp.		9,784		454
DaVita, Inc. ‡		2,752		310
Dell, Inc.		24,631		227
Delphi Automotive PLC ‡		3,300		104
Delta Topco Limited ‡ Ә § D		645,881		330
Devon Energy Corp.		16,688		971
Diamond Offshore Drilling, Inc. ^		704		49
Discover Financial Services		10,465		429
DISH Network Corp.—Class A		1,645		59
Dominion Resources, Inc.		5,119		270
Dow Chemical Co.		13,649		400
Dr. Pepper Snapple Group, Inc. ^		2,474		106
E.I. du Pont de Nemours & Co. ^		9,415		419
Eastman Chemical Co.		877		52
Eaton Corp.		1,411		67
Electronic Arts, Inc. ‡ n		44,102		545
EMC Corp. ‡ n		32,423		792
EOG Resources, Inc.		2,917		340
Expedia, Inc. ^		985		58
Express Scripts Holding Co. ‡		4,175		257
Fidelity National Financial, Inc.—Class A		8,113		174
Fidelity National Information Services, Inc.		1,514		50
FMC Corp.		19,706		1,054
Ford Motor Co.		36,129		403
Freeport-McMoRan Copper & Gold, Inc.		7,418		288
Freescale Semiconductor, Ltd. ‡ ^		49,800		445
Fusion-io, Inc. ‡ ^		11,661		275
Garmin, Ltd. ^		1,157		44
General Dynamics Corp.		670		46
General Electric Co.		100,066		2,107
General Mills, Inc.		11,158		447
General Motors Co. ‡		19,455		496
Gilead Sciences, Inc. ‡ ^		6,738		453
Goldcorp, Inc.		30,569		1,383
Goldman Sachs Group, Inc.		6,075		744
Google, Inc.—Class A ‡		1,875		1,275
Halliburton Co.		11,163		360
HCA Holdings, Inc.		23,899		679
HealthSouth Corp. ‡ ^		9,282		205
Helmerich & Payne, Inc. ^		860		41
Herbalife, Ltd. ^		869		45
Hillshire Brands Co. ^		12,290		320
HJ Heinz Co. ^		5,327		306
Hologic, Inc. ‡ ^		11,815		244
Humana, Inc.		5,562		413
Intel Corp. ^		69,060		1,493
International Game Technology		11,191		144
International Paper Co.		1,345		49
Intuit, Inc. ^		815		48
Johnson & Johnson ^		26,944		1,909
Johnson Controls, Inc. ^		5,944		153
JPMorgan Chase & Co.		28,842		1,202
Juniper Networks, Inc. ‡		27,257		452
KBR, Inc.		8,450		235
KLA-Tencor Corp.		825		38
Kraft Foods Group, Inc. ‡ n		9,958		453

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

Transamerica Funds		Annual Report 2012
	Page    177

Transamerica Global Allocation

(formerly, Transamerica BlackRock Global Allocation)

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

	Shares		Value (000’s)
United States (continued)
Kroger Co. ^		1,886	$	48
L-3 Communications Holdings, Inc.		693		51
Leap Wireless International, Inc. ‡ ^		10,529		56
Lear Corp.		1,004		43
Life Technologies Corp. ‡		3,302		162
Lincoln National Corp.		2,093		52
Lorillard, Inc.		1,405		163
M&T Bank Corp. ^		2,180		227
Macy’s, Inc.		1,213		46
Manchester United PLC—Class A ‡ ^		11,117		140
Marathon Oil Corp.		43,773		1,316
Marathon Petroleum Corp.		27,357		1,503
Mastercard, Inc.—Class A		2,030		936
Mattel, Inc. n		14,629		538
McDermott International, Inc. ‡ ^		15,772		169
McDonald’s Corp.		3,989		346
McGraw-Hill Cos., Inc.		821		45
McKesson Corp.		5,146		480
Mead Johnson Nutrition Co.—Class A		8,525		526
Medtronic, Inc.		16,562		689
Merck & Co., Inc.		28,841		1,316
MetLife, Inc.		7,221		256
MetroPCS Communications, Inc. ‡		31,064		317
Mettler-Toledo International, Inc. ‡ ^		1,067		181
Microsoft Corp.		39,781		1,135
Mondelez International, Inc.—Class A		19,674		522
Monsanto Co.		5,630		485
Morgan Stanley		12,521		218
Motorola Solutions, Inc. ^		993		51
Murphy Oil Corp.		813		49
Mylan, Inc. ‡ ^		15,411		391
National Oilwell Varco, Inc.		10,739		791
Navistar International Corp. ‡ ^		7,383		138
NetApp, Inc. ‡		15,440		415
Newmont Mining Corp.		14,184		774
NextEra Energy, Inc.		11,072		775
Northern Trust Corp.		4,139		198
Occidental Petroleum Corp.		21,846		1,726
Oracle Corp. n		86,576		2,687
PACCAR, Inc. ^		3,615		157
Parker Hannifin Corp.		567		45
PepsiCo, Inc.		4,641		321
PerkinElmer, Inc.		7,043		218
Perrigo Co. ^		2,810		323
Pfizer, Inc.		71,752		1,784
Philip Morris International, Inc.		8,191		726
Phillips 66 n		31,552		1,488
Platinum Underwriters Holdings, Ltd. ^		2,367		105
Potash Corp. of Saskatchewan, Inc.		17,940		724
PPG Industries, Inc.		518		61
PPL Corp.		11,959		354
Praxair, Inc.		1,679		178
Precision Castparts Corp.		2,341		405
Procter & Gamble Co.		21,180		1,466
Progressive Corp. ^		13,507		301
Prudential Financial, Inc. ^		3,170		181
PulteGroup, Inc. ‡ ^ n		21,456		372
QEP Resources, Inc. ^		15,410		447
QUALCOMM, Inc.		27,835		1,630
Reinsurance Group of America, Inc.—Class A		701		37
RenaissanceRe Holdings, Ltd.		2,379		194
RHJ International—144A ‡		17,100		85
Rockwell Automation, Inc.		8,183		581
Ross Stores, Inc.		679		41
SanDisk Corp. ‡ ^ n		17,640		737
Schlumberger, Ltd.		17,240		1,200

	Shares		Value (000’s)
United States (continued)
Simon Property Group, Inc. REIT		1,003	$	153
SM Energy Co. ^		11,060		596
Southern Co. ^		6,964		326
Spirit Aerosystems Holdings, Inc.—Class A ‡ ^		14,552		227
St. Joe Co. ‡ ^		56,287		1,114
StanCorp Financial Group, Inc. ^		2,494		86
State Street Corp.		11,929		532
Stillwater Mining Co. ‡ ^		10,970		114
Suncor Energy, Inc.		1,462		49
Symantec Corp. ‡		18,251		332
TE Connectivity, Ltd.		1,432		46
Thermo Fisher Scientific, Inc.		5,967		364
Tiffany & Co. ^ n		5,518		349
Time Warner Cable, Inc.		5,768		572
Torchmark Corp. ^		903		46
Travelers Cos., Inc. ^		8,119		576
U.S. Bancorp		19,149		636
Unilever NV		2,366		87
Union Pacific Corp.		7,398		910
United Technologies Corp.		14,281		1,117
United Therapeutics Corp. ‡ ^		1,735		79
UnitedHealth Group, Inc.		15,626		876
Universal Health Services, Inc.—Class B		11,644		482
Unum Group		1,975		40
Valeant Pharmaceuticals International, Inc. ‡ n		3,284		184
Valero Energy Corp.		1,769		51
Verizon Communications, Inc.		24,856		1,110
Vertex Pharmaceuticals, Inc. ‡ n		6,343		306
Visa, Inc.—Class A		9,617		1,334
Wal-Mart Stores, Inc. n		15,300		1,147
Waters Corp. ‡		3,854		315
Weatherford International, Ltd. ‡		9,450		107
WellPoint, Inc.		7,398		453
Wells Fargo & Co.		47,271		1,593
Western Digital Corp.		1,218		42
Western Union Co.		1,959		25
Whiting Petroleum Corp. ‡		13,903		584
Wyndham Worldwide Corp.		862		43
XL Group PLC—Class A		24,232		599
Total Common Stocks (cost $162,405)				183,356
INVESTMENT COMPANIES—2.7%
United Kingdom—0.0% ¥
Vinaland, Ltd. ‡		40,457		18
United States—2.7%
ETFS Physical Palladium Shares ‡		3,131		187
ETFS Platinum Trust ‡		2,643		408
SPDR Gold Shares ‡		47,349		7,901
Total Investment Companies (cost $6,864)				8,514
RIGHT—0.0% ¥
Spain—0.0% ¥
Banco Santander SA ‡ ^		45,649		9
Total Right (cost $9)
WARRANTS—0.0% ¥
Australia—0.0% ¥
TFS Corp., Ltd. ‡ Ә
Expiration: 07/15/2018
Exercise Price: AUD1.28		190,550		7
Canada—0.0% ¥
Kinross Gold Corp. ‡
Expiration: 09/03/2013
Exercise Price: $ 32.00		9,602		2

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

Transamerica Funds		Annual Report 2012
	Page    178

Transamerica Global Allocation

(formerly, Transamerica BlackRock Global Allocation)

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

	Shares		Value (000’s)
United States—0.0% ¥
Ford Motor Co. ‡
Expiration: 01/01/2013
Exercise Price: $ 9.20		43,117	$	93
Total Warrants (cost $235)				102
	Notional Amount (000’s)		Value (000’s)
PURCHASED OPTIONS—0.7%
Call Options—0.5%
OTC- Nikkei 225 Index Value 9,048.47 Expires 12/13/2013 Counterparty: BOA	$	¿		51
OTC- Nikkei 225 Index Value 9,054.06 Expires 12/13/2013 Counterparty: JPM		¿		51
OTC- Nikkei 225 Index Value 9,068.17 Expires 12/13/2013 Counterparty: CITI		¿		51
OTC- Nikkei 225 Index Value 9,097.06 Expires 12/13/2013 Counterparty: GSC		¿		49
OTC- Taiwan TAIEX Index Index Value 8,807.55 Expires 09/18/2013 Counterparty: CSFB		1		1
OTC- Taiwan TAIEX Index Index Value 7,057.00 Expires 12/18/2013 Counterparty: JPM		¿		22
OTC- Taiwan TAIEX Index Index Value 7,249.48 Expires 12/18/2013 Counterparty: CITI		¿		26
Taiwan TAIEX Index Index Value 8,646.11 Expires 12/18/2013		3		7
Anadarko Petroleum Corp. Strike Price $80.00 Expires 01/19/2013		24		26
Anadarko Petroleum Corp. Strike Price $75.00 Expires 03/16/2013		6		20
Apple, Inc. Strike Price $635.00 Expires 02/16/2013		2		37
Murphy Oil Corp. Strike Price $65.00 Expires 01/19/2013		15		23
Nexen, Inc. Strike Price $19.00 Expires 12/22/2012		8		46

	Notional Amount (000’s)		Value (000’s)
Call Options (continued)
OTC- Corning, Inc. Strike Price $20.00 Expires 01/17/2014 Counterparty: GSC	$	49	$	6
OTC- Activision Blizzard, Inc. Strike Price $20.00 Expires 01/17/2014 Counterparty: GSC		24		1
OTC- Aetna, Inc. Strike Price $60.00 Expires 01/17/2014 Counterparty: GSC		17		19
OTC- Agnico-Eagle Mines, Ltd. Strike Price $85.00 Expires 01/17/2014 Counterparty: DUB		18		32
OTC- Alcoa, Inc. Strike Price $15.00 Expires 01/17/2014 Counterparty: GSC		44		5
OTC- AMUNDI ETF EURO STOXX 50 C Strike Price $50.00 Expires 01/17/2014 Counterparty: GSC		97		162
OTC- AngloGold Ashanti, Ltd. Strike Price $65.00 Expires 01/17/2014 Counterparty: DUB		21		6
OTC- AutoZone, Inc. Strike Price $550.00 Expires 01/17/2014 Counterparty: GSC		2		2
OTC- Bank of America Corp Strike Price $17.00 Expires 01/17/2014 Counterparty: GSC		97		11
OTC- Barrick Gold Corp. Strike Price $80.00 Expires 01/17/2014 Counterparty: DUB		96		23
OTC- Best Buy Co., Inc. Strike Price $30.00 Expires 01/17/2014 Counterparty: GSC		52		4
OTC- Boeing Co. Strike Price $110.00 Expires 01/17/2014 Counterparty: GSC		16		2
OTC- Boston Scientific Corp Strike Price $10.00 Expires 01/17/2014 Counterparty: GSC		44		2
OTC- Bristol-Myers Squibb Co. Strike Price $50.00 Expires 01/17/2014 Counterparty: GSC		44		2

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

Transamerica Funds		Annual Report 2012
	Page    179

Transamerica Global Allocation

(formerly, Transamerica BlackRock Global Allocation)

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

	Notional Amount (000’s)		Value (000’s)
Call Options (continued)
OTC- Broadcom Corp Strike Price $55.00 Expires 01/17/2014 Counterparty: GSC	$	23	$	7
OTC- Caterpillar, Inc. Strike Price $135.00 Expires 01/17/2014 Counterparty: GSC		25		11
OTC- Cisco Systems, Inc. Strike Price $30.00 Expires 01/17/2014 Counterparty: GSC		97		5
OTC- Coeur d’Alene Mines Corp. Strike Price $40.00 Expires 01/17/2014 Counterparty: DUB		8		26
OTC- Eldorado Gold Corp. Strike Price $25.00 Expires 01/17/2014 Counterparty: DUB		25		13
OTC- EMC Corp. Strike Price $40.00 Expires 01/17/2014 Counterparty: GSC		68		14
OTC- Endeavour Silver Corp. Strike Price $20.00 Expires 01/17/2014 Counterparty: DUB		7		2
OTC- First Majestic Silver Corp Strike Price $35.00 Expires 01/17/2014 Counterparty: DUB		4		6
OTC- Freeport-McMoRan Copper & Gold, Inc. Strike Price $65.00 Expires 01/17/2014 Counterparty: GSC		52		28
OTC- General Electric Co. Strike Price $35.00 Expires 01/17/2014 Counterparty: GSC		97		2
OTC- Gold Fields, Ltd. Strike Price $22.00 Expires 01/17/2014 Counterparty: DUB		52		7
OTC- Goldcorp, Inc. Strike Price $80.00 Expires 01/17/2014 Counterparty: DUB		60		36
OTC- Halliburton Co. Strike Price $55.00 Expires 01/17/2014 Counterparty: GSC		37		9
OTC- Harmony Gold Mining Co., Ltd. Strike Price $15.00 Expires 01/17/2014 Counterparty: DUB		13		3

	Notional Amount (000’s)		Value (000’s)
Call Options (continued)
OTC- Hewlett-Packard Co. Strike Price $30.00 Expires 01/17/2014 Counterparty: GSC	$	97	$	11
OTC- Humana, Inc. Strike Price $105.00 Expires 01/17/2014 Counterparty: GSC		8		10
OTC- IAMGOLD Corp. Strike Price $30.00 Expires 01/17/2014 Counterparty: DUB		22		11
OTC- Intel Corp Strike Price $40.00 Expires 01/17/2014 Counterparty: GSC		97		3
OTC- International Business Machines Corp Strike Price $295.00 Expires 01/17/2014 Counterparty: GSC		10		1
OTC- JC Penney Co., Inc. Strike Price $55.00 Expires 01/17/2014 Counterparty: GSC		27		17
OTC- JPMorgan Chase & Co. Strike Price $60.00 Expires 01/17/2014 Counterparty: GSC		97		30
OTC- Kinross Gold Corp. Strike Price $20.00 Expires 01/17/2014 Counterparty: DUB		96		16
OTC- Las Vegas Sands Corp Strike Price $80.00 Expires 01/17/2014 Counterparty: GSC		35		21
OTC- Lowe’s Cos, Inc. Strike Price $45.00 Expires 01/17/2014 Counterparty: GSC		78		26
OTC- Marvell Technology Group Ltd Strike Price $20.00 Expires 01/17/2014 Counterparty: GSC		56		2
OTC- Mastercard, Inc. Strike Price $660.00 Expires 01/17/2014 Counterparty: GSC		3		8
OTC- McDonald’s Corp Strike Price $135.00 Expires 01/17/2014 Counterparty: GSC		17		1

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

Transamerica Funds		Annual Report 2012
	Page    180

Transamerica Global Allocation

(formerly, Transamerica BlackRock Global Allocation)

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

	Notional Amount (000’s)		Value (000’s)
Call Options (continued)
OTC- Microsoft Corp Strike Price $45.00 Expires 01/17/2014 Counterparty: GSC	$	97	$	11
OTC- Monster Beverage Corp Strike Price $105.00 Expires 01/17/2014 Counterparty: GSC		14		50
OTC- NetApp, Inc. Strike Price $60.00 Expires 01/17/2014 Counterparty: GSC		32		5
OTC- New Gold, Inc. Strike Price $22.00 Expires 01/17/2014 Counterparty: DUB		14		5
OTC- Newmont Mining Corp. Strike Price $90.00 Expires 01/17/2014 Counterparty: DUB		77		56
OTC- Novagold Resources, Inc. Strike Price $12.00 Expires 01/17/2014 Counterparty: DUB		13		3
OTC- Pan American Silver Corp. Strike Price $50.00 Expires 01/17/2014 Counterparty: DUB		24		2
OTC- priceline.com, Inc. Strike Price $1,000.00 Expires 01/17/2014 Counterparty: GSC		4		25
OTC- QUALCOMM, Inc. Strike Price $95.00 Expires 01/17/2014 Counterparty: GSC		39		13
OTC- Randgold Resources, Ltd. Strike Price $165.00 Expires 01/17/2014 Counterparty: DUB		3		20
OTC- Royal Gold, Inc. Strike Price $125.00 Expires 01/17/2014 Counterparty: DUB		3		12
OTC- Safeway, Inc. Strike Price $25.00 Expires 01/17/2014 Counterparty: GSC		23		4
OTC- Seabridge Gold, Inc. Strike Price $30.00 Expires 01/17/2014 Counterparty: DUB		2		1
OTC- Silver Standard Resources, Inc. Strike Price $30.00 Expires 01/17/2014 Counterparty: DUB		6		3

	Notional Amount (000’s)		Value (000’s)
Call Options (continued)
OTC- Silver Wheaton Corp. Strike Price $55.00 Expires 01/17/2014 Counterparty: DUB	$	24	$	77
OTC- Silvercorp Metals, Inc. Strike Price $15.00 Expires 01/17/2014 Counterparty: DUB		14		2
OTC- Staples, Inc. Strike Price $20.00 Expires 01/17/2014 Counterparty: GSC		86		11
OTC- Starwood Hotels & Resorts Worldwide, Inc. Strike Price $85.00 Expires 01/17/2014 Counterparty: GSC		6		2
OTC- Stillwater Mining Co. Strike Price $25.00 Expires 01/17/2014 Counterparty: DUB		15		4
OTC- United Technologies Corp Strike Price $120.00 Expires 01/17/2014 Counterparty: GSC		15		2
OTC- UnitedHealth Group, Inc. Strike Price $85.00 Expires 01/17/2014 Counterparty: GSC		19		5
OTC- Visa, Inc. Strike Price $190.00 Expires 01/17/2014 Counterparty: GSC		9		24
OTC- Western Union Co. Strike Price $25.00 Expires 01/17/2014 Counterparty: GSC		14		1
OTC- Yahoo!, Inc. Strike Price $25.00 Expires 01/17/2014 Counterparty: GSC		68		21
OTC- Yama Gold, Inc. Strike Price $30.00 Expires 01/17/2014 Counterparty: DUB		58		40
OTC- Yum! Brands, Inc. Strike Price $100.00 Expires 01/17/2014 Counterparty: GSC		14		9
SPDR Gold Trust Strike Price $175.00 Expires 12/22/2012		6		6
United Technologies Corp. Strike Price $80.00 Expires 11/17/2012		1		¿

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

Transamerica Funds		Annual Report 2012
	Page    181

Transamerica Global Allocation

(formerly, Transamerica BlackRock Global Allocation)

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

	Notional Amount (000’s)		Value (000’s)
Put Options —0.2%
OTC- EUR vs. USD Exercise Price $1.20 Expires 06/03/2013 Ә Counterparty: CSFB	EUR	2,952	$	27
OTC- Bovespa Index Index Value 55,389.31 Expires 12/12/2012 Ә Counterparty: CSFB	$	¿		21
OTC- Russell 2000 Index Index Value 753.98 Expires 11/16/2012 Counterparty: BNP		1		2
OTC- Russell 2000 Index Index Value 759.04 Expires 12/21/2012 Counterparty: JPM		1		11
OTC- Russell 2000 Index Index Value 781.49 Expires 01/18/2013 Counterparty: JPM		1		11
OTC- Russell 2000 Index Index Value 782.61 Expires 02/15/2013 Counterparty: BNP		1		15
OTC- S&P 500 E-Mini Index Index Value 1,373.62 Expires 01/18/2013 Counterparty: JPM		1		19
OTC- S&P 500 Index Index Value 1,375.68 Expires 01/18/2013 Counterparty: GSC		1		10
OTC- S&P 500 Index Index Value 1,372.24 Expires 02/15/2013 Counterparty: DUB		1		12
OTC- S&P 500 Index Index Value 1,372.50 Expires 03/15/2013 Counterparty: CSFB		1		27
S&P 100 Index Index Value 1,435.00 Expires 12/22/2012		1		43
S&P 500 Index Index Value 1,415.00 Expires 11/17/2012		1		26
S&P 500 Index Index Value 1,425.00 Expires 11/17/2012		1		32
S&P 500 Index Index Value 1,435.00 Expires 11/17/2012		2		91
S&P 500 Index Index Value 1,445.00 Expires 11/17/2012		2		98

	Notional Amount (000’s)		Value (000’s)
Put Options (continued)
S&P 500 Index Index Value 1,445.00 Expires 12/22/2012	$	1	$	39
S&P 500 Index Index Value 1,455.00 Expires 12/22/2012		1		42
CONSOL Energy, Inc. Strike Price $31.00 Expires 01/19/2013		32		43
HCA Holdings, Inc. Strike Price $29.50 Expires 11/17/2012		5		9
Hess Corp. Strike Price $52.50 Expires 01/19/2013		4		12
OTC- Korea Composite Stock Price Index Index Value 243.53 Expires 12/12/2013 Counterparty: CITI		2,800		38
Total Purchased Options (cost $3,305)				2,055
	Shares		Value (000’s)
SECURITIES LENDING COLLATERAL—10.9%
State Street Navigator Securities Lending Trust—Prime Portfolio, 0.31% 		34,185,993		34,186
Total Securities Lending Collateral (cost $34,186)
Total Investment Securities (cost $337,319) P				360,290
Other Assets and Liabilities—Net				(45,585	)
Net Assets			$	314,705
	Notional Amount (000’s)		Value (000’s)
WRITTEN OPTIONS—(0.2%) Җ
Call Options—(0.1%)
OTC- EUR vs. USD Ә Exercise Price $1.40 Expires 06/03/2013 Counterparty: CSFB	EUR	2,952	$	(16	)
OTC- Bovespa Index Ә Index Value 64,667.72 Expires 12/12/2012 Counterparty: CSFB	$	¿		(3	)
Activision Blizzard, Inc. Strike Price $12.50 Expires 01/19/2013		8		(1	)
Alcoa, Inc. Strike Price $10.00 Expires 01/19/2013		34		(3	)
Applied Materials, Inc. Strike Price $12.50 Expires 01/19/2013		14		(¿	)
BioMarin Pharmaceutical, Inc. Strike Price $47.00 Expires 11/17/2012		4		(3	)

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

Transamerica Funds		Annual Report 2012
	Page    182

Transamerica Global Allocation

(formerly, Transamerica BlackRock Global Allocation)

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

	Notional Amount (000’s)		Value (000’s)
Call Options (continued)
Cisco Systems, Inc. Strike Price $22.00 Expires 12/22/2012	$	17	$	(¿	)
Corning, Inc. Strike Price $15.00 Expires 01/19/2013		24		(1	)
EMC Corp. Strike Price $25.00 Expires 01/19/2013		4		(5	)
Kraft Foods Group, Inc. Strike Price $47.50 Expires 03/16/2013		3		(2	)
Mattel, Inc. Strike Price $35.00 Expires 01/19/2013		4		(8	)
Murphy Oil Corp. Strike Price $70.00 Expires 01/19/2013		8		(4	)
Oracle Corp. Strike Price $33.00 Expires 12/22/2012		20		(7	)
Oracle Corp. Strike Price $34.00 Expires 01/19/2013		14		(5	)
OTC- Canon, Inc. Strike Price $2,758.05 Expires 01/18/2013 Counterparty: DUB	JPY	3		(3	)
OTC- Mattel, Inc. Strike Price $33.00 Expires 01/18/2013 Counterparty: MSC	$	3		(12	)
OTC- Mead Johnson Nutrition Co. Strike Price $100.00 Expires 01/18/2013 Counterparty: MSC		9		(¿	)
OTC- Mitsui Fudosan Co., Ltd. Strike Price $1,521.73 Expires 01/18/2013 Counterparty: CITI	JPY	4		(6	)
OTC- Yahoo Japan Corp. Strike Price $29,937.18 Expires 01/30/2013 Counterparty: GSC		¿		(2	)
OTC- Yamada Denki Co., Ltd. Strike Price $4,347.00 Expires 01/18/2013 Counterparty: CITI		1		(¿	)
Phillips 66 Strike Price $48.00 Expires 01/19/2013	$	16		(45	)
PulteGroup, Inc. Strike Price $19.00 Expires 04/20/2013		8		(13	)
SanDisk Corp. Strike Price $45.00 Expires 01/19/2013		8		(12	)
Tiffany & Co. Strike Price $67.50 Expires 02/16/2013		6		(13	)

	Notional Amount (000’s)		Value (000’s)
Call Options (continued)
Valeant Pharmaceuticals, Inc. Strike Price $50.00 Expires 01/19/2013	$	2	$	(19	)
Vertex Pharmaceuticals, Inc. Strike Price $40.00 Expires 01/19/2013		6		(61	)
Wal-Mart Stores, Inc. Strike Price $75.00 Expires 01/19/2013		15		(30	)
Put Options—(0.1%)
OTC- Bovespa Index Ә Index Value 46,392.06 Expires 12/12/2012 Counterparty: CSFB		¿		(2	)
OTC- Nikkei 225 Index Value 8,286.96 Expires 12/13/2013 Counterparty: BOA		¿		(37	)
OTC- Nikkei 225 Index Value 8,292.09 Expires 12/13/2013 Counterparty: JPM		¿		(37	)
OTC- Nikkei 225 Index Value 8,305.01 Expires 12/13/2013 Counterparty: CITI		¿		(37	)
OTC- Nikkei 225 Index Value 8,331.47 Expires 12/13/2013 Counterparty: GSC		¿		(39	)
OTC- Russell 2000 Index Index Value 676.65 Expires 11/16/2012 Counterparty: BNP		1		(¿	)
OTC- Russell 2000 Index Index Value 681.19 Expires 12/21/2012 Counterparty: JPM		1		(2	)
OTC- Russell 2000 Index Index Value 701.34 Expires 01/18/2013 Counterparty: JPM		1		(3	)
OTC- Russell 2000 Index Index Value 702.35 Expires 02/15/2013 Counterparty: BNP		1		(5	)
OTC- S&P 500 Index Index Value 1,197.51 Expires 01/18/2013 Counterparty: JPM		1		(¿	)
OTC- S&P 500 Index Index Value 1,199.27 Expires 01/18/2013 Counterparty: GSC		1		(3	)
OTC- S&P 500 Index Index Value 1,196.31 Expires 02/15/2013 Counterparty: DUB		1		(¿	)

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

Transamerica Funds		Annual Report 2012
	Page    183

Transamerica Global Allocation

(formerly, Transamerica BlackRock Global Allocation)

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

	Notional Amount (000’s)		Value (000’s)
Put Options (continued)
OTC- S&P 500 Index Index Value 1,231.73 Expires 03/15/2013 Counterparty: CSFB	$	1	$	(10	)
OTC- S&P 500 Index Index Value 1,149.60 Expires 12/20/2013 Counterparty: CITI		¿		(22	)
OTC- Taiwan TAIEX Index Index Value 5,758.51 Expires 12/18/2013 Counterparty: JPM		¿		(11	)
OTC- Taiwan TAIEX Index Index Value 6,524.53 Expires 12/18/2013 Counterparty: JPM		¿		(35	)
CONSOL Energy, Inc. Strike Price $25.00 Expires 01/19/2013		32		(13	)

	Notional Amount (000’s)		Value (000’s)
Put Options (continued)
Mattel, Inc. Ә Strike Price $25.00 Expires 01/19/2013	$	18	$	(2	)
Nexen, Inc. Strike Price $16.00 Expires 12/22/2012		4		(1	)
OTC- Mead Johnson Nutrition Co. Strike Price $60.00 Expires 01/17/2014 Counterparty: MSC		9		(65	)
Phillips 66 Ә Strike Price $34.00 Expires 11/17/2012		8		(1	)
United Technologies Corp. Strike Price $75.00 Expires 11/17/2012		¿		(¿	)
Total Written Options (premiums: $(868))			$	(599	)

FORWARD FOREIGN CURRENCY CONTRACTS: b

Currency	Counterparty	Contracts Bought (Sold) (000’s)			Settlement Date		Amount in U.S. Dollars Bought (Sold) (000’s)			Net Unrealized Appreciation (Depreciation) (000’s)
AUD	UBS		780			11/08/2012	$	808		$	1
AUD	UBS		(1,538	)		11/08/2012		(1,576	)		(19	)
AUD	DUB		(988	)		11/08/2012		(1,012	)		(12	)
AUD	GSC		(735	)		11/15/2012		(745	)		(17	)
AUD	GSC		(753	)		11/15/2012		(760	)		(20	)
AUD	JPM		1,453			11/15/2012		1,418			89
AUD	JPM		(1,453	)		11/15/2012		(1,420	)		(86	)
AUD	UBS		(190	)		11/29/2012		(193	)		(4	)
AUD	JPM		238			11/29/2012		243			3
AUD	JPM		(238	)		11/29/2012		(242	)		(5	)
AUD	BCLY		(415	)		11/30/2012		(423	)		(6	)
EUR	JPM		(1,316	)		11/01/2012		(1,705	)		(1	)
EUR	BCLY		667			11/01/2012		860			4
EUR	JPM		1,316			11/01/2012		1,698			8
EUR	BCLY		(667	)		11/01/2012		(863	)		(1	)
EUR	UBS		(674	)		11/08/2012		(872	)		(1	)
EUR	CSFB		(281	)		11/29/2012		(361	)		(2	)
EUR	DUB		(531	)		11/30/2012		(687	)		(1	)
EUR	HSBC		(377	)		12/05/2012		(459	)		(29	)
EUR	UBS		(689	)		12/06/2012		(894	)		1
EUR	CSFB		(539	)		12/07/2012		(700	)		¿
EUR	JPM		(1,316	)		12/14/2012		(1,698	)		(8	)
EUR	BCLY		(667	)		12/14/2012		(861	)		(4	)
EUR	CSFB		(217	)		01/09/2013		(264	)		(17	)
EUR	CSFB		(207	)		01/23/2013		(252	)		(16	)
GBP	GSC		383			11/01/2012		614			4
GBP	DUB		254			11/01/2012		408			2
GBP	GSC		(383	)		11/01/2012		(621	)		3
GBP	DUB		(254	)		11/01/2012		(412	)		2
GBP	JPM		(447	)		11/29/2012		(715	)		(7	)
GBP	JPM		(679	)		12/06/2012		(1,088	)		(8	)
GBP	DUB		(841	)		12/07/2012		(1,347	)		(10	)
GBP	DUB		(254	)		12/14/2012		(408	)		(2	)
GBP	GSC		(383	)		12/14/2012		(614	)		(4	)
JPY	DUB		(80,000	)		11/09/2012		(1,008	)		5
JPY	CSFB		(31,336	)		11/30/2012		(391	)		(2	)
JPY	DUB		31,336			11/30/2012		401			(8	)

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

Transamerica Funds		Annual Report 2012
	Page    184

Transamerica Global Allocation

(formerly, Transamerica BlackRock Global Allocation)

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

FORWARD FOREIGN CURRENCY CONTRACTS (continued): b

Currency	Counterparty	Contracts Bought (Sold) (000’s)			Settlement Date		Amount in U.S. Dollars Bought (Sold) (000’s)			Net Unrealized Appreciation (Depreciation) (000’s)
JPY	CSFB		(40,000	)		12/10/2012	$	(510	)	$	9
JPY	UBS		(70,000	)		01/16/2013		(893	)		16
JPY	UBS		(60,000	)		02/20/2013		(763	)		10
MXN	DUB		(13,040	)		11/15/2012		(984	)		(11	)
MXN	GSC		(1,252	)		12/13/2012		(95	)		(¿	)
MXN	JPM		(11,463	)		12/13/2012		(862	)		(9	)
SGD	UBS		(862	)		01/24/2013		(685	)		(22	)
SGD	UBS		(1,129	)		02/07/2013		(910	)		(16	)
										$	(191	)

FORWARD FOREIGN CROSS CURRENCY CONTRACTS: b

Currency	Counterparty	Contracts Bought (Sold) (000’s)			Settlement Date		Amount in U.S. Dollars Bought (Sold) (000’s)			Net Unrealized Appreciation (Depreciation) (000’s)
CHF	UBS		1,232			12/14/2012	$	1,315		$	8
EUR	UBS		(1,019	)		12/14/2012		(1,315	)		(7	)
CHF	UBS		1,234			11/01/2012		1,322			3
EUR	UBS		(1,019	)		11/01/2012		(1,322	)		1
EUR	UBS		1,019			11/01/2012		1,315			6
CHF	UBS		(1,232	)		11/01/2012		(1,315	)		(8	)
										$	3

OVER THE COUNTER SWAP AGREEMENTS: b

INTEREST RATE SWAP AGREEMENTS—FIXED RATE RECEIVABLE:

Floating Rate Index	Fixed Rate			Maturity Date		Counterparty	Currency Code	Notional Amount (000’s)		Market Value (000’s)			Premiums Paid (Received) (000’s)		Unrealized Appreciation (Depreciation) (000’s)
3-Month USD-LIBOR		1.28	%		06/22/2016	UBS	USD		2,055	$	7		$	—	$	7
3-Month USD-LIBOR		1.35			08/24/2016	DUB	USD		850		3			—		3
3-Month USD-LIBOR		1.01			09/27/2016	DUB	USD		7,800		(2	)		—		(2	)
3-Month USD-LIBOR		1.00			09/28/2016	GSC	USD		7,823		(3	)		—		(3	)
3-Month USD-LIBOR		1.55			09/28/2017	GSC	USD		3,912		(¿	)		—		(¿	)
3-Month USD-LIBOR		1.55			10/04/2017	JPM	USD		3,919		(¿	)		—		(¿	)
3-Month USD-LIBOR		1.24			09/14/2018	DUB	USD		785		5			—		5
3-Month USD-LIBOR		1.19			09/17/2018	JPM	USD		792		2			—		2
										$	12		$	—	$	12

INTEREST RATE SWAP AGREEMENTS—FIXED RATE PAYABLE:

Floating Rate Index	Fixed Rate			Maturity Date		Counterparty	Currency Code	Notional Amount (000’s)		Market Value (000’s)			Premiums Paid (Received) (000’s)		Unrealized Appreciation (Depreciation) (000’s)
3-Month USD-LIBOR		0.54	%		09/14/2015	DUB	USD		1,961	$	(1	)	$	—	$	(1	)
3-Month USD-LIBOR		0.50			09/17/2015	JPM	USD		1,932		1			—		1
										$	—		$	—	$	—

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

Transamerica Funds		Annual Report 2012
	Page    185

Transamerica Global Allocation

(formerly, Transamerica BlackRock Global Allocation)

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

OVER THE COUNTER SWAP AGREEMENTS (continued): b

TOTAL RETURN SWAP AGREEMENTS—PAYABLE: ^(A)

Reference Entity	Fixed Rate			Termination Date		Counterparty	Notional Amount (000’s)		Market Value (000’s)		Premiums Paid (Received) (000’s)		Unrealized Appreciation (000’s)
SGX Nikkei Stock Average Dividend Point Index Futures		1.00	%		03/31/2014	CITI		259	$	54	$	—	$	54

FUTURES CONTRACTS:

Description	Type		Contracts			Expiration Date		Unrealized Appreciation (Depreciation) (000’s)
CAC 40 Index		Short		(1	)		11/16/2012	$	1
DAX Index		Short		(5	)		12/21/2012		19
FTSE 100 Index		Short		(2	)		12/21/2012		2
MSCI Taiwan Index		Short		(7	)		11/29/2012		(1	)
Nikkei 225 Index		Short		(1	)		12/13/2012		(1	)
S&P 500 E-Mini Index		Short		(69	)		12/21/2012		167
S&P TSE 60 Index		Short		(1	)		12/20/2012		(¿	)
								$	187

Collateral (Received) Pledged for OTC Financial Derivative Instruments

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received) pledged as of 10/31/2012:

Counterparty	Total Market Value of OTC Derivatives (000’s)			Collateral  (Received) Pledged (000’s)			Net Exposures (1) (000’s)
BCLY	$	(7	)	$	—		$	(7	)
BNP		12			—			12
BOA		14			—			14
CITI		104			91			195
CSFB		17			—			17
DUB		385			(100	)		285
GSC		583			(800	)		(217	)
HSBC		(29	)		—			(29	)
JPM		5			—			5
MSC		(77	)		—			(77	)
UBS		(24	)		633			609

⁽¹⁾ Net exposure represents the net receivable (payable) that would be due from/to the counterparty in the event of default.

INVESTMENTS BY INDUSTRY (unaudited):	Percentage of Total Investment Securities			Value (000’s)
Foreign Government Obligations		8.2	%	$	29,493
Oil, Gas & Consumable Fuels		6.7			24,202
U.S. Government Obligations		5.0			17,894
Commercial Banks		3.9			14,027
Pharmaceuticals		3.7			13,335
Capital Markets		3.3			11,823
Chemicals		2.6			9,266
Health Care Providers & Services		2.5			9,036
Metals & Mining		2.3			8,340
Diversified Telecommunication Services		2.3			8,134
Diversified Financial Services		2.2			7,927
Computers & Peripherals		2.1			7,624
Insurance		2.0			7,047
Software		2.0			7,046
Semiconductors & Semiconductor Equipment		1.5			5,405
Food Products		1.5			5,273
Automobiles		1.5			5,252
Media		1.3			4,641
Wireless Telecommunication Services		1.2			4,386

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

Transamerica Funds		Annual Report 2012
	Page    186

Transamerica Global Allocation

(formerly, Transamerica BlackRock Global Allocation)

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

INVESTMENTS BY INDUSTRY (unaudited) (continued):	Percentage of Total Investment Securities			Value (000’s)
Industrial Conglomerates		1.2	%	$	4,354
Real Estate Management & Development		1.1			4,039
Electric Utilities		1.0			3,520
Communications Equipment		0.9			3,421
Aerospace & Defense		0.9			3,292
Health Care Equipment & Supplies		0.9			3,268
Energy Equipment & Services		0.9			3,250
IT Services		0.8			2,739
Machinery		0.7			2,666
Road & Rail		0.7			2,444
Food & Staples Retailing		0.7			2,413
Biotechnology		0.6			2,259
Electronic Equipment & Instruments		0.6			2,221
Household Products		0.6			2,206
Tobacco		0.6			2,148
Auto Components		0.6			2,131
Purchased Options		0.6			2,055
Beverages		0.5			1,853
Consumer Finance		0.5			1,827
Real Estate Investment Trusts		0.5			1,786
Trading Companies & Distributors		0.4			1,593
Life Sciences Tools & Services		0.4			1,560
Internet Software & Services		0.4			1,470
Multi-Utilities		0.3			1,190
Construction & Engineering		0.3			1,123
Household Durables		0.3			1,082
Electrical Equipment		0.3			991
Specialty Retail		0.2			824
Independent Power Producers & Energy Traders		0.2			691
Paper & Forest Products		0.2			574
Textiles, Apparel & Luxury Goods		0.2			545
Hotels, Restaurants & Leisure		0.1			538
Leisure Equipment & Products		0.1			538
Personal Products		0.1			529
Gas Utilities		0.1			511
Office Electronics		0.1			441
Mortgage-Backed Security		0.1			362
Transportation Infrastructure		0.1			359
Commercial Services & Supplies		0.1			288
Building Products		0.1			245
Airlines		0.1			238
Construction Materials		0.1			226
Water Utilities		0.1			219
Marine		0.0	¥		167
Containers & Packaging		0.0	¥		150
Internet & Catalog Retail		0.0	¥		58
Multiline Retail		0.0	¥		48
Investment Securities, at Value		75.1			270,603
Short-Term Investments		24.9			89,687
Total Investments		100.0	%	$	360,290

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

^L  All or a portion of this security is on loan. The value of all securities on loan is $33,349.

* Floating or variable rate note. Rate is listed as of 10/31/2012.

¥ Percentage rounds to less than 0.1%.

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

Ә Fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. Total aggregate market value of fair valued securities is $1,485, or 0.47% of the fund’s net assets, and total aggregate market value of fair valued derivatives is $(24), or (0.01)% of the fund’s net assets.

 Rate shown reflects the yield at 10/31/2012.

Џ In default.

‡ Non-income producing security.

P Aggregate cost for federal income tax purposes is $341,537. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $32,654 and $13,901, respectively. Net unrealized appreciation for tax purposes is $18,753.

§ Illiquid. Total aggregate market value of illiquid securities is $5,354, or 1.70% of the fund’s net assets.

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

Transamerica Funds		Annual Report 2012
	Page    187

Transamerica Global Allocation

(formerly, Transamerica BlackRock Global Allocation)

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands) (continued):

¿ Amount is less than 1.

☼ All or a portion of this security has been segregated with the broker to cover open swaps contracts. Total value of securities segregated to cover open swaps, and/or forward foreign currency contracts is $92.

g All or a portion of this security has been segregated as collateral with the broker to cover margin requirements for open futures contracts. Total value of securities segregated to cover futures contracts is $500.

n All or a portion of this security has been segregated with the broker to cover open written options. Total value of securities segregated to cover written options is $58.

Җ Cash in the amount of $575 has been segregated as collateral with the broker for open written options.

β Cash, in the amount of $900, has been pledged as collateral by the broker for open swaps and/or forward foreign currency contracts.

^(A) At the termination date, a net cash flow is exchanged where the total return is equivalent to the return of the reference obligation 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.

D Restricted Security. At 10/31/2012, the fund owned the respective securities which were restricted to public resale as follows:

Investment Securities	Description		Acquisition Date		Cost		Value		Value as % of Net Assets
Corporate Debt Securities		Delta Topco Limited		05/02/2012	$	506	$	533		0.17	%
Common Stocks		Delta Topco Limited		05/02/2012		399		330		0.10
					$	905	$	863		0.27	%

DEFINITIONS (all amounts in thousands):

144A	144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 10/31/2012, these securities aggregated $8,030, or 2.55% of the fund’s net assets.
ADR	American Depositary Receipt
BCLY	Barclays Bank PLC
BNP	BNP Paribas
BOA	Bank of America
CITI	Citigroup, Inc.
CSFB	Credit Suisse First Boston
DUB	Deutsche Bank AG
GDR	Global Depositary Receipt
GSC	Goldman Sachs & Co.
HSBC	HSBC Bank USA
JPM	JPMorgan Chase Bank
JSC	Joint Stock Company
MSC	Morgan Stanley
OTC	Over The Counter
PJSC	Private Joint Stock Company
REIT	Real Estate Investment Trust (includes domestic REITs and Foreign Real Estate Investment Companies)
SGX	Singapore Exchange
UBS	UBS AG

CURRENCY ABBREVIATIONS:

AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
CNY	Chinese Yuan Renminbi
EUR	Euro
GBP	Pound Sterling
HKD	Hong Kong Dollar
JPY	Japanese Yen
MXN	Mexican Peso
MYR	Malaysian Ringgit
PLN	Polish Zloty
SGD	Singapore Dollar
USD	United States Dollar

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

Transamerica Funds		Annual Report 2012
	Page    188

Transamerica Global Allocation

(formerly, Transamerica BlackRock Global Allocation)

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 10/31/2012
Common Stocks	$	121,642	$	61,356	$	358	$	183,356
Convertible Bonds		—		9,528		—		9,528
Convertible Preferred Stocks		1,681		—		—		1,681
Corporate Debt Securities		—		12,357		533		12,890
Foreign Government Obligations		—		29,493		—		29,493
Investment Companies		8,514		—		—		8,514
Loan Assignments		—		1,288		—		1,288
Mortgage-Backed Security		—		362		—		362
Preferred Corporate Debt Securities		—		93		—		93
Preferred Stocks		1,926		1,412		—		3,338
Purchased Options		584		1,471		—		2,055
Right		—		9		—		9
Securities Lending Collateral		34,186		—		—		34,186
Short-Term Foreign Government Obligations		—		9,287		—		9,287
Short-Term U.S. Government Obligations		—		46,214		—		46,214
U.S. Government Obligations		—		17,894		—		17,894
Warrants		95		7		—		102
Total	$	168,628	$	190,771	$	891	$	360,290

Other Financial Instruments	Level 1 - Quoted Prices			Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value at 10/31/2012
Written Options	$	(249	)	$	(350	)	$	—	$	(599	)

Other Financial Instruments ₣	Level 1 - Quoted Prices			Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value at 10/31/2012
Futures Contracts—Appreciation	$	189		$	—		$	—	$	189
Futures Contracts—Depreciation		(2	)		—			—		(2	)
Forward Foreign Cross Currency Contract—Appreciation		—			18			—		18
Forward Foreign Cross Currency Contract—Depreciation		—			(15	)		—		(15	)
Forward Foreign Currency Contracts—Appreciation		—			157			—		157
Forward Foreign Currency Contracts—Depreciation		—			(348	)		—		(348	)
Interest Rate Swaps—Appreciation		—			18			—		18
Interest Rate Swaps—Depreciation		—			(6	)		—		(6	)
Total Return Swaps—Appreciation		—			54			—		54
Total	$	187		$	(122	)	$	—	$	65

Level 3 Rollforward—Investment Securities

Security	Beginning Balance at 10/31/2011		Purchases		Sales			Accrued Discounts/ (Premiums)		Total Realized Gain/ (Loss)			Net Change in Unrealized Appreciation / (Depreciation) ƒ			Transfers into Level 3		Transfers out of Level 3 j			Ending Balance at 10/31/2012 ₪		Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at 10/31/2012 ƒ
Common Stocks	$	463	$	404	$	(89	)	$	—	$	(52	)	$	(121	)	$	—	$	(247	)	$	358	$	(69	)
Corporate Debt Securities		¿		644		(135	)		(¿)		(3	)		27			—		—			533		27
Loan Assignments		374		12		(386	)		—		—			—			—		—			—		—
Total	$	837	$	1,060	$	(610	)	$	(¿)	$	(55	)	$	(94	)	$	—	$	(247	)	$	891	$	(42	)

' Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of Levels 1 and 2 during the period ended 10/31/2012. 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.

ƒ Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at 10/31/2012 may be due to an investment no longer held or categorized as Level 3 at period end.

φ Transferred out of Level 3 because of availability of observable inputs.

₪ Inputs used in the valuation of the Level 3 securities were not considered significant unobservable inputs.

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

Transamerica Funds		Annual Report 2012
	Page    189

Transamerica Managed Futures Strategy

(formerly, Transamerica AQR Managed Futures Strategy)

CONSOLIDATED SCHEDULE OF INVESTMENTS

At October 31, 2012

	Shares		Value (000’s)
INVESTMENT COMPANIES—87.8%
Capital Markets—79.0%
Dreyfus Treasury Cash Management		105,978,159	$	105,978
UBS Select Treasury Preferred		132,579,996		132,580
Money Market—8.8%
BlackRock Liquidity Funds T-Fund Portfolio		26,601,839		26,602
Total Investment Companies (cost $265,160) P				265,160
Other Assets and Liabilities—Net				36,963
Net Assets			$	302,123

OVER THE COUNTER SWAP AGREEMENTS: b

TOTAL RETURN SWAP AGREEMENTS—RECEIVABLE: ^(A)

Reference Entity	Termination Date	Counterparty	Notional Amount (000’s)		Market Value (000’s)			Premiums Paid (Received) (000’s)		Unrealized Appreciation (Depreciation) (000’s)
2-Year Euro-Schatz Futures	12/06/2012	BOA		23,388	$	(28	)	$	—	$	(28	)
5-Year Euro-Bobl Futures	12/06/2012	BOA		3,914		1			—		1
5-Year U.S. Treasury Note Futures	12/31/2012	BOA		5,343		4			—		4
Corn December Futures	11/23/2012	BCLY		1,587		(175	)		—		(175	)
Soybean January Futures	12/21/2012	BCLY		1,007		29			—		29
Swiss Market Index Futures	12/21/2012	RBS		11,260		70			—		70
Wheat December Futures	11/23/2012	BCLY		1,599		(106	)		—		(106	)
					$	(205	)	$	—	$	(205	)

TOTAL RETURN SWAP AGREEMENTS—PAYABLE: ^(A)

Reference Entity	Termination Date	Counterparty	Notional Amount (000’s)		Market Value (000’s)		Premiums Paid (Received) (000’s)		Unrealized Appreciation (000’s)
Cocoa December Futures	11/02/2012	BCLY		2,221	$	—	$	—	$	—
Coffee December Futures	11/09/2012	BCLY		531		68		—		68
Aluminum December Futures	12/17/2012	BCLY		705		40		—		40
					$	108	$	—	$	108

FUTURES CONTRACTS: Б

Description	Type	Contracts			Expiration Date	Unrealized Appreciation (Depreciation) (000’s)
10-Year Australian Treasury Bond	Short		(7	)	12/17/2012	$	(12	)
10-Year Government of Canada Bond	Short		(7	)	12/18/2012		(7	)
10-Year Japan Government Bond	Long		28		12/11/2012		126
10-Year U.S. Treasury Note	Long		24		12/19/2012		(9	)
2-Year U.S. Treasury Note	Short		(285	)	12/31/2012		(15	)
30-Year U.S. Treasury Bond	Long		3		12/19/2012		1
3-Month Aluminum	Short		(1	)	11/23/2012		(¿	)
3-Month Aluminum	Long		1		11/23/2012		¿
3-Month Aluminum	Short		(36	)	12/05/2012		55
3-Month Aluminum	Long		36		12/05/2012		(36	)
3-Month Aluminum	Long		28		12/06/2012		(62	)
3-Month Aluminum	Short		(28	)	12/06/2012		50
3-Month Aluminum	Short		(20	)	12/07/2012		56

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

Transamerica Funds		Annual Report 2012
	Page    190

Transamerica Managed Futures Strategy

(formerly, Transamerica AQR Managed Futures Strategy)

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

FUTURES CONTRACTS (continued): Б

Description	Type		Contracts			Expiration Date	Unrealized Appreciation (Depreciation) (000’s)
3-Month Aluminum		Long		20		12/07/2012	$	(46	)
3-Month Aluminum		Short		(31	)	12/10/2012		117
3-Month Aluminum		Long		31		12/10/2012		(115	)
3-Month Aluminum		Long		32		12/11/2012		(129	)
3-Month Aluminum		Short		(32	)	12/11/2012		134
3-Month Aluminum		Short		(23	)	12/12/2012		103
3-Month Aluminum		Long		23		12/12/2012		(110	)
3-Month Aluminum		Long		15		12/13/2012		(67	)
3-Month Aluminum		Short		(15	)	12/13/2012		74
3-Month Aluminum		Short		(1	)	12/14/2012		7
3-Month Aluminum		Long		1		12/14/2012		(6	)
3-Month Aluminum		Long		35		01/11/2013		(88	)
3-Month Aluminum		Short		(35	)	01/11/2013		95
3-Month Aluminum		Short		(20	)	01/15/2013		40
3-Month Aluminum		Long		20		01/15/2013		(39	)
3-Month Aluminum		Long		8		01/16/2013		(11	)
3-Month Aluminum		Short		(8	)	01/16/2013		13
3-Month Aluminum		Long		6		01/17/2013		(9	)
3-Month Aluminum		Short		(6	)	01/17/2013		9
3-Month Aluminum		Long		1		01/18/2013		(3	)
3-Month Aluminum		Short		(1	)	01/18/2013		2
3-Month Aluminum		Long		20		01/25/2013		(14	)
3-Month Aluminum		Short		(20	)	01/25/2013		17
3-Month Canadian Bankers’ Acceptance		Short		(57	)	03/18/2013		(19	)
3-Month Canadian Bankers’ Acceptance		Short		(47	)	06/17/2013		(21	)
3-Month Copper		Short		(7	)	11/02/2012		(65	)
3-Month Copper		Long		7		11/02/2012		72
3-Month Copper		Short		(2	)	11/06/2012		(17	)
3-Month Copper		Long		2		11/06/2012		17
3-Month Copper		Short		(1	)	11/07/2012		(7	)
3-Month Copper		Long		1		11/07/2012		6
3-Month Copper		Long		1		11/14/2012		8
3-Month Copper		Short		(1	)	11/14/2012		(8	)
3-Month Copper		Long		1		11/16/2012		9
3-Month Copper		Short		(1	)	11/16/2012		(9	)
3-Month Copper		Short		(24	)	11/23/2012		(70	)
3-Month Copper		Long		24		11/23/2012		73
3-Month Copper		Short		(5	)	11/28/2012		(22	)
3-Month Copper		Long		5		11/28/2012		21
3-Month Copper		Long		2		11/30/2012		9
3-Month Copper		Short		(2	)	11/30/2012		(8	)
3-Month Copper		Short		(3	)	12/04/2012		(8	)
3-Month Copper		Long		3		12/04/2012		8
3-Month Copper		Short		(7	)	12/05/2012		(16	)
3-Month Copper		Long		7		12/05/2012		26
3-Month Copper		Long		3		12/06/2012		2
3-Month Copper		Short		(3	)	12/06/2012		(5	)
3-Month Copper		Short		(2	)	12/07/2012		9
3-Month Copper		Long		2		12/07/2012		(1	)
3-Month Copper		Long		3		12/10/2012		(20	)
3-Month Copper		Short		(3	)	12/10/2012		24
3-Month Copper		Short		(5	)	12/13/2012		42
3-Month Copper		Long		5		12/13/2012		(38	)
3-Month Copper		Short		(1	)	12/14/2012		16
3-Month Copper		Long		1		12/14/2012		(15	)
3-Month Copper		Short		(1	)	12/17/2012		15
3-Month Copper		Long		1		12/17/2012		(14	)
3-Month Copper		Long		1		12/18/2012		(13	)
3-Month Copper		Short		(1	)	12/18/2012		12
3-Month Copper		Long		45		12/19/2012		(296	)
3-Month Copper		Short		(22	)	12/19/2012		(80	)
3-Month Copper		Long		2		12/20/2012		(24	)
3-Month Copper		Short		(2	)	12/20/2012		25
3-Month Copper		Long		2		12/21/2012		(29	)

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

Transamerica Funds		Annual Report 2012
	Page    191

Transamerica Managed Futures Strategy

(formerly, Transamerica AQR Managed Futures Strategy)

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

FUTURES CONTRACTS (continued): Б

Description	Type		Contracts			Expiration Date	Unrealized Appreciation (Depreciation) (000’s)
3-Month Copper		Short		(2	)	12/21/2012	$	26
3-Month Copper		Short		(2	)	12/24/2012		24
3-Month Copper		Long		2		12/24/2012		(24	)
3-Month Copper		Long		1		12/27/2012		(11	)
3-Month Copper		Short		(1	)	12/27/2012		10
3-Month Copper		Long		2		01/02/2013		(21	)
3-Month Copper		Short		(2	)	01/02/2013		22
3-Month Copper		Long		1		01/03/2013		(13	)
3-Month Copper		Short		(1	)	01/03/2013		13
3-Month Copper		Long		4		01/04/2013		(56	)
3-Month Copper		Short		(4	)	01/04/2013		57
3-Month Copper		Short		(1	)	01/08/2013		10
3-Month Copper		Long		1		01/08/2013		(11	)
3-Month Copper		Long		1		01/15/2013		(8	)
3-Month Copper		Short		(1	)	01/15/2013		9
3-Month Copper		Short		(2	)	01/25/2013		1
3-Month Copper		Long		2		01/25/2013		¿
3-Month EURIBOR		Long		203		03/18/2013		23
3-Month EURIBOR		Long		149		06/17/2013		14
3-Month EURIBOR		Long		122		09/16/2013		10
3-Month EURIBOR		Long		109		12/16/2013		10
3-Month EURIBOR		Long		102		03/17/2014		8
3-Month EURIBOR		Long		95		06/16/2014		3
3-Month EURIBOR		Long		87		09/15/2014		(6	)
3-Month Euroswiss		Short		(127	)	03/18/2013		5
3-Month Euroswiss		Short		(86	)	06/17/2013		¿
3-Month Nickel		Long		7		11/02/2012		29
3-Month Nickel		Short		(7	)	11/02/2012		(28	)
3-Month Nickel		Short		(2	)	11/06/2012		(6	)
3-Month Nickel		Long		2		11/06/2012		6
3-Month Nickel		Short		(4	)	11/07/2012		(11	)
3-Month Nickel		Long		4		11/07/2012		9
3-Month Nickel		Short		(1	)	11/08/2012		(3	)
3-Month Nickel		Long		1		11/08/2012		3
3-Month Nickel		Short		(3	)	11/09/2012		(13	)
3-Month Nickel		Long		3		11/09/2012		13
3-Month Nickel		Short		(6	)	11/13/2012		(31	)
3-Month Nickel		Long		6		11/13/2012		29
3-Month Nickel		Long		5		11/14/2012		19
3-Month Nickel		Short		(5	)	11/14/2012		(23	)
3-Month Nickel		Long		1		11/15/2012		5
3-Month Nickel		Short		(1	)	11/15/2012		(4	)
3-Month Nickel		Short		(3	)	11/16/2012		(13	)
3-Month Nickel		Long		3		11/16/2012		13
3-Month Nickel		Long		6		11/23/2012		(7	)
3-Month Nickel		Short		(6	)	11/23/2012		11
3-Month Nickel		Long		6		11/28/2012		(9	)
3-Month Nickel		Short		(6	)	11/28/2012		6
3-Month Nickel		Long		6		11/29/2012		(1	)
3-Month Nickel		Short		(6	)	11/29/2012		2
3-Month Nickel		Short		(6	)	11/30/2012		10
3-Month Nickel		Long		6		11/30/2012		(9	)
3-Month Nickel		Short		(8	)	12/10/2012		26
3-Month Nickel		Long		8		12/10/2012		(27	)
3-Month Nickel		Long		5		12/11/2012		(16	)
3-Month Nickel		Short		(5	)	12/11/2012		16
3-Month Nickel		Long		5		12/12/2012		(21	)
3-Month Nickel		Short		(5	)	12/12/2012		12
3-Month Nickel		Short		(6	)	12/13/2012		23
3-Month Nickel		Long		6		12/13/2012		(18	)
3-Month Nickel		Long		2		12/14/2012		(14	)
3-Month Nickel		Short		(2	)	12/14/2012		17
3-Month Nickel		Short		(5	)	12/17/2012		55
3-Month Nickel		Long		5		12/17/2012		(50	)

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

Transamerica Funds		Annual Report 2012
	Page    192

Transamerica Managed Futures Strategy

(formerly, Transamerica AQR Managed Futures Strategy)

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

FUTURES CONTRACTS (continued): Б

Description	Type		Contracts			Expiration Date	Unrealized Appreciation (Depreciation) (000’s)
3-Month Nickel		Long		5		12/18/2012	$	(53	)
3-Month Nickel		Short		(5	)	12/18/2012		53
3-Month Nickel		Short		(5	)	12/20/2012		47
3-Month Nickel		Long		5		12/20/2012		(43	)
3-Month Nickel		Long		5		12/21/2012		(60	)
3-Month Nickel		Short		(5	)	12/21/2012		57
3-Month Nickel		Short		(6	)	12/24/2012		75
3-Month Nickel		Long		6		12/24/2012		(74	)
3-Month Nickel		Short		(9	)	12/27/2012		108
3-Month Nickel		Long		9		12/27/2012		(113	)
3-Month Nickel		Short		(1	)	12/28/2012		14
3-Month Nickel		Long		1		12/28/2012		(15	)
3-Month Nickel		Short		(8	)	01/02/2013		117
3-Month Nickel		Long		8		01/02/2013		(110	)
3-Month Nickel		Long		1		01/03/2013		(14	)
3-Month Nickel		Short		(1	)	01/03/2013		15
3-Month Nickel		Long		4		01/04/2013		(60	)
3-Month Nickel		Short		(4	)	01/04/2013		60
3-Month Nickel		Long		1		01/08/2013		(12	)
3-Month Nickel		Short		(1	)	01/08/2013		11
3-Month Nickel		Long		2		01/09/2013		(24	)
3-Month Nickel		Short		(2	)	01/09/2013		22
3-Month Nickel		Short		(3	)	01/10/2013		28
3-Month Nickel		Long		3		01/10/2013		(30	)
3-Month Nickel		Short		(9	)	01/25/2013		(7	)
3-Month Nickel		Long		9		01/25/2013		(¿	)
3-Month Sterling		Long		195		03/20/2013		8
3-Month Sterling		Long		150		06/19/2013		(¿	)
3-Month Sterling		Long		146		09/18/2013		(3	)
3-Month Sterling		Long		157		12/18/2013		(5	)
3-Month Sterling		Long		162		03/19/2014		(8	)
3-Month Sterling		Long		146		06/18/2014		(9	)
3-Month Sterling		Long		129		09/17/2014		(11	)
3-Month Zinc		Long		29		11/02/2012		7
3-Month Zinc		Short		(29	)	11/02/2012		(5	)
3-Month Zinc		Long		3		11/06/2012		(¿	)
3-Month Zinc		Short		(3	)	11/06/2012		¿
3-Month Zinc		Short		(4	)	11/07/2012		1
3-Month Zinc		Long		4		11/07/2012		(2	)
3-Month Zinc		Short		(11	)	11/14/2012		(1	)
3-Month Zinc		Long		11		11/14/2012		2
3-Month Zinc		Long		20		11/28/2012		(10	)
3-Month Zinc		Short		(20	)	11/28/2012		16
3-Month Zinc		Short		(16	)	11/29/2012		6
3-Month Zinc		Long		16		11/29/2012		(6	)
3-Month Zinc		Long		16		12/05/2012		(9	)
3-Month Zinc		Short		(16	)	12/05/2012		15
3-Month Zinc		Long		15		12/06/2012		(18	)
3-Month Zinc		Short		(15	)	12/06/2012		20
3-Month Zinc		Long		17		12/07/2012		(33	)
3-Month Zinc		Short		(17	)	12/07/2012		51
3-Month Zinc		Long		16		12/10/2012		(57	)
3-Month Zinc		Short		(16	)	12/10/2012		62
3-Month Zinc		Short		(16	)	12/11/2012		62
3-Month Zinc		Long		16		12/11/2012		(58	)
3-Month Zinc		Short		(15	)	12/12/2012		60
3-Month Zinc		Long		15		12/12/2012		(63	)
3-Month Zinc		Short		(10	)	12/13/2012		46
3-Month Zinc		Long		10		12/13/2012		(39	)
3-Month Zinc		Short		(15	)	12/14/2012		93
3-Month Zinc		Long		15		12/14/2012		(90	)
3-Month Zinc		Long		16		12/17/2012		(96	)
3-Month Zinc		Short		(16	)	12/17/2012		94
3-Month Zinc		Long		15		12/18/2012		(83	)

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

Transamerica Funds		Annual Report 2012
	Page    193

Transamerica Managed Futures Strategy

(formerly, Transamerica AQR Managed Futures Strategy)

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

FUTURES CONTRACTS (continued): Б

Description	Type		Contracts			Expiration Date	Unrealized Appreciation (Depreciation) (000’s)
3-Month Zinc		Short		(15	)	12/18/2012	$	87
3-Month Zinc		Short		(3	)	12/20/2012		20
3-Month Zinc		Long		3		12/20/2012		(18	)
3-Month Zinc		Short		(16	)	12/21/2012		111
3-Month Zinc		Long		16		12/21/2012		(112	)
3-Month Zinc		Long		16		12/24/2012		(107	)
3-Month Zinc		Short		(16	)	12/24/2012		108
3-Month Zinc		Short		(12	)	12/27/2012		69
3-Month Zinc		Long		12		12/27/2012		(72	)
3-Month Zinc		Long		6		12/28/2012		(40	)
3-Month Zinc		Short		(6	)	12/28/2012		39
3-Month Zinc		Short		(6	)	01/02/2013		36
3-Month Zinc		Long		6		01/02/2013		(34	)
3-Month Zinc		Long		2		01/03/2013		(12	)
3-Month Zinc		Short		(2	)	01/03/2013		11
3-Month Zinc		Long		10		01/04/2013		(56	)
3-Month Zinc		Short		(10	)	01/04/2013		57
3-Month Zinc		Long		3		01/08/2013		(14	)
3-Month Zinc		Short		(3	)	01/08/2013		14
3-Month Zinc		Long		4		01/09/2013		(19	)
3-Month Zinc		Short		(4	)	01/09/2013		18
3-Month Zinc		Short		(26	)	01/15/2013		42
3-Month Zinc		Long		26		01/15/2013		(37	)
3-Month Zinc		Short		(8	)	01/17/2013		8
3-Month Zinc		Long		8		01/17/2013		(8	)
3-Month Zinc		Short		(16	)	01/18/2013		16
3-Month Zinc		Long		16		01/18/2013		(16	)
3-Month Zinc		Long		10		01/22/2013		(4	)
3-Month Zinc		Short		(10	)	01/22/2013		4
3-Month Zinc		Short		(9	)	01/23/2013		(4	)
3-Month Zinc		Long		9		01/23/2013		5
3-Month Zinc		Long		13		01/24/2013		5
3-Month Zinc		Short		(13	)	01/24/2013		(3	)
3-Month Zinc		Long		16		01/25/2013		15
3-Month Zinc		Short		(16	)	01/25/2013		(15	)
3-Year Australian Treasury Bond		Short		(32	)	12/17/2012		(14	)
5-Year U.S. Treasury Note		Long		116		12/31/2012		(8	)
90-Day Eurodollar		Long		253		03/18/2013		15
90-Day Eurodollar		Long		151		06/17/2013		6
90-Day Eurodollar		Long		114		09/16/2013		3
90-Day Eurodollar		Long		90		12/16/2013		3
90-Day Eurodollar		Long		78		03/17/2014		1
90-Day Eurodollar		Long		80		06/16/2014		1
90-Day Eurodollar		Long		99		09/15/2014		(1	)
AEX Index		Long		79		11/16/2012		(79	)
Aluminum Hg		Long		186		12/19/2012		(594	)
Aluminum Hg		Short		(276	)	12/19/2012		719
ASX SPI 200 Index		Long		117		12/20/2012		217
Brent Crude Oil Penultimate Financial Futures		Long		40		11/14/2012		(25	)
CAC 40 Index		Long		125		11/16/2012		(123	)
Coffee “C”		Short		(111	)	12/18/2012		419
Corn		Long		17		12/14/2012		19
Cotton No. 2		Short		(112	)	12/06/2012		69
DAX Index		Long		27		12/21/2012		(82	)
DJIA Mini Index		Long		105		12/21/2012		(234	)
European Gasoil (ICE)		Long		66		11/09/2012		(13	)
FTSE 100 Index		Long		90		12/21/2012		(96	)
FTSE JSE Top 40 Index		Long		226		12/20/2012		185
FTSE MIB Index		Long		43		12/21/2012		(104	)
German Euro BOBL		Long		7		12/06/2012		4
German Euro Bund		Short		(2	)	12/06/2012		(3	)
German Euro BUXL		Short		(1	)	12/06/2012		(3	)
German Euro Schatz		Long		40		12/06/2012		4
Gold 100 oz		Long		17		12/27/2012		(99	)

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

Transamerica Funds		Annual Report 2012
	Page    194

Transamerica Managed Futures Strategy

(formerly, Transamerica AQR Managed Futures Strategy)

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

FUTURES CONTRACTS (continued): Б

Description	Type		Contracts			Expiration Date	Unrealized Appreciation (Depreciation) (000’s)
Hang Seng China ENT Index		Long		18		11/29/2012	$	(¿	)
Hang Seng Index Futures		Long		65		11/29/2012		(4	)
Henry Hub Nat Gas Swap		Short		(79	)	11/28/2012		17
IBEX 35 Index		Long		13		11/16/2012		(34	)
KOSPI 200 Index		Long		33		12/13/2012		(175	)
Lean Hogs		Short		(193	)	12/14/2012		(197	)
MSCI Taiwan Index		Long		239		11/29/2012		(66	)
NASDAQ 100 E-Mini Index		Long		72		12/21/2012		(291	)
Nickel		Long		86		12/19/2012		(817	)
Nickel		Short		(81	)	12/19/2012		44
NYMEX Heating Oil		Long		40		11/29/2012		(205	)
RBOB Gasoline		Long		68		11/30/2012		(589	)
Russell 2000 Mini Index		Long		69		12/21/2012		(288	)
S&P 500 E-Mini Index		Long		99		12/21/2012		(237	)
S&P Midcap 400 E-Mini Index		Long		74		12/21/2012		(282	)
S&P TSE 60 Index		Long		56		12/20/2012		1
SGX CNX Nifty Index		Long		432		11/29/2012		(91	)
SGX MSCI Singapore Index		Long		148		11/29/2012		(44	)
Silver		Long		7		12/27/2012		(80	)
Soybean		Long		14		01/14/2013		(11	)
Soybean Meal		Short		(4	)	12/14/2012		(5	)
Soybean Oil		Short		(267	)	12/14/2012		151
Sugar # 11		Short		(473	)	02/28/2013		422
TOPIX Index		Long		41		12/14/2012		(39	)
U.K. Long Gilt Bond		Short		(11	)	12/27/2012		(7	)
Wheat		Long		15		12/14/2012		(24	)
WTI-Brent Bullet Swap Future		Short		(40	)	11/15/2012		4
Zinc		Long		244		12/19/2012		(1,190	)
Zinc		Short		(261	)	12/19/2012		419
							$	(3,603	)

FORWARD FOREIGN CURRENCY CONTRACTS: b

Currency	Counterparty	Contracts Bought (Sold) (000’s)			Settlement Date	Amount in U.S. Dollars Bought (Sold) (000’s)			Net Unrealized Appreciation (Depreciation) (000’s)
AUD	RBS		(3,064	)	12/19/2012	$	(3,155	)	$	(12	)
AUD	RBS		2,648		12/19/2012		2,730			8
AUD	RBS		2,405		12/19/2012		2,469			18
AUD	RBS		(560	)	12/19/2012		(572	)		(7	)
AUD	RBS		(5,225	)	12/19/2012		(5,423	)		21
AUD	RBS		(4,683	)	12/19/2012		(4,758	)		(83	)
AUD	RBS		(4,250	)	12/19/2012		(4,330	)		(64	)
AUD	RBS		(2,554	)	12/19/2012		(2,593	)		(48	)
AUD	RBS		303		12/19/2012		310			3
AUD	RBS		(1,204	)	12/19/2012		(1,216	)		(28	)
AUD	RBS		1,576		12/19/2012		1,621			8
AUD	RBS		3,128		12/19/2012		3,232			2
AUD	RBS		(696	)	12/19/2012		(722	)		3
AUD	RBS		224		12/19/2012		228			4
AUD	RBS		(2,470	)	12/19/2012		(2,566	)		12
AUD	RBS		(344	)	12/19/2012		(359	)		3
AUD	RBS		(630	)	12/19/2012		(653	)		2
AUD	RBS		(416	)	12/19/2012		(423	)		(7	)
AUD	RBS		(16	)	12/19/2012		(17	)		¿
AUD	RBS		(2,366	)	12/19/2012		(2,406	)		(40	)
AUD	RBS		(1,905	)	12/19/2012		(1,955	)		(14	)
AUD	RBS		(4,089	)	12/19/2012		(4,186	)		(41	)
AUD	RBS		(2,850	)	12/19/2012		(2,934	)		(12	)
AUD	RBS		(3,801	)	12/19/2012		(3,949	)		19
AUD	RBS		(2,683	)	12/19/2012		(2,777	)		4
AUD	RBS		(1,193	)	12/19/2012		(1,226	)		(7	)
AUD	RBS		(1,208	)	12/19/2012		(1,234	)		(15	)

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

Transamerica Funds		Annual Report 2012
	Page    195

Transamerica Managed Futures Strategy

(formerly, Transamerica AQR Managed Futures Strategy)

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

FORWARD FOREIGN CURRENCY CONTRACTS (continued): β

Currency	Counterparty	Contracts Bought (Sold) (000’s)			Settlement Date		Amount in U.S. Dollars Bought (Sold) (000’s)			Net Unrealized Appreciation (Depreciation) (000’s)
AUD	RBS		(4,377	)		12/19/2012	$	(4,442	)	$	(83	)
AUD	RBS		(2,390	)		12/19/2012		(2,470	)		(1	)
AUD	RBS		(130	)		12/19/2012		(133	)		(1	)
AUD	RBS		(2,943	)		12/19/2012		(3,019	)		(24	)
AUD	RBS		2,297			12/19/2012		2,352			23
AUD	RBS		1,591			12/19/2012		1,613			32
AUD	RBS		41,554			12/19/2012		42,152			807
AUD	RBS		1,892			12/19/2012		1,932			24
AUD	RBS		(344	)		12/19/2012		(352	)		(4	)
AUD	RBS		(2,188	)		12/19/2012		(2,295	)		33
BRL	RBS		200			12/19/2012		98			(¿	)
BRL	RBS		100			12/19/2012		49			(¿	)
BRL	RBS		300			12/19/2012		147			(¿	)
BRL	RBS		300			12/19/2012		146			¿
BRL	RBS		700			12/19/2012		341			2
BRL	RBS		(7,490	)		12/19/2012		(3,622	)		(41	)
BRL	RBS		500			12/19/2012		244			1
BRL	RBS		200			12/19/2012		97			¿
BRL	RBS		1,000			12/19/2012		486			3
CAD	RBS		(994	)		12/19/2012		(999	)		4
CAD	RBS		41,919			12/19/2012		42,376			(448	)
CAD	RBS		(449	)		12/19/2012		(464	)		15
CAD	RBS		(1,084	)		12/19/2012		(1,101	)		16
CAD	RBS		(1,293	)		12/19/2012		(1,324	)		31
CAD	RBS		(1,467	)		12/19/2012		(1,504	)		37
CAD	RBS		(1,417	)		12/19/2012		(1,435	)		18
CAD	RBS		(1,217	)		12/19/2012		(1,239	)		22
CAD	RBS		(185	)		12/19/2012		(189	)		4
CAD	RBS		(257	)		12/19/2012		(262	)		5
CAD	RBS		(55	)		12/19/2012		(56	)		1
CAD	RBS		(310	)		12/19/2012		(312	)		2
CAD	RBS		968			12/19/2012		977			(8	)
CAD	RBS		(1,160	)		12/19/2012		(1,182	)		22
CAD	RBS		(195	)		12/19/2012		(200	)		5
CAD	RBS		(670	)		12/19/2012		(681	)		11
CAD	RBS		(398	)		12/19/2012		(402	)		4
CAD	RBS		(9	)		12/19/2012		(9	)		¿
CAD	RBS		(701	)		12/19/2012		(712	)		11
CAD	RBS		(152	)		12/19/2012		(156	)		4
CAD	RBS		(1,230	)		12/19/2012		(1,254	)		24
CAD	RBS		(707	)		12/19/2012		(716	)		9
CAD	RBS		(1,901	)		12/19/2012		(1,953	)		52
CAD	RBS		(2,007	)		12/19/2012		(2,048	)		40
CLP	RBS		1,070,000			12/19/2012		2,194			15
COP	RBS		1,260,000			12/19/2012		681			3
CZK	RBS		8,000			12/19/2012		404			9
CZK	RBS		21,900			12/19/2012		1,117			15
CZK	RBS		5,000			12/19/2012		252			6
CZK	RBS		1,000			12/19/2012		52			(¿	)
CZK	RBS		8,000			12/19/2012		409			5
CZK	RBS		4,000			12/19/2012		203			4
CZK	RBS		5,000			12/19/2012		267			(9	)
EUR	RBS		(430	)		12/19/2012		(540	)		(17	)
EUR	RBS		3,876			12/19/2012		5,015			11
EUR	RBS		(450	)		12/19/2012		(578	)		(5	)
EUR	RBS		1,407			12/19/2012		1,812			13
EUR	RBS		2,471			12/19/2012		3,221			(17	)
EUR	RBS		4,343			12/19/2012		5,603			29
EUR	RBS		7,138			12/19/2012		9,248			9
EUR	RBS		2,078			12/19/2012		2,688			6
EUR	RBS		3,233			12/19/2012		4,204			(12	)
EUR	RBS		3,296			12/19/2012		4,318			(44	)
EUR	RBS		7,369			12/19/2012		9,589			(33	)

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

Transamerica Funds		Annual Report 2012
	Page    196

Transamerica Managed Futures Strategy

(formerly, Transamerica AQR Managed Futures Strategy)

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

FORWARD FOREIGN CURRENCY CONTRACTS (continued): β

Currency	Counterparty	Contracts Bought (Sold) (000’s)			Settlement Date	Amount in U.S. Dollars Bought (Sold) (000’s)			Net Unrealized Appreciation (Depreciation) (000’s)
EUR	RBS		202		12/19/2012	$	261		$	¿
EUR	RBS		4,312		12/19/2012		5,654			(63	)
EUR	RBS		(557	)	12/19/2012		(728	)		5
EUR	RBS		2,245		12/19/2012		2,899			12
EUR	RBS		3,194		12/19/2012		4,148			(6	)
EUR	RBS		(2,308	)	12/19/2012		(2,986	)		(7	)
EUR	RBS		(103,492	)	12/19/2012		(131,696	)		(2,513	)
EUR	RBS		5,776		12/19/2012		7,553			(62	)
EUR	RBS		2,339		12/19/2012		2,955			78
EUR	RBS		(450	)	12/19/2012		(579	)		(5	)
EUR	RBS		5,093		12/19/2012		6,603			2
EUR	RBS		600		12/19/2012		780			(2	)
EUR	RBS		4,975		12/19/2012		6,441			11
EUR	RBS		5,626		12/19/2012		7,304			(8	)
EUR	RBS		(3,309	)	12/19/2012		(4,273	)		(18	)
EUR	RBS		(1,674	)	12/19/2012		(2,156	)		(15	)
EUR	RBS		(446	)	12/19/2012		(575	)		(3	)
EUR	RBS		(2,536	)	12/19/2012		(3,204	)		(84	)
EUR	RBS		6,604		12/19/2012		8,672			(108	)
EUR	RBS		3,948		12/19/2012		5,087			32
EUR	RBS		3,107		12/19/2012		4,016			13
EUR	RBS		870		12/19/2012		1,101			27
EUR	RBS		5,957		12/19/2012		7,812			(87	)
EUR	RBS		5,546		12/19/2012		7,109			84
EUR	RBS		12,068		12/19/2012		15,453			196
EUR	RBS		2,415		12/19/2012		3,025			107
EUR	RBS		450		12/19/2012		588			(4	)
GBP	RBS		(72	)	12/19/2012		(115	)		(1	)
GBP	RBS		835		12/19/2012		1,357			(10	)
GBP	RBS		(928	)	12/19/2012		(1,503	)		6
GBP	RBS		(829	)	12/19/2012		(1,335	)		(2	)
GBP	RBS		(180	)	12/19/2012		(290	)		(1	)
GBP	RBS		(2,798	)	12/19/2012		(4,480	)		(34	)
GBP	RBS		(2,488	)	12/19/2012		(3,984	)		(30	)
GBP	RBS		(120	)	12/19/2012		(192	)		(1	)
GBP	RBS		(1,393	)	12/19/2012		(2,262	)		15
GBP	RBS		(740	)	12/19/2012		(1,203	)		9
GBP	RBS		203		12/19/2012		328			¿
GBP	RBS		(561	)	12/19/2012		(907	)		2
GBP	RBS		(611	)	12/19/2012		(983	)		(3	)
GBP	RBS		809		12/19/2012		1,313			(8	)
GBP	RBS		545		12/19/2012		878			1
GBP	RBS		671		12/19/2012		1,084			(2	)
GBP	RBS		1,302		12/19/2012		2,075			26
GBP	RBS		31		12/19/2012		50			(¿	)
GBP	RBS		(1,384	)	12/19/2012		(2,226	)		(7	)
GBP	RBS		930		12/19/2012		1,511			(11	)
GBP	RBS		(3,137	)	12/19/2012		(5,086	)		25
GBP	RBS		(1,562	)	12/19/2012		(2,515	)		(6	)
GBP	RBS		(2,591	)	12/19/2012		(4,146	)		(35	)
GBP	RBS		(1,978	)	12/19/2012		(3,164	)		(28	)
GBP	RBS		(390	)	12/19/2012		(630	)		1
GBP	RBS		(889	)	12/19/2012		(1,422	)		(12	)
GBP	RBS		(816	)	12/19/2012		(1,313	)		(4	)
GBP	RBS		(220	)	12/19/2012		(353	)		(2	)
GBP	RBS		(931	)	12/19/2012		(1,503	)		¿
GBP	RBS		1,268		12/19/2012		2,007			39
GBP	RBS		6,035		12/19/2012		9,598			139
GBP	RBS		23,768		12/19/2012		38,559			(210	)
GBP	RBS		1,146		12/19/2012		1,821			28
GBP	RBS		2,458		12/19/2012		3,880			86
GBP	RBS		47		12/19/2012		76			(¿	)
GBP	RBS		(752	)	12/19/2012		(1,205	)		(8	)

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

Transamerica Funds		Annual Report 2012
	Page    197

Transamerica Managed Futures Strategy

(formerly, Transamerica AQR Managed Futures Strategy)

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

FORWARD FOREIGN CURRENCY CONTRACTS (continued): β

Currency	Counterparty	Contracts Bought (Sold) (000’s)			Settlement Date	Amount in U.S. Dollars Bought (Sold) (000’s)			Net Unrealized Appreciation (Depreciation) (000’s)
HUF	RBS		(90,000	)	12/19/2012	$	(399	)	$	(10	)
HUF	RBS		(50,000	)	12/19/2012		(227	)		(¿	)
HUF	RBS		(10,000	)	12/19/2012		(45	)		(¿	)
HUF	RBS		(50,000	)	12/19/2012		(224	)		(3	)
HUF	RBS		(110,000	)	12/19/2012		(503	)		3
HUF	RBS		(80,000	)	12/19/2012		(354	)		(10	)
HUF	RBS		1,596,000		12/19/2012		6,981			273
IDR	RBS		100,000		12/19/2012		10			¿
IDR	RBS		400,000		12/19/2012		41			¿
IDR	RBS		200,000		12/19/2012		21			¿
IDR	RBS		100,000		12/19/2012		10			(¿	)
IDR	RBS		4,300,000		12/19/2012		444			1
IDR	RBS		100,000		12/19/2012		10			(¿	)
IDR	RBS		100,000		12/19/2012		10			(¿	)
IDR	RBS		400,000		12/19/2012		42			(¿	)
IDR	RBS		400,000		12/19/2012		41			¿
IDR	RBS		(39,000,000	)	12/19/2012		(4,007	)		(29	)
IDR	RBS		200,000		12/19/2012		21			¿
ILS	RBS		1,600		12/19/2012		402			9
ILS	RBS		4,500		12/19/2012		1,150			7
ILS	RBS		100		12/19/2012		26			(¿	)
ILS	RBS		300		12/19/2012		78			(1	)
ILS	RBS		200		12/19/2012		51			¿
ILS	RBS		100		12/19/2012		26			(¿	)
ILS	RBS		700		12/19/2012		180			(¿	)
ILS	RBS		1,500		12/19/2012		387			(1	)
ILS	RBS		300		12/19/2012		78			(1	)
ILS	RBS		200		12/19/2012		52			(1	)
ILS	RBS		400		12/19/2012		102			1
ILS	RBS		400		12/19/2012		103			(1	)
ILS	RBS		700		12/19/2012		180			(¿	)
ILS	RBS		500		12/19/2012		127			1
ILS	RBS		2,300		12/19/2012		588			3
ILS	RBS		500		12/19/2012		128			1
ILS	RBS		400		12/19/2012		103			(1	)
ILS	RBS		(22,800	)	12/19/2012		(5,650	)		(209	)
ILS	RBS		900		12/19/2012		228			3
ILS	RBS		900		12/19/2012		229			2
ILS	RBS		900		12/19/2012		227			4
ILS	RBS		2,300		12/19/2012		599			(8	)
ILS	RBS		1,600		12/19/2012		403			9
INR	RBS		10,000		12/19/2012		189			(5	)
INR	RBS		23,000		12/19/2012		425			(2	)
INR	RBS		30,000		12/19/2012		563			(11	)
INR	RBS		(57,000	)	12/19/2012		(1,000	)		(50	)
INR	RBS		29,000		12/19/2012		537			(3	)
INR	RBS		(64,000	)	12/19/2012		(1,126	)		(53	)
INR	RBS		25,000		12/19/2012		467			(7	)
INR	RBS		37,000		12/19/2012		673			8
INR	RBS		12,000		12/19/2012		223			(2	)
INR	RBS		(30,000	)	12/19/2012		(531	)		(22	)
INR	RBS		39,000		12/19/2012		739			(20	)
INR	RBS		69,000		12/19/2012		1,257			14
INR	RBS		(307,000	)	12/19/2012		(5,420	)		(233	)
INR	RBS		12,000		12/19/2012		216			5
INR	RBS		46,000		12/19/2012		859			(12	)
INR	RBS		28,000		12/19/2012		525			(10	)
INR	RBS		19,000		12/19/2012		358			(8	)
INR	RBS		(3,000	)	12/19/2012		(55	)		¿
INR	RBS		110,000		12/19/2012		2,027			(1	)
INR	RBS		32,000		12/19/2012		568			21
INR	RBS		(42,000	)	12/19/2012		(739	)		(34	)
INR	RBS		30,000		12/19/2012		532			21

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

Transamerica Funds		Annual Report 2012
	Page    198

Transamerica Managed Futures Strategy

(formerly, Transamerica AQR Managed Futures Strategy)

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

FORWARD FOREIGN CURRENCY CONTRACTS (continued): β

Currency	Counterparty	Contracts Bought (Sold) (000’s)			Settlement Date	Amount in U.S. Dollars Bought (Sold) (000’s)			Net Unrealized Appreciation (Depreciation) (000’s)
INR	RBS		54,000		12/19/2012	$	983		$	12
INR	RBS		10,000		12/19/2012		187			(3	)
INR	RBS		40,000		12/19/2012		749			(12	)
INR	RBS		(17,000	)	12/19/2012		(301	)		(12	)
INR	RBS		44,000		12/19/2012		783			28
JPY	RBS		(427,517	)	12/19/2012		(5,359	)		¿
JPY	RBS		628,799		12/19/2012		8,109			(228	)
JPY	RBS		(244,341	)	12/19/2012		(3,069	)		7
JPY	RBS		(388,186	)	12/19/2012		(4,941	)		76
JPY	RBS		(274,854	)	12/19/2012		(3,487	)		42
JPY	RBS		(3,000	)	12/19/2012		(39	)		1
JPY	RBS		395,090		12/19/2012		5,089			(137	)
JPY	RBS		(767,863	)	12/19/2012		(9,763	)		139
JPY	RBS		(365,118	)	12/19/2012		(4,569	)		(7	)
JPY	RBS		(30,529	)	12/19/2012		(389	)		6
JPY	RBS		(390,818	)	12/19/2012		(4,985	)		86
JPY	RBS		144,008		12/19/2012		1,841			(36	)
JPY	RBS		346,863		12/19/2012		4,477			(130	)
JPY	RBS		(285,843	)	12/19/2012		(3,617	)		34
JPY	RBS		(452,577	)	12/19/2012		(5,776	)		103
JPY	RBS		(517,465	)	12/19/2012		(6,458	)		(28	)
JPY	RBS		(416,277	)	12/19/2012		(5,316	)		98
JPY	RBS		270,658		12/19/2012		3,465			(72	)
JPY	RBS		131,212		12/19/2012		1,676			(32	)
JPY	RBS		(187,922	)	12/19/2012		(2,398	)		43
JPY	RBS		(249,901	)	12/19/2012		(3,152	)		20
JPY	RBS		55,491		12/19/2012		710			(14	)
JPY	RBS		89,292		12/19/2012		1,144			(24	)
JPY	RBS		593,739		12/19/2012		7,640			(199	)
JPY	RBS		(427,261	)	12/19/2012		(5,425	)		70
JPY	RBS		(152,166	)	12/19/2012		(1,925	)		18
JPY	RBS		(64,086	)	12/19/2012		(819	)		16
JPY	RBS		(122,000	)	12/19/2012		(1,547	)		18
JPY	RBS		(6,906,723	)	12/19/2012		(88,075	)		1,510
JPY	RBS		(229,994	)	12/19/2012		(2,946	)		63
JPY	RBS		(516,583	)	12/19/2012		(6,609	)		134
JPY	RBS		(234,987	)	12/19/2012		(3,010	)		65
JPY	RBS		386,898		12/19/2012		4,983			(134	)
JPY	RBS		26,752		12/19/2012		343			(8	)
JPY	RBS		356,788		12/19/2012		4,587			(116	)
JPY	RBS		336,910		12/19/2012		4,339			(117	)
JPY	RBS		32,367		12/19/2012		412			(6	)
JPY	RBS		45,191		12/19/2012		577			(11	)
JPY	RBS		(248,376	)	12/19/2012		(3,112	)		(¿	)
KRW	RBS		740,000		12/20/2012		664			14
KRW	RBS		15,474,230		12/20/2012		13,603			579
KRW	RBS		110,000		12/20/2012		98			3
KRW	RBS		500,000		12/20/2012		451			7
KRW	RBS		200,000		12/20/2012		179			4
KRW	RBS		480,000		12/20/2012		433			6
KRW	RBS		1,020,000		12/20/2012		923			12
KRW	RBS		30,000		12/20/2012		27			¿
KRW	RBS		210,000		12/20/2012		188			5
KRW	RBS		(220,000	)	12/20/2012		(193	)		(8	)
KRW	RBS		(740,000	)	12/20/2012		(654	)		(25	)
KRW	RBS		(470,000	)	12/20/2012		(417	)		(14	)
KRW	RBS		510,000		12/20/2012		457			10
KRW	RBS		(440,000	)	12/20/2012		(393	)		(10	)
KRW	RBS		(630,000	)	12/20/2012		(556	)		(21	)
KRW	RBS		40,000		12/20/2012		36			1
KRW	RBS		(1,060,000	)	12/20/2012		(934	)		(37	)
KRW	RBS		240,000		12/20/2012		215			5
KRW	RBS		(420,000	)	12/20/2012		(375	)		(10	)

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

Transamerica Funds		Annual Report 2012
	Page    199

Transamerica Managed Futures Strategy

(formerly, Transamerica AQR Managed Futures Strategy)

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

FORWARD FOREIGN CURRENCY CONTRACTS (continued): β

Currency	Counterparty	Contracts Bought (Sold) (000’s)			Settlement Date	Amount in U.S. Dollars Bought (Sold) (000’s)			Net Unrealized Appreciation (Depreciation) (000’s)
KRW	RBS		(40,000	)	12/20/2012	$	(36	)	$	(1	)
KRW	RBS		(940,000	)	12/20/2012		(828	)		(34	)
KRW	RBS		170,000		12/20/2012		153			3
MXN	RBS		50,400		12/19/2012		3,818			12
MXN	RBS		(3,600	)	12/19/2012		(278	)		5
MXN	RBS		4,200		12/19/2012		321			(1	)
MXN	RBS		(1,300	)	12/19/2012		(100	)		1
MXN	RBS		500		12/19/2012		39			(1	)
MXN	RBS		200		12/19/2012		15			(¿	)
MXN	RBS		3,400		12/19/2012		264			(6	)
MXN	RBS		1,500		12/19/2012		114			(¿	)
MXN	RBS		3,300		12/19/2012		254			(3	)
MXN	RBS		5,700		12/19/2012		441			(7	)
MXN	RBS		2,200		12/19/2012		171			(4	)
MXN	RBS		800		12/19/2012		62			(1	)
MXN	RBS		1,000		12/19/2012		77			(1	)
MXN	RBS		2,100		12/19/2012		160			(1	)
MXN	RBS		1,700		12/19/2012		131			(2	)
MXN	RBS		200		12/19/2012		15			(¿	)
MXN	RBS		(2,200	)	12/19/2012		(171	)		4
MXN	RBS		6,800		12/19/2012		526			(9	)
MXN	RBS		100		12/19/2012		8			(¿	)
MXN	RBS		3,500		12/19/2012		266			(¿	)
MXN	RBS		900		12/19/2012		70			(1	)
MXN	RBS		(1,600	)	12/19/2012		(124	)		2
MXN	RBS		4,400		12/19/2012		333			1
MXN	RBS		1,300		12/19/2012		100			(1	)
MXN	RBS		600		12/19/2012		46			(1	)
MYR	RBS		300		12/19/2012		97			1
MYR	RBS		900		12/19/2012		291			4
MYR	RBS		600		12/19/2012		194			2
MYR	RBS		100		12/19/2012		33			¿
MYR	RBS		5,300		12/19/2012		1,694			40
MYR	RBS		400		12/19/2012		130			¿
MYR	RBS		400		12/19/2012		130			1
MYR	RBS		400		12/19/2012		130			1
MYR	RBS		500		12/19/2012		163			1
MYR	RBS		800		12/19/2012		254			8
MYR	RBS		200		12/19/2012		65			1
MYR	RBS		200		12/19/2012		65			¿
MYR	RBS		300		12/19/2012		98			¿
MYR	RBS		300		12/19/2012		97			1
MYR	RBS		300		12/19/2012		98			¿
MYR	RBS		200		12/19/2012		65			1
MYR	RBS		100		12/19/2012		33			¿
MYR	RBS		400		12/19/2012		130			1
MYR	RBS		500		12/19/2012		163			¿
MYR	RBS		400		12/19/2012		129			1
NOK	RBS		(420	)	12/19/2012		(73	)		(1	)
NOK	RBS		7,254		12/19/2012		1,269			1
NOK	RBS		10,343		12/19/2012		1,780			31
NOK	RBS		(2,462	)	12/19/2012		(431	)		¿
NOK	RBS		(15,883	)	12/19/2012		(2,756	)		(25	)
NOK	RBS		(4,128	)	12/19/2012		(720	)		(3	)
NOK	RBS		10,897		12/19/2012		1,865			43
NOK	RBS		(12,883	)	12/19/2012		(2,228	)		(28	)
NOK	RBS		7,465		12/19/2012		1,277			30
NOK	RBS		208,347		12/19/2012		35,866			613
NOK	RBS		(7,846	)	12/19/2012		(1,352	)		(22	)
NOK	RBS		(2,104	)	12/19/2012		(364	)		(4	)
NOK	RBS		(13,489	)	12/19/2012		(2,330	)		(32	)
NOK	RBS		3,921		12/19/2012		672			15
NOK	RBS		4,648		12/19/2012		809			5

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

Transamerica Funds		Annual Report 2012
	Page    200

Transamerica Managed Futures Strategy

(formerly, Transamerica AQR Managed Futures Strategy)

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

FORWARD FOREIGN CURRENCY CONTRACTS (continued): β

Currency	Counterparty	Contracts Bought (Sold) (000’s)			Settlement Date	Amount in U.S. Dollars Bought (Sold) (000’s)			Net Unrealized Appreciation (Depreciation) (000’s)
NOK	RBS		8,384		12/19/2012	$	1,458		$	10
NOK	RBS		(2,780	)	12/19/2012		(482	)		(4	)
NOK	RBS		(11,008	)	12/19/2012		(1,926	)		(2	)
NOK	RBS		6,107		12/19/2012		1,080			(11	)
NOK	RBS		(5,290	)	12/19/2012		(922	)		(4	)
NZD	RBS		1,697		12/19/2012		1,398			(8	)
NZD	RBS		1,603		12/19/2012		1,307			7
NZD	RBS		2,847		12/19/2012		2,361			(27	)
NZD	RBS		124		12/19/2012		102			(¿	)
NZD	RBS		27,396		12/19/2012		21,610			844
NZD	RBS		1,167		12/19/2012		953			3
NZD	RBS		(1,240	)	12/19/2012		(1,006	)		(10	)
NZD	RBS		(4,085	)	12/19/2012		(3,242	)		(106	)
NZD	RBS		(3,213	)	12/19/2012		(2,631	)		(3	)
NZD	RBS		(1,734	)	12/19/2012		(1,412	)		(9	)
NZD	RBS		(3,810	)	12/19/2012		(3,015	)		(108	)
NZD	RBS		1,526		12/19/2012		1,255			(4	)
NZD	RBS		2,340		12/19/2012		1,931			(13	)
NZD	RBS		4,924		12/19/2012		4,073			(37	)
NZD	RBS		(106	)	12/19/2012		(87	)		(¿	)
NZD	RBS		3,310		12/19/2012		2,747			(34	)
NZD	RBS		549		12/19/2012		448			2
NZD	RBS		2,951		12/19/2012		2,432			(13	)
NZD	RBS		1,505		12/19/2012		1,234			(¿	)
NZD	RBS		(493	)	12/19/2012		(403	)		(1	)
NZD	RBS		(337	)	12/19/2012		(276	)		¿
NZD	RBS		5,536		12/19/2012		4,523			14
NZD	RBS		6,553		12/19/2012		5,411			(40	)
NZD	RBS		(1,090	)	12/19/2012		(865	)		(29	)
NZD	RBS		(2,017	)	12/19/2012		(1,608	)		(46	)
NZD	RBS		(1,505	)	12/19/2012		(1,225	)		(8	)
PHP	RBS		(1,000	)	12/19/2012		(24	)		(¿	)
PHP	RBS		316,000		12/19/2012		7,527			141
PHP	RBS		(2,000	)	12/19/2012		(48	)		(¿	)
PHP	RBS		(20,000	)	12/19/2012		(477	)		(8	)
PHP	RBS		(7,000	)	12/19/2012		(167	)		(3	)
PHP	RBS		(2,000	)	12/19/2012		(48	)		(1	)
PHP	RBS		(15,000	)	12/19/2012		(359	)		(5	)
PHP	RBS		(7,000	)	12/19/2012		(168	)		(2	)
PHP	RBS		(20,000	)	12/19/2012		(481	)		(4	)
PHP	RBS		(6,000	)	12/19/2012		(141	)		(5	)
PHP	RBS		(22,000	)	12/19/2012		(533	)		(1	)
PHP	RBS		(12,000	)	12/19/2012		(288	)		(3	)
PLN	RBS		(500	)	12/19/2012		(148	)		(8	)
PLN	RBS		(2,300	)	12/19/2012		(683	)		(34	)
PLN	RBS		(600	)	12/19/2012		(189	)		2
PLN	RBS		(1,500	)	12/19/2012		(476	)		8
PLN	RBS		(800	)	12/19/2012		(238	)		(11	)
PLN	RBS		(600	)	12/19/2012		(179	)		(8	)
PLN	RBS		(1,500	)	12/19/2012		(457	)		(10	)
PLN	RBS		(1,400	)	12/19/2012		(439	)		3
PLN	RBS		(300	)	12/19/2012		(93	)		(¿	)
PLN	RBS		31,900		12/19/2012		9,709			225
PLN	RBS		(200	)	12/19/2012		(61	)		(1	)
RUB	RBS		(11,000	)	12/19/2012		(350	)		2
RUB	RBS		(22,000	)	12/19/2012		(697	)		2
RUB	RBS		(1,000	)	12/19/2012		(32	)		¿
RUB	RBS		4,000		12/19/2012		128			(1	)
RUB	RBS		(8,000	)	12/19/2012		(255	)		2
RUB	RBS		6,000		12/19/2012		190			(¿	)
RUB	RBS		238,000		12/19/2012		7,375			145
RUB	RBS		7,000		12/19/2012		222			(1	)
RUB	RBS		(5,000	)	12/19/2012		(161	)		3

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

Transamerica Funds		Annual Report 2012
	Page    201

Transamerica Managed Futures Strategy

(formerly, Transamerica AQR Managed Futures Strategy)

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

FORWARD FOREIGN CURRENCY CONTRACTS (continued): β

Currency	Counterparty	Contracts Bought (Sold) (000’s)			Settlement Date	Amount in U.S. Dollars Bought (Sold) (000’s)			Net Unrealized Appreciation (Depreciation) (000’s)
RUB	RBS		(2,000	)	12/19/2012	$	(64	)	$	1
RUB	RBS		(10,000	)	12/19/2012		(322	)		6
RUB	RBS		4,000		12/19/2012		127			(¿	)
RUB	RBS		(11,000	)	12/19/2012		(347	)		(1	)
RUB	RBS		(5,000	)	12/19/2012		(159	)		1
SEK	RBS		195,994		12/19/2012		29,336			170
SEK	RBS		(31,801	)	12/19/2012		(4,731	)		(56	)
SEK	RBS		(5,380	)	12/19/2012		(804	)		(6	)
SEK	RBS		(10,158	)	12/19/2012		(1,512	)		(18	)
SEK	RBS		5,409		12/19/2012		818			(4	)
SEK	RBS		(4,082	)	12/19/2012		(618	)		4
SEK	RBS		(1,274	)	12/19/2012		(189	)		(3	)
SEK	RBS		14,668		12/19/2012		2,225			(17	)
SEK	RBS		(24,149	)	12/19/2012		(3,574	)		(62	)
SEK	RBS		358		12/19/2012		54			¿
SEK	RBS		(14,365	)	12/19/2012		(2,143	)		(19	)
SEK	RBS		(12,007	)	12/19/2012		(1,785	)		(23	)
SEK	RBS		(418	)	12/19/2012		(63	)		(¿	)
SGD	RBS		630		12/19/2012		506			11
SGD	RBS		(180	)	12/19/2012		(146	)		(1	)
SGD	RBS		330		12/19/2012		268			2
SGD	RBS		(420	)	12/19/2012		(344	)		(¿	)
SGD	RBS		780		12/19/2012		637			2
SGD	RBS		200		12/19/2012		164			¿
SGD	RBS		(510	)	12/19/2012		(416	)		(2	)
SGD	RBS		(120	)	12/19/2012		(98	)		(¿	)
SGD	RBS		(440	)	12/19/2012		(358	)		(3	)
SGD	RBS		610		12/19/2012		499			2
SGD	RBS		380		12/19/2012		309			3
SGD	RBS		(610	)	12/19/2012		(496	)		(4	)
SGD	RBS		7,880		12/19/2012		6,317			143
SGD	RBS		190		12/19/2012		155			1
SGD	RBS		1,930		12/19/2012		1,548			34
SGD	RBS		900		12/19/2012		728			9
SGD	RBS		400		12/19/2012		326			2
SGD	RBS		390		12/19/2012		316			4
SGD	RBS		510		12/19/2012		418			1
SGD	RBS		340		12/19/2012		279			¿
SGD	RBS		180		12/19/2012		147			1
SGD	RBS		840		12/19/2012		685			4
SGD	RBS		740		12/19/2012		601			5
SGD	RBS		460		12/19/2012		373			4
SGD	RBS		90		12/19/2012		73			¿
SGD	RBS		640		12/19/2012		522			3
SGD	RBS		(400	)	12/19/2012		(327	)		(¿	)
SGD	RBS		(130	)	12/19/2012		(106	)		(¿	)
SGD	RBS		1,170		12/19/2012		941			18
SGD	RBS		(450	)	12/19/2012		(359	)		(10	)
SGD	RBS		(250	)	12/19/2012		(205	)		¿
TRY	RBS		(1,100	)	12/19/2012		(596	)		(13	)
TRY	RBS		(900	)	12/19/2012		(495	)		(4	)
TRY	RBS		24,220		12/19/2012		13,200			225
TRY	RBS		(700	)	12/19/2012		(382	)		(6	)
TRY	RBS		(1,200	)	12/19/2012		(655	)		(10	)
TRY	RBS		(1,300	)	12/19/2012		(707	)		(13	)
TRY	RBS		(400	)	12/19/2012		(216	)		(6	)
TRY	RBS		(200	)	12/19/2012		(109	)		(1	)
TRY	RBS		(1,800	)	12/19/2012		(989	)		(8	)
TRY	RBS		(2,300	)	12/19/2012		(1,247	)		(28	)
TRY	RBS		(1,500	)	12/19/2012		(822	)		(9	)
TRY	RBS		(800	)	12/19/2012		(438	)		(6	)
TRY	RBS		(1,000	)	12/19/2012		(545	)		(9	)
TRY	RBS		(200	)	12/19/2012		(110	)		(1	)

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

Transamerica Funds		Annual Report 2012
	Page    202

Transamerica Managed Futures Strategy

(formerly, Transamerica AQR Managed Futures Strategy)

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

FORWARD FOREIGN CURRENCY CONTRACTS (continued): β

Currency	Counterparty	Contracts Bought (Sold) (000’s)			Settlement Date	Amount in U.S. Dollars Bought (Sold) (000’s)			Net Unrealized Appreciation (Depreciation) (000’s)
TRY	RBS		(800	)	12/19/2012	$	(439	)	$	(4	)
TRY	RBS		100		12/19/2012		55			¿
TRY	RBS		(800	)	12/19/2012		(438	)		(6	)
TWD	RBS		14,000		12/19/2012		479			1
TWD	RBS		17,000		12/19/2012		584			(2	)
TWD	RBS		66,000		12/19/2012		2,266			(6	)
TWD	RBS		16,000		12/19/2012		551			(3	)
TWD	RBS		16,000		12/19/2012		547			1
TWD	RBS		24,000		12/19/2012		823			(1	)
TWD	RBS		65,000		12/19/2012		2,188			38
TWD	RBS		1,000		12/19/2012		34			¿
TWD	RBS		70,000		12/19/2012		2,352			45
TWD	RBS		58,000		12/19/2012		1,963			23
TWD	RBS		(378,000	)	12/19/2012		(12,706	)		(237	)
TWD	RBS		16,000		12/19/2012		543			5
TWD	RBS		16,000		12/19/2012		546			2
TWD	RBS		29,000		12/19/2012		992			1
TWD	RBS		2,000		12/19/2012		69			(¿	)
TWD	RBS		57,000		12/19/2012		1,926			26
TWD	RBS		11,000		12/19/2012		377			(¿	)
TWD	RBS		74,000		12/19/2012		2,525			9
TWD	RBS		5,000		12/19/2012		171			(¿	)
TWD	RBS		8,000		12/19/2012		273			1
TWD	RBS		29,000		12/19/2012		990			3
TWD	RBS		21,000		12/19/2012		719			¿
TWD	RBS		28,000		12/19/2012		956			2
TWD	RBS		15,000		12/19/2012		512			2
TWD	RBS		9,000		12/19/2012		308			¿
TWD	RBS		28,000		12/19/2012		960			(1	)
TWD	RBS		14,000		12/19/2012		475			4
TWD	RBS		4,000		12/19/2012		137			(¿	)
TWD	RBS		22,000		12/19/2012		752			1
TWD	RBS		67,000		12/19/2012		2,290			4
ZAR	RBS		(6,800	)	12/19/2012		(796	)		18
ZAR	RBS		(1,200	)	12/19/2012		(138	)		¿
ZAR	RBS		(2,500	)	12/19/2012		(293	)		7
ZAR	RBS		(6,800	)	12/19/2012		(782	)		4
ZAR	RBS		(1,200	)	12/19/2012		(135	)		(3	)
ZAR	RBS		(6,000	)	12/19/2012		(665	)		(22	)
ZAR	RBS		(1,200	)	12/19/2012		(137	)		(1	)
ZAR	RBS		(7,100	)	12/19/2012		(828	)		15
ZAR	RBS		3,700		12/19/2012		446			(22	)
ZAR	RBS		3,600		12/19/2012		429			(17	)
ZAR	RBS		(10,700	)	12/19/2012		(1,277	)		52
ZAR	RBS		(1,000	)	12/19/2012		(113	)		(1	)
ZAR	RBS		(1,800	)	12/19/2012		(206	)		(1	)
ZAR	RBS		7,600		12/19/2012		917			(47	)
									$	968

Collateral (Received) Pledged for OTC Financial Derivative Instruments

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received) pledged as of 10/31/2012:

Counterparty	Total Market Value of OTC Derivatives (000’s)			Collateral (Received) Pledged (000’s)		Net Exposures (1) (000’s)
BCLY	$	(144	)	$	17,728	$	17,584
BOA		(23	)		120		97
RBS		1,038			2,820		3,858

⁽¹⁾  Net exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default.

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

Transamerica Funds		Annual Report 2012
	Page    203

Transamerica Managed Futures Strategy

(formerly, Transamerica AQR Managed Futures Strategy)

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

β Cash, in the amount of $20,668, has been segregated by the custodian as collateral for the benefit of the broker for open swap contracts and/or forward foreign currency contracts.

^(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 Aggregate cost for federal income tax purposes is $296,528. Net unrealized depreciation for tax purposes is $8,001.

Б Cash, in the amount of $21,252, has been segregated as collateral with the broker to cover margin requirements for open futures contracts.

¿ Amount is less than 1.

DEFINITIONS:

BCLY	Barclays Bank PLC
BOA	Bank of America
OTC	Over the Counter
RBS	Royal Bank of Scotland

CURRENCY ABBREVIATIONS:

AUD		Australian Dollar
BRL		Brazilian Real
CAD		Canadian Dollar
CLP		Chilean Peso
COP		Columbian Peso
CZK		Czech Republic Koruna
EUR		Euro
GBP		Pound Sterling
HUF		Hungarian Forint
IDR		Indonesian Rupiah
ILS		Israel New Shekel
INR	��	Indian Rupee
JPY		Japanese Yen
KRW		South Korean Won
MXN		Mexican Peso
MYR		Malaysian Riggit
NOK		Norwegian Krone
NZD		New Zealand Dollar
PHP		Philippines Peso
PLN		Polish Zloty
RUB		Russian Ruble
SEK		Swedish Krona
SGD		Singapore Dollar
TRY		Turkish New Lira
TWD		Taiwan New Dollar
ZAR		South African Rand

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

Transamerica Funds		Annual Report 2012
	Page    204

Transamerica Managed Futures Strategy

(formerly, Transamerica AQR Managed Futures Strategy)

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2012

VALUATION SUMMARY (all amounts in thousands): '

	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 10/31/2012
Investment Companies	$	265,160	$	—	$	—	$	265,160

Other Financial Instruments ₣	Level 1 - Quoted Prices			Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value at 10/31/2012
Futures Contracts—Appreciation	$	6,380		$	—		$	—	$	6,380
Futures Contracts—Depreciation		(9,983	)		—			—		(9,983	)
Forward Foreign Currency Contracts—Appreciation		—			9,221			—		9,221
Forward Foreign Currency Contracts—Depreciation		—			(8,253	)		—		(8,253	)
Total Return Swaps—Appreciation		—			212			—		212
Total Return Swaps—Depreciation		—			(309	)		—		(309	)
Total	$	(3,603	)	$	871		$	—	$	(2,732	)

' Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of Levels 1 and 2 during the period ended 10/31/2012. 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		Annual Report 2012
	Page    205

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

At October 31, 2012

(all amounts except per share amounts in thousands)

	Transamerica Commodity Strategy			Transamerica Global Allocation			Transamerica Managed Futures Strategy
Assets:
Investment securities, at value	$	129,752		$	360,290		$	265,160
Repurchase agreement, at value		38,705			—			—
Cash		—			143			—
Cash on deposit with custodian		19,115			—			20,668
Cash on deposit with broker		—			575			21,252	��
Foreign currency, at value		—			2,229			283
Receivables:
Investment securities sold		302,473			553			47,385
Shares of beneficial interest sold		—			254			—
Interest		—	(A)		763			4
Securities lending income (net)		3			10			—
Dividends		—			388			—
Dividend reclaims		1			73			—
Variation margin		—			5			—
Other		—			19			—
Prepaid expenses		1			1			1
Unrealized appreciation on swap agreements		—	(A)		72			212
Premium Paid on Swaps		151,236			—			—
Unrealized appreciation on forward foreign currency contracts		—			175			9,221
	$	641,286		$	365,550		$	364,186
Liabilities:
Due to custodian		—			1,295			—
Cash deposit due to broker		—			900			—
Accounts payable and accrued liabilities:
Investment securities purchased		308,434			12,827			49,274
Shares of beneficial interest redeemed		124			279			209
Management and advisory fees		85			216			316
Trustees fees		—	(A)		1			1
Transfer agent fees		1			2			2
Custody fees		6			67			51
Administration fees		3			7			7
Audit and tax fees		24			33			25
Interest payable		37			—			—
Variation margin		—			—			3,603
Foreign capital gains tax		—			32			—
Other		7			32			13
Collateral for securities on loan		30,836			34,186			—
Written options and swaptions, at value		—			599			—
Unrealized depreciation on swap agreements		—	(A)		6			309
Premium Received on Swaps		151,236			—			—
Unrealized depreciation on forward foreign currency contracts		—			363			8,253
		490,793			50,845			62,063
Net assets	$	150,493		$	314,705		$	302,123
Net assets consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	151,347		$	281,602		$	314,578
Undistributed (accumulated) net investment income (loss)		(855	)		3,976			(5,636	)
Undistributed (accumulated) net realized gain (loss) from investments		1			5,845			(4,085	)
Net unrealized appreciation (depreciation) on:
Investment securities		—			22,971			—
Futures contracts		—			187			(3,603	)
Written option and swaption contracts		—			269			—
Swap agreements		—			66			(97	)
Translation of assets and liabilities denominated in foreign currencies		—			(211	)		966
Net assets	$	150,493		$	314,705		$	302,123
Shares outstanding		15,555			28,509			32,264
Net asset value and offering price per share	$	9.67		$	11.04		$	9.36
Investment securities, at cost	$	129,752		$	337,319		$	265,160
Repurchase agreement, at cost	$	38,705		$	—		$	—
Foreign currency, at cost	$	—		$	2,221		$	284
Securities loaned, at value	$	30,223		$	33,349		$	—
Premium received on written option and swaption contracts	$	—		$	868		$	—

^(A) Rounds to less than $1.

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

Transamerica Funds		Annual Report 2012
	Page    206

CONSOLIDATED STATEMENTS OF OPERATIONS

At October 31, 2012

(all amounts except per share amounts in thousands)

	Transamerica Commodity Strategy			Transamerica Global  Allocation			Transamerica Managed  Futures Strategy
Investment income:
Dividend income	$	—		$	6,410		$	—
Withholding taxes on foreign income		—			(282	)		—
Interest income		98			3,557			38
Securities lending income (net)		41			220			—
Total investment income		139			9,905			38
Expenses:
Management and advisory		977			2,879			3,043
Transfer agent		12			29			21
Printing and shareholder reports		5			10			8
Custody		65			660			572
Administration		37			90			65
Legal		9			21			14
Audit and tax		21			41			23
Trustees		3			7			5
Registration		—			—			1
Other		3			8			34
Total expenses		1,132			3,745			3,786
Net investment income (loss)		(993	)		6,160			(3,748	)
Net realized gain (loss) on transactions from:
Investment securities		—			9,149	(A)		—
Futures contracts		—			(2,031	)		3,541
Written option and swaption contracts		—			1,384			—
Swap agreements		(11,228	)		6			(734	)
Foreign currency transactions		—			323			(7,902	)
Net realized gain (loss)		(11,228	)		8,831			(5,095	)
Net change in unrealized appreciation (depreciation) on:
Investment securities		—			(1,742	)(A)		—
Futures contracts		—			753			(1,572	)
Written option and swaption contracts		—			624			—
Swap agreements		—			80			(178	)
Translation of assets and liabilities denominated in foreign currencies		—			(426	)		7,477
Net change in unrealized appreciation (depreciation)		—			(711	)		5,727
Net realized and change in unrealized gain (loss)		(11,228	)		8,120			632
Net increase (decrease) in net assets resulting from operations	$	(12,221	)	$	14,280		$	(3,116	)

^(A)  Net of foreign capital gains tax of $32.

Transamerica Funds		Annual Report 2012
	Page    207

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

For the years ended:

(all amounts in thousands)

	Transamerica Commodity Strategy						Transamerica Global Allocation						Transamerica Managed Futures Strategy
	October 31, 2012			October 31, 2011			October 31, 2012			October 31, 2011			October 31, 2012			October 31, 2011
From operations:
Net investment income (loss)	$	(993	)	$	(1,079	)	$	6,160		$	9,618		$	(3,748	)	$	(3,062	)
Net realized gain (loss)(A)		(11,228	)		7,381			8,831			23,095			(5,095	)		(4,806	)
Net change in unrealized appreciation (depreciation)		—			(2	)		(711	)		(20,942	)		5,727			(12,117	)
Net increase (decrease) in net assets resulting from operations		(12,221	)		6,300			14,280			11,771			(3,116	)		(19,985	)
Distributions to shareholders:
From net investment income		(6,303	)		(7,529	)		(10,437	)		(7,497	)		(88	)		(2,620	)
From net realized gains		—			(6,294	)		(6,764	)		—			(128	)		(1,710	)
Total distributions to shareholders		(6,303	)		(13,823	)		(17,201	)		(7,497	)		(216	)		(4,330	)
Capital share transactions:
Proceeds from shares sold		24,648			36,071			43,521			39,339			186,221			150,756
Dividends and distributions reinvested		6,303			13,823			17,201			7,497			216			4,330
Cost of shares redeemed		(39,777	)		(11,504	)		(165,322	)		(126,189	)		(143,391	)		(126,249	)
Net increase (decrease) in net assets resulting from capital shares transactions		(8,826	)		38,390			(104,600	)		(79,353	)		43,046			28,837
Net increase (decrease) in net assets		(27,350	)		30,867			(107,521	)		(75,079	)		39,714			4,522
Net assets:
Beginning of year		177,843			146,976			422,226			497,305			262,409			257,887
End of year	$	150,493		$	177,843		$	314,705		$	422,226		$	302,123		$	262,409
Undistributed (accumulated) net investment income (loss)	$	(855	)	$	6,303		$	3,976		$	7,996		$	(5,636	)	$	(2,793	)
Share activity:
Shares issued		2,565			3,166			4,016			3,506			19,224			15,207
Shares issued-reinvested from dividends and distributions		669			1,290			1,710			689			22			432
Shares redeemed		(4,191	)		(1,026	)		(15,652	)		(11,328	)		(15,088	)		(12,921	)
Net increase (decrease) in shares outstanding		(957	)		3,430			(9,926	)		(7,133	)		4,158			2,718

^(A)  Net realized gain (loss) includes all items listed in the Statement of Operations.

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

Transamerica Funds		Annual Report 2012
	Page    208

FINANCIAL HIGHLIGHTS

For the period or years ended:

For a share outstanding throughout each period	Transamerica Commodity Strategy
	October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of year	$	10.77		$	11.24		$	10.03		$	8.11		$	14.11
Investment operations
Net investment income (loss)(A)		(0.06	)		(0.07	)		0.04			0.05			0.03
Net realized and change in unrealized gain (loss) on investments		(0.66	)		0.64			1.22			1.91			(5.85	)
Total from investment operations		(0.72	)		0.57			1.26			1.96			(5.82	)
Distributions
Net investment income		(0.38	)		(0.57	)		(0.05	)		(0.04	)		(0.03	)
Net realized gains on investments		—			(0.47	)		—			—	(B)		(0.15	)
Total distributions		(0.38	)		(1.04	)		(0.05	)		(0.04	)		(0.18	)
Net asset value
End of year	$	9.67		$	10.77		$	11.24		$	10.03		$	8.11
Total return(C)		(6.57	)%		5.12	%		12.61	%		24.41	%		(41.77	)%
Net assets end of year (000’s)	$	150,493		$	177,843		$	146,976		$	121,342		$	87,252
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		0.71	%		0.71	%		0.86	%		0.89	%		0.86	%
Before reimbursement/recapture		0.71	%		0.71	%		0.86	%		0.89	%		0.86	%
Net investment income (loss) to average net assets		(0.62	)%		(0.60	)%		0.38	%		0.63	%		0.21	%
Portfolio turnover rate		—	%		—	%		112	%(D)		5	%		4	%

For a share outstanding throughout each period	Transamerica Global Allocation
	October 31, 2012			October 31, 2011			October 31, 2010			October 31, 2009			October 31, 2008
Net asset value
Beginning of year	$	10.99		$	10.91		$	9.99		$	9.32		$	13.23
Investment operations
Net investment income(A)		0.17			0.22			0.20			0.19			0.27
Net realized and change in unrealized gain (loss) on investments		0.33			0.03			0.93			1.55			(3.25	)
Total from investment operations		0.50			0.25			1.13			1.74			(2.98	)
Distributions
Net investment income		(0.27	)		(0.17	)		(0.21	)		(0.55	)		(0.35	)
Net realized gains on investments		(0.18	)		—			—			(0.52	)		(0.58	)
Total distributions		(0.45	)		(0.17	)		(0.21	)		(1.07	)		(0.93	)
Net asset value
End of year	$	11.04		$	10.99		$	10.91		$	9.99		$	9.32
Total return(C)		4.91	%		2.28	%		11.40	%		20.57	%		(24.23	)%
Net assets end of year (000’s)	$	314,705		$	422,226		$	497,305		$	448,979		$	377,781
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		0.96	%		0.91	%		0.87	%		0.90	%		0.88	%
Before reimbursement/recapture		0.96	%		0.91	%		0.87	%		0.90	%		0.88	%
Net investment income to average net assets		1.58	%		1.98	%		1.96	%		2.08	%		2.25	%
Portfolio turnover rate		38	%		41	%		51	%		43	%		49	%

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

Transamerica Funds		Annual Report 2012
	Page    209

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

For a share outstanding throughout each period	Transamerica Managed Futures Strategy
	October 31, 2012			October 31, 2011			October 31, 2010(E)
Net asset value
Beginning of period/year	$	9.34		$	10.16		$	10.00
Investment operations
Net investment loss(A)		(0.13	)		(0.12	)		(0.01	)
Net realized and change in unrealized gain (loss) on investments		0.16			(0.53	)		0.17
Total from investment operations		0.03			(0.65	)		0.16
Distributions
Net investment income		—	(B)		(0.10	)		—
Net realized gains on investments		(0.01	)		(0.07	)		—
Total distributions		(0.01	)		(0.17	)		—
Net asset value
End of year	$	9.36		$	9.34		$	10.16
Total return(C)		0.31	%		(6.52	)%		1.60	%(F)
Net assets end of year (000’s)	$	302,123		$	262,409		$	257,887
Ratio and supplemental data
Expenses to average net assets:
After reimbursement/recapture		1.37	%		1.31	%		1.38	%(G)
Before reimbursement/recapture		1.37	%		1.31	%		1.38	%(G)
Net investment loss to average net assets		(1.35	)%		(1.21	)%		(1.22	)%(G)
Portfolio turnover rate		—	%		—	%		—	%(F)

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

^(B) Rounds to less than $0.01 or $(0.01).

^(C) Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase.

^(D) Increase in portfolio turnover was triggered by a change in the fund’s objectives.

^(E)  Commenced operations on September 30, 2010.

^(F) Not annualized.

^(G)  Annualized.

Note: Prior to November 1, 2009, all the financial highlights were audited by another independent registered public accounting firm.

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

Transamerica Funds		Annual Report 2012
	Page    210

NOTES TO FINANCIAL STATEMENTS

At October 31, 2012

(all amounts in thousands)

NOTE 1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Transamerica Funds (the “Trust”) is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). Effective March 1, 2012, the following name changes occurred:

Fund Name	Formerly Known As
Transamerica Arbitrage Strategy	Transamerica Water Island Arbitrage Strategy
Transamerica Bond	Transamerica Loomis Sayles Bond
Transamerica Core Bond	Transamerica JPMorgan Core Bond
Transamerica Developing Markets Equity	Transamerica Oppenheimer Developing Markets
Transamerica Global Macro	Transamerica First Quadrant Global Macro
Transamerica Global Real Estate Securities	Transamerica Clarion Global Real Estate Securities
Transamerica Growth	Transamerica Jennison Growth
Transamerica International	Transamerica Neuberger Berman International
Transamerica International Equity Opportunities	Transamerica MFS International Equity
Transamerica International Small Cap	Transamerica Schroders International Small Cap
Transamerica International Value Opportunities	Transamerica Thornburg International Value
Transamerica Large Cap Value	Transamerica BlackRock Large Cap Value
Transamerica Long/Short Strategy	Transamerica JPMorgan Long/Short Strategy
Transamerica Mid Cap Value	Transamerica JPMorgan Mid Cap Value
Transamerica Real Return TIPS	Transamerica PIMCO Real Return TIPS
Transamerica Select Equity	Transamerica ICAP Select Equity
Transamerica Total Return	Transamerica PIMCO Total Return
Transamerica Value	Transamerica Third Avenue Value
Transamerica Commodity Strategy	Transamerica Goldman Sachs Commodity Strategy
Transamerica Global Allocation	Transamerica BlackRock Global Allocation
Transamerica Managed Futures Strategy	Transamerica AQR Managed Futures Strategy

Effective July 31, 2012, Transamerica Large Cap Value changed its name to Transamerica Large Company.

Transamerica Arbitrage Strategy, Transamerica Bond, Transamerica Core Bond, Transamerica Developing Markets Equity, Transamerica Global Macro, Transamerica Global Real Estate Securities, Transamerica Growth, Transamerica International, Transamerica International Equity Opportunities, Transamerica International Small Cap, Transamerica International Value Opportunities, Transamerica Large Company, Transamerica Long/Short Strategy, Transamerica Mid Cap Value, Transamerica Real Return TIPS, Transamerica Select Equity, Transamerica Total Return, Transamerica Value, Transamerica Commodity Strategy, Transamerica Global Allocation, and Transamerica Managed Futures Strategy, (each a “Fund”; collectively, the “Funds”) are part of the Trust.

Transamerica Global Macro, Transamerica Global Real Estate Securities, Transamerica Real Return TIPS, Transamerica Value, Transamerica Commodity Strategy, and Transamerica Managed Futures Strategy are “non-diversified” under the 1940 Act.

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

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 and fees.

Such income is reflected separately in the Statements of Operations or Consolidated Statements of Operations. The value of loaned securities and related collateral outstanding at October 31, 2012 are shown in the Schedules of Investments and Statements of Assets and Liabilities, or in the Consolidated Schedules of Investments and Consolidated Statements of Assets and Liabilities.

Income from loaned securities in the Statements of Operations or Consolidated Statements of Operations is net of fees and rebates earned by the lending agent for its services.

Transamerica Funds		Annual Report 2012
	Page    211

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2012

(all amounts in thousands)

NOTE 1. (continued)

Repurchase agreements: Securities purchased subject to a repurchase agreement are held at the Funds’ custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, 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 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 taxes: The Funds may be subjected to taxes imposed by the countries in which they invest, with respect to their investments in issuers existing or operating in such countries. The Funds may also 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, when the related income or capital gains are earned and based upon the current interpretation of tax rules and regulations that exist in the markets in which the Funds invest. 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 of foreign capital remittances abroad.

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

Open forward foreign currency contracts at October 31, 2012 are listed in the Schedules of Investments or Consolidated Schedules of Investments.

Option 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. Funds purchase or write put and call options on U.S. securities, indices, futures, swaps (“swaptions”), commodities, and currency transactions. 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. Options are marked-to-market daily to reflect the current value of the option. 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.

Purchased options: Purchasing call options tends to increase a Fund’s exposure to the underlying instrument. Purchasing put options tends to decrease a Fund’s exposure to the underlying instrument. The Funds pay premiums, which are included in the Statement of Assets and Liabilities as an investment and subsequently marked-to-market to reflect the current value of the option. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid from options which expire are treated as realized losses. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying U.S. security, index, future, swaption, commodity, or currency transaction to determine the realized gain or loss.

Written options: Writing call options tends to decrease a Fund’s exposure to the underlying investment. When a Fund writes a covered call or put option, the premium received is recorded as a liability in the Statement of Assets and Liabilities and is subsequently marked-to-market to reflect the current market value of the option written. Premiums received from written options which expire unexercised 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 U.S. security, index, future, swaption, commodity, or currency transaction to determine the realized gain or loss. In writing an option, a Fund bears the market risk of an unfavorable change in the price of the security or currency underlying the written option. Exercise of an option written by a Fund could result in the Fund selling or buying a security or currency at a price different from the current market value.

Transamerica Funds		Annual Report 2012
	Page    212

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2012

(all amounts in thousands)

NOTE 1. (continued)

Inflation-capped options: A Fund purchases or writes inflation-capped options to enhance returns or for hedging opportunities. The purpose of purchasing inflation-capped options is to protect a Fund from inflation erosion above a certain rate on a given notional exposure. A floor can be used to give downside protection to the investments in inflation-linked products.

Straddle swaption contracts: The Funds enter into straddle swaption contracts. A straddle swaption is an investment strategy that consists of two swaptions, each with a different underlying swap, wherein the holder buys both a payer and receiver option on the same floating rate. If the floating rate falls, the holder receives the fixed rate, and if the floating rate rises, the holder pays the fixed rate.

The underlying face amounts of open option and swaption contracts at October 31, 2012 are listed in the Schedules of Investments or Consolidated Schedules of Investments.

Transactions in written options were as follows:

Transamerica Arbitrage Strategy	Premium			Notional Amount
Balance at October 31, 2011	$	157		$	244
Sales		3,345			4,164
Closing Buys		(1,223	)		(1,080	)
Expirations		(2,051	)		(2,775	)
Exercised		(76	)		(87	)
Balance at October 31, 2012	$	152		$	466
Transamerica Global Macro	Premium			Notional Amount
Balance at October 31, 2011	$	1,868		$	53
Sales		11,119			2,158
Closing Buys		(8,415	)		(881	)
Expirations		(3,312	)		(988	)
Exercised		—			—
Balance at October 31, 2012	$	1,260		$	342
Transamerica Real Return TIPS	Premium			Notional Amount
Balance at October 31, 2011	$	227		$	25,300
Sales		29			54
Closing Buys		(94	)		(7,654	)
Expirations		—			—
Exercised		—			—
Balance at October 31, 2012	$	162		$	17,700
Transamerica Global Allocation	Premium			Notional Amount
Balance at October 31, 2011	$	1,744		$	448
Sales		3,477			1,034
Closing Buys		(3,515	)		(853	)
Expirations		(741	)		(209	)
Exercised		(165	)		(114	)
Balance at October 31, 2012	$	800		$	306
Transamerica Global Allocation	Premium			Notional Amount
Balance at October 31, 2011	$	59		EUR	971
Sales		174			10,244
Closing Buys		(124	)		(7,322	)
Expirations		(56	)		(940	)
Exercised		(3	)		(1	)
Balance at October 31, 2012	$	50		EUR	2,952

Transamerica Global Allocation	Premium			Notional Amount
Balance at October 31, 2011	$	5		HKD	81
Sales		3			71
Closing Buys		—			—
Expirations		(8	)		(152	)
Exercised		—			—
Balance at October 31, 2012	$	—		HKD	—
Transamerica Global Allocation	Premium			Notional Amount
Balance at October 31, 2011	$	61		JPY	137
Sales		24			9
Closing Buys		(36	)		(64	)
Expirations		(31	)		(74	)
Exercised		—			—
Balance at October 31, 2012	$	18		JPY	8

Transactions in written swaptions were as follows:

Transamerica Real Return TIPS	Premium			Notional Amount
Balance at October 31, 2011	$	2,041		$	262,000
Sales		2,130			293,700
Closing Buys		(2,528	)		(320,000	)
Expirations		(146	)		(13,400	)
Exercised		—			—
Balance at October 31, 2012	$	1,497		$	222,300
Transamerica Real Return TIPS	Premium			Notional Amount
Balance at October 31, 2011	$	—		EUR	—
Sales		31			5,900
Closing Buys		—			—
Expirations		—			—
Exercised		—			—
Balance at October 31, 2012	$	31		EUR	5,900
Transamerica Total Return	Premium			Notional Amount
Balance at October 31, 2011	$	691		$	70,600
Sales		1,301			84,200
Closing Buys		(664	)		(73,100	)
Expirations		(27	)		(2,500	)
Exercised		—			—
Balance at October 31, 2012	$	1,301		$	79,200

Transamerica Funds		Annual Report 2012
	Page    213

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2012

(all amounts in thousands)

NOTE 1. (continued)

Futures contracts: The Funds are subject to equity and commodity price risks, interest rate risk, and foreign currency exchange rate risk in the normal course of pursuing their investment objectives. The Funds use futures contracts to gain exposure to, or hedge against, changes in the value of equities and commodities, 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 in 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 contract, 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 equity and commodity prices, interest rates, or exchange rates moving unexpectedly, in which case, the Funds may not achieve the anticipated benefits of the futures contracts and may realize losses. With futures, there is minimal counterparty credit risk to the Funds since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

The open futures contracts at October 31, 2012 are listed in the Schedules of Investments or Consolidated Schedules of Investments. The variation margin receivable or payable, as applicable, is included in the Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities.

Swap agreements: Swap agreements are bilaterally negotiated agreements between a Fund and a counterparty to exchange or swap investments, cash flows, assets, foreign currencies, or market-linked returns at specified, future intervals. Swap agreements are privately negotiated in the over-the-counter (“OTC”) market and may be executed in a multilateral or other trade facility platform, such as a registered exchange (“centrally cleared swaps”). The 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, and commodity risks. In connection with these agreements, securities or cash may be identified as collateral or margin 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, which may include a registered exchange, or quotations from market makers to the extent available and the change in value, if any, is recorded as an unrealized gain or loss in the Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities.

Payments received or made at the beginning of the measurement period are reflected as such in the Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities, and represent payments made or received upon entering into the swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). These upfront payments are recorded as realized gains or losses in the Statements of Operations or Consolidated 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 in the Statements of Operations or Consolidated Statements of Operations. Net periodic payments received or paid by the Funds are included as part of realized gains or losses in the Statement of Operations or Consolidated 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.

Certain Funds sell credit default swaps, which exposes 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 year, 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. Because a Fund holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. 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. Funds with interest rate 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.

Transamerica Funds		Annual Report 2012
	Page    214

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2012

(all amounts in thousands)

NOTE 1. (continued)

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 the 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, subjecting 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 whereby cash flows are exchanged based on the price of a commodity in exchange for either a fixed or floating price or rate. One party would receive payments based on the market value of the commodity involved and pay a fixed amount. Total return swap agreements on indices involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific reference asset, which may be an equity, index, or bond, and in return receives a regular stream of payments.

Cross-currency swap agreements: The Funds are subject to foreign currency exchange rate risk in the normal course of pursuing their investment objectives. The Funds enter into cross-currency swap agreements to gain or reduce exposure to foreign currencies or to hedge against foreign currency exchange rate and/or interest rate risk. Cross-currency swap agreements are interest rate swaps in which two parties agree to exchange cash flows based on the notional amounts of two different currencies. The Funds with cross-currency 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 the notional amounts of two different currencies. The notional amounts are typically determined based on the spot exchange rates at the inception of the trade. Cross-currency swap agreements can also involve an exchange of notional amounts at the start, during and/or at expiration of the contract, either at the current spot rate or another specified rate.

The open swap agreements at October 31, 2012 are listed in the Schedules of Investments or Consolidated Schedules of Investments.

Cash overdraft: Throughout the year, the Funds may have cash overdraft balances. A fee is incurred on these overdrafts, calculated by multiplying the overdraft by a rate based on the federal funds rate. Payables, if any, are reflected as Due to Custodian in the Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities. Expenses from cash overdrafts are included in Other in the Statements of Operations or Consolidated Statements of Operations.

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 or Consolidated Schedules of Investments and reflected as a liability on the Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities.

Transamerica Real Return TIPS entered into reverse repurchase agreements during the year ended October 31, 2012. The average reverse repurchase agreement for the year was approximately $24,320 with an average interest rate of 0.25%.

The open reverse repurchase agreements at October 31, 2012 are listed in the Schedules of Investments or Consolidated Schedules of Investments.

Dollar Rolls: For the period November 1, 2011 to April 30, 2012, the Funds accounted for dollar roll transactions as Purchase and Sale transactions. With the adoption of the amended authoritative guidance “Reconsideration of Effective Control for Repurchase Agreements” as issued by the Financial Accounting Standards Board (“FASB”) in April 2011 and adopted by the Funds on May 1, 2012, the Funds account for dollar roll transactions as borrowing transactions and realize gains and losses on these transactions at the end of the roll period. Dollar roll transactions involve sales by the Funds of securities and simultaneously contracts to repurchase substantially similar securities (same type and interest rate) on a specified future date. The Funds forgo principal and interest paid during the roll period on the securities sold in a dollar roll transaction. The Funds are compensated by the difference between the current sales price and the price for the future purchase (often referred to as the “drop”) as well as by any interest earned on the proceeds of the securities sold. Dollar roll transactions may be renewed with a new sale and a repurchase price and a cash settlement made at each renewal without physical delivery of the securities subject to the contract. Dollar roll transactions expose the Funds to risks such as the following: (i) buyer under the agreement may file for bankruptcy, become insolvent, or otherwise default on its obligations to the Funds; (ii) the market value of the securities the Funds are obligated to repurchase under the agreement may decline below the repurchase price.

Dollar roll transactions accounted for as borrowing transactions are excluded from the Funds’ turnover rates. The Funds recognize drop fee income on a straight line basis over the period of the roll. For the six months ended October 31, 2012, Transamerica Real Return TIPS and Transamerica Total Return earned drop fee income of $224 and less than $1, respectively. The drop fee income is included in “Interest income” in the Statements of Operations.

The outstanding payable for securities to be repurchased is included in payable for funds borrowed in the Statements of Assets and Liabilities. The average borrowing for dollar roll transactions during the six months ended October 31, 2012 for Transamerica Real Return TIPS and Transamerica Total Return was approximately $56,058 and $51, respectively, with an average interest rate of 0.24% and 0.19%, respectively. The interest expense is included in Interest in the Statements of Operations.

Open dollar roll transactions at October 31, 2012 are included in the Schedules of Investments.

Transamerica Funds		Annual Report 2012
	Page    215

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2012

(all amounts in thousands)

NOTE 1. (continued)

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 Fund 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 bears other costs, such as charges for the prime brokerage accounts, in connection with its short positions. These costs are reported as dividends and/or interest from securities sold short in the Statements of Operations or Consolidated Statements of Operations.

Loan participations and assignments: The Funds may invest in direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental, or other borrowers, either in the form of participations at the time the loan is originated (“Participations”) or buying an interest in the loan in the secondary market from a financial institution or institutional investor (“Assignments”). Participations and 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 and 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. The Funds that participate in such syndications, or that can buy a portion of the loans, become part lenders. Loans are often administered by agent banks acting as agents for all holders.

The agent banks administer the terms of the loans, as specified in the loan agreements. In addition, the agent banks are normally responsible for the collection of principal and interest payments from the corporate borrowers and the apportionment of these payments to the credit of all institutions that are parties to the loan agreements. Unless the Funds have direct recourse against the corporate borrowers under the terms of the loans or other indebtedness, the Funds may have to rely on the agent banks or other financial intermediaries to apply appropriate credit remedies against corporate borrowers.

The Funds held no unsecured loan participations at October 31, 2012.

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. Open balances are included in the payable or receivable for investments purchased or sold.

Treasury inflation-protected securities (“TIPS”): Certain Funds invest in TIPS, specially structured bonds in which the principal amount is adjusted daily to keep pace with inflation as measured by the U.S. Consumer Price Index. The adjustments to principal due to inflation/deflation are reflected as increases/decreases to interest income in the Statements of Operations or Consolidated Statements of Operations with a corresponding adjustment to cost.

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

The restricted and illiquid securities at October 31, 2012 are listed in the Schedules of Investments or Consolidated Schedules of Investments.

Commission recapture: The sub-adviser, to the extent consistent with the best execution and usual commission rate policies and practices, has 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.

Transamerica Funds		Annual Report 2012
	Page    216

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2012

(all amounts in thousands)

NOTE 1. (continued)

Commissions recaptured for the year ended October 31, 2012, are included in net realized gain (loss) in the Statements of Operations and are summarized as follows:

Fund Name	Commissions
Transamerica Global Real Estate Securities	$	15
Transamerica Growth		47
Transamerica International		1
Transamerica International Equity Opportunities		—	(A)
Transamerica International Value Opportunities		1
Transamerica Mid Cap Value		8
Transamerica Select Equity		226
Transamerica Value		12

^(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 dates, net of foreign taxes. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.

Real estate investment trust (“REITs”): Dividend income related to a Real Estate Investment Trust 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.

There are certain additional risks involved in investing in REITs. These include, but are not limited to, economical conditions, changes in zoning laws, real estate values, property taxes, and interest rates.

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.

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, which may include Transamerica Asset Management, Inc.’s (“TAM”) Valuation Committee’s own assumptions in determining the fair value of investments. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the sub-adviser, issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer’s financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances.

The Funds’ Board of Trustees has delegated the valuation functions on a day-to-day basis to TAM, subject to board oversight. TAM has formed an internal valuation committee (the “Valuation Committee”) to monitor and implement the fair valuation policies and procedures as approved by the Board of Trustees. These policies and procedures are reviewed at least annually by the Board of Trustees. The Valuation Committee, among other tasks, monitors for when market quotations are not readily available or are unreliable and determines in good faith the fair value of portfolio investments. 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. The Valuation Committee may employ a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the security to determine the fair value of the security. An income-based valuation approach may also be used in which the anticipated future cash flows of the security are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the securities. When the Funds use fair value methods that rely on significant unobservable inputs to determine a security’s value, the Valuation Committee will choose the method that is believed to accurately reflect fair market value. These securities are categorized as Level 3 of the fair value hierarchy. The Valuation Committee reviews fair value measurements on a regular and ad hoc basis and may, as deemed appropriate, update the security valuations as well as the fair valuation guidelines.

Transamerica Funds		Annual Report 2012
	Page    217

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2012

(all amounts in thousands)

NOTE 2. (continued)

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. Due to the inherent uncertainty of valuation, TAM’s Valuation Committee’s determination of values may differ significantly from values that would have been realized had a ready market for investments existed and the differences could be material. The Valuation Committee employs various methods for calibrating these valuation approaches including a regular review of valuation methodologies, key inputs and assumptions, transactional back-testing and reviews of any market related activity.

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.

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

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:

Investment company securities: 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. Exchange Traded Funds are stated at the last reported sale price or closing price on the day of valuation taken from the primary exchange where the security is principally traded. They are categorized in Level 1 of the fair value hierarchy.

Equity securities (common and preferred stocks): 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 the 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 or Level 3 if inputs are unobservable.

Securities lending collateral: Securities lending collateral is invested in a money market fund which is valued at the net asset value 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; otherwise they would be categorized in Level 3.

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 or Level 3 if inputs are unobservable.

Transamerica Funds		Annual Report 2012
	Page    218

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2012

(all amounts in thousands)

NOTE 2. (continued)

U.S. government agency securities: U.S. government agency securities are comprised of two main categories consisting of agency issued debt and mortgage pass-throughs. Generally, agency issued debt securities are valued in a manner similar to U.S. government securities. Mortgage pass-throughs include to be announced (“TBA”) securities and mortgage pass-through certificates. Generally, TBA securities and mortgage pass-throughs are valued using dealer quotations. Depending on market activity levels and whether quotations or other observable data are used, these securities are typically categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized in Level 3.

Restricted securities (equity and debt): The Funds may invest in unregulated or otherwise restricted securities. Restricted securities for which quotations are not readily available are valued at fair value as determined in good faith by TAM’s 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 observable 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, swaption, 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 or Level 3 if inputs are unobservable.

The hierarchy classification of inputs used to value the Funds’ investments, at October 31, 2012, is disclosed in the Valuation Summary of each 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.

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 trustees of TAM, TFS, and TCI. No interested trustee receives compensation from the Funds.

The following schedule reflects the percentage of each Fund’s assets owned by affiliated investment companies at October 31, 2012:

Transamerica Arbitrage Strategy	Market Value		% of Net Assets
Transamerica Asset Allocation-Conservative Portfolio	$	19,669		16.91	%
Transamerica Asset Allocation-Growth Portfolio		2,681		2.31
Transamerica Asset Allocation-Moderate Portfolio		33,893		29.14
Transamerica Asset Allocation-Moderate Growth Portfolio		27,087		23.29
Transamerica Multi-Manager Alternative Strategies Portfolio		32,940		28.32
Total	$	116,270		99.97	%
Transamerica Bond	Market Value		% of  Net Assets
Transamerica Asset Allocation-Conservative Portfolio	$	72,174		9.79	%

Transamerica Bond (continued)	Market Value		% of Net Assets
Transamerica Asset Allocation- Moderate Portfolio	$	94,162		12.78	%
Transamerica Asset Allocation- Moderate Growth Portfolio		56,553		7.67
Transamerica Multi-Manager Alternative Strategies Portfolio		63,564		8.62
Transamerica Asset Allocation- Conservative VP		43,140		5.85
Transamerica Asset Allocation-Growth VP		24,980		3.39
Transamerica Asset Allocation- Moderate Growth VP		101,490		13.77
Transamerica Asset Allocation- Moderate VP		180,324		24.47
Transamerica BlackRock Tactical Allocation VP		63,495		8.61

Transamerica Funds		Annual Report 2012
	Page    219

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2012

(all amounts in thousands)

NOTE 3. (continued)

Transamerica Bond (continued)	Market Value		% of Net Assets
Transamerica International Moderate Growth VP	$	21,369		2.90	%
Transamerica Madison Balanced Allocation VP		5,038		0.69
Transamerica Madison Conservative Allocation VP		5,688		0.77
Total	$	731,977		99.31	%
Transamerica Core Bond	Market Value		% of Net Assets
Transamerica Asset Allocation-Conservative Portfolio	$	216,573		11.52	%
Transamerica Asset Allocation-Moderate Portfolio		193,681		10.31
Transamerica Asset Allocation-Moderate Growth Portfolio		195,512		10.40
Transamerica Asset Allocation-Conservative VP		239,887		12.77
Transamerica Asset Allocation-Moderate Growth VP		391,375		20.83
Transamerica Asset Allocation-Moderate VP		562,461		29.93
Transamerica International Moderate Growth VP		47,152		2.51
Total	$	1,846,641		98.27	%
Transamerica Developing Markets Equity	Market Value		% of  Net Assets
Transamerica Asset Allocation-Conservative Portfolio	$	6,486		1.90	%
Transamerica Asset Allocation-Growth Portfolio		50,446		14.78
Transamerica Asset Allocation-Moderate Portfolio		18,348		5.38
Transamerica Asset Allocation-Moderate Growth Portfolio		52,192		15.29
Transamerica Multi-Manager Alternative Strategies Portfolio		18,088		5.30
Transamerica Multi-Manager International Portfolio		26,333		7.71
Transamerica Asset Allocation-Conservative VP		12,849		3.76
Transamerica Asset Allocation-Growth VP		20,867		6.11
Transamerica Asset Allocation-Moderate Growth VP		85,523		25.05
Transamerica Asset Allocation-Moderate VP		38,764		11.36
Transamerica International Moderate Growth VP		5,585		1.64
Total	$	335,481		98.28	%
Transamerica Global Macro	Market Value		% of Net Assets
Transamerica Asset Allocation-Conservative Portfolio	$	9,700		8.64	%
Transamerica Asset Allocation-Moderate Portfolio		13,008		11.59
Transamerica Multi-Manager Alternative Strategies Portfolio		75,419		67.18
Transamerica Multi-Manager International Portfolio		3,725		3.32

Transamerica Global Macro (continued)	Market Value		% of  Net Assets
Transamerica Asset Allocation-Growth VP	$	10,335		9.21	%
Total	$	112,187		99.94	%
Transamerica Global Real Estate Securities	Market Value		% of  Net Assets
Transamerica Asset Allocation- Conservative Portfolio	$	1,017		0.63	%
Transamerica Asset Allocation-Growth Portfolio		37,288		23.26
Transamerica Asset Allocation-Moderate Portfolio		14,894		9.29
Transamerica Asset Allocation-Moderate Growth Portfolio		53,435		33.33
Transamerica Multi-Manager Alternative Strategies Portfolio		34,634		21.60
Transamerica Multi-Manager International Portfolio		8,440		5.26
Total	$	149,708		93.37	%
Transamerica Growth	Market Value		% of  Net Assets
Transamerica Asset Allocation-Conservative Portfolio	$	43,765		7.95	%
Transamerica Asset Allocation-Growth Portfolio		143,317		26.05
Transamerica Asset Allocation-Moderate Portfolio		136,667		24.84
Transamerica Asset Allocation-Moderate Growth Portfolio		212,585		38.64
Total	$	536,334		97.48	%
Transamerica International	Market Value		% of  Net Assets
Transamerica Asset Allocation-Conservative Portfolio	$	7,053		2.30	%
Transamerica Asset Allocation-Growth Portfolio		35,017		11.40
Transamerica Asset Allocation-Moderate Portfolio		20,931		6.81
Transamerica Asset Allocation-Moderate Growth Portfolio		61,601		20.06
Transamerica Multi-Manager International Portfolio		40,472		13.18
Transamerica Asset Allocation-Growth VP		20,918		6.81
Transamerica Asset Allocation-Moderate Growth VP		42,997		14.00
Transamerica Asset Allocation-Moderate VP		23,373		7.61
Transamerica International Moderate Growth VP		51,759		16.85
Total	$	304,121		99.02	%
Transamerica International Equity Opportunities	Market Value		% of Net Assets
Transamerica Asset Allocation-Conservative Portfolio	$	5,755		3.29	%
Transamerica Asset Allocation-Growth Portfolio		9,150		5.23
Transamerica Asset Allocation-Moderate Portfolio		15,070		8.62

Transamerica Funds		Annual Report 2012
	Page    220

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2012

(all amounts in thousands)

NOTE 3. (continued)

Transamerica International Equity Opportunities (continued)	Market Value		% of Net Assets
Transamerica Asset Allocation- Moderate Growth Portfolio	$	14,778		8.45	%
Transamerica Multi-Manager International Portfolio		33,735		19.29
Transamerica Asset Allocation- Moderate Growth VP		5,319		3.04
Transamerica Asset Allocation- Moderate VP		25,329		14.48
Transamerica International Moderate Growth VP		62,572		35.78
Total	$	171,708		98.18	%
Transamerica International Small Cap	Market Value		% of Net Assets
Transamerica Asset Allocation- Conservative Portfolio	$	4,942		2.04	%
Transamerica Asset Allocation-Growth Portfolio		17,507		7.24
Transamerica Asset Allocation- Moderate Portfolio		13,516		5.59
Transamerica Asset Allocation- Moderate Growth Portfolio		25,989		10.74
Transamerica Multi-Manager Alternative Strategies Portfolio		27,876		11.52	%
Transamerica Multi-Manager International Portfolio		11,590		4.79
Transamerica Asset Allocation-Growth VP		15,469		6.39
Transamerica Asset Allocation- Moderate Growth VP		43,129		17.83
Transamerica Asset Allocation- Moderate VP		38,213		15.80
Transamerica International Moderate Growth VP		39,999		16.53
Total	$	238,230		98.47	%
Transamerica International Value Opportunities	Market Value		% of Net Assets
Transamerica Asset Allocation- Conservative Portfolio	$	6,304		2.86	%
Transamerica Asset Allocation-Growth Portfolio		21,008		9.54
Transamerica Asset Allocation- Moderate Portfolio		15,854		7.20
Transamerica Asset Allocation- Moderate Growth Portfolio		34,213		15.54
Transamerica Multi-Manager International Portfolio		39,257		17.83
Transamerica Asset Allocation-Growth VP		8,667		3.94
Transamerica Asset Allocation- Moderate Growth VP		41,401		18.80
Transamerica Asset Allocation- Moderate VP		22,844		10.37
Transamerica International Moderate Growth VP		26,224		11.91
Transamerica Madison Balanced Allocation VP		1,054		0.48
Total	$	216,826		98.47	%

Transamerica Large Company	Market Value		% of Net Assets
Transamerica Asset Allocation- Conservative Portfolio	$	37,985		7.12	%
Transamerica Asset Allocation-Growth Portfolio		144,188		27.05
Transamerica Asset Allocation- Moderate Portfolio		111,566		20.93
Transamerica Asset Allocation- Moderate Growth Portfolio		225,362		42.28
Total	$	519,101		97.38	%
Transamerica Long/Short Strategy	Market Value		% of Net Assets
Transamerica Asset Allocation- Conservative Portfolio	$	9,877		10.83	%
Transamerica Asset Allocation- Moderate Portfolio		14,129		15.50
Transamerica Multi-Manager Alternative Strategies Portfolio		67,074		73.55
Total	$	91,080		99.88	%
Transamerica Mid Cap Value	Market Value		% of Net Assets
Transamerica Asset Allocation- Conservative Portfolio	$	8,618		4.14	%
Transamerica Asset Allocation-Growth Portfolio		60,006		28.79
Transamerica Asset Allocation- Moderate Portfolio		42,491		20.38
Transamerica Asset Allocation- Moderate Growth Portfolio		93,853		45.02
Total	$	204,968		98.33	%
Transamerica Real Return TIPS	Market Value		% of Net Assets
Transamerica Asset Allocation- Conservative Portfolio	$	71,131		5.29	%
Transamerica Asset Allocation- Moderate Portfolio		78,409		5.84
Transamerica Asset Allocation- Moderate Growth Portfolio		83,447		6.21
Transamerica Multi-Manager Alternative Strategies Portfolio		20,514		1.53
Transamerica Asset Allocation- Conservative VP		115,328		8.58
Transamerica Asset Allocation-Growth VP		4,770		0.35
Transamerica Asset Allocation- Moderate Growth VP		522,565		38.89
Transamerica Asset Allocation- Moderate VP		425,321		31.66
Transamerica International Moderate Growth VP		8,025		0.60
Total	$	1,329,510		98.95	%
Transamerica Select Equity	Market Value		% of Net Assets
Transamerica Asset Allocation- Conservative Portfolio	$	37,475		3.12	%
Transamerica Asset Allocation-Growth Portfolio		145,948		12.16
Transamerica Asset Allocation- Moderate Portfolio		109,490		9.12

Transamerica Funds		Annual Report 2012
	Page    221

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2012

(all amounts in thousands)

NOTE 3. (continued)

Transamerica Select Equity (continued)	Market Value		% of Net Assets
Transamerica Asset Allocation- Moderate Growth Portfolio	$	220,404		18.37	%
Transamerica Asset Allocation- Conservative VP		60,373		5.03
Transamerica Asset Allocation-Growth VP		93,248		7.77
Transamerica Asset Allocation- Moderate Growth VP		312,910		26.07
Transamerica Asset Allocation- Moderate VP		176,748		14.73
Transamerica BlackRock Tactical Allocation VP		30,311		2.52
Total	$	1,186,907		98.89	%
Transamerica Total Return	Market Value		% of Net Assets
Transamerica Asset Allocation- Conservative Portfolio	$	219,008		27.25	%
Transamerica Asset Allocation- Moderate Portfolio		286,308		35.62
Transamerica Asset Allocation- Moderate Growth Portfolio		265,962		33.09
Total	$	771,278		95.96	%
Transamerica Value	Market Value		% of Net Assets
Transamerica Asset Allocation- Conservative Portfolio	$	18,963		6.99	%
Transamerica Asset Allocation-Growth Portfolio		45,114		16.61
Transamerica Asset Allocation- Moderate Portfolio		36,456		13.43
Transamerica Asset Allocation- Moderate Growth Portfolio		75,903		27.95
Transamerica Asset Allocation-Growth VP		15,868		5.84
Transamerica Asset Allocation- Moderate Growth VP		46,795		17.23
Transamerica Asset Allocation- Moderate VP		29,987		11.04
Total	$	269,086		99.09	%

Transamerica Commodity Strategy	Market Value		% of Net Assets
Transamerica Asset Allocation- Conservative Portfolio	$	11,634		7.73	%
Transamerica Asset Allocation-Growth Portfolio		19,973		13.27
Transamerica Asset Allocation- Moderate Portfolio		29,530		19.62
Transamerica Asset Allocation- Moderate Growth Portfolio		51,402		34.16
Transamerica Multi-Manager Alternative Strategies Portfolio		37,063		24.63
Total	$	149,602		99.41	%
Transamerica Global Allocation	Market Value		% of Net Assets
Transamerica Asset Allocation- Conservative Portfolio	$	21,268		6.76	%
Transamerica Asset Allocation-Growth Portfolio		10,941		3.47
Transamerica Asset Allocation- Moderate Portfolio		41,284		13.12
Transamerica Asset Allocation- Moderate Growth Portfolio		67,214		21.36
Transamerica Multi-Manager International Portfolio		10,955		3.48
Transamerica Asset Allocation- Moderate Growth VP		69,475		22.07
Transamerica BlackRock Tactical Allocation VP		54,569		17.34
Transamerica Asset Allocation- Moderate VP		36,219		11.51
Total	$	311,925		99.11	%
Transamerica Managed Futures Strategy	Market Value		% of Net Assets
Transamerica Asset Allocation- Conservative Portfolio	$	22,035		7.29	%
Transamerica Asset Allocation-Growth Portfolio		40,394		13.37
Transamerica Asset Allocation- Moderate Portfolio		40,270		13.33
Transamerica Asset Allocation- Moderate Growth Portfolio		82,705		27.38
Transamerica Multi-Manager Alternative Strategies Portfolio		31,875		10.55
Transamerica Asset Allocation-Growth VP		83,508		27.64
Total	$	300,787		99.56	%

Transamerica Funds		Annual Report 2012
	Page    222

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2012

(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 and/or rates:

Fund Name/Breakpoint	Rate
Transamerica Arbitrage Strategy
First $50 million		1.05	%
Over $50 million		1.00
Transamerica Bond
First $200 million		0.675	%
Over $200 million up to $750 million		0.625
Over $750 million		0.575
Transamerica Core Bond
First $750 million		0.45	%
Over $750 million up to $1 billion		0.40
Over $1 billion		0.375
Transamerica Developing Markets Equity
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 Global Macro
First $300 million		1.25	%
Over $300 million		1.20
Transamerica 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 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 International
First $100 million		1.00	%
Over $100 million		0.95
Transamerica International Equity Opportunities
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 International Small Cap
First $300 million		1.07	%
Over $300 million		1.00
Transamerica International Value Opportunities
First $100 million		1.10	%
Over $100 million up to $300 million		1.00
Over $300 million		0.95

Fund Name/Breakpoint	Rate
Transamerica Large Company
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 Long/Short Strategy
ANA		1.30	%
Transamerica Mid Cap Value
First $100 million		0.85	%
Over $100 million		0.80
Transamerica 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 Select Equity
First $200 million		0.80	%
Over $200 million up to $500 million		0.74
Over $500 million up to $1 billion		0.69
Over $1 billion up to $1.5 billion		0.67
Over $1.5 billion		0.62
Transamerica Total Return
First $250 million		0.675	%
Over $250 million up to $750 million		0.65
Over $750 million		0.60
Transamerica Value
ANA		0.80	%
Transamerica Commodity Strategy
First $200 million		0.61	%
Over $200 million up to $1 billion		0.59
Over $1 billion		0.56
Transamerica Global Allocation
First $100 million		0.80	%
Over $100 million		0.72
Transamerica Managed Futures Strategy
First $500 million		1.10	%
Over $500 million		1.05

Transamerica Funds		Annual Report 2012
	Page    223

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2012

(all amounts in thousands)

NOTE 3. (continued)

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the operating expenses excluding, as applicable, 12b-1 fees, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Fund’s business, exceed the following stated annual limit:

Fund Name	Expense Limit	Maximum Operating Expense Limit Effective Through
Transamerica Arbitrage Strategy	1.25%	March 1, 2013
Transamerica Bond	0.88	March 1, 2013
Transamerica Core Bond	0.70	March 1, 2013
Transamerica Developing Markets Equity	1.45	March 1, 2013
Transamerica Global Macro	1.65	March 1, 2013
Transamerica International	1.25	March 1, 2013
Transamerica International Small Cap	1.27	March 1, 2013
Transamerica International Value Opportunities	1.35	March 1, 2013
Transamerica Large Company	1.00	March 1, 2013
Transamerica Long/Short Strategy	1.65	March 1, 2013
Transamerica Mid Cap Value	1.05	March 1, 2013
Transamerica Select Equity	0.90	March 1, 2013
Transamerica Value	1.00	March 1, 2013
Transamerica Commodity Strategy	1.00	March 1, 2013
Transamerica Global Allocation	1.00	March 1, 2013
Transamerica Managed Futures Strategy	1.45	March 1, 2013

Funds not listed in the above table did not have an expense limit.

TAM is entitled to reimbursement by the Funds of fees waived and/or expenses reduced during any of the previous 36 months if on any day or month the estimated annualized Fund operating expenses are less than the stated annual limit.

There were no amounts recaptured by TAM during the year ended October 31, 2012.

The following amounts were available for recapture by TAM as of October 31, 2012:

Fund Name	Amount Available		Year Reimbursed		Available Through
Transamerica Arbitrage Strategy	$	61		2011		10/31/2013
		172		2012		10/31/2014

Administrative services: The Funds have entered into an agreement with TFS for financial and legal fund administration services. Effective March 1, 2012, the Funds pay TFS an annual fee of 0.025% of ANA. Prior to March 1, 2012, the Funds paid TFS an annual fee of 0.02% of ANA. The Legal fees on the Statement of Operations are for fees paid to external legal counsel.

Transfer agent fees: Pursuant to a Transfer Agency Agreement, as amended, the Funds pay TFS a fee for providing transfer agent services. Fees paid for the year ended October 31, 2012 and the amounts due to TFS at year end are disclosed in the Statements of Operations and the Statements of Assets and Liabilities, respectively; or in the Consolidated Statements of Operations and Consolidated Statements of Assets and Liabilities, 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: There were no brokerage commissions incurred on security transactions placed with affiliates of the adviser or sub-advisers for the year ended October 31, 2012.

Transamerica Funds		Annual Report 2012
	Page    224

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2012

(all amounts in thousands)

NOTE 4. INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the year ended October 31, 2012 were as follows:

	Purchases of securities:				Proceeds from maturities and sales of securities:
Fund Name	Long-term		U.S. Government		Long-term		U.S. Government
Transamerica Arbitrage Strategy	$	761,635	$	—	$	776,488	$	—
Transamerica Bond		270,951		89,204		126,685		15,891
Transamerica Core Bond		363,900		107,784		380,679		356,803
Transamerica Developing Markets Equity		150,199		—		334,199		—
Transamerica Global Macro		—		—		—		—
Transamerica Global Real Estate Securities		82,307		—		86,205		—
Transamerica Growth		253,070		—		368,612		—
Transamerica International		162,689		—		222,840		—
Transamerica International Equity Opportunities		78,466		—		265,140		—
Transamerica International Small Cap		85,092		—		181,520		—
Transamerica International Value Opportunities		64,412		—		292,057		—
Transamerica Large Company		539,536		—		627,828		—
Transamerica Long/Short Strategy		174,111		—		180,912		—
Transamerica Mid Cap Value		87,658		—		69,064		—
Transamerica Real Return TIPS		153,181		2,078,723		214,153		1,780,187
Transamerica Select Equity		888,512		—		736,808		—
Transamerica Total Return		113,915		639,545		197,885		611,845
Transamerica Value		42,254		—		106,061		—
Transamerica Commodity Strategy		—		—		—		—
Transamerica Global Allocation		109,891		20,706		224,820		37,812
Transamerica Managed Futures Strategy		—		—		—		—

NOTE 5. DERIVATIVE FINANCIAL INSTRUMENTS

Transamerica Arbitrage Strategy:

The Fund is subject to various risks in the normal course of pursuing its investment objective. The volume of swap contracts increased throughout the year from zero to 11 contracts. The volume of forward foreign currency contracts and purchased options/swaptions contracts held throughout the year averaged 147 and 13 contracts, respectively, with overall increases from 129 and 8 contracts, respectively, to 131 and 11 contracts, respectively The volume of written options/swaptions contracts held during the year averaged 59 contracts, beginning and ending the year with an overall decrease from 48 to 32 contracts. The tables below highlight the types of risks and the derivative instruments used to mitigate the risks:

Fair Values of Derivative Instruments in the Statement of Assets and Liabilities as of October 31, 2012:

Derivatives not accounted for as hedging instruments

Location	Foreign exchange contracts			Equity Contracts			Total
Asset derivatives
Purchased options, at value *	$	—		$	171		$	171
Unrealized appreciation on swap agreements		—			57			57
Unrealized appreciation on forward foreign currency contracts		637			—			637
Liability derivatives
Written options, at value		—			(161	)		(161	)
Unrealized depreciation on swap agreements		—			(26	)		(26	)
Unrealized depreciation on forward foreign currency contracts		(144	)		—			(144	)
Total	$	493		$	41		$	534

* Included within Investment securities, at value.

Transamerica Funds		Annual Report 2012
	Page    225

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2012

(all amounts in thousands)

NOTE 5. (continued)

Transamerica Arbitrage Strategy (continued):

Effect of Derivative Instruments in the Statement of Operations for the year ended October 31, 2012:

Derivatives not accounted for as hedging instruments

Location	Foreign exchange contracts			Equity Contracts			Total
Net Realized Gain (Loss) on derivatives recognized in income
Net realized gain (loss) on purchased options ^	$	—		$	(788	)	$	(788	)
Net realized gain (loss) on written options and swaptions		—			2,118			2,118
Net realized gain (loss) on swap agreements		—			(1,585	)		(1,585	)
Net realized gain (loss) on forward foreign currency contracts ~		(1,861	)		—			(1,861	)
Net change in Unrealized Appreciation (Depreciation) on derivatives recognized in income
Net change in unrealized appreciation (depreciation) on purchased options Y		—			(16	)		(16	)
Net change in unrealized appreciation (depreciation) on written options and swaptions		—			95			95
Net change in unrealized appreciation (depreciation) on swap agreements		—			31			31
Net change in unrealized appreciation (depreciation) on forward foreign currency transactions ŧ		1,307			—			1,307
Total	$	(554	)	$	(145	)	$	(699	)

^ Included within net realized gain (loss) on transactions from Investment securities.

~ Included within net realized gain (loss) on transactions from foreign currency transactions.

Y Included within net change in unrealized appreciation (depreciation) on Investment securities.

ŧ Included within net change in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies.

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 Global Macro:

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 year is indicative of the volume held throughout the year. The volume of forward foreign currency contracts and purchased options held averaged 89 and 13 contracts, respectively, beginning at 114 and 14 and ending at 67 and 22, respectively. The volume of written options held throughout the year increased, beginning at 8 contracts, and ending at 25 contracts. The tables below highlight the types of risks and the derivative instruments used to mitigate the risks:

Fair Values of Derivative Instruments in the Statement of Assets and Liabilities as of October 31, 2012:

Derivatives not accounted for as hedging instruments

Location	Interest rate contracts			Foreign exchange contracts			Equity contracts			Total
Asset derivatives
Purchased options, at value *	$	—		$	—		$	741		$	741
Unrealized appreciation on futures contracts **		128			—			489			617
Unrealized appreciation on forward foreign currency contracts		—			1,817			—			1,817
Liability derivatives
Unrealized depreciation on futures contracts **		(604	)		—			(300	)		(904	)
Written options, at value		—			—			(874	)		(874	)
Unrealized depreciation on forward foreign currency contracts		—			(1,539	)		—			(1,539	)
Total	$	(476	)	$	278		$	56		$	(142	)

* Included within Investment securities, at value.

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

Transamerica Funds		Annual Report 2012
	Page    226

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2012

(all amounts in thousands)

NOTE 5. (continued)

Transamerica Global Macro (continued):

Effect of Derivative Instruments in the Statement of Operations for the year ended October 31, 2012:

Derivatives not accounted for as hedging instruments

Location	Interest rate contracts			Foreign exchange contracts			Equity contracts			Total
Net Realized Gain (Loss) on derivatives recognized in income
Net realized gain (loss) on purchased options ^	$	—		$	—		$	(5,762	)	$	(5,762	)
Net realized gain (loss) on futures contracts		159			—			3,069			3,228
Net realized gain (loss) on written options and swaptions		—			—			2,718			2,718
Net realized gain (loss) on forward foreign currency contracts ~		—			2,887			—			2,887
Net change in Unrealized Appreciation (Depreciation) on derivatives recognized in income
Net change in unrealized appreciation (depreciation) on purchased options Y		—			—			4			4
Net change in unrealized appreciation (depreciation) on futures contracts		(1,922	)		—			24			(1,898	)
Net change in unrealized appreciation (depreciation) on written options and swaptions		—			—			506			506
Net change in unrealized appreciation (depreciation) on forward foreign currency transactions ŧ		—			(1,013	)		—			(1,013	)
Total	$	(1,763	)	$	1,874		$	559		$	670

^ Included within net realized gain (loss) on transactions from Investment securities.

~ Included within net realized gain (loss) on transactions from foreign currency transactions.

Y Included within net change in unrealized appreciation (depreciation) on Investment securities.

ŧ Included within net change in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies.

For non-exchange traded derivatives (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 International Value Opportunities:

The Fund is subject to various risks in the normal course of pursuing its investment objective. The volume of forward foreign currency contracts held increased during the year, starting at 3 contracts and ending at 5 contracts. The tables below highlight the types of risks and the derivative instruments used to mitigate the risks:

Fair Values of Derivative Instruments in the Statement of Assets and Liabilities as of October 31, 2012:

Derivatives not accounted for as hedging instruments

Location	Foreign exchange contracts
Asset derivatives
Unrealized appreciation on forward foreign currency contracts	$	546
Liability derivatives
Unrealized depreciation on forward foreign currency contracts		(91	)
Total	$	455

Transamerica Funds		Annual Report 2012
	Page    227

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2012

(all amounts in thousands)

NOTE 5. (continued)

Transamerica International Value Opportunities (continued):

Effect of Derivative Instruments in the Statement of Operations for the year ended October 31, 2012:

Derivatives not accounted for as hedging instruments

Location	Foreign exchange contracts
Net Realized Gain (Loss) on derivatives recognized in income
Net realized gain (loss) on forward foreign currency contracts ~	$	3,337
Net change in Unrealized Appreciation (Depreciation) on derivatives recognized in income
Net change in unrealized appreciation (depreciation) on forward foreign currency transactions ŧ		(751	)
Total	$	2,586

~ Included within net realized gain (loss) on transactions from foreign currency transactions.

ŧ Included within net change in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies.

For non-exchange traded derivatives (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 Real Return TIPS:

The Fund is subject to various risks in the normal course of pursuing its investment objective. The volume of forward foreign currency contracts held throughout the year averaged 61, beginning and ending the year with 61 and 54 contracts, respectively. The volume of written swaptions contracts, futures and swap contracts decreased throughout the year, beginning the year with 22, 8, and 48, respectively and ending the year at 16, 3, and 20, respectively. The volume of purchased options/swaptions held at year end is indicative of the volume held throughout the year. The tables below highlight the types of risks and the derivative instruments used to mitigate the risks:

Fair Values of Derivative Instruments in the Statement of Assets and Liabilities as of October 31, 2012:

Derivatives not accounted for as hedging instruments

Location	Interest rate contracts			Foreign exchange contracts			Credit contracts			Total
Asset derivatives
Purchased swaptions, at value *	$	559		$	—		$	—		$	559
Unrealized appreciation on futures contracts **		73			—			—			73
Premium paid on swap agreements		1,651			—			139			1,790
Unrealized appreciation on swap agreements		692			—			124			816
Unrealized appreciation on forward foreign currency contracts		—			1,074			—			1,074
Liability derivatives
Written options and swaptions, at value		(1,568	)		—			—			(1,568	)
Premium received on swap agreements		(7	)		—			(101	)		(108	)
Unrealized depreciation on swap agreements		(434	)		—			(280	)		(714	)
Unrealized depreciation on forward foreign currency contracts		—			(1,363	)		—			(1,363	)
Total	$	966		$	(289	)	$	(118	)	$	559

* Included within Investment securities, at value.

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

Transamerica Funds		Annual Report 2012
	Page    228

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2012

(all amounts in thousands)

NOTE 5. (continued)

Transamerica Real Return TIPS (continued):

Effect of Derivative Instruments in the Statement of Operations for the year ended October 31, 2012:

Derivatives not accounted for as hedging instruments

Location	Interest rate contracts			Foreign exchange contracts			Credit contracts			Total
Net Realized Gain (Loss) on derivatives recognized in income
Net realized gain (loss) on purchased swaptions ^	$	(141	)	$	—		$	—		$	(141	)
Net realized gain (loss) on futures contracts		2,030			—			—			2,030
Net realized gain (loss) on written options and swaptions		1,603			—			—			1,603
Net realized gain (loss) on swap agreements		3,237			—			(23	)		3,214
Net realized gain (loss) on forward foreign currency contracts ~		—			(3,885	)		—			(3,885	)
Net change in Unrealized Appreciation (Depreciation) on derivatives recognized in income
Net change in unrealized appreciation (depreciation) on purchased swaptions Y		(344	)		—			—			(344	)
Net change in unrealized appreciation (depreciation) on futures contracts		(1,173	)		—			—			(1,173	)
Net change in unrealized appreciation (depreciation) on written options and swaptions		(1,115	)		—			—			(1,115	)
Net change in unrealized appreciation (depreciation) on swap agreements		(792	)		—			90			(702	)
Net change in unrealized appreciation (depreciation) on forward foreign currency transactions ŧ		—			4,554			—			4,554
Total	$	3,305		$	669		$	67		$	4,041

^ Included within net realized gain (loss) on transactions from Investment securities.

~ Included within net realized gain (loss) on transactions from foreign currency transactions.

Y Included within net change in unrealized appreciation (depreciation) on Investment securities.

ŧ Included within net change in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies.

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

Transamerica Funds		Annual Report 2012
	Page    229

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2012

(all amounts in thousands)

NOTE 5. (continued)

Transamerica Total Return:

The Fund is subject to various risks in the normal course of pursuing its investment objective. The volume of swap contracts held at the end of the year is indicative of the volume held throughout the year. The volume of written option/swaption contracts, forward foreign currency contracts, and futures contracts held throughout the year decreased, starting at 16, 73, 4 contracts, respectively, and ending at 3, 48, and 2 contracts, respectively. The volume of purchase option/swaption held throughout the year increased from zero to 1. The tables below highlight the types of risks and the derivative instruments used to mitigate the risks:

Fair Values of Derivative Instruments in the Statement of Assets and Liabilities as of October 31, 2012:

Derivatives not accounted for as hedging instruments

Location	Interest rate contracts			Foreign exchange contracts			Credit contracts			Total
Asset derivatives
Purchased swaptions, at value *	$	386		$	—		$	—		$	386
Premium paid on swap agreements		1,228			—			1,142			2,370
Unrealized appreciation on swap agreements		6,808			—			98			6,906
Unrealized appreciation on forward foreign currency contracts		—			1,588			—			1,588
Liability derivatives
Unrealized depreciation on futures contracts **		(56	)		—			—			(56	)
Written options and swaptions, at value		(1,084	)		—			—			(1,084	)
Premium received on swap agreements		(1,036	)		—			(42	)		(1,078	)
Unrealized depreciation on swap agreements		(282	)		—			(3,090	)		(3,372	)
Unrealized depreciation on forward foreign currency contracts		—			(2,514	)		—			(2,514	)
Total	$	5,964		$	(926	)	$	(1,892	)	$	3,146

* Included within Investment securities, at value.

** 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 in the Statement of Operations for the year ended October 31, 2012:

Derivatives not accounted for as hedging instruments

Location	Interest rate contracts			Foreign exchange contracts			Credit contracts			Total
Net Realized Gain (Loss) on derivatives recognized in income
Net realized gain (loss) on futures contracts	$	720		$	—		$	—		$	720
Net realized gain (loss) on written options and swaptions		451			—			—			451
Net realized gain (loss) on swap agreements		(1,341	)		—			238			(1,103	)
Net realized gain (loss) on forward foreign currency contracts ~		—			(6,976	)		—			(6,976	)
Net change in Unrealized Appreciation (Depreciation) on derivatives recognized in income
Net change in unrealized appreciation (depreciation) on purchased swaptions Y		(13	)		—			—		��	(13	)
Net change in unrealized appreciation (depreciation) on futures contracts		45			—			—			45
Net change in unrealized appreciation (depreciation) on written options and swaptions		(9	)		—			—			(9	)
Net change in unrealized appreciation (depreciation) on swap agreements		5,569			—			(2,815	)		2,754
Net change in unrealized appreciation (depreciation) on forward foreign currency transactions ŧ		—			2,971			—			2,971
Total	$	5,422		$	(4,005	)	$	(2,577	)	$	(1,160	)

~ Included within net realized gain (loss) on transactions from foreign currency transactions.

Y Included within net change in unrealized appreciation (depreciation) on Investment securities.

ŧ Included within net change in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies.

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

Transamerica Funds		Annual Report 2012
	Page    230

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2012

(all amounts in thousands)

NOTE 5. (continued)

Transamerica 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 year increased from 2 to 5 contracts. The table below highlights the types of risks and the derivative instruments used to mitigate the risks:

Fair Values of Derivative Instruments in the Consolidated Statement of Assets and Liabilities as of October 31, 2012:

Derivatives not accounted for as hedging instruments

Location	Commodity contracts
Asset derivatives
Premium paid on swap agreements		151,236
Liability derivatives
Premium received on swap agreements		(151,236	)

Effect of Derivative Instruments in the Consolidated Statement of Operations for the year ended October 31, 2012:

Derivatives not accounted for as hedging instruments

Location	Commodity contracts
Net Realized Gain (Loss) on derivatives recognized in income
Net realized gain (loss) on swap agreements	$	(11,228	)

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 Global Allocation:

The Fund is subject to various risks in the normal course of pursuing its investment objective. The volume of swap contracts and written options/swaptions held throughout the year averaged 7 and 56 contracts, respectively, with overall increases from 5 and 41 contracts, respectively, to 11 and 49 contracts, respectively. The volume of forward foreign currency contracts and purchased options held throughout the year averaged 52 and 53 contracts, respectively, with increases from 44 and 38 contracts at the beginning of the year to 51 and 103 contracts at the end of the year, respectively. The volume of futures contracts held throughout the year increased from 4 contracts at the beginning of the year to 7 contracts at the end of the year. The tables below highlight the types of risks and the derivative instruments used to mitigate the risks:

Fair Values of Derivative Instruments in the Consolidated Statement of Assets and Liabilities as of October 31, 2012:

Derivatives not accounted for as hedging instruments

Location	Interest rate contracts			Foreign exchange contracts			Equity			Commodity contracts		Total
Asset derivatives
Purchased Options, at value *	$	—		$	27		$	2,022		$	6	$	2,055
Unrealized appreciation on futures contracts **		—			—			189			—		189
Unrealized appreciation on swap agreements		18			—			54			—		72
Unrealized appreciation on forward foreign currency contracts		—			175			—			—		175
Liability derivatives
Unrealized depreciation on futures contracts **		—			—			(2	)		—		(2	)
Written options and swaptions, at value		—			(16	)		(583	)		—		(599	)
Unrealized depreciation on swap agreements		(6	)		—			—			—		(6	)
Unrealized depreciation on forward foreign currency contracts		—			(363	)		—			—		(363	)
Total	$	12		$	(177	)	$	1,680		$	6	$	1,521

* Included within Investment securities, at value.

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

Transamerica Funds		Annual Report 2012
	Page    231

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2012

(all amounts in thousands)

NOTE 5. (continued)

Transamerica Global Allocation:

Effect of Derivative Instruments in the Consolidated Statement of Operations for the year ended October 31, 2012:

Derivatives not accounted for as hedging instruments

Location	Interest rate contracts		Foreign exchange contracts			Credit contracts			Equity contracts			Commodity contracts			Total
Net Realized Gain (Loss) on derivatives recognized in income
Net realized gain (loss) on purchased options ^	$	—	$	(178	)	$	—		$	(4,320	)	$	(6	)	$	(4,504	)
Net realized gain (loss) on futures contracts		—		—			—			(2,031	)		—			(2,031	)
Net realized gain (loss) on written options and swaptions		—		53			—			1,299			32			1,384
Net realized gain (loss) on swap agreements		134		4			(173	)		41			—			6
Net realized gain (loss) on forward foreign currency contracts ~		—		326			—			—			—			326
Net change in Unrealized Appreciation (Depreciation) on derivatives recognized in income
Net change in unrealized appreciation (depreciation) on purchased options Y		—		(27	)		—			(104	)		(26	)		(157	)
Net change in unrealized appreciation (depreciation) on futures contracts		—		—			—			753			—			753
Net change in unrealized appreciation (depreciation) on written options and swaptions		—		34			—			590			—			624
Net change in unrealized appreciation (depreciation) on swap agreements		39		(13	)		—			54			—			80
Net change in unrealized appreciation (depreciation) on forward foreign currency transactions ŧ		—		(430	)		—			—			—			(430	)
Total	$	173	$	(231	)	$	(173	)	$	(3,718	)	$	—		$	(3,949	)

^ Included within net realized gain (loss) on transactions from Investment securities.

~ Included within net realized gain (loss) on transactions from foreign currency transactions.

Y Included within net change in unrealized appreciation (depreciation) on Investment securities.

ŧ Included within net change in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies.

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

Transamerica Funds		Annual Report 2012
	Page    232

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2012

(all amounts in thousands)

NOTE 5. (continued)

Transamerica Managed Futures 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 year increased, beginning at 6 contracts and ending at 10 contracts. The volume of forward foreign currency contracts averaged 499 throughout the year, beginning at 455 and ending at 515 contracts. The volume of futures contracts held during the year averaged 203 contracts, with an increase from 210 contracts at the beginning of the year to 298 contracts at the end of the year. The tables below highlight the types of risks and the derivative instruments used to mitigate the risks:

Fair Values of Derivative Instruments in the Consolidated Statement of Assets and Liabilities as of October 31, 2012:

Derivatives not accounted for as hedging instruments

Location	Interest rate contracts			Foreign exchange contracts			Equity contracts			Commodity Contracts			Total
Asset derivatives
Unrealized appreciation on futures contracts **	$	237		$	—		$	403		$	5,740		$	6,380
Unrealized appreciation on swap agreements		5			—			70			137			212
Unrealized appreciation on forward foreign currency contracts		—			9,221			—			—			9,221
Liability derivatives
Unrealized depreciation on futures contracts **		(125	)		—			(2,269	)		(7,589	)		(9,983	)
Unrealized depreciation on swap agreements		(28	)		—			—			(281	)		(309	)
Unrealized depreciation on forward foreign currency contracts		—			(8,253	)		—			—			(8,253	)
Total	$	89		$	968		$	(1,796	)	$	(1,993	)	$	(2,732	)

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

Effect of Derivative Instruments in the Consolidated Statement of Operations for the year ended October 31, 2012:

Derivatives not accounted for as hedging instruments

Location	Interest rate contracts			Foreign exchange contracts			Equity contracts			Commodity contracts			Total
Net Realized Gain (Loss) on derivatives recognized in income
Net realized gain (loss) on futures contracts	$	3,663		$	—		$	(2,223	)	$	2,101		$	3,541
Net realized gain (loss) on swap agreements		(2,400	)		—			1,714			(48	)		(734	)
Net realized gain (loss) on forward foreign currency contracts ~		—			(7,904	)		—			—			(7,904	)
Net change in Unrealized Appreciation (Depreciation) on derivatives recognized in income
Net change in unrealized appreciation (depreciation) on futures contracts		777			—			(606	)		(1,743	)		(1,572	)
Net change in unrealized appreciation (depreciation) on swap agreements		(277	)		—			243			(144	)		(178	)
Net change in unrealized appreciation (depreciation) on forward foreign currency transactions ŧ		—			7,496			—			—			7,496
Total	$	1,763		$	(408	)	$	(872	)	$	166		$	649

~ Included within net realized gain (loss) on transactions from foreign currency transactions.

ŧ Included within net change in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies.

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

Transamerica Funds		Annual Report 2012
	Page    233

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2012

(all amounts in thousands)

NOTE 6. FEDERAL INCOME TAX MATTERS

The Funds have not made any provision for federal income or excise taxes due to its policy to distribute all of their taxable income and capital gains to their shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Funds recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has evaluated the Funds’ tax provisions taken or expected to be taken for all open tax years 2009-2012, 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 Statement 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 differing treatment for items including, but not limited to, wash sales, structured notes, foreign bonds, swaps, net operating losses, distribution reclasses for REITs, passive foreign investment companies, foreign currency transactions, capital loss carryforwards, paydown gain/loss, foreign capital gains tax, and return of capital distributions from underlying investments.

Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. These reclassifications are as follows:

Fund Name	Shares of beneficial interest, unlimited shares authorized			Undistributed (accumulated) net investment income (loss)			Undistributed (accumulated) net realized gain (loss) from investment securities
Transamerica Arbitrage Strategy	$	—		$	2,030		$	(2,030	)
Transamerica Bond		—			3,713			(3,713	)
Transamerica Core Bond		—			13,692			(13,692	)
Transamerica Developing Markets Equity		—			(557	)		557
Transamerica Global Macro		(881	)		311			570
Transamerica Global Real Estate Securities		—			3,512			(3,512	)
Transamerica Growth		—			71			(71	)
Transamerica International		—			(437	)		437
Transamerica International Equity Opportunities		—			(207	)		207
Transamerica International Small Cap		—			383			(383	)
Transamerica International Value Opportunities		—			(335	)		335
Transamerica Large Company		—			—	(A)		(—	)  (A)
Transamerica Long/Short Strategy		(172	)		166			6
Transamerica Real Return TIPS		—			2,610			(2,610	)
Transamerica Total Return		—			2,957			(2,957	)
Transamerica Value		—			370			(370	)
Transamerica Commodity Strategy		(11,366	)		138			11,228
Transamerica Global Allocation		5			257			(262	)
Transamerica Managed Futures Strategy		278			993			(1,271	)

^(A)  Rounds to less than $1.

Transamerica Funds		Annual Report 2012
	Page    234

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2012

(all amounts in thousands)

NOTE 6. (continued)

At October 31, 2012, the Funds had capital loss carryforwards available to offset future realized gains through the periods listed below:

Fund Name	Capital Loss Carryforwards		Available Through
Transamerica Global Macro	$	65,043	October 31, 2017
Transamerica Global Macro		4,794	October 31, 2019
Transamerica Global Real Estate Securities		1,360	October 31, 2016
Transamerica Global Real Estate Securities		60,884	October 31, 2017
Transamerica Global Real Estate Securities		12,882	October 31, 2018
Transamerica International		62,635	October 31, 2016
Transamerica International		103,154	October 31, 2017
Transamerica International		869	October 31, 2018
Transamerica International		1,570	Short-Term Indefinitely
Transamerica International Small Cap		1,568	Short-Term Indefinitely
Transamerica Large Company		83,930	October 31, 2017
Transamerica Long/Short Strategy		8,292	October 31, 2016
Transamerica Long/Short Strategy		2,462	October 31, 2018
Transamerica Long/Short Strategy		247	October 31, 2019
Transamerica Mid Cap Value		2,079	October 31, 2017
Transamerica Value		82,097	October 31, 2017
Transamerica Value		999	Long-Term Indefinitely
Transamerica Managed Futures Strategy		4,334	October 31, 2019
Transamerica Managed Futures Strategy		102	Short-Term Indefinitely

The capital loss carryforwards utilized or expired during the year ended October 31, 2012 were as follows:

Fund Name	Capital Loss Carryforwards Utilized/Expired During the Year Ended October 31, 2012
Transamerica Core Bond	$	1,274
Transamerica Global Macro		2,931
Transamerica Global Real Estate Securities		6,188
Transamerica Large Company		41,114
Transamerica Long/Short Strategy		1,799
Transamerica Mid Cap Value		14,569
Transamerica Select Equity		3,466

Funds not listed in the table above do not have capital loss carryforwards utilized or expired.

Transamerica Funds		Annual Report 2012
	Page    235

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2012

(all amounts in thousands)

NOTE 6. (continued)

The tax character of distributions paid may differ from the character of distributions shown in the Statements of Changes in Net Assets or Consolidated Statements of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2012 and 2011 was as follows:

	2012 Distributions Paid From						2011 Distributions Paid From
	Ordinary income		Long-term Capital Gain		Return of Capital		Ordinary income		Long-term Capital Gain		Return of Capital
Transamerica Arbitrage Strategy	$	1,456	$	—	$	—	$	—	$	—	$	—
Transamerica Bond		38,269		21,177		—		34,806		10,200		—
Transamerica Core Bond		75,050		—		—		52,360		—		—
Transamerica Developing Markets Equity		2,678		40,297		—		1,725		—		—
Transamerica Global Real Estate Securities		5,154		—		—		16,534		—		—
Transamerica Growth		276		22,868		—		177		623		—
Transamerica International		6,082		—		—		7,056		—		—
Transamerica International Equity Opportunities		11,838		43,888		—		10,751		22,069		—
Transamerica International Small Cap		10,379		35,841		—		6,177		3,120		—
Transamerica International Value Opportunities		8,733		62,673		—		4,184		4,994		—
Transamerica Large Company		6,909		—		—		8,350		—		—
Transamerica Mid Cap Value		1,745		—		—		2,200		—		—
Transamerica Real Return TIPS		35,531		26,610		—		35,057		24,373		—
Transamerica Select Equity		22,422		—		—		54		—		—
Transamerica Total Return		21,727		2,586		—		27,213		9,767		—
Transamerica Value		728		—		—		7,774		—		—
Transamerica Commodity Strategy		6,303		—		—		7,529		6,294		—
Transamerica Global Allocation		10,396		6,805		—		7,497		—		—
Transamerica Managed Futures Strategy		88		128		—		3,392		938		—

The tax basis components of distributable earnings as of October 31, 2012 are as follows:

Fund Name	Undistributed Ordinary income			Undistributed Long-term Capital Gain		Capital Loss Carryforward			Other Temporary Differences			Net Unrealized Appreciation (Depreciation)
Transamerica Arbitrage Strategy	$	2,782		$	—	$	—		$	(30	)	$	(5,224	)
Transamerica Bond		6,260			6,268		—			(85	)		57,250
Transamerica Core Bond		8,974			5,785		—			—			103,310
Transamerica Developing Markets Equity		1,448			35,429		—			—			15,866
Transamerica Global Macro		—			—		(69,837	)		(1,221	)^		(150	)
Transamerica Global Real Estate Securities		9,016			—		(75,126	)		—			25,660
Transamerica Growth		—	��		58,044		—			—			146,267
Transamerica International		5,381			—		(168,228	)		—	(A)		57,600
Transamerica International Equity Opportunities		4,852			8,389		—			—			(7,221	)
Transamerica International Small Cap		6,476			—		(1,568	)		—			12,331
Transamerica International Value Opportunities		4,428			3,939		—			—			16,702
Transamerica Large Company		6,188			—		(83,930	)		—			63,208
Transamerica Long/Short Strategy		—			—		(11,001	)		(928	)^		67
Transamerica Mid Cap Value		1,555			—		(2,079	)		—			45,601
Transamerica Real Return TIPS		32,874			31,910		—			(977	)		65,311
Transamerica Select Equity		31,614			740		—			—			117,512
Transamerica Total Return		6,747			—		—			(929	)		33,380
Transamerica Value		3,802			—		(83,096	)		—			(50,588	)
Transamerica Commodity Strategy		—			—		—			10,205			(11,059	)
Transamerica Global Allocation		5,114			9,904		—			(820	)		18,905
Transamerica Managed Futures Strategy		—			—		(4,436	)		448^			(8,467	)

^(A) Rounds to less than $1.

^ Amounts include qualified ordinary late-year loss deferral.

Transamerica Funds		Annual Report 2012
	Page    236

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2012

(all amounts in thousands)

NOTE 7. BASIS FOR CONSOLIDATION

Transamerica Cayman Commodity Strategy, Ltd., Transamerica Cayman Global Allocation, Ltd., and Transamerica Cayman Managed Futures 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 Commodity Strategy, Transamerica Global Allocation, and Transamerica Managed Futures 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’ net assets at October 31, 2012:

Fund Name	Subsidiary Name	Market Value		% of Net Assets
Transamerica Commodity Strategy	Transamerica Cayman Commodity Strategy, Ltd.	$	25,382		16.87	%
Transamerica Global Allocation	Transamerica Cayman Global Allocation, Ltd.		5,148		1.64
Transamerica Managed Futures Strategy	Transamerica Cayman Managed Futures Strategy, Ltd.		70,842		23.45

NOTE 8. ACCOUNTING PRONOUNCEMENTS

In December 2011, the Financial Accounting Standards Board issued the authoritative guidance that will enhance disclosures related to financial instruments and derivative instruments that are either offset in the statement of assets and liabilities or subject to an enforceable master netting arrangement or similar agreement. This information will enable users of the Funds’ financial statements to evaluate the effect or potential effect of netting arrangements on the Funds’ financial position. The adoption of this disclosure requirement is effective for financial statements interim and annual periods beginning on or after January 1, 2013. Management is currently evaluating the implication of the additional disclosure requirements and its impact on the Funds’ financial statements.

NOTE 9. SUBSEQUENT EVENTS

The Board of Trustees has approved the liquidation of Transamerica Large Company effective on or about January 4, 2013.

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

Transamerica Funds		Annual Report 2012
	Page    237

Report of Independent Registered Public Accounting Firm

To the Board of Trustees & Shareholders of Transamerica Funds:

We have audited the accompanying statements of assets and liabilities of Transamerica Arbitrage Strategy (formerly “Transamerica Water Island Arbitrage Strategy”), Transamerica Bond (formerly “Transamerica Loomis Sayles Bond”), Transamerica Core Bond (formerly “Transamerica JPMorgan Core Bond”), Transamerica Developing Markets Equity (formerly “Transamerica Oppenheimer Developing Markets”), Transamerica Global Macro (formerly “Transamerica First Quadrant Global Macro”), Transamerica Global Real Estate Securities (formerly “Transamerica Clarion Global Real Estate Securities”), Transamerica Growth (formerly “Transamerica Jennison Growth”), Transamerica International (formerly “Transamerica Neuberger Berman International”), Transamerica International Equity Opportunities (formerly “Transamerica MFS International Equity”), Transamerica International Small Cap (formerly “Transamerica Schroders International Small Cap”), Transamerica International Value Opportunities (formerly “Transamerica Thornburg International Value”), Transamerica Large Company (formerly “Transamerica BlackRock Large Cap Value”), Transamerica Long/Short Strategy (formerly “Transamerica JPMorgan Long/Short Strategy”), Transamerica Mid Cap Value (formerly “Transamerica JPMorgan Mid Cap Value”), Transamerica Real Return TIPS (formerly “Transamerica PIMCO Real Return TIPS”), Transamerica Select Equity (formerly “Transamerica ICAP Select Equity”), Transamerica Total Return (formerly “Transamerica PIMCO Total Return”), and Transamerica Value (formerly “Transamerica Third Avenue Value”), including the schedules of investments, as of October 31, 2012, and the related statements of operations for the year then ended and the statements of changes in net assets and the financial highlights for each of the periods indicated therein. We have also audited the accompanying consolidated statements of assets and liabilities of Transamerica Commodity Strategy (formerly “Transamerica Goldman Sachs Commodity Strategy”), Transamerica Global Allocation (formerly “Transamerica BlackRock Global Allocation”), and Transamerica Managed Futures Strategy (formerly “Transamerica AQR Managed Futures Strategy”) , including the consolidated schedules of investments, as of October 31, 2012, and the related consolidated statements of operations for the year then ended, the consolidated statements of changes in net assets for each of the two years in the period then ended, and the consolidated financial highlights for each of the periods indicated therein. The aforementioned twenty one funds of the Transamerica Funds are hereafter referred to as the “Funds.” These financial statements and consolidated financial statements and financial highlights and consolidated financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and consolidated financial statements and financial highlights and consolidated financial highlights based on our audits. The financial highlights and consolidated financial highlights for periods ended prior to November 1, 2009 were audited by another independent registered public accounting firm whose report, dated December 21, 2009, expressed an unqualified opinion on those financial highlights and consolidated financial highlights.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2012, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and consolidated financial statements and financial highlights and consolidated financial highlights referred to above present fairly, in all material respects, the financial position of the aforementioned twenty one Funds of the Transamerica Funds at October 31, 2012, the results of their operations and consolidated operations for the year ended, the changes in their net assets and consolidated changes in their net assets, and the financial highlights and consolidated financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Boston, Massachusetts

December 26, 2012

Transamerica Funds		Annual Report 2012
	Page    238

TRANSAMERICA FUNDS

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS—CONTRACT RENEWAL

(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds (the “Board”) held on June 13-14, 2012, the Board reviewed and considered the renewal of the investment advisory agreements (each an “Investment Advisory Agreement” and collectively the “Investment Advisory Agreements”) between each of the following funds (each a “Fund” and collectively the “Funds”) and Transamerica Asset Management, Inc. (“TAM”):

Transamerica Arbitrage Strategy	Transamerica International Equity Opportunities
Transamerica Bond	Transamerica International Small Cap
Transamerica Commodity Strategy	Transamerica International Value
Transamerica Core Bond	Transamerica International Value Opportunities
Transamerica Developing Markets Equity	Transamerica Large Company (then named Transamerica Large Cap Value)
Transamerica Developing Markets Debt	Transamerica Long/Short Strategy
Transamerica Emerging Markets	Transamerica Managed Futures Strategy
Transamerica Global Allocation	Transamerica Mid Cap Value
Transamerica Global Macro	Transamerica Real Return TIPS
Transamerica Global Real Estate Securities	Transamerica Small Company Growth
Transamerica Growth	Transamerica Total Return
Transamerica International	Transamerica Value

For the Funds listed in the left-hand column below, the Board also reviewed and considered the renewal of the investment sub-advisory agreements (each a “Sub-Advisory Agreement” and collectively the “Sub-Advisory Agreements”) between TAM and the corresponding sub-advisers listed in the right-hand column below (each a “Sub-Adviser” and collectively the “Sub-Advisers”).

Fund	Sub-Adviser
Transamerica Arbitrage Strategy	Water Island Capital, LLC
Transamerica Bond	Loomis, Sayles & Company, L.P.
Transamerica Commodity Strategy	Goldman Sachs Asset Management, L.P.
Transamerica Core Bond	J.P. Morgan Investment Management Inc.
Transamerica Developing Markets Equity	OppenheimerFunds, Inc.
Transamerica Developing Markets Debt	Morgan Stanley Investment Management Inc.
Transamerica Emerging Markets	Wellington Management Company, LLP
Transamerica Global Allocation	BlackRock Investment Management, LLC
Transamerica Global Macro	First Quadrant, L.P.
Transamerica Global Real Estate Securities	CBRE Clarion Securities LLC
Transamerica Growth	Jennison Associates LLC
Transamerica International	Neuberger Berman Management LLC
Transamerica International Equity Opportunities	MFS Investment Management
Transamerica International Small Cap	Schroder Investment Management North America Inc.
Transamerica International Value	Hansberger Global Investors, Inc.
Transamerica International Value Opportunities	Thornburg Investment Management, Inc.
Transamerica Large Company (then named Transamerica Large Cap Value)	BlackRock Investment Management, LLC
Transamerica Long/Short Strategy	J.P. Morgan Investment Management Inc.
Transamerica Managed Futures Strategy	AQR Capital Management, LLC
Transamerica Mid Cap Value	J.P. Morgan Investment Management Inc.
Transamerica Real Return TIPS	Pacific Investment Management Company LLC
Transamerica Small Company Growth	Morgan Stanley Investment Management Inc.
Transamerica Total Return	Pacific Investment Management Company LLC
Transamerica Value	Third Avenue Management LLC

With respect to each of Transamerica Commodity Strategy, Transamerica Global Allocation, and Transamerica Managed Futures Strategy, the Board’s consideration of the applicable Investment Advisory Agreement and Sub-Advisory Agreement also included consideration of (i) the investment advisory agreement between TAM and the Fund’s wholly owned subsidiary organized under the laws of the Cayman Islands; and (ii) the investment sub-advisory agreement between TAM and the Fund’s Sub-Adviser relating to the Fund’s subsidiary.

Transamerica Funds		Annual Report 2012
	Page    239

TRANSAMERICA FUNDS

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS—CONTRACT RENEWAL (continued)

(unaudited)

Following their review and consideration, the Trustees determined that the terms of each Investment Advisory Agreement and Sub-Advisory Agreement are reasonable and that the renewal of each agreement is in the best interests of the applicable Fund and its shareholders. The Board, including the independent members of the Board (the “Independent Trustees”), unanimously approved the renewal of each Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2013. In reaching their decision, the Trustees requested and received from TAM and each Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including, to the extent applicable, information about fees and performance of comparable funds and/or accounts managed by each Sub-Adviser. The Trustees also considered information they had previously received from TAM and each Sub-Adviser as part of their regular oversight of each Fund, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance information, and fee and expense information and profitability data prepared by TAM. In considering the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement for Transamerica Small Company Growth, the Trustees noted that in May 2012 they had approved the liquidation of the Fund and, as a result, considered the information in light of the upcoming liquidation.

In their deliberations, the Independent Trustees had the opportunity to meet privately without representatives of TAM or any Sub-Adviser present and were represented throughout the process by independent legal counsel. In considering the proposed continuation of each Investment Advisory Agreement and Sub-Advisory Agreement, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the considerations discussed below, among others, although they did not identify any consideration or particular information that was controlling of their decisions, and each Trustee may have attributed different weights to the various factors.

Nature, Extent and Quality of the Services Provided

The Board considered the nature, extent and quality of the services provided by TAM and each Sub-Adviser to the applicable Fund in the past and the services anticipated to be provided in the future. The Board also considered the investment approach for each Fund; the experience, capability and integrity of TAM’s senior management; the financial resources of TAM and each Sub-Adviser; TAM’s management oversight process; and the professional qualifications of the portfolio management team of each Sub-Adviser. The Trustees noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for each applicable Sub-Adviser and a comparison of trading results against a peer universe of managers.

The Board also considered the services provided by TAM for the portion of the management fee it retains after payment of the sub-advisory fee for each Fund. The Board noted that these services include not only the services TAM provides to all Transamerica funds in the form of oversight of the services provided by the funds’ administrator, custodian and transfer agent and supervision of the performance of recordkeeping, shareholder relations, regulatory reporting and compliance functions of the funds, but also the “manager of managers” services TAM provides to sub-advised funds in the form of selection and oversight of the sub-adviser(s).

Based on these considerations, the Board determined that TAM and each Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the applicable Fund’s operations, the competitive landscape of the investment company business and investor needs.

Investment Performance

The Board considered the short-and longer-term performance, as applicable, of each Fund in light of its investment objective, policies and strategies, including relative performance against (i) a peer universe of comparable mutual funds, as prepared by Lipper, and (ii) the Fund’s benchmark(s), in each case for various trailing periods ended December 31, 2011.

Transamerica Arbitrage Strategy. The Board noted that the performance of Class I2 of the Fund was above the median for its peer universe for the period since inception. The Board also noted that the performance of Class I2 of the Fund was above its benchmark for the period since inception.

Transamerica Bond. The Board noted that the performance of Class I2 of the Fund was below the median for its peer universe for the past 1-year period and above the median for the past 3-year period. The Board also noted that the performance of Class I2 of the Fund was below its benchmark for the past 1-year period and above its benchmark for the past 3-year period. The Trustees discussed the reasons for the underperformance with TAM and agreed to continue to monitor the performance of the Fund. The Trustees also noted that the performance of the Fund had improved during 2012.

Transamerica Funds		Annual Report 2012
	Page    240

TRANSAMERICA FUNDS

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS—CONTRACT RENEWAL (continued)

(unaudited)

Investment Performance (continued)

Transamerica Commodity Strategy. The Board noted that the performance of Class I2 of the Fund was below the median for its peer universe for the past 1-year period and above the median for the past 3-year period. The Board also noted that the performance of Class I2 of the Fund was above its benchmark for the past 1-year period. The Board noted that the Fund’s performance for the 3-year period included the management of the Fund’s previous sub-adviser in accordance with different investment strategies. The Trustees discussed the reasons for the underperformance with TAM and agreed to continue to monitor the performance of the Fund.

Transamerica Core Bond. The Board noted that the performance of Class I2 of the Fund was above the median for its peer universe for the past 1-year period and in line with the median for the past 2-year period. The Board also noted that the performance of Class I2 of the Fund was below its benchmark for the past 1- and 2-year periods.

Transamerica Developing Markets Equity. The Board noted that the performance of Class I2 of the Fund was above the median for its peer universe for the past 1-, 3- and 5-year periods. The Board also noted that the performance of Class I2 of the Fund was below its benchmark for the past 1-year period and above its benchmark for the past 3- and 5-year periods.

Transamerica Developing Markets Debt. The Board noted that the performance of Class I2 of the Fund was above the median for its peer universe for the past 1-year period, in line with the median for the past 3-year period and below the median for the past 5-year period. The Board also noted that the performance of Class I2 of the Fund was below its benchmark for the past 1-, 3- and 5-year periods. The Trustees discussed the reasons for the underperformance with TAM and agreed to continue to monitor the performance of the Fund.

Transamerica Emerging Markets. The Board noted that the performance of Class I2 of the Fund was below the median for its peer universe for the past 1- and 3-year periods. The Board also noted that the performance of Class I2 of the Fund was below its benchmark for the past 1- and 3-year periods. The Trustees discussed the reasons for the underperformance with TAM and agreed to continue to monitor the performance of the Fund. The Trustees also noted that the performance of the Fund had improved during 2012.

Transamerica Global Allocation. The Board noted that the performance of Class I2 of the Fund was in line with the median for its peer universe for the past 1-year period, below the median for the past 3-year period and above the median for the past 5-year period. The Board also noted that the performance of Class I2 of the Fund was above its primary benchmark for the past 1- and 5-year periods and below its primary benchmark for the past 3-year period.

Transamerica Global Macro. The Board noted that the performance of Class I2 of the Fund was below the median for its peer universe for the past 1-year period and in line with the median for the past 3-year period. The Board also noted that the performance of Class I2 of the Fund was below its benchmark for the past 1-year period and above its benchmark for the past 3-year period. The Board noted that the Fund’s performance for the 3-year period included the management of the Fund’s previous sub-adviser in accordance with different investment strategies. The Trustees discussed the reasons for the underperformance with TAM and agreed to continue to monitor the performance of the Fund.

Transamerica Global Real Estate Securities. The Board noted that the performance of Class I2 of the Fund was above the median for its peer universe for the past 1- and 5-year periods and below the median for the past 3-year period. The Board also noted that the performance of Class I2 of the Fund was below its benchmark for the past 1- and 3-year periods and above its benchmark for the past 5-year period.

Transamerica Growth. The Board noted that the performance of Class I2 of the Fund was above the median for its peer universe for the past 1-, 3- and 5-year periods. The Board also noted that the performance of Class I2 of the Fund was below its benchmark for the past 1-, 3- and 5-year periods.

Transamerica International. The Board noted that the performance of Class I2 of the Fund was above the median for its peer universe for the past 1-year period, in line with the median for the past 3-year period and below the median for the past 5-year period. The Board also noted that the performance of Class I2 of the Fund was below its benchmark for the past 1- and 5-year periods and above its benchmark for the past 3-year period.

Transamerica International Equity Opportunities. The Board noted that the performance of Class I2 of the Fund was above the median for its peer universe for the past 1-year period and in line with the median for the past 3-year period. The Board also noted that the performance of Class I2 of the Fund was above its benchmark for the past 1- and 3-year periods.

Transamerica International Small Cap. The Board noted that the performance of Class I2 of the Fund was in line with the median for its peer universe for the past 1- and 3-year periods. The Board also noted that the performance of Class I2 of the Fund was below its benchmark for the past 1-year period and above its benchmark for the past 3-year period.

Transamerica Funds		Annual Report 2012
	Page    241

TRANSAMERICA FUNDS

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS—CONTRACT RENEWAL (continued)

(unaudited)

Investment Performance (continued)

Transamerica International Value. The Board noted that the performance of Class I2 of the Fund was below the median for its peer universe for the past 1-, 3- and 5-year periods. The Board also noted that the performance of Class I2 of the Fund was below its benchmark for the past 1-, 3- and 5-year periods. The Board noted that the Fund’s performance for longer periods included the management of the Fund’s previous sub-adviser in accordance with different investment strategies. The Trustees discussed the reasons for the underperformance with TAM and agreed to continue to monitor the performance of the Fund. The Trustees also noted that the performance of the Fund had improved during 2012.

Transamerica International Value Opportunities. The Board noted that the performance of Class I2 of the Fund was in line with the median for its peer universe for the past 1-year period and above the median for the past 3-year period. The Board also noted that the performance of Class I2 of the Fund was below its benchmark for the past 1- and 3-year periods.

Transamerica Large Company. The Board noted that the performance of Class I2 of the Fund was above the median for its peer universe for the past 1-year period and below the median for the past 3- and 5-year periods. The Board also noted that the performance of Class I2 of the Fund was above its benchmark for the past 1-year period and below its benchmark for the past 3- and 5-year periods. The Trustees discussed the reasons for the underperformance with TAM and agreed to continue to monitor the performance of the Fund.

Transamerica Long/Short Strategy. The Board noted that the performance of Class I2 of the Fund was below the median for its peer universe for the past 1- and 3-year periods. The Board also noted that the performance of Class I2 of the Fund was below its primary benchmark for the past 1- and 3-year periods. The Board noted that the Fund’s performance included the management of the Fund’s previous sub-adviser in accordance with different investment strategies. The Trustees discussed the reasons for the underperformance with TAM and agreed to continue to monitor the performance of the Fund. The Trustees also noted that the performance of the Fund had improved during 2012.

Transamerica Managed Futures Strategy. The Board noted that the performance of Class I2 of the Fund was below the median for its peer universe for the past
1-year period. The Board also noted that the performance of Class I2 of the Fund was below its benchmark for the past 1-year period. The Trustees discussed the reasons for the underperformance with TAM and agreed to continue to monitor the performance of the Fund.

Transamerica Mid Cap Value. The Board noted that the performance of Class I2 of the Fund was above the median for its peer universe for the past 1- and 5-year periods and in line with the median for the past 3-year period. The Board also noted that the performance of Class I2 of the Fund was above its benchmark for the past 1- and 5-year periods and below its benchmark for the past 3-year period.

Transamerica Real Return TIPS. The Board noted that the performance of Class I2 of the Fund was below the median for its peer universe for the past 1-year period and above the median for the past 3- and 5-year periods. The Board also noted that the performance of Class I2 of the Fund was below its benchmark for the past 1-year period and above its benchmark for the past 3- and 5-year periods.

Transamerica Small Company Growth. The Board noted that the performance of Class I2 of the Fund was below the median for its peer universe for the past 1- and 5-year periods and in line with the median for the past 3-year period. The Board also noted that the performance of Class I2 of the Fund was below its benchmark for the past 1-, 3- and 5-year periods.

Transamerica Total Return. The Board noted that the performance of Class I2 of the Fund was in line with the median for its peer universe for the past 1-year period and above the median for the past
3- and 5-year periods. The Board also noted that the performance of Class I2 of the Fund was below its benchmark for the past 1-year period and above its benchmark for the past 3- and 5-year periods.

Transamerica Value. The Board noted that the performance of Class I2 of the Fund was below the median for its peer universe for the past 1- and 3-year periods. The Board also noted that the performance of Class I2 of the Fund was below its primary benchmark for the past 1- and 3-year periods. The Trustees discussed the reasons for the underperformance with TAM and agreed to continue to monitor the performance of the Fund.

On the basis of this information and the Board’s assessment of the nature, extent and quality of the services to be provided or procured by TAM and the Sub-Advisers, the Board concluded that TAM and each Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the applicable Fund’s investment objectives, policies and strategies and competitive with other investment companies.

Transamerica Funds		Annual Report 2012
	Page    242

TRANSAMERICA FUNDS

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS—CONTRACT RENEWAL (continued)

(unaudited)

Management and Sub-Advisory Fees and Total Expense Ratios

The Board considered the management fee and total expense ratio of each Fund, including information provided by Lipper comparing the management fee and total expense ratio of each Fund to the management fees and total expense ratios of other investment companies in both a peer group and broader peer universe compiled by Lipper. The Board also considered the fees charged by the Sub-Advisers for sub-advisory services as well as the portion of a Fund’s management fee retained by TAM following payment of the sub-advisory fee.

Transamerica Arbitrage Strategy. The Board noted that the Fund’s contractual management fee was below the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I2 of the Fund were below the medians for its peer group and peer universe. The Board also noted that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Bond. The Board noted that the Fund’s contractual management fee was above the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I2 of the Fund were in line with the median for its peer group and below the median for its peer universe. The Board also noted that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Commodity Strategy. The Board noted that the Fund’s contractual management fee was below the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I2 of the Fund were below the medians for its peer group and peer universe. The Board also noted that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Core Bond. The Board noted that the Fund’s contractual management fee was below the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I2 of the Fund were below the medians for its peer group and peer universe. The Board also noted that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders. In addition, the Board noted a proposal to amend the current sub-advisory fee structure for the Fund in order to aggregate the Fund’s assets with the assets of Transamerica JPMorgan Core Bond VP, a series of Transamerica Series Trust, for purposes of calculating the sub-advisory fee to be paid by TAM to the Sub-Adviser.

Transamerica Developing Markets Equity. The Board noted that the Fund’s contractual management fee was above the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I2 of the Fund were below the medians for its peer group and peer universe. The Board also noted that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Developing Markets Debt. The Board noted that the Fund’s contractual management fee was above the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I2 of the Fund were above the medians for its peer group and peer universe. The Board also noted that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders. The Board further noted that TAM and the Sub-Adviser proposed to reduce the initial breakpoint in the Funds’ management and sub-advisory fee schedules from $250 million to $200 million, which would result in a reduced management fee rate payable by the Fund at certain asset levels.

Transamerica Emerging Markets. The Board noted that the Fund’s contractual management fee was above the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I2 of the Fund were below the medians for its peer group and peer universe. The Board also noted that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Global Allocation. The Board noted that the Fund’s contractual management fee was below the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I2 of the Fund were below the medians for its peer group and peer universe. The Board also noted that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Global Macro. The Board noted that the Fund’s contractual management fee was above the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I2 of the Fund were below the medians for its peer group and peer universe. The Board also noted that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Global Real Estate Securities. The Board noted that the Fund’s contractual management fee was below the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I2 of the Fund were below the medians for its peer group and its peer universe.

Transamerica Funds		Annual Report 2012
	Page    243

TRANSAMERICA FUNDS

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS—CONTRACT RENEWAL (continued)

(unaudited)

Management and Sub-Advisory Fees and Total Expense Ratios (continued)

Transamerica Growth. The Board noted that the Fund’s contractual management fee was in line with the median for its peer group and above the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I2 of the Fund were below the medians for its peer group and peer universe.

Transamerica International. The Board noted that the Fund’s contractual management fee was below the median for its peer group and in line with the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I2 of the Fund were below the medians for its peer group and peer universe. The Board also noted that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica International Equity Opportunities. The Board noted that the Fund’s contractual management fee was above the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I2 of the Fund were below the medians for its peer group and peer universe.

Transamerica International Small Cap. The Board noted that the Fund’s contractual management fee was in line with the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I2 of the Fund were below the medians for its peer group and peer universe. The Board also noted that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica International Value. The Board noted that the Fund’s contractual management fee was above the median for its peer group and in line with the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I2 of the Fund were below the medians for its peer group and peer universe. The Board also noted that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica International Value Opportunities. The Board noted that the Fund’s contractual management fee was below the median for its peer group and in line with the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I2 of the Fund were below the medians for its peer group and peer universe. The Board also noted that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Large Company Value. The Board noted that the Fund’s contractual management fee was above the median for its peer group and in line with the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I2 of the Fund were below the medians for its peer group and peer universe. The Board also noted that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Long/Short Strategy. The Board noted that the Fund’s contractual management fee was below the median for its peer group and in line with the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I2 of the Fund were below the medians for its peer group and peer universe. The Board also noted that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Managed Futures Strategy. The Board noted that the Fund’s contractual management fee was below the median for its peer group and in line with the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I2 of the Fund were below the medians for its peer group and peer universe. The Board also noted that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Mid Cap Value. The Board noted that the Fund’s contractual management fee was above the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I2 of the Fund were below the medians for its peer group and peer universe. The Board also noted that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Real Return TIPS. The Board noted that the Fund’s contractual management fee was above the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I2 of the Fund were above the medians for its peer group and peer universe.

Transamerica Small Company Growth. The Board noted that the Fund’s contractual management fee was in line with the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I2 of the Fund were below the medians for its peer group and peer universe. The Board also noted that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Funds		Annual Report 2012
	Page    244

TRANSAMERICA FUNDS

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS—CONTRACT RENEWAL (continued)

(unaudited)

Management and Sub-Advisory Fees and Total Expense Ratios (continued)

Transamerica Total Return. The Board noted that the Fund’s contractual management fee was above the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I2 of the Fund were above the medians for its peer group and peer universe.

Transamerica Value. The Board noted that the Fund’s contractual management fee was below the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I2 of the Fund were below the medians for its peer group and peer universe. The Board also noted that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

On the basis of these considerations, together with the other information it considered, the Board determined that the management and sub-advisory fees to be received by TAM and the Sub-Advisers under the Investment Advisory Agreements and Sub-Advisory Agreements are reasonable in light of the services provided.

Cost of Services Provided and Level of Profitability

The Board reviewed information provided by TAM about the cost of providing and/or procuring fund management services, as applicable, as well as the costs of the provision of administration, transfer agency and other services, to each Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board considered the profitability of TAM and its affiliates in providing these services for each Fund and Transamerica Funds as a whole, as well as the allocation methodology used for calculating profitability.

With respect to the Sub-Advisers, the Board noted that the sub-advisory fees are the product of arm’s-length negotiation between TAM and the applicable Sub-Adviser and are paid by TAM and not the applicable Fund. As a result, the Board principally considered the profitability of TAM and its affiliates with respect to each Fund.

Based on this information, the Board determined that the profitability of TAM and its affiliates from their relationships with the Funds was not excessive.

Economies of Scale

The Board considered economies of scale with respect to the management of each Fund, whether the Fund had appropriately benefited from any economies of scale, and whether there was the potential for realization of any further economies of scale. The Board also considered the existence of economies of scale with respect to management of the Transamerica funds overall and the extent to which the Funds benefited from these economies of scale. The Board considered each Fund’s management fee schedule and the existence of breakpoints, if any, and also considered the extent to which TAM shared economies of scale with the Funds through investments in capabilities and services. The Trustees concluded that each Fund’s fee structure reflected economies of scale to date but noted that they will have the opportunity to periodically reexamine whether each Fund has achieved economies of scale, and the appropriateness of management fees payable to TAM and fees paid to the Sub-Advisers, in the future.

Benefits to TAM, its Affiliates, or the Sub-Advisers from their Relationships with the Funds

The Board considered any other benefits derived by TAM, its affiliates, and the Sub-Advisers from their relationships with the Funds. The Board noted that TAM does not realize soft dollar benefits from its relationships with the Funds and that TAM believes that any use of soft dollars by the Sub-Advisers is generally appropriate and in the best interests of the Funds. The Board also noted that certain Sub-Advisers are participating in a brokerage program pursuant to which a portion of brokerage commissions paid by each applicable Fund is recaptured for the benefit of the Fund and its shareholders, thus limiting the amount of soft dollar arrangements the Sub-Adviser may engage in with respect to a Fund’s brokerage transactions.

Other Considerations

The Board noted 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 each Fund in a professional manner that is consistent with the best interests of the Fund and its shareholders. In this regard, the Board favorably considered the procedures and policies TAM has in place to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Advisers. The Board also noted that TAM has made a significant entrepreneurial commitment to the management and success of the Funds.

Transamerica Funds		Annual Report 2012
	Page    245

TRANSAMERICA FUNDS

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS—CONTRACT RENEWAL (continued)

(unaudited)

Conclusion

After consideration of the factors described above, as well as other factors, the Trustees, including all of the Independent Trustees, concluded that the renewal of each Investment Advisory Agreement and Sub-Advisory Agreement is in the best interests of the applicable Fund and its shareholders and voted to approve the renewal of each Investment Advisory Agreement and Sub-Advisory Agreement.

Transamerica Funds		Annual Report 2012
	Page    246

SUPPLEMENTAL INFORMATION (unaudited)

TAX INFORMATION

For Dividends paid during the year ended October 31, 2012, the Funds designated the following maximum amounts of qualified dividend income:

Fund	Qualified Dividend Income (000’s)
Transamerica Arbitrage Strategy	$	510
Transamerica Bond		1,956
Transamerica Core Bond		—
Transamerica Developing Markets Equity		2,678
Transamerica Global Real Estate Securities		—
Transamerica Growth		276
Transamerica International		5,957
Transamerica International Equity Opportunities		8,458
Transamerica International Small Cap		7,002
Transamerica International Value Opportunities		8,733
Transamerica Large Company		6,909
Transamerica Mid Cap Value		1,745
Transamerica Real Return Tips		—
Transamerica Select Equity		11,625
Transamerica Total Return		—
Transamerica Value		678
Transamerica Commodity Strategy		—
Transamerica Global Allocation		6,050
Transamerica Managed Future Strategy		—

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

Fund	Dividend Received Deduction Percentage
Transamerica Arbitrage Strategy		6	%
Transamerica Bond		5
Transamerica Core Bond		—
Transamerica Developing Markets Equity		—
Transamerica Global Real Estate Securities		—
Transamerica Growth		100
Transamerica International		—
Transamerica International Equity Opportunities		—
Transamerica International Small Cap		—
Transamerica International Value Opportunities		—
Transamerica Large Company		100
Transamerica Mid Cap Value		100
Transamerica Real Return Tips		—
Transamerica Select Equity		44
Transamerica Total Return		—
Transamerica Value		5
Transamerica Commodity Strategy		—
Transamerica Global Allocation		36
Transamerica Managed Future Strategy		—

The amounts which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:

Fund	Foreign Source Income (000’s)		Foreign Taxes (000’s)
Transamerica Developing Markets Equity	$	8,065	$	531
Transamerica International		10,440		838
Transamerica International Equity Opportunities		8,707		669
Transamerica International Small Cap		7,736		407

The information and distributions reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2012. Complete information will be computed and reported in conjunction with your 2012 Form 1099-DIV.

Transamerica Funds		Annual Report 2012
	Page    247

TRANSAMERICA FUNDS

SUPPLEMENTAL SHAREHOLDER INFORMATION (unaudited)

At a meeting held on August 2, 2012, the Board of Trustees of the funds approved certain initiatives that are intended to move the fund complex to a more modern and efficient operating platform. The Board authorized seeking shareholder approval for these measures where required. A proxy statement asking fund shareholders to elect Trustees, approve a new investment advisory agreement between Transamerica Asset Management, Inc. and their funds, and approve changes to their fund’s fundamental investment policies was mailed in September 2012. If shareholder approval is obtained, these initiatives are expected to be implemented during the fourth quarter of 2012 or the first quarter of 2013. Shareholders of certain funds have already approved these proposals.

Transamerica Funds		Annual Report 2012
	Page    248

TRANSAMERICA FUNDS

Management of the Funds

(unaudited)

Interested Board Member means a board member who may be deemed an “interested person” (as that term is defined in the 1940 Act) of the Trust because of his current or former service with TAM or an affiliate of TAM. Interested Board Members may also be referred to herein as “Interested Trustees.” Independent Board Member means a Board Member who is not an “interested person” (as defined under the 1940 Act) of the Trust and may also be referred to herein as an “Independent Trustee.”

The Board governs each fund and is responsible for protecting the interests of the shareholders. The Board Members are experienced executives who meet periodically throughout the year to oversee the business affairs of each fund and the operation of each fund by its officers. The Board also reviews the management of each fund’s assets by the investment adviser and its respective sub-adviser.

The funds are among the funds advised and sponsored by TAM (collectively, “Transamerica Asset Management Group”). Transamerica Asset Management Group (“TAMG”) consists of Transamerica Funds, Transamerica Series Trust (“TST”), Transamerica Income Shares, Inc. (“TIS”), Transamerica Partners Funds Group (“TPFG”), Transamerica Partners Funds Group II (“TPFG II”), Transamerica Partners Portfolios (“TPP”) and Transamerica Asset Allocation Variable Funds (“TAAVF”) and consists of 161 funds as of the mailing of this annual report.

The mailing address of each Board Member is c/o Secretary, 570 Carillon Parkway, St. Petersburg, Florida 33716.

The Board Members, their year of birth, their positions with the Trust, and their principal occupations for the past five years (their titles may have varied during that period), the number of funds in TAMG the Board oversees, and other board memberships they hold are set forth in the table below.

Name and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships During the Past Five Years
INTERESTED BOARD MEMBER
Thomas A. Swank (1960)	Board Member	Since 2012	President and Chief Executive Officer, Transamerica Individual Savings & Retirement (2010 – present);	101	N/A
			President and Chief Executive Officer, Transamerica Capital Management (2009 – present);
			Board Member (November 2012 – present), President and Chief Executive Officer, Transamerica Funds, TST, TIS, (May 2012 – present);
			President and Chief Executive Officer, TPP, TPFG, TPFG II and TAAVF (May 2012 – present);
			Director, Chairman of the Board, Chief Executive Officer and President, Transamerica Asset Management, Inc. (“TAM”) (May 2012 – present);
			Director, Chairman of the Board, Chief Executive Officer and President, Transamerica Fund Services, Inc. (“TFS”) (May 2012 – present);

Transamerica Funds		Annual Report 2012
	Page    249

Name and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships During the Past Five Years
INTERESTED BOARD MEMBER—continued
Thomas A. Swank (continued)			Director and Trust Officer, Massachusetts Fidelity Trust Company (May 2012 – present); Supervisory Board Member, AEGON Sony Life Insurance Co., LTD. (2011 – present);
			Division President, Monumental Life Insurance Company (2011 – present);
			Division President, Western Reserve Life Assurance Co. of Ohio (2011 – present);
			Vice President, Money Services, Inc. (2011 –present);
			Director, AEGON Financial Services Group, Inc. (2010 – present);
			Director, AFSG Securities Corporation (2010 – present); Director and President, Transamerica Advisors Life Insurance Company (2010 – present);
			Director, Chairman of the Board and President, Transamerica Advisors Life Insurance Company of New York (2010 – present);
			Director and President, Transamerica Resources, Inc. (2010 – present);
			Executive Vice President, Transamerica Life Insurance Company (2010 – present);
			Executive Vice President, Transamerica Financial Life Insurance Company (2009 – present);
			Director, Transamerica Capital, Inc. (2009 – present); and
			President and Chief Operating Officer (2007 – 2009), Senior Vice President, Chief Marketing Officer (2006 – 2007), Senior Vice President, Chief Financial Officer (2003 – 2006), Senior Vice President, Chief Risk Officer (2000 – 2003), Senior Vice President, Chief Investment Officer (1997 – 2000) and High Yield Portfolio Manager (1992 – 1997), Security Benefit Corporation

Transamerica Funds		Annual Report 2012
	Page    250

Name and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member		Other Directorships During the Past Five Years
INTERESTED BOARD MEMBER—continued
Alan F. Warrick (1948)	Board Member	Since 2012	Board Member, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (January 2012 – present);		161	N/A
			Consultant, AEGON USA (2010 – present); Senior Advisor, Lovell Minnick Equity Partners (2010 – present);
			Retired (2010 – present); and Managing Director for Strategic Business Development, AEGON USA (1994 – 2010).
INDEPENDENT BOARD MEMBERS
Sandra N. Bane (1952)	Board Member	Since 2008	Retired (1999 – present); Board Member, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (2008 – present); Board Member, TII (2003 – 2010); and		161	Big 5 Sporting Goods (2002 – present); AGL Resources, Inc. (energy services holding company) (2008 – present)
			Partner, KPMG (1975 – 1999).
Leo J. Hill (1956)	Lead Independent Board Member	Since 2002	Principal, Advisor Network Solutions, LLC (business consulting) (2006 – present);		161	N/A
			Board Member, TST (2001 – present);
			Board Member, Transamerica Funds and TIS (2002 – present);
			Board Member, TPP, TPFG, TPFG II and TAAVF (2007 – present);
			Board Member, TII (2008 – 2010);
			President, L. J. Hill & Company (a holding company for privately-held assets) (1999 – present);
			Market President, Nations Bank of Sun Coast Florida (1998 – 1999);
			Chairman, President and Chief Executive Officer, Barnett Banks of Treasure Coast Florida (1994 – 1998);

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Name and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member		Other Directorships During the Past Five Years
INDEPENDENT BOARD MEMBERS—continued
Leo J. Hill (continued)			Executive Vice President and Senior Credit Officer, Barnett Banks of Jacksonville, Florida (1991 – 1994); and
			Senior Vice President and Senior Loan Administration Officer, Wachovia Bank of Georgia (1976 – 1991).
David W. Jennings (1946)	Board Member	Since 2009	Board Member, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (2009 – present); Board Member, TII (2009 – 2010); Managing Director, Hilton Capital (2010 – present); Principal, Maxam Capital Management, LLC (2006 – 2008); and Principal, Cobble Creek Management LP (2004 – 2006).		161	N/A
Russell A. Kimball, Jr. (1944)	Board Member	1986 – 1990 and Since 2002	General Manager, Sheraton Sand Key Resort (1975 – present); Board Member, TST (1986 – present); Board Member, Transamerica Funds, (1986 – 1990), (2002 – present); Board Member, TIS (2002 – present); Board Member, TPP, TPFG, TPFG II and TAAVF (2007 – present); and Board Member, TII (2008 – 2010).		161	N/A
Eugene M. Mannella (1954)	Board Member	Since 2007	Chief Executive Officer, HedgeServ Corporation (hedge fund administration) (2008 – present);		161	N/A
			Self-employed consultant (2006 – present); Managing Member and Chief Compliance Officer, HedgeServ Investment Services, LLC (limited purpose broker-dealer) (2011 – present);

Transamerica Funds		Annual Report 2012
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Name and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member		Other Directorships During the Past Five Years
INDEPENDENT BOARD MEMBERS—continued
Eugene M. Mannella (continued)			President, ARAPAHO Partners LLC (limited purpose broker-dealer) (1998 – 2008);
			Board Member, TPP, TPFG, TPFG II and TAAVF (1993 – present);
			Board Member, Transamerica Funds, TST and TIS (2007 – present);
			Board Member, TII (2008 – 2010); and
			President, International Fund Services (alternative asset administration) (1993 – 2005).
Norman R. Nielsen, Ph.D. (1939)	Board Member	Since 2006	Retired (2005 – present); Board Member, Transamerica Funds, TST and TIS (2006 – present);		161	Buena Vista University Board of Trustees (2004 – present)
			Board Member, TPP, TPFG, TPFG II and TAAVF (2007 – present);
			Board Member, TII (2008 – 2010);
			Director, Aspire Resources Inc. (formerly, Iowa Student Loan Service Corporation) (2006 – present);
			Director, League for Innovation in the Community Colleges (1985 – 2005);
			Director, Iowa Health Systems (1994 – 2003);
			Director, U.S. Bank (1985 – 2006); and
			President, Kirkwood Community College (1985 – 2005).
Joyce G. Norden (1939)	Board Member	Since 2007	Retired (2004 – present); Board Member, TPFG, TPFG II and TAAVF (1993 – present); Board Member, TPP (2002 – present); Board Member, Transamerica Funds, TST and TIS (2007 – present);		161	Board of Governors, Reconstructionist Rabbinical College (2007 – present)

Transamerica Funds		Annual Report 2012
	Page    253

Name and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member		Other Directorships During the Past Five Years
INDEPENDENT BOARD MEMBERS—continued
Joyce G. Norden (continued)			Board Member, TII (2008 – 2010); and
			Vice President, Institutional Advancement, Reconstructionist Rabbinical College (1996 – 2004).
Patricia L. Sawyer (1950)	Board Member	Since 2007	Retired (2007 – present); President/Founder, Smith & Sawyer LLC (management consulting) (1989 – 2007);		161	Honorary Trustee, Bryant University (1996 – present)
			Board Member, Transamerica Funds, TST and TIS (2007 – present);
			Board Member, TII (2008 – 2010);
			Board Member, TPP, TPFG, TPFG II and TAAVF (1993 – present);
			Trustee, Chair of Finance Committee and Chair of Nominating Committee (1987 – 1996), Bryant University;
			Vice President, American Express (1987 – 1989);
			Vice President, The Equitable (1986 – 1987); and
			Strategy Consultant, Booz, Allen & Hamilton (1982 – 1986).
John W. Waechter (1952)	Board Member	Since 2005	Attorney, Englander and Fischer, LLP (2008 – present); Retired (2004 – 2008);
			Board Member, TST and TIS (2004 – present);
			Board Member, Transamerica Funds (2005 – present);
			Board Member, TPP, TPFG, TPFG II and TAAVF (2007 – present);
			Board Member, TII (2008 – 2010);
			Employee, RBC Dain Rauscher (securities dealer) (2004);

Transamerica Funds		Annual Report 2012
	Page    254

Name and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships During the Past Five Years
INDEPENDENT BOARD MEMBERS—continued
John W. Waechter (continued)	Board Member	Since 2005	Executive Vice President, Chief Financial Officer and Chief Compliance Officer, William R. Hough & Co. (securities dealer) (1979 – 2004); and Treasurer, The Hough Group of Funds (1993 – 2004).	161	Operation PAR, Inc. (2008 – present); West Central Florida Council – Boy Scouts of America (2008 – present)

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

Transamerica Funds		Annual Report 2012
	Page    255

OFFICERS

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

Name and Year of Birth	Position	Term of Office and Length of Time Served*	Principal Occupation(s) or Employment During Past Five Years
Thomas A. Swank (1960)	Board Member, President and Chief Executive Officer	Since 2012	See table above.
Timothy S. Galbraith (1964)	Vice President and Chief Investment Officer, Alternative Investments	Since 2012	Vice President and Chief Investment Officer, Alternative Investments, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (April 2012 – present);
			Senior Vice President and Chief Investment Officer, Alternative Investments (March 2012 – present), TAM;
			Head of Alternative Investment Strategies, Morningstar Associates, LLC (2009 – March 2012); and
			Managing Director, Bear Stearns Asset Management (2001 – 2009).
Dennis P. Gallagher (1970)	Vice President, General Counsel and Secretary	Since 2006	Vice President, General Counsel and Secretary, Transamerica Funds, TST and TIS (2006 – present);
			Vice President, General Counsel and Secretary, TPP, TPFG, TPFG II and TAAVF (2007 – present);
			Vice President, General Counsel and Secretary, TII, (2006 – 2010);
			Director, Senior Vice President, General Counsel, Operations and Secretary, TAM (2006 – present);
			Director, Senior Vice President, General Counsel, Chief Administrative Officer and Secretary, TFS (2006 – present);
			Assistant Vice President, TCI (2007 – present);
			Director, Deutsche Asset Management (1998 – 2006); and
			Corporate Associate, Ropes & Gray LLP (1995 – 1998).
Todd R. Porter (1961)	Vice President and Chief Investment Officer, Asset Allocation	Since 2012	Vice President and Chief Investment Officer, Asset Allocation, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (April 2012 – present); Senior Vice President and Chief Investment Officer, Asset Allocation (April 2012 – present), TAM;
			Chief Investment Officer, Fund Architects, LLC (2007 – 2012); and
			Chief Investment Strategist, Morningstar
			Associates, LLC (1999 – 2006).

Transamerica Funds		Annual Report 2012
	Page    256

Name and Year of Birth	Position	Term of Office and Length of Time Served*	Principal Occupation(s) or Employment During Past Five Years
Christopher A. Staples (1970)	Vice President and Chief Investment Officer, Advisory Services	Since 2005	Vice President and Chief Investment Officer, Advisory Services (2007 – present), Senior Vice President – Investment Management (2006 – 2007), Vice President – Investment Management (2005 – 2006), Transamerica Funds, TST and TIS;
			Vice President and Chief Investment Officer, Advisory Services, TPP, TPFG, TPFG II and TAAVF (2007 – present);
			Vice President and Chief Investment Officer (2007 – 2010); Vice President – Investment Administration (2005 – 2007), TII;
			Director (2005 – present), Senior Vice President (2006 –present) and Chief Investment Officer, Advisory Services (2007 – present), TAM;
			Director, TFS (2005 – present); and Assistant Vice President, Raymond James & Associates (1999 – 2004).
Elizabeth Strouse (1974)	Vice President, Treasurer and Principal Financial Officer	Since 2010	Vice President, Treasurer and Principal Financial Officer (2011 – present), Assistant Treasurer (2010 – 2011), Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF;
			Vice President, TAM and TFS (2009 – present);
			Director, Fund Administration, TIAA-CREF (2007 – 2009); and
			Manager (2006 – 2007) and Senior (2003 – 2006) Accounting and Assurance, PricewaterhouseCoopers, LLC.
Robert S. Lamont, Jr. (1973)	Vice President, Chief Compliance Officer and Conflicts of Interest Officer	Since 2010	Vice President, Chief Compliance Officer and Conflicts of Interest Officer, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (2010 – present);
			Vice President and Senior Counsel, TAM and TFS (2007 – present);
			Senior Counsel, United States Securities and Exchange Commission (2004 – 2007); and
			Associate, Dechert, LLP (1999 – 2004).
Bradley O. Ackerman (1966)	Deputy Chief Compliance Officer and Anti-Money Laundering Officer	Since 2007	Deputy Chief Compliance Officer, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (January 2012 – present);
			Anti-Money Laundering Officer, TPP, TPFG, TPFG II and TAAVF (2009 – present);
			Anti-Money Laundering Officer, Transamerica Funds, TST and TIS (2007 – present);
			Senior Compliance Officer, TAM (2007 – present); and
			Director, Institutional Services, Rydex Investments (2002 – 2007).

Transamerica Funds		Annual Report 2012
	Page    257

Name and Year of Birth	Position	Term of Office and Length of Time Served*	Principal Occupation(s) or Employment During Past Five Years
Sarah L. Bertrand (1967)	Assistant Secretary	Since 2009	Assistant Secretary, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (2009 – present);
			Assistant Secretary, TII (2009 – 2010);
			Assistant Vice President and Director, Legal Administration, TAM and TFS (2007 – present);
			Assistant Secretary and Chief Compliance Officer, 40|86 Series Trust and 40|86 Strategic Income Fund (2000 – 2007); and
			Second Vice President and Assistant Secretary, Legal and Compliance, 40|86 Capital Management, Inc. (1994 – 2007).
Timothy J. Bresnahan (1968)	Assistant Secretary	Since 2009	Assistant Secretary, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (2009 – present);
			Assistant Secretary, TII (2009 – 2010); Vice President and Senior Counsel, TAM (2008 – present);
			Counsel (contract), Massachusetts Financial Services, Inc. (2007);
			Assistant Counsel, BISYS Fund Services Ohio, Inc. (2005 – 2007); and
			Associate, Greenberg Traurig, P.A. (2004 – 2005).
Margaret A. Cullem-Fiore (1957)	Assistant Secretary	Since 2010	Assistant Secretary, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (2010 – present);
			Assistant Vice President, TCI (2009 – present);
			Vice President and Assistant General Counsel, TAM and TFS (2006 – present);
			Vice President and Senior Counsel, Transamerica Financial Advisors, Inc. (2004 – 2007); and
			Vice President and Senior Counsel, Western Reserve Life Assurance Co. of Ohio (2006).

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

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

Additional information about the Funds’ Board Members can be found in the Statement of Additional Information, available, without charge, upon request, by calling toll free 1-800-233-4339 or on the Trust’s website at www.transamericainvestments.com.

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	Page    258

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.transamericainvestments.com for this and other information about the Portfolios and the Trust.

Important Notice Regarding Delivery of Shareholder Documents

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

Transamerica Funds		Annual Report 2012
	Page    259

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

Transamerica Funds		Annual Report 2012
	Page    260

Customer Service 1-888-233-4339

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

Distributor: Transamerica Capital, Inc.

Item 2:  Code of Ethics.

(a) Registrant has adopted a code of ethics that applies to its principal executive officer, principal financial officer, and any other officers who serve a similar function.

(b) Registrant’s code of ethics is reasonably designed as described in this Form N-CSR.

(c) During the period covered by the report, the code of ethics was revised to reflect the appointment of a new Chief Executive Officer and a new Principal Financial Officer.

(d) During the period covered by the report, Registrant did not grant any waivers, including implicit waivers, from the provisions of this code of ethics.

(e) Not Applicable

(f) Registrant has filed this code of ethics as an exhibit pursuant to Item 12(a)(1) of Form N-CSR.

Item 3: Audit Committee Financial Experts.

Registrant’s Board of Trustees has determined that Sandra N. Bane, John W. Waechter and Eugene M. Mannella are “audit committee financial experts,” as such term is defined in Item 3 of Form N-CSR. Ms. Bane, Mr. Waechter and Mr. Mannella are “independent” under the standards set forth in Item 3 of Form N-CSR. The designation of Ms. Bane, Mr. Waechter and Mr. Mannella as “audit committee financial experts” pursuant to Item 3 of Form N-CSR does not (i) impose upon them any duties, obligations, or liabilities that are greater than the duties, obligations and liabilities imposed upon them as a member of the Registrant’s audit committee or Board of Trustees in the absence of such designation; or (ii) affect the duties, obligations or liabilities of any other member of the Registrant’s audit committee or Board of Trustees.

Item 4: Principal Accountant Fees and Services.

(in thousands)		Fiscal Year Ended 10/31
		2012			2011
(a)	Audit Fees		473			483
(b)	Audit-related Fees (1)		—			—
(c)	Tax Fees (2)		355			330
(d)	All Other Fees		10			3
(e) (1)	Pre-approval policy (3)
(e) (2)	% of above that were pre-approved		0	%		0	%
(f)	If greater than 50%, disclose hours		N/A			N/A
(g)	Non-audit fees rendered to Adviser (or affiliate that provided services to Registrant)		N/A			N/A
(h)	Disclose whether the Audit Committee has considered whether the provisions of non-audit services rendered to the Adviser that were NOT pre-approved is compatible with maintaining the auditor’s independence.		Yes			Yes

⁽¹⁾  Audit-Related Fees represent assurance and related services provided that are reasonably related to the performance of the audit of the financial statements of the Registrant, specifically data verification and agreed-upon procedures related to asset securitizations and agreed-upon procedures engagements.

⁽²⁾  Tax Fees represent tax compliance, tax planning and tax advice services provided in connection with the preparation and review of the Registrant’s tax returns.

⁽³⁾  The Audit Committee may delegate any portion of its authority, including the authority to grant pre-approvals of audit and permitted non-audit services, to one or more members or a subcommittee. Any decision of the subcommittee to grant pre-approvals shall be presented to the full Audit Committee at its next regularly scheduled meeting.

Item 5: Audit Committee of Listed Registrants.

The following individuals comprise the standing Audit Committee: Sandra N. Bane, Leo J. Hill, David W. Jennings, Russell A. Kimball, Jr., Eugene M. Mannella, Norman R. Nielsen, Joyce G. Norden, Patricia L. Sawyer and John W. Waechter.

Item 6: Schedule of Investments.

The schedules of investments and consolidated schedules of investments are included in the annual report to shareholders filed under Item 1 of this Form N-CSR.

Item 7: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. Not applicable.

Item 8: Portfolio Managers of Closed-End Management Investment Companies. Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. Not applicable.

Item 10: Submission of Matters to a Vote of Security Holders

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees that have been implemented since the Registrant last provided disclosure in response to the requirements of this Item.

Item 11: Controls and Procedures.

(a) The Registrant’s principal executive officer and principal financial officer evaluated the Registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are appropriately designed to ensure that information required to be disclosed by Registrant in the reports that it files on Form N-CSR (a) is accumulated and communicated to Registrant’s management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.

4

(b) The Registrant’s principal executive officer and principal financial officer are aware of no change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12: Exhibits.

(a) (1)  Registrant’s code of ethics (that is the subject of the disclosure required by Item 2(a)) is attached.

     (2) Separate certifications for Registrant’s principal executive officer and principal financial officer, as required by Rule

30a-2(a) under the 1940 Act, are attached.

     (3) Not applicable.

(b)      A certification for Registrant’s principal executive officer and principal financial officer, as required by Rule 30a-2(b) under the 1940 Act, is attached. The certification furnished pursuant to this paragraph is not deemed to be “filed” for purposes of Section 18 of the Securities Act of 1934, or otherwise subject to liability of that section. Such certification is not deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent that the Registrant specifically incorporates it by reference

5

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Transamerica Funds
(Registrant)
By:	/s/ Thomas A. Swank
	Thomas A. Swank
	Chief Executive Officer
	Date: December 28, 2012

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:	/s/ Thomas A. Swank
	Thomas A. Swank
	Chief Executive Officer
	Date: December 28, 2012

By:	/s/ Elizabeth Strouse
	Elizabeth Strouse
	Principal Financial Officer
	Date: December 28, 2012

EXHIBIT INDEX

Exhibit No.	Description of Exhibit
12(a)(1)	Code of Ethics for Principal Executive and Senior Financial Officers
12(a)(2)(i)	Section 302 N-CSR Certification of Principal Executive Officer
12(a)(2)(ii)	Section 302 N-CSR Certification of Principal Financial Officer
12(b)	Section 906 N-CSR Certification of Principal Executive Officer and Principal Financial Officer